Vroom Announces Second Quarter 2026 Results

Rhea-AI Summary

Vroom (Nasdaq: VRM) reported second quarter 2026 results, achieving its first-ever positive net income of $0.6 million and adjusted net income of $1.5 million. Net loss attributable to controlling interest and common shareholders narrowed to approximately $(0.1) million from $(8.5) million a year earlier.

As of June 30, 2026, Vroom reported $99.8 million stockholders' equity, $88.4 million tangible book value and $63.9 million total available liquidity, including $16.4 million cash, $10.5 million warehouse capacity, $27.0 million delayed draw availability and $10.0 million from 2032 Notes. The company exchanged $28.5 million of existing notes for $50.0 million of new Senior Secured Delayed Draw Convertible Notes due 2032. Net interest income after losses and recoveries rose 59.9% year over year to $21.0 million, helped by a 45.3% decline in realized and unrealized losses.

Positive

• First positive net income $0.6m and adjusted net income $1.5m in Q2 2026
• Net loss to common shareholders improved to about $(0.1)m from $(8.5)m YoY
• Net interest income after losses up 59.9% YoY to $21.0m in Q2
• Realized/unrealized losses down 45.3% YoY to $10.7m in Q2
• Total available liquidity $63.9m and stockholders’ equity $99.8m at June 30, 2026
• $28.5m existing notes exchanged for $50.0m new Senior Secured Delayed Draw Convertible Note due 2032

Negative

• Six‑month 2026 net loss to common $(19.7)m versus $30.2m Non‑GAAP Combined income in 2025
• Interest income declined 4.7% YoY in Q2 2026 to $43.6m
• Total noninterest income slightly down 1.7% YoY in Q2 and 20.9% for the six months
• Realized/unrealized losses six months $35.3m, only modestly lower than $37.4m Non‑GAAP Combined 2025
• Interest expense on corporate debt rose 52.3% YoY in Q2 to $1.1m and 68.0% for six months

News Explained

The quarter was profitable on a consolidated basis, but common shareholders still received a reported loss.

Vroom reported second-quarter results for the period ended June 30, 2026; consolidated net income was $0.6 million, but the amount attributable to controlling interest and common shareholders was a loss after reported preferred stock dividends.

Vroom says it emerged from Chapter 11 on January 14, 2025 and applied fresh-start accounting, under which assets and liabilities were recorded at estimated fair values; it therefore states that post-emergence financial statements are not comparable with statements from before that date.

Market Context

The tag-specific earnings record shows an average move of -4.03% across five events. That platform h...

Analysis

The tag-specific earnings record shows an average move of -4.03% across five events. That platform history adds context to this quarterly announcement, while Net Buying insider activity and low short positioning are relevant factors to monitor.

Key Figures

Stockholders' equity: $99.8 million Tangible book value: $88.4 million Total available liquidity: $63.9 million +5 more

8 metrics

Stockholders' equity $99.8 million As of June 30, 2026

Tangible book value $88.4 million As of June 30, 2026

Total available liquidity $63.9 million As of June 30, 2026

Net income $0.6 million Second quarter 2026

Net loss attributable to common shareholders $(0.1) million Second quarter 2026

Adjusted net income $1.5 million Second quarter 2026

Realized and unrealized losses decrease 45.3% Second quarter 2026 versus second quarter 2025

Notes exchanged $28.5 million for $50.0 million Existing notes exchanged for new Senior Secured Delayed Draw Convertible Note due 2032

Previous Earnings Reports

5 past events · Latest: May 14 (Negative)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
May 14	Q1 2026 earnings	Negative	-1.9%	Quarterly loss, updated adjusted loss guidance, and planned note exchange
Mar 26	Q4 2025 earnings	Positive	-5.7%	Improved full-year adjusted loss and post-restructuring balance sheet
Nov 10	Q3 2025 earnings	Positive	-3.9%	Strengthened liquidity and reduced losses despite portfolio mark-to-market headwinds
Aug 07	Q2 2025 earnings	Positive	-0.7%	Improved operating performance and liquidity alongside a continuing quarterly loss
May 14	Q1 2025 earnings	Positive	-7.9%	Completed recapitalization, stronger liquidity, and improved financial position

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Four of five tag-specific earnings events had negative reactions despite positive or improving reported themes; the remaining event also had a negative reaction alongside reported losses.

Key Terms

non-gaap, fresh-start accounting, tangible book value, chapter 11, +1 more

5 terms

non-gaap financial

"Tangible book value is a non-GAAP measure"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

fresh-start accounting financial

"qualifying for the application of fresh-start accounting"

An accounting method used after a company completes a major restructuring or emerges from bankruptcy that resets the values on its balance sheet to current, “fresh” amounts rather than carrying forward old book values. Think of it like wiping a chalkboard clean and writing new asset and debt numbers based on current market value; this can change reported profits, asset lives and equity levels, so investors should treat post-reset results carefully when comparing performance or valuing the business.

tangible book value financial

"$88.4 million tangible book value as of June 30, 2026"

Tangible book value is the accounting measure of a company’s net worth after removing intangible items like goodwill, patents and trademarks, leaving only physical and financial assets minus liabilities. For investors it offers a clearer view of the company’s hard-asset backing per share—like estimating the cash you could get by selling the furniture, machinery and cash in a house—helping gauge downside risk and whether a stock may be cheaply valued.

