<span item_type="fundamental" item_id="5747188002c8bd8b4283235c303fdc1d" counter_id="ST/US/RDNW" env="prod"></span><span item_type="announcement" item_id="640939886166737921" env="prod"></span><p>Revenue: As of FY2025, the actual value is USD 1.083 B, missing the estimate of USD 1.087 B.</p><p>EPS: As of FY2025, the actual value is USD -1.38, beating the estimate of USD -1.405.</p><p>EBIT: As of FY2025, the actual value is USD 52.3 M.</p><p></p><h3>Segment Revenue</h3><h4>Powersports Segment</h4><ul><li>Total Powersports Revenue decreased from $1,151.2 million in 2024 to $1,073.9 million in 2025, representing a -6.7% change.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1596961/000159696126000015/rdnw-20251231.htm"></span><ul><li>Revenue from new retail vehicles decreased from $616.4 million in 2024 to $555.5 million in 2025, a -9.9% change.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1596961/000159696126000015/rdnw-20251231.htm"></span></li><li>Revenue from pre-owned retail vehicles increased from $202.1 million in 2024 to $206.6 million in 2025, a 2.2% change.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1596961/000159696126000015/rdnw-20251231.htm"></span></li><li>Wholesale revenue decreased from $24.1 million in 2024 to $16.7 million in 2025, a -30.7% change.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1596961/000159696126000015/rdnw-20251231.htm"></span></li><li>Finance and insurance, net revenue decreased from $102.4 million in 2024 to $97.3 million in 2025, a -5.0% change.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1596961/000159696126000015/rdnw-20251231.htm"></span></li><li>Revenue from parts, service, and accessories decreased from $206.2 million in 2024 to $197.8 million in 2025, a -4.1% change.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1596961/000159696126000015/rdnw-20251231.htm"></span></li></ul></li></ul><h4>Vehicle Transportation Services Segment</h4><ul><li>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.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1596961/000159696126000015/rdnw-20251231.htm"></span></li></ul><h3>Operational Metrics</h3><h4>Gross Profit</h4><ul><li>Total Gross Profit decreased from $314.3 million in 2024 to $298.0 million in 2025, a -5.2% change.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1596961/000159696126000015/rdnw-20251231.htm"></span><ul><li>Powersports vehicles gross profit increased from $104.0 million in 2024 to $106.6 million in 2025, a 2.5% change.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1596961/000159696126000015/rdnw-20251231.htm"></span></li><li>Parts, service, and accessories gross profit decreased from $94.5 million in 2024 to $92.3 million in 2025, a -2.3% change.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1596961/000159696126000015/rdnw-20251231.htm"></span></li><li>Finance and insurance gross profit decreased from $102.4 million in 2024 to $97.3 million in 2025, a -5.0% change.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1596961/000159696126000015/rdnw-20251231.htm"></span></li><li>Vehicle transportation services gross profit decreased from $13.4 million in 2024 to $1.8 million in 2025, an -86.6% change.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1596961/000159696126000015/rdnw-20251231.htm"></span></li></ul></li></ul><h4>Operating Loss</h4><ul><li>Total Operating Loss improved from - $15.2 million in 2024 to - $0.2 million in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1596961/000159696126000015/rdnw-20251231.htm"></span><ul><li>Powersports Dealership Group Operating Income increased from $17.4 million in 2024 to $31.5 million in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1596961/000159696126000015/rdnw-20251231.htm"></span></li><li>Vehicle Transportation Services Operating Loss shifted from an income of $5.5 million in 2024 to a loss of - $0.8 million in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1596961/000159696126000015/rdnw-20251231.htm"></span></li></ul></li></ul><h4>Selling, General and Administrative (SG&amp;A) Expenses</h4><ul><li>Total SG&amp;A Expenses decreased from $275.4 million in 2024 to $256.3 million in 2025, a -6.9% change.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1596961/000159696126000015/rdnw-20251231.htm"></span><ul><li>Compensation and related costs decreased from $159.4 million in 2024 to $147.0 million in 2025, a -7.8% change.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1596961/000159696126000015/rdnw-20251231.htm"></span></li><li>Facilities expenses increased from $45.2 million in 2024 to $45.7 million in 2025, a 1.1% change.