RumbleOn, Inc. Reports Second Quarter 2025 Financial Results
Rebranding Initiative, including Name Change to RideNow Group, Inc., Corporate Headquarters Relocation Back to Phoenix, AZ Area, and Ticker Symbol Change
Amends, Reprices and Extends Credit Facility
IRVING, Texas, Aug. 11, 2025 /PRNewswire/ -- RumbleOn, Inc. (NASDAQ:RMBL), the "Company" today announced results for the second quarter ended June 30, 2025.
Key Second Quarter 2025 Highlights (Compared to Second Quarter 2024):
Revenue of $299.9 million decreased 11.0%, driven by a 590 decline in unit sales in the Company's powersports segment and a $13.9 million decline in revenue in the vehicle transportation services segment
Net loss, which included impairment charge of $34.0 million related to franchise rights, was $32.2 million compared to $0.7 million
Selling, general & administrative expense (SG&A) was $66.7 million, a $4.7 million reduction compared to $71.4 million
Adjusted EBITDA(1) increased $1.0 million to $17.2 million compared to $16.2 million
Other Highlights:
Executed a term loan amendment to extend the maturity of the Company's term loan through September 30, 2027
Rebranding of the Company's name to RideNow Group, Inc. ("RideNow"), aligning it back with the Company's roots of being a leading powersports dealership group and returning the corporate headquarters back to the Company's original RideNow flagship store location in Chandler, AZ, each effective August 13, 2025.
Changing the Company's ticker symbol from "RMBL" to "RDNW" on The Nasdaq Capital Market, effective August 13, 2025. No action is required by existing stockholders with respect to the name and ticker symbol changes. Shares of the Company's Class B Common Stock currently trading on NASDAQ under the ticker symbol "RMBL" will automatically commence trading under the new ticker symbol as of the market open on August 13, 2025.
You will be able to access the Investor Relations section of the Company's website at https://investors.rumbleon.com/ up to August 13, 2025, at which time the RideNow website officially launches.
"I am pleased to report that we are making good progress and our operating results improved over the course of the second quarter. While performance in the second quarter was nowhere close to where we want and expect to be, the Company's "back to our roots" strategy is working and driving improvement in our year over year results. We are improving our execution every day and have a very clear road map of work to do to continue to drive improvements and meaningful growth in the business. In addition, the successful closing of the term loan amendment provides us with operating flexibility to execute upon our strategy. I am as confident as ever that our current actions will lead to significantly improved results and shareholder value," said Michael Quartieri, Chairman, Chief Executive Officer and Interim Chief Financial Officer.
Second Quarter 2025 Results
Second Quarter
($ in millions)
2025
2024
YOY Change
Revenue
$ 299.9
$ 336.8
(11.0) %
Gross Profit
$ 83.9
$ 89.9
(6.7) %
SG&A
$ 66.7
$ 71.4
(6.6) %
Adjusted SG&A(1)
$ 64.9
$ 70.8
(8.3) %
Operating Income (Loss)
$ (18.8)
$ 15.4
(222.1) %
Net Loss
$ (32.2)
$ (0.7)
NM
Adjusted EBITDA(1)
$ 17.2
$ 16.2
6.2 %
Unit Retail Sales:
New Powersports
10,618
12,004
(11.5) %
Pre-owned Powersports
5,283
4,796
10.2 %
Six Months Ended June 30,
($ in millions)
2025
2024
YOY Change
Operating Cash Flow
$ 4.0
$ 29.2
(86.3) %
Capital Expenditures
$ (2.9)
$ (1.0)
(190.0) %
Free Cash Flow(1)
$ 1.1
$ 28.2
(96.1) %
Jun. 30,
Dec. 31,
2025
2024
Change
Cash (unrestricted)
$ 44.7
$ 85.3
(47.6) %
Long-term Debt, including Current Maturities
$ 218.4
$ 251.1
(13.0) %
Non-Vehicle Debt
$ 229.8
$ 267.4
(14.1) %
Non-Vehicle Net Debt(1)
$ 185.1
$ 182.1
1.6 %
(1)
Adjusted SG&A, EBITDA, Adjusted EBITDA, Free Cash Flow, and Non-Vehicle Net Debt are non-GAAP measures. Reconciliations of GAAP to non-GAAP financial measures are provided in accompanying financial schedules.
NM = Not meaningful.
Second Quarter 2025, Segment Results
Powersports Segment
Second Quarter
$ in millions, except per unit
2025
2024
YOY Change
Unit Sales (#)
Retail
New
10,618
12,004
(11.5) %
Pre-owned
5,283
4,796
10.2 %
Total retail
15,901
16,800
(5.4) %
Wholesale
1,216
907
34.1 %
Total Powersports Unit Sales
17,117
17,707
(3.3) %
Revenue
New retail vehicles
$ 154.8
$ 175.8
(11.9) %
Pre-owned retail vehicles
59.2
54.1
9.4 %
Wholesale vehicles
5.0
5.1
(2.0) %
Finance & Insurance, net
27.2
29.7
(8.4) %
Parts, Services, and Accessories
52.4
56.9
(7.9) %
Total Powersports Revenue
$ 298.6
$ 321.6
(7.2) %
Gross Profit
New retail vehicles
$ 20.5
$ 21.6
(5.1) %
Pre-owned retail vehicles
11.1
9.2
20.7 %
Wholesale vehicles
—
0.1
NM
Finance & Insurance, net
27.2
29.7
(8.4) %
Parts, Services, and Accessories
24.9
26.2
(5.0) %
Total Powersports Gross Profit
$ 83.7
$ 86.8
(3.6) %
Powersports GPU(1)
$ 5,264
$ 5,167
1.9 %
(1) Calculated as total powersports gross profit divided by total retail units sold.
Vehicle Transportation Services Segment
Second Quarter
($ in millions)
2025
2024
Change
Vehicles Transported (#)
1,993
23,334
(91.5) %
Vehicle Transportation Services Revenue
$ 1.3
$ 15.2
(91.4) %
Vehicle Transportation Services Gross Profit
$ 0.2
$ 3.1
(93.5) %
Balance Sheet, Liquidity and Cash Flow
The Company ended the quarter with $59.8 million in total cash, inclusive of restricted cash, and $185.1 million of non-vehicle net debt. Availability under the Company's powersports short-term revolving floor plan lines of credit totaled approximately $125.9 million as of June 30, 2025. Total Available Liquidity, defined as total cash plus availability under floorplan credit facilities, was $185.7 million as of June 30, 2025. Cash inflows from operating activities were $4.0 million for the first half of 2025, compared to $29.2 million for the same period in 2024. Cash flow from operations in 2024 benefited from the proceeds from the sale of the Company's loans receivable portfolio.
On August 10, 2025, the Company entered into an agreement with its lenders to extend the maturity date of its term debt credit agreement to September 30, 2027, at a 50-basis point reduction in interest, with revised financial covenants and other requirements. In connection with this amendment and extension, the Company will pay down $20.0 million in principle on the term debt, funded from proceeds of a $10.0 million subordinated note from certain related parties and existing cash balances. Following the paydown of the principal balance, cash payments for other interest are expected to be $3.4 million lower on an annualized basis. Full details of this amendment and extension and the subordinated note will be disclosed in a filing with the Securities Exchange Commission ...
