par Route1 Inc. (isin : CA77929Q4051)
Route1 Announces Q3 2024 Financial Results
TORONTO, ON / ACCESSWIRE / November 26, 2024 / Route1 Inc. (TSXV:ROI) (the "Company" or "Route1"), an advanced North American provider of data-centric business empowerment solutions, today reported its financial results for the three- and nine-month periods ended September 30, 2024.
Statement of operations In 000s of CAD dollars | Q32024 | Q22024 | Q12024 | Q42023 | Q32023 | Q22023 | ||||||||||||||||||
Revenue | ||||||||||||||||||||||||
Subscription and services | $ | 1,417 | $ | 888 | $ | 906 | $ | 1,064 | $ | 1,148 | $ | 1,159 | ||||||||||||
Devices and appliances | 2,301 | 2,605 | 3,123 | 3,222 | 3,370 | 3,026 | ||||||||||||||||||
Other | (12 | ) | (9 | ) | 3 | 10 | 5 | (1 | ) | |||||||||||||||
Total revenue | 3,706 | 3,484 | 4,032 | 4,296 | 4,523 | 4,184 | ||||||||||||||||||
Cost of revenue | 2,376 | 2,269 | 2,716 | 2,797 | 2,998 | 3,011 | ||||||||||||||||||
Gross profit | 1,331 | 1,215 | 1,317 | 1,499 | 1,525 | 1,173 | ||||||||||||||||||
Operating expenses | 1,418 | 1,457 | 1,431 | 1,558 | 1,542 | 1,533 | ||||||||||||||||||
Operating profit 1 | (87 | ) | (242 | ) | (115 | ) | (59 | ) | (18 | ) | (360 | ) | ||||||||||||
Total other expenses 2 | 196 | 86 | 34 | 223 | 52 | 265 | ||||||||||||||||||
Net income (loss) | $ | (283 | ) | $ | (328 | ) | $ | (149 | ) | $ | (282 | ) | $ | (70 | ) | $ | (625 | ) |
1 Before stock-based compensation
2 Includes gain or loss on asset disposal, stock-based compensation expense, interest expense, income tax recovery, foreign exchange loss or gain, other expenses and acquisition expenses.
Adjusted EBITDA 1 In thousands of Canadian dollars | Q32024 | Q22024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | ||||||||||||||||||
Adjusted EBITDA | $ | 147 | $ | 2 | $ | 134 | $ | 226 | $ | 297 | $ | (27 | ) | |||||||||||
Depreciation and amortization | 234 | 245 | 248 | 285 | 314 | 333 | ||||||||||||||||||
Operating profit | $ | (87 | ) | $ | (242 | ) | $ | (115 | ) | $ | (59 | ) | $ | (18 | ) | $ | (360 | ) |
1 Adjusted EBITDA is defined as earnings before interest, income taxes, depreciation and amortization, stock-based compensation, patent litigation, restructuring and other costs. Adjusted EBITDA does not have any standardized meaning prescribed under IFRS and is therefore unlikely to be comparable to similar measures presented by other companies. Adjusted EBITDA allows Route1 to compare its operating performance over time on a consistent basis.
Subscription and services revenue in 000s of CAD dollars | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | ||||||||||||||||||
Application software | $ | 37 | $ | 49 | $ | 129 | $ | 139 | $ | 280 | $ | 343 | ||||||||||||
Other services | 1,380 | 839 | 777 | 925 | 868 | 816 | ||||||||||||||||||
Total | $ | 1,417 | $ | 888 | $ | 906 | $ | 1,064 | $ | 1,148 | $ | 1,159 | ||||||||||||
Other services revenue in 000s of CAD dollars | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | ||||||||||||||||||
Technology life-cycle maintenance and support | $ | 370 | $ | 356 | $ | 347 | $ | 323 | $ | 314 | $ | 310 | ||||||||||||
Professional services | 1,010 | 483 | 430 | 602 | 553 | 506 | ||||||||||||||||||
Total | $ | 1,417 | $ | 839 | $ | 777 | $ | 925 | $ | 867 | $ | 816 |
" Not a dramatic quarter, rather a steady quarter that showed continued operational improvement, revenue growth and improving free cash flow. Route1's fourth quarter should also demonstrate quarter over quarter improvement and set us up for a financially improved fiscal year 2025, said Tony Busseri, Route1's CEO".
Balance Sheet Extracts
In 000s of CAD dollars | Sep 30 2024 | Jun 30 2024 | Mar 31 2024 | Dec 31 2023 | Sep 30 2023 | Jun 30 2023 | ||||||||||||||||||
Cash | $ | (47 | ) | $ | 136 | $ | 27 | $ | 38 | $ | 23 | $ | 27 | |||||||||||
Total current assets | 3,099 | 2,501 | 2,650 | 3,071 | 3,877 | 3,563 | ||||||||||||||||||
Total current liabilities | 8,585 | 7,983 | 7,856 | 8,089 | 8,728 | 8,484 | ||||||||||||||||||
Net working capital | (5,486 | ) | (5,482 | ) | (5,206 | ) | (5,018 | ) | (4,851 | ) | (4,921 | ) | ||||||||||||
Total assets | 8,923 | 8,677 | 9,017 | 9,541 | 10,678 | 10,571 | ||||||||||||||||||
Net bank debt and seller notes | 2,690 | 2,953 | 2,783 | 3,258 | 3,248 | 3,378 | ||||||||||||||||||
Total shareholders' equity | $ | (211 | ) | $ | 47 | $ | 407 | $ | 584 | $ | 838 | |||||||||||||