EX-99.1

SECOND QUARTER 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 June 30,			Three Months Ended June 30,
	2025			2024			$ Change
				(in thousands)
Interest income	$	45,748		$	51,862		$	(6,114	)

Interest expense:
Warehouse credit facility		3,259			6,986			(3,727	)
Securitization debt		9,883			7,995			1,888
Total interest expense		13,142			14,981			(1,839	)
Net interest income		32,606			36,881			(4,275	)

Realized and unrealized losses, net of recoveries		19,500			18,729			771
Net interest income after losses and recoveries		13,106			18,152			(5,046	)

Noninterest income:
Servicing income		1,259			1,587			(328	)
Warranties and GAP income (loss), net		3,645			1,378			2,267
CarStory revenue		1,846			2,913			(1,067	)
Other income		2,067			3,141			(1,074	)
Total noninterest income		8,817			9,019			(202	)

Expenses:
Compensation and benefits		21,091			27,176			(6,085	)
Professional fees		2,013			1,488			525
Software and IT costs		3,420			4,036			(616	)
Depreciation and amortization		742			7,232			(6,490	)
Interest expense on corporate debt		698			1,549			(851	)
Other expenses		2,832			4,961			(2,129	)
Total expenses		30,796			46,442			(15,646	)

Loss from continuing operations provision for income taxes		(8,873	)		(19,271	)		10,398
Provision (benefit) for income taxes from continuing operations		59			(167	)		226
Net loss from continuing operations	$	(8,932	)	$	(19,104	)	$	10,172
Net income (loss) from discontinued operations	$	413		$	(2,084	)	$	2,497
Net loss	$	(8,519	)	$	(21,188	)	$	12,669


	Successor			Predecessor			Non-GAAP Combined			Predecessor
	Period from January 15 through June 30,			Period from January 1 through January 14,			Six Months Ended June 30,			Six Months Ended June 30,			Non-GAAP
	2025			2025			2025			2024			$ Change
				(in thousands)
Interest income	$	82,905		$	7,183		$	90,088		$	102,939		$	(12,851	)

Interest expense:
Warehouse credit facility		7,877			1,017			8,894			16,457			(7,563	)
Securitization debt		16,431			1,178			17,609			12,864			4,745
Total interest expense		24,308			2,195			26,503			29,321			(2,818	)
Net interest income		58,597			4,988			63,585			73,618			(10,033	)

Realized and unrealized losses, net of recoveries		30,600			6,792			37,392			49,548			(12,156	)
Net interest income after losses and recoveries		27,997			(1,804	)		26,193			24,070			2,123

Noninterest income:
Servicing income		2,513			192			2,705			3,606			(901	)
Warranties and GAP income (loss), net		7,724			307			8,031			(8,264	)		16,295
CarStory revenue		4,238			432			4,670			5,892			(1,222	)
Other income		4,548			113			4,661			5,925			(1,264	)
Total noninterest income		19,023			1,044			20,067			7,159			12,908

Expenses:
Compensation and benefits		37,158			2,823			39,981			51,286			(11,305	)
Professional fees		7,360			297			7,657			4,831			2,826
Software and IT costs		5,822			457			6,279			8,658			(2,379	)
Depreciation and amortization		1,317			1,057			2,374			14,858			(12,484	)
Interest expense on corporate debt		1,178			176			1,354			2,940			(1,586	)
Impairment charges		4,156			—			4,156			2,752			1,404
Other expenses		5,202			371			5,573			9,416			(3,843	)
Total expenses		62,193			5,181			67,374			94,741			(27,367	)

Loss from continuing operations before reorganization items and provision for income taxes		(15,173	)		(5,941	)		(21,114	)		(63,512	)		42,398
Reorganization items, net		—			51,036			51,036			—			51,036
Income (loss) from continuing operations before provision for income taxes		(15,173	)		45,095			29,922			(63,512	)		93,434
Provision for income taxes from continuing operations		209			5			214			269			(55	)
Net income (loss) from continuing operations	$	(15,382	)	$	45,090		$	29,708		$	(63,781	)	$	93,489
Net income (loss) from discontinued operations	$	512		$	(4	)	$	508		$	(25,025	)	$	25,533
Net income (loss)	$	(14,870	)	$	45,086		$	30,216		$	(88,806	)	$	119,022

