RumbleOn Announces Financial Results for the First Quarter 2018
RumbleOn Inc (NASDAQ:RMBL), a disruptive e-commerce platform announced the financial results for the three month period ended on March 31, 2018. The company has an emphasis on motorcycles and other powersports and enables both consumers and dealers to buy, sell, trade and finance pre-owned vehicles in one online location. As quoted in the press release: … Continued
RumbleOn Inc (NASDAQ:RMBL), a disruptive e-commerce platform announced the financial results for the three month period ended on March 31, 2018.
The company has an emphasis on motorcycles and other powersports and enables both consumers and dealers to buy, sell, trade and finance pre-owned vehicles in one online location.
As quoted in the press release:
Marshall Chesrown, RumbleOn’s Chief Executive Officer, stated, “We are pleased with the continued momentum in our business during the first quarter. We remained focused on rapidly growing the business and improving unit economics, all while delivering a great consumer experience. Looking forward, we are excited about the opportunities for RumbleOn, as we continue to scale and invest in the business. Ultimately, we are leveraging our unique model to differentiate the business and set us apart as the clear leader in a fragmented market, driving significant growth and long-term shareholder value.”
Financial Summary
Three-month period ended March 31, 2018
- Revenue totaled $8.1 million, driven by the sale of 878 vehicles;
- Total average gross profit per vehicle was $788;
- Total operating loss was $3.5 million;
- Net loss was $3.6 million; and
- Net loss per share (basic and diluted) was $0.28, based on 12.9 million shares of common stock outstanding.
Three-month period ended March 31, 2017
- Revenue totaled $0.04 million, representing subscription fees;
- Total operating loss was $0.7 million;
- Net loss was $0.9 million; and
- Net loss per share (basic and diluted) was $0.13, based on 7.3 million shares of common stock outstanding.
The Company had no vehicle sales during the three-month period ended March 31, 2017.
Recent Developments
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On February 21, 2018, the Company entered into a floor plan line of credit for $25 million with Ally Bank.
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On April 30, 2018, the Company entered into a $15 million Senior Secured Credit Facility with Hercules Capital, Inc.
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