RumbleOn, Inc. reported a significant decline in financial performance for the second quarter of 2025, with total revenue of $299.9 million, down 11% from $336.8 million in the same period last year. The decrease was primarily driven by a 6.8% drop in powersports vehicle sales, which totaled $219.0 million compared to $235.0 million in the prior year. The company also experienced a notable decline in vehicle transportation services revenue, which fell by 91.4% to $1.3 million from $15.2 million. For the first half of 2025, total revenue decreased by 15.5% to $544.6 million, down from $644.6 million in the first half of 2024.

The company's net loss for the second quarter was $32.2 million, a substantial increase from a loss of $0.7 million in the same quarter of 2024. This loss was attributed to several factors, including a $34.0 million impairment charge related to franchise rights, reflecting the impact of prolonged economic uncertainty and a depressed stock price. Gross profit also declined, totaling $83.9 million for the quarter, down from $89.9 million a year earlier, while gross profit for the first half fell to $151.1 million from $172.5 million.

In terms of operational developments, RumbleOn operated 55 retail locations as of June 30, 2025, primarily in the Sunbelt region. The company reported a decrease in the number of vehicles sold, with total retail vehicle sales dropping to 15,901 units in the second quarter, down from 16,800 units in the prior year. The average revenue per vehicle sold showed mixed results, with new retail vehicles averaging $14,579, a slight decrease from $14,645, while pre-owned vehicles saw a marginal decline in average revenue.

Strategically, RumbleOn announced a name change to "RideNow Group, Inc." effective August 13, 2025, along with a new ticker symbol "RDNW." The company also entered into a commitment for $10 million in subordinated loans to enhance liquidity and support its operations. Additionally, an amendment to its term loan credit agreement extended the maturity date to September 30, 2027, and reduced the interest rate, which is expected to lower annual interest expenses by approximately $3.4 million.

Looking ahead, RumbleOn's management expressed cautious optimism, indicating that current cash balances and cash generated from operations should be sufficient to meet operational and capital requirements for at least the next twelve months. However, they acknowledged the need for ongoing monitoring of market conditions and operational performance to navigate the challenges ahead.

About RumbleOn, Inc.

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