View in glossary

chapter 11 regulatory

"emerging from a voluntary proceeding under Chapter 11"

Chapter 11 is a U.S. bankruptcy process that lets a financially distressed company keep operating while it reorganizes its debts and business plan under court supervision. Think of it as a formal pause that allows the company to renegotiate payments, shed contracts or assets, and seek a path to profitability instead of being liquidated; investors watch it because it can change the value and priority of claims, equity dilution, or the likelihood of recovery.

convertible note financial

"new Senior Secured Delayed Draw Convertible Note due 2032"

A convertible note is a type of loan that a company gets from investors, which can later be turned into company shares instead of being paid back in cash. It matters because it helps startups raise money quickly without setting a fixed value for the company right away, making it easier to grow and attract investors.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

First Time in Company History Vroom Achieves Positive Net Income and Adjusted Net Income

NEW YORK, Aug. 04, 2026 (GLOBE NEWSWIRE) -- Vroom, Inc. (Nasdaq:VRM) today announced financial results for the second quarter ended June 30, 2026.

HIGHLIGHTS OF SECOND QUARTER 2026

• $99.8 million stockholders' equity as of June 30, 2026 and $88.4 million tangible book value⁽¹⁾ as of June 30, 2026
• $63.9 million consolidated total available liquidity⁽²⁾ as of June 30, 2026, consisting of:
  • $16.4 million cash and cash equivalents
  • $10.5 million of liquidity available to UACC under the warehouse credit facilities
  • $27.0 million of available liquidity from delayed draw facility
  • $10.0 million of available liquidity from 2032 Notes
• $0.6 million net income for the second quarter 2026
• $(0.1) million net loss attributable to controlling interest and common shareholders for the second quarter 2026
• $1.5 million adjusted net income⁽³⁾ for the second quarter 2026
• $12.4 million increase in net loss and $20.6 million decrease in adjusted net loss⁽³⁾ for the trailing twelve months ended June 30, 2026 compared to trailing twelve months ended June 30, 2025
• $28.5 million existing notes exchanged for $50.0 million new Senior Secured Delayed Draw Convertible Note due 2032

(1)	Tangible book value is a non-GAAP measure and represents total stockholders' equity of $99.8 million, excluding intangible assets of $11.4 million as of June 30, 2026.
(2)	Total available liquidity is a non-GAAP measure and represents $16.4 million of unrestricted cash and cash equivalents, as well as $10.5 million of availability from warehouse credit facilities, $27.0 million of availability from delayed draw facility and $10.0 million of availability from 2032 Notes.
(3)	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.

Tom Shortt, Chief Executive Officer of Vroom, said, "In the second quarter of 2026, we achieved positive net income and adjusted net income for the first time in Vroom's history, while continuing to make significant investments in our Next-Generation Technology Platform, driven by improvement in realized and unrealized losses at UACC as we see the benefits of our refreshed internal customer scoring model, which was implemented in 2025. This significant milestone reflects the progress we've made executing our Long-Term Strategic Plan."

Jon Sandison, Chief Financial Officer of Vroom, added, "During the second quarter, we further strengthened our balance sheet by exchanging $28.5 million of existing notes for $50.0 million of new Senior Secured Delayed Draw Convertible Notes due 2032, extending our runway to execute our long-term strategy. We ended the quarter with total available liquidity of $63.9 million, and remain focused on disciplined expense management."

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 three months ended March 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 March 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 three months ended March 31, 2025, (prepared on a Non-GAAP basis) and three months ended March 31, 2026, (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.

SECOND QUARTER 2026 FINANCIAL DISCUSSION

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

		Three Months Ended June 30,
		2026				2025				$ Change				% Change
		(in thousands)
Interest income		$	43,605			$	45,748			$	(2,143	)		(4.7	)%
Interest expense:
Warehouse credit facility			3,396				3,259				137			4.2	%
Securitization debt			8,586				9,883				(1,297	)		(13.1	)%
Total interest expense			11,982				13,142				(1,160	)		(8.8	)%
Net interest income			31,623				32,606				(983	)		(3.0	)%
Realized and unrealized losses, net of recoveries			10,663				19,500				(8,837	)		(45.3	)%
Net interest income after losses and recoveries			20,960				13,106				7,854			59.9	%
Noninterest income:
Servicing income			925				1,259				(334	)		(26.5	)%
Warranties and GAP income, net			3,291				3,645				(354	)		(9.7	)%
CarStory revenue			1,297				1,846				(549	)		(29.7	)%
Other income			3,156				2,067				1,089			52.7	%
Total noninterest income			8,669				8,817				(148	)		(1.7	)%
Expenses:
Compensation and benefits			18,751				21,091				(2,340	)		(11.1	)%
Professional fees			1,984				2,013				(29	)		(1.4	)%
Software and IT costs			3,244				3,420				(176	)		(5.1	)%
Depreciation and amortization			1,482				742				740			99.7	%
Interest expense on corporate debt			1,063				698				365			52.3	%
Other expenses			2,574				2,832				(258	)		(9.1	)%
Total expenses			29,098				30,796				(1,698	)		(5.5	)%
Income (loss) from continuing operations before provision for income taxes			531				(8,873	)			9,404			106.0	%
(Benefit) provision for income taxes from continuing operations			(24	)			59				(83	)		(140.7	)%
Net income (loss) from continuing operations		$	555			$	(8,932	)		$	9,487			106.2	%
Net income from discontinued operations		$	73			$	413			$	(340	)		(82.3	)%
Net income (loss)		$	628			$	(8,519	)		$	9,147			107.4	%
Preferred stock dividends attributable to noncontrolling interests of subsidiary		$	(691	)		$	—			$	(691	)		100.0	%
Net loss attributable to controlling interest and common shareholders		$	(63	)		$	(8,519	)		$	8,456			99.3	%

