RumbleOn, Inc. Reports Second Quarter 2025 Financial Results

Core Insights - The company is undergoing a rebranding initiative, changing its name to RideNow Group, Inc., relocating its corporate headquarters back to Phoenix, AZ, and changing its ticker symbol from "RMBL" to "RDNW" effective August 13, 2025 [6][10][12] - The second quarter of 2025 showed a decline in revenue and net loss compared to the same period in 2024, but there were improvements in adjusted EBITDA and SG&A expenses [4][6][19] Financial Performance - Revenue for Q2 2025 was $299.9 million, down 11.0% from $336.8 million in Q2 2024 [4][6] - Gross profit decreased to $83.9 million, a decline of 6.7% year-over-year [4][6] - Selling, general, and administrative (SG&A) expenses were reduced to $66.7 million, down 6.6% from $71.4 million in the previous year [4][6] - The company reported a net loss of $32.2 million, compared to a net loss of $0.7 million in Q2 2024 [4][6] - Adjusted EBITDA increased to $17.2 million, up 6.2% from $16.2 million in Q2 2024 [4][6] Segment Performance - In the Powersports segment, unit retail sales of new powersports vehicles decreased by 11.5% to 10,618 units, while pre-owned powersports sales increased by 10.2% to 5,283 units [7][8] - Revenue from the Powersports segment was $298.6 million, down 7.2% from $321.6 million in the previous year [7][8] - The Vehicle Transportation Services segment saw a significant decline, with revenue dropping to $1.3 million, down 91.4% from $15.2 million in Q2 2024 [8] Balance Sheet and Liquidity - As of June 30, 2025, the company had $44.7 million in unrestricted cash and $185.1 million in non-vehicle net debt [9][17] - Total available liquidity was $185.7 million, which includes cash and availability under credit facilities [9] - The company executed a term loan amendment to extend the maturity of its term loan to September 30, 2027, with a reduction in interest rates [10][19] Strategic Initiatives - The company is focused on a "back to our roots" strategy aimed at improving operational execution and driving growth [3] - The successful closing of a term loan amendment provides operational flexibility to execute its strategic initiatives [3][10]