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Vroom Announces Fourth Quarter and Full Year 2025 Results

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Mar 26, 2026
$116.6 million stockholders' equity as of December 31, 2025

NEW YORK, March 26, 2026 (GLOBE NEWSWIRE) -- Vroom, Inc. (Nasdaq:VRM) today announced financial results for the fourth quarter and fiscal year ended December 31, 2025.

HIGHLIGHTS OF FOURTH QUARTER AND FULL YEAR 2025

  • $116.6 million stockholders' equity as of December 31, 2025 and $104.2 million tangible book value(1) as of December 31, 2025
  • $129.3 million improvement in net loss and $66.0 million improvement in adjusted net loss(2) for full year 2025 compared to 2024
  • $48.7 million consolidated total available liquidity(3) as of December 31, 2025, consisting of:
    • $10.4 million cash and cash equivalents        
    • $11.3 million of liquidity available to UACC under the warehouse credit facilities
    • $27.0 million of available liquidity from delayed draw facility, further strengthening our liquidity position to execute our long-term strategy
  • $22.5 million preferred stock issued by Vroom Automotive LLC to SPE Holdings in January 2026
  • $(49.2) million(2) full year adjusted net loss was favorable compared to our adjusted net loss plan of approximately $(56) million
  • $(11.5) million net loss from continuing operations for the fourth quarter, $(54.0) million net loss from continuing operations for the period from January 15, 2025 to December 31, 2025, and $45.1 million net income from continuing operations for the period January 1, 2025 to January 15, 2025
  • $(10.1) million and $(49.2) million adjusted net loss(2) for the fourth quarter and the Combined full year, respectively
(1)
 Tangible book value is a non-GAAP measure and represents total stockholders' equity of $116.6 million, excluding intangible assets of $12.4 million as of December 31, 2025.
(2) Adjusted net income (loss) is a non-GAAP measure. For definitions and a reconciliation to the most comparable GAAP measure, please see Non-GAAP Financial Measures section below.
(3) Total available liquidity is a non-GAAP measure and represents $10.4 million of unrestricted cash and cash equivalents, as well as $11.3 million of availability from warehouse credit facilities and $27.0 million of availability from delayed draw facility.


Tom Shortt, Chief Executive Officer of Vroom, said, “For full year 2025, our adjusted net loss improved 57% from $115 million to $49 million, a $66 million improvement year over year, driven by our continued focus on our Long-Term Strategic Plan. During 2025, we continued to make tech investments to enhance our dealer and accountholder experiences as well as improve our credit-scoring model.”

Fresh Start Accounting

As a result of emerging from a voluntary proceeding (the “Prepackaged Chapter 11 Case”) under Chapter 11 of the United States Code, 11 U.S.C. §§ 101-1532, as amended from time to time, on January 14, 2025, (the "Effective Date") and qualifying for the application of fresh-start accounting, at the Effective Date, Vroom’s assets and liabilities were recorded at their estimated fair values which, in some cases, are significantly different than amounts included in our financial statements prior to the Effective Date. Accordingly, our consolidated financial statements after the Effective Date are not comparable with our consolidated financial statements on or before that date. References to “Successor” relate to our financial position and results of operations after the Effective Date. References to “Predecessor” refer to our financial position and results of operations on or before the Effective Date.

The combined results (referenced as “Non-GAAP Combined” or “Combined”) for the year ended December 31, 2025, represent the sum of the reported amounts for the Predecessor period from January 1, 2025, through January 14, 2025, and the Successor period from January 15, 2025, through December 31, 2025. These combined results are not considered to be prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and have not been prepared as pro forma results per applicable regulations. The combined operating results do not reflect the actual results we would have achieved absent our emergence from the Prepackaged Chapter 11 Case and are not necessarily indicative of future results. Accordingly, the results for the combined year ended December 31, 2025, (prepared on a Non-GAAP basis) and year ended December 31, 2024, (prepared on a GAAP basis) may not be comparable, particularly for statement of operations line items significantly impacted by the reorganization transactions and the impact of fresh start accounting.

FOURTH QUARTER AND FULL YEAR 2025 FINANCIAL DISCUSSION

All financial comparisons are on a year-over-year basis unless otherwise noted. The following financial information is unaudited.

    Successor       Predecessor        
    Three Months Ended December 31,       Three Months Ended December 31,        
    2025       2024     $ Change  
            (in thousands)        
Interest income   $ 43,916       $ 48,681     $ (4,765 )
                     
Interest expense:                    
Warehouse credit facility     5,163         6,568       (1,405 )
Securitization debt     7,764         8,124       (360 )
Total interest expense     12,927         14,692       (1,765 )
Net interest income     30,989         33,989       (3,000 )
                     
Realized and unrealized losses, net of recoveries     23,457         31,974       (8,517 )
Net interest income after losses and recoveries     7,532         2,015       5,517  
                     
Noninterest income:                    
Servicing income     1,089         1,400       (311 )
Warranties and GAP income (loss), net     3,590         1,737       1,853  
CarStory revenue     1,329         2,828       (1,499 )
Other income     1,905         2,506       (601 )
Total noninterest income     7,913         8,471       (558 )
                     
