Rubicon reported revenue of USD 181.1 million in Q1 2023, up 13% YoY, beating analyst estimates of USD 170.6 million. The revenue growth was driven by the strong performance of the RUBICONConnect business and the ongoing expansion of its SaaS business.

Rubicon has expanded the RUBICONConnect marketplace in Q1 of 2023, adding new clients such as Vail Properties, GoldOller Real Estate Investments, Acuity Brands, and others . Southeastern Grocers also joined as one of the commodities clients benefiting from special rates through Rubicon's extensive network of volume commodities.

In addition, Rubicon announced three-year partnerships with the cities of Miami, Florida, and Atlanta (Georgia) to enhance residential waste and recycling services with its RUBICONSmartCity technology. In April, the RUBICONSmartCity snow removal technology made a significant contribution to its partner, Kansas City, Missouri, winning the prestigious American Public Works Association (APWA) Excellence in Snow and Ice Control Award for 2023.

Gross profit for Q1 2023 was USD 9.3 million, up 50%, supported by an increase in the RUBICONConnect business. The company's adjusted EBITDA loss improved by 14% YoY to USD 13.9 million in Q1 2023. The net loss for the same period was USD 9.5 million, indicating a 62% YoY improvement.

Other key highlights include Rubicon securing an incremental equity financing package of nearly USD 23.5 million, led by its largest shareholder.