Latest news with #AdamMiller
Yahoo
2 hours ago
- Business
- Yahoo
5 Revealing Analyst Questions From Knight-Swift Transportation's Q2 Earnings Call
Knight-Swift Transportation's second quarter results were driven by a combination of ongoing softness in freight demand and the company's response to volatile trade dynamics. Management attributed the stable revenue performance to a flexible over-the-road network, disciplined cost reductions, and margin improvement, particularly in the Truckload segment. CEO Adam Miller noted that while the anticipated surge in import-driven freight did not materialize, the company's ability to adapt its fleet and contain costs prevented a deeper revenue decline. The growing contribution from the U.S. Xpress brand and a steady expansion of the less-than-truckload (LTL) network also supported the quarter's results. Is now the time to buy KNX? Find out in our full research report (it's free). Knight-Swift Transportation (KNX) Q2 CY2025 Highlights: Revenue: $1.86 billion vs analyst estimates of $1.87 billion (flat year on year, in line) Adjusted EPS: $0.35 vs analyst estimates of $0.33 (5.1% beat) Adjusted EBITDA: $280.3 million vs analyst estimates of $281.1 million (15.1% margin, in line) Adjusted EPS guidance for Q3 CY2025 is $0.39 at the midpoint, above analyst estimates of $0.38 Operating Margin: 3.9%, in line with the same quarter last year Sales Volumes fell 2.9% year on year (38.8% in the same quarter last year) Market Capitalization: $7.03 billion While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Our Top 5 Analyst Questions Knight-Swift Transportation's Q2 Earnings Call Chris Wetherbee (Wells Fargo) asked about supply-demand equilibrium and the impact of inventory overhangs. CEO Adam Miller noted ongoing capacity exit from the market, but said demand remains stable, making forecasting difficult in the near term. Daniel Imbro (Stephens) requested clarity on mid-cycle Truckload margins. Miller emphasized disciplined cost control and flexibility, expecting margins to normalize as demand improves. CFO Andrew Hess highlighted Knight-Swift's enhanced position for large-scale one-way service. Ken Hoexter (Bank of America) asked about LTL share gains and margin normalization. Miller explained that recent expansion and integration efforts have created cost headwinds, but ongoing initiatives aim to optimize the network and restore margins. Richa Harnain (Deutsche Bank) inquired about further cost savings in Truckload. Hess detailed the company's use of lean management, proactive safety practices, and technology to drive additional fixed and variable cost reductions. Ariel Rosa (Citigroup) questioned the impact of brokers and price transparency. Miller said digital tools and third-party data have increased market efficiency, accelerating cycles but not fundamentally altering Knight-Swift's margin potential. Catalysts in Upcoming Quarters Looking to the remainder of the year, the StockStory team will monitor (1) Knight-Swift's progress in realizing LTL margin improvement through technology and network optimization, (2) the pace of incremental cost savings from automation and cross-segment fleet management, and (3) signs of freight volume recovery or tightening capacity, especially in peak season discussions with customers. Execution in these areas will be critical for future earnings growth. Knight-Swift Transportation currently trades at $43.36, down from $45.66 just before the earnings. Is there an opportunity in the stock?The answer lies in our full research report (it's free). Our Favorite Stocks Right Now When Trump unveiled his aggressive tariff plan in April 2024, markets tanked as investors feared a full-blown trade war. But those who panicked and sold missed the subsequent rebound that's already erased most losses. Don't let fear keep you from great opportunities and take a look at Top 6 Stocks for this week. This is a curated list of our High Quality stocks that have generated a market-beating return of 183% over the last five years (as of March 31st 2025). Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-small-cap company Comfort Systems (+782% five-year return). Find your next big winner with StockStory today. StockStory is growing and hiring equity analyst and marketing roles. Are you a 0 to 1 builder passionate about the markets and AI? See the open roles here. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
