RideNow Group, Inc. RDNW
RideNow Group, Inc. operated through two operating segments in 2024 and 2025: a powersports dealership group and a vehicle transportation services business. In December 2025, we ceased providing vehicle transportation services to third parties and now operate solely as a powersports dealership group. The Company was incorporated in 2013 and has grown primarily through acquisitions. The Company is headquartered in Chandler, Arizona and completed its initial public offering in 2017. Unless the context otherwise requires, all references in this 2025 10-K to "we," "our," "us," "RideNow," "RideNow Group," and the "Company" refer to RideNow Group, Inc. and its consolidated subsidiaries and any predecessor entities. Prior to August 13, 2025, the Company was known as RumbleOn, Inc. In connection with our name change on August 13, 2025 and effective as of the same day, the ticker symbol for our Class B common stock changed to RDNW.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.08B | $1.21B | $1.37B | $1.46B | $463.3M | $416.4M | $840.6M | $156.4M | $7.3M | $0 |
| Cost of revenue | $784.5M | $894.9M | $1.01B | $1.02B | $335.9M | $384.8M | $790.0M | $142.9M | $7.0M | $0 |
| Gross profit | $298.0M | $314.3M | $359.9M | $441.7M | $127.4M | $31.6M | $50.6M | $13.5M | $278.1K | $0 |
| R&D | — | — | — | — | — | $1.4M | $2.4M | $1.2M | — | — |
| SG&A | $256.3M | $275.4M | $347.3M | $354.5M | $140.2M | $53.7M | $86.6M | $36.0M | $7.6M | $211.5K |
| Total operating expenses | — | — | — | — | — | — | — | — | $15.3M | $213.4K |
| Operating income | -$200.0K | -$15.2M | -$69.5M | -$260.1M | -$18.8M | -$18.6M | -$37.8M | -$23.4M | -$8.0M | -$213.4K |
| Interest expense | — | — | $77.2M | $52.1M | $14.3M | $6.5M | $7.2M | $1.8M | $596.0K | $5.6K |
| Pre-tax income | -$52.1M | -$78.8M | -$155.1M | -$305.5M | -$41.3M | -$25.0M | -$45.2M | -$25.2M | -$8.6M | -$225.1K |
| Income tax | $300.0K | $200.0K | $59.3M | $72.0M | $23.5M | $0 | $0 | $0 | $0 | $513 |
| Net income | -$52.4M | -$78.6M | -$215.5M | -$261.5M | -$9.7M | -$25.0M | -$45.2M | -$25.2M | -$8.6M | -$224.6K |
| EPS, basic | -1.38 | -2.22 | -12.15 | -16.48 | -1.41 | -11.44 | -40.53 | -33.95 | -0.86 | -0.04 |
| EPS, diluted | -1.38 | -2.22 | -12.15 | -16.48 | -1.41 | -11.44 | — | — | — | -0.04 |
| Shares, diluted (wtd. avg.) | $38.0M | $35.4M | $17.7M | $15.9M | $6.9M | $2.2M | $1.1M | $741.7K | $9.9M | $5.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $29.5M | $85.3M | $58.9M | $46.8M | $49.0M | $3.5M | $6.7M | $15.8M | $9.2M | $1.4M |
| Receivables | $28.9M | $30.5M | $50.3M | $28.0M | $40.2M | $9.4M | $8.5M | $8.5M | $577.1K | $0 |
| Inventory | $257.4M | $240.6M | $347.5M | $323.5M | $201.7M | $21.4M | $57.4M | $52.2M | $2.8M | $0 |
| Total current assets | $334.7M | $371.4M | $480.8M | $460.8M | $300.1M | $37.7M | $73.8M | $77.5M | $12.9M | $1.4M |
| Property, plant and equipment | — | — | — | $76.1M | $21.4M | $6.5M | $6.4M | $5.2M | $3.4M | $0 |
| Goodwill | $0 | $800.0K | $800.0K | $21.1M | $234.8M | $26.9M | $26.9M | $26.1M | $1.9M | $0 |
| Other intangibles | $127.0M | $161.9M | $203.3M | $247.4M | $302.1M | $46.0K | — | — | — | — |
| Total assets | $673.6M | $755.2M | $926.3M | $1.03B | $1.03B | $77.0M | $113.4M | $108.9M | $18.2M | $1.4M |
| Accounts payable | $77.7M | $75.4M | $68.1M | $79.5M | $77.3M | $12.6M | $12.4M | $10.6M | $1.2M | $219.1K |
| Short-term debt | $400.0K | $39.1M | $35.6M | $223.8M | — | $20.7M | $59.2M | $58.6M | $1.1M | $0 |
| Total current liabilities | $296.5M | $324.4M | $395.0M | $311.7M | $179.1M | $35.4M | $73.7M | $69.3M | $2.3M | $219.1K |
| Long-term debt | $207.2M | $212.0M | $238.7M | $374.4M | $257.9M | $5.2M | — | — | — | — |
| Total liabilities | $686.1M | $718.5M | $820.7M | $821.2M | $596.1M | $72.4M | $100.5M | $78.1M | $3.8M | $304.3K |
| Retained earnings | -$712.3M | -$659.9M | -$591.1M | -$375.6M | -$114.1M | -$104.4M | -$79.4M | -$34.2M | -$9.0M | -$446.0K |
| Total equity | -$12.5M | $36.7M | $105.6M | $206.0M | $431.6M | $4.6M | $12.9M | $30.8M | $14.4M | $1.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $15.9M | $99.4M | -$38.9M | -$46.7M | -$15.3M | $17.1M | -$39.7M | -$23.5M | -$9.6M | -$20.0K |
| Depreciation and amortisation | $9.0M | $14.3M | $22.0M | $23.0M | $6.0M | $2.1M | $1.8M | $984.0K | $668.5K | — |
| Stock-based compensation | $2.1M | $4.6M | $12.0M | $9.4M | $29.2M | $3.0M | $3.8M | $1.7M | $503.0K | $0 |
| Capital expenditure | $5.6M | $2.0M | $13.7M | $5.6M | $5.6M | $175.0K | $119.7K | $6.4K | $622.5K | $0 |
| Investing cash flow | -$2.7M | $900.0K | -$19.1M | -$82.2M | -$378.8M | -$2.3M | -$3.9M | -$17.6M | -$1.9M | -$45.5K |
| Financing cash flow | -$67.0M | -$80.6M | $78.2M | $136.2M | $441.2M | -$18.1M | $34.6M | $47.6M | $19.3M | $1.4M |
| Buybacks | — | — | — | — | $4.3M | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001213900-26-047539.
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