Rumbleon, Inc. ( (RMBL) ) has released its Q3 earnings. Here is a breakdown of the information Rumbleon, Inc. presented to its investors.
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RumbleOn, Inc. is a company that operates through two segments: its Powersports dealership group and Wholesale Express, LLC, providing asset-light transportation services in the automotive industry. It is recognized as the largest powersports retail group in the United States, offering a broad range of new and pre-owned products and services.
In its third quarter of 2024 earnings report, RumbleOn disclosed a 12.7% decrease in revenue to $295.0 million and a net loss of $11.2 million, an improvement from the previous year’s loss of $16.5 million. The company also noted a significant reduction in selling, general, and administrative expenses, which fell to $65.9 million from $85.0 million in the same period last year.
Key financial metrics highlighted include a 26.1% decrease in adjusted EBITDA to $6.8 million, and a significant reduction in inventories by $53.9 million. The company also made strategic moves such as securing $30.0 million in capital commitments and acquiring a Harley-Davidson dealership in Massachusetts. Operating cash inflows for the first nine months of 2024 reached $68.6 million, a notable increase from cash outflows in the previous year.
Despite the challenging economic environment, RumbleOn has managed to align with its goal of reducing inventories and improving cash flows. The company’s strategic actions, supported by major shareholders, aim to leverage the balance sheet and optimize costs, setting a foundation for a potentially stronger performance in 2025.
Looking forward, RumbleOn’s management remains optimistic about further cost optimizations and leveraging shareholder support to improve the company’s financial health and operational flexibility, positioning itself for a more robust 2025.
