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  • Dealernews
  • May 09, 2024


"Our performance in the first quarter was largely in line with our expectations, with a significant year over year performance improvement as traction began on Vision 2026 in a tough macro environment,” says Mike Kennedy, RumbleOn's Chief Executive Officer of the Q1 financials. “As anticipated, the industry dynamics remain challenging; however, our strength as an aligned and experienced team delivered impressive results as we drive our Company turnaround," he continued. Through its family of RideNow dealerships, RumbleOn retailed 10,503 new units and 5,000+ pre-owned products in Q1 2024.

"In the first quarter, we delivered $5.2 million of operating income — a significant improvement from last year's operating loss,” notes Kennedy. “And $11.7 million of Adjusted EBITDA, an 8.3% improvement over last year's performance."

First Quarter 2024 - Summary Financial Results

• Reconciliation of GAAP to non-GAAP financial measures are provided in accompanying financial schedules.

• Total Unit Sales (New, Pre-owned Retail and Wholesale) of 16,585 units declined 3.7%.

• Company Revenue of $307.8 million declined 8.0% on lower unit volume and a $747 lower average selling price, which is driven by mix.

• Company Gross Profit of $82.6 million declined 8.5% and Gross Profit Margin was 26.8%, down 20 basis points.

• Operating Expenses were $77.4 million, or 25.1% of revenue, compared to $91.0 million, or 27.2% of revenue.

• Loss from Continuing Operations was $10.3 million compared to $16.7 million, or a 38.2% improvement.

• Adjusted EBITDA was $11.7 million, compared to $10.8 million or an improvement of 8.3%.

Cash and Restricted Cash as of March 31, 2024 totaled approximately $63.4 million, and non-vehicle net debt was $203.4 million. Availability under our short-term revolving floor plan credit facilities totaled approximately $149.3 million. Total Available Liquidity, defined as unrestricted cash plus availability under floor plan credit facilities on March 31, 2024, totaled approximately $212.7 million. Cash Flow provided by Operating Activities was $3.0 million for the three months ended March 31, 2024, which was positively impacted by the settlement of the RumbleOn Finance loan portfolio.

For an additional point of reference, Dealernews did a deep dive into Q4 in the current issue:

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