Company reports completion of highest priority components of its ‘Bridge to Profitability’ plan, including securing new term loan, recapitalization of debt, attraction of additional equity investment, and material cost reductions across the organization

New York, NY – June 14, 2023​ – Rubicon Technologies, Inc. (“Rubicon” or the “Company”) (NYSE: RBT), a leading digital marketplace for waste and recycling and provider of innovative software-based products for businesses and governments worldwide, recently announced the closing of significant new debt and equity financing and today provides an update on the progress of its strategic ‘Bridge to Profitability’ plan, as discussed in the Company’s recent earnings materials.

Rubicon’s focus since the fourth quarter of 2022 has been to improve its liquidity position and accelerate its progress to profitability through a number of key initiatives designed to improve margins, reduce operating costs, and increase the Company’s financial strength and flexibility. Rubicon has successfully completed all the highest priority tasks within its strategic plan and remains confident in its ability to achieve its goals of generating positive Adjusted EBITDA for the fourth quarter of 2023, as well as for the full year 2024. The Company is confident in its runway to achieve these targets and beyond based on the additional liquidity secured through the instruments further outlined below.

The Company has successfully:

  • Closed a new $75 million term loan and extended debt maturities to June 2025;
  • Expanded revolver capacity by $15 million with a new $90 million revolving credit line and extended the maturity to March 2025;
  • Secured an additional $24 million of equity financing from new and existing investors;
  • Reduced expenses by estimated $28 million on an annualized basis as of May 2023, through actions designed to help optimize supplier costs and general and administrative expenses, and previously announced workforce reductions;
  • Expanded Adjusted Gross Profit Margin by 130 bps as compared to the third quarter of 2022, immediately prior to initiating the Bridge to Profitability Plan, resulting in an Adjusted Gross Profit Margin of 8.9% for the first quarter of 2023. This was achieved through growth in higher-margin SaaS business, high-grading the existing customer portfolio, and eliminating less profitable accounts;
  • Completed high-priority expense reduction and profitability initiatives while driving 13% growth in revenue year over year in the first quarter of 2023, demonstrating strong unit economics as the Company continues to scale its category-defining sustainable products.

As a result of these actions, Rubicon is already benefitting from an increase in available working capital, which will enable continued investment in its market-leading digital platform, support the development of new product and service offerings, facilitate its next phase of growth, and increase shareholder value.

“We are thrilled to share this progress update on our key goals for 2023 and beyond. In less than a year, we have accomplished all of the highest priority tasks that we laid out in November last year,” said Phil Rodoni, CEO of Rubicon. “We had an extremely steep hill to climb, and there is more work yet to do, but I am so grateful to our customers, partners, and investors for their continued support. I would also like to say a special thank you to the entire Rubicon team for their tireless work in support of our Bridge to Profitability plan. I am excited for the future of Rubicon and cannot wait to see what we do next.”

For additional information please refer to Rubicon’s earnings materials and SEC filings, available on the IR section of the Company’s website.

About Rubicon

Rubicon Technologies, Inc. (NYSE: RBT) is a digital marketplace for waste and recycling, and provider of innovative software-based products for businesses and governments worldwide. Striving to create a new industry standard by using technology to drive environmental innovation, the Company helps turn businesses into more sustainable enterprises, and neighborhoods into greener and smarter places to live and work. Rubicon’s mission is to end waste. It helps its customers find economic value in their waste streams and confidently execute on their sustainability goals. To learn more, visit

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, are forward-looking statements. When used in this press release, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon current expectations, estimates, projections, and assumptions that, while considered reasonable by Rubicon and its management, are inherently uncertain; factors that may cause actual results to differ materially from current expectations include, but are not limited to: 1) the outcome of any legal proceedings that may be instituted against Rubicon or others following the closing of the business combination; 2) Rubicon’s ability to meet the New York Stock Exchange’s listing standards following the consummation of the business combination; 3) the risk that the business combination disrupts current plans and operations of Rubicon as a result of consummation of the business combination; 4) the ability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; 5) costs related to the business combination; 6) changes in applicable laws or regulations; 7) the possibility that Rubicon may be adversely affected by other economic, business and/or competitive factors, including the impacts of the COVID-19 pandemic, geopolitical conflicts, such as the conflict between Russia and Ukraine, the effects of inflation and potential recessionary conditions; 8) Rubicon’s execution of anticipated operational efficiency initiatives, cost reduction measures and financing arrangements; and 9) other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s Annual Report on Form 10-K, Registration Statement on Form S-1, as amended, filed with the SEC, and other documents Rubicon has filed, with the SEC. Although Rubicon believes the expectations reflected in the forward-looking statements are reasonable, nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. There may be additional risks that Rubicon presently does not know of or that Rubicon currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements, many of which are beyond Rubicon’s control. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Rubicon does not undertake, and expressly disclaims any duty to update these forward-looking statements, except as otherwise required by applicable law.

Non-GAAP Financial Measures

This press release contains “non-GAAP financial measures,” including Adjusted Gross Profit Margin and Adjusted EBITDA, which are supplemental financial measures that are not calculated or presented in accordance with generally accepted accounting principles (GAAP). Such non-GAAP financial measures should not be considered superior to, as a substitute for or alternative to, and should be considered in conjunction with, the GAAP financial measures presented in the Company’s Current Reports on Form 8-K filed on March 9, 2023 and May 22, 2023, and other filings with the Securities and Exchange Commission. The non-GAAP financial measures in this press release may differ from similarly titled measures used by other companies. Definitions of these non-GAAP financial measures, including explanations of the ways in which Rubicon’s management uses these non-GAAP measures to evaluate its business, the substantive reasons why Rubicon’s management believes that these non-GAAP measures provide useful information to investors and limitations associated with the use of these non-GAAP measures as well as reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures, are included under “Reconciliations of Non-GAAP Financial Measures” contained in the Company’s Current Reports on Form 8-K filed on March 9, 2023 and May 22, 2023.

Investor Contact:
Sioban Hickie, ICR, Inc.

Media Contact:
Dan Sampson
Chief Marketing & Corporate Communications Officer