RumbleOn, Inc. reported a decline in financial performance for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Total revenue for Q3 2024 was $295.0 million, down from $338.1 million, while revenue for the nine months decreased to $939.6 million from $1,055.2 million. The decrease in revenue was primarily attributed to lower sales in the Powersports segment, which saw a drop in vehicle unit sales despite a slight increase in average revenue per new vehicle sold.
Gross profit for Q3 2024 was $74.3 million, a decrease from $92.0 million in Q3 2023, and for the nine months, gross profit fell to $246.8 million from $288.7 million. Operating income improved to $5.3 million for Q3 2024, compared to an operating loss of $(0.2) million in the prior year, while for the nine months, operating income was $25.9 million, up from a loss of $(0.1) million. However, the company reported a net loss of $(11.2) million for Q3 2024, an improvement from $(16.5) million in Q3 2023, and a net loss of $(22.2) million for the nine months, down from $(47.0) million in the same period last year.
As of September 30, 2024, RumbleOn's total assets were $830.5 million, down from $926.3 million at the end of 2023, while total liabilities decreased to $747.2 million from $820.7 million. The company’s accumulated deficit increased to $(603.5) million from $(591.1) million, and total stockholders' equity fell to $83.3 million from $105.6 million.
Strategically, RumbleOn has made several adjustments to its financial agreements. On November 11, 2024, the company executed Amendment No. 9 to its Credit Agreement, revising financial covenants through June 30, 2026, and allowing for approximately $30 million of incremental capital. The company also paid off its outstanding balance under the JPM Credit Line on October 23, 2024, which is set to expire on December 31, 2024.
In terms of operational changes, RumbleOn has focused on cost-saving initiatives, which contributed to a decrease in selling, general, and administrative (SG&A) expenses. The company reported a significant improvement in net cash provided by operating activities, totaling $68.6 million for the nine months ended September 30, 2024, compared to a net cash used of $(18.5) million in the same period of 2023.
RumbleOn continues to navigate challenges in the market while implementing strategic measures to enhance its financial stability and operational efficiency.
About RumbleOn, Inc.
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