Expenses:                    
Compensation and benefits     16,777         20,642       (3,865 )
Professional fees     2,973         5,617       (2,644 )
Software and IT costs     2,985         3,065       (80 )
Depreciation and amortization     1,035         7,123       (6,088 )
Interest expense on corporate debt     913         1,285       (372 )
Impairment charges     —         —       —  
Other expenses     2,342         3,443       (1,101 )
Total expenses     27,025         41,175       (14,150 )
                     
Loss from continuing operations before reorganization items and provision for income taxes     (11,580 )       (30,689 )     19,109  
Reorganization items, net     —         (5,564 )     5,564  
Income (loss) from continuing operations before provision for income taxes     (11,580 )       (36,253 )     24,673  
Provision (benefit) for income taxes from continuing operations     (59 )       463       (522 )
Net loss from continuing operations   $ (11,521 )     $ (36,716 )   $ 25,195  
Net income (loss) from discontinued operations   $ 118       $ 140     $ (22 )
Net loss   $ (11,403 )     $ (36,576 )   $ 25,173  



    Successor       Predecessor     Non-GAAP Combined     Predecessor          
    Period from January 15 through December 31,       Period from January 1 through January 14,     Year Ended
December 31,		     Year Ended
December 31,		     Non-GAAP    
    2025       2025     2025     2024     $ Change    
            (in thousands)                
Interest income   $ 171,650       $ 7,183     $ 178,833     $ 201,833     $ (23,000 )  
                                   
Interest expense:                                  
Warehouse credit facility     17,584         1,017       18,601       29,276       (10,675 )  
Securitization debt     32,966         1,178       34,144       30,084       4,060    
Total interest expense     50,550         2,195       52,745       59,360       (6,615 )  
Net interest income     121,100         4,988       126,088       142,473       (16,385 )  
                                   
Realized and unrealized losses, net of recoveries     97,259         6,792       104,051       119,868       (15,817 )  
Net interest income after losses and recoveries     23,841         (1,804 )     22,037       22,605       (568 )  
                                   
Noninterest income:                                  
Servicing income     4,690         192       4,882       6,501       (1,619 )  
Warranties and GAP income (loss), net     14,466         307       14,773       (2,610 )     17,383    
CarStory revenue     6,914         432       7,346       11,610       (4,264 )  
Other income     10,377         113       10,490       10,850       (360 )  
Total noninterest income     36,447         1,044       37,491       26,351       11,140    
                                   
Expenses:                                  
Compensation and benefits     70,222         2,823       73,045       97,293       (24,248 )  
Professional fees     11,871         297       12,168       12,035       133    
Software and IT costs     11,869         457       12,326       15,083       (2,757 )  
Depreciation and amortization     3,350         1,057       4,407       29,086       (24,679 )  
Interest expense on corporate debt     2,797         176       2,973       5,826       (2,853 )  
Impairment charges     4,156         —       4,156       5,159       (1,003 )  
Other expenses     9,775         371       10,146       16,294       (6,148 )  
Total expenses     114,040         5,181       119,221       180,776       (61,555 )  
                                   
Loss from continuing operations before reorganization items and provision for income taxes     (53,752 )       (5,941 )     (59,693 )     (131,820 )     72,127    
Reorganization items, net     —         51,036       51,036       (5,564 )     56,600    
Income (loss) from continuing operations before provision for income taxes     (53,752 )       45,095       (8,657 )     (137,384 )     128,727    
Provision for income taxes from continuing operations     294         5       299       856       (557 )  
Net income (loss) from continuing operations   $ (54,046 )     $ 45,090     $ (8,956 )   $ (138,240 )   $ 129,284    
Net income (loss) from discontinued operations   $ 996       $ (4 )   $ 992     $ (26,884 )   $ 27,876    
Net income (loss)   $ (53,050 )     $ 45,086     $ (7,964 )   $ (165,124 )   $ 157,160    


Results by Segment

UACC

  Successor       Predecessor              
  Three Months Ended December 31,       Three Months Ended December 31,              
  2025       2024     Change     % Change  
          (in thousands)              
Interest income $ 43,916       $ 49,230     $ (5,314 )   (10.8 )%
                         
Interest expense:                        
Warehouse credit facility   5,163         6,568       (1,405 )   (21.4 )%
Securitization debt   7,764         8,124       (360 )   (4.4 )%
Total interest expense   12,927         14,692       (1,765 )   (12.0 )%
Net interest income   30,989         34,538       (3,549 )   (10.3 )%
                         
Realized and unrealized losses, net of recoveries   23,418         21,169       2,249     10.6 %
Net interest income after losses and recoveries   7,571         13,369       (5,798 )   (43.4 )%
                         
Noninterest income:                        
Servicing income   1,089         1,400       (311 )   (22.2 )%
Warranties and GAP income, net   2,971         2,465       506     20.5 %
Other income   1,770         2,068       (298 )   (14.4 )%
Total noninterest income   5,830         5,933       (103 )   (1.7 )%
                         