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1596961/000159696126000015/rdnw-20251231.htm"></span></li><li>Advertising and marketing expenses decreased from $19.1 million in 2024 to $15.1 million in 2025, a -20.9% change.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1596961/000159696126000015/rdnw-20251231.htm"></span></li></ul></li><li>SG&amp;A as a percentage of gross profit improved from 87.6% in 2024 to 86.0% in 2025, a decrease of 160 basis points.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1596961/000159696126000015/rdnw-20251231.htm"></span></li></ul><h4>Impairment of Intangible Assets</h4><ul><li>Impairment Charge decreased from $39.3 million in 2024 to $34.8 million in 2025, an -11.5% change.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1596961/000159696126000015/rdnw-20251231.htm"></span><ul><li>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.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1596961/000159696126000015/rdnw-20251231.htm"></span></li></ul></li></ul><h4>Depreciation and Amortization</h4><ul><li>Total Depreciation and Amortization decreased from $14.3 million in 2024 to $9.0 million in 2025, a -37.1% change.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1596961/000159696126000015/rdnw-20251231.htm"></span></li></ul><h4>Loss (Gain) on Sale of Assets</h4><ul><li>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.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1596961/000159696126000015/rdnw-20251231.htm"></span></li></ul><h4>Floor Plan Interest Expense</h4><ul><li>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.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1596961/000159696126000015/rdnw-20251231.htm"></span></li></ul><h4>Other Interest Expense, Net</h4><ul><li>Total Other Interest Expense, Net decreased from $48.1 million in 2024 to $41.5 million in 2025, a -13.7% change.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1596961/000159696126000015/rdnw-20251231.htm"></span><ul><li>Term loan interest decreased from $42.1 million in 2024 to $36.8 million in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1596961/000159696126000015/rdnw-20251231.htm"></span></li><li>Subordinated loans interest increased from $0 in 2024 to $0.5 million in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1596961/000159696126000015/rdnw-20251231.htm"></span></li><li>Convertible debt interest decreased from $2.6 million in 2024 to $0 in 2025, as it was paid off in January 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1596961/000159696126000015/rdnw-20251231.htm"></span></li></ul></li></ul><h3>Cash Flow</h3><h4>Net Cash Provided by Operating Activities</h4><ul><li>Net Cash Provided by Operating Activities decreased from $99.4 million in 2024 to $15.9 million in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1596961/000159696126000015/rdnw-20251231.htm"></span><ul><li>Inventory changes shifted from an outflow of - $107.9 million in 2024 to an inflow of $16.8 million in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1596961/000159696126000015/rdnw-20251231.htm"></span></li><li>Floor plan trade note borrowings shifted from an outflow of - $29.3 million in 2024 to an inflow of $23.5 million in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1596961/000159696126000015/rdnw-20251231.htm"></span></li></ul></li></ul><h4>Net Cash Provided by (Used in) Investing Activities</h4><ul><li>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.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1596961/000159696126000015/rdnw-20251231.htm"></span><ul><li>Purchase of property and equipment increased from - $2.0 million in 2024 to - $5.6 million in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1596961/000159696126000015/rdnw-20251231.htm"></span></li><li>Proceeds from sale of assets decreased from $4.0 million in 2024 to $3.1 million in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1596961/000159696126000015/rdnw-20251231.htm"></span></li></ul></li></ul><h4>Net Cash Used in Financing Activities</h4><ul><li>Net Cash Used in Financing Activities decreased from - $80.6 million in 2024 to - $67.0 million in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1596961/000159696126000015/rdnw-20251231.htm"></span><ul><li>Repayment of debt increased from - $36.0 million in 2024 to - $61.1 million in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1596961/000159696126000015/rdnw-20251231.htm"></span></li><li>Decrease in non-trade floor plan borrowings, net decreased from - $53.0 million in 2024 to - $15.0 million in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1596961/000159696126000015/rdnw-20251231.htm"></span></li><li>Proceeds from issuance of subordinated debt were $10.0 million in 2025, compared to $0 in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1596961/000159696126000015/rdnw-20251231.htm"></span></li></ul></li></ul><h3>Unique Metrics</h3><h4>Powersports Segment</h4><ul><li>Total Powersports Vehicles Sold decreased from 64,988 units in 2024 to 61,894 units in 2025, a -4.8% change.