PRESS RELEASE

from Route1 Inc. (isin : CA77929Q4051)

Route1 Announces Q4 and Fiscal Year 2023 Financial Results

TORONTO, ON / ACCESSWIRE / April 24, 2024 / Route1 Inc. (TSXV:ROI) (the "Company" or "Route1"), an advanced North American provider of data-centric business empowerment solutions, today reported its financial results for the three and twelve-month periods ended December 31, 2023.

Fiscal Year 2023 (FY 2023)

In 000s of CAD dollars
FY 2023FY 2022FY 2021
Revenue



Services
$4,456$6,194$9,702
Device
13,10415,83017,432
Other
1821137
Total Revenue
17,57822,04527,271
Cost of revenue
11,70314,46216,446
Gross profit
5,8757,58310,825
Operating expenses
6,4397,6459,812
Operating profit 1
(564)(62)1,013
Total other expenses 2, 3
7191,656791
Net income (loss)
$(1,283)$(1,718)$222

1 Before stock-based compensation

2 Includes gain on litigation, 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 FY 2022, the Company wrote down its deferred tax asset and liabilities with a net impact of ($1,141).

Fourth Quarter 2023 (Q4 2023)

Statement of operations
In 000s of CAD dollars
Q4
2023
Q3
2023
Q2
2023
Q1
2023
Q4
2022
Q3
2022
Revenue
Subscription and services
$1,064$1,148$1,159$1,086$1,103$1,326
Devices and appliances
3,2223,3703,0263,4862,2795,519
Other
105(1)362
Total revenue
4,2964,5234,1844,5753,3886,847
Cost of revenue
2,7972,9983,0112,8972,0324,842
Gross profit
1,4991,5251,1731,6781,3562,005
Operating expenses
1,5581,5421,5331,8051,8591,802
Operating profit 1
(59)(17)(360)(128)(503)203
Total other expenses 2, 3
226532651751,223139
Net income (loss)
$(285)$(70)$(625)$(303)$(1,726)$64

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).

Subscription and services revenue
in 000s of CAD dollars
Dec 31
2023
Sept 30
2023
Jun 30
2023
Mar 31
2023
Dec 31
2022
Application software
$139$280$343$456$475
Other services
925868816630628
Total
$1,064$1,148$1,159$1,086$1,103
Other services revenue
in 000s of CAD dollars
Dec 31
2023
Sept 30
2022
Jun 30
2023
Mar 31
2023
Dec 31
2022
Technology life-cycle maintenance and support
$323$314$310$285$300
Professional services
602553506345328
Total
$925$867$816$630$628
Adjusted EBITDA
In thousands of Canadian dollars
Dec 31
2023
Sep 30
2023
Jun 30
2023
Mar 31
2022
Dec 31
2022
Adjusted EBITDA
$226$297$(27)$219$(142)
Depreciation and amortization
285
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