Vroom Announces Fourth Quarter and Full Year 2025 Results

Written by Customer Service on March 26, 2026. Posted in Earnings Releases And Operating Results.

$116.6 million stockholders’ equity as of December 31, 2025

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

HIGHLIGHTS OF FOURTH QUARTER AND FULL YEAR 2025

$116.6 million stockholders’ equity as of December 31, 2025 and $104.2 million tangible book value⁽¹⁾ as of December 31, 2025
$129.3 million improvement in net loss and $66.0 million improvement in adjusted net loss⁽²⁾for full year 2025 compared to 2024
$48.7 million consolidated total available liquidity⁽³⁾ as of December 31, 2025, consisting of:
- $10.4 million cash and cash equivalents
- $11.3 million of liquidity available to UACC under the warehouse credit facilities
- $27.0 million of available liquidity from delayed draw facility, further strengthening our liquidity position to execute our long-term strategy
$22.5 million preferred stock issued by Vroom Automotive LLC to SPE Holdings in January 2026
$(49.2) million⁽²⁾ full year adjusted net loss was favorable compared to our adjusted net loss plan of approximately $(56) million
$(11.5) million net loss from continuing operations for the fourth quarter, $(54.0) million net loss from continuing operations for the period from January 15, 2025 to December 31, 2025, and $45.1 million net income from continuing operations for the period January 1, 2025 to January 15, 2025
$(10.1) million and $(49.2) million adjusted net loss⁽²⁾ for the fourth quarter and the Combined full year, respectively

⁽¹⁾	Tangible book value is a non-GAAP measure and represents total stockholders’ equity of $116.6 million, excluding intangible assets of $12.4 million as of December 31, 2025.
⁽²⁾	Adjusted net income (loss) is a non-GAAP measure. For definitions and a reconciliation to the most comparable GAAP measure, please see Non-GAAP Financial Measures section below.
⁽³⁾	Total available liquidity is a non-GAAP measure and represents $10.4 million of unrestricted cash and cash equivalents, as well as $11.3 million of availability from warehouse credit facilities and $27.0 million of availability from delayed draw facility.

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

Fresh Start Accounting

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

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

FOURTH QUARTER AND FULL YEAR 2025 FINANCIAL DISCUSSION

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

	Successor			Predecessor
	Three Months Ended December 31,			Three Months Ended December 31,
	2025			2024			$ Change
				(in thousands)
Interest income	$	43,916		$	48,681		$	(4,765	)

Interest expense:
Warehouse credit facility		5,163			6,568			(1,405	)
Securitization debt		7,764			8,124			(360	)
Total interest expense		12,927			14,692			(1,765	)
Net interest income		30,989			33,989			(3,000	)

Realized and unrealized losses, net of recoveries		23,457			31,974			(8,517	)
Net interest income after losses and recoveries		7,532			2,015			5,517

Noninterest income:
Servicing income		1,089			1,400			(311	)
Warranties and GAP income (loss), net		3,590			1,737			1,853
CarStory revenue		1,329			2,828			(1,499	)
Other income		1,905			2,506			(601	)
Total noninterest income		7,913			8,471			(558	)

Expenses:
Compensation and benefits		16,777			20,642			(3,865	)
Professional fees		2,973			5,617			(2,644	)
Software and IT costs		2,985			3,065			(80	)
Depreciation and amortization		1,035			7,123			(6,088	)
Interest expense on corporate debt		913			1,285			(372	)
Impairment charges		—			—			—
Other expenses		2,342			3,443			(1,101	)
Total expenses		27,025			41,175			(14,150	)

Loss from continuing operations before reorganization items and provision for income taxes		(11,580	)		(30,689	)		19,109
Reorganization items, net		—			(5,564	)		5,564
Income (loss) from continuing operations before provision for income taxes		(11,580	)		(36,253	)		24,673
Provision (benefit) for income taxes from continuing operations		(59	)		463			(522	)
Net loss from continuing operations	$	(11,521	)	$	(36,716	)	$	25,195
Net income (loss) from discontinued operations	$	118		$	140		$	(22	)
Net loss	$	(11,403	)	$	(36,576	)	$	25,173

