RideNow Group (RDNW) Q4 2025 earnings summary

Executive summary

• Achieved significant turnaround progress in 2025, focusing on operational execution, cost discipline, and a renewed strategic focus.

• Shut down Wholesale Express/vehicle transportation services at year-end to concentrate on the powersports segment.

• Store portfolio rationalized with closures and consolidations to improve efficiency.

• Net loss narrowed significantly for both Q4 and full year, aided by lower impairment charges and improved operational efficiency.

• Positioned for growth through acquisition, operational excellence, and a "back to our roots" strategy in 2026.

Financial highlights

• Q4 revenue was $256.9 million, down from $269.6 million year-over-year due to Wholesale Express wind-down; excluding it, revenue was flat.

• Q4 powersports revenue was $256.1 million; same store revenue up 6.3% year-over-year, driven by a 7.7% increase in unit sales.

• Adjusted EBITDA for Q4 rose 341% to $9.7 million, up from $2.2 million in Q4 2024.

• Full-year 2025 revenue was $1.08 billion with gross profit of $298 million; full year powersports revenue declined 6.7% to $1,073.9 million.

• Full year adjusted EBITDA grew 40.4% to $46.2 million; SG&A expense fell 6.9% to $256.3 million.

Outlook and guidance

• Expect continued momentum in Q1 2026 as macro environment improves.

• Positioned for potential refinancing of term loan.

• Focus in 2026 will shift to back-office cost efficiencies and value creation.