SEATTLE (Recycling Monster): Rubicon Technologies, Inc. reported fourth quarter and full year 2023 financial and operational results. The company reported significant progress towards profitability.

The revenue for the quarter recorded surge by 2.8% from $166.0 million in the fourth quarter of 2022 to $4.7 million in Q4 2023. The adjusted gross profit, at $18.3 million, surged higher significantly by 36.5%, compared with $13.4 million in the year ago quarter. The net loss recorded improvement from $(18.0) million in Q4 2022 to $(15.1) million in Q4 last year. The adjusted EBITDA witnessed an improvement of 97.5% over the corresponding quarter a year before, said the company press release.

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For the full year 2023, the revenue increased by 3.3% from $675.4 million in 2022 to $697.6 million. The adjusted gross profit soared higher by 35.5% over the previous year. The gross profit margin for 2023 was 6.8%. The net loss improved during the year. Also, adjusted EBITDA surged higher by 55.6% year-on-year.

During this period, the company added several prestigious clients such as Neiman Marcus and Vail Properties. Also, it announced extension of contracts with Gap, Inc., Goodyear Tires, and Americold.

In 2024, Rubicon aims to enhance relationship with existing customers and expand the customer base.