Vroom Announces Third Quarter 2025 Results
Vroom (Nasdaq: VRM) reported third quarter 2025 results for the period ended September 30, 2025, highlighting strengthened liquidity and reduced losses while noting mark-to-market headwinds.
Key figures: $59.2M total available liquidity (including $12.4M cash), $(27.1)M net loss from continuing operations in Q3, $(25.7)M adjusted net loss Q3, $126.6M stockholders' equity and $113.8M tangible book value. Management said full-year adjusted net loss remains roughly $(56)M on plan before recent mark-to-market swings.
Vroom (Nasdaq: VRM) ha riportato i risultati del terzo trimestre 2025 per il periodo chiuso al 30 settembre 2025, evidenziando una liquidità rafforzata e perdite ridotte, pur annotando le avversità legate al mark-to-market.
Principali cifre: $59.2M liquidità disponibile totale (inclusi $12.4M in cassa), $(27.1)M perdita netta dalle operazioni in corso nel Q3, $(25.7)M perdita netta rettificata nel Q3, $126.6M patrimonio netto degli azionisti e $113.8M valore contabile tangibile. La direzione ha affermato che la perdita netta rettificata per l'intero anno rimane approssimativamente $(56)M in linea con il piano prima delle recenti oscillazioni mark-to-market.
Vroom (Nasdaq: VRM) informó los resultados del tercer trimestre de 2025 para el periodo terminado el 30 de septiembre de 2025, destacando una liquidez fortalecida y menores pérdidas, al tiempo que señalaba vientos en contra por el ajuste de valoración.
Cifras clave: $59.2M de liquidez total disponible (incluyendo $12.4M en efectivo), $(27.1)M de pérdida neta de las operaciones continuas en el Q3, $(25.7)M de pérdida neta ajustada en el Q3, $126.6M de patrimonio de los accionistas y $113.8M de valor contable tangible. La dirección dijo que la pérdida neta ajustada para todo el año sigue siendo aproximadamente $(56)M según lo planeado, antes de las recientes oscilaciones de mark-to-market.
Vroom(나스닥: VRM)은 2025년 9월 30일 종료된 기간에 대한 2025년 3분기 실적을 발표하며 유동성 강화와 손실 축소를 강조했고, mark-to-market의 역풍에 주목했습니다.
주요 수치: $59.2M의 총 가용 유동성 (현금 12.4M 포함), $(27.1)M 순손실 지속 운영에서 Q3, $(25.7)M 조정 순손실 Q3, $126.6M 주주자본 및 $113.8M 유형자산 순장부가치입니다. 경영진은 연간 조정 순손실이 대략 $(56)M로 남아 있다고 밝혔습니다, 최근 Mark-to-Market 변동 이전 계획대로.
Vroom (Nasdaq: VRM) a publié les résultats du troisième trimestre 2025 pour la période se terminant le 30 septembre 2025, mettant en évidence une liquidité renforcée et une réduction des pertes tout en relevant des vents défavorables liés au mark-to-market.
Chiffres clés : $59.2M de liquidité disponible totale (dont $12.4M en liquidités), $(27.1)M de perte nette issue des activités continues au T3, $(25.7)M de perte nette ajustée au T3, $126.6M de fonds propres des actionnaires et $113.8M de valeur comptable tangible. La direction a déclaré que la perte nette ajustée pour l'année entière reste approximativement $(56)M comme prévu avant les récentes fluctuations mark-to-market.
Vroom (Nasdaq: VRM) meldete die Ergebnisse des dritten Quartals 2025 für den Zeitraum zum 30. September 2025, wobei eine gestärkte Liquidität und geringere Verluste betont wurden, während Mark-to-Market-Windrichtungen erwähnt wurden.
Schlüsselzahlen: $59.2M Gesamtliquidität (einschließlich $12.4M Bargeld), $(27.1)M Nettoverlust aus fortgeführten Geschäften im Q3, $(25.7)M adjustierter Nettoverlust Q3, $126.6M Eigenkapital der Aktionäre und $113.8M tangible book value. Das Management sagte, der bereinigte Nettoverlust für das Gesamtjahr bleibe grob $(56)M wie geplant vor jüngsten Mark-to-Market-Schwankungen.
Vroom (ناسداك: VRM) أعلن عن نتائج الربع الثالث من عام 2025 للفترة المنتهية في 30 سبتمبر 2025، مع إبراز تعزيز السيولة وتقليل الخسائر مع الإشارة إلى تحديات من جراء قياس القيمة السوقية.
الأرقام الرئيسية: $59.2M إجمالي السيولة المتاحة (بما في ذلك $12.4M نقداً)، $(27.1)M صافي الخسارة من العمليات المستمرة في الربع الثالث، $(25.7)M صافي الخسارة المعدلة للربع الثالث، $126.6M حقوق المساهمين و $113.8M قيمة الدفترية الملموسة. قالت الإدارة إن صافي الخسارة المعدلة للعام كامل لا يزال نحو $(56)M وفق الخطة قبل تقلبات مارك-تو-ماركت الأخيرة.
- Total available liquidity of $59.2M as of September 30, 2025
- Stockholders' equity of $126.6M as of September 30, 2025
- Tangible book value of $113.8M as of September 30, 2025
- $94.3M improvement in net loss (TTM) versus prior year
- $66.8M improvement in adjusted net loss (TTM) versus prior year
- Total expenses down $20.04M in Q3 2025 versus Q3 2024
- Net loss from continuing operations of $(27.1)M in Q3 2025
- Adjusted net loss of $(25.7)M for Q3 2025
- Unfavorable mark-to-market impact of $(15.3)M in Q3 2025
- Interest income declined by $5.384M in Q3 year-over-year
- CarStory revenue down 53.4% year-over-year in Q3 2025
Insights
Vroom shows meaningful loss improvement and modest liquidity but remains loss-making; fresh-start accounting limits comparability.
The company reports improved trailing twelve‑month losses and an adjusted net loss reduction while retaining total available liquidity of
Key dependencies and risks include large mark‑to‑market volatility (a
Watch cash and facility draws closely over the next 1–3 quarters: quarterly changes in cash and available warehouse/delayed draw capacity, subsequent mark‑to‑market movements, and whether adjusted net loss trends meet the year‑end guidance aligned with the original full‑year plan (~
Continued Investment in our Long-Term Strategic Plan
NEW YORK, Nov. 10, 2025 (GLOBE NEWSWIRE) -- Vroom, Inc. (Nasdaq:VRM) today announced financial results for the third quarter ended September 30, 2025.