5 days ago
- Business
- Yahoo
Knight-Swift makes big gain in TL profits despite revenue slip
This story was originally published on Trucking Dive. To receive daily news and insights, subscribe to our free daily Trucking Dive newsletter. Dive Brief: Knight-Swift Transportation Holdings' consolidated operating income increased 14.4% to $72.6 million in Q2 compared to a year ago, the trucking giant announced Wednesday in an earnings release. Its truckload segment made the most gains in that metric for the quarter, while its less-than-truckload segment saw a substantial drop compared to Q2 2024. The company's intermodal business also had an operating loss worsen. 'Overall, most segments experienced pressure on revenue year over year with a soft freight environment,' CFO Andrew Hess said in an earnings call Wednesday. Segment Q2 2025 Q2 2024 Percent change TL $45.4 million $23.5 million 93.4% LTL $18.3 million $33 million Negative 44.5% Logistics $5.5 million $4.8 million 16.6% Intermodal Negative $3.4 million Negative $1.7 million Negative 99.7% All other $6.7 million $3.9 million 73.6% SOURCE: Knight-Swift Q2 2025 earnings release, presented by generally accepted accounting principles Dive Insight: U.S. tariff policy spurred volatile freight flows, requiring agility from Knight-Swift businesses that its workforce delivered, CEO Adam Miller said on the earnings call. The 'import cliff that many anticipated' was limited, but there was a general softness in freight demand for most of Q2, especially on the West Coast, he said. 'Given this backdrop, we are pleased that our truckload business was able to prevent a deeper decline in revenues while growing margins and operating income meaningfully year-over-year,' Miller said. Truckload revenue decreased 2.7% in Q2 to under $1.1 billion, excluding fuel surcharges and intersegment transactions. Nevertheless, the West Coast import volume decline hit the company's intermodal segment most, prompting a 13.8% revenue decline YoY, Treasurer and SVP of Investor Relations Brad Stewart said on the call. 'As part of our efforts to improve the cost structure, we converted to private chassis in five markets during the quarter, completing an initiative we began early this year,' he said. Meanwhile, LTL is still integrating its acquisition of the less-than-truckload division of Dependable Highway Express as well as digesting costs from recently opened facilities, according to the earnings release. The company could add some new terminals in strategic places to that network this year, Miller said. Other trucking firms reported various challenges in Q2. Heartland Express' operating revenue declined 23% to $210 million. Covenant Logistics Group had flatter revenue for its combined TL segments of expedited and dedicated. 'We believe that general freight market fundamentals are slowly improving, although progress is uneven,' Covenant CEO and Chairman David Parker said in an earnings release, projecting that clearer trade policies in the future could help demand. Recommended Reading Weak demand, oversupply dent Marten Transport's Q2 earnings
Yahoo
20-07-2025
- Business
- Yahoo
A tech billionaire vows to make homeless housing affordable and profitable
A call for proposals to develop a surplus Metro property on the corner of Wilshire and Crenshaw boulevards drew bids from seven heavyweights in the world of homeless housing. Along with big non-profits like Abode, PATH and Bridge Housing, an eighth bidder — one that has yet to produce a single apartment — presented a bold plan to do what none of the others could. Better Angels, a nonprofit founded by a billionaire tech entrepreneur who has turned his attention to homelessness, said it will build 212 affordable units on the property, plus a medical office building, without needing a dime of taxpayer money. Unlike the other bidders, whose proposals rely on tax credits and other government grants, Better Angeles says it will supply 30% of the capital as equity and finance the rest with conventional loans, allowing it to build faster and at much less cost than typical affordable projects. Among several homelessness initiatives launched by its founder, Adam Miller, Better Angels has set out on an ambitious mission to debunk the conventional wisdom that affordable housing can't be produced