RumbleOn Q1 net loss $16.9M ($1.04/sh); announces $10-15M SG&A reduction plan

RideNow Group, Inc.

2023-Q1 EPS reported -$1.04 revenue$346,304,000

Net loss $16.9M, diluted EPS $(1.04); adjusted net income $0.8M, adjusted diluted EPS $0.05.
Revenue $346.3M; total unit sales 17,336 (10,436 new, 6,900 used); gross profit margin 26.3%.
Adjusted EBITDA $10.7M, impacted by margin compression and lag in SG&A reductions.
Announced additional $10-$15M SG&A expense reduction plan for remainder of 2023.
Reiterated full-year 2023 outlook; management says back on plan in March and April.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

RideNow Group, Inc. reported three months ended March 31, 2023 results: revenue Total Company Revenue of $346.3 million, net income Net Loss of $(16.9) million, EPS Diluted Loss per Share of $(1.04). Guidance reaffirmed.

Period: three months ended March 31, 2023
Revenue: Total Company Revenue of $346.3 million
Net income: Net Loss of $(16.9) million
EPS: Diluted Loss per Share of $(1.04)
Guidance: reaffirmed
Result: reported results

Exact text from the filing

First Quarter 2023 Financial and Operational Highlights • Total Unit Sales of 17,336, primarily comprised of 10,436 New Units and 6,900 Used Units, resulting in New:Used ratio of 1.5x, similar to prior quarter • Total Company Revenue of $346.3 million • Total Company Gross Profit of $91.0 million; Total Company Gross Profit Margin of 26.3% increased 110 bps sequentially • Net Loss of $(16.9) million with Diluted Loss per Share of $(1.04) • Adjusted Net Income of $0.8 million with Adjusted Diluted Earnings per Share of $0.05 • Adjusted EBITDA of $10.7 million

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13 earnings releases filed in the last 30 days. Browse all earnings releases →

RideNow Group, Inc. filing history →

Source: SEC EDGAR

accession 0001596961-23-000009

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