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1596961/000159696126000015/rdnw-20251231.htm"></span><ul><li>New retail vehicles sold decreased from 42,464 units in 2024 to 38,459 units in 2025, a -9.4% change.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1596961/000159696126000015/rdnw-20251231.htm"></span></li><li>Pre-owned retail vehicles sold increased from 18,275 units in 2024 to 18,416 units in 2025, a 0.8% change.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1596961/000159696126000015/rdnw-20251231.htm"></span></li></ul></li><li>Total Gross Profit per Retail Vehicle increased from $4,954 in 2024 to $5,208 in 2025, a 5.1% change.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1596961/000159696126000015/rdnw-20251231.htm"></span></li></ul><h4>Same Store Powersports Metrics (excluding fleet sales and 5 closed stores)</h4><ul><li>Same Store Total Powersports Revenue decreased from $1,081.0 million in 2024 to $1,030.8 million in 2025, a -4.6% change.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1596961/000159696126000015/rdnw-20251231.htm"></span></li><li>Same Store Total Powersports Gross Profit increased from $276.2 million in 2024 to $283.9 million in 2025, a 2.8% change.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1596961/000159696126000015/rdnw-20251231.htm"></span></li><li>Same Store Total Vehicles Sold decreased from 59,413 units in 2024 to 58,392 units in 2025, a -1.7% change.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1596961/000159696126000015/rdnw-20251231.htm"></span></li><li>Same Store Total Gross Profit per Retail Vehicle increased from $4,794 in 2024 to $5,145 in 2025, a 7.3% change.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1596961/000159696126000015/rdnw-20251231.htm"></span></li></ul><h4>Vehicle Transportation Services Segment</h4><ul><li>Vehicles Transported decreased from 97,468 units in 2024 to 13,236 units in 2025, an -86.4% change.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1596961/000159696126000015/rdnw-20251231.htm"></span></li></ul><h4>Liquidity and Debt</h4><ul><li>Total Available Liquidity decreased from $242.9 million in 2024 to $166.0 million in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1596961/000159696126000015/rdnw-20251231.htm"></span><ul><li>Cash decreased from $85.3 million in 2024 to $29.5 million in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1596961/000159696126000015/rdnw-20251231.htm"></span></li><li>Restricted cash increased from $11.4 million in 2024 to $13.4 million in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1596961/000159696126000015/rdnw-20251231.htm"></span></li><li>Availability under powersports floor plan lines of credit decreased from $146.2 million in 2024 to $123.1 million in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1596961/000159696126000015/rdnw-20251231.htm"></span></li></ul></li><li>Total Principal of Long-Term Debt and Floor Lines Payable decreased from $477.3 million in 2024 to $437.2 million in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1596961/000159696126000015/rdnw-20251231.htm"></span><ul><li>Term Loan Credit Agreement principal amount decreased from $227.1 million in 2024 to $207.7 million in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1596961/000159696126000015/rdnw-20251231.htm"></span></li><li>Subordinated Loans were $10.0 million in 2025, compared to $0 in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1596961/000159696126000015/rdnw-20251231.htm"></span></li></ul></li></ul><h3>Outlook / Guidance</h3><p>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.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1596961/000159696126000015/rdnw-20251231.htm"></span> The company plans to continue evaluating its business areas to improve results, focusing on managing costs and working capital.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1596961/000159696126000015/rdnw-20251231.htm"></span> 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.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1596961/000159696126000015/rdnw-20251231.htm"></span></p>

RideNow | 10-K: FY2025 Revenue Misses Estimate at USD 1.083 B