Rubicon Technologies, Inc. 2023 in Review

A Year of Strategic Growth, Progress Toward Profitability, and Technology Leadership

Rubicon Technologies, Inc. (“Rubicon” or the “Company”) (NYSE: RBT), a leading provider of technology solutions for waste, recycling, and fleet operations, today celebrates the culmination of a year of notable achievements, where the Company completed, and in certain cases surpassed, a range of strategic goals across a variety of categories.

Business Accomplishments

In the third quarter of 2022, Rubicon outlined its strategic plan and committed to materially improving its operational performance and strengthening its financial position. In its strategic plan, the Company laid out the steps required to achieve profitability and growth.

Rubicon has completed all of the highest priority tasks from its strategic plan, with certain goals achieved ahead of schedule. Specifically, the Company committed to:

• Extending debt maturities. Rubicon successfully pushed maturities out to 2025 from 2023.
• Improving its liquidity position. Rubicon closed a $75 million term loan and expanded its revolver capacity by $15 million.
• Reducing expenses. Rubicon reduced expenses by $55 million on an annualized basis.
• Expanding Adjusted Gross Profit Margin to double digits by the end of 2023. Rubicon surpassed 10% in the second quarter, ahead of its goal.
• Securing additional financing. Rubicon brought in an additional $24 million of equity financing from new and existing investors in Q2 of 2023.

To underscore the Company’s exceptional performance during an extremely turbulent time, while completing all of the above it was able to drive 35.1% growth in Adjusted Gross Profit on a year-to-date basis in 2023 as compared to the same prior year period. All of this was accomplished while Rubicon continued to deliver for its customers, diverting over 800 thousand tons of waste from landfill equating to approximately 1.6 million MTCO2e emissions avoided for the first half of 2023.

“This year has been pivotal for Rubicon, and has exemplified our team’s ability to achieve the Company’s goals while improving our operational performance,” said Phil Rodoni, CEO of Rubicon. “The dedication, skill, and passion of our team have never been more evident, and are the reasons why we have been able to accomplish so much. Looking ahead, we will build upon these successes, continue to drive innovation within our industry, and fully deliver on our commitments to our customers, partners, and investors.”