	Successor			Predecessor			Non-GAAP Combined			Predecessor
	Period from January 15 through December 31,			Period from January 1 through January 14,			Year Ended December 31,			Year Ended December 31,			Non-GAAP
	2025			2025			2025			2024			$ Change
				(in thousands)
Interest income	$	171,650		$	7,183		$	178,833		$	201,833		$	(23,000	)

Interest expense:
Warehouse credit facility		17,584			1,017			18,601			29,276			(10,675	)
Securitization debt		32,966			1,178			34,144			30,084			4,060
Total interest expense		50,550			2,195			52,745			59,360			(6,615	)
Net interest income		121,100			4,988			126,088			142,473			(16,385	)

Realized and unrealized losses, net of recoveries		97,259			6,792			104,051			119,868			(15,817	)
Net interest income after losses and recoveries		23,841			(1,804	)		22,037			22,605			(568	)

Noninterest income:
Servicing income		4,690			192			4,882			6,501			(1,619	)
Warranties and GAP income (loss), net		14,466			307			14,773			(2,610	)		17,383
CarStory revenue		6,914			432			7,346			11,610			(4,264	)
Other income		10,377			113			10,490			10,850			(360	)
Total noninterest income		36,447			1,044			37,491			26,351			11,140

Expenses:
Compensation and benefits		70,222			2,823			73,045			97,293			(24,248	)
Professional fees		11,871			297			12,168			12,035			133
Software and IT costs		11,869			457			12,326			15,083			(2,757	)
Depreciation and amortization		3,350			1,057			4,407			29,086			(24,679	)
Interest expense on corporate debt		2,797			176			2,973			5,826			(2,853	)
Impairment charges		4,156			—			4,156			5,159			(1,003	)
Other expenses		9,775			371			10,146			16,294			(6,148	)
Total expenses		114,040			5,181			119,221			180,776			(61,555	)

Loss from continuing operations before reorganization items and provision for income taxes		(53,752	)		(5,941	)		(59,693	)		(131,820	)		72,127
Reorganization items, net		—			51,036			51,036			(5,564	)		56,600
Income (loss) from continuing operations before provision for income taxes		(53,752	)		45,095			(8,657	)		(137,384	)		128,727
Provision for income taxes from continuing operations		294			5			299			856			(557	)
Net income (loss) from continuing operations	$	(54,046	)	$	45,090		$	(8,956	)	$	(138,240	)	$	129,284
Net income (loss) from discontinued operations	$	996		$	(4	)	$	992		$	(26,884	)	$	27,876
Net income (loss)	$	(53,050	)	$	45,086		$	(7,964	)	$	(165,124	)	$	157,160

Results by Segment

UACC

	Successor			Predecessor
	Three Months Ended December 31,			Three Months Ended December 31,
	2025			2024			Change			% Change
				(in thousands)
Interest income	$	43,916		$	49,230		$	(5,314	)	(10.8	)%

Interest expense:
Warehouse credit facility		5,163			6,568			(1,405	)	(21.4	)%
Securitization debt		7,764			8,124			(360	)	(4.4	)%
Total interest expense		12,927			14,692			(1,765	)	(12.0	)%
Net interest income		30,989			34,538			(3,549	)	(10.3	)%

Realized and unrealized losses, net of recoveries		23,418			21,169			2,249		10.6	%
Net interest income after losses and recoveries		7,571			13,369			(5,798	)	(43.4	)%

Noninterest income:
Servicing income		1,089			1,400			(311	)	(22.2	)%
Warranties and GAP income, net		2,971			2,465			506		20.5	%
Other income		1,770			2,068			(298	)	(14.4	)%
Total noninterest income		5,830			5,933			(103	)	(1.7	)%

Expenses:
Compensation and benefits		14,485			17,230			(2,745	)	(15.9	)%
Professional fees		1,832			1,180			652		55.3	%
Software and IT costs		2,683			2,349			334		14.2	%
Depreciation and amortization		928			5,527			(4,599	)	(83.2	)%
Interest expense on corporate debt		601			615			(14	)	(2.3	)%
Impairment charges		—			—			—		0.0	%
Other expenses		1,766			1,887			(121	)	(6.4	)%
Total expenses		22,295			28,788			(6,493	)	(22.6	)%

Benefit for income taxes from continuing operations		—			431			(431	)	(100.0	)%

Adjusted net loss	$	(7,818	)	$	(8,795	)	$	977		11.1	%

Stock compensation expense	$	1,076		$	835		$	241		28.9	%
Severance	$	—		$	287		$	(287	)	(100.0	)%

