RumbleOn Reports Fourth Quarter and Full Year 2024 Financial Results

Core Insights - RumbleOn, Inc. reported financial results for Q4 and full year 2024, highlighting a focus on operational efficiency despite macroeconomic challenges [4][6][11] Financial Performance - Q4 2024 revenue was $269.6 million, a decrease of 13.4% from $311.2 million in Q4 2023 [5][6] - Full year 2024 revenue totaled $1,209.2 million, down 11.5% from $1,366.4 million in 2023 [5][6] - Q4 2024 net loss was $56.4 million, significantly improved from a net loss of $168.5 million in Q4 2023 [6][18] - Full year 2024 net loss was $78.6 million, compared to a net loss of $215.5 million in 2023 [6][18] - Adjusted EBITDA for Q4 2024 was $2.2 million, compared to a loss of $0.3 million in Q4 2023 [6][23] - Full year 2024 Adjusted EBITDA was $32.9 million, down 12.0% from $37.4 million in 2023 [6][23] Operational Highlights - The company reduced inventories by $106.9 million and floor plan notes payable by $81.4 million during 2024 [6][11] - Operating cash inflows for 2024 totaled $99.4 million, a significant turnaround from cash outflows of $38.9 million in 2023 [6][11] - The company fully repaid $38.8 million of convertible senior notes upon maturity in January 2025 [6][11] Segment Performance - In the Powersports segment, total retail unit sales decreased by 9.3% year-over-year, with new powersports sales down 9.5% and pre-owned powersports sales down 8.8% [9][10] - Total Powersports revenue for Q4 2024 was $256.2 million, a decline of 14.1% from $298.2 million in Q4 2023 [9][10] - Vehicle Transportation Services revenue increased by 3.1% to $13.4 million in Q4 2024 [10] Balance Sheet and Liquidity - As of December 31, 2024, the company had $85.3 million in unrestricted cash, up 44.8% from $58.9 million in 2023 [11][20] - Long-term debt decreased to $251.1 million from $274.3 million in 2023 [11][20] - Non-Vehicle Net Debt was reduced by $60.8 million to $182.1 million [6][27] Future Outlook - The CEO expressed confidence in the company's ability to strengthen profitability in 2025 with the right inventory mix and operational plans [4]