RumbleOn Reports Fourth Quarter and Full Year 2022 Financial Results

IRVING, TX – March 17, 2023 – (Motor Sports NewsWire) – RumbleOn, Inc. (NASDAQ: RMBL) (the “Company” or “RumbleOn”), the nation’s first technology-based powersports platform, today announced operational and financial results for the three months and full year ended December 31, 2022. RumbleOn management is hosting an investor call to discuss the Company’s results today, March 16, 2023, at 7:30 am CT (8:30 am ET).

Full-Year 2022 Financial and Operational Highlights

• Total Unit Sales of 81,037 across Powersports and Automotive Segments.
• Total Powersports Unit Sales of 73,413 with Used Powersports Units of 31,764.
• Powersports Segment Revenue of $1.4 billion, including the elimination of $71.0 million¹, representing 78% of Total Company Revenue of $1.8 billion.
• Powersports Segment Gross Profit of $429.9 million, comprising over 95% of Total Company Gross Profit.
• Net Loss of $(261.5) million with Diluted Loss per Share of $(16.48). Full-year GAAP EPS reflects a $350.3 million non-cash impairment charge. Excluding the effects of the non-cash impairment charge and other non-recurring items, but including stock-based compensation expense, Adjusted Net Income of $37.3 million with Adjusted Diluted Earnings per Share of $2.35.
• Adjusted EBITDA of $120.1 million, driven by Powersports gross margin compression and reduced gross profit contribution from the automotive segment.

Fourth Quarter 2022 Financial and Operational Highlights

• Total Unit Sales of 18,419 across Powersports and Automotive Segments, impacted by the exiting of the Automotive Segment.
• Total Powersports Unit Sales of 17,550 with Used Powersports Units of 6,917, resulting in New: Used ratio of 1.54x, which increased slightly from the prior quarter.
• Powersports Segment Revenue of $320.5 million, including the elimination of $18.6 million¹. Powersports segment revenue was 87% of Total Company Revenue of $369.5 million,
• Powersports Segment Gross Profit of $89.7 million comprising over 96% of Total Company Gross Profit of $93.1 million; Total Company Gross Profit Margin of 25.2% declined 60 bps sequentially.
• Net Loss of $(287.7) million with Diluted Loss per Share of $(17.80). Fourth quarter GAAP EPS reflects a $350.3 million pre-tax non-cash impairment charge. Excluding the effects of the non-cash impairment charge and other non-recurring items, but including stock-based compensation expense, Adjusted Net Loss of $(11.0) million with Adjusted Diluted Loss per Share of…