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IRVING, Texas - RumbleOn Inc. (NASDAQ:RMBL) reported a larger-than-expected fourth quarter loss as revenue declined amid challenging macroeconomic conditions in the powersports market.
The powersports vehicle retailer posted a Q4 net loss of $56.4 million, or $1.58 per share, compared to a loss of $168.5 million, or $7.81 per share, in the year-ago quarter. Adjusted for one-time items, the loss of $1.58 per share was significantly wider than analyst estimates of a $0.29 per share loss.
Revenue fell 13.4% year-over-year to $269.6 million, missing Wall Street forecasts of $279.9 million. The company cited macroeconomic headwinds impacting its powersports segment.
"Despite the macroeconomic challenges of 2024, we remained focused on disciplined execution, operational efficiency, and building a strong foundation for long-term value creation," said CEO Michael Quartieri.
RumbleOn reduced new inventory levels and generated positive free cash flow of $97.4 million for the full year. The company ended 2024 with $85.3 million in unrestricted cash.
For the full year 2024, revenue declined 11.5% to $1.21 billion while the net loss narrowed to $78.6 million from $215.5 million in 2023.
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