Rumbleon . Class B Stock Earnings Reports

RideNow Group reported Q3 2025 revenue of $281.0 million and adjusted EBITDA of $12.3 million, an improvement of $5.5 million (over 80%) year-over-year despite consolidated revenue declining 4.7% due primarily to a sharp drop in its vehicle transportation (Wholesale Express) business. The powersports segment showed clear signs of a turnaround: total major unit sales rose 3.9% versus prior year, new and pre-owned unit sales and gross profit dollars improved (powersports gross profit $75.7 million), and both new and used gross margins expanded. Management highlighted operational actions driving results — leadership changes, cost structure review, store portfolio consolidation into larger “aircraft carrier” multi-brand locations, disciplined inventory buying, repayment and amendment of the term loan, and $10 million of subordinated related-party debt — which reduced annual cash interest and extended loan maturity to September 2027. Balance sheet and liquidity: cash (including restricted) $51.8 million, non-vehicle net debt $184.9 million, floorplan availability ~$131.1 million, total available liquidity ~$182.9 million. Cash flow from operations through nine months was $15.5 million (free cash flow $10.5 million), well below the prior year which benefited from one-time portfolio sale and inventory reductions. Management expects continued momentum into Q4, plans disciplined deployment of growing free cash flow, and will remain selective in pre-owned inventory purchases. Key near-term risks remain the underperformance of Wholesale Express and the timing of broader consumer demand improvement following recent Fed rate cuts.