Results by Segment

UACC


	Successor			Predecessor
	Three Months Ended June 30,			Three Months Ended June 30,
	2025			2024			Change			% Change
				(in thousands)
Interest income	$	45,748		$	52,389		$	(6,641	)		(12.7	)%

Interest expense:
Warehouse credit facility		3,259			6,986			(3,727	)		(53.3	)%
Securitization debt		9,883			7,995			1,888			23.6	%
Total interest expense		13,142			14,981			(1,839	)		(12.3	)%
Net interest income		32,606			37,408			(4,802	)		(12.8	)%

Realized and unrealized losses, net of recoveries		20,922			19,582			1,340			6.8	%
Net interest income after losses and recoveries		11,684			17,826			(6,142	)		(34.5	)%

Noninterest income:
Servicing income		1,259			1,587			(328	)		(20.7	)%
Warranties and GAP income, net		3,673			1,640			2,033			124.0	%
Other income		1,978			2,098			(120	)		(5.7	)%
Total noninterest income		6,910			5,325			1,585			29.8	%

Expenses:
Compensation and benefits		17,443			20,539			(3,096	)		(15.1	)%
Professional fees		1,433			575			858			149.2	%
Software and IT costs		2,688			2,605			83			3.2	%
Depreciation and amortization		628			5,630			(5,002	)		(88.8	)%
Interest expense on corporate debt		698			629			69			11.0	%
Other expenses		2,152			3,054			(902	)		(29.5	)%
Total expenses		25,042			33,032			(7,990	)		(24.2	)%

Benefit for income taxes from continuing operations		—			(234	)		234			100.0	%

Adjusted net loss	$	(5,334	)	$	(8,289	)	$	2,955			35.6	%

Stock compensation expense	$	1,106		$	865		$	241			27.8	%
Severance	$	7		$	493		$	(486	)		(98.6	)%


	Successor			Predecessor			Non-GAAP Combined			Predecessor			Non-GAAP			Non-GAAP
	Period from January 15 through June 30,			Period from January 1 through January 14,			Six Months Ended June 30,			Six Months Ended June 30,
	2025			2025			2025			2024			Change			% Change
				(in thousands)
Interest income	$	82,905		$	7,254		$	90,159		$	103,930		$	(13,771	)		(13.2	)%

Interest expense:
Warehouse credit facility		7,877			1,017			8,894			16,457			(7,563	)		(46.0	)%
Securitization debt		16,431			1,178			17,609			12,864			4,745			36.9	%
Total interest expense		24,308			2,195			26,503			29,321			(2,818	)		(9.6	)%
Net interest income		58,597			5,059			63,656			74,609			(10,953	)		(14.7	)%

Realized and unrealized losses, net of recoveries		33,612			7,647			41,259			47,343			(6,084	)		(12.9	)%
Net interest income (loss) after losses and recoveries		24,985			(2,588	)		22,397			27,266			(4,869	)		(17.9	)%

Noninterest income:
Servicing income		2,513			192			2,705			3,606			(901	)		(25.0	)%
Warranties and GAP income, net		7,244			390			7,634			3,250			4,384			134.9	%
Other income		4,213			66			4,279			4,568			(289	)		(6.3	)%
Total noninterest income		13,970			648			14,618			11,424			3,194			28.0	%

