Route1 Inc. Reports Decline in Annual Financial Performance for 2023

Route1 Inc., a North American company specializing in data-centric business empowerment solutions, announced a revenue decline in its fiscal year 2023. According to the company's financial results for the year ending December 31, 2023, total revenue decreased from CAD 27,271,000 in 2021 to CAD 17,578,000 in 2023. This marked decrease was evident across all revenue streams including services, devices, and other miscellaneous sources.

The company’s gross profit also saw a downturn from CAD 10,825,000 in 2021 to CAD 5,875,000 in 2023. Operating expenses remained high, leading to a net loss of CAD 1,283,000 for the year, compared to a net profit of CAD 222,000 in 2021. The fiscal report indicates several contributing factors such as stock-based compensation expense and asset disposal losses.

For the fourth quarter of 2023, Route1 reported a total revenue of CAD 4,296,000 with a gross profit of CAD 1,499,000. However, operational challenges continued, with the quarter ending in a loss of CAD 285,000.