HIGHLIGHTS OF THIRD QUARTER 2025
$59.2 million consolidated total available liquidity(1) as of September 30, 2025, consisting of:$12.4 million cash and cash equivalents$11.8 million of liquidity available to UACC under the warehouse credit facilities$35.0 million of available liquidity from delayed draw facility, further strengthening our liquidity position to execute our long-term strategy
$(27.1) million net loss from continuing operations for the three months ended September 30, 2025$(25.7) million adjusted net loss(2) for the three months ended September 30, 2025$(15.3) million unfavorable mark-to-market for the three months ended September 30, 2025 on the fair value portfolio$4.5 million favorable mark-to-market year to date on the fair value portfolio
$94.3 million improvement in net loss and$66.8 million improvement in adjusted net loss(2) for the trailing twelve months ended September 30, 2025 compared to trailing twelve months ended September 30, 2024- Stockholders' equity was
$126.6 million as of September 30, 2025 and tangible book value(3) was$113.8 million as of September 30, 2025 - Full year expectations are in line with our original beginning of the year adjusted net loss plan of approximately
$(56) million , prior to favorable mark-to-market movement in Q1 2025, now substantially offset by unfavorable mark-to-market movement in Q3 2025
| (1) | Total available liquidity is a non-GAAP measure and represents |
| (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) | Tangible book value is a non-GAAP measure and represents total stockholders' equity of |
Tom Shortt, Chief Executive Officer of Vroom, said, “In the third quarter of 2025, our net loss and adjusted net loss decreased year-over-year, driven by our continued focus on our Long-Term Strategic Plan. During the third quarter, our team significantly improved our business intelligence engine and modernized our credit decision engine.”
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 condensed consolidated financial statements after the Effective Date are not comparable with our condensed 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 nine months ended September 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 September 30, 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 nine months ended September 30, 2025, (prepared on a Non-GAAP basis) and nine months ended September 30, 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.
THIRD QUARTER 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 September 30, | Three Months Ended September 30, | ||||||||||||
| 2025 | 2024 | $ Change | |||||||||||
| (in thousands) | |||||||||||||
| Interest income | $ | 44,829 | $ | 50,213 | $ | (5,384 | ) | ||||||
| Interest expense: | |||||||||||||
| Warehouse credit facility | 4,544 | 6,251 | (1,707 | ) | |||||||||
| Securitization debt | 8,771 | 9,096 | (325 | ) | |||||||||
| Total interest expense | 13,315 | 15,347 | (2,032 | ) | |||||||||
| Net interest income | 31,514 | 34,866 | (3,352 | ) | |||||||||
| Realized and unrealized losses, net of recoveries | 43,202 | 38,346 | 4,856 | ||||||||||
| Net interest income after losses and recoveries | (11,688 | ) | (3,480 | ) | (8,208 | ) | |||||||
| Noninterest income: | |||||||||||||
| Servicing income | 1,088 | 1,495 | (407 | ) | |||||||||
| Warranties and GAP income (loss), net | 3,152 | 3,917 | (765 | ) | |||||||||
| CarStory revenue | 1,347 | 2,890 | (1,543 | ) | |||||||||
| Other income | 3,924 | 2,419 | 1,505 | ||||||||||
| Total noninterest income | 9,511 | 10,721 | (1,210 | ) | |||||||||
| Expenses: | |||||||||||||
| Compensation and benefits | 16,287 | 25,365 | (9,078 | ) | |||||||||
| Professional fees | 1,538 | 1,587 | (49 | ) | |||||||||
| Software and IT costs | 3,062 | 3,360 | (298 | ) | |||||||||
| Depreciation and amortization | 998 | 7,105 | (6,107 | ) | |||||||||
| Interest expense on corporate debt | 706 | 1,601 | (895 | ) | |||||||||
| Impairment charges | — | 2,407 | (2,407 | ) | |||||||||
| Other expenses | 2,230 | 3,436 | (1,206 | ) | |||||||||
| Total expenses | 24,821 | 44,861 | (20,040 | ) | |||||||||
| Loss from continuing operations before provision for income taxes | (26,998 | ) | (37,620 | ) | 10,622 | ||||||||
| Provision (benefit) for income taxes from continuing operations | 144 | 124 | 20 | ||||||||||
| Net loss from continuing operations | $ | (27,142 | ) | $ | (37,744 | ) | $ | 10,602 | |||||
| Net income (loss) from discontinued operations | $ | 366 | $ | (1,999 | ) | $ | 2,365 | ||||||
| Net loss | $ | (26,776 | ) | $ | (39,743 | ) | $ | 12,967 | |||||
| Successor | Predecessor | Non-GAAP Combined | Predecessor | |||||||||||||||||||
| Period from January 15 through September 30, | Period from January 1 through January 14, | Nine Months Ended September 30, | Nine Months Ended September 30, | Non-GAAP | ||||||||||||||||||
