RumbleOn reports Q2 financial results
RumbleOn recently announced results for the second quarter ended June 30, 2024, noting a 12% revenue drop in a challenging retail sales environment. The company sold 12,004 new powersports vehicles and 4,796 pre-owned vehicles during Q2.
“Our second quarter performance reflects the strength of our powersports dealership group as we continue to progress on our turnaround. It is a challenging time for the powersports industry as we navigate a high-interest environment, a cautious consumer, and inflated new major unit inventories. Despite these challenges, I’m proud of the way our team has responded. The team’s efforts delivered positive free cash flow during the first half of 2024, and we expect to continue to deliver positive free cash flow in the back half of 2024. We remain laser-focused on achieving our Vision 2026 goals and creating per-share value,” states Mike Kennedy, RumbleOn’s CEO.
Q2 2024 Highlights (compared to Q2 2023):
- Revenue of $336.8 million decreased 12.0%
- Net loss totaled $0.7 million compared to net loss of $13.6 million
- Selling, general & administrative expense (SG&A) was $71.4 million compared to $100.3 million. Adjusted SG&A) decreased 19.4% to $70.8 million, or 78.7% of gross profit (GP), from $87.8 million, or 82.5% of GP
- Adjusted EBITDA of $16.2 million decreased 19.8%
Other Q2 highlights:
- Operating cash flows for the first half of 2024 totaled $29.2 million compared to $(5.6) million in 2023. Free Cash Flow for the first half of 2024 was $28.2 million compared to $(11.6) million in the 2023 period
- Reduced Non-Vehicle Net Debt by $33.8 million in the first half of 2024
- Executed an amendment with Term Loan Lender
- Executed the initial phase of Vision 2026 strategy to run the best dealerships in America, which is expected to yield $30 million of annualized savings
- Opened RideNow Powersports Houston, a dedicated pre-owned vehicle dealership.
Read the full earnings report on RumbleOn’s website.
