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RumbleOn Inc. (RMBL+5.26%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's operations through two segments: a powersports dealership group and a vehicle transportation services entity, Wholesale Express, LLC. The powersports segment is described as the largest retail group in the United States, offering a wide selection of new and pre-owned vehicles, parts, and services.
RumbleOn reported total revenue of $1,209.2 million, a decrease from $1,366.4 million in 2023. The decline was primarily attributed to lower revenue from powersports vehicles and ancillary products.
The company recorded a gross profit of $314.3 million, down from $359.9 million in the previous year. This decrease was mainly due to lower sales volumes and a decline in gross profit per vehicle.
Operating loss for the year was $14.7 million, an improvement from a loss of $69.5 million in 2023. The improvement was driven by cost management and a reduction in selling, general, and administrative expenses.
RumbleOn's net loss for the year was $78.6 million, compared to a net loss of $215.5 million in 2023. The reduction in net loss was aided by a decrease in impairment charges and lower interest expenses.
The company highlighted several risks, including dependence on key personnel, inventory acquisition challenges, and regulatory compliance. It also noted ongoing legal proceedings, including an SEC investigation and a lawsuit filed by former CEO Marshall Chesrown.
RumbleOn completed a rights offering in December 2024, raising $9.1 million in net proceeds, which was used to repay a portion of its convertible senior notes.
The filing also disclosed changes in executive leadership, with Michael Quartieri appointed as CEO, replacing Michael Kennedy, who resigned in January 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the RumbleOn Inc. annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.