from Route1 Inc. (CVE:ROI)
Route1 Announces Its Financial Resuilts for the Three and Twelve Months Ended December 31, 2024
TORONTO, ON / ACCESS Newswire / April 28, 2025 / Route1 Inc . ( TSXV:ROI ) ( "Route1" or the "Company" ), a leading engineering and professional services firm specializing in the deployment and integration of advanced data capture-based technologies, and actionable business intelligence ("ABI") to city, state, and federal first responder departments, public safety and parking managers, today reported its financial results for the three and twelve-month periods ended December 31, 2024.
Fiscal Year 2023 (FY 2024)
In 000s of CAD dollars | FY 2024 | FY 2023 | FY 2022 | |||||||||
Revenue | ||||||||||||
Services | $ | 4,342 | $ | 4,456 | $ | 6,194 | ||||||
Device | 10,821 | 13,104 | 15,830 | |||||||||
Other | (9 | ) | 18 | 21 | ||||||||
Total Revenue | 15,154 | 17,578 | 22,045 | |||||||||
Cost of revenue | 9,903 | 11,703 | 14,462 | |||||||||
Gross profit | 5,251 | 5,875 | 7,583 | |||||||||
Operating expenses | 5,771 | 6,439 | 7,645 | |||||||||
Operating profit 1 | (520 | ) | (564 | ) | (62 | ) | ||||||
Total other expenses 2, 3 | 541 | 719 | 1,656 | |||||||||
Net income (loss) | $ | (1,061 | ) | $ | (1,283 | ) | $ | (1,718 | ) | |||
Fourth Quarter 2024 (Q4 2024)
Statement of operations In 000s of CAD dollars | Q42024 | Q32024 | Q22024 | Q12024 | Q42023 | Q32023 | ||||||||||||||||||
Revenue | ||||||||||||||||||||||||
Subscription and services | $ | 1,130 | $ | 1,417 | $ | 888 | $ | 906 | $ | 1,064 | $ | 1,148 | ||||||||||||
Devices and appliances | 2,804 | 2,301 | 2,605 | 3,123 | 3,222 | 3,370 | ||||||||||||||||||
Other | (3 | ) | (12 | ) | (9 | ) | 3 | 10 | 5 | |||||||||||||||
Total revenue | 3,931 | 3,706 | 3,484 | 4,032 | 4,296 | 4,523 | ||||||||||||||||||
Cost of revenue | 2,542 | 2,376 | 2,269 | 2,716 | 2,797 | 2,998 | ||||||||||||||||||
Gross profit | 1,389 | 1,331 | 1,215 | 1,317 | 1,499 | 1,525 | ||||||||||||||||||
Operating expenses | 1,464 | 1,418 | 1,457 | 1,431 | 1,558 | 1,542 | ||||||||||||||||||
Operating profit 1 | (75 | ) | (87 | ) | (242 | ) | (115 | ) | (59 | ) | (18 | ) | ||||||||||||
Total other expenses 2 | 226 | 196 | 86 | 34 | 223 | 52 | ||||||||||||||||||
Net income (loss) | $ | (301 | ) | $ | (283 | ) | $ | (328 | ) | $ | (149 | ) | $ | (282 | ) | $ | (70 | ) |
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).
Adjusted EBITDA 1 In thousands of Canadian dollars | Q42024 | Q32024 | Q22024 | Q1 2024 | Q4 2023 | Q3 2023 | ||||||||||||||||||
Adjusted EBITDA | $ | 130 | $ | 147 | $ | 2 | $ | 134 | $ | 226 | $ | 297 | ||||||||||||
Depreciation and amortization | 205 | 234 | 245 | 248 | 285 | 314 | ||||||||||||||||||
Operating profit | $ | (75 | ) | $ | (87 | ) | $ | (242 | ) | $ | (115 | ) | $ | (59 | ) | $ | (18 | ) |
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 | Q42024 | Q32024 | Q22024 | Q1 2024 | Q4 2023 | Q3 2023 | ||||||||||||||||||
Application software | $ | 24 | $ | 37 | $ | 49 | $ | 129 | $ | 139 | $ | 280 | ||||||||||||
Other services | 1,106 | 1,380 | 839 | 777 | 925 | 868 | ||||||||||||||||||
Total | $ | 1,130 | $ | 1,417 | $ | 888 | $ | 906 | $ | 1,064 | $ | 1,148 |
Other services revenue in 000s of CAD dollars | Q42024 | Q32024 | Q22024 | Q1 2024 | Q4 2023 | Q3 2023 | ||||||||||||||||||
Technology life-cycle maintenance and support | $ | 378 | $ | 370 | $ | 356 | $ | 347 | $ | 323 | $ | 314 | ||||||||||||
Professional services | 727 | 1,010 | 483 | 430 | 602 | 553 | ||||||||||||||||||
Total | $ | 1,106 | $ | 1,417 | $ | 839 | $ | 777 | $ | 925 | $ | 867 |
Balance Sheet Extracts
In 000s of CAD dollars | Dec 31 2024 | Sep 30 2024 | Jun 30 2024 | Mar 31 2024 | Dec 31 2023 | Sep 30 2023 | ||||||||||||||||||