CHANDLER, Ariz., March 9, 2026 /PRNewswire/ -- RideNow Group, Inc. (NASDAQ:RDNW), ("we", "our", the "Company", or "RideNow"), today announced financial results for the fourth quarter and full year ended December 31, 2025.
Key Fourth Quarter 2025 Highlights (Compared to Fourth Quarter 2024):
Powersports Revenue totaled $256.1 million
On a same store sales basis, Powersports Revenue was up 6.3%, driven by a 7.7% increase in unit sales
Powersports Gross Profit was $70.7 million, up 10.1%
Selling, general & administrative expense was $64.1 million, or 90.4% of total Company gross profit, compared to $64.2 million, or 95.1% of total Company gross profit
Net loss was $6.4 million, including a non-cash intangible asset impairment charge of $0.8 million related to the exit of the vehicle transportation services business, compared to a net loss of $56.4 million, which included a non-cash intangible asset impairment charge of $39.3 million
Adjusted EBITDA(1) increased to $9.7 million from $2.2 million
Key Full Year 2025 Highlights (Compared to Full Year 2024)
Powersports Revenue of $1,073.9 million, a 6.7% decrease
On a same store sales basis, Powersports Revenue was down 4.6%, driven by a 1.7% decrease in unit sales
Selling, general & administrative expense was $256.3 million compared to $275.4 million, down 6.9%
Net loss improved 33.3% to $52.4 million compared to a net loss of $78.6 million, including non-cash intangible asset impairment charges of $34.8 million and $39.3 million, respectively
Adjusted EBITDA(1) increased 40.4% to $46.2 million
Commenting on the quarter, Chairman, Chief Executive Officer and President Michael Quartieri said, "I am proud of our team and the substantial progress we have made on our "back to our roots" strategy, with momentum building through the fourth quarter. These performance gains are a clear indication we are on the right trajectory to deliver sustained growth and value creation for our shareholders."
Fourth Quarter 2025 Results
Fourth Quarter
($ in millions except units)
2025
2024
YOY Change
Revenue
$ 256.9
$ 269.6
(4.7) %
Gross Profit
$ 70.9
$ 67.5
5.0 %
SG&A
$ 64.1
$ 64.2
(0.2) %
Adjusted SG&A(1)
$ 59.9
$ 62.3
(3.9) %
Operating Income (Loss)
$ 5.4
$ (41.1)
NM
Net Income (Loss)
$ (6.4)
$ (56.4)
(88.7) %
Adjusted EBITDA(1)
$ 9.7
$ 2.2
340.9 %
Unit Retail Sales:
New Powersports
9,924
10,217
(2.9) %
Pre-owned Powersports
4,125
3,925
5.1 %
Full Year 2025 Results
Full Year
($ in millions except units)
2025
2024
YOY Change
Revenue
$ 1,082.5
$ 1,209.2
(10.5) %
Gross Profit
$ 298.0
$ 314.3
(5.2) %
SG&A
$ 256.3
$ 275.4
(6.9) %
Adjusted SG&A(1)
$ 243.8
$ 270.0
(9.7) %
Operating Loss
$ (0.2)
$ (15.2)
(98.7) %
Net Income (Loss)
$ (52.4)
$ (78.6)
(33.3) %
Adjusted EBITDA(1)
$ 46.2
$ 32.9
40.4 %
Unit Retail Sales:
New Powersports
38,459
42,464
(9.4) %
Pre-owned Powersports
18,416
18,275
0.8 %
Full Year
($ in millions)
2025
2024
YOY Change
Operating Cash Flow
$ 15.9
$ 99.4
(84.0) %
Capital Expenditures
$ (5.6)
$ (2.0)
180.0 %
Free Cash Flow(1)
$ 10.3
$ 97.4
(89.4) %
Dec. 31,
Dec. 31,
2025
2024
YOY Change
Cash (unrestricted)
$ 29.5
$ 85.3
(65.4) %
Long-term Debt, including Current Maturities
$ 207.6
$ 251.1
(17.3) %
Principal of Long-Term Debt, including Current Maturities
$ 218.8
$ 267.4
(18.2) %
Non-Vehicle Net Debt(1)
$ 189.3
$ 182.1
4.0 %
NM = not meaningful.
(1) Adjusted SG&A, EBITDA, Adjusted EBITDA, Free Cash Flow, and Non-Vehicle Net Debt are non-GAAP measures. Reconciliations of most directly comparable GAAP to non-GAAP financial measures are provided in accompanying financial schedules.
