RumbleOn Reports Record Second Quarter 2022 Financial Results

• Delivered Record Revenue of $546.1 million — over Half a Billion in a Quarter for the First Time
• Generated Gross Profit of $138.0 million, an Increase of 31% Sequentially
• Reported Diluted Earnings per Share of $0.87 and Adjusted Diluted Earnings per Share of $1.20

IRVING, TX – August 9, 2022 – (Motor Sports NewsWire) – RumbleOn, Inc. (NASDAQ: RMBL) (the “Company” or “RumbleOn”), the nation’s first technology-based omnichannel powersports platform, today announced operational and financial results for the three months ended June 30, 2022. RumbleOn management is hosting an investor call to discuss the Company’s results today, August 9, 2022, at 7:30 am CT (8:30 am ET).

Financial and Operational Highlights for the Second Quarter 2022

• Total Unit Sales of 23,330 across Powersports and Automotive segments increased 20.4% sequentially
• Strong Powersports Unit growth of 23.6% sequentially resulting in 20,713 total Powersports Units sold driven by sustained momentum in Used Retail Powersports Units which increased 41.3% sequentially to 8,619 units
• Record Total Company Revenue of $546.1 million, up 18.7% sequentially, driven by exceptional Powersports segment Revenue of $414.8 million, an increase of 23.2% sequentially
• Gross Profit of $138.0 million, an increase of over 31% sequentially, and Gross Profit Margin of 25.3%, an increase of 240 bps sequentially
• Net Income of $14.0 million increased 53.5% sequentially with Diluted Earnings per Share of $0.87
• Excluding charges and credits but including stock-based compensation expense, Adjusted Net Income of $19.3 million increased 59.5% sequentially with Adjusted Diluted Earnings per Share of $1.20
• Adjusted EBITDA of $44.3 million increased 41.0% sequentially
• Continued strong cash generation with Cash Flow from Operating Activities of $50.0 million for the six months ended June 30, 2022, while accelerating strategic investments in facilities, technology, and people & processes aimed at building scale
• Significant financial flexibility with cash and cash equivalents, including restricted cash, of $77.7 million and total available liquidity of $270.0 million as of June 30, 2022, which excludes equity in owned Used Powersports inventory of over $86.0 million
• Outlook reaffirmed for Full Year 2022 Revenue of $1.9 Billion to $2.0 Billion and Adjusted EBITDA of at least $145.0 million

Management Commentary

Marshall Chesrown, RumbleOn’s Chairman and Chief Executive Officer commented, “In a quarter…