Expenses:                        
Compensation and benefits   14,485         17,230       (2,745 )   (15.9 )%
Professional fees   1,832         1,180       652     55.3 %
Software and IT costs   2,683         2,349       334     14.2 %
Depreciation and amortization   928         5,527       (4,599 )   (83.2 )%
Interest expense on corporate debt   601         615       (14 )   (2.3 )%
Impairment charges   —         —       —     0.0 %
Other expenses   1,766         1,887       (121 )   (6.4 )%
Total expenses   22,295         28,788       (6,493 )   (22.6 )%
                         
Benefit for income taxes from continuing operations   —         431       (431 )   (100.0 )%
                         
Adjusted net loss $ (7,818 )     $ (8,795 )   $ 977     11.1 %
                         
Stock compensation expense $ 1,076       $ 835     $ 241     28.9 %
Severance $ —       $ 287     $ (287 )   (100.0 )%



  Successor       Predecessor     Non-GAAP Combined     Predecessor     Non-GAAP     Non-GAAP  
  Period from January 15 through December 31,       Period from January 1 through January 14,     Year Ended
December 31,		     Year Ended
December 31,		              
  2025       2025     2025     2024     Change     % Change  
          (in thousands)                    
Interest income $ 171,650       $ 7,254     $ 178,904     $ 203,962     $ (25,058 )     (12.3 )%
                                     
Interest expense:                                    
Warehouse credit facility   17,584         1,017       18,601       29,276       (10,675 )     (36.5 )%
Securitization debt   32,966         1,178       34,144       30,084       4,060       13.5 %
Total interest expense   50,550         2,195       52,745       59,360       (6,615 )     (11.1 )%
Net interest income   121,100         5,059       126,159       144,602       (18,443 )     (12.8 )%
                                     
Realized and unrealized losses, net of recoveries   96,874         7,647       104,521       98,629       5,892       6.0 %
Net interest income (loss) after losses and recoveries   24,226         (2,588 )     21,638       45,973       (24,335 )     (52.9 )%
                                     
Noninterest income:                                    
Servicing income   4,690         192       4,882       6,501       (1,619 )     (24.9 )%
Warranties and GAP income, net   13,070         390       13,460       7,789       5,671       72.8 %
Other income   7,866         66       7,932       8,334       (402 )     (4.8 )%
Total noninterest income   25,626         648       26,274       22,624       3,650       16.1 %
                                     
Expenses:                                    
Compensation and benefits   59,694         2,398       62,092       76,374       (14,282 )     (18.7 )%
Professional fees   7,160         172       7,332       3,506       3,826       109.1 %
Software and IT costs   9,959         367       10,326       10,397       (71 )     (0.7 )%
Depreciation and amortization   2,922         817       3,739       22,683       (18,944 )     (83.5 )%
Interest expense on corporate debt   2,443         85       2,528       2,396       132       5.5 %
Impairment charges   3,479         —       3,479       5,159       (1,680 )     (32.6 )%
Other expenses   7,324         262       7,586       9,457       (1,871 )     (19.8 )%
Total expenses   92,981         4,101       97,082       129,972       (32,890 )     (25.3 )%
                                     
Provision for income taxes from continuing operations   39         —       39       733       (694 )     (94.7 )%
                                     
Adjusted net loss $ (36,065 )     $ (5,910 )   $ (41,975 )   $ (53,447 )   $ 11,472       21.5 %
                                     
Stock compensation expense $ 3,597       $ 127     $ 3,723     $ 2,702     $ 1,021       37.8 %
Severance $ 28       $ 4     $ 31     $ 800     $ (769 )     (96.1 )%


CarStory

  Successor       Predecessor              
  Three Months Ended December 31,       Three Months Ended December 31,              
  2025       2024     Change     % Change  
          (in thousands)
              
Noninterest income:                        
CarStory revenue $ 1,329       $ 2,828     $ (1,499 )     (53.0 )%
Other income   78         130       (52 )     (40.0 )%
Total noninterest income   1,407         2,958       (1,551 )     (52.4 )%
                         
Expenses:                        
Compensation and benefits   1,432         2,491       (1,059 )     (42.5 )%
Professional fees   (123 )       62       (185 )     (298.4 )%
Software and IT costs   1         10       (9 )     (90.0 )%
Depreciation and amortization   107         1,596       (1,489 )     (93.3 )%
Other expenses   75         114       (39 )     (34.2 )%
Total expenses   1,492         4,273       (2,781 )     (65.1 )%
                         
Provision for income taxes from continuing operations   11         32       (21 )     (65.6 )%
                         
Adjusted net income (loss) $ (53 )     $ (1,306 )   $ 1,253       95.9 %
                         
Stock compensation expense $ 43       $ 41     $ 2       5.0 %



  Successor       Predecessor     Non-GAAP Combined     Predecessor     Non-GAAP     Non-GAAP  
  Period from January 15 through December 31,       Period from January 1 through January 14,     Year Ended
December 31,		     Year Ended
December 31,		              
  2025       2025     2025     2024     Change     % Change  
          (in thousands)                    
Noninterest income:                                    
CarStory revenue $ 6,914       $ 432     $ 7,346     $ 11,610     $ (4,264 )     (36.7 )%
Other income   210         13       223       692       (469 )     (67.8 )%
Total noninterest income   7,124         445       7,569       12,302       (4,733 )     (38.5 )%
                                     
