By Will Feuer


RumbleOn Inc. said it recently signed an engagement letter with JPMorgan Chase & Co. to review the company's balance-sheet initiatives and options for 2023.

RumbleOn Chairman and Chief Executive Marshall Chesrown said the company is taking steps now to position the company to achieve long-term targets.

The company, which owns an e-commerce platform for motorcycles, said Thursday that it swung to a loss in the fourth quarter due to a $350.3 million non-cash impairment charge.

The company posted a loss of $287.7 million, or $17.80 a share, compared with a profit of $20.7 million, or $1.35 a share, in the same period a year earlier.

Stripping out the impairment charge and other one-time items, but including stock-based compensation, adjusted loss came to 68 cents a share. Analysts were expecting a loss of 14 cents a share, according to FactSet.

Revenue fell about 14%, to $369.5 million. Analysts surveyed by FactSet were expecting revenue of $398.5 million.


Write to Will Feuer at Will.Feuer@wsj.com


(END) Dow Jones Newswires

03-16-23 0853ET