CHANDLER, Ariz., Nov. 10, 2026 /PRNewswire/ -- RideNow Group, Inc. (NASDAQ: RDNW), ("we", "our", the "Company", or "RideNow"), today announced financial results for the third quarter ended September 30, 2026.
Key Third Quarter 2026 Highlights (Compared to Third Quarter 2025)
- Total revenue was $244.3 million, a decrease of 13.1%, primarily from lower unit volume coupled with our store consolidation efforts.
- On a same store sales basis, Powersports Revenue was down 7.9%, due to a decrease in unit sales, largely driven by a reduction in overall consumer discretionary spending and the initial market implementation of the Company's new Clear Price transparent pricing model, proactively introduced to align with recent Federal Trade Commission ("FTC") guidance and enforcement priorities regarding vehicle pricing and fee transparency.
- Successfully refinanced our senior secured term loan facility with a new $220.0 million term loan maturing in September 2031, and entered into advanced discussions for a new $50.0 million senior secured asset-based revolving credit facility (ABL Facility) to enhance overall available liquidity.
- Total gross profit was $65.5 million, down 13.8%.
- Selling, general & administrative expenses ("SG&A") were down $4.8 million to $59.6 million, from $64.4 million in the prior year.
- Net loss increased to $13.9 million as compared to a net loss of $4.1 million in the prior year.
- Adjusted EBITDA decreased to $5.3 million from $12.3 million.
Commenting on the quarter, Chairman, Chief Executive Officer and President Michael Quartieri said, "The contraction we saw in the third quarter was primarily driven by our proactive, company-wide rollout of the 'RideNow Clear Price' strategy, designed to fully comply with FTC pricing guidelines. While the August rollout impacted our retail volume against non-compliant competitors during the quarter, we believe it is the right move to build long-term customer trust and position us as the dealership group of choice. In fact, we are already seeing a rebound in the fourth quarter as consumer awareness grows, and we expect Q4 Adjusted EBITDA to outpace Q3, bucking our typical seasonal trend. We reduced costs by $4.6 million on an annualized basis during the quarter, and we continue to make great progress on our operational transformation and expect to yield an incremental $10 million of run-rate cost savings as we exit 2027. During the quarter, we refinanced our term debt, extending our maturities to 2031 and completed an accretive tuck-in acquisition of a dealership in Tallahassee, Florida. Â Ultimately, the structural changes and cost reductions we are implementing, coupled with accretive acquisitions, set us up very well to capture substantial operating leverage when the broader powersports cycle rebounds."
Third Quarter 2026 Results | |||||
Three Months Ended September 30, | |||||
($ in millions) | 2026 | 2025 | YOY Change | ||
Revenue | $Â Â Â Â Â 244.3 | $Â Â Â Â Â 281.0 | (13.1)Â % | ||
Gross Profit | $Â Â Â Â Â Â Â Â Â Â Â Â 65.5 | $Â Â Â Â Â Â Â Â Â Â Â Â 76.0 | (13.8)Â % | ||
SG&A | $Â Â Â Â Â Â Â Â Â Â Â Â 59.6 | $Â Â Â Â Â Â Â Â Â Â Â Â 64.4 | (7.5)Â % | ||
Adjusted SG&A(1) | $Â Â Â Â Â Â Â Â Â Â Â Â 57.7 | $Â Â Â Â Â Â Â Â Â Â Â Â 61.5 | (6.2)Â % | ||
Operating Income | $Â Â Â Â Â Â Â Â Â Â Â Â Â Â 4.2 | $Â Â Â Â Â Â Â Â Â Â Â Â Â Â 9.4 | (55.3)Â % | ||
Net Loss | $Â Â Â Â Â Â Â Â Â Â Â (13.9) | $Â Â Â Â Â Â Â Â Â Â Â Â Â (4.1) | 239.0Â % | ||
Adjusted EBITDA(1) | $Â Â Â Â Â Â Â Â Â Â Â Â Â Â 5.3 | $Â Â Â Â Â Â Â Â Â Â Â Â 12.3 | (56.9)Â % | ||
Unit Retail Sales: | |||||
New Powersports | 8,127 | 9,904 | (17.9)Â % | ||
Pre-owned Powersports | 4,055 | 4,701 | (13.7)Â % | ||
Nine Months Ended September 30, | |||||
($ in millions) | 2026 | 2025 | YOY Change | ||
Operating Cash Flow | $Â Â Â Â Â Â Â Â Â Â Â (41.7) | $Â Â Â Â Â Â Â Â Â Â Â Â 15.5 | (369.0)Â % | ||
Capital Expenditures | $Â Â Â Â Â Â Â Â Â Â Â Â Â (2.5) | $Â Â Â Â Â Â Â Â Â Â Â Â Â (5.0) | (50.0)Â % | ||