Expenses:                                    
Compensation and benefits   5,751         326       6,077       10,293       (4,216 )     (41.0 )%
Professional fees   (298 )       13       (285 )     152       (437 )     (287.5 )%
Software and IT costs   -         2       2       215       (213 )     (99.1 )%
Depreciation and amortization   428         240       668       6,403       (5,735 )     (89.6 )%
Other expenses   449         20       469       414       55       13.3 %
Total expenses   6,330         601       6,931       17,477       (10,546 )     (60.3 )%
                                     
Provision for income taxes from continuing operations   84         5       89       123       (34 )     (27.6 )%
                                     
Adjusted net income (loss) $ 837       $ (153 )   $ 684     $ (4,923 )   $ 5,607       113.9 %
                                     
Stock compensation expense $ 124       $ 8     $ 132     $ 375     $ (244 )     (64.9 )%


Corporate

  Successor       Predecessor              
  Three Months Ended December 31,       Three Months Ended December 31,              
  2025       2024     Change     % Change  
          (in thousands)          
Interest expense $ —       $ (549 )   $ 549       100.0 %
                         
Realized and unrealized losses, net of recoveries   39         10,805       (10,766 )     (99.6 )%
Net interest loss after losses and recoveries   (39 )       (11,354 )     11,315       99.7 %
                         
Noninterest income:                        
Warranties and GAP income, net   619         (728 )     1,347       185.0 %
Other income   57         308       (251 )     (81.5 )%
Total noninterest income   676         (420 )     1,096       261.0 %
                         
Expenses:                        
Compensation and benefits   860         921       (61 )     (6.6 )%
Professional fees   1,264         4,375       (3,111 )     (71.1 )%
Software and IT costs   301         706       (405 )     (57.4 )%
Interest expense on corporate debt   312         670       (358 )     (53.4 )%
Other expenses   501         1,442       (941 )     (65.3 )%
Total expenses   3,238         8,114       (4,876 )     (60.1 )%
                         
Provision for income taxes from continuing operations   (71 )       —       (71 )     100.0 %



  Successor       Predecessor     Non-GAAP Combined     Predecessor     Non-GAAP     Non-GAAP  
  Period from January 15 through December 31,       Period from January 1 through January 14,     Year Ended
December 31,		     Year Ended
December 31,		              
  2025       2025     2025     2024     Change     % Change  
          (in thousands)                    
Interest income (expense) $ —       $ (71 )   $ (71 )   $ (2,129 )   $ 2,058       96.7 %
                                     
Realized and unrealized losses (gains), net of recoveries   385         (855 )     (470 )     21,239       (21,709 )     (102.2 )%
Net interest income after losses and recoveries   (385 )       784       399       (23,368 )     23,767       101.7 %
                                     
Noninterest (loss) income:                                    
Warranties and GAP income (loss), net   1,396         (83 )     1,313       (10,399 )     11,712       112.6 %
Other income   2,301         34       2,335       1,824       511       28.0 %
Total noninterest (loss) income   3,697         (49 )     3,648       (8,575 )     12,223       142.5 %
                                     
Expenses:                                    
Compensation and benefits   4,777         99       4,876       10,626       (5,750 )     (54.1 )%
Professional fees   5,009         112       5,121       8,377       (3,256 )     (38.9 )%
Software and IT costs   1,910         88       1,998       4,471       (2,473 )     (55.3 )%
Interest expense on corporate debt   354         91       445       3,430       (2,985 )     (87.0 )%
Impairment expense   677         —       677       —       677       100.0 %
Other expenses   2,002         89       2,091       6,422       (4,331 )     (67.4 )%
Total expenses   14,729         479       15,208       33,326       (18,118 )     (54.4 )%
                                     
Provision for income taxes from continuing operations   170         —       170       —       170       100.0 %


Non-GAAP Financial Measures

In addition to our results determined in accordance with GAAP, we believe the following non-GAAP financial measures are useful in evaluating our operating performance: Adjusted net income (loss), total available liquidity, and tangible book value.

Adjusted net income (loss) is a supplemental performance measure that our management uses to assess our operating performance and the operating leverage in our business. Because Adjusted net income (loss) facilitates internal comparisons of our historical operating performance on a more consistent basis, we use this measure for business planning purposes.

Tangible book value is calculated as stockholders' equity in accordance with GAAP, after subtracting intangible assets. A reconciliation of stockholders' equity to tangible book value is included above.

Total available liquidity represents unrestricted cash and cash equivalents, availability from warehouse credit facilities and available liquidity from delayed draw facility. A reconciliation of unrestricted cash and cash equivalents to total available liquidity is included above.