		Successor									Predecessor				Non-GAAP Combined				Non-GAAP				Non-GAAP
		Six months ended June 30,				Period from January 15 through June 30,					Period from January 1 through January 14,				Six months ended June 30,
		2026				2025					2025				2025				$ Change				% Change
		(in thousands)
Interest income		$	86,081			$	82,905				$	7,183			$	90,088			$	(4,007	)		(4.4	)%
Interest expense:
Warehouse credit facility			6,835				7,877					1,017				8,894				(2,059	)		(23.2	)%
Securitization debt			17,206				16,431					1,178				17,609				(403	)		(2.3	)%
Total interest expense			24,041				24,308					2,195				26,503				(2,462	)		(9.3	)%
Net interest income			62,040				58,597					4,988				63,585				(1,545	)		(2.4	)%
Realized and unrealized losses, net of recoveries			35,346				30,600					6,792				37,392				(2,046	)		(5.5	)%
Net interest income (loss) after losses and recoveries			26,694				27,997					(1,804	)			26,193				501			1.9	%
Noninterest income:
Servicing income			2,064				2,513					192				2,705				(641	)		(23.7	)%
Warranties and GAP income, net			5,977				7,724					307				8,031				(2,054	)		(25.6	)%
CarStory revenue			2,630				4,238					432				4,670				(2,040	)		(43.7	)%
Other income			5,197				4,548					113				4,661				536			11.5	%
Total noninterest income			15,868				19,023					1,044				20,067				(4,199	)		(20.9	)%
Expenses:
Compensation and benefits			37,897				37,158					2,823				39,981				(2,084	)		(5.2	)%
Professional fees			6,504				7,360					297				7,657				(1,153	)		(15.1	)%
Software and IT costs			6,405				5,822					457				6,279				126			2.0	%
Depreciation and amortization			2,822				1,317					1,057				2,374				448			18.9	%
Interest expense on corporate debt			2,275				1,178					176				1,354				921			68.0	%
Impairment charges			—				4,156					—				4,156				(4,156	)		(100.0	)%
Other expenses			4,982				5,202					371				5,573				(591	)		(10.6	)%
Total expenses			60,885				62,193					5,181				67,374				(6,489	)		(9.6	)%
Income (loss) from continuing operations before provision for income taxes			(18,323	)			(15,173	)				(5,941	)			(21,114	)			2,791			13.2	%
Reorganization items, net			—				—					51,036				51,036				(51,036	)		(100.0	)%
(Loss) income from continuing operations before provision for income taxes			(18,323	)			(15,173	)				45,095				29,922				(48,245	)		(161.2	)%
Provision for income taxes from continuing operations			168				209					5				214				(46	)		(21.5	)%
Net (loss) income from continuing operations		$	(18,491	)		$	(15,382	)			$	45,090			$	29,708			$	(48,199	)		(162.2	)%
Net income (loss) from discontinued operations		$	61			$	512				$	(4	)		$	508			$	(447	)		(88.0	)%
Net (loss) income		$	(18,430	)		$	(14,870	)			$	45,086			$	30,216			$	(48,646	)		(161.0	)%
Preferred stock dividends attributable to noncontrolling interests of subsidiary		$	(1,262	)		$	—				$	—			$	—			$	(1,262	)		100.0	%
Net (loss) income attributable to controlling interest and common shareholders		$	(19,692	)		$	(14,870	)			$	45,086			$	30,216			$	(49,908	)		(165.2	)%