Expenses:
Compensation and benefits		31,137			2,398			33,535			39,327			(5,792	)		(14.7	)%
Professional fees		4,502			172			4,674			1,451			3,223			222.1	%
Software and IT costs		4,774			367			5,141			5,702			(561	)		(9.8	)%
Depreciation and amortization		1,107			817			1,924			11,651			(9,727	)		(83.5	)%
Interest expense on corporate debt		1,178			85			1,263			1,100			163			14.8	%
Impairment charges		3,479			—			3,479			2,752			727			26.4	%
Other expenses		3,822			262			4,084			5,577			(1,493	)		(26.8	)%
Total expenses		49,999			4,101			54,100			67,560			(13,460	)		(19.9	)%

Provision for income taxes from continuing operations		39			—			39			202			(163	)		(80.7	)%

Adjusted net loss	$	(6,168	)	$	(5,910	)	$	(12,078	)	$	(24,795	)	$	12,717			51.3	%

Stock compensation expense	$	1,282		$	127		$	1,408		$	1,033		$	375			36.3	%
Severance	$	24		$	4		$	28		$	493		$	(465	)		(94.4	)%

CarStory


	Successor				Predecessor
	Three Months Ended June 30,				Three Months Ended June 30,
	2025				2024			Change			% Change
				(in thousands)
Noninterest income:
CarStory revenue	$	1,846			$	2,913		$	(1,067	)		(36.6	)%
Other income		35				190			(155	)		(81.6	)%
Total noninterest income		1,881				3,103			(1,222	)		(39.4	)%

Expenses:
Compensation and benefits		1,581				2,461			(880	)		(35.8	)%
Professional fees		(67	)			80			(147	)		(183.8	)%
Software and IT costs		3				21			(18	)		(85.7	)%
Depreciation and amortization		114				1,602			(1,488	)		(92.9	)%
Other expenses		136				55			81			147.3	%
Total expenses		1,767				4,219			(2,452	)		(58.1	)%

Provision for income taxes from continuing operations		33				28			5			17.9	%

Adjusted net income (loss)	$	124			$	(1,068	)	$	1,192			111.6	%

Stock compensation expense	$	43			$	76		$	(33	)		(43.3	)%


	Successor			Predecessor			Non-GAAP Combined			Predecessor			Non-GAAP			Non-GAAP
	Period from January 15 through June 30,			Period from January 1 through January 14,			Six Months Ended June 30,			Six Months Ended June 30,
	2025			2025			2025			2024			Change			% Change
				(in thousands)
Noninterest income:
CarStory revenue	$	4,238		$	432		$	4,670		$	5,892		$	(1,222	)		(20.7	)%
Other income		97			13			110			363			(253	)		(69.7	)%
Total noninterest income		4,335			445			4,780			6,255			(1,475	)		(23.6	)%

Expenses:
Compensation and benefits		2,941			326			3,267			4,674			(1,407	)		(30.1	)%
Professional fees		(67	)		13			(54	)		202			(256	)		(126.7	)%
Software and IT costs		3			2			5			188			(183	)		(97.3	)%
Depreciation and amortization		210			240			450			3,207			(2,757	)		(86.0	)%
Other expenses		274			20			294			173			121			69.9	%
Total expenses		3,361			601			3,962			8,444			(4,482	)		(53.1	)%

Provision for income taxes from continuing operations		49			5			54			67			(13	)		(19.4	)%

Adjusted net income (loss)	$	963		$	(153	)	$	810		$	(1,980	)	$	2,790			140.9	%

Stock compensation expense	$	30		$	8		$	38		$	276		$	(238	)		(86.3	)%

Corporate


	Successor				Predecessor
	Three Months Ended June 30,				Three Months Ended June 30,
	2025				2024			Change			% Change
				(in thousands)
Interest expense	$	—			$	(527	)	$	527			100.0	%

Realized and unrealized losses, net of recoveries		(1,422	)			(853	)		(569	)		66.8	%
Net interest loss after losses and recoveries		1,422				325			1,096			336.8	%

Noninterest income:
Warranties and GAP loss, net		(28	)			(262	)		234			89.3	%
Other income		54				853			(799	)		(93.7	)%
Total noninterest income		26				591			(565	)		(95.6	)%