	Successor			Predecessor			Non-GAAP Combined			Predecessor			Non-GAAP			Non-GAAP
	Period from January 15 through December 31,			Period from January 1 through January 14,			Year Ended December 31,			Year Ended December 31,
	2025			2025			2025			2024			Change			% Change
				(in thousands)
Interest income	$	171,650		$	7,254		$	178,904		$	203,962		$	(25,058	)		(12.3	)%

Interest expense:
Warehouse credit facility		17,584			1,017			18,601			29,276			(10,675	)		(36.5	)%
Securitization debt		32,966			1,178			34,144			30,084			4,060			13.5	%
Total interest expense		50,550			2,195			52,745			59,360			(6,615	)		(11.1	)%
Net interest income		121,100			5,059			126,159			144,602			(18,443	)		(12.8	)%

Realized and unrealized losses, net of recoveries		96,874			7,647			104,521			98,629			5,892			6.0	%
Net interest income (loss) after losses and recoveries		24,226			(2,588	)		21,638			45,973			(24,335	)		(52.9	)%

Noninterest income:
Servicing income		4,690			192			4,882			6,501			(1,619	)		(24.9	)%
Warranties and GAP income, net		13,070			390			13,460			7,789			5,671			72.8	%
Other income		7,866			66			7,932			8,334			(402	)		(4.8	)%
Total noninterest income		25,626			648			26,274			22,624			3,650			16.1	%

Expenses:
Compensation and benefits		59,694			2,398			62,092			76,374			(14,282	)		(18.7	)%
Professional fees		7,160			172			7,332			3,506			3,826			109.1	%
Software and IT costs		9,959			367			10,326			10,397			(71	)		(0.7	)%
Depreciation and amortization		2,922			817			3,739			22,683			(18,944	)		(83.5	)%
Interest expense on corporate debt		2,443			85			2,528			2,396			132			5.5	%
Impairment charges		3,479			—			3,479			5,159			(1,680	)		(32.6	)%
Other expenses		7,324			262			7,586			9,457			(1,871	)		(19.8	)%
Total expenses		92,981			4,101			97,082			129,972			(32,890	)		(25.3	)%

Provision for income taxes from continuing operations		39			—			39			733			(694	)		(94.7	)%

Adjusted net loss	$	(36,065	)	$	(5,910	)	$	(41,975	)	$	(53,447	)	$	11,472			21.5	%

Stock compensation expense	$	3,597		$	127		$	3,723		$	2,702		$	1,021			37.8	%
Severance	$	28		$	4		$	31		$	800		$	(769	)		(96.1	)%

CarStory

	Successor			Predecessor
	Three Months Ended December 31,			Three Months Ended December 31,
	2025			2024			Change			% Change
				(in thousands)
Noninterest income:
CarStory revenue	$	1,329		$	2,828		$	(1,499	)		(53.0	)%
Other income		78			130			(52	)		(40.0	)%
Total noninterest income		1,407			2,958			(1,551	)		(52.4	)%

Expenses:
Compensation and benefits		1,432			2,491			(1,059	)		(42.5	)%
Professional fees		(123	)		62			(185	)		(298.4	)%
Software and IT costs		1			10			(9	)		(90.0	)%
Depreciation and amortization		107			1,596			(1,489	)		(93.3	)%
Other expenses		75			114			(39	)		(34.2	)%
Total expenses		1,492			4,273			(2,781	)		(65.1	)%

Provision for income taxes from continuing operations		11			32			(21	)		(65.6	)%

Adjusted net income (loss)	$	(53	)	$	(1,306	)	$	1,253			95.9	%

Stock compensation expense	$	43		$	41		$	2			5.0	%

	Successor			Predecessor			Non-GAAP Combined			Predecessor			Non-GAAP			Non-GAAP
	Period from January 15 through December 31,			Period from January 1 through January 14,			Year Ended December 31,			Year Ended December 31,
	2025			2025			2025			2024			Change			% Change
				(in thousands)
Noninterest income:
CarStory revenue	$	6,914		$	432		$	7,346		$	11,610		$	(4,264	)		(36.7	)%
Other income		210			13			223			692			(469	)		(67.8	)%
Total noninterest income		7,124			445			7,569			12,302			(4,733	)		(38.5	)%

