RideNow Group, Inc.

Q2 total revenue was $296.8 million versus $299.9 million a year ago, while same-store revenue was $291.7 million, up 3% year over year. Adjusted EBITDA rose 19.2% to $20.5 million from $17.2 million, and gross profit was $84.8 million, up by $1.1 million. Adjusted SG&A was $62.8 million, or 74.1% of gross profit, versus $64.9 million, or 77.4%, last year. New retail unit sales were 10,807, up 1.8%, while pre-owned retail units were 4,924, down 6.8%; new-unit gross margin improved to 14.8% from 13.2%, and pre-owned gross margin declined to 18.0% from 18.8%. For the first half, revenue was $557.2 million, gross profit was $156.4 million, and adjusted EBITDA was $29.8 million. The company ended Q2 with $63.1 million of total cash, $95.1 million of short-term revolving floor plan availability, $158.2 million of total available liquidity, and $174.4 million of non-vehicle net debt. Management did not provide formal next-quarter or full-year numerical guidance, but said it expects to continue delivering strong adjusted EBITDA and free cash flow through the remainder of 2026.

Michael Quartieri framed the quarter as evidence that the turnaround is continuing, saying the company is still in the “early innings” but is building momentum through operational discipline and store-level execution. He highlighted leadership changes, cost control, and reinstating rigor across stores as the core near-term priorities, while also pointing to Russell 2000 inclusion, new floor plan capacity, and facility relocations as milestones. His tone was constructive and measured, with repeated emphasis on controllable execution rather than macro conditions.

Josh Barsetti focused on the financial bridge from higher gross profit and better leverage to stronger EBITDA, noting adjusted SG&A fell to 74.1% of gross profit from 77.4% last year. He walked through the balance sheet, citing $63.1 million of cash, $95.1 million of floor plan availability, $158.2 million of total liquidity, and $174.4 million of non-vehicle net debt. He also said cash outflows from operating activities were $28.2 million for the first six months and introduced adjusted free cash flow as a new non-GAAP measure, with $20.8 million for the six-month period versus $2.9 million last year.

Analysts asked about customer mix between new and pre-owned units, inventory positioning, credit quality, traffic volatility, and the acquisition pipeline. Management said financing promotions like 0% or low-rate offers are still a key driver for customers, that inventory is comfortable in the low 4-month range, and that credit metrics are showing no material change in 2026. On M&A, management said refinancing is the near-term focus and that acquisitions should resume after that is completed, with interest in both tuck-ins and new markets.