IRVING, Texas, April 30, 2025 /PRNewswire/ -- RumbleOn, Inc. (NASDAQ: RMBL) (the "Company" or "RumbleOn"), today announced that it will release its First Quarter 2025 operational and financial results before the market opens on Wednesday, May 7, 2025.The Company has scheduled a conference call and webcast on the same day at 7:00 a.m. Central Time (8:00 a.m. Eastern Time) to discuss its operational and financial results. The call will be hosted by Mike Quartieri, Chief Executive Officer and Interim Chief Fin ...

Business Operations - As of December 31, 2024, RumbleOn operated a total of 56 powersports dealerships across 13 states in the U.S.[12] - The company has a workforce of 1,928 full-time and 36 part-time employees as of December 31, 2024[25]. - RumbleOn's proprietary RideNow Cash Offer technology allows for the acquisition of high-quality pre-owned powersports vehicles directly from consumers, enhancing inventory and customer experience[22]. - The powersports retail marketplace in the U.S. is highly fragmented, with competition from traditional dealers and independent pre-owned dealers[16]. - The company aims to grow its powersports segment through both organic growth and strategic acquisitions, focusing on adding new customers and brands[23]. - RumbleOn's operations are subject to various federal and state regulations, which could impact business continuity and result in compliance costs[28]. - The company relies heavily on marketing and advertising to attract customers, but there is a risk that these efforts may not be profitable if they do not lead to sufficient user acquisition[42]. - The company is dependent on relationships with vehicle manufacturers, which can impose restrictions that may adversely affect operations and growth strategies[47]. - The company has experienced increases in labor, fuel, and service costs due to inflation, which could have a material adverse effect on its financial condition[61]. - The company does not have a material cost advantage over other retailers in purchasing new powersports vehicles, relying on advertising and local branding for sales[66]. - The proprietary RideNow Cash Offer technology is seen as a competitive advantage, but low barriers to entry in the online marketplace may lead to increased competition[67]. - The company benefits from sales incentives and promotional programs from manufacturers, and any reduction in these programs could adversely affect sales volume and financial results[71]. - The company relies heavily on third parties for product and service delivery, and a cybersecurity incident at a key supplier could adversely affect its operations[111]. Financial Performance - Total revenue for 2024 was $1,209.2 million, a decrease of $157.2 million or 11.5% compared to $1,366.4 million in 2023[145]. - Revenue from powersports vehicles declined by $108.8 million or 11.4%, totaling $842.6 million in 2024[145]. - Gross profit decreased by $45.6 million, totaling $314.3 million in 2024, primarily due to lower revenue from powersports vehicles and ancillary products[145]. - The operating loss improved to $(14.7) million in 2024, a positive change of $54.8 million or 78.8% compared to $(69.5) million in 2023[145]. - The company reported a loss from continuing operations of $(78.6) million in 2024, a reduction of $135.8 million or 63.3% from $(214.4) million in 2023[145]. - The vehicle transportation services segment generated $58.0 million in revenue, an increase of $1.8 million or 3.2% from $56.2 million in 2023[145]. - SG&A expenses decreased by $71.9 million or 20.7%, totaling $275.4 million in 2024[145]. - Total revenue for the powersports segment decreased by $159.0 million, with 7,674 fewer vehicles sold compared to the previous year[151]. - Average revenue per vehicle sold via retail channels was $12,884 higher than those sold via wholesale channels, but overall average revenue per vehicle decreased by $367[151]. - Gross profit for powersports vehicles decreased by $45.2 million, influenced by macroeconomic conditions and included a $12.6 million write-down of inventory[152]. - Vehicle transportation services revenue increased by $1.8 million, driven by a 6.2% increase in the number of vehicles transported[153]. Debt and Cash Flow - The company has incurred significant debt, which limits its flexibility to respond to changing business conditions and may adversely affect its ability to finance operations and pursue acquisitions[54]. - As of June 30, 2024, the company was not in compliance with certain leverage ratio financial covenants, leading to amendments in its Credit Agreement to revise ratios and increase liquidity requirements to $30.0 million[56]. - Total debt decreased from $563.8 million in 2023 to $461.0 million in 2024, a reduction of $102.8 million[168]. - Net cash provided by operating activities improved by $138.3 million, increasing from a cash outflow of $38.9 million in 2023 to a cash inflow of $99.4 million in 2024[169]. - Cash flows from investing activities shifted from a net outflow of $19.1 million in 2023 to a net inflow of $0.9 million in 2024, a change of $20.0 million[171]. - Net cash used in financing activities changed from a cash inflow of $78.2 million in 2023 to a cash outflow of $80.6 million in 2024, a decrease of $158.8 million[172]. - The company repaid $38.8 million in principal plus accrued interest under its 6.75% convertible senior notes on January 2, 2025[134]. Internal Controls and Compliance - The company has identified material weaknesses in its internal control over financial reporting, which could impact the accuracy of financial statements[39]. - A material weakness in internal control over financial reporting was identified, particularly in user access and segregation of duties related to key financial systems as of December 31, 2024[196]. - Independent auditors BDO USA, P.C. issued an adverse opinion on the effectiveness of internal control over financial reporting due to the identified material weakness[197]. - Management plans to enhance processes for reviewing and provisioning access to key financial systems and ensure appropriate segregation of duties[198]. - Additional accounting resources with required technical expertise have been hired to address the material weakness[199]. - The review and approval process for intercompany transactions and account reconciliations has been enhanced[199]. - Management will monitor the effectiveness of remedial measures and controls, which will not be considered remediated until they operate effectively for a sufficient period[201]. - No changes in internal control over financial reporting were identified that materially affected the control environment during the quarter ended December 31, 2024[202]. Market and Economic Conditions - The powersports industry is seasonal, with sales peaking in spring and summer, affecting quarterly financial results[27]. - The powersports industry is sensitive to economic conditions, with inflation impacting costs and consumer demand, which could adversely affect the company's financial performance[61]. - Retail powersports sales are cyclical, historically experiencing downturns due to oversupply and weak demand, potentially leading to reduced revenue per vehicle sold and margins[62]. - Changes in trade policies, including tariffs, may adversely impact the company's business and profitability, particularly with inventory sourced from countries like Mexico, Canada, and China[63]. - The powersports retail and service industry is highly competitive, with pressure from both existing and new companies affecting business and operating results[64]. - Cybersecurity risks and potential breaches of IT systems could materially impact the company's operations and financial condition[81]. - Changes in state laws protecting powersports retailers could lead to increased susceptibility to termination or non-renewal of dealer agreements, adversely affecting business operations[87]. Corporate Governance - The company has never declared or paid any cash dividends on its common stock and intends to reinvest earnings into business development and expansion[103]. - As of March 1, 2025, three stockholders beneficially own approximately 54.8% of the company's voting power, potentially influencing major corporate actions[100]. - The market price of the company's Class B common stock has experienced significant volatility, influenced by external factors beyond its control[101]. - The company is currently subject to reduced reporting requirements as a "smaller reporting company," which may affect the attractiveness of its common stock to investors[104]. - The company faces various legal proceedings that could require significant expenditures and adversely impact its financial condition if outcomes are unfavorable[98]. - The company maintains cybersecurity insurance, but costs related to cybersecurity threats may not be fully covered, posing a risk to its financial stability[112].

