$VRMWW

Vroom, Inc.

CIK:0001580864|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Jan. 14, 2025	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest income	$ 7,183	$ 43,605	$ 45,748	$ 86,081	$ 82,905
Warehouse credit facility	1,017	3,396	3,259	6,835	7,877
Securitization debt	1,178	8,586	9,883	17,206	16,431
Total interest expense	2,195	11,982	13,142	24,041	24,308
Net interest income	4,988	31,623	32,606	62,040	58,597
Realized and unrealized losses, net of recoveries	6,792	10,663	19,500	35,346	30,600
Net interest income (loss) after losses and recoveries	(1,804)	20,960	13,106	26,694	27,997
Servicing income	192	925	1,259	2,064	2,513
Warranties and GAP income, net	307	3,291	3,645	5,977	7,724
CarStory revenue	432	1,297	1,846	2,630	4,238
Other income	113	3,156	2,067	5,197	4,548
Total noninterest income	1,044	8,669	8,817	15,868	19,023
Compensation and benefits	2,823	18,751	21,091	37,897	37,158
Professional fees	297	1,984	2,013	6,504	7,360
Software and IT costs	457	3,244	3,420	6,405	5,822
Depreciation and amortization	1,057	1,482	742	2,822	1,317
Interest expense on corporate debt	176	1,063	698	2,275	1,178
Impairment charges	0			0	4,156
Other expenses	371	2,574	2,832	4,982	5,202
Total expenses	5,181	29,098	30,796	60,885	62,193
Loss from continuing operations before reorganization items and provision for income taxes	(5,941)			(18,323)	(15,173)
Reorganization items, net	51,036			0	0
(Loss) income from continuing operations before provision for income taxes	45,095	531	(8,873)	(18,323)	(15,173)
(Benefit) provision for income taxes from continuing operations	5	(24)	59	168	209
Net income (loss) from continuing operations	45,090	555	(8,932)	(18,491)	(15,382)
Net income (loss) from discontinued operations	(4)	73	413	61	512
Net income (loss) from	45,086	628	(8,519)	(18,430)	(14,870)
Preferred stock dividends attributable to noncontrolling interests of subsidiary	0	(691)	0	(1,262)	0
Net (loss) income attributable to controlling interest and common shareholders	$ 45,086	$ (63)	$ (8,519)	$ (19,692)	$ (14,870)
Net (loss) income per share attributable to common stockholders, continuing operations, basic	$ 24.74	$ (0.02)	$ (1.73)	$ (3.79)	$ (2.98)
Net (loss) income per share attributable to common stockholders, Discontinued operations, basic	(0)	0.01	0.08	0.01	0.1
Net (loss) income per share attributable to common stockholders, basic	24.74	(0.01)	(1.65)	(3.78)	(2.88)
Net (loss) income per share attributable to common stockholders, continuing operations, diluted	23.89	(0.02)	(1.73)	(3.79)	(2.98)
Net (loss) income per share attributable to common stockholders, Discontinued operations, diluted	(0)	0.01	0.08	0.01	0.1
Net (loss) income per share attributable to common stockholders, diluted	$ 23.89	$ (0.01)	$ (1.65)	$ (3.78)	$ (2.88)
Weighted-average number of shares outstanding used to compute net (loss) income per share attributable to common stockholders, basic	1,822,541	5,214,021	5,174,381	5,207,963	5,169,251
Weighted-average number of shares outstanding used to compute net (loss) income per share attributable to common stockholders, diluted	1,887,370	5,214,021	5,174,381	5,207,963	5,169,251

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		6 Months Ended
	Jan. 14, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net (loss) income from continuing operations	$ 45,090	$ (18,491)	$ (15,382)
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Impairment charges	0	0	4,156
Depreciation and amortization	1,057	2,822	1,317
Losses on finance receivables and securitization debt, net	4,762	43,486	40,357
Losses on Warranties and GAP	407	3,474	3,709
Stock-based compensation expense	144	2,862	2,327
Amortization of unearned discounts on finance receivables at fair value	(416)
Non-cash reorganization items, net	(51,741)
Other, net	193	258	(1,044)
Changes in operating assets and liabilities:
Originations of finance receivables, held for sale	(14,337)
Principal payments received on finance receivables, held for sale	6,481
Other	169
Interest receivable	(164)	919	1,184
Other assets	5,178	1,159	(1,836)
Other liabilities	(2,627)	375	457
Net cash provided by (used in) operating activities from continuing operations	(5,804)	36,864	35,245
Net cash provided by (used in) operating activities from discontinued operations	(207)	150	(729)
Net cash provided by (used in) operating activities	(6,011)	37,014	34,516
Investing activities
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	2,985	172,031	158,482
Principal payments received on beneficial interests	147	398	840
Purchase of property and equipment	(151)	(2,835)	(3,190)
Net cash (used in) provided by investing activities from continuing operations	2,981	(55,471)	(66,927)
Net cash provided by investing activities from discontinued operations			637
Net cash (used in) provided by investing activities	2,981	(55,471)	(66,290)
Financing activities
Proceeds from borrowings under secured financing agreements		225,000	307,780
Principal repayment under secured financing agreements	(16,676)	(145,555)	(120,548)
Proceeds from financing of beneficial interests in securitizations			16,223
Principal repayments of financing of beneficial interests in securitizations	(1,028)	(5,781)	(6,589)
Proceeds from warehouse credit facilities	11,900	182,400	182,300
Repayments of warehouse credit facilities	(8,094)	(260,289)	(340,196)
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	(13,898)	27,445	37,496
Net increase (decrease) in cash, cash equivalents and restricted cash	(16,928)	8,988	5,722
Cash, cash equivalents and restricted cash at the beginning of period	78,369	66,298	61,441
Cash, cash equivalents and restricted cash at the end of period	61,441	75,286	67,163
Supplemental disclosure of cash flow information:
Cash paid for interest	4,534	25,137	22,067
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

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 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	0	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
Accounts Payable, Related Party [Extensible Enumeration]	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember
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