Route1 Announces Q2 2017 Financial Results

Rout 1 (TSXV:ROI) has announced its second quarter financial results for the three and six month period ended June 30, 2017.
As quoted in the press release:

In 000s of CAD dollars		Q2 2017	Q1 2017	Q4 2016	Q3 2016	Q2 2016
Revenue
Recurring revenue and services	1,347	1,911	1,865	1,808	1,760
Devices and appliances	24	30	21	221	51
Other	0	0	0	2	1
Total revenue		1,371	1,941	1,886	2,031	1,812
Cost of revenue		298	335	338	448	341
Gross profit		1,073	1,606	1,548	1,583	1,471
Operating expenses		1,151	1,289	1,356	1,243	1,299
Operating (loss) profit 1		(78	)	317	192	340	172
Total other expenses 2		157	109	101	34	(27	)
Comprehensive net (loss) gain		(235	)	208	91	306	199

1	Before stock based compensation
2	Includes AirWatch litigation expenses

Revenue from the recurring revenue and services segment for the three months ended June 30, 2017 decreased $413,000 from the same period in 2016. The decrease is largely a result of a reduction in the number of paid, active MobiKEY application software users with U.S. Customs and Border Protection, an agency of the U.S. Department of Homeland Security.

Recurring revenue and services In CAD dollars	Jun 30 2017	Mar 31 2017	Dec 31 2016	Sep 30 2016	Jun 30 2016
Closing number of MobiKEY subscribers	11,649	18,270	17,883	17,344	16,800
Revenue per MobiKEY subscriber	$391	$389	$388	$383	$383
MobiKEY subscription revenue 1	$1,347	$1,759	$1,702	$1,639	$1,591
Other recurring revenue and services 1	$0	$152	$163	$169	$169
Total recurring revenue and services 1	$1,347	$1,911	$1,865	$1,808	$1,760

1	Figures are in thousands

Earnings before interest, taxes, depreciation amortization, and stock-based compensation (Adjusted EBITDA) during the first quarter of 2017 amounted to approximately $16,000 compared to $278,000 in Q2 2016.

Click here to read the full press release.