Financial Data and Key Metrics Changes - In Q4 2024, the company generated revenue of $269.6 million, down 13.4% year-over-year, while adjusted EBITDA was $2.2 million, an improvement from a slight loss in the same quarter last year [20][27] - Total company revenue for the full year was approximately $1.2 billion, down 11.5% year-over-year, and adjusted EBITDA was $32.9 million, down 12% [27] Business Line Data and Key Metrics Changes - The Powersports Dealership Group retailed approximately 14,100 major units in Q4 2024, down 9.3% year-over-year, with new unit sales down 9.5% and pre-owned unit sales down 8.8% [22] - Gross margins for new unit sales were 10.8%, down from 13.2% in the same quarter last year, while pre-owned gross margins improved to 9.8% from negative 10.3% [23] - Revenue from the Powersports dealership group was $256.2 million, down 14.1% year-over-year [25] Market Data and Key Metrics Changes - The company has successfully reduced new inventories by over $80 million from 2023 to 2024, aligning inventory levels with current market conditions [13][22] - The asset-light vehicle transportation services segment, Wholesale Express, saw a revenue increase of 3.1% year-over-year, although gross profit decreased by 2.9% [27] Company Strategy and Development Direction - The new CEO emphasized a focus on driving profitability, growing the company, and creating shareholder value, moving away from the previous Vision 2026 plan [16][19] - The company aims to enhance revenue, optimize costs, and grow EBITDA and free cash flow, with plans for both acquisitions and organic growth [11][12] Management's Comments on Operating Environment and Future Outlook - The management acknowledged a challenging macro and industry environment but expressed confidence in the team's performance and the company's ability to emerge stronger [12] - The CEO highlighted the dynamic global tariff landscape and its potential impact on product affordability and customer demand [17] Other Important Information - The company ended the quarter with $96.7 million in total cash and $182.1 million in non-vehicle debt, benefiting from a $30 million capital raise [29] - Cash inflows from operating activities were $99.4 million for the year, a significant improvement from cash outflows of $38.9 million in the previous year [30] Q&A Session Summary Question: What is the company's exposure to tariffs and how will it handle potential cost increases? - The CEO identified Polaris, BRP, and Harley-Davidson as the top three OEMs, which account for 60% to 65% of sales, and noted the uncertainty in quantifying the tariff impact [35][36] Question: Is there any indication of a slowdown in business due to consumer confidence issues? - The CEO stated that while the company does not provide inter-quarter commentary, it is facing similar consumer challenges as others in the industry [39] Question: How does the company view its inventory levels compared to the rest of the industry? - The CEO expressed confidence in the company's inventory management but acknowledged that parts inventory might still be slightly high [43]