| 2025 | 2025 | 2025 | 2024 | $ Change | ||||||||||||||||||
| (in thousands) | ||||||||||||||||||||||
| Interest income | $ | 127,734 | $ | 7,183 | $ | 134,917 | $ | 153,152 | $ | (18,235 | ) | |||||||||||
| Interest expense: | ||||||||||||||||||||||
| Warehouse credit facility | 12,421 | 1,017 | 13,438 | 22,708 | (9,270 | ) | ||||||||||||||||
| Securitization debt | 25,202 | 1,178 | 26,380 | 21,960 | 4,420 | |||||||||||||||||
| Total interest expense | 37,623 | 2,195 | 39,818 | 44,668 | (4,850 | ) | ||||||||||||||||
| Net interest income | 90,111 | 4,988 | 95,099 | 108,484 | (13,385 | ) | ||||||||||||||||
| Realized and unrealized losses, net of recoveries | 73,802 | 6,792 | 80,594 | 87,894 | (7,300 | ) | ||||||||||||||||
| Net interest income after losses and recoveries | 16,309 | (1,804 | ) | 14,505 | 20,590 | (6,085 | ) | |||||||||||||||
| Noninterest income: | ||||||||||||||||||||||
| Servicing income | 3,601 | 192 | 3,793 | 5,101 | (1,308 | ) | ||||||||||||||||
| Warranties and GAP income (loss), net | 10,876 | 307 | 11,183 | (4,347 | ) | 15,530 | ||||||||||||||||
| CarStory revenue | 5,585 | 432 | 6,017 | 8,782 | (2,765 | ) | ||||||||||||||||
| Other income | 8,472 | 113 | 8,585 | 8,344 | 241 | |||||||||||||||||
| Total noninterest income | 28,534 | 1,044 | 29,578 | 17,880 | 11,698 | |||||||||||||||||
| Expenses: | ||||||||||||||||||||||
| Compensation and benefits | 53,445 | 2,823 | 56,268 | 76,651 | (20,383 | ) | ||||||||||||||||
| Professional fees | 8,898 | 297 | 9,195 | 6,418 | 2,777 | |||||||||||||||||
| Software and IT costs | 8,884 | 457 | 9,341 | 12,018 | (2,677 | ) | ||||||||||||||||
| Depreciation and amortization | 2,315 | 1,057 | 3,372 | 21,963 | (18,591 | ) | ||||||||||||||||
| Interest expense on corporate debt | 1,884 | 176 | 2,060 | 4,541 | (2,481 | ) | ||||||||||||||||
| Impairment charges | 4,156 | — | 4,156 | 5,159 | (1,003 | ) | ||||||||||||||||
| Other expenses | 7,433 | 371 | 7,804 | 12,853 | (5,049 | ) | ||||||||||||||||
| Total expenses | 87,015 | 5,181 | 92,196 | 139,603 | (47,407 | ) | ||||||||||||||||
| Loss from continuing operations before reorganization items and provision for income taxes | (42,172 | ) | (5,941 | ) | (48,113 | ) | (101,133 | ) | 53,020 | |||||||||||||
| Reorganization items, net | — | 51,036 | 51,036 | — | 51,036 | |||||||||||||||||
| Income (loss) from continuing operations before provision for income taxes | (42,172 | ) | 45,095 | 2,923 | (101,133 | ) | 104,056 | |||||||||||||||
| Provision for income taxes from continuing operations | 353 | 5 | 358 | 393 | (35 | ) | ||||||||||||||||
| Net income (loss) from continuing operations | $ | (42,525 | ) | $ | 45,090 | $ | 2,565 | $ | (101,526 | ) | $ | 104,091 | ||||||||||
| Net income (loss) from discontinued operations | $ | 878 | $ | (4 | ) | $ | 874 | $ | (27,024 | ) | $ | 27,898 | ||||||||||
| Net income (loss) | $ | (41,647 | ) | $ | 45,086 | $ | 3,439 | $ | (128,550 | ) | $ | 131,989 | ||||||||||
Results by Segment
UACC
| Successor | Predecessor | |||||||||||||||||
| Three Months Ended September 30, | Three Months Ended September 30, | |||||||||||||||||
| 2025 | 2024 | Change | % Change | |||||||||||||||
| (in thousands) | ||||||||||||||||||
| Interest income | $ | 44,829 | $ | 50,801 | $ | (5,972 | ) | (11.8 | )% | |||||||||
| Interest expense: | ||||||||||||||||||
| Warehouse credit facility | 4,544 | 6,251 | (1,707 | ) | (27.3 | )% | ||||||||||||
| Securitization debt | 8,771 | 9,096 | (325 | ) | (3.6 | )% | ||||||||||||
| Total interest expense | 13,315 | 15,347 | (2,032 | ) | (13.2 | )% | ||||||||||||
| Net interest income | 31,514 | 35,454 | (3,940 | ) | (11.1 | )% | ||||||||||||
| Realized and unrealized losses, net of recoveries | 43,550 | 30,117 | 13,433 | 44.6 | % | |||||||||||||
| Net interest income after losses and recoveries | (12,036 | ) | 5,337 | (17,373 | ) | (325.5 | )% | |||||||||||
| Noninterest income: | ||||||||||||||||||
| Servicing income | 1,088 | 1,495 | (407 | ) | (27.2 | )% | ||||||||||||
| Warranties and GAP income, net | 2,855 | 2,074 | 781 | 37.7 | % | |||||||||||||
| Other income | 1,883 | 1,698 | 185 | 10.9 | % | |||||||||||||
| Total noninterest income | 5,826 | 5,267 | 559 | 10.6 | % | |||||||||||||
| Expenses: | ||||||||||||||||||
| Compensation and benefits | 14,072 | 19,819 | (5,747 | ) | (29.0 | )% | ||||||||||||
| Professional fees | 826 | 875 | (49 | ) | (5.6 | )% | ||||||||||||
| Software and IT costs | 2,502 | 2,346 | 156 | 6.6 | % | |||||||||||||
| Depreciation and amortization | 887 | 5,505 | (4,618 | ) | (83.9 | )% | ||||||||||||
| Interest expense on corporate debt | 664 | 681 | (17 | ) | (2.5 | )% | ||||||||||||
| Impairment charges | — | 2,407 | (2,407 | ) | (100.0 | )% | ||||||||||||
| Other expenses | 1,736 | 1,991 | (255 | ) | (12.8 | )% | ||||||||||||
| Total expenses | 20,687 | 33,624 | (12,937 | ) | (38.5 | )% | ||||||||||||
