Vroom Announces Fourth Quarter and Full Year 2025 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 ) Source: Vroom, Inc.