without taxpayer subsidies. "The goal is to show the way to make money doing affordable housing because we believe that ... the only way you are going to solve the affordable housing crisis is by letting capitalism work," Miller said. With a $300-million investment fund, Miller is trying to lure for-profit developers away from the luxury market and create an opportunity for small-scale developers to think beyond duplexes and ADUs. Concurrently with its Metro proposal, Better Angels is bidding on a project to redevelop a former Kaiser Permanente facility in Pasadena. It proposes a housing and mental health hub with a mix of 300 market rate, affordable and supportive units for formerly homeless people. It also has entered a bid in a Los Angeles Community College District competition for proposals to produce student housing. If selected, it would build a 54-unit apartment near Sunset Junction in Silver Lake for Los Angeles City College students with preference for those in or exiting foster care. Metro and LACCD have announced that winners will be named this summer. Bidding on the Pasadena project closed in May, and a decision is expected sometime this year. Win or lose on those bids, Better Angels is backing two smaller projects that are well on their way to completion. A groundbreaking will be held in later this summer for a 51-unit apartment that will replace an abandoned single-family home in South Los Angeles. Later in the year, permits are expected to be issued for an eight-story, 72-unit building a block from Manchester Avenue in Westchester. Miller promotes his housing model as an alternative to the decades-old system of double subsidies that use tax credits supplemented by other government grants to finance construction and rental subsidies to support ongoing operation. Tax-credit development is slow and costly because the rental subsidies have to be secured before capital can be raised, and the financing can be a years-long process involving competitive applications to multiple agencies. All the while the developer, in most cases a nonprofit homeless services provider, accrues carrying costs for the land. By providing capital up front with the stroke of a pen, Better Angels potentially cuts years off the process. "It's a very uncomplicated structure," said Anthony Gude, lead developer of the Westchester project. "You don't have to use public subsidies. That makes the capital stack simpler and more reliable." Gude said the 72-unit project will cost $15.5 million. At $215,000 per unit, that's roughly a third of the current cost of construction financed with tax credits. But there is a trade-off for the savings in time and cost. Though classified as affordable, the project will not become part of the homeless housing system. To be profitable, its rents will exceed the very low level needed to get people directly off the streets. As part of the approval process, Gude committed to limit rent of 55 units at low income (for people making 80% of area median income) and 15 units at moderate income levels. On average, that would be about $2,000 for the low-income units, he said. While that would be roughly 40% lower than rents in other new high-rise buildings going up in the bustling area just north of LAX, it's well above the very-low income levels required of tax-credit projects. That differential is evident in the applications for Metro's Wilshire/Crenshaw project. Better Angels' Metro proposal would provide 170 units at 80% of the area median income and 42 units at 110% of median, the latter a level commonly known as workforce housing. The seven competing proposals, all using tax-credit financing, would have some units available for people with incomes of only 30% of the median, considered acutely low-income, and most below 60% of the median. André F. Bueno, Better Angels' director of housing and chief investment officer, said the goal is to create new housing with guaranteed affordability that would serve homeless people directly through master leases to nonprofit agencies or, if not master leased, indirectly by renting to people who have federal Section 8 vouchers but can't use them in the competitive rental market. Miller described it as a homeless housing with "downside protection." "We have flexibility to ensure our limited partners get their return," he said. "We're trying to prove out that there is