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 EndedDecember 31,
Year EndedDecember 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 EndedDecember 31,
Year EndedDecember 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