Expenses:
Compensation and benefits		5,751			326			6,077			10,293			(4,216	)		(41.0	)%
Professional fees		(298	)		13			(285	)		152			(437	)		(287.5	)%
Software and IT costs		–			2			2			215			(213	)		(99.1	)%
Depreciation and amortization		428			240			668			6,403			(5,735	)		(89.6	)%
Other expenses		449			20			469			414			55			13.3	%
Total expenses		6,330			601			6,931			17,477			(10,546	)		(60.3	)%

Provision for income taxes from continuing operations		84			5			89			123			(34	)		(27.6	)%

Adjusted net income (loss)	$	837		$	(153	)	$	684		$	(4,923	)	$	5,607			113.9	%

Stock compensation expense	$	124		$	8		$	132		$	375		$	(244	)		(64.9	)%

Corporate

	Successor			Predecessor
	Three Months Ended December 31,			Three Months Ended December 31,
	2025			2024			Change			% Change
				(in thousands)
Interest expense	$	—		$	(549	)	$	549			100.0	%

Realized and unrealized losses, net of recoveries		39			10,805			(10,766	)		(99.6	)%
Net interest loss after losses and recoveries		(39	)		(11,354	)		11,315			99.7	%

Noninterest income:
Warranties and GAP income, net		619			(728	)		1,347			185.0	%
Other income		57			308			(251	)		(81.5	)%
Total noninterest income		676			(420	)		1,096			261.0	%

Expenses:
Compensation and benefits		860			921			(61	)		(6.6	)%
Professional fees		1,264			4,375			(3,111	)		(71.1	)%
Software and IT costs		301			706			(405	)		(57.4	)%
Interest expense on corporate debt		312			670			(358	)		(53.4	)%
Other expenses		501			1,442			(941	)		(65.3	)%
Total expenses		3,238			8,114			(4,876	)		(60.1	)%

Provision for income taxes from continuing operations		(71	)		—			(71	)		100.0	%

	Successor			Predecessor			Non-GAAP Combined			Predecessor			Non-GAAP			Non-GAAP
	Period from January 15 through December 31,			Period from January 1 through January 14,			Year Ended December 31,			Year Ended December 31,
	2025			2025			2025			2024			Change			% Change
				(in thousands)
Interest income (expense)	$	—		$	(71	)	$	(71	)	$	(2,129	)	$	2,058			96.7	%

Realized and unrealized losses (gains), net of recoveries		385			(855	)		(470	)		21,239			(21,709	)		(102.2	)%
Net interest income after losses and recoveries		(385	)		784			399			(23,368	)		23,767			101.7	%

Noninterest (loss) income:
Warranties and GAP income (loss), net		1,396			(83	)		1,313			(10,399	)		11,712			112.6	%
Other income		2,301			34			2,335			1,824			511			28.0	%
Total noninterest (loss) income		3,697			(49	)		3,648			(8,575	)		12,223			142.5	%

Expenses:
Compensation and benefits		4,777			99			4,876			10,626			(5,750	)		(54.1	)%
Professional fees		5,009			112			5,121			8,377			(3,256	)		(38.9	)%
Software and IT costs		1,910			88			1,998			4,471			(2,473	)		(55.3	)%
Interest expense on corporate debt		354			91			445			3,430			(2,985	)		(87.0	)%
Impairment expense		677			—			677			—			677			100.0	%
Other expenses		2,002			89			2,091			6,422			(4,331	)		(67.4	)%
Total expenses		14,729			479			15,208			33,326			(18,118	)		(54.4	)%

Provision for income taxes from continuing operations		170			—			170			—			170			100.0	%

Non-GAAP Financial Measures

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

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

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

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

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

Non-GAAP Combined Year Ended December 31, 2025

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

Adjusted net loss

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

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

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

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

	Successor			Successor			Successor			Successor			Successor			Predecessor			Non-GAAP Combined			Predecessor			Predecessor			Predecessor			Predecessor			Predecessor
	Period from January 1 through December 31,			Period from October 1 through December 31,			Period from July 1 through September 30,			Period from April 1 through June 30,			Period from January 15 through March 31,			Period from January 1 through January 14,			Three Months Ended March 31,			Year Ended December 31,			Three Months Ended December 31,			Three Months Ended September 30,			Three Months Ended June 30,			Three Months Ended March 31,
	2025			2025			2025			2025			2025			2025			2025			2024			2024			2024			2024			2024