| Benefit for income taxes from continuing operations | — | 99 | (99 | ) | (100.0 | )% | ||||||||||||
| Adjusted net loss | $ | (25,784 | ) | $ | (19,857 | ) | $ | (5,927 | ) | 29.8 | % | |||||||
| Stock compensation expense | $ | 1,112 | $ | 834 | $ | 278 | 33.3 | % | ||||||||||
| Severance | $ | - | $ | 20 | $ | (20 | ) | (100.0 | )% | |||||||||
| Successor | Predecessor | Non-GAAP Combined | Predecessor | Non-GAAP | Non-GAAP | ||||||||||||||||||||
| Period from January 15 through September 30, | Period from January 1 through January 14, | Nine Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2025 | 2025 | 2025 | 2024 | Change | % Change | ||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||||||
| Interest income | $ | 127,734 | $ | 7,254 | $ | 134,988 | $ | 154,731 | $ | (19,743 | ) | (12.8 | )% | ||||||||||||
| Interest expense: | |||||||||||||||||||||||||
| Warehouse credit facility | 12,421 | 1,017 | 13,438 | 22,708 | (9,270 | ) | (40.8 | )% | |||||||||||||||||
| Securitization debt | 25,202 | 1,178 | 26,380 | 21,960 | 4,420 | 20.1 | % | ||||||||||||||||||
| Total interest expense | 37,623 | 2,195 | 39,818 | 44,668 | (4,850 | ) | (10.9 | )% | |||||||||||||||||
| Net interest income | 90,111 | 5,059 | 95,170 | 110,063 | (14,893 | ) | (13.5 | )% | |||||||||||||||||
| Realized and unrealized losses, net of recoveries | 75,123 | 7,647 | 82,770 | 77,460 | 5,310 | 6.9 | % | ||||||||||||||||||
| Net interest income (loss) after losses and recoveries | 14,988 | (2,588 | ) | 12,400 | 32,603 | (20,203 | ) | (62.0 | )% | ||||||||||||||||
| Noninterest income: | |||||||||||||||||||||||||
| Servicing income | 3,601 | 192 | 3,793 | 5,101 | (1,308 | ) | (25.6 | )% | |||||||||||||||||
| Warranties and GAP income, net | 10,099 | 390 | 10,489 | 5,324 | 5,165 | 97.0 | % | ||||||||||||||||||
| Other income | 6,096 | 66 | 6,162 | 6,266 | (104 | ) | (1.7 | )% | |||||||||||||||||
| Total noninterest income | 19,796 | 648 | 20,444 | 16,691 | 3,753 | 22.5 | % | ||||||||||||||||||
| Expenses: | |||||||||||||||||||||||||
| Compensation and benefits | 45,209 | 2,398 | 47,607 | 59,146 | (11,539 | ) | (19.5 | )% | |||||||||||||||||
| Professional fees | 5,328 | 172 | 5,500 | 2,326 | 3,174 | 136.5 | % | ||||||||||||||||||
| Software and IT costs | 7,276 | 367 | 7,643 | 8,048 | (405 | ) | (5.0 | )% | |||||||||||||||||
| Depreciation and amortization | 1,994 | 817 | 2,811 | 17,156 | (14,345 | ) | (83.6 | )% | |||||||||||||||||
| Interest expense on corporate debt | 1,842 | 85 | 1,927 | 1,781 | 146 | 8.2 | % | ||||||||||||||||||
| Impairment charges | 3,479 | — | 3,479 | 5,159 | (1,680 | ) | (32.6 | )% | |||||||||||||||||
| Other expenses | 5,558 | 262 | 5,820 | 7,569 | (1,749 | ) | (23.1 | )% | |||||||||||||||||
| Total expenses | 70,686 | 4,101 | 74,787 | 101,185 | (26,398 | ) | (26.1 | )% | |||||||||||||||||
| Provision for income taxes from continuing operations | 39 | — | 39 | 301 | (262 | ) | (87.0 | )% | |||||||||||||||||
| Adjusted net loss | $ | (29,913 | ) | $ | (5,910 | ) | $ | (35,823 | ) | $ | (44,652 | ) | $ | 8,829 | 19.8 | % | |||||||||
| Stock compensation expense | $ | 2,521 | $ | 127 | $ | 2,647 | $ | 1,867 | $ | 780 | 41.8 | % | |||||||||||||
| Severance | $ | 28 | $ | 4 | $ | 31 | $ | 513 | $ | (482 | ) | (93.9 | )% | ||||||||||||
CarStory
| Successor | Predecessor | ||||||||||||||||
| Three Months Ended September 30, | Three Months Ended September 30, | ||||||||||||||||
| 2025 | 2024 | Change | % Change | ||||||||||||||
| (in thousands) | |||||||||||||||||
| Noninterest income: | |||||||||||||||||
| CarStory revenue | $ | 1,347 | $ | 2,890 | $ | (1,543 | ) | (53.4 | )% | ||||||||
| Other income | 35 | 199 | (164 | ) | (82.4 | )% | |||||||||||
| Total noninterest income | 1,382 | 3,089 | (1,707 | ) | (55.3 | )% | |||||||||||
| Expenses: | |||||||||||||||||
| Compensation and benefits | 1,378 | 3,127 | (1,749 | ) | (55.9 | )% | |||||||||||
| Professional fees | (108 | ) | (112 | ) | 4 | 3.6 | % | ||||||||||
| Software and IT costs | (4 | ) | 17 | (21 | ) | (123.5 | )% | ||||||||||
| Depreciation and amortization | 111 | 1,600 | (1,489 | ) | (93.1 | )% | |||||||||||
| Other expenses | 100 | 127 | (27 | ) | (21.3 | )% | |||||||||||
| Total expenses | 1,477 | 4,759 | (3,282 | ) | (69.0 | )% | |||||||||||
| Provision for income taxes from continuing operations | 24 | 25 | (1 | ) | (4.0 | )% | |||||||||||
| Adjusted net income (loss) | $ | (72 | ) | $ | (1,636 | ) | $ | 1,564 | 95.6 | % | |||||||
| Stock compensation expense | $ | 47 | $ | 59 | $ | (12 | ) | (20.6 | )% | ||||||||
| Successor | Predecessor | Non-GAAP Combined | Predecessor | Non-GAAP | Non-GAAP | |||||||||||||||||||||
| Period from January 15 through September 30, | Period from January 1 through January 14, | Nine Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
