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Sep 30, 2024
RumbleON Q3 2024 Earnings Report
RumbleOn's financial performance declined due to a challenging environment, but strategic initiatives led to improved operating cash flow and cost optimization.
Key Takeaways
RumbleOn reported a decrease in revenue for Q3 2024, but net losses reduced compared to the previous year. The company focused on reducing inventories and SG&A expenses, and secured additional capital from shareholders.
Revenue decreased by 12.7% to $295.0 million.
Net loss improved to $11.2 million from $16.5 million year-over-year.
SG&A expenses decreased to $65.9 million from $85.0 million year-over-year.
Adjusted EBITDA decreased by 26.1% to $6.8 million.
RumbleON
RumbleON
RumbleON Revenue by Segment
Forward Guidance
RumbleOn is on track to reduce new inventories and focus on deleveraging the balance sheet to lower the cost of capital for an improved 2025.
Positive Outlook
- On track to reduce new inventories by the end of 2024.
- Operating cash flows continue to significantly outperform compared to last year.
- SG&A as a percent of gross profit dollars has decreased.
- Expect to drive continuous improvements in further cost optimization.
- Received significant support from our three largest shareholders.