Rubicon Smart Waste Disposal Increases Sales

Digital export and recycling platform Rubicon Technologies, Inc. (RBT) has published its first quarterly report as a public company. Demand for its services is growing, and the account has become a driver of quotations. At the auction on August 22, the RBT stock was worth $5.98. The market capitalization was $307.24 million. In the second quarter, the number of Rubicon customers and the costs of existing users increased. Thanks to this, the company grew revenue by 20% yearly, to $165 million. 

Adjusted gross profit increased by 19% to $13 million. Rubicon has not yet provided data on the net loss; last year, the operating loss was $72.6 million. Despite inflation, the company expects further improvement in financial performance. Rubicon went public through the SPAC deal just a week ago. The company has a platform where garbage collection and recycling service providers can offer them to potential customers. Rubicon wants to become an aggregator of in-demand services, like Airbnb in the rental market. 

For example, at RUBICONMarketplace, consumers and businesses can apply for the removal of certain types of garbage for recycling. As a result, a company that can send them for recycling, unlike conventional utility companies, can take over the removal of waste. During the SPAC transaction, Rubicon got about $200 million and made a deal with Palantir Technologies Inc., which makes tools and offers services for data analysis to work together. So, Rubicon has laid the groundwork for business growth.

Soon, the company intends to accelerate its growth. Rubicon has already signed three-year agreements to supply services to the municipalities of the American cities of Houston and Scranton. The company will provide access to its RUBICONSmartCity platform, which is sold under the SaaS scheme and allows local authorities to more efficiently manage a fleet of garbage trucks and remove waste from the urban environment faster.