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Route1 Reports 2018 First Quarter Financial Results
May. 29, 2018 09:05AM PST
Defense And Security Investing
Route1 Inc (TSXV:ROI), a leading technology solutions innovator dedicated to delivering secure data protection technologies and mobility solutions for government and enterprise sector announced its first quarter financial results for the period ending March 31, 2018. The company said that it used cash in operating activities of approximately $0.2 million during Q1 2018 as compared …
Route1 Inc (TSXV:ROI), a leading technology solutions innovator dedicated to delivering secure data protection technologies and mobility solutions for government and enterprise sector announced its first quarter financial results for the period ending March 31, 2018.
The company said that it used cash in operating activities of approximately $0.2 million during Q1 2018 as compared with cash generated from operating activities of $0.4 million in Q1 2017.
As quoted in the press release:
| Statement of operations In 000s of CAD dollars |
Q1 Â 2018 |
Q4 2017 |
Q3 2017 |
Q2 2017 |
Q1 2017 |
||||
| Revenue | Â | ||||||||
| Â Subscription revenue and services | 1,264 | 1,263 | 1,177 | 1,347 | 1,911 | ||||
| Â Devices and appliances | 388 | 109 | 159 | 24 | 30 | ||||
|  Other | 32 | 48 | 2 | – | – | ||||
| Total revenue | 1,684 | 1,420 | 1,338 | 1,371 | 1,941 | ||||
| Cost of revenue | 585 | 331 | 362 | 298 | 335 | ||||
| Gross profit | 1,100 | 1,089 | 976 | 1,073 | 1,606 | ||||
| Operating expenses | 1,136 | 1,164 | 1,131 | 1,151 | 1,289 | ||||
| Operating (loss) profit 1 | (36 | ) | (75 | ) | (155 | ) | (78 | ) | 317 |
| Total other expenses 2 | (24 | ) | 170 | 183 | 157 | 109 | |||
| Comprehensive net (loss) gain | (60 | ) | (245 | ) | (338 | ) | (235 | ) | 208 |
1Â Before stock based compensation and patent litigation
2Â Includes stock based compensation, AirWatch litigation, gain on acquisition and foreign exchange
| Subscription revenue and services by quarter in 000s of CAD dollars |
Q1 Â 2018 |
Q4 2017 |
Q3 2017 |
Q2 2017 |
Q1 2017 |
| Application software | 1,260 | 1,263 | 1,177 | 1,347 | 1,759 |
| Appliance licensing or yearly maintenance | – | – | – | – | 152 |
| Technology as a service (TaaS) | – | – | – | – | – |
| Other services | 4 | – | – | – | – |
| Total | 1,264 | 1,263 | 1,177 | 1,347 | 1,911 |
| Adjusted EBITDA reconciliation in 000s of CAD dollars |
Q1 2018 |
Q4 2017 |
Q3 2017 |
Q2 2017 |
Q1 2017 |
||||
| Gross Profit | 1,100 | 1,089 | 976 | 1,073 | 1,606 | ||||
| Adjusted EBITDAÂ 3 | 46 | 24 | (46 | ) | 16 | 406 | |||
| Amortization | 82 | 99 | 109 | 94 | 89 | ||||
| Operating (loss) profit | (36 | ) | (75 | ) | (155 | ) | (78 | ) | 317 |
Â
Net cash used in the day–to-day operations for the three months ended March 31, 2018 was $0.6 million compared to $1.2 million in Q1 2017, a decrease of $0.6 million. The decrease in net cash used was a result of an increase in deferred revenue for the three months ended March 31, 2018 and the working capital balances acquired with the acquisition of Group Mobile.
Click here for the full text release.
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