--- title: "RideNow | 10-K: FY2025 Revenue Misses Estimate at USD 1.083 B" type: "News" locale: "en" url: "https://longbridge.com/en/news/283965549.md" datetime: "2026-04-24T09:00:33.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/283965549.md) - [en](https://longbridge.com/en/news/283965549.md) - [zh-HK](https://longbridge.com/zh-HK/news/283965549.md) --- # RideNow | 10-K: FY2025 Revenue Misses Estimate at USD 1.083 B Revenue: As of FY2025, the actual value is USD 1.083 B, missing the estimate of USD 1.087 B. EPS: As of FY2025, the actual value is USD -1.38, beating the estimate of USD -1.405. EBIT: As of FY2025, the actual value is USD 52.3 M. ### Segment Revenue #### Powersports Segment - Total Powersports Revenue decreased from $1,151.2 million in 2024 to $1,073.9 million in 2025, representing a -6.7% change. - Revenue from new retail vehicles decreased from $616.4 million in 2024 to $555.5 million in 2025, a -9.9% change. - Revenue from pre-owned retail vehicles increased from $202.1 million in 2024 to $206.6 million in 2025, a 2.2% change. - Wholesale revenue decreased from $24.1 million in 2024 to $16.7 million in 2025, a -30.7% change. - Finance and insurance, net revenue decreased from $102.4 million in 2024 to $97.3 million in 2025, a -5.0% change. - Revenue from parts, service, and accessories decreased from $206.2 million in 2024 to $197.8 million in 2025, a -4.1% change. #### Vehicle Transportation Services Segment - Total Vehicle Transportation Services Revenue decreased significantly from $58.0 million in 2024 to $8.6 million in 2025, an -85.2% change, due to operations ceasing at the end of December 2025. ### Operational Metrics #### Gross Profit - Total Gross Profit decreased from $314.3 million in 2024 to $298.0 million in 2025, a -5.2% change. - Powersports vehicles gross profit increased from $104.0 million in 2024 to $106.6 million in 2025, a 2.5% change. - Parts, service, and accessories gross profit decreased from $94.5 million in 2024 to $92.3 million in 2025, a -2.3% change. - Finance and insurance gross profit decreased from $102.4 million in 2024 to $97.3 million in 2025, a -5.0% change. - Vehicle transportation services gross profit decreased from $13.4 million in 2024 to $1.8 million in 2025, an -86.6% change. #### Operating Loss - Total Operating Loss improved from - $15.2 million in 2024 to - $0.2 million in 2025. - Powersports Dealership Group Operating Income increased from $17.4 million in 2024 to $31.5 million in 2025. - Vehicle Transportation Services Operating Loss shifted from an income of $5.5 million in 2024 to a loss of - $0.8 million in 2025. #### Selling, General and Administrative (SG&A) Expenses - Total SG&A Expenses decreased from $275.4 million in 2024 to $256.3 million in 2025, a -6.9% change. - Compensation and related costs decreased from $159.4 million in 2024 to $147.0 million in 2025, a -7.8% change. - Facilities expenses increased from $45.2 million in 2024 to $45.7 million in 2025, a 1.1% change. - Advertising and marketing expenses decreased from $19.1 million in 2024 to $15.1 million in 2025, a -20.9% change. - SG&A as a percentage of gross profit improved from 87.6% in 2024 to 86.0% in 2025, a decrease of 160 basis points. #### Impairment of Intangible Assets - Impairment Charge decreased from $39.3 million in 2024 to $34.8 million in 2025, an -11.5% change. - In 2025, an impairment charge of $34.0 million was recorded for franchise rights and $0.8 million for goodwill associated with the vehicle transportation services reporting unit. #### Depreciation and Amortization - Total Depreciation and Amortization decreased from $14.3 million in 2024 to $9.0 million in 2025, a -37.1% change. #### Loss (Gain) on Sale of Assets - Loss (Gain) on Sale of Assets shifted from a loss of - $0.5 million in 2024 to a gain of $1.9 million in 2025. #### Floor Plan Interest Expense - Floor Plan Interest Expense decreased from $16.0 million in 2024 to $11.0 million in 2025, a -31.3% change, primarily due to lower average inventory levels. #### Other Interest Expense, Net - Total Other Interest Expense, Net decreased from $48.1 million in 2024 to $41.5 million in 2025, a -13.7% change. - Term loan interest decreased from $42.1 million in 2024 to $36.8 million in 2025. - Subordinated loans interest increased from $0 in 2024 to $0.5 million in 2025. - Convertible debt interest decreased