Expenses:
Compensation and benefits		2,067				4,176			(2,109	)		(50.5	)%
Professional fees		647				833			(186	)		(22.3	)%
Software and IT costs		729				1,410			(681	)		(48.3	)%
Interest expense on corporate debt		—				920			(920	)		(100.0	)%
Other expenses		544				1,852			(1,308	)		(70.6	)%
Total expenses		3,987				9,191			(5,204	)		(56.6	)%

Provision for income taxes from continuing operations		26				39			(13	)		(33.3	)%


	Successor			Predecessor			Non-GAAP Combined			Predecessor			Non-GAAP			Non-GAAP
	Period from January 15 through June 30,			Period from January 1 through January 14,			Six Months Ended June 30,			Six Months Ended June 30,
	2025			2025			2025			2024			Change			% Change
				(in thousands)
Interest income (expense)	$	—		$	(71	)	$	(71	)	$	(991	)	$	920			92.8	%

Realized and unrealized losses (gains), net of recoveries		(3,012	)		(855	)		(3,867	)		2,205			(6,072	)		(275.4	)%
Net interest income after losses and recoveries		3,012			784			3,796			(3,196	)		6,992			218.8	%

Noninterest (loss) income:
Warranties and GAP income (loss), net		480			(83	)		397			(11,514	)		11,911			103.4	%
Other income		238			34			272			994			(722	)		(72.6	)%
Total noninterest (loss) income		718			(49	)		669			(10,520	)		11,189			106.4	%

Expenses:
Compensation and benefits		3,080			99			3,179			7,285			(4,106	)		(56.4	)%
Professional fees		2,925			112			3,037			3,178			(141	)		(4.4	)%
Software and IT costs		1,045			88			1,133			2,768			(1,635	)		(59.1	)%
Interest expense on corporate debt		—			91			91			1,840			(1,749	)		(95.1	)%
Impairment expense		677			—			677			—			677			100.0	%
Other expenses		1,106			89			1,195			3,666			(2,471	)		(67.4	)%
Total expenses		8,833			479			9,312			18,737			(9,425	)		(50.3	)%

Provision for income taxes from continuing operations		121			—			121			—			121			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 availability from line of credit secured by residual certificates.

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 Six Months Ended June 30, 2025

Our financial results for the periods from January 1, 2025 through January 14, 2025 and the three and six months ended June 30, 2024 are referred to as those of the “Predecessor” periods. Our financial results for the periods from January 15, 2025 through June 30, 2025 and the three months ended June 30, 2025 are referred to as those of the “Successor” periods. Our results of operations as reported in our Condensed Consolidated Financial Statements for these periods are prepared in accordance with GAAP. Although GAAP requires that we report our results for the period from January 1, 2025 through January 14, 2025 and the period from January 15, 2025 through June 30, 2025 separately, management views our operating results for the six months ended June 30, 2025 by combining the results of the applicable Predecessor and Successor periods because such presentation provides the most meaningful comparison of our results to prior periods. We believe we cannot adequately benchmark the operating results of the period from January 15, 2025 through June 30, 2025 against any of the previous periods reported in our Condensed 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 Condensed Consolidated Financial Statements in accordance with GAAP, the tables and discussion below also present the combined results for the six months ended June 30, 2025. The combined results for the six months ended June 30, 2025 represent the sum of the reported amounts for the Predecessor period from January 1, 2025 through January 14, 2025 and the Successor period from January 15, 2025 through June 30, 2025. These combined results are not considered to be prepared in accordance with GAAP and have not been prepared as pro forma results per applicable regulations. The combined operating results do not reflect the actual results we would have achieved absent our emergence from the Prepackaged Chapter 11 Case and are not necessarily indicative of future results. Accordingly, the results for the combined six months ended June 30, 2025 (prepared on a Non-GAAP basis) and six months ended June 30, 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 June 30,			Three Months Ended June 30,
	2025			2024
Net loss from continuing operations	$	(8,932	)	$	(19,104	)
Adjusted to exclude the following:
Stock compensation expense		1,836			2,446
Severance expense		367			1,685
Adjusted net loss	$	(6,729	)	$	(14,973	)