a different better way to do this that is less costly to the government and more effective at creating housing." Miller, who built Cornerstone OnDemand into a global training and development company, turned his focus on philanthropy after its 2021 sale. After forming an organization that supports research seeking solutions on gun control, Miller and his wife Staci Miller turned their attention to homelessness as their primary local mission, creating the STEP Fund, a no-interest, forgivable micro-loan program to help people facing evictions. It has given out 700 loans with a return rate of 65%. In 2023, the Millers incorporated Better Angels United Inc. as the umbrella for several initiatives. It conducts Resource Days around the county to help homeless people connect with services. It also employs a technical team working to create a mobile phone app for outreach workers and a centralized shelter database. After the Los Angeles fires, Better Angels built a resource navigator app and set up a relief fund. Its Affordable Housing Fund is a for-profit subsidiary of Better Angels created to attract capital to develop affordable housing. "We expect the returns on these projects are going to be market rate — double-digit internal rate of return — and we think that is going to encourage a lot of other people to get in this space and build net new affordable housing," Miller said. Miller is planning to promote three types of housing. About 45% of the fund will go to standard new housing construction. Another 20% will be invested with Good River Partners, whose founder Daniel Heimpel aspires to build housing for youths transitioning out of foster care. With the remainder, Miller hopes to partner with housing developer and modular manufacturer SoLa Impact to help longtime South Los Angeles homeowners convert their properties into multi-family apartments. "The idea is not only to create new affordable housing but to provide an opportunity for intergenerational wealth with people in the neighborhoods," Miller said. Gude and Andrew Slocum, who is leading the project in South Los Angeles, said their plans were possible only because of state and local incentives for affordable housing, including Mayor Karen Bass' Executive Order 1 that streamlined approvals. Among the other bonuses, the five-story building in South Los Angeles and the eight-story building in Westchester require only minimal setbacks from the street and no parking. "We needed every lever that was pulled," said Gude. Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week. This story originally appeared in Los Angeles Times. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
04-07-2025
- Sport
- Yahoo
Projecting Gonzaga's Lineup and Rotation After Adding Spanish Guard Mario Saint-Supery
Projecting Gonzaga's Lineup and Rotation After Adding Spanish Guard Mario Saint-Supery originally appeared on Athlon Sports. Mark Few and the Gonzaga Bulldogs made a big splash on Monday, landing a commitment from 6'4 Spanish guard Mario Saint-Supery for the 2025-26 season. Advertisement Saint-Supery has been linked to Gonzaga for over two months, and his arrival in Spokane for Hoopfest over the weekend all but solidified his commitment, even before Gonzaga's press release announcing the signing. The 6'4 guard is the latest in a long line of high profile international additions for Gonzaga, which includes Rui Hachimura, Filip Petrusev, Domantas Sabonis, Przemek Karnowski, Killian Tillie, Joel Ayayi, and Ronny Turiaf among others. Saint-Supery gives Gonzaga another ball-handler to join a new look backcourt that includes Colgate transfer Braeden Smith, Arizona State transfer Adam Miller, Grand Canyon transfer Tyon-Grant Foster, as well as returners Emmanuel Innocenti and Steele Venters. Below is a look at Gonzaga's projected starting lineup and rotation with the team's roster very likely set ahead of the 2025-26 season: Advertisement Projected Starting Lineup C: Graham Ike (17.3 PPG last year) PF: Braden Huff (11 PPG last year) SF: Tyon Grant-Foster (14.8 PPG last year at Grand Canyon) SG: Adam Miller (9.8 PPG last year at Arizona State) PG: Braeden Smith (12.5 PPG in 2023-24 at Colgate) The pairing of Ike and Huff in the starting lineup didn't happen until the final three games of Gonzaga's season, but it worked beautifully. It was done first as a way to counter the size of