| 2025 | 2025 | 2025 | 2024 | Change | % Change | |||||||||||||||||||||
| (in thousands) | ||||||||||||||||||||||||||
| Noninterest income: | ||||||||||||||||||||||||||
| CarStory revenue | $ | 5,585 | $ | 432 | $ | 6,017 | $ | 8,782 | $ | (2,765 | ) | (31.5 | )% | |||||||||||||
| Other income | 132 | 13 | 145 | 562 | (417 | ) | (74.2 | )% | ||||||||||||||||||
| Total noninterest income | 5,717 | 445 | 6,162 | 9,344 | (3,182 | ) | (34.1 | )% | ||||||||||||||||||
| Expenses: | ||||||||||||||||||||||||||
| Compensation and benefits | 4,319 | 326 | 4,645 | 7,802 | (3,157 | ) | (40.5 | )% | ||||||||||||||||||
| Professional fees | (175 | ) | 13 | (162 | ) | 90 | (252 | ) | (280.0 | )% | ||||||||||||||||
| Software and IT costs | (1 | ) | 2 | 1 | 205 | (204 | ) | (99.5 | )% | |||||||||||||||||
| Depreciation and amortization | 321 | 240 | 561 | 4,807 | (4,246 | ) | (88.3 | )% | ||||||||||||||||||
| Other expenses | 374 | 20 | 394 | 300 | 94 | 31.3 | % | |||||||||||||||||||
| Total expenses | 4,838 | 601 | 5,439 | 13,204 | (7,765 | ) | (58.8 | )% | ||||||||||||||||||
| Provision for income taxes from continuing operations | 73 | 5 | 78 | 92 | (14 | ) | (15.2 | )% | ||||||||||||||||||
| Adjusted net income (loss) | $ | 890 | $ | (153 | ) | $ | 737 | $ | (3,618 | ) | $ | 4,355 | 120.4 | % | ||||||||||||
| Stock compensation expense | $ | 81 | $ | 8 | $ | 89 | $ | 334 | $ | (246 | ) | (73.5 | )% | |||||||||||||
Corporate
| Successor | Predecessor | |||||||||||||||||
| Three Months Ended September 30, | Three Months Ended September 30, | |||||||||||||||||
| 2025 | 2024 | Change | % Change | |||||||||||||||
| (in thousands) | ||||||||||||||||||
| Interest expense | $ | — | $ | (588 | ) | $ | 588 | 100.0 | % | |||||||||
| Realized and unrealized losses, net of recoveries | (348 | ) | 8,229 | (8,577 | ) | (104.2 | )% | |||||||||||
| Net interest loss after losses and recoveries | 348 | (8,817 | ) | 9,165 | 103.9 | % | ||||||||||||
| Noninterest income: | ||||||||||||||||||
| Warranties and GAP income, net | 297 | 1,843 | (1,546 | ) | (83.9 | )% | ||||||||||||
| Other income | 2,006 | 522 | 1,484 | 284.3 | % | |||||||||||||
| Total noninterest income | 2,303 | 2,365 | (62 | ) | (2.6 | )% | ||||||||||||
| Expenses: | ||||||||||||||||||
| Compensation and benefits | 837 | 2,419 | (1,582 | ) | (65.4 | )% | ||||||||||||
| Professional fees | 820 | 824 | (4 | ) | (0.5 | )% | ||||||||||||
| Software and IT costs | 564 | 997 | (433 | ) | (43.4 | )% | ||||||||||||
| Interest expense on corporate debt | 42 | 920 | (878 | ) | (95.4 | )% | ||||||||||||
| Other expenses | 394 | 1,318 | (924 | ) | (70.1 | )% | ||||||||||||
| Total expenses | 2,657 | 6,478 | (3,821 | ) | (59.0 | )% | ||||||||||||
| Provision for income taxes from continuing operations | 120 | — | 120 | 100.0 | % | |||||||||||||
| Successor | Predecessor | Non-GAAP Combined | Predecessor | Non-GAAP | Non-GAAP | ||||||||||||||||||||
| Period from January 15 through September 30, | Period from January 1 through January 14, | Nine Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2025 | 2025 | 2025 | 2024 | Change | % Change | ||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||||||
| Interest income (expense) | $ | — | $ | (71 | ) | $ | (71 | ) | $ | (1,579 | ) | $ | 1,508 | 95.5 | % | ||||||||||
| Realized and unrealized losses (gains), net of recoveries | (1,321 | ) | (855 | ) | (2,176 | ) | 10,434 | (12,610 | ) | (120.9 | )% | ||||||||||||||
| Net interest income after losses and recoveries | 1,321 | 784 | 2,105 | (12,013 | ) | 14,119 | 117.5 | % | |||||||||||||||||
| Noninterest (loss) income: | |||||||||||||||||||||||||
| Warranties and GAP income (loss), net | 777 | (83 | ) | 694 | (9,671 | ) | 10,365 | 107.2 | % | ||||||||||||||||
| Other income | 2,244 | 34 | 2,278 | 1,516 | 762 | 50.2 | % | ||||||||||||||||||
| Total noninterest (loss) income | 3,021 | (49 | ) | 2,972 | (8,155 | ) | 11,127 | 136.4 | % | ||||||||||||||||
| Expenses: | |||||||||||||||||||||||||
| Compensation and benefits | 3,917 | 99 | 4,016 | 9,703 | (5,687 | ) | (58.6 | )% | |||||||||||||||||
| Professional fees | 3,745 | 112 | 3,857 | 4,002 | (145 | ) | (3.6 | )% | |||||||||||||||||
| Software and IT costs | 1,609 | 88 | 1,697 | 3,765 | (2,068 | ) | (54.9 | )% | |||||||||||||||||
| Interest expense on corporate debt | 42 | 91 | 133 | 2,760 | (2,627 | ) | (95.2 | )% | |||||||||||||||||
| Impairment expense | 677 | — | 677 | — | 677 | 100.0 | % | ||||||||||||||||||
| Other expenses | 1,501 | 89 | 1,590 | 4,984 | (3,394 | ) | (68.1 | )% | |||||||||||||||||
| Total expenses | 11,491 | 479 | 11,970 | 25,214 | (13,244 | ) | (52.5 | )% | |||||||||||||||||
| Provision for income taxes from continuing operations | 241 | — | 241 | — | 241 | 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 availability from line of credit secured by residual certificates.