These non-GAAP measures have limitations as analytical tools because they do not reflect all of the amounts associated with our results of operations or liquidity as determined in accordance with GAAP. Additionally, they may not be comparable to similarly titled measures of other companies. Other companies, including companies in our industry, may calculate non-GAAP financial measures differently than we do, limiting the usefulness of those measures for those comparative purposes. Because of these limitations, these non-GAAP financial measures should be considered along with other operating and financial performance measures presented in accordance with GAAP. The presentation of these non-GAAP financial measures are not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. We have reconciled these non-GAAP financial measures with the most directly comparable GAAP financial measures elsewhere herein.

Non-GAAP Combined Year Ended December 31, 2025

Our financial results for the periods from January 1, 2025 through January 14, 2025 and the year ended December 31, 2024 are referred to as those of the “Predecessor” periods. Our financial results for the periods from January 15, 2025 through December 31, 2025 and the three months ended December 31, 2025 are referred to as those of the “Successor” periods. Our results of operations as reported in our Consolidated Financial Statements for these periods are prepared in accordance with GAAP. Although GAAP requires that we report our results for the period from January 1, 2025 through January 14, 2025 and the period from January 15, 2025 through December 31, 2025, separately, management views our operating results for the year ended December 31, 2025 by combining the results of the applicable Predecessor and Successor periods because such presentation provides the most meaningful comparison of our results to prior periods. We believe we cannot adequately benchmark the operating results of the period from January 15, 2025 through December 31, 2025 against any of the previous periods reported in our Consolidated Financial Statements without combining it with the period from January 1, 2025 through January 14, 2025 and we do not believe that reviewing the results of this period in isolation would be useful in identifying trends in or reaching conclusions regarding our overall operating performance. Management believes that the key performance metrics for the Successor period when combined with the Predecessor period provide more meaningful comparisons to other periods and are useful in identifying current business trends. Accordingly, in addition to presenting our results of operations as reported in our Consolidated Financial Statements in accordance with GAAP, the tables and discussion below also present the combined results for the year ended December 31, 2025. The combined results for the year ended December 31, 2025 represent the sum of the reported amounts for the Predecessor period from January 1, 2025 through January 14, 2025 and the Successor period from January 15, 2025 through December 31, 2025. These combined results are not considered to be prepared in accordance with GAAP and have not been prepared as pro forma results per applicable regulations. The combined operating results do not reflect the actual results we would have achieved absent our emergence from the Prepackaged Chapter 11 Case and are not necessarily indicative of future results. Accordingly, the results for the combined year ended December 31, 2025 (prepared on a Non-GAAP basis) and year ended December 31, 2024 (prepared on a GAAP basis) may not be comparable, particularly for statement of operations line items significantly impacted by the reorganization transactions and the impact of fresh start accounting.

Adjusted net loss

We calculate Adjusted net loss as net income (loss) from continuing operations adjusted for stock compensation expense, severance expense, bankruptcy costs (which represent professional fees incurred related to the bankruptcy prior to filing of the petition and post-emergence), reorganization items, net (which relate to certain charges incurred during the bankruptcy proceedings, such as legal and professional fees incurred directly as a result of the bankruptcy proceeding, the write-off of deferred financing costs and discount on debt subject to compromise and other related charges), operating lease right-of-use assets impairment and long-lived asset impairment charges.

The following table presents a reconciliation of Adjusted net income (loss) to net income (loss) from continuing operations, which is the most directly comparable GAAP measure (in thousands):

    Successor       Predecessor  
    Three Months Ended December 31,       Three Months Ended December 31,  
    2025       2024  
Net loss from continuing operations   $ (11,521 )     $ (36,716 )
Adjusted to exclude the following:              
Stock compensation expense     1,410         935  
Severance expense     —         287  
Bankruptcy costs (prepetition filing and post-emergence)     —         3,582  
Reorganization items, net     —         5,564  
Impairment charges     —         —  
Adjusted net loss   $ (10,111 )     $ (26,348 )



    Successor       Predecessor     Non-GAAP Combined     Predecessor  
    Period from January 15 through December 31,       Period from January 1 through January 14,     Year Ended
December 31,		     Year Ended
December 31,		  
    2025       2025     2025     2024  
            (in thousands)        
Net income (loss) from continuing operations   $ (54,046 )     $ 45,090     $ (8,956 )   $ (138,240 )
Adjusted to exclude the following:                          
Stock compensation expense     5,181         144       5,325       5,949  
Severance expense     388         4       392       2,735  
Bankruptcy costs (prepetition filing and post-emergence)     913         —       913       3,582  
Reorganization items, net     —         (51,036 )     (51,036 )     5,564  
Impairment charges     4,156         —       4,156       5,159  
Adjusted net loss   $ (43,408 )     $ (5,798 )   $ (49,206 )   $ (115,251 )