	Successor			Predecessor			Non-GAAP Combined			Predecessor
	Period from January 15 through June 30,			Period from January 1 through January 14,			Six Months Ended June 30,			Six Months Ended June 30,
	2025			2025			2025			2024
				(in thousands)
Net income (loss) from continuing operations	$	(15,382	)	$	45,090		$	29,708		$	(63,781	)
Adjusted to exclude the following:
Stock compensation expense		2,327			144			2,471			3,770
Severance expense		388			4			392			1,685
Bankruptcy costs (post-emergence)		913			—			913			—
Reorganization items, net		—			(51,036	)		(51,036	)		—
Impairment charges		4,156			—			4,156			2,752
Adjusted net loss	$	(7,598	)	$	(5,798	)	$	(13,396	)	$	(55,574	)

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 full year 2025 guidance, the restructuring, including its impact and intended benefits, our strategic initiatives and long-term strategy, cost-savings and their expected benefits, our expectations regarding UACC's business our available liquidity under the warehouse credit facilities and extensions of these facilities, future results of operations and financial position, including origination income, adjusted net income (loss) and our total available liquidity, 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, 2024, 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)

(unaudited)


	Successor			Predecessor
	As of June 30,			As of December 31,
	2025			2024
ASSETS
Cash and cash equivalents	$	14,262		$	29,343
Restricted cash (including restricted cash of consolidated VIEs of $52.0 million and $48.1 million, respectively)		52,901			49,026
Finance receivables at fair value (including finance receivables of consolidated VIEs of $815.0 million and $467.3 million, respectively)		849,041			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 $12.5 million and $13.3 million, respectively)		13,047			14,067
Property and equipment, net		3,955			4,064
Intangible assets, net		13,321			104,869
Operating lease right-of-use assets		6,336			6,872
Other assets (including other assets of consolidated VIEs of $11.0 million and $10.8 million, respectively)		26,891			35,472
Assets from discontinued operations		—			943
Total assets	$	979,754		$	1,066,696
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Warehouse credit facilities of consolidated VIEs	$	205,822		$	359,912
Long-term debt (including securitization debt of consolidated VIEs of $526.7 million at fair value as of June 30, 2025 and $210.7 million at amortized cost and $142.6 million at fair value as of December 31, 2024)		563,702			381,366
Operating lease liabilities		9,762			11,065
Other liabilities (including other liabilities of consolidated VIEs of $17.3 million and $13.8 million, respectively)		46,252			49,699
Liabilities subject to compromise (Note 6)		—			291,577
Liabilities from discontinued operations		2,272			4,022
Total liabilities		827,810			1,097,641
Commitments and contingencies (Note 12)
Stockholders’ equity (deficit) :
Common stock, $0.001 par value; 250,000,000 shares authorized as of June 30, 2025 and 500,000,000 shares authorized as of December 31, 2024; 5,199,568 and 1,822,532 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively		5			2
Additional paid-in-capital		166,809			2,094,889
Accumulated deficit		(14,870	)		(2,125,836	)
Total stockholders’ equity (deficit)		151,944			(30,945	)
Total liabilities and stockholders’ equity (deficit)	$	979,754		$	1,066,696

VROOM, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share amounts)

(unaudited)


	Successor			Predecessor
	Three Months Ended June 30,			Three Months Ended June 30,
	2025			2024
Interest income	$	45,748		$	51,862

Interest expense:
Warehouse credit facility		3,259			6,986
Securitization debt		9,883			7,995
Total interest expense		13,142			14,981
Net interest income		32,606			36,881

Realized and unrealized losses, net of recoveries		19,500			18,729
Net interest income after losses and recoveries		13,106			18,152

