Route1 Reports Financial Results for FY 2024

Route1 Inc., based in Toronto, has announced its financial results for the fiscal year 2024, reporting a total revenue of 15.154 million CAD, down from 17.578 million CAD in 2023. The company, specializing in advanced data capture technologies, faced a decrease in both services and device revenues. Service revenue fell from 4.456 million CAD in 2023 to 4.342 million CAD in 2024, while device revenue decreased from 13.104 million CAD to 10.821 million CAD. This drop is significantly impacting the overall financial performance.

The gross profit for FY 2024 was 5.251 million CAD, compared to 5.875 million CAD in 2023. Despite efforts to manage costs, operating expenses remained high at 5.771 million CAD, leading to an operating loss of 520,000 CAD. The net loss for the year was 1.061 million CAD, improving slightly from a loss of 1.283 million CAD in 2023.

In Q4 2024, the company recorded a total revenue of 3.931 million CAD, with a gross profit of 1.389 million CAD. However, the quarter ended with a net loss of 301,000 CAD.