Rubicon Technologies, Inc. ( RBT ) shares are falling after the company reported its first-quarter financial results Monday. Here's a look at the details. 

The Details:

Rubicon Technologies reported $163.062 million in sales for the quarter, representing a 9.96% decrease from the same period last year. The company also reported quarterly losses of 33 cents per share.

“We are pleased to report our results for the first quarter, demonstrating our continued momentum through year-over-year Adjusted EBITDA improvement on our path to profitability. This performance is a testament to the dedication and hard work of our team, as well as the trust and support of our customers,” said Phil Rodoni, CEO of Rubicon.

“The recent sale of the fleet technology business unit aligns with our strategic vision to lead our industry by innovating and investing in sustainable practices that meet the evolving needs of both our hauler network and customer base. We are excited to leverage this newfound financial agility to drive growth, enhance our competitive edge, and deliver exceptional value to our shareholders and customers alike.”

On May 7, the company announced it had sold its fleet technology business and issued convertible preferred stock in Rubicon to Rodina Capital in a sale with a total transaction value of $94.2 million, which includes up-front cash of $61.7 million and an earnout consideration of $12.5 million that could become payable in 2024.

Rubicon also issued $20.0 million of convertible preferred stock to Rodina Capital.

Rubicon shares are trading lower following the print after gaining 27.4% during regular trading Monday.

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RBT Price Action: According to Benzinga Pro, Rubicon Technologies shares are down 36% after hours at 12 cents at the time of publication Monday.

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