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RumbleOn, Inc., now RideNow Group, Inc., reports developments for a powersports retail and vehicle transportation business built around RideNow dealerships and Wholesale Express. News recurring for the company includes quarterly operating results, unit sales of new and pre-owned motorcycles, ATVs, side-by-sides, personal watercraft and other powersports products, as well as parts, apparel, accessories, finance and insurance, and aftermarket revenue.
Company updates also cover RideNow Cash Offer vehicle sourcing, asset-light automobile transportation brokerage activity, credit facility changes, leadership and governance changes, and the completed corporate rebrand, ticker change, headquarters relocation and dealership operating framework.
RumbleOn, Inc. (NASDAQ: RMBL) announced a public offering of 1,048,998 shares of Class B Common Stock priced at $38.00 per share. The offering is aimed at raising funds for working capital and general corporate purposes, with an expected closing date of April 13, 2021. Additionally, the underwriters have an option to purchase up to 157,349 shares to cover over-allotments. The offering is registered with the SEC, and B. Riley Securities is acting as the sole book-running manager.
RumbleOn, Inc. (Nasdaq: RMBL) is proposing an underwritten public offering of its Class B Common Stock, subject to market conditions. The offering includes a 30-day option for underwriters to purchase an additional 15% of shares for over-allotments. Proceeds will be utilized for working capital and general corporate purposes. B. Riley Securities is the sole book-running manager for this initiative. The offering details are subject to change, and a prospectus supplement will be filed with the SEC.
RumbleOn (NASDAQ: RMBL), an ecommerce company, announced a merger with RideNow, the largest powersports dealer, creating a unique omnichannel customer experience in North America. This merger positions the combined company to dominate a $100+ billion market, leveraging RumbleOn's technology and RideNow's retail presence. The transaction is expected to drive significant revenue growth, cost synergies, and improve margins. In 2020, the combined entity generated approximately $1.3 billion in revenue. The merger is slated to close in Q2 or Q3 of 2021, requiring various regulatory and shareholder approvals.
RumbleOn, Inc (NASDAQ: RMBL) reported its financial results for the year ending December 31, 2020. Total revenue decreased to $416.4 million, down from $840.6 million in 2019, while total vehicle unit sales dropped to 18,024. However, gross profit increased by over 100% compared to 2019, reaching $31.6 million with a gross margin of 7.6%. RumbleOn's management emphasized the success of RumbleOn 3.0, contributing to improved margins and profitability. The net loss narrowed to $25 million, an improvement from $45.2 million in 2019. A conference call is scheduled for March 15, 2021, at 8:30 a.m. ET.
RumbleOn, Inc (NASDAQ: RMBL) reported record Q3 2020 results, achieving positive adjusted EBITDA for the first time. Revenue reached $117.3 million, up 39% from Q2, despite a decline in vehicle unit sales to 4,263. Gross profit was $16.8 million, with a gross margin of 14.3%, highlighting a substantial year-over-year improvement. The company launched RumbleOn 3.0 and expanded listings to include boats and RVs. However, inventory challenges and COVID-19 uncertainties may impact future sales, leading management to withhold guidance until conditions stabilize.
RumbleOn (NASDAQ: RMBL) will release its third quarter 2020 financial results before market opens on November 10, 2020. A conference call is scheduled for 8:30 a.m. ET that day to discuss these results. Investors can access the live webcast on RumbleOn's Investor Relations website, with an audio replay available until November 15, 2020. RumbleOn specializes in efficiently distributing pre-owned vehicles, enhancing consumer and dealer transactions through innovative technology solutions.