RumbleOn shares Q3 financial results
RumbleOn, Inc., announced results for the third quarter ended September 30, 2024, with revenue of $295 million, a 12.7% drop from 2023. The company’s net loss totaled $11.2 million compared to $16.5 million last year.
Key Q3 2024 Highlights:
- Revenue of $295.0 million decreased 12.7%
- Net loss totaled $11.2 million compared to net loss of $16.5 million
- Selling, general & administrative expense (SG&A) was $65.9 million compared to $85.0 million
- Received commitments for $30 million of incremental capital from its three largest shareholders
- Executed term loan credit agreement amendment, giving the business more flexibility
- Engaged an investment bank to explore refinancing debt
- Reduced inventories by $53.9 million and floor plan notes payable by $52.9 million
- Operating cash inflows for the first nine months totaled $68.6 million compared to cash outflows of $18.5 million in 2023
- Reduced Non-Vehicle Net Debt by $25.9 million in the first nine months of 2024
- Acquired a Harley-Davidson dealership in Massachusetts in August 2024
“During the third quarter, our team navigated an incrementally more challenging environment and delivered strong performance on key areas of the business. Our goal communicated earlier this year to reduce new inventories by the end of 2024 is largely on track. Operating cash flows continue to significantly outperform compared to last year. Our SG&A as a percent of gross profit dollars has decreased, which evidences the increasing productivity of our operations, and we expect to drive continuous improvements in further cost optimization. I am incredibly proud of the team and their resilience in this tough environment. In addition, we have received significant support from our three largest shareholders, which aligns with our goal to deleverage our balance sheet and lower our cost of capital. We believe all of this is laying the groundwork for an improved 2025.”
-Mike Kennedy, RumbleOn CEO
Third Quarter 2024 Results
First nine-months results:
For more information, visit rumbleon.com.