Results by Segment

UACC

	Three Months Ended June 30,
	2026				2025				Change				% Change
	(in thousands)
Interest income	$	43,605			$	45,748			$	(2,143	)		(4.7	)%
Interest expense:
Warehouse credit facility		3,396				3,259				137			4.2	%
Securitization debt		8,586				9,883				(1,297	)		(13.1	)%
Total interest expense		11,982				13,142				(1,160	)		(8.8	)%
Net interest income		31,623				32,606				(983	)		(3.0	)%
Realized and unrealized losses, net of recoveries		10,757				20,922				(10,165	)		(48.6	)%
Net interest income after losses and recoveries		20,866				11,684				9,182			78.6	%
Noninterest income:
Servicing income		925				1,259				(334	)		(26.5	)%
Warranties and GAP income, net		3,203				3,673				(470	)		(12.8	)%
Other income		3,119				1,978				1,141			57.7	%
Total noninterest income		7,247				6,910				337			4.9	%
Expenses:
Compensation and benefits		16,352				17,443				(1,091	)		(6.3	)%
Professional fees		989				1,433				(444	)		(31.0	)%
Software and IT costs		3,179				2,688				491			18.3	%
Depreciation and amortization		1,381				628				753			119.9	%
Interest expense on corporate debt		765				698				67			9.6	%
Other expenses		2,053				2,152				(99	)		(4.6	)%
Total expenses		24,719				25,042				(323	)		(1.3	)%
Preferred stock dividends attributable to noncontrolling interests of subsidiary		(691	)			—				(691	)		100.0	%
Adjusted net income (loss)	$	3,993			$	(5,334	)		$	9,327			174.9	%
Stock compensation expense	$	1,139			$	1,106			$	33			3.0	%
Severance	$	151			$	7			$	144			2,057.1	%

	Successor									Predecessor				Non-GAAP Combined				Non-GAAP				Non-GAAP
	Six months ended June 30,				Period from January 15 through June 30,					Period from January 1 through January 14,				Six months ended June 30,
	2026				2025					2025				2025				Change				% Change
					(in thousands)
Interest income	$	86,081			$	82,905				$	7,254			$	90,159			$	(4,078	)		(4.5	)%
Interest expense:
Warehouse credit facility		6,835				7,877					1,017				8,894				(2,059	)		(23.2	)%
Securitization debt		17,206				16,431					1,178				17,609				(403	)		(2.3	)%
Total interest expense		24,041				24,308					2,195				26,503				(2,462	)		(9.3	)%
Net interest income		62,040				58,597					5,059				63,656				(1,616	)		(2.5	)%
Realized and unrealized losses, net of recoveries		35,580				33,612					7,647				41,259				(5,679	)		(13.8	)%
Net interest income (loss) after losses and recoveries		26,460				24,985					(2,588	)			22,397				4,063			18.1	%
Noninterest income:
Servicing income		2,064				2,513					192				2,705				(641	)		(23.7	)%
Warranties and GAP income, net		5,968				7,244					390				7,634				(1,666	)		(21.8	)%
Other income		5,126				4,213					66				4,279				847			19.8	%
Total noninterest income		13,158				13,970					648				14,618				(1,460	)		(10.0	)%
Expenses:
Compensation and benefits		33,089				31,137					2,398				33,535				(446	)		(1.3	)%
Professional fees		4,353				4,502					172				4,674				(321	)		(6.9	)%
Software and IT costs		6,144				4,774					367				5,141				1,003			19.5	%
Depreciation and amortization		2,616				1,107					817				1,924				692			36.0	%
Interest expense on corporate debt		1,526				1,178					85				1,263				263			20.8	%
Impairment charges		—				3,479					—				3,479				(3,479	)		(100.0	)%
Other expenses		4,020				3,822					262				4,084				(64	)		(1.6	)%
Total expenses		51,748				49,999					4,101				54,100				(2,352	)		(4.3	)%
Provision for income taxes from continuing operations		—				39					—				39				(39	)		(100.0	)%
Preferred stock dividends attributable to noncontrolling interests of subsidiary		(1,262	)			—					—				—				(1,262	)		100.0	%
Adjusted net loss	$	(10,983	)		$	(6,168	)			$	(5,910	)		$	(12,078	)		$	1,095			9.1	%
Stock compensation expense	$	2,258			$	1,408				$	127			$	1,535			$	722			47.1	%
Severance	$	151			$	28				$	4			$	32			$	119			370.7	%

CarStory

	Three Months Ended June 30,
	2026				2025				Change				% Change
	(in thousands)
Noninterest income:
CarStory revenue	$	1,297			$	1,846			$	(549	)		(29.7	)%
Other income		37				35				2			5.7	%
Total noninterest income		1,334				1,881				(547	)		(29.1	)%
Expenses:
Compensation and benefits		1,266				1,581				(315	)		(19.9	)%
Professional fees		42				(67	)			109			162.7	%
Software and IT costs		2				3				(1	)		(33.3	)%
Depreciation and amortization		101				114				(13	)		(11.4	)%
Other expenses		102				136				(34	)		(25.0	)%
Total expenses		1,513				1,767				(254	)		(14.4	)%
Provision for income taxes from continuing operations		31				33				(2	)		(6.1	)%
Adjusted net (loss) income	$	(156	)		$	124			$	(280	)		(225.8	)%
Stock compensation expense	$	23			$	43			$	(20	)		(45.9	)%
Severance	$	31			$	—			$	31			100.0	%

