RumbleOn reports fourth quarter and full year 2024 financial results
Powersports retail giant RumbleOn released its financial results for the fourth quarter and full year 2024 on March 11 and, despite a slight dip in revenue, the company continues to make significant steps towards profitability.
RumbleOn recorded revenue of $269.6 million in the fourth quarter of 2024, compared to $311.17 million in 2023, or a 13.4% decrease.
The company did reduce its net losses for the quarter, recording a loss of $56.4 million in the fourth quarter of 2024 compared to a loss of $168.5 million in the same quarter a year ago.
For the full year, RumbleOn saw a 11.5% decrease in revenue, from $1.36 billion in 2023 to $1.21 billion in 2024.
The company’s net loss for the year was just $78.6 million, compared to a net loss of $215.5 million for 2023, a 63.5% year-over-year change.
New and pre-owned powersports unit sales decreased for the fourth quarter and full year 2024. Fourth quarter new unit retail sales were down 9.5%, and pre-owned were down 8.8% from the same quarter a year ago. Year-over-year retail sales for new powersports units dropped 7.1%, and pre-owned fell 16.4%
“While our powersports segment faced headwinds, we exceeded our goal of reducing new inventory levels and generated positive free cash flow for the year,” says the company’s newly appointed chairman and CEO Michael Quartieri.
RumbleOn is an Irving-Texas-based powersports retailer that provides new and used powersports products. As of March 12, the company’s market cap sits at $134.4 million, and closed the NASDAQ on March 11 at $3.89 a share.
For more financial details, see RumbleOn’s full press release on its website.