Revenue Performance - Fourth Quarter 2024 revenue was $269.6 million, a decrease of 13.4% compared to $311.2 million in Q4 2023[5] - Full Year 2024 revenue totaled $1,209.2 million, down 11.5% from $1,366.4 million in 2023[5] - Total retail unit sales in Q4 2024 were 14,142, a decrease of 9.3% from 15,596 in Q4 2023[9] - Total revenue for Q4 2024 was $269.6 million, a decrease of 13.4% from $311.2 million in Q4 2023[20] Net Loss and Profitability - Net loss for Q4 2024 was $56.4 million, significantly improved from a net loss of $168.5 million in Q4 2023, which included $39.3 million in intangible asset impairment charges[5] - The net loss for Q4 2024 was $56.4 million, compared to a net loss of $168.5 million in Q4 2023, indicating a significant improvement[20] - Adjusted EBITDA for Q4 2024 was $2.2 million, compared to a loss of $0.3 million in Q4 2023[5] - Adjusted EBITDA for the full year 2024 was $32.9 million, compared to $37.4 million in 2023, reflecting a decrease of 11.9%[28] Expenses and Cost Management - Selling, general & administrative expenses (SG&A) decreased to $64.2 million in Q4 2024 from $81.7 million in Q4 2023, a reduction of 21.4%[5] - Adjusted SG&A for the full year 2024 was $270.0 million, down from $333.1 million in 2023, representing a significant reduction in operating expenses[38] - The SG&A as a percentage of Gross Profit improved to 85.9% in 2024 from 92.6% in 2023, indicating better cost management[38] - The company reported a significant reduction in litigation and non-recurring costs, contributing to the improved Adjusted SG&A figures[38] Cash Flow and Liquidity - Operating cash inflows for 2024 were $99.4 million, a significant increase from cash outflows of $38.9 million in 2023[6] - Cash (unrestricted) at the end of 2024 was $85.3 million, up 44.8% from $58.9 million at the end of 2023[6] - Cash and restricted cash at the end of Q4 2024 totaled $96.7 million, an increase from $77.0 million at the end of Q4 2023[24] - For the full year 2024, cash flows from operating activities were $99.4 million, compared to $(38.9) million in 2023, resulting in a Free Cash Flow of $97.4 million, up from $(52.6) million in the previous year[33] Debt and Financial Position - The company fully repaid $38.8 million of 6.75% convertible senior notes upon maturity in January 2025[5] - As of December 31, 2024, Non-Vehicle Net Debt was $182.1 million, a decrease from $242.9 million as of December 31, 2023, reflecting improved financial position[35] - The principal of long-term debt, including current maturities, decreased to $267.4 million as of December 31, 2024, from $301.8 million in 2023, reflecting debt reduction efforts[35] - Total liabilities decreased to $718.5 million in 2024 from $820.7 million in 2023, showing a reduction in financial obligations[22] Inventory and Asset Management - The company reduced inventories by $106.9 million and floor plan notes payable by $81.4 million during the year[5] - Total current assets decreased to $371.4 million in 2024 from $480.8 million in 2023, primarily due to a reduction in inventory[22] - Vehicle floor plan notes payable decreased to $209.9 million in 2024 from $291.3 million in 2023, indicating improved management of financing[22] - The company incurred impairment charges of $39.3 million in both Q4 2024 and 2023, reflecting ongoing challenges in asset valuation[28] Future Outlook - The company’s financial strategy focuses on enhancing liquidity and capital resources through improved Free Cash Flow generation[32] - Future outlook includes continued focus on cost management and operational efficiency to sustain financial improvements[38] - The Consolidated Total Net Leverage Ratio as of December 31, 2024, was 5.3x, well below the maximum allowed of 9.5x, demonstrating compliance with credit agreement covenants[41] - Capital expenditures for 2024 were $2.0 million, significantly lower than $13.7 million in 2023, indicating a more conservative investment approach[33]

