RumbleOn Releases Financial Results for Q4 and Full Year 2024
RumbleOn Reviews Financial Performance for 2024
RumbleOn, Inc. (NASDAQ: RMBL), a prominent player in the powersports retail sector, released its financial performance results for the fourth quarter and the full year of 2024 on March 11, 2025. Despite facing challenges, the company demonstrated its commitment to operational efficiency and long-term growth.
Key Highlights of Q4 2024
The financial snapshot for Q4, compared to the same period in 2023, is striking. The company's revenue stood at $269.6 million, reflecting a 13.4% decline from $311.2 million in Q4 2023. Notably, the net loss was recorded at $56.4 million, a significant improvement over 2023's loss of $168.5 million. This reduction is attributed to the decrease in impairment charges from $60.1 million in 2023 to $39.3 million in 2024.
The expenses for selling, general, and administrative operations were effectively lowered to $64.2 million, down from $81.7 million, leading to an adjusted EBITDA of $2.2 million, contrasting with a loss of $0.3 million reported in Q4 of the previous year.
Annual Performance for 2024
The annual results reveal that RumbleOn’s total revenue for 2024 reached $1,209.2 million, a 11.5% decline from $1,366.4 million in 2023. The net loss of $78.6 million indicates substantial recovery compared to a troubling loss of $215.5 million in 2023. This turnaround reflects a massive strategic shift even amidst industry challenges.
The management successfully trimmed down SGA expenses to $275.4 million from $347.3 million the prior year. The adjusted EBITDA for the full year was $32.9 million, a dip of 12.0% compared to $37.4 million in 2023.
Strategic Developments and Future Outlook
RumbleOn has engaged in various strategic moves to enhance its financial standing, such as repaying $38.8 million of 6.75% convertible senior notes at their maturity and raising $10 million through a rights offering. Additionally, the company executed a sale-leaseback of dealership property, raising $4 million.
The report stated an impressive decrease in inventory by $106.9 million, indicating effective management of resources while achieving operating cash inflows of $99.4 million in contrast to the $38.9 million outflows recorded in 2023.
Chairman and CEO Michael Quartieri expressed pride in the company's performance focusing on disciplined execution and operational efficiency despite the economic turmoil. He acknowledged the hurdles faced by the powersports segment but praised the team for generating positive free cash flow, a critical indicator of financial health.
Conclusion
Moving forward into 2025, RumbleOn is optimistic about its strategies and believes that a favorable inventory mix and a sound operational plan are crucial to sustaining improved results. The company is committed to enhancing profitability further as it continues to adapt to market demands and challenges in an ever-evolving economic landscape. RumbleOn is set to host an investor conference call to elaborate on these results and future plans, showcasing transparency and openness in its financial dealings.
For more information, visit RumbleOn's Investor Relations website or contact their media relations team, as the company is eager to keep stakeholders informed of its ongoing progress and strategies.
Topics Consumer Products & Retail）
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