Saint Mary's in the WCC championship, which resulted in a big win for the Zags. The team deployed the lineup again in a blowout win over Georgia in the first round of the NCAA Tournament, and once more in the team's season-ending loss to eventual runner-up Houston. There's no reason these two won't start together again this upcoming season. Advertisement Grant-Foster didn't perform quite as well last year as he did in his first season at Grand Canyon, when he was named WAC Player of the Year after averaging 20.1 points and 6.1 rebounds, but an early season ankle injury likely had a lot to do with that. For Gonzaga he will slide in nicely into the role filled by Khalif Battle last year as a driving wing who puts pressure on the rim, generates points from the free throw line, and impacts the game defensively with his length and veteran experience. Miller is a well-travelled guard who spent time at Illinois, LSU, and most recently Arizona State, where he averaged 9.8 points while shooting 42.9% from three last year for the Sun Devils. His history as an outside shooter is a bit spotty, but he's always been a good scorer and should fit nicely as a veteran addition for the Zags backcourt. Smith spent last year redshirting as the point guard in waiting behind Nembhard, and the Colgate transfer who averaged 12.5 points and 5.6 assists while winning Patriot League Player of the Year will be an outstanding replacement at the one. Bench/Rotation 6'7 wing Jalen Warley (7.5 PPG in 2023-24 at Florida State) Advertisement 6'7 wing Steele Venters (15.3 PPG in 2022-23 at Eastern Washington) 6'4 guard Mario Saint-Supery (6.3 PPG with BAXI Manresa in Spain) 6'5 guard Emmanuel Innocenti (1.7 PPG last year) 7'0 center Ismaila Diagne (3.4 PPG last year) 6'7 wing Davis Fogle (No. 32 in ESPN Top 100 for 2025 class) 6'10 center Parker Jefferson (No. 164 in 247Sports Composite Rankings for 2025 class) Warley is a point forward type who doesn't do a ton of scoring but is a great facilitator and defender, using his disruptive length and high basketball IQ to make plays. If Steele Venters is healthy the sharpshooter could be a perfect 'addition' to the Zags, after he agonizingly sat two consecutive seasons with knee and foot injuries, respectively. Advertisement Saint-Supery has extremely high upside, but as an international freshman who didn't arrive in Spokane until late June it's unlikely he plays a big role for the Zags right away. As the year goes on the 6'4 guard - who has been likened to Ricky Rubio for his creative passing and fluidity - could start to push for more time on the floor and it wouldn't be a surprise if he's a huge part of the team in 2026-27. Innocenti is very similar stylistically to Warley and best served as a key bench piece for coach Few and the Zags. He provides tenacious on-ball defense and while his offensive game is still developing, the potential is there. Speaking of potential, Diagne showcased incredible upside against Santa Clara late in the regular season, and his tremendous athleticism and size make him an extremely tantalizing piece of this roster, and one who should see more playing time as a sophomore behind the two starting bigs. Fogle is from Anacortes, WA and grew from 6'2 to 6'7 while in high school which ballooned his stock from unheralded high schooler to top 50 prospect. The addition of Grant-Foster could push Fogle into a redshirt situation if he is willing, because the path to playing time in year one is quite blocked. Advertisement Jefferson is a mobile big man prospect with plus floor vision, soft hands, and good footwork around the rim. In other words, the exact type of player Gonzaga has developed extremely well in coach Few's soon-to-be Hall of Fame tenure in Spokane. He's likely a bit player this season, if he doesn't redshirt, but if he puts his time in he could be a future star in Spokane. What's Next Adding Miller and Jefferson filled two key holes for Gonzaga, and Grant-Foster gives them much-needed scoring punch in the backcourt. The final need for the Zags was a young backup point guard, and with Saint-Supery now in the mix it seems quite likely the Bulldogs are done making roster additions for the upcoming season. Related: Gonzaga Basketball 2025-26 Non-Conference Schedule Tracker This story was originally reported by Athlon Sports on Jun 30, 2025, where it first appeared.