from $2.6 million in 2024 to $0 in 2025, as it was paid off in January 2025. ### Cash Flow #### Net Cash Provided by Operating Activities - Net Cash Provided by Operating Activities decreased from $99.4 million in 2024 to $15.9 million in 2025. - Inventory changes shifted from an outflow of - $107.9 million in 2024 to an inflow of $16.8 million in 2025. - Floor plan trade note borrowings shifted from an outflow of - $29.3 million in 2024 to an inflow of $23.5 million in 2025. #### Net Cash Provided by (Used in) Investing Activities - Net Cash Provided by (Used in) Investing Activities shifted from an inflow of $0.9 million in 2024 to an outflow of - $2.7 million in 2025. - Purchase of property and equipment increased from - $2.0 million in 2024 to - $5.6 million in 2025. - Proceeds from sale of assets decreased from $4.0 million in 2024 to $3.1 million in 2025. #### Net Cash Used in Financing Activities - Net Cash Used in Financing Activities decreased from - $80.6 million in 2024 to - $67.0 million in 2025. - Repayment of debt increased from - $36.0 million in 2024 to - $61.1 million in 2025. - Decrease in non-trade floor plan borrowings, net decreased from - $53.0 million in 2024 to - $15.0 million in 2025. - Proceeds from issuance of subordinated debt were $10.0 million in 2025, compared to $0 in 2024. ### Unique Metrics #### Powersports Segment - Total Powersports Vehicles Sold decreased from 64,988 units in 2024 to 61,894 units in 2025, a -4.8% change. - New retail vehicles sold decreased from 42,464 units in 2024 to 38,459 units in 2025, a -9.4% change. - Pre-owned retail vehicles sold increased from 18,275 units in 2024 to 18,416 units in 2025, a 0.8% change. - Total Gross Profit per Retail Vehicle increased from $4,954 in 2024 to $5,208 in 2025, a 5.1% change. #### Same Store Powersports Metrics (excluding fleet sales and 5 closed stores) - Same Store Total Powersports Revenue decreased from $1,081.0 million in 2024 to $1,030.8 million in 2025, a -4.6% change. - Same Store Total Powersports Gross Profit increased from $276.2 million in 2024 to $283.9 million in 2025, a 2.8% change. - Same Store Total Vehicles Sold decreased from 59,413 units in 2024 to 58,392 units in 2025, a -1.7% change. - Same Store Total Gross Profit per Retail Vehicle increased from $4,794 in 2024 to $5,145 in 2025, a 7.3% change. #### Vehicle Transportation Services Segment - Vehicles Transported decreased from 97,468 units in 2024 to 13,236 units in 2025, an -86.4% change. #### Liquidity and Debt - Total Available Liquidity decreased from $242.9 million in 2024 to $166.0 million in 2025. - Cash decreased from $85.3 million in 2024 to $29.5 million in 2025. - Restricted cash increased from $11.4 million in 2024 to $13.4 million in 2025. - Availability under powersports floor plan lines of credit decreased from $146.2 million in 2024 to $123.1 million in 2025. - Total Principal of Long-Term Debt and Floor Lines Payable decreased from $477.3 million in 2024 to $437.2 million in 2025. - Term Loan Credit Agreement principal amount decreased from $227.1 million in 2024 to $207.7 million in 2025. - Subordinated Loans were $10.0 million in 2025, compared to $0 in 2024. ### Outlook / Guidance RideNow Group, Inc. has ceased providing vehicle transportation services to third parties as of December 2025, and now operates solely as a powersports dealership group. The company plans to continue evaluating its business areas to improve results, focusing on managing costs and working capital. RideNow Group, Inc. believes its current working capital, results of operations, and existing financing arrangements are sufficient to fund operations for at least twelve months from the financial statement date. ### Related Stocks - [RDNW.US](https://longbridge.com/en/quote/RDNW.US.md) ## Related News & Research - [RideNow Group Q1 revenue beats estimates as adjusted EBITDA rises](https://longbridge.com/en/news/286462393.md) - [Electro-Sensors GAAP EPS of -$0.03, revenue of $2.6M](https://longbridge.com/en/news/286518577.md) - [10:30 ETDechert Continues Dallas Expansion with Partner Elaine Kao](https://longbridge.com/en/news/286788569.md) - [10-Year Treasury Yield Rises to 4.622% — Data Talk](https://longbridge.com/en/news/286812711.md) - [If You Invested $100 In Nebius Group Stock 10 Years Ago, You Would Have This Much Today](https://longbridge.com/en/news/286795414.md)