IRVING, Texas, March 11, 2025 /PRNewswire/ -- RumbleOn, Inc. (NASDAQ: RMBL), ("RumbleOn" or "the Company"), today announced financial results for its fourth quarter and full year ended December 31, 2024.Key Fourth Quarter 2024 Highlights (Compared to Fourth Quarter 2023): Revenue of $269.6 million decreased 13.4% Net loss totaled $56.4 million compared to net loss of $168.5 million, including intangible asset impairment charges of $39.3 million in 2024 and $60.1 million in 2023. Net loss in 2023 also includ ...

Core Viewpoint - RumbleOn, Inc. is set to release its Fourth Quarter and Full Year 2024 operational and financial results on March 11, 2025, before market opening [1] Company Overview - RumbleOn operates through two segments: Powersports dealership group and Wholesale Express, LLC, which focuses on asset-light transportation services in the automotive industry [3] - The Powersports group is claimed to be the largest in the United States, offering a wide range of products and services including new and pre-owned vehicles, parts, apparel, and financing options [3] - RumbleOn is one of the largest purchasers of pre-owned powersports vehicles in the U.S., utilizing proprietary technology to acquire vehicles directly from consumers [3] Upcoming Events - A conference call and webcast will be held on March 11, 2025, at 7:00 a.m. Central Time (8:00 a.m. Eastern Time) to discuss the operational and financial results [2][4] - The call will be hosted by the CEO Mike Quartieri and CFO Tiffany Kice [2]

Leadership Changes - Michael Quartieri, Chairman of the Board, has been appointed as Chief Executive Officer [5][6] - Cameron Tkach, Vice President of Dealership Operations, has been promoted to Executive Vice President and Chief Operating Officer [5][6] - Becca Polak, Chair of the Compensation Committee, has been named Vice Chairman and Lead Independent Director [5][6] - Michael Kennedy is no longer Chief Executive Officer or a member of the Board of Directors [5] Executive Profiles - Michael Quartieri has significant leadership and strategic planning experience, strong financial acumen, and corporate governance expertise [1] - Cameron Tkach has over 15 years of experience in the powersports industry, with a background in operational roles such as Sales Manager, Finance Manager, General Manager, and Operations Director [1] - Becca Polak is a seasoned executive and board advisor with a record of driving business strategy, execution, and technology transformation [1] Company Overview - RumbleOn operates through two segments: Powersports dealership group and Wholesale Express, LLC, an asset-light transportation services provider [4] - The Powersports group is the largest in the US by revenue, unit sales, and dealership locations, offering over 500 franchises representing 50 brands [4] - The company is the largest purchaser of pre-owned powersports vehicles in the US, utilizing RideNow's Cash Offer to acquire vehicles directly from consumers [4] Strategic Focus - Michael Quartieri emphasizes driving growth, improving profitability, and producing strong cash flow following the payoff of convertible notes [1] - Cameron Tkach aims to leverage his operational and strategic expertise to achieve operational excellence and market leadership in the powersports industry [1] - The leadership team is focused on accelerating RumbleOn's success through strategic vision and execution [1]