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

Financial Outlook

For the full year 2026 we expect the following results:

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

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

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

About Vroom (Nasdaq: VRM)

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

Forward-Looking Statements

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

Investor Relations:

Vroom
Jon Sandison
investors@vroom.com

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

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

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

	Successor			Predecessor
	Three Months Ended December 31,			Three Months Ended December 31,
	2025			2024
Interest income	$	43,916		$	48,681

Interest expense:
Warehouse credit facility		5,163			6,568
Securitization debt		7,764			8,124
Total interest expense		12,927			14,692
Net interest income		30,989			33,989

Realized and unrealized losses, net of recoveries		23,457			31,974
Net interest income after losses and recoveries		7,532			2,015

Noninterest income:
Servicing income		1,089			1,400
Warranties and GAP income, net		3,590			1,737
CarStory revenue		1,329			2,828
Other income		1,905			2,506
Total noninterest income		7,913			8,471

Expenses:
Compensation and benefits		16,777			20,642
Professional fees		2,973			5,617
Software and IT costs		2,985			3,065
Depreciation and amortization		1,035			7,123
Interest expense on corporate debt		913			1,285
Impairment charges		—			—
Other expenses		2,342			3,443
Total expenses		27,025			41,175

Loss from continuing operations before reorganization items and provision for income taxes		(11,580	)		(30,689	)
Reorganization items, net		—			(5,564	)
(Loss) income from continuing operations before provision for income taxes		(11,580	)		(36,253	)
Provision for income taxes from continuing operations		(59	)		463
Net loss from continuing operations	$	(11,521	)	$	(36,716	)
Net income (loss) from discontinued operations	$	118		$	140
Net loss	$	(11,403	)	$	(36,576	)
Net loss per share attributable to common stockholders, continuing operations, basic and diluted	$	(2.22	)	$	(20.15	)
Net income (loss) per share attributable to common stockholders, discontinued operations, basic and diluted	$	0.02		$	0.08
Total net loss per share attributable to common stockholders, basic and diluted	$	(2.19	)	$	(20.07	)
Weighted-average number of shares outstanding used to compute net loss per share attributable to common stockholders, basic and diluted		5,199,628			1,822,293

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

	Successor			Predecessor
	Period from January 15 through December 31,			Period from January 1 through January 14,			Year Ended December 31,
	2025			2025			2024
Interest income	$	171,650		$	7,183		$	201,833

Interest expense:
Warehouse credit facility		17,584			1,017			29,276
Securitization debt		32,966			1,178			30,084
Total interest expense		50,550			2,195			59,360
Net interest income		121,100			4,988			142,473

Realized and unrealized losses, net of recoveries		97,259			6,792			119,868
Net interest income (loss) after losses and recoveries		23,841			(1,804	)		22,605

Noninterest income:
Servicing income		4,690			192			6,501
Warranties and GAP income (loss), net		14,466			307			(2,610	)
CarStory revenue		6,914			432			11,610
Other income		10,377			113			10,850
Total noninterest income		36,447			1,044			26,351

Expenses:
Compensation and benefits		70,222			2,823			97,293
Professional fees		11,871			297			12,035
Software and IT costs		11,869			457			15,083
Depreciation and amortization		3,350			1,057			29,086
Interest expense on corporate debt		2,797			176			5,826
Impairment charges		4,156			—			5,159
Other expenses		9,775			371			16,294
Total expenses		114,040			5,181			180,776

Loss from continuing operations before reorganization items and provision for income taxes		(53,752	)		(5,941	)		(131,820	)
Reorganization items, net		—			51,036			(5,564	)
(Loss) income from continuing operations before provision for income taxes		(53,752	)		45,095			(137,384	)
Provision for income taxes from continuing operations		294			5			856
Net income (loss) from continuing operations	$	(54,046	)	$	45,090		$	(138,240	)
Net income (loss) from discontinued operations		996			(4	)	$	(26,884	)
Net (loss) income	$	(53,050	)	$	45,086		$	(165,124	)

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

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

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

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

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

Vroom Announces Fourth Quarter and Full Year 2025 Results

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