Adjusted Free Cash Flow(1) | $Â Â Â Â Â Â Â Â Â Â Â Â 14.2 | $Â Â Â Â Â Â Â Â Â Â Â Â Â Â 5.2 | 173.1Â % | ||
September 30, | December 31, | ||||
2026 | 2025 | Change | |||
Cash (unrestricted) | $Â Â Â Â Â Â Â 29.2 | $Â Â Â Â Â Â Â 29.5 | (1.0)Â % | ||
Long-term Debt, including Current Maturities | $Â Â Â Â Â Â Â Â Â Â Â 219.0 | $Â Â Â Â Â Â Â Â Â Â Â 207.6 | 5.5Â % | ||
Principal of Long-Term Debt, including Current Maturities | $Â Â Â Â Â Â Â Â Â Â Â 232.9 | $Â Â Â Â Â Â Â Â Â Â Â 218.8 | 6.4Â % | ||
Non-Vehicle Net Debt(1) | $Â Â Â Â Â Â Â Â Â Â Â 203.7 | $Â Â Â Â Â Â Â Â Â Â Â 189.3 | 7.6Â % | ||
NM = not meaningful. | |
(1) | Adjusted SG&A, Adjusted EBITDA, Adjusted 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. |
Third Quarter 2026 — Operating Results
Key Operating Metrics
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
$ in millions, except per unit | 2026 | 2025 | YOY Change | 2026 | 2025 | YOY Change | |||||
Vehicle Unit Sales (#) | |||||||||||
Retail | |||||||||||
New | 8,127 | 9,904 | (17.9)Â % | 28,266 | 28,535 | (0.9)Â % | |||||
Pre-owned | 4,055 | 4,701 | (13.7)Â % | 13,572 | 14,291 | (5.0)Â % | |||||
Total retail | 12,182 | 14,605 | (16.6)Â % | 41,838 | 42,826 | (2.3)Â % | |||||
Wholesale | 704 | 1,344 | (47.6)Â % | 2,378 | 3,426 | (30.6)Â % | |||||
Total Powersports Unit Sales | 12,886 | 15,949 | (19.2)Â % | 44,216 | 46,252 | (4.4)Â % | |||||
Revenue | |||||||||||
New retail vehicles | $Â Â Â Â Â 125.6 | $Â Â Â Â Â 147.1 | (14.6)Â % | $Â Â Â Â Â 417.2 | $Â Â Â Â Â 422.0 | (1.1)Â % | |||||
Pre-owned retail vehicles | 45.5 | 53.5 | (15.0)Â % | 154.6 | 160.8 | (3.9)Â % | |||||
Wholesale vehicles | 4.4 | 3.7 | 18.9Â % | 15.3 | 12.5 | 22.4Â % | |||||
Finance & Insurance, net | 21.7 | 24.9 | (12.9)Â % | 70.5 | 73.2 | (3.7)Â % | |||||
Parts, Service, and Accessories | 47.1 | 50.8 | (7.3)Â % | 143.9 | 149.3 | (3.6)Â % | |||||
Total Powersports Revenue | $Â Â Â Â Â 244.3 | $Â Â Â Â Â 280.0 | (12.8)Â % | $Â Â Â Â Â 801.5 | $Â Â Â Â Â 817.8 | (2.0)Â % | |||||
Gross Profit | |||||||||||
New retail vehicles | $Â Â Â Â Â Â Â 16.3 | $Â Â Â Â Â Â Â 18.5 | (11.9)Â % | $Â Â Â Â Â Â Â 58.6 | $Â Â Â Â Â Â Â 55.3 | 6.0Â % | |||||
Pre-owned retail vehicles | 5.7 | 8.6 | (33.7)Â % | 24.8 | 27.5 | (9.8)Â % | |||||
Wholesale vehicles | (0.5) | (0.2) | 150.0Â % | (0.5) | (0.1) | 400.0Â % | |||||
Finance & Insurance, net | 21.7 | 24.9 | (12.9)Â % | 70.5 | 73.2 | (3.7)Â % | |||||
Parts, Service, and Accessories | 22.3 | 23.9 | (6.7)Â % | 68.5 | 69.6 | (1.6)Â % | |||||
Total Powersports Gross Profit         | $    65.5 | $    75.7 | (13.5) % | $   221.9 | $   225.5 | (1.6) % | |||||
Powersports GPU(1) | $Â Â Â 5,376.8 | $Â Â Â 5,183.2 | 3.7Â % | $Â Â Â 5,303.8 | $Â Â Â 5,265.5 | 0.7Â % | |||||
(1) Calculated as total powersports gross profit divided by total retail units sold. | |||||||||||
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Same Store Metrics(1) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||
$ in millions, except units and per unit         | 2026 | 2025 | YOY Change | 2026 | 2025 | YOY Change | |||||
Same Store Units (#) | |||||||||||
Retail | |||||||||||
New vehicles | 8,127 | 9,164 | (11.3)Â % | 28,177 | 27,044 | 4.2Â % | |||||
Pre-owned vehicles | 4,055 | 4,504 | (10.0)Â % | 13,572 | 13,655 | (0.6)Â % | |||||
Total retail | 12,182 | 13,668 | (10.9)Â % | 41,749 | 40,699 | 2.6Â % | |||||
Wholesale | 514 | 921 | (44.2)Â % | 1,636 | 2,273 | (28.0)Â % | |||||
Total Powersports Unit Sales | 12,696 | 14,589 | (13.0)Â % | 43,385 | 42,972 | 1.0Â % | |||||
Same Store Revenue | |||||||||||
New retail vehicles | $Â Â Â Â 125.6 | $Â Â Â Â 138.0 | (9.0)Â % | $Â Â Â Â 417.5 | $Â Â Â Â 403.6 | 3.4Â % | |||||
Pre-owned retail vehicles | 45.5 | 51.0 | (10.8)Â % | 154.6 | 153.5 | 0.7Â % | |||||
Total retail | 171.1 | 189.0 | (9.5)Â % | 572.1 | 557.1 | 2.7Â % | |||||
Wholesale vehicles | 3.4 | 2.0 | 70.0Â % | 10.4 | 6.6 | 57.6Â % | |||||
Total Same Store Vehicles | 174.5 | 191.0 | |||||||||
