RumbleON reports Q4 adjusted EBITDA $3.1M vs. $19.7M last year

Reports Q4 revenue $311.10M, consensus $339.48…Adjusted EBITDA was $3.1M for the fourth quarter after adjusting for impairment of goodwill and franchise rights, an inventory write-down, and other non-cash or non-recurring charges, compared to $19.7M in the fourth quarter of 2022. For the year, Adjusted EBITDA was $50.6 M which compares to Adjusted EBITDA of $120.8M in 2022. Michael W. Kennedy, RumbleOn’s Chief Executive Officer stated, “During the quarter, we were able to accomplish several capital and balance sheet initiatives that put us in a favorable position to start 2024, including completing a $100M rights offering, selling non-core assets, making significant progress to integrate our prior acquisitions, right-sizing pre-owned inventory values and reducing term debt. We are proud of what the RumbleOn team has accomplished in such a short period and are confident that the foundation that we built positions us well to implement and deliver our plan.”