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 Nine Months Ended September 30, 2025
Our financial results for the periods from January 1, 2025 through January 14, 2025 and the three and nine months ended September 30, 2024 are referred to as those of the “Predecessor” periods. Our financial results for the periods from January 15, 2025 through September 30, 2025 and the three months ended September 30, 2025 are referred to as those of the “Successor” periods. Our results of operations as reported in our Condensed 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 September 30, 2025, separately, management views our operating results for the nine months ended September 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 September 30, 2025 against any of the previous periods reported in our Condensed 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 Condensed Consolidated Financial Statements in accordance with GAAP, the tables and discussion below also present the combined results for the nine months ended September 30, 2025. The combined results for the nine months ended September 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 September 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 nine months ended September 30, 2025 (prepared on a Non-GAAP basis) and nine months ended September 30, 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 September 30, | Three Months Ended September 30, | ||||||||
| 2025 | 2024 | ||||||||
| Net loss from continuing operations | $ | (27,142 | ) | $ | (37,744 | ) | |||
| Adjusted to exclude the following: | |||||||||
| Stock compensation expense | 1,444 | 1,244 | |||||||
| Severance expense | — | 763 | |||||||
| Impairment charges | — | 2,407 | |||||||
| Adjusted net loss | $ | (25,698 | ) | $ | (33,330 | ) | |||
| Successor | Predecessor | Non-GAAP Combined | Predecessor | ||||||||||||||
| Period from January 15 through September 30, | Period from January 1 through January 14, | Nine Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2025 | 2025 | 2025 | 2024 | ||||||||||||||
| (in thousands) | |||||||||||||||||
| Net income (loss) from continuing operations | $ | (42,525 | ) | $ | 45,090 | $ | 2,565 | $ | (101,526 | ) | |||||||
| Adjusted to exclude the following: | |||||||||||||||||
| Stock compensation expense | 3,771 | 144 | 3,915 | 5,014 | |||||||||||||
| Severance expense | 388 | 4 | 392 | 2,448 | |||||||||||||
| Bankruptcy costs (post-emergence) | 913 | — | 913 | — | |||||||||||||
| Reorganization items, net | — | (51,036 | ) | (51,036 | ) | — | |||||||||||
| Impairment charges | 4,156 | — | 4,156 | 5,159 | |||||||||||||
| Adjusted net loss | $ | (33,297 | ) | $ | (5,798 | ) | $ | (39,095 | ) | $ | (88,905 | ) | |||||
| Successor | Successor | Successor | Predecessor | Non-GAAP Combined | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | ||||||||||||||||||||||||||||||||
| 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, | Three Months Ended June 30, | Three Months Ended March 31, | Three Months Ended December 31, | ||||||||||||||||||||||||||||||||
| 2025 | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 | 2023 | ||||||||||||||||||||||||||||||||
| Net income (loss) from continuing operations | (27,142 | ) | (8,932 | ) | (6,450 | ) | 45,090 | 38,640 | (36,716 | ) | (37,744 | ) | (19,104 | ) | (44,676 | ) | (26,904 | ) | |||||||||||||||||||||||
| Stock compensation expense | 1,444 | 1,836 | 491 | 144 | 635 | 935 | 1,244 | 2,446 | 1,324 | 1,767 | |||||||||||||||||||||||||||||||
| Severance expense | - | 367 | 21 | 4 | 25 | 287 | 763 | 1,685 | - | - | |||||||||||||||||||||||||||||||
| Bankruptcy costs (post-emergence) | - | - | 913 | - | 913 | 3,582 | - | - | - | - | |||||||||||||||||||||||||||||||
| Reorganization items, net | - | - | - | (51,036 | ) | (51,036 | ) | 5,564 | - | - | - | - | |||||||||||||||||||||||||||||
| Gain on extinguishment of debt | - | - | - | - | - | - | - | - | - | (18,238 | ) | ||||||||||||||||||||||||||||||
| Impairment charges | - | - | 4,156 | - | 4,156 | - | 2,407 | - | 2,752 | - | |||||||||||||||||||||||||||||||
| Adjusted Net Loss | (25,698 | ) | (6,729 | ) | (869 | ) | (5,798 | ) | (6,667 | ) | (26,348 | ) | (33,330 | ) | (14,973 | ) | (40,600 | ) | (43,375 | ) | |||||||||||||||||||||
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 internal adjusted net income plan, the restructuring, including its impact and intended benefits, our strategic initiatives and long-term strategy, future results of operations and financial position, adjusted net income (loss) and our total available liquidity, 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, 2024, 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)
(unaudited)
| Successor | Predecessor | ||||||||
| As of September 30, | As of December 31, | ||||||||
| 2025 | 2024 | ||||||||
| ASSETS | |||||||||
| Cash and cash equivalents | $ | 12,412 | $ | 29,343 | |||||
| Restricted cash (including restricted cash of consolidated VIEs of | 55,026 | 49,026 | |||||||
| Finance receivables at fair value (including finance receivables of consolidated VIEs of | 817,711 | 503,848 | |||||||
| Finance receivables held for sale, net (including finance receivables of consolidated VIEs of | — | 318,192 | |||||||
| Interest receivable (including interest receivables of consolidated VIEs of | 12,825 | 14,067 | |||||||
| Property and equipment, net | 5,636 | 4,064 | |||||||
| Intangible assets, net | 12,846 | 104,869 | |||||||
| Operating lease right-of-use assets | 6,065 | 6,872 | |||||||
| Other assets (including other assets of consolidated VIEs of | 26,667 | 35,472 | |||||||
| Assets from discontinued operations | — | 943 | |||||||
| Total assets | $ | 949,188 | $ | 1,066,696 | |||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | |||||||||
| Warehouse credit facilities of consolidated VIEs | $ | 269,773 | $ | 359,912 | |||||
| Long-term debt (including securitization debt of consolidated VIEs of | 492,144 | 381,366 | |||||||