	Successor									Predecessor				Non-GAAP Combined				Non-GAAP				Non-GAAP
	Six months ended June 30,				Period from January 15 through June 30,					Period from January 1 through January 14,				Six months ended June 30,
	2026				2025					2025				2025				Change				% Change
	(in thousands)
Noninterest income:
CarStory revenue	$	2,630			$	4,238				$	432			$	4,670			$	(2,040	)		(43.7	)%
Other income		71				97					13				110				(39	)		(35.5	)%
Total noninterest income		2,701				4,335					445				4,780				(2,079	)		(43.5	)%
Expenses:
Compensation and benefits		2,509				2,941					326				3,267				(758	)		(23.2	)%
Professional fees		94				(67	)				13				(54	)			148			274.1	%
Software and IT costs		4				3					2				5				(1	)		(20.0	)%
Depreciation and amortization		206				210					240				450				(244	)		(54.2	)%
Other expenses		195				274					20				294				(99	)		(33.7	)%
Total expenses		3,008				3,361					601				3,962				(954	)		(24.1	)%
Provision for income taxes from continuing operations		57				49					5				54				3			5.6	%
Adjusted net (loss) income	$	(286	)		$	963				$	(153	)		$	810			$	(1,096	)		(135.3	)%
Stock compensation expense	$	47			$	38				$	8			$	46			$	1			2.8	%
Severance	$	31			$	—				$	—			$	—			$	31			100.0	%

Corporate

	Three Months Ended June 30,
	2026				2025				Change				% Change
	(in thousands)
Realized and unrealized losses, net of recoveries	$	(94	)		$	(1,422	)		$	1,327			93.4	%
Net interest loss after losses and recoveries		94				1,422				(1,327	)		(93.4	)%
Noninterest income:
Warranties and GAP income, net		88				(28	)			116			414.3	%
Other income		—				54				(54	)		(100.0	)%
Total noninterest income		88				26				62			238.5	%
Expenses:
Compensation and benefits		1,133				2,067				(934	)		(45.2	)%
Professional fees		953				647				306			47.3	%
Software and IT costs		63				729				(666	)		(91.4	)%
Interest expense on corporate debt		298				—				298			100.0	%
Other expenses		419				544				(125	)		(23.0	)%
Total expenses		2,866				3,987				(1,121	)		(28.1	)%
(Benefit) provision for income taxes from continuing operations		(55	)			26				(81	)		(311.5	)%

	Successor									Predecessor				Non-GAAP Combined				Non-GAAP				Non-GAAP
	Six months ended June 30,				Period from January 15 through June 30,					Period from January 1 through January 14,				Six months ended June 30,
	2026				2025					2025				2025				Change				% Change
	(in thousands)
Interest income (expense)	$	—			$	—				$	(71	)		$	(71	)		$	71			100.0	%
Realized and unrealized losses (gains), net of recoveries		(233	)			(3,012	)				(855	)			(3,867	)			3,633			94.0	%
Net interest income after losses and recoveries		233				3,012					784				3,796				(3,562	)		(93.8	)%
Noninterest (loss) income:
Warranties and GAP income (loss), net		9				480					(83	)			397				(388	)		(97.7	)%
Other income		—				238					34				272				(272	)		(100.0	)%
Total noninterest (loss) income		9				718					(49	)			669				(660	)		(98.7	)%
Expenses:
Compensation and benefits		2,299				3,080					99				3,179				(880	)		(27.7	)%
Professional fees		2,057				2,925					112				3,037				(980	)		(32.3	)%
Software and IT costs		257				1,045					88				1,133				(876	)		(77.3	)%
Interest expense on corporate debt		749				—					91				91				658			723.1	%
Impairment charges		—				677					—				677				(677	)		(100.0	)%
Other expenses		767				1,106					89				1,195				(428	)		(35.8	)%
Total expenses		6,129				8,833					479				9,312				(3,183	)		(34.2	)%
Provision for income taxes from continuing operations		111				121					—				121				(10	)		(8.3	)%

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, available liquidity from the delayed draw facility, and availability from the 2032 Notes. 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 is 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 Six Months Ended June 30, 2025

Our financial results for the periods from January 1, 2025 through January 14, 2025 are referred to as those of the “Predecessor” periods. Our financial results for the periods from January 15, 2025 and thereafter 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 June 30, 2025, separately, management views our operating results for the six months ended June 30, 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 June 30, 2025 against any of the previous or future 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 six months ended June 30, 2025. The combined results for the six months ended June 30, 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 June 30, 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 six months ended June 30, 2026 (prepared on a GAAP basis) and six months ended June 30, 2025 (prepared on a Non-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 income (loss)

We calculate Adjusted net income (loss) as net income (loss) from continuing operations less preferred stock dividends attributable to noncontrolling interests of subsidiary, 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):

		Three Months Ended June 30,
		2026				2025
Net income (loss) from continuing operations		$	555			$	(8,932	)
Preferred stock dividends attributable to noncontrolling interests of subsidiary			(691	)			—
Adjusted to exclude the following:
Stock compensation expense			1,435				1,836
Severance expense			195				367
Adjusted net income (loss)		$	1,494			$	(6,729	)

		Successor									Predecessor				Non-GAAP Combined
		Six months ended June 30,				Period from January 15 through June 30,					Period from January 1 through January 14,				Six months ended June 30,
		2026				2025					2025				2025
						(in thousands)
Net (loss) income from continuing operations		$	(18,491	)		$	(15,382	)			$	45,090			$	29,708
Preferred stock dividends attributable to noncontrolling interests of subsidiary			(1,262	)			—					—				—
Adjusted to exclude the following:
Stock compensation expense			2,862				2,327					144				2,471
Severance expense			195				388					4				392
Bankruptcy costs (prepetition filing and post-emergence)			—				913					—				913
Reorganization items, net			—				—					(51,036	)			(51,036	)
Impairment charges			—				4,156					—				4,156
Adjusted net loss		$	(16,696	)		$	(7,598	)			$	(5,798	)		$	(13,396	)

