RideNow Group
RDNW on Nasdaq. Market value $39m.
Should I look at this?
Look carefully before going further
Why it could be worth it
Nothing stands out yet.
What to watch out for
Read the warning sign in its own filings
This is not advice.
Who owns it
None of the long-term investors we follow own it. 58 funds in all.
Largest holders overall
- Stone House Capital Management$48m
- Nantahala Capital Management$44mAdded
- Citigroup$11m
- Union Square Park Capital Management$8mCut
- BlackRock$5mAdded
- Vanguard Capital Management$5mAdded
- Geode Capital Management$3mAdded
- Northern Trust$2mAdded
- Deutsche Bank AG$1mAdded
- State Street$1mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- Stone House Capital Management, LLCInsider or founderat least 18.7%0.0 pts(filed with 2 related holders)Since 26 August 2025
What they said
Item 4 is hereby amended to add the following: On August 25, 2025, the Issuer issued separate unsecured subordinated promissory notes (collectively, the "Subordinated Notes") payable to each of Stone House Capital Management, LLC, Face Canyon LLC and Mark Tkach (collectively,…
Read the filing - Mark TkachInsider or founderat least 18.1%(filed with 5 related holders)Since 10 August 2025
What they said
Item 4 is hereby amended and supplemented as follows: On August 10, 2025, Mr. Tkach and Mr. Coulter each entered into separate commitment letters (the "Subordinated Loans Commitment Letters") pursuant to which each of Mr. Tkach and Mr. Coulter has committed to make $3,333,334 of…
Read the filing
| Holder | Stake | Since | |
|---|---|---|---|
Stone House Capital Management, LLC Insider or founder | at least 18.7%0.0 pts (filed with 2 related holders) | 26 August 2025 | What they saidItem 4 is hereby amended to add the following: On August 25, 2025, the Issuer issued separate unsecured subordinated promissory notes (collectively, the "Subordinated Notes") payable to each of Stone House Capital Management, LLC, Face Canyon LLC and Mark Tkach (collectively,… Read the filing |
Mark Tkach Insider or founder | at least 18.1% (filed with 5 related holders) | 10 August 2025 | What they saidItem 4 is hereby amended and supplemented as follows: On August 10, 2025, Mr. Tkach and Mr. Coulter each entered into separate commitment letters (the "Subordinated Loans Commitment Letters") pursuant to which each of Mr. Tkach and Mr. Coulter has committed to make $3,333,334 of… Read the filing |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in RideNow Group’s filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 13 Mar 2026, plus the 10-Q filed 11 Aug 2026 and 6 later 8-Ks.
Weak checks on its own accounts
SeriousThe company said its checks on its own accounts did not work at the end of its latest quarter. Mistakes could slip into the numbers.
“Based on that evaluation, our management concluded that our disclosure controls and procedures were not effective as of June 30, 2026, due to the material weaknesses in internal control over financial reporting identified in our 2025 Form 10-K.”
Show the full paragraph
Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of June 30, 2026. Based on that evaluation, our management concluded that our disclosure controls and procedures were not effective as of June 30, 2026, due to the material weaknesses in internal control over financial reporting identified in our 2025 Form 10-K. The material weaknesses existing in our internal control over financial reporting relate to:
From the 10-Q filed 11 August 2026, Part I, Item 4. Controls and Procedures. Read it in the filing
Changed auditor
Worth knowingThe company changed its auditor (the firm that checks its books) in the last two years.
“On June 5, 2026, the Committee dismissed BDO USA, P.C. ("BDO") as the Company's independent registered public accounting firm, effective immediately.”
From an 8-K filed 11 June 2026: Change of auditor. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.