Noninterest income:
Servicing income		1,259			1,587
Warranties and GAP income, net		3,645			1,378
CarStory revenue		1,846			2,913
Other income		2,067			3,141
Total noninterest income		8,817			9,019

Expenses:
Compensation and benefits		21,091			27,176
Professional fees		2,013			1,488
Software and IT costs		3,420			4,036
Depreciation and amortization		742			7,232
Interest expense on corporate debt		698			1,549
Other expenses		2,832			4,961
Total expenses		30,796			46,442

Loss from continuing operations before provision for income taxes		(8,873	)		(19,271	)
Provision (benefit) for income taxes from continuing operations		59			(167	)
Net loss from continuing operations	$	(8,932	)	$	(19,104	)
Net income (loss) from discontinued operations	$	413		$	(2,084	)
Net loss	$	(8,519	)	$	(21,188	)
Net loss per share attributable to common stockholders, continuing operations, basic and diluted	$	(1.73	)	$	(10.61	)
Net income (loss) per share attributable to common stockholders, discontinued operations, basic and diluted	$	0.08		$	(1.16	)
Total net loss per share attributable to common stockholders, basic and diluted	$	(1.65	)	$	(11.77	)
Weighted-average number of shares outstanding used to compute net loss per share attributable to common stockholders, basic and diluted		5,174,381			1,800,486

VROOM, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS (continued)

(in thousands, except share and per share amounts)

(unaudited)


	Successor			Predecessor
	Period from January 15 through June 30,			Period from January 1 through January 14,			Six Months Ended June 30,
	2025			2025			2024
Interest income	$	82,905		$	7,183		$	102,939

Interest expense:
Warehouse credit facility		7,877			1,017			16,457
Securitization debt		16,431			1,178			12,864
Total interest expense		24,308			2,195			29,321
Net interest income		58,597			4,988			73,618

Realized and unrealized losses, net of recoveries		30,600			6,792			49,548
Net interest income (loss) after losses and recoveries		27,997			(1,804	)		24,070

Noninterest income:
Servicing income		2,513			192			3,606
Warranties and GAP income (loss), net		7,724			307			(8,264	)
CarStory revenue		4,238			432			5,892
Other income		4,548			113			5,925
Total noninterest income		19,023			1,044			7,159

Expenses:
Compensation and benefits		37,158			2,823			51,286
Professional fees		7,360			297			4,831
Software and IT costs		5,822			457			8,658
Depreciation and amortization		1,317			1,057			14,858
Interest expense on corporate debt		1,178			176			2,940
Impairment charges		4,156			—			2,752
Other expenses		5,202			371			9,416
Total expenses		62,193			5,181			94,741

Loss from continuing operations before reorganization items and provision for income taxes		(15,173	)		(5,941	)		(63,512	)
Reorganization items, net		—			51,036			—
(Loss) income from continuing operations before provision for income taxes		(15,173	)		45,095			(63,512	)
Provision for income taxes from continuing operations		209			5			269
Net income (loss) from continuing operations	$	(15,382	)	$	45,090		$	(63,781	)
Net income (loss) from discontinued operations	$	512		$	(4	)	$	(25,025	)
Net (loss) income	$	(14,870	)	$	45,086		$	(88,806	)


	Successor			Predecessor
	Period from January 15 through June 30,			Period from January 1 through January 14,			Six Months Ended June 30,
	2025			2025			2024
Net (loss) income per share attributable to common stockholders, basic:
Continuing operations		(2.98	)		24.74			(35.49	)
Discontinued operations		0.10			(0.00	)		(13.92	)
Basic	$	(2.88	)	$	24.74		$	(49.41	)
Net (loss) income per share attributable to common stockholders, diluted:
Continuing operations		(2.98	)		23.89			(35.49	)
Discontinued operations		0.10			(0.00	)		(13.92	)
Diluted	$	(2.88	)	$	23.89		$	(49.41	)
Weighted-average number of shares outstanding used to compute net (loss) income per share attributable to common stockholders:
Basic		5,169,251			1,822,541			1,797,394
Diluted		5,169,251			1,887,371			1,797,394