Core Points - RumbleOn, Inc. announced the final results of its $10 million fully backstopped registered equity rights offering, which resulted in subscriptions for 2,043,011 shares, approximately 85% of the shares offered at a price of $4.18 per share [1] - The Standby Purchaser, Stone House Capital Management, will purchase 349,333 unsubscribed shares for approximately $1.5 million [2] - The net proceeds from the Rights Offering and Backstop Private Placement are estimated to be around $9 million, intended for general corporate purposes, including repayment of convertible senior promissory notes [4] Summary by Sections Rights Offering Results - The subscription period for the Rights Offering expired on December 12, 2024, with 2,043,011 shares subscribed, representing about 85% of the total offered [1] - Shares are expected to be issued to participating stockholders on or about December 17, 2024 [1] Backstop Private Placement - Stone House Capital Management will acquire 349,333 shares that were not subscribed for in the Rights Offering, including 116,555 shares it was entitled to subscribe for [2] - The Backstop Private Placement is expected to close on December 19, 2024 [3] Financial Implications - The estimated net proceeds from both the Rights Offering and Backstop Private Placement are approximately $9 million [4] - Proceeds will be used for general corporate purposes, including the repayment of convertible senior promissory notes due January 1, 2025, and to meet additional capital financing obligations [4] Share Structure - Following the completion of the offerings, the Company expects to have approximately 37,713,298 shares of Class B common stock outstanding [5] Company Overview - RumbleOn operates through two segments: Powersports dealership group and Wholesale Express, LLC, focusing on the automotive industry [8] - It is the largest powersports retail group in the U.S., offering over 500 franchises and a wide selection of new and pre-owned products [8]

IRVING, Texas, Dec. 13, 2024 /PRNewswire/ -- RumbleOn, Inc. (NASDAQ: RMBL) (the "Company," "RumbleOn," "we," "us," or "our") today announced the preliminary results of its $10.0 million fully backstopped registered equity rights offering (the "Rights Offering") for shares of the Company's Class B common stock, par value $0.001 per share (the "Class B common stock"). The subscription period for the Rights Offering expired at 5:00 p.m. Eastern Time, on December 12, 2024 (the "Expiration Time"). The Rights Off ...

Core Viewpoint - RumbleOn, Inc. has initiated a $10 million fully backstopped registered equity rights offering to raise funds for general corporate purposes, including the repayment of convertible senior promissory notes and additional capital financing obligations [1][4]. Group 1: Rights Offering Details - The company is offering non-transferable subscription rights to holders of Class A and Class B common stock, allowing them to purchase up to 2,392,344 shares of Class B common stock at a price of $4.18 per share [2]. - Each eligible stockholder will receive one subscription right for each share owned as of the record date, with each right allowing the purchase of 0.0677 shares of Class B common stock [2]. - The subscription rights will expire on December 12, 2024, unless extended by the company [3]. Group 2: Support and Standby Purchase Agreement - RumbleOn has entered into a support and standby purchase agreement with Stone House Capital Management and other board members, ensuring that any shares not subscribed for will be purchased by the standby purchaser [4]. - The standby purchaser will buy any unsubscribed shares at the same subscription price as eligible stockholders [4]. Group 3: Additional Information - The subscription rights will not be listed for trading, but the shares issued upon exercise will be listed on The Nasdaq Capital Market [5]. - Subscription documents will be distributed to eligible stockholders starting November 26, 2024 [5]. - The offering is made under the company's existing effective shelf registration statement filed with the SEC [8].