    Successor     Successor     Successor     Successor     Successor       Predecessor     Non-GAAP Combined     Predecessor     Predecessor     Predecessor     Predecessor     Predecessor  
    Period from January 1 through December 31,     Period from October 1 through December 31,     Period from July 1 through September 30,     Period from April 1 through June 30,     Period from January 15 through March 31,       Period from January 1 through January 14,     Three Months Ended
March 31,		     Year Ended
December 31,		     Three Months Ended
December 31,		     Three Months Ended
September 30,		     Three Months Ended
June 30,		     Three Months Ended
March 31,		  
    2025     2025     2025     2025     2025       2025     2025     2024     2024     2024     2024     2024  
                                                                           
Net income (loss) from continuing operations   $ (8,956 )   $ (11,521 )   $ (27,142 )   $ (8,932 )   $ (6,450 )     $ 45,090     $ 38,640     $ (138,240 )   $ (36,716 )   $ (37,744 )   $ (19,104 )   $ (44,676 )
Stock compensation expense     5,326       1,410       1,444       1,836       491         144       635       5,949       935       1,244       2,446       1,324  
Severance expense     392       -       -       367       21         4       25       2,735       287       763       1,685       -  
Bankruptcy costs (prepetition filing and post-emergence)     913       -       -       -       913         -       913       3,582       3,582       -       -       -  
Reorganization items, net     (51,036 )     -       -       -       -         (51,036 )     (51,036 )     5,564       5,564       -       -       -  
Gain on extinguishment of debt     -       -       -       -       -         -       -       -       -       -       -       -  
Impairment charges     4,156       -       -       -       4,156         -       4,156       5,159       -       2,407       -       2,752  
Adjusted Net Loss     (49,206 )     (10,111 )     (25,698 )     (6,729 )     (869 )       (5,798 )     (6,667 )     (115,251 )     (26,348 )     (33,330 )     (14,973 )     (40,600 )



Financial Outlook

For the full year 2026 we expect the following results:

  • Indirect origination volume(5): $475 - $515 million
  • Adjusted net income (loss)(2)(4): ($20) - ($25) million

(4) A reconciliation of non-GAAP guidance measures to corresponding GAAP measures for the full year 2026 Financial Outlook is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, the costs and expenses that may be incurred in the future. We have provided a reconciliation of GAAP to non-GAAP financial measures for historical periods in the reconciliation table in the Non-GAAP Financial Measures above.
(5) Represents retail installment sale contracts originated through third-party dealers.

The foregoing estimates are forward-looking statements that reflect the Company’s expectations as of March 26, 2026 and are subject to substantial uncertainty. See “Forward-Looking Statements” below.

About Vroom (Nasdaq: VRM)

Vroom owns and operates United Auto Credit Corporation (UACC), a leading indirect automotive lender serving the independent and franchise dealer market nationwide, and CarStory, a leader in AI-powered analytics and digital services for automotive retail. Prior to January 2024, Vroom also operated an end-to-end ecommerce platform to buy and sell used vehicles. Pursuant to its previously announced Value Maximization Plan, Vroom discontinued its ecommerce operations and used vehicle dealership business.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding our financial outlook for the full year 2026, including expected indirect origination volume and adjusted net income (loss), our internal adjusted net loss plan, the restructuring, including its impact and intended benefits, our strategic initiatives and long-term strategy, planned technology investments, future results of operations and financial position, adjusted net income (loss), our total available liquidity, our liquidity position and the timing of any of the foregoing. These statements are based on management’s current assumptions and are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. For factors that could cause actual results to differ materially from the forward-looking statements in this press release, please see the risks and uncertainties identified under the heading "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025, which is available on our Investor Relations website at ir.vroom.com and on the SEC website at www.sec.gov. All forward-looking statements reflect our beliefs and assumptions only as of the date of this press release. We undertake no obligation to update forward-looking statements to reflect future events or circumstances.

Investor Relations:

Vroom
Jon Sandison
investors@vroom.com 


VROOM, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)

    Successor       Predecessor  
    As of
December 31,		       As of
December 31,		  
    2025       2024  
ASSETS              
Cash and cash equivalents   $ 10,384       $ 29,343  
Restricted cash (including restricted cash of consolidated VIEs of $55.8 million and $48.1 million, respectively)     55,914         49,026  
Finance receivables at fair value (including finance receivables of consolidated VIEs of $777.0 million and $467.3 million, respectively)     808,636         503,848  
Finance receivables held for sale, net (including finance receivables of consolidated VIEs of $0.0 and $310.0 million, respectively)     —         318,192  
Interest receivable (including interest receivables of consolidated VIEs of $12.4 million and $13.3 million, respectively)     12,834         14,067  
Property and equipment, net     6,744         4,064  
Intangible assets, net     12,370         104,869  
Operating lease right-of-use assets     5,792         6,872  
Other assets (including other assets of consolidated VIEs of $9.8 million and $10.8 million, respectively)     24,665         35,472  
Assets from discontinued operations     46         943  
Total assets   $ 937,385       $ 1,066,696  
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)              
Warehouse credit facilities of consolidated VIEs   $ 318,655       $ 359,912  
Related party line of credit (Note 20)     18,500         —  
Long-term debt (including securitization debt of consolidated VIEs of $393.2 million at fair value as of December 31, 2025 and $210.7 million at amortized cost and $142.6 million at fair value as of December 31, 2024)     423,197         381,366  
Related party note (Note 20)     10,000         —  
Operating lease liabilities     9,142         11,065  
Other liabilities (including other liabilities of consolidated VIEs of $15.7 million and $13.8 million, respectively)     41,149         49,699  
Liabilities subject to compromise (Note 6)     —         291,577  
Liabilities from discontinued operations     124         4,022  
Total liabilities     820,767         1,097,641  
Commitments and contingencies (Note 13)              
Stockholders’ equity (deficit):              
Common stock, $0.001 par value; 250,000,000 shares authorized as of December 31, 2025 and 500,000,000 shares authorized as of December 31, 2024; 5,199,641 and 1,822,532 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively     5         2  
Additional paid-in-capital     169,663         2,094,889  
Accumulated deficit     (53,050 )       (2,125,836 )
Total stockholders’ equity (deficit)     116,618         (30,945 )
Total liabilities and stockholders’ equity (deficit)   $ 937,385       $ 1,066,696  