VROOM, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)


	Successor			Predecessor
	Period from January 15 through June 30,			Period from January 1 through January 14,			Six Months Ended June 30,
	2025			2025			2024
Operating activities
Net (loss) income from continuing operations	$	(15,382	)	$	45,090		$	(63,781	)
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Impairment charges		4,156			—			2,752
Profit share receivable		(78	)		—			11,405
Depreciation and amortization		1,317			1,057			14,858
Losses on finance receivables and securitization debt, net		40,357			4,762			65,255
Losses on Warranties and GAP		3,709			407			4,175
Stock-based compensation expense		2,327			144			3,937
Provision to record finance receivables held for sale at lower of cost or fair value		—			—			(4,434	)
Amortization of unearned discounts on finance receivables at fair value		—			(416	)		(9,772	)
Non-cash reorganization items, net		—			(51,741	)		—
Other, net		(966	)		193			(2,845	)
Changes in operating assets and liabilities:
Finance receivables, held for sale
Originations of finance receivables, held for sale		—			(14,337	)		(231,639	)
Principal payments received on finance receivables, held for sale		—			6,481			85,905
Other		—			169			2,811
Interest receivable		1,184			(164	)		(489	)
Other assets		(1,836	)		5,178			5,605
Other liabilities		457			(2,627	)		(9,740	)
Net cash provided by (used in) operating activities from continuing operations		35,245			(5,804	)		(125,997	)
Net cash (used in) provided by operating activities from discontinued operations		(729	)		(207	)		82,820
Net cash provided by (used in) operating activities		34,516			(6,011	)		(43,177	)
Investing activities
Finance receivables, held for investment at fair value
Purchases of finance receivables, held for investment at fair value		(223,059	)		—			—
Principal payments received on finance receivables, held for investment at fair value		158,482			2,985			65,523
Principal payments received on beneficial interests		840			147			1,421
Purchase of property and equipment		(3,190	)		(151	)		(926	)
Net cash (used in) provided by investing activities from continuing operations		(66,927	)		2,981			66,018
Net cash provided by investing activities from discontinued operations		637			—			10,834
Net cash (used in) provided by investing activities		(66,290	)		2,981			76,852
Financing activities
Proceeds from borrowings under secured financing agreements		307,780			—			296,569
Principal repayment under secured financing agreements		(120,548	)		(16,676	)		(135,017	)
Proceeds from financing of beneficial interests in securitizations		16,223			—			15,821
Principal repayments of financing of beneficial interests in securitizations		(6,589	)		(1,028	)		(6,281	)
Proceeds from warehouse credit facilities		182,300			11,900			193,400
Repayments of warehouse credit facilities		(340,196	)		(8,094	)		(343,884	)
Other financing activities		(1,474	)		—			(326	)
Net cash provided by (used in) financing activities from continuing operations		37,496			(13,898	)		20,282
Net cash used in financing activities from discontinued operations		—			—			(151,178	)
Net cash provided by (used in) financing activities		37,496			(13,898	)		(130,896	)
Net increase (decrease) in cash, cash equivalents and restricted cash		5,722			(16,928	)		(97,221	)
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	$	67,163		$	61,441		$	111,598


(1)	Total available liquidity is a non-GAAP measure and represents $14.3 million of unrestricted cash and cash equivalents, as well as $16.6 million of availability from warehouse credit facilities and $25.0 million of availability from line of credit secured by residual certificates.
(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)	Tangible book value is a non-GAAP measure and represents total stockholders' equity of $151.9 million, excluding intangible assets of $13.3 million as of June 30, 2025.


Supplemental disclosure of cash flow information:
Cash paid for interest	$	22,067	$	4,534	$	29,321
Cash paid for reorganization items, net	$	—	$	1,705	$	—
Cash paid for income taxes	$	606	$	—	$	373