| Related party note (Note 11) | 10,000 | — | |||||||
| Operating lease liabilities | 9,455 | 11,065 | |||||||
| Other liabilities (including other liabilities of consolidated VIEs of | 41,016 | 49,699 | |||||||
| Liabilities subject to compromise (Note 6) | — | 291,577 | |||||||
| Liabilities from discontinued operations | 188 | 4,022 | |||||||
| Total liabilities | 822,576 | 1,097,641 | |||||||
| Commitments and contingencies (Note 12) | |||||||||
| Stockholders’ equity (deficit): | |||||||||
| Common stock, | 5 | 2 | |||||||
| Additional paid-in-capital | 168,253 | 2,094,889 | |||||||
| Accumulated deficit | (41,646 | ) | (2,125,836 | ) | |||||
| Total stockholders’ equity (deficit) | 126,612 | (30,945 | ) | ||||||
| Total liabilities and stockholders’ equity (deficit) | $ | 949,188 | $ | 1,066,696 | |||||
VROOM, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share amounts)
(unaudited)
| Successor | Predecessor | ||||||||
| Three Months Ended September 30, | Three Months Ended September 30, | ||||||||
| 2025 | 2024 | ||||||||
| Interest income | $ | 44,829 | $ | 50,213 | |||||
| Interest expense: | |||||||||
| Warehouse credit facility | 4,544 | 6,251 | |||||||
| Securitization debt | 8,771 | 9,096 | |||||||
| Total interest expense | 13,315 | 15,347 | |||||||
| Net interest income | 31,514 | 34,866 | |||||||
| Realized and unrealized losses, net of recoveries | 43,202 | 38,346 | |||||||
| Net interest income after losses and recoveries | (11,688 | ) | (3,480 | ) | |||||
| Noninterest income: | |||||||||
| Servicing income | 1,088 | 1,495 | |||||||
| Warranties and GAP income, net | 3,152 | 3,917 | |||||||
| CarStory revenue | 1,347 | 2,890 | |||||||
| Other income | 3,924 | 2,419 | |||||||
| Total noninterest income | 9,511 | 10,721 | |||||||
| Expenses: | |||||||||
| Compensation and benefits | 16,287 | 25,365 | |||||||
| Professional fees | 1,538 | 1,587 | |||||||
| Software and IT costs | 3,062 | 3,360 | |||||||
| Depreciation and amortization | 998 | 7,105 | |||||||
| Interest expense on corporate debt | 706 | 1,601 | |||||||
| Impairment charges | — | 2,407 | |||||||
| Other expenses | 2,230 | 3,436 | |||||||
| Total expenses | 24,821 | 44,861 | |||||||
| Loss from continuing operations before provision for income taxes | (26,998 | ) | (37,620 | ) | |||||
| Provision for income taxes from continuing operations | 144 | 124 | |||||||
| Net loss from continuing operations | $ | (27,142 | ) | $ | (37,744 | ) | |||
| Net income (loss) from discontinued operations | $ | 366 | $ | (1,999 | ) | ||||
| Net loss | $ | (26,776 | ) | $ | (39,743 | ) | |||
| Net loss per share attributable to common stockholders, continuing operations, basic and diluted | $ | (5.22 | ) | $ | (20.88 | ) | |||
| Net income (loss) per share attributable to common stockholders, discontinued operations, basic and diluted | $ | 0.07 | $ | (1.11 | ) | ||||
| Total net loss per share attributable to common stockholders, basic and diluted | $ | (5.15 | ) | $ | (21.99 | ) | |||
| Weighted-average number of shares outstanding used to compute net loss per share attributable to common stockholders, basic and diluted | 5,199,581 | 1,807,398 | |||||||
VROOM, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (continued)
(in thousands, except share and per share amounts)
(unaudited)
| Successor | Predecessor | |||||||||||
| Period from January 15 through September 30, | Period from January 1 through January 14, | Nine Months Ended September 30, | ||||||||||
| 2025 | 2025 | 2024 | ||||||||||
| Interest income | $ | 127,734 | $ | 7,183 | $ | 153,152 | ||||||
| Interest expense: | ||||||||||||
| Warehouse credit facility | 12,421 | 1,017 | 22,708 | |||||||||
| Securitization debt | 25,202 | 1,178 | 21,960 | |||||||||
| Total interest expense | 37,623 | 2,195 | 44,668 | |||||||||
| Net interest income | 90,111 | 4,988 | 108,484 | |||||||||
| Realized and unrealized losses, net of recoveries | 73,802 | 6,792 | 87,894 | |||||||||
| Net interest income (loss) after losses and recoveries | 16,309 | (1,804 | ) | 20,590 | ||||||||
| Noninterest income: | ||||||||||||
| Servicing income | 3,601 | 192 | 5,101 | |||||||||
| Warranties and GAP income (loss), net | 10,876 | 307 | (4,347 | ) | ||||||||
| CarStory revenue | 5,585 | 432 | 8,782 | |||||||||
| Other income | 8,472 | 113 | 8,344 | |||||||||
| Total noninterest income | 28,534 | 1,044 | 17,880 | |||||||||
| Expenses: | ||||||||||||
| Compensation and benefits | 53,445 | 2,823 | 76,651 | |||||||||
| Professional fees | 8,898 | 297 | 6,418 | |||||||||
| Software and IT costs | 8,884 | 457 | 12,018 | |||||||||
| Depreciation and amortization | 2,315 | 1,057 | 21,963 | |||||||||
| Interest expense on corporate debt | 1,884 | 176 | 4,541 | |||||||||
| Impairment charges | 4,156 | — | 5,159 | |||||||||
| Other expenses | 7,433 | 371 | 12,853 | |||||||||
| Total expenses | 87,015 | 5,181 | 139,603 | |||||||||
| Loss from continuing operations before reorganization items and provision for income taxes | (42,172 | ) | (5,941 | ) | (101,133 | ) | ||||||
| Reorganization items, net | — | 51,036 | — | |||||||||
| (Loss) income from continuing operations before provision for income taxes | (42,172 | ) | 45,095 | (101,133 | ) | |||||||
| Provision for income taxes from continuing operations | 353 | 5 | 393 | |||||||||
| Net income (loss) from continuing operations | $ | (42,525 | ) | $ | 45,090 | $ | (101,526 | ) | ||||
| Net income (loss) from discontinued operations | 878 | (4 | ) | (27,024 | ) | |||||||
| Net (loss) income | $ | (41,647 | ) | $ | 45,086 | $ | (128,550 | ) | ||||
| Successor | Predecessor | |||||||||||
| Period from January 15 through September 30, | Period from January 1 through January 14, | Nine Months Ended September 30, | ||||||||||
| 2025 | 2025 | 2024 | ||||||||||
| Net (loss) income per share attributable to common stockholders, basic: | ||||||||||||
