Rubicon (NYSE: RBT) has signed a new two-year agreement with Walmart (NYSE: WMT).
Under the new deal, the Lexington, Kentucky-based company will continue to increase Walmart's waste diversion from landfills, consolidate services and provide enhanced account management for distribution centers and retail stores, according to a news release.
Since the two companies began working together in 2013, Rubicon has supported Walmart in a number of circularity projects. The new agreement expands the relationship between the two companies to include the collection and recycling of plastic film in distribution centers, and the collection of landscaping and green waste, the release continued.
These projects take place alongside day-to-day waste and recycling collection at Walmart stores. Walmart has more than 4,700 stores in the U.S. alone.
“We are thrilled to announce this extension agreement with Walmart,” said Phil Rodoni, CEO of Rubicon, in the release. “Rubicon’s mission is to end waste. By expanding our work with the global, transformational brand that is Walmart, we are accelerating this mission as we strive to advance our shared goal of a world without waste.”
With this extended agreement, Rubicon will continue to bring its suite of cloud-based software products, and the power and scope of its network of more than 8,000 hauler and vendor partners, to bear in providing scalable waste, recycling and sustainability solutions to Walmart in support of Walmart’s environmental and business goals.
Rubicon, which went public in August via a special purpose acquisition company (SPAC) deal, was founded by Kentucky native and former CEO Nate Morris. Rodoni was appointed to the top executive position at the company last month, while Morris is staying on as board chairman.
Rubicon's second quarter revenue totaled $165 million, an increase of 20% compared to $138 million in the second quarter of 2021, according to an earnings release. The company's third quarter earnings call is set for Wednesday, Nov. 9.
As of noon Thursday, Rubicon's stock is trading at $2 per share, up 1.5% from when trading closed Wednesday.