		Successor			Successor		Successor				Successor			Successor			Successor					Predecessor			Non-GAAP Combined			Predecessor			Predecessor
		Period from April 1 through June 30,			Period from January 1 through March 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,			Three Months Ended December 31,			Three Months Ended September 30,
		2026			2026		2025				2025			2025			2025					2025			2025			2024			2024
Net income (loss) from continuing operations	$	555		$	(19,046	)		$	(11,521	)	$	(27,142	)	$	(8,932	)	$	(6,450	)			$	45,090		$	38,640		$	(36,716	)	$	(37,744	)
Preferred stock dividends attributable to noncontrolling interests of subsidiary		(691	)		(571	)			-			-			-			-					-			-			-			-
Stock compensation expense		1,435			1,427				1,410			1,444			1,836			491					144			635			935			1,244
Severance expense		195			-				-			-			367			21					4			25			287			763
Bankruptcy costs (prepetition filing and post-emergence)		-			-				-			-			-			913					-			913			3,582			-
Reorganization items, net		-			-				-			-			-			-					(51,036	)		(51,036	)		5,564			-
Gain on extinguishment of debt		-			-				-			-			-			-					-			-			-			-
Impairment charges		-			-				-			-			-			4,156					-			4,156			-			2,407
Adjusted net income (loss)		1,494			(18,190	)			(10,111	)		(25,698	)		(6,729	)		(869	)				(5,798	)		(6,667	)		(26,348	)		(33,330	)

Financial Outlook

For the full year 2026 we expect the following updated guidance:

Indirect origination volume⁽⁵⁾: $475 - $515 million
Adjusted net income (loss)⁽³⁾⁽⁴⁾: ($25) - ($30) 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 August 4, 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) guidance, expected continued improvement in credit performance and realized and unrealized losses, expected benefits of our refreshed internal customer scoring model, anticipated performance of recently underwritten loan vintages, the restructuring, including its impact and intended benefits, our strategic initiatives and long-term strategy, expected benefits of our recent debt exchange transactions, future expense management, planned technology investments, future results of operations and financial position, 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, as updated by our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, which are 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 except as required by applicable law.

Investor Relations:

Vroom
Jon Sandison
investors@vroom.com

VROOM, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
		As of June 30,				As of December 31,
		2026				2025
ASSETS
Cash and cash equivalents		$	16,359			$	10,384
Restricted cash (including restricted cash of consolidated VIEs of $58.8 million and $55.8 million, respectively)			58,927				55,914
Finance receivables at fair value (including finance receivables of consolidated VIEs of $785.6 million and $777.0 million, respectively)			807,665				808,636
Interest receivable (including interest receivables of consolidated VIEs of $11.7 million and $12.4 million, respectively)			11,915				12,834
Property and equipment, net			7,708				6,744
Intangible assets, net			11,419				12,370
Operating lease right-of-use assets			5,252				5,792
Other assets (including other assets of consolidated VIEs of $10.0 million and $9.8 million, respectively)			22,100				24,665
Assets from discontinued operations			—				46
Total assets		$	941,345			$	937,385
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY (DEFICIT)
Warehouse credit facilities of consolidated VIEs		$	240,766			$	318,655
Related party line of credit (Note 19)			—				18,500
Long-term debt (including securitization debt of consolidated VIEs of $465.2 million and $393.2 million, respectively)			489,370				423,197
Related party note (Note 19)			40,000				10,000
Operating lease liabilities			8,486				9,142
Other liabilities (including other liabilities of consolidated VIEs of $16.0 million and $15.7 million, respectively)			41,543				41,149
Liabilities from discontinued operations			167				124
Total liabilities			820,332				820,767
Commitments and contingencies (Note 12)
Mezzanine equity:
Preferred units, no par value, 15,000 series A units and 7,500 series B units authorized and issued to noncontrolling interests of subsidiary (Note 13)			21,221				—
Stockholders’ equity:
Common stock, $0.001 par value; 250,000,000 shares authorized as of June 30, 2026 and December 31, 2025, respectively; 5,234,353 and 5,199,641 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively			5				5
Additional paid-in-capital			172,529				169,663
Accumulated deficit			(72,742	)			(53,050	)
Total stockholders’ equity			99,792				116,618
Total liabilities, mezzanine equity and stockholders’ equity		$	941,345			$	937,385

