Rumbleon Inc Stock Price, News & Analysis

RumbleOn, Inc. (NASDAQ: RMBL) announced it will release its Q1 2023 operational and financial results before the market opens on May 10, 2023. The company will hold a conference call and webcast at 7:30 a.m. Central Time to discuss these results.

RumbleOn, recognized as the nation's first technology-based omnichannel powersports platform, aims to enhance customer experience by integrating physical and digital environments. The announcement includes call-in details for stakeholders and a link for accessing a live or archived webcast from their Investor Relations website.

RumbleOn, Inc. (NASDAQ: RMBL) has announced that shareholders need not take any action regarding a preliminary proxy statement filed by former directors William Coulter and Mark Tkach. The Board of Directors emphasizes its commitment to enhancing shareholder value and consists of six experienced directors, four of whom are independent. The Board's Nominating and Corporate Governance Committee is reviewing candidates for two Class 2 seats up for election. A formal recommendation will be included in a proxy statement to be filed with the SEC for the upcoming 2023 Annual Meeting.

On April 5, 2023, William Coulter and Mark Tkach, holders of approximately 32.2% of RumbleOn's Class B shares, announced their intent to propose four qualified candidates for the Board of Directors at the 2023 Annual Meeting. Despite their prior executive roles, they felt their influence was marginalized, prompting their resignation in February 2022. RumbleOn faced an 82.3% decline in share price over the year leading to concerns regarding its cost structure and inventory management. They criticized the company for inadequate responses to operational issues and proposed changes to improve stockholder value through board refreshment.

RumbleOn, Inc. (NASDAQ: RMBL) reported record full-year and Q4 Powersports unit sales, totaling 81,037 units across segments, leading to $1.8 billion in revenue. The Powersports segment generated $1.4 billion, representing 78% of total revenue, with a gross profit of $429.9 million. Despite the strong sales, the company faced a net loss of $(261.5) million, largely due to a $350.3 million non-cash impairment charge. Adjusted net income was $37.3 million, with adjusted EBITDA at $120.1 million. RumbleOn has also executed over $15 million in SG&A cost reductions and formed a strategic partnership with Camping World (NYSE: CWH). The company maintains strong liquidity with $196.1 million available.

RumbleOn, Inc. (NASDAQ: RMBL) acknowledged a press release from former directors William Coulter and Mark Tkach, who intend to nominate five candidates for three board seats at the upcoming 2023 Annual Meeting of Shareholders. The company confirmed its commitment to appropriate processes regarding these nominations and other governance proposals. Shareholders are not required to take any action at this time. The Board emphasizes its dedication to shareholder communication and long-term value creation.

William Coulter and Mark Tkach, who own approximately 32.5% of Class B shares of RumbleOn (RMBL), have nominated five candidates for three board seats in an open letter to stockholders. Since their resignation in February 2022, RMBL shares have declined by 80.4%, prompting concerns over governance and poor shareholder returns. They criticized the existing board for ignoring their requests for clearer operational guidance and transparency around inventory management, leading to deteriorating financial performance. In pursuit of change, they advocate for a board refresh and separation of the Chairman and CEO roles at the upcoming annual meeting.

RumbleOn, Inc. (NASDAQ: RMBL) has announced that its Chairman & CEO, Marshall Chesrown, and CFO, Blake Lawson, will participate in a fireside chat at the D.A. Davidson 6th Annual Consumer Growth Conference. This event will take place on Tuesday, March 21, 2023, at 8:00 a.m. Eastern Time in New York. The discussion will be webcast live through the Investor Relations section of RumbleOn's website. RumbleOn is recognized as the first technology-based omnichannel powersports platform, aiming to merge digital and physical customer experiences.

RumbleOn, Inc. (NASDAQ: RMBL) is set to announce its fourth quarter and full year 2022 operational and financial results on March 16, 2023, before market opening. A conference call will occur at 7:30 a.m. Central Time (8:30 a.m. Eastern Time) to discuss these results. RumbleOn, headquartered in the Dallas Metroplex, is recognized as the first technology-based omnichannel powersports platform in the U.S., aiming to enhance customer experience by integrating physical and digital assets seamlessly.

RumbleOn, Inc. has announced the promotion of Blake Lawson to Chief Financial Officer, effective January 19, 2023. Lawson brings over 20 years of experience in financial leadership within the powersports industry, having previously served as CFO for RideNow and American Powersports. He will lead RumbleOn's financial strategy, accounting, tax, treasury, and financial operations, contributing to the company's long-term growth and profitability. His appointment is expected to strengthen RumbleOn's management team, enhancing its focus on higher margin segments. Lawson replaces Narinder Sahai, who will transition to a special advisor role.