VROOM, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share amounts)
(unaudited)

    Successor       Predecessor  
    Three Months Ended December 31,       Three Months Ended December 31,  
    2025       2024  
Interest income   $ 43,916       $ 48,681  
               
Interest expense:              
Warehouse credit facility     5,163         6,568  
Securitization debt     7,764         8,124  
Total interest expense     12,927         14,692  
Net interest income     30,989         33,989  
               
Realized and unrealized losses, net of recoveries     23,457         31,974  
Net interest income after losses and recoveries     7,532         2,015  
               
Noninterest income:              
Servicing income     1,089         1,400  
Warranties and GAP income, net     3,590         1,737  
CarStory revenue     1,329         2,828  
Other income     1,905         2,506  
Total noninterest income     7,913         8,471  
               
Expenses:              
Compensation and benefits     16,777         20,642  
Professional fees     2,973         5,617  
Software and IT costs     2,985         3,065  
Depreciation and amortization     1,035         7,123  
Interest expense on corporate debt     913         1,285  
Impairment charges     —         —  
Other expenses     2,342         3,443  
Total expenses     27,025         41,175  
               
Loss from continuing operations before reorganization items and provision for income taxes     (11,580 )       (30,689 )
Reorganization items, net     —         (5,564 )
(Loss) income from continuing operations before provision for income taxes     (11,580 )       (36,253 )
Provision for income taxes from continuing operations     (59 )       463  
Net loss from continuing operations   $ (11,521 )     $ (36,716 )
Net income (loss) from discontinued operations   $ 118       $ 140  
Net loss   $ (11,403 )     $ (36,576 )
Net loss per share attributable to common stockholders, continuing operations, basic and diluted   $ (2.22 )     $ (20.15 )
Net income (loss) per share attributable to common stockholders, discontinued operations, basic and diluted   $ 0.02       $ 0.08  
Total net loss per share attributable to common stockholders, basic and diluted   $ (2.19 )     $ (20.07 )
Weighted-average number of shares outstanding used to compute net loss per share attributable to common stockholders, basic and diluted     5,199,628         1,822,293  


VROOM, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (continued)
(in thousands, except share and per share amounts)

  Successor       Predecessor  
  Period from January 15 through December 31,       Period from January 1 through January 14,     Year Ended
December 31,		  
  2025       2025     2024  
Interest income $ 171,650       $ 7,183     $ 201,833  
                   
Interest expense:                  
Warehouse credit facility   17,584         1,017       29,276  
Securitization debt   32,966         1,178       30,084  
Total interest expense   50,550         2,195       59,360  
Net interest income   121,100         4,988       142,473  
                   
Realized and unrealized losses, net of recoveries   97,259         6,792       119,868  
Net interest income (loss) after losses and recoveries   23,841         (1,804 )     22,605  
                   
Noninterest income:                  
Servicing income   4,690         192       6,501  
Warranties and GAP income (loss), net   14,466         307       (2,610 )
CarStory revenue   6,914         432       11,610  
Other income   10,377         113       10,850  
Total noninterest income   36,447         1,044       26,351  
                   
Expenses:                  
Compensation and benefits   70,222         2,823       97,293  
Professional fees   11,871         297       12,035  
Software and IT costs   11,869         457       15,083  
Depreciation and amortization   3,350         1,057       29,086  
Interest expense on corporate debt   2,797         176       5,826  
Impairment charges   4,156         —       5,159  
Other expenses   9,775         371       16,294  
Total expenses   114,040         5,181       180,776  
                   
Loss from continuing operations before reorganization items and provision for income taxes   (53,752 )       (5,941 )     (131,820 )
Reorganization items, net   —         51,036       (5,564 )
(Loss) income from continuing operations before provision for income taxes   (53,752 )       45,095       (137,384 )
Provision for income taxes from continuing operations   294         5       856  
Net income (loss) from continuing operations $ (54,046 )     $ 45,090     $ (138,240 )
Net income (loss) from discontinued operations   996         (4 )   $ (26,884 )
Net (loss) income $ (53,050 )     $ 45,086     $ (165,124 )