| Continuing operations | (8.21 | ) | 24.74 | (56.38 | ) | |||||||
| Discontinued operations | 0.17 | (0.00 | ) | (15.01 | ) | |||||||
| Basic | $ | (8.04 | ) | $ | 24.74 | $ | (71.39 | ) | ||||
| Net (loss) income per share attributable to common stockholders, diluted: | ||||||||||||
| Continuing operations | (8.21 | ) | 23.89 | (56.38 | ) | |||||||
| Discontinued operations | 0.17 | (0.00 | ) | (15.01 | ) | |||||||
| Diluted | $ | (8.04 | ) | $ | 23.89 | $ | (71.39 | ) | ||||
| Weighted-average number of shares outstanding used to compute net (loss) income per share attributable to common stockholders: | ||||||||||||
| Basic | 5,179,023 | 1,822,541 | 1,800,729 | |||||||||
| Diluted | 5,179,023 | 1,887,371 | 1,800,729 | |||||||||
VROOM, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
| Successor | Predecessor | ||||||||||||
| Period from January 15 through September 30, | Period from January 1 through January 14, | Nine Months Ended September 30, | |||||||||||
| 2025 | 2025 | 2024 | |||||||||||
| Operating activities | |||||||||||||
| Net (loss) income from continuing operations | $ | (42,525 | ) | $ | 45,090 | $ | (101,526 | ) | |||||
| Adjustments to reconcile net (loss) income to net cash used in operating activities: | |||||||||||||
| Impairment charges | 4,156 | — | 5,159 | ||||||||||
| Profit share receivable | (260 | ) | — | 10,899 | |||||||||
| Depreciation and amortization | 2,315 | 1,057 | 21,963 | ||||||||||
| Losses on finance receivables and securitization debt, net | 85,752 | 4,762 | 96,556 | ||||||||||
| Losses on Warranties and GAP | 5,416 | 407 | 6,226 | ||||||||||
| Stock-based compensation expense | 3,771 | 144 | 4,949 | ||||||||||
| Provision to record finance receivables held for sale at lower of cost or fair value | — | — | (3,586 | ) | |||||||||
| Amortization of unearned discounts on finance receivables at fair value | — | (416 | ) | (12,674 | ) | ||||||||
| Non-cash reorganization items, net | — | (51,741 | ) | — | |||||||||
| Other, net | (967 | ) | 193 | (534 | ) | ||||||||
| Changes in operating assets and liabilities: | |||||||||||||
| Finance receivables, held for sale | |||||||||||||
| Originations of finance receivables, held for sale | — | (14,337 | ) | (322,967 | ) | ||||||||
| Principal payments received on finance receivables, held for sale | — | 6,481 | 133,920 | ||||||||||
| Other | — | 169 | 1,243 | ||||||||||
| Interest receivable | 1,406 | (164 | ) | 460 | |||||||||
| Other assets | 1,336 | 5,178 | 13,955 | ||||||||||
| Other liabilities | (4,046 | ) | (2,627 | ) | (8,197 | ) | |||||||
| Net cash provided by (used in) operating activities from continuing operations | 56,354 | (5,804 | ) | (154,154 | ) | ||||||||
| Net cash (used in) provided by operating activities from discontinued operations | (2,446 | ) | (207 | ) | 79,257 | ||||||||
| Net cash provided by (used in) operating activities | 53,908 | (6,011 | ) | (74,897 | ) | ||||||||
| Investing activities | |||||||||||||
| Finance receivables, held for investment at fair value | |||||||||||||
| Purchases of finance receivables, held for investment at fair value | (319,736 | ) | — | — | |||||||||
| Principal payments received on finance receivables, held for investment at fair value | 239,198 | 2,985 | 92,217 | ||||||||||
| Principal payments received on beneficial interests | 1,135 | 147 | 1,953 | ||||||||||
| Purchase of property and equipment | (5,394 | ) | (151 | ) | (2,111 | ) | |||||||
| Net cash (used in) provided by investing activities from continuing operations | (84,797 | ) | 2,981 | 92,059 | |||||||||
| Net cash provided by investing activities from discontinued operations | 637 | — | 15,908 | ||||||||||
| Net cash (used in) provided by investing activities | (84,160 | ) | 2,981 | 107,967 | |||||||||
| Financing activities | |||||||||||||
| Proceeds from borrowings under secured financing agreements | 307,780 | — | 296,145 | ||||||||||
| Principal repayment under secured financing agreements | (191,617 | ) | (16,676 | ) | (194,746 | ) | |||||||
| Proceeds from financing of beneficial interests in securitizations | 16,223 | — | 15,821 | ||||||||||
| Principal repayments of financing of beneficial interests in securitizations | (10,335 | ) | (1,028 | ) | (9,958 | ) | |||||||
| Proceeds from warehouse credit facilities | 256,000 | 11,900 | 257,200 | ||||||||||
| Repayments of warehouse credit facilities | (349,945 | ) | (8,094 | ) | (356,656 | ) | |||||||
| Proceeds from issuance of related party note | 10,000 | — | — | ||||||||||
| Other financing activities | (1,857 | ) | — | (356 | ) | ||||||||
| Net cash provided by (used in) financing activities from continuing operations | 36,249 | (13,898 | ) | 7,450 | |||||||||
| Net cash used in financing activities from discontinued operations | — | — | (151,178 | ) | |||||||||
| Net cash provided by (used in) financing activities | 36,249 | (13,898 | ) | (143,728 | ) | ||||||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | 5,997 | (16,928 | ) | (110,658 | ) | ||||||||
| 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 | $ | 67,438 | $ | 61,441 | $ | 98,161 | |||||||
VROOM, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
(in thousands)
(unaudited)
| Supplemental disclosure of cash flow information: | |||||||||||||
| Cash paid for interest | $ | 35,078 | $ | 4,534 | $ | 43,669 | |||||||
| Cash paid for reorganization items, net | $ | — | $ | 1,705 | $ | — | |||||||
| Cash paid for income taxes | $ | — | $ | — | $ | 351 | |||||||
FAQ
What liquidity did Vroom (VRM) report on November 10, 2025 for Q3 2025?
What was Vroom's net loss and adjusted net loss for Q3 2025 (VRM)?
How did mark-to-market movements affect Vroom's Q3 2025 results (VRM)?
What equity and tangible book value did Vroom (VRM) report at September 30, 2025?
Did Vroom (VRM) change its full-year adjusted net loss expectation in Q3 2025?
How material were year-over-year expense changes for Vroom's UACC segment in Q3 2025?