Yahoo
03-06-2025
- Business
- Yahoo
This Beloved Bike Brand Is Saved
This Beloved Bike Brand Is Saved originally appeared on BikeMag. There is no getting around the issues plaguing the bike industry today. With brands falling on hard times, closing, and restructuring, we are rarely treated to positive news for the industry. Most recently, the announcement of Revel Bikes' closing, many in the industry were shocked and frustrated, disheartened at the mismanagement of a brand that represented such a different way of doing things. Revel Bikes has created a truly special place for itself in the industry over the years, and the news of its downfall hit harder than Bikes has continuously operated in a very honest and real way. Historically, they didn't overreach in terms of growth; they stuck with what worked and didn't attempt to disrupt the industry in an unrealistic way. That is not to say they are not innovative—just look at the 3D-printed downhill bike or how the brand uses CBF suspension to create some beautifully capable bikes. A truly heartwarming instance of triumph landed in my inbox yesterday while I was riding back from the trailhead. Seeing a new email from Adam Miller, the founder of Why Cycles and Revel Bikes, that began with 'I'm buying back Revel,' I eagerly tapped in to see what the story was. As of this week, Revel Bikes is back to being independently owned and operated by its founder after years of being steered in a strange direction by a private equity owner who didn't understand or appreciate the original vision. But how did Revel Bikes find a point where it needed rescue? Revel began its journey in March 2019 with two mountain bike models centered on Chris Canfield's Canfield Balance Formula (CBF) suspension system. The brand quickly gained traction, becoming known as one of the industry's fastest-growing mountain bike manufacturers. Revel received numerous prestigious 'best of' awards and established a reputation for crafting bikes that their team of enthusiastic riders and engineers themselves wanted to ride. Revel was at the forefront of innovation during its formative years, showcasing projects like a fully 3D-printed carbon downhill concept bike developed in Silicon Valley using the latest in additive manufacturing. It also introduced FusionFiber wheels to the world—an advanced, recyclable, and durable composite rim created in Utah in collaboration with CSS 2021 and 2022, the company made moves and substantial investments to develop a top-tier supply chain, including establishing its facility in Taichung, Taiwan, and relocating carbon frame production to one of Vietnam's leading factories. This groundwork has continually paid off, and is evidenced by the recent launch of three new bikes that exemplify the highest quality the brand has ever offered. A private equity group acquired the company in October 2021, and founder Adam Miller remained involved through the transition, seeing that his passion project and globally recognized bike brand would be in good hands before his official exit in early 2024. 'The private equity firm had a very different vision for Revel than I did,' Miller says. 'They helped us by making heavy investments in manufacturing and supply chain that built world-class infrastructure—something I believe will benefit Revel for years to come. But they also pursued an aggressive growth-at-all-costs model that didn't align with the brand's DNA. High inventory, high overhead, and a rigid financial structure left little room for being nimble and adjusting to the times,' Miller received the news of Revel's decision to cease operations in April 2025 just one day before it was publicly announced. This prompted him to take quick action to re-engage and initiate the process of repurchasing the company he built back in 2019, which was not something he had ever planned on needing to do. 'When funding dried up in a tough macro environment, the company was forced to shut its doors,' Miller continues, 'When I heard the news, there was only one option in my mind, and I decided to step back in.' Miller didn't aim at this repurchase of his brainchild, but Revel means so much to so many. Adam saw the opportunity to breathe new life into the brand and couldn't stomach watching his creation fall from grace. From my experience of working closely with Revel and the team over the years, the news is profoundly moving and instills even more respect for the brand and its operations. Revel is now back under founder control with a clear direction: Make the best, most innovative bikes we can while supporting customers with world-class customer service. With a return to its roots, Adam plans to continue steering Revel with a smart, sustainable business ethos that works for riders and shops. Revel remains headquartered in Carbondale, Colorado, and will continue operating its facility in Taichung, Taiwan. This facility handles product quality control, sourcing, and complete frame and bike assembly, allowing for better oversight and higher-quality products. The company will continue to make innovative carbon full-suspension bikes using the CBF platform and its carbon gravel bike, the Rover. It will also bring back their boutique line of titanium bikes (formerly Why Cycles). 