VROOM, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share amounts)
(unaudited)
		Three Months Ended June 30,
		2026				2025
Interest income		$	43,605			$	45,748
Interest expense:
Warehouse credit facility			3,396				3,259
Securitization debt			8,586				9,883
Total interest expense			11,982				13,142
Net interest income			31,623				32,606
Realized and unrealized losses, net of recoveries			10,663				19,500
Net interest income after losses and recoveries			20,960				13,106
Noninterest income:
Servicing income			925				1,259
Warranties and GAP income, net			3,291				3,645
CarStory revenue			1,297				1,846
Other income			3,156				2,067
Total noninterest income			8,669				8,817
Expenses:
Compensation and benefits			18,751				21,091
Professional fees			1,984				2,013
Software and IT costs			3,244				3,420
Depreciation and amortization			1,482				742
Interest expense on corporate debt			1,063				698
Other expenses			2,574				2,832
Total expenses			29,098				30,796
Income (loss) from continuing operations before provision for income taxes			531				(8,873	)
(Benefit) provision for income taxes from continuing operations			(24	)			59
Net income (loss) from continuing operations		$	555			$	(8,932	)
Net income from discontinued operations		$	73			$	413
Net income (loss)		$	628			$	(8,519	)
Preferred stock dividends attributable to noncontrolling interests of subsidiary		$	(691	)		$	—
Net loss attributable to controlling interest and common shareholders		$	(63	)		$	(8,519	)
Net loss per share attributable to common stockholders, continuing operations, basic and diluted		$	(0.02	)		$	(1.73	)
Net income per share attributable to common stockholders, discontinued operations, basic and diluted		$	0.01			$	0.08
Total net loss per share attributable to common stockholders, basic and diluted		$	(0.01	)		$	(1.65	)
Weighted-average number of shares outstanding used to compute net loss per share attributable to common stockholders, basic and diluted			5,214,021				5,174,381

	Successor									Predecessor
	Six months ended June 30,				Period from January 15 through June 30,					Period from January 1 through January 14,
	2026				2025					2025
Interest income	$	86,081			$	82,905				$	7,183
Interest expense:
Warehouse credit facility		6,835				7,877					1,017
Securitization debt		17,206				16,431					1,178
Total interest expense		24,041				24,308					2,195
Net interest income		62,040				58,597					4,988
Realized and unrealized losses, net of recoveries		35,346				30,600					6,792
Net interest income (loss) after losses and recoveries		26,694				27,997					(1,804	)
Noninterest income:
Servicing income		2,064				2,513					192
Warranties and GAP income, net		5,977				7,724					307
CarStory revenue		2,630				4,238					432
Other income		5,197				4,548					113
Total noninterest income		15,868				19,023					1,044
Expenses:
Compensation and benefits		37,897				37,158					2,823
Professional fees		6,504				7,360					297
Software and IT costs		6,405				5,822					457
Depreciation and amortization		2,822				1,317					1,057
Interest expense on corporate debt		2,275				1,178					176
Impairment charges		—				4,156					—
Other expenses		4,982				5,202					371
Total expenses		60,885				62,193					5,181
Loss from continuing operations before reorganization items and provision for income taxes		(18,323	)			(15,173	)				(5,941	)
Reorganization items, net		—				—					51,036
(Loss) income from continuing operations before provision for income taxes		(18,323	)			(15,173	)				45,095
Provision for income taxes from continuing operations		168				209					5
Net (loss) income from continuing operations	$	(18,491	)		$	(15,382	)			$	45,090
Net income (loss) from discontinued operations		61				512					(4	)
Net (loss) income	$	(18,430	)		$	(14,870	)			$	45,086
Preferred stock dividends attributable to noncontrolling interests of subsidiary	$	(1,262	)		$	—				$	—
Net (loss) income attributable to controlling interest and common shareholders	$	(19,692	)		$	(14,870	)			$	45,086

VROOM, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (continued)
(in thousands, except share and per share amounts)
(unaudited)
	Successor									Predecessor
	Six months ended June 30,				Period from January 15 through June 30,					Period from January 1 through January 14,
	2026				2025					2025
Net (loss) income per share attributable to common stockholders, basic:
Continuing operations		(3.79	)			(2.98	)				24.74
Discontinued operations		0.01				0.10					(0.00	)
Basic	$	(3.78	)		$	(2.88	)			$	24.74
Net (loss) income per share attributable to common stockholders, diluted:
Continuing operations		(3.79	)			(2.98	)				23.89
Discontinued operations		0.01				0.10					(0.00	)
Diluted	$	(3.78	)		$	(2.88	)			$	23.89
Weighted-average number of shares outstanding used to compute net (loss) income per share attributable to common stockholders:
Basic		5,207,963				5,169,251					1,822,541
Diluted		5,207,963				5,169,251					1,887,370

