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IRVING, Texas - RumbleOn Inc. (NASDAQ:RMBL) reported first quarter results that fell short of analyst expectations on Wednesday, as the powersports retailer saw declines in vehicle sales and revenue.
The company’s stock was unchanged in premarket trading following the earnings release.
The company posted a net loss of $9.7 million, or $0.26 per share, compared to a loss of $10.3 million, or $0.29 per share, in the same quarter last year. Analysts were expecting a smaller loss of $0.14 per share.
Revenue dropped 20.5% year-over-year to $244.7 million, well below the $311.06 million consensus estimate. The decline was driven by a 20.6% decrease in retail powersports unit sales to 12,320 vehicles.
"I am proud of the results the team delivered amidst a challenging backdrop for consumers," said Michael Quartieri, RumbleOn’s CEO. "Although we experienced a year-over-year volume decline in our powersports segment, the team is making progress on our turnaround initiatives."
The company’s powersports gross profit per unit increased 5.2% to $5,365, helping to partially offset the impact of lower sales volumes. Total (EPA:TTEF) gross profit fell 18.6% to $67.2 million.
RumbleOn ended the quarter with $56.2 million in total cash and $188.2 million in non-vehicle net debt.
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