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
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%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%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%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) $1,327 93.4%Net interest loss after losses and recoveries 94 1,422 (1,327) (93.4)% Noninterest income: Warranties and GAP income, net 88 (28) 116 414.3%Other income — 54 (54) (100.0)%Total noninterest income 88 26 62 238.5% Expenses: Compensation and benefits 1,133 2,067 (934) (45.2)%Professional fees 953 647 306 47.3%Software and IT costs 63 729 (666) (91.4)%Interest expense on corporate debt 298 — 298 100.0%Other expenses 419 544 (125) (23.0)%Total expenses 2,866 3,987 (1,121) (28.1)% (Benefit) provision for income taxes from continuing operations (55) 26 (81) (311.5)%ended
June 30, Period from
January 15
through
June 30, Period from
January 1
through
January 14, Six
months
ended
June 30, 2026 2025 2025 2025 Change % Change (in thousands) Interest income (expense)$— $— $(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)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
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
[email protected]
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
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
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) $45,086
ended
June 30, Period from
January 15
through
June 30, Period from
January 1
through
January 14, 2026 2025 2025 Net (loss) income per share attributable to common stockholders, basic: Continuing operations (3.79) (2.98) 24.74 Discontinued operations 0.01 0.10 (0.00)Basic$(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
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
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 $—