par Route1 Inc. (isin : CA77929Q4051)
Route1 Announces Q4 and Fiscal Year 2023 Financial Results
TORONTO, ON / ACCESSWIRE / April 24, 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 twelve-month periods ended December 31, 2023.
Fiscal Year 2023 (FY 2023)
In 000s of CAD dollars | FY 2023 | FY 2022 | FY 2021 | |||||||||
Revenue | ||||||||||||
Services | $ | 4,456 | $ | 6,194 | $ | 9,702 | ||||||
Device | 13,104 | 15,830 | 17,432 | |||||||||
Other | 18 | 21 | 137 | |||||||||
Total Revenue | 17,578 | 22,045 | 27,271 | |||||||||
Cost of revenue | 11,703 | 14,462 | 16,446 | |||||||||
Gross profit | 5,875 | 7,583 | 10,825 | |||||||||
Operating expenses | 6,439 | 7,645 | 9,812 | |||||||||
Operating profit 1 | (564 | ) | (62 | ) | 1,013 | |||||||
Total other expenses 2, 3 | 719 | 1,656 | 791 | |||||||||
Net income (loss) | $ | (1,283 | ) | $ | (1,718 | ) | $ | 222 | ||||
1 Before stock-based compensation
2 Includes gain on litigation, gain or loss on asset disposal, stock-based compensation expense, interest expense, income tax recovery, foreign exchange loss or gain, other expenses and acquisition expense.
3 For FY 2022, the Company wrote down its deferred tax asset and liabilities with a net impact of ($1,141).
Fourth Quarter 2023 (Q4 2023)
Statement of operations In 000s of CAD dollars | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | ||||||||||||||||||
Revenue | ||||||||||||||||||||||||
Subscription and services | $ | 1,064 | $ | 1,148 | $ | 1,159 | $ | 1,086 | $ | 1,103 | $ | 1,326 | ||||||||||||
Devices and appliances | 3,222 | 3,370 | 3,026 | 3,486 | 2,279 | 5,519 | ||||||||||||||||||
Other | 10 | 5 | (1 | ) | 3 | 6 | 2 | |||||||||||||||||
Total revenue | 4,296 | 4,523 | 4,184 | 4,575 | 3,388 | 6,847 | ||||||||||||||||||
Cost of revenue | 2,797 | 2,998 | 3,011 | 2,897 | 2,032 | 4,842 | ||||||||||||||||||
Gross profit | 1,499 | 1,525 | 1,173 | 1,678 | 1,356 | 2,005 | ||||||||||||||||||
Operating expenses | 1,558 | 1,542 | 1,533 | 1,805 | 1,859 | 1,802 | ||||||||||||||||||
Operating profit 1 | (59 | ) | (17 | ) | (360 | ) | (128 | ) | (503 | ) | 203 | |||||||||||||
Total other expenses 2, 3 | 226 | 53 | 265 | 175 | 1,223 | 139 | ||||||||||||||||||
Net income (loss) | $ | (285 | ) | $ | (70 | ) | $ | (625 | ) | $ | (303 | ) | $ | (1,726 | ) | $ | 64 |
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 expense.
3 For Q4 2022, the Company wrote down its deferred tax asset and liabilities with a net impact of ($1,141).
Subscription and services revenue in 000s of CAD dollars | Dec 31 2023 | Sept 30 2023 | Jun 30 2023 | Mar 31 2023 | Dec 31 2022 | |||||||||||||||
Application software | $ | 139 | $ | 280 | $ | 343 | $ | 456 | $ | 475 | ||||||||||
Other services | 925 | 868 | 816 | 630 | 628 | |||||||||||||||
Total | $ | 1,064 | $ | 1,148 | $ | 1,159 | $ | 1,086 | $ | 1,103 | ||||||||||
Other services revenue in 000s of CAD dollars | Dec 31 2023 | Sept 30 2022 | Jun 30 2023 | Mar 31 2023 | Dec 31 2022 | |||||||||||||||
Technology life-cycle maintenance and support | $ | 323 | $ | 314 | $ | 310 | $ | 285 | $ | 300 | ||||||||||
Professional services | 602 | 553 | 506 | 345 | 328 | |||||||||||||||
Total | $ | 925 | $ | 867 | $ | 816 | $ | 630 | $ | 628 | ||||||||||
Adjusted EBITDA In thousands of Canadian dollars | Dec 31 2023 | Sep 30 2023 | Jun 30 2023 | Mar 31 2022 | Dec 31 2022 | |||||||||||||||
Adjusted EBITDA | $ | 226 | $ | 297 | $ | (27 | ) | $ | 219 | $ | (142 | ) | ||||||||
Depreciation and amortization | 285 | |||||||||||||||||||