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RumbleON to rebrand as RideNow Group
RumbleOn (RMBL) announced this week that it is rebranding as RideNow Group (RDNW), with a new ticker symbol "RDNW." The move is part of a package of changes announced in conjunction with its earnings report for the second quarter ended June 30, 2025, which includes the relocation of the company's headquarters, the rollout of a new business framework and expanded support for the company's 54 powersports dealerships. The name and ticker symbol will officially change on Wednesday, August 13. Also announced this week, the headquarters for RideNow Group will move from Irving, Texas to Chandler, Arizona, to offices in the company's flagship store. The move consolidates leadership and support functions in one location, reinforcing the company's "one team" approach to corporate and store operations.
RumbleON reports Q2 EPS (85c) vs. (2c) last year
Reports Q2 revenue $299.9M vs. $336.8M last year. "I am pleased to report that we are making good progress and our operating results improved over the course of Q2. While performance in the second quarter was nowhere close to where we want and expect to be, the company's "back to our roots" strategy is working and driving improvement in our year over year results. We are improving our execution every day and have a very clear road map of work to do to continue to drive improvements and meaningful growth in the business. In addition, the successful closing of the term loan amendment provides us with operating flexibility to execute upon our strategy. I am as confident as ever that our current actions will lead to significantly improved results and shareholder value," said Michael Quartieri, CEO and Interim CFO.
RumbleON names Michael Quartieri CEO
RumbleOn announced the following leadership changes, each effective as of January 13, 2025: Michael Quartieri, Chairman of the Board of Directors, has been appointed Chief Executive Officer; Cameron Tkach, Vice President of Dealership Operations, has been promoted to Executive Vice President and Chief Operating Officer of the company; Becca Polak, Chair of the Compensation Committee of the Board of Directors, has been named Vice Chairman and Lead Independent Director; and Michael Kennedy is no longer Chief Executive Officer or a member of the Board of Directors of the company. Quartieri is a tenured C-suite executive with significant leadership and strategic planning experience, in addition to having strong financial acumen and corporate governance expertise. Ms. Polak is a seasoned executive and board advisor who brings a demonstrable record of driving business strategy and execution, as well as technology transformation. Ms. Polak stated, "On behalf of the Board, I am extremely excited to have Mike Quartieri serve as RumbleOn's next CEO. As a key member of the Board, Mike has had a tremendous impact on our financial planning, recent recapitalization efforts and the continuation of the development of our business strategy. Together with Cameron, an industry veteran with operational expertise, we believe that they have the experience, capabilities and strategic vision to accelerate RumbleOn's success into the future."
RumbleON commences $10M registered equity rights offering
RumbleOn announced that it has commenced a $10M fully backstopped registered equity rights offering, pursuant to which the company is expected to receive aggregate gross proceeds of $10M, less expenses related to the Rights Offering. The company intends to use the proceeds from the Rights Offering for general corporate purposes which may include repayment of the company's convertible senior 6.75% promissory notes due January 1, 2025. The proceeds raised will also satisfy, in part, the additional capital financing obligations of the company pursuant to a recent amendment to the company's credit agreement with Oaktree.
RumbleON reports Q3 EPS (32c), consensus (16c)
Reports Q3 revenue $295.0M, consensus $301.43M. "During Q3, our team navigated an incrementally more challenging environment and delivered strong performance on key areas of the business. Our goal communicated earlier this year to reduce new inventories by the end of 2024 is largely on track. Operating cash flows continue to significantly outperform compared to last year. Our SG&A as a percent of gross profit dollars has decreased, which evidences the increasing productivity of our operations, and we expect to drive continuous improvements in further cost optimization. I am incredibly proud of the team and their resilience in this tough environment. In addition, we have received significant support from our three largest shareholders, which aligns with our goal to deleverage our balance sheet and lower our cost of capital. We believe all of this is laying the groundwork for an improved 2025," stated Mike Kennedy, CEO.
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