  Successor       Predecessor  
  Period from January 15 through December 31,       Period from January 1 through January 14,     Year Ended
December 31,		  
  2025       2025     2024  
Net (loss) income per share attributable to common stockholders, basic:                  
Continuing operations   (10.43 )       24.74       (76.24 )
Discontinued operations   0.19         (0.00 )     (14.83 )
Basic $ (10.24 )     $ 24.74     $ (91.07 )
Net (loss) income per share attributable to common stockholders, diluted:                  
Continuing operations   (10.43 )       23.89       (76.24 )
Discontinued operations   0.19         (0.00 )     (14.83 )
Diluted $ (10.24 )     $ 23.89     $ (91.07 )
Weighted-average number of shares outstanding used to compute net (loss) income per share attributable to common stockholders:                  
Basic   5,184,175         1,822,541       1,813,168  
Diluted   5,184,175         1,887,370       1,813,168  


VROOM, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)

    Successor       Predecessor  
    Period from January 15 through December 31,       Period from January 1 through January 14,     Year Ended
December 31,		  
    2025       2025     2024  
Operating activities                    
Net (loss) income from continuing operations   $ (54,046 )     $ 45,090     $ (138,240 )
Adjustments to reconcile net (loss) income to net cash used in operating activities:                    
Impairment charges     4,156         —       5,159  
Profit share receivable     (554 )       —       11,643  
Depreciation and amortization     3,350         1,057       29,086  
Amortization of debt issuance costs     —         —       4,270  
Losses on finance receivables and securitization debt, net     108,467         4,762       129,601  
Losses on Warranties and GAP     7,000         407       8,020  
Stock-based compensation expense     5,181         144       5,885  
Provision to record finance receivables held for sale at lower of cost or fair value     —         —       (4,618 )
Amortization of unearned discounts on finance receivables at fair value     —         (416 )     (15,924 )
Non-cash reorganization items, net     —         (51,741 )     2,438  
Other, net     (909 )       193       (4,595 )
Changes in operating assets and liabilities:                    
Finance receivables, held for sale                    
Originations of finance receivables, held for sale     —         (14,337 )     (404,203 )
Principal payments received on finance receivables, held for sale     —         6,481       186,799  
Other     —         169       1,642  
Interest receivable     1,397         (164 )     417  
Other assets     7,116         5,178       15,323  
Other liabilities     (3,565 )       (2,627 )     (8,461 )
Net cash provided by (used in) operating activities from continuing operations     77,593         (5,804 )     (175,758 )
Net cash (used in) provided by operating activities from discontinued operations     (2,439 )       (207 )     78,721  
Net cash provided by (used in) operating activities     75,154         (6,011 )     (97,037 )
Investing activities                    
Finance receivables, held for investment at fair value                    
Purchases of finance receivables, held for investment at fair value     (419,742 )       —       —  
Principal payments received on finance receivables, held for investment at fair value     316,753         2,985       115,937  
Principal payments received on beneficial interests     1,240         147       2,433  
Purchase of property and equipment     (7,061 )       (151 )     (3,487 )
Net cash (used in) provided by investing activities from continuing operations     (108,810 )       2,981       114,883  
Net cash provided by investing activities from discontinued operations     637         —       17,692  
Net cash (used in) provided by investing activities     (108,173 )       2,981       132,575  
Financing activities                    
Proceeds from borrowings under secured financing agreements     307,780         —       296,046  
Principal repayment under secured financing agreements     (253,998 )       (16,676 )     (251,529 )
Proceeds from financing of beneficial interests in securitizations     16,223         —       15,821  
Principal repayments of financing of beneficial interests in securitizations     (13,625 )       (1,028 )     (13,428 )
Proceeds from warehouse credit facilities     333,700         11,900       318,600  
Repayments of warehouse credit facilities     (378,763 )       (8,094 )     (379,956 )
Proceeds from issuance of related party note     10,000         —       —  
Proceeds from related party line of credit     18,500         —       —  
Other financing activities     (1,941 )       —       (364 )
Net cash provided by (used in) financing activities from continuing operations     37,876         (13,898 )     (14,810 )
Net cash used in financing activities from discontinued operations     —         —       (151,178 )
Net cash provided by (used in) financing activities     37,876         (13,898 )     (165,988 )
Net increase (decrease) in cash, cash equivalents and restricted cash     4,857         (16,928 )     (130,450 )
Cash, cash equivalents and restricted cash at the beginning of period     61,441         78,369       208,819  
Cash, cash equivalents and restricted cash at the end of period   $ 66,298       $ 61,441     $ 78,369  


VROOM, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
(in thousands)

Supplemental disclosure of cash flow information:                    
Cash paid for interest   $ 47,717       $ 4,534     $ 57,688  
Cash paid for reorganization items, net   $ —       $ 1,705     $ 3,009  
Cash paid for income taxes   $ (137 )     $ —     $ (1,426 )



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Source: Vroom, Inc.