Fourth Quarter 2025, Segment Results
Powersports Segment
Powersports as Reported
Fourth Quarter
$ in millions, except per unit
2025
2024
YOY Change
Unit Sales (#)
Retail
New(1)
9,924
10,217
(2.9) %
Pre-owned
4,125
3,925
5.1 %
Total retail(1)
14,049
14,142
(0.7) %
Wholesale
1,593
1,206
32.1 %
Total Powersports Unit Sales(1)
15,642
15,348
1.9 %
Revenue
New retail vehicles(1)
$ 133.5
$ 138.5
(3.6) %
Pre-owned retail vehicles
45.8
41.3
10.9 %
Wholesale vehicles
4.2
6.6
(36.4) %
Finance & Insurance, net
24.1
22.6
6.6 %
Parts, Services, and Accessories
48.5
47.2
2.8 %
Total Powersports Revenue(1)
$ 256.1
$ 256.2
— %
Gross Profit
New retail vehicles
$ 17.6
$ 15.0
17.3 %
Pre-owned retail vehicles
6.6
5.1
29.4 %
Wholesale vehicles
(0.3)
(0.5)
40.0 %
Finance & Insurance, net
24.1
22.6
6.6 %
Parts, Services, and Accessories
22.7
22.0
3.2 %
Total Powersports Gross Profit
$ 70.7
$ 64.2
10.1 %
Powersports GPU(2)
$ 5,032
$ 4,543
10.8 %
(1) Includes a reduction of $7.1 million in revenue and 585 units in the fourth quarter of 2025 resulting from the correction of an immaterial error related to fleet sales that were improperly recorded in prior periods in 2025.
(2) Calculated as total powersports gross profit divided by total retail units sold.
Same Store Metrics(1)
Fourth Quarter
$ in millions, except per unit
2025
2024
YOY Change
Same Store Units
Retail (#)
New vehicles
10,389
9,855
5.4 %
Pre-owned vehicles
4,092
3,706
10.4 %
Total retail
14,481
13,561
6.8 %
Wholesale vehicles
939
759
23.7 %
Total Same Store Unit Sales
15,420
14,320
7.7 %
Same Store Revenue
New vehicles
$ 138.7
$ 133.8
3.7 %
Pre-owned vehicles
45.6
38.9
17.2 %
Total retail
184.3
172.7
6.7 %
Wholesale vehicles
3.1
3.8
(18.4) %
Total Same Store Vehicles
187.4
176.5
6.2 %
Finance & Insurance, net
21.4
19.5
9.7 %
Parts, Services, and Accessories
48.1
45.6
5.5 %
Total Same Store Revenue
$ 256.9
$ 241.6
6.3 %
Same Store Gross Profit
New
$ 17.4
$ 14.1
23.4 %
Pre-owned
5.9
5.4
9.3 %
Total retail
23.3
19.5
19.5 %
Wholesale vehicles
(0.3)
(0.8)
(62.5) %
Total Same Store Vehicles
23.0
18.7
23.0 %
Finance & Insurance, net
21.4
19.5
9.7 %
Parts, Services, and Accessories
22.4
20.5
9.3 %
Total Same Store Gross Profit
$ 66.8
$ 58.7
13.8 %
Same Store Powersports GPU(2)
$ 4,613
$ 4,329
6.6 %
(1) Same store metrics in the table above exclude the impact in all periods of fleet sales and stores permanently closed as of December 31, 2025.
(2) Calculated as total same store powersports gross profit divided by total same store retail units.
Vehicle Transportation Services Segment
Fourth Quarter
($ in millions)
2025
2024
YOY Change
Vehicles Transported (#)
1,158
22,212
(94.8) %
Vehicle Transportation Services Revenue
$ 0.8
$ 13.4
(94.0) %
Vehicle Transportation Services Gross Profit
$ 0.2
$ 3.3
(93.9) %
The Company ceased operations of the vehicle transportation services business line effective December 31, 2025.
Balance Sheet, Liquidity and Cash Flow
The Company generated $15.9 million in operating cash flow during 2025, ending the year with $29.5 million in unrestricted cash and $123.1 million of availability under its powersports floor plan lines of credit. During the year, the Company increased inventory $16.8 million and amounts payable under floor plans by $8.5 million. The Company repaid $61.1 million in principal amounts of debt during 2025.
