RumbleOn, Inc announced on Aug. 7 a dip in revenue as part of its results for the second quarter ended June 30.

Key Second Quarter 2024 Highlights (Compared to Second Quarter 2023):

• Revenue of $336.8 million decreased 12.0%
• Net loss totaled $0.7 million compared to net loss of $13.6 million
• Selling, general & administrative expense (SG&A) was $71.4 million compared to $100.3 million. Adjusted SG&A decreased 19.4% to $70.8 million, or 78.7% of gross profit (GP), from $87.8 million, or 82.5% of GP
• Adjusted EBITDA of $16.2 million decreased 19.8%

Other Highlights:

• Operating cash flows for the first half of 2024 totaled $29.2 million compared to $(5.6) million in 2023. Free Cash Flow for the first half of 2024 was $28.2 million compared to $(11.6) million in the 2023 period

“Our second quarter performance reflects the strength of our powersports dealership group as we continue to progress on our turnaround,” stated Mike Kennedy, RumbleOn CEO. “It is a challenging time for the powersports industry, as we navigate a high interest environment, a cautious consumer, and inflated new major unit inventories. Despite these challenges, I’m proud of the way our team has responded. The team’s efforts delivered positive free cash flow during the first half of 2024, and we expect to continue to deliver positive free cash flow in the back half of 2024. We remain laser focused on achieving our Vision 2026 goals and creating per-share value.