VROOM, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
		Successor									Predecessor
		Six months ended June 30,				Period from January 15 through June 30,					Period from January 1 through January 14,
		2026				2025					2025
Operating activities
Net (loss) income from continuing operations		$	(18,491	)		$	(15,382	)			$	45,090
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Impairment charges			—				4,156					—
Depreciation and amortization			2,822				1,317					1,057
Losses on finance receivables and securitization debt, net			43,486				40,357					4,762
Losses on Warranties and GAP			3,474				3,709					407
Stock-based compensation expense			2,862				2,327					144
Amortization of unearned discounts on finance receivables at fair value			—				—					(416	)
Non-cash reorganization items, net			—				—					(51,741	)
Other, net			258				(1,044	)				193
Changes in operating assets and liabilities:
Finance receivables, held for sale
Originations of finance receivables, held for sale			—				—					(14,337	)
Principal payments received on finance receivables, held for sale			—				—					6,481
Other			—				—					169
Interest receivable			919				1,184					(164	)
Other assets			1,159				(1,836	)				5,178
Other liabilities			375				457					(2,627	)
Net cash provided by (used in) operating activities from continuing operations			36,864				35,245					(5,804	)
Net cash provided by (used in) operating activities from discontinued operations			150				(729	)				(207	)
Net cash provided by (used in) operating activities			37,014				34,516					(6,011	)
Investing activities
Finance receivables, held for investment at fair value
Originations of finance receivables, held for investment at fair value			(225,065	)			(223,059	)				—
Principal payments received on finance receivables, held for investment at fair value			172,031				158,482					2,985
Principal payments received on beneficial interests			398				840					147
Purchase of property and equipment			(2,835	)			(3,190	)				(151	)
Net cash (used in) provided by investing activities from continuing operations			(55,471	)			(66,927	)				2,981
Net cash provided by investing activities from discontinued operations			—				637					—
Net cash (used in) provided by investing activities			(55,471	)			(66,290	)				2,981
Financing activities
Proceeds from borrowings under secured financing agreements			225,000				307,780					—
Principal repayment under secured financing agreements			(145,555	)			(120,548	)				(16,676	)
Proceeds from financing of beneficial interests in securitizations			—				16,223					—
Principal repayments of financing of beneficial interests in securitizations			(5,781	)			(6,589	)				(1,028	)
Proceeds from warehouse credit facilities			182,400				182,300					11,900
Repayments of warehouse credit facilities			(260,289	)			(340,196	)				(8,094	)
Proceeds from preferred units issued to noncontrolling interests of subsidiary, net of issuance costs			21,221				—					—
Cash paid for preferred stock dividends attributable to noncontrolling interests of subsidiary			(571	)			—					—
Proceeds from issuance of related party note			11,500				—					—
Other financing activities			(480	)			(1,474	)				—
Net cash provided by (used in) financing activities			27,445				37,496					(13,898	)
Net increase (decrease) in cash, cash equivalents and restricted cash			8,988				5,722					(16,928	)
Cash, cash equivalents and restricted cash at the beginning of period			66,298				61,441					78,369
Cash, cash equivalents and restricted cash at the end of period		$	75,286			$	67,163				$	61,441

VROOM, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
(in thousands)
(unaudited)
Supplemental disclosure of cash flow information:
Cash paid for interest		$	25,137			$	22,067				$	4,534
Cash paid for reorganization items, net		$	—			$	—				$	1,705
Accrued and unpaid preferred stock dividends attributable to noncontrolling interests of subsidiary		$	691			$	—				$	—
Exchange of outstanding debt for 2032 Notes		$	28,500			$	—				$	—
Cash paid for income taxes, net of (refunds)		$	(321	)		$	606				$	—

FAQ

How did Vroom (VRM) perform financially in Q2 2026?

Vroom reported Q2 2026 net income of $0.6 million, its first positive quarter. According to Vroom, adjusted net income was $1.5 million, and net loss attributable to controlling interest and common shareholders narrowed to approximately $(0.1) million from $(8.5) million a year earlier.

What is Vroom’s liquidity position as of June 30, 2026 (VRM)?

Vroom reported $63.9 million in consolidated total available liquidity at June 30, 2026. According to Vroom, this includes $16.4 million cash, $10.5 million warehouse facility availability, $27.0 million delayed draw facility availability and $10.0 million available from 2032 Notes, supporting its ongoing strategic plans.

How did Vroom’s credit performance and losses change in Q2 2026?

Vroom’s realized and unrealized losses, net of recoveries, fell to $10.7 million in Q2 2026 from $19.5 million. According to Vroom, this 45.3% year-over-year reduction improved net interest income after losses by 59.9%, reflecting benefits from its refreshed internal customer scoring model at UACC.

What were Vroom’s equity and tangible book value in Q2 2026 (VRM)?

As of June 30, 2026, Vroom reported $99.8 million in stockholders’ equity and $88.4 million in tangible book value. According to Vroom, tangible book value is calculated by excluding $11.4 million of intangible assets from total stockholders’ equity at quarter end.

What note exchange did Vroom complete related to its 2032 convertible notes?

Vroom exchanged $28.5 million of existing notes for $50.0 million of new Senior Secured Delayed Draw Convertible Notes due 2032. According to Vroom, this transaction strengthened its balance sheet and extended its financial runway to support execution of its long-term strategic plan.

How do Vroom’s Q2 2026 results compare year over year for continuing operations?

Income from continuing operations before taxes improved to $0.5 million in Q2 2026 from a loss of $(8.9) million. According to Vroom, net income from continuing operations was $0.6 million versus a $(8.9) million loss in the prior-year quarter, reflecting reduced losses and lower expenses.

What impact did fresh-start accounting and the Chapter 11 emergence have on Vroom’s comparability?

Vroom’s post-January 14, 2025 financials use fresh‑start accounting, making them not directly comparable to earlier periods. According to Vroom, assets and liabilities were recorded at estimated fair value upon emergence from its Prepackaged Chapter 11 Case, affecting trend analysis and Non‑GAAP Combined 2025 figures.