Improved Adjusted EBITDA
Adjusted EBITDA reached $12.3 million, marking an $5.5 million improvement year-over-year, despite a 4.7% revenue decline in vehicle transportation.
Powersports Segment Growth
The powersports segment saw a year-over-year improvement with 15,949 total major units sold, up 3.9%. New unit gross margins improved to 12.6% from 11.3%.
Successful Cost Management
SG&A expenses decreased by $2.8 million (4.4%), representing 80.9% of gross profit compared to 86.5% in the prior year.
Debt Management Achievements
The company extended its term loan maturity to September 2027 and lowered its annual cash interest by approximately $4.4 million.
Strategic Relocation and Rebranding
Completed the name change to RideNow Group, Inc. and relocated headquarters back to Chandler, Arizona.