Route1 Inc. Reveals Q1 2024 Financial Outcomes

Route1 Inc., a leading North American provider of data-centric business empowerment solutions, announced a challenging financial performance for the first quarter ending March 31, 2024. The company saw a decrease in revenue in Q1 2024 with total earnings amounting to CAD $4,032,000 compared to CAD $4,575,000 in Q1 2023. Notably, subscription and services dropped to CAD $906,000 from CAD $1,086,000 year-over-year. Despite the downturn, devices and appliances maintained substantial sales, generating CAD $3,123,000.

The firm reported a net loss of CAD $149,000 for the quarter, revealing a significant improvement from a net loss of CAD $303,000 reported in the same period last year. Adjusted EBITDA stood at CAD $134,000, a decrease from CAD $219,000 in Q1 2023. A notable factor in this quarter’s financials was a short delay in the manufacturing of Route1 PocketVault P-3X devices, impacting sales and financial projections.

Route1’s recurring ALPR support contracts reached a new milestone, exceeding US $1.0 million in annualized revenue. Additionally, adjusting payment terms for direct ALPR clients helped reduce bank debt and improve cash flow. Looking forward, the company remains optimistic, anticipating an upward trend in EBITDA and better returns on invested capital following these strategic adjustments.