'Collaborating with Revel in the early days to develop the most refined carbon CBF bikes was a project I was truly passionate about. Now, with the original team coming back together, it's exciting to know that the vision will continue — delivering exceptional CBF performance on carbon frames remains the focus, and the future looks stronger than ever,' said Chris Canfield. Even more importantly for customers and retailers, the Taiwan facility enables direct shipping worldwide—bikes and frames shipped straight to riders and shops, with full warranty support, fast lead times, and a stable pricing structure less impacted by unpredictable global tariffs. It's a supply chain built for the long haul. The new Revel will adjust its operations to meet the needs of today's riding and retail environment with significantly improved retail pricing, better than anything seen since before COVID. This means more innovative inventory planning, fewer complete bikes in stock and more nimble assembly capabilities using our Colorado and Taiwan facilities. A refined dealer program will offer frame-only sales with no minimums so that shops can build custom bikes their way. Revel will also emphasize a stronger DTC infrastructure to provide better value and access to riders across the globe. 'This isn't about scaling fast or positioning the brand for resale,' Miller said. 'It's about building a company we're proud of—one that makes the best bikes we can dream of, takes care of its customers around the globe in the best way possible, and sticks around for the long haul. Revel is back, and we're getting to work.' The Ritual A 170mm travel enduro race bike with internal frame storage, loads of modern features, and the best CBF platform yet, is available now. Frames start at $3099, and complete bikes start at $5199. The ReRun Revel's first ebike using the Bosch SX motor, is available for pre-order now with a refundable deposit and will begin shipping to customers in July. Complete builds start at $6999. The Rascal SL This wildly refined and improved version of the bike that put Revel on the map, now made in the best bike factory in the world, with a stiffer, lighter, and better carbon layup, is available now with frames at $2999 and completes at $4999. The Ranger is available in two new colorways with two build kit options and framesets at $2999. Below is an inspiring letter from Adam Miller offers more insight into his decision to resurrect Revel and save what he created. My whole life has been shaped by bicycles. I started tinkering with bikes as a kid, and by the time I was 11, I was running a mini bike business out of my bedroom in Anchorage, Alaska, parting out used bikes and selling them on eBay. A few years later, when I was 14, I landed a job at our local bike shop, and that's when my future in bikes truly grabbed hold. I wasn't just wrenching and changing tires and learning about all sorts of bike companies and business models, I was getting more and more passionate and fascinated by bikes, the people who ride them, and with the kind of community that two wheels can my career evolved, and I started then sold my first company, I was lucky enough to travel all over the world and formed incredible relationships with people in manufacturing, distribution, and everything related to bikes, from factories in Asia to the trails in Colorado to shops across Europe. Those experiences led me to start Revel Bikes in 2015. Over the next four years, I worked on designs and logistics and developed Revel's first two carbon fiber mountain bike models – while also designing fun titanium bikes and running Why Cycles. I was surrounded by an amazing group of designers, engineers, and bike nerds, many of whom were also my roommates. We'd spend long days at the office, and nights in the living room tinkering with prototypes, dreaming about launch dayWhen we finally launched Revel in 2019 with just those two models, it took off faster than we ever imagined. We were just six friends in a warehouse in a small Colorado mountain town, and somehow, our ideas were was never just a company to me – it was a personal mission. We built the bikes we actually wanted to ride, rooted in quality, sustainability, customer service, and a genuine love of riding bikes and being outside in the mountains. I had an absolute blast working crazy hours and running the company for several fantastic years. In late 2021, I sold the company to a private equity group. I believed that with more capital and infrastructure, Revel could grow into something even bigger, while holding on to what made it special. I stayed on for a while to help with the transition, and then I fully stepped away in early 2024 when the company's mission started to deviate from my I left a year ago, I thought and hoped Revel would live on and continue to thrive, but that didn't happen. Last month, I found out, just a day before the public announcement, that Revel was shutting its doors. The employees, the community, the customers…we were all left hanging. This news was truly devastating to me – I had poured my heart into Revel for the better part of a decade, and I couldn't just let it disappear. So I bought Revel back, and now we're here to stay. The business is going to be smaller, leaner, and smarter, and the team and I are more motivated than ever to make Revel what we always knew it could be – a responsive, customer-oriented company with incredible, carefully crafted bikes that we want to ride and we think you will Revel re-emerges, we're planning to stay laser focused on what really matters. This company is not going to chase growth for growth's sake. We're going to create something we're proud of, for the long haul. We'll sell directly to riders, and we'll have a frame-only program for dealers with the hopes of seeing more epic custom builds. My team and I are committed to running everything with the same obsessive attention to detail that started in that bedroom bike shop in Alaska and that put Revel on the map in everyone who stuck with me and this company, thank you. To those just discovering Revel, welcome. We're just getting started, again.- Adam Miller, Founder & CEO, Revel Bikes This story was originally reported by BikeMag on May 21, 2025, where it first appeared. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