Investor Conference Call
Company's management will host a conference call to discuss these results on March 9, 2026 at 2:30 p.m. Mountain Time (4:30 p.m. Eastern Time). To access the conference call, United States callers may dial 1-800-717-1738 (1-646-307-1865 for callers outside of the United States) and enter conference ID 68502. A live and archived webcast will be accessible from RideNow's Investor Relations website at https://investors.ridenow.com.
About the Company
RideNow Group, Inc. (NASDAQ:RDNW) is a powersports dealership group that partners with virtually every major powersports brand in the world, and we believe our powersports business is the largest powersports retail group in the United States. RideNow dealerships offer new and pre-owned motorcycles, all-terrain vehicles, utility terrain or side-by-side vehicles, personal watercraft, snowmobiles, as well as parts, apparel, accessories, finance & insurance products and services, and aftermarket products from a wide range of manufacturers. We are one of the largest purchasers of pre-owned powersports vehicles in the United States and utilize our proprietary RideNow Cash Offer tool to acquire vehicles directly from consumers. To learn more, please visit us online at https://www.ridenow.com.
Forward-Looking Statements
This press release contains "forward-looking statements" as that term is defined under the Private Securities Litigation Reform Act of 1995, which statements may be identified by words such as "expects," "projects," "will," "may," "anticipates," "believes," "should," "intends," "estimates," and other words of similar meaning. Readers are cautioned not to place undue reliance on these forward-looking statements, which are based on our expectations as of the date of this press release and speak only as of the date of this press release. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those express or implied. Forward-looking statements contained in this press release include, but are not limited to, statements about our future results of operations and financial position, our ability to deliver sustained growth and value creation for shareholders, business strategy and plans, industry and business trends, general macroeconomic and market trends, potential growth opportunities for the business, same store sales trends and momentum, and our objectives for future operations. These risks and uncertainties include, but are not limited to, the following: our ability to grow our business both organically and through strategic acquisitions and to realize our plans and strategies; our ability to acquire sufficient powersports inventory to satisfy consumer demand or our expectations for the business; our dependence on key personnel to operate our business and our ability to retain, attract, and integrate qualified personnel; internal control matters; our reliance on third-party financing providers to finance a substantial portion of our customers' powersports vehicle purchases and to supply extended protection products; the success of our marketing and branding efforts and our ability to attract new customers; adverse conditions affecting one or more of the powersports manufacturers with which we hold franchises, or their inability to deliver a desirable mix of vehicles; our dependence on manufacturer relationships and restrictions imposed by vehicle manufacturers; product liability claims and manufacturer safety recalls; natural disasters, adverse weather, and other disruptive events; our ability to adequately protect our intellectual property; and concentration of leases with entities controlled by our directors; our significant indebtedness and its effect on business flexibility; our need to refinance our indebtedness at or prior to its maturity, and our need for additional financing or capital for acquisitions or unforeseen circumstances; our dependence on floor plan facilities for inventory financing, which may be reduced or terminated; and interest rate risk in connection with floor plan payables and other debt instruments; sensitivity of the powersports industry to unfavorable economic conditions and other demand factors; changes in trade policies, including the imposition of tariffs; operating in a highly competitive market for powersports products and services; potential reduction or discontinuation of manufacturer sales incentive, warranty, or promotional programs; and seasonality and weather trends causing fluctuations in revenue and operating results; our reliance on Internet search engines to drive website traffic; potential disruption in service on our websites; cybersecurity risks and incidents affecting our operations and third-party providers; and compliance with privacy, security, and data processing laws and regulations regarding personal information; potential repeal or weakening of state laws protecting powersports retailers; compliance with a wide range of federal, state, and local laws and regulations; and exposure to various legal proceedings, as well as the factors listed under the heading "Forward-Looking Statements" and "Risk Factors" in the Company's SEC filings, as may be updated and amended from time to time. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Non-GAAP Measures
To supplement its condensed consolidated financial statements, which are prepared and presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"), the Company uses the following non-GAAP financial measures: EBITDA, Adjusted EBITDA, Free Cash Flow, Non-Vehicle Net Debt, and Adjusted SG&A (collectively the "non-GAAP financial measures"). The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. The Company uses these non-GAAP financial measures for financial and operational decision making and as a means to evaluate period-to-period comparisons. The Company believes that they provide useful information about operating results, enhance the overall understanding of our operating performance and future prospects, and allow for greater transparency with respect to key metrics used by management in its financial and operational decision making. The non-GAAP measures used by the Company in this press release may be different from the measures used by other companies.
RideNow Group, Inc.Consolidated Statements of Operations
(in millions, except per share amounts)
Fourth Quarter
Full Year
2025
2024
