EX-99.1

THIRD 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 September 30,			Three Months Ended September 30,
	2025			2024			$ Change
				(in thousands)
Interest income	$	44,829		$	50,213		$	(5,384	)

Interest expense:
Warehouse credit facility		4,544			6,251			(1,707	)
Securitization debt		8,771			9,096			(325	)
Total interest expense		13,315			15,347			(2,032	)
Net interest income		31,514			34,866			(3,352	)

Realized and unrealized losses, net of recoveries		43,202			38,346			4,856
Net interest income after losses and recoveries		(11,688	)		(3,480	)		(8,208	)

Noninterest income:
Servicing income		1,088			1,495			(407	)
Warranties and GAP income (loss), net		3,152			3,917			(765	)
CarStory revenue		1,347			2,890			(1,543	)
Other income		3,924			2,419			1,505
Total noninterest income		9,511			10,721			(1,210	)

Expenses:
Compensation and benefits		16,287			25,365			(9,078	)
Professional fees		1,538			1,587			(49	)
Software and IT costs		3,062			3,360			(298	)
Depreciation and amortization		998			7,105			(6,107	)
Interest expense on corporate debt		706			1,601			(895	)
Impairment charges		—			2,407			(2,407	)
Other expenses		2,230			3,436			(1,206	)
Total expenses		24,821			44,861			(20,040	)

Loss from continuing operations before provision for income taxes		(26,998	)		(37,620	)		10,622
Provision (benefit) for income taxes from continuing operations		144			124			20
Net loss from continuing operations	$	(27,142	)	$	(37,744	)	$	10,602
Net income (loss) from discontinued operations	$	366		$	(1,999	)	$	2,365
Net loss	$	(26,776	)	$	(39,743	)	$	12,967


	Successor			Predecessor			Non-GAAP Combined			Predecessor
	Period from January 15 through September 30,			Period from January 1 through January 14,			Nine Months Ended September 30,			Nine Months Ended September 30,			Non-GAAP
	2025			2025			2025			2024			$ Change
				(in thousands)
Interest income	$	127,734		$	7,183		$	134,917		$	153,152		$	(18,235	)

Interest expense:
Warehouse credit facility		12,421			1,017			13,438			22,708			(9,270	)
Securitization debt		25,202			1,178			26,380			21,960			4,420
Total interest expense		37,623			2,195			39,818			44,668			(4,850	)
Net interest income		90,111			4,988			95,099			108,484			(13,385	)

Realized and unrealized losses, net of recoveries		73,802			6,792			80,594			87,894			(7,300	)
Net interest income after losses and recoveries		16,309			(1,804	)		14,505			20,590			(6,085	)

Noninterest income:
Servicing income		3,601			192			3,793			5,101			(1,308	)
Warranties and GAP income (loss), net		10,876			307			11,183			(4,347	)		15,530
CarStory revenue		5,585			432			6,017			8,782			(2,765	)
Other income		8,472			113			8,585			8,344			241
Total noninterest income		28,534			1,044			29,578			17,880			11,698

Expenses:
Compensation and benefits		53,445			2,823			56,268			76,651			(20,383	)
Professional fees		8,898			297			9,195			6,418			2,777
Software and IT costs		8,884			457			9,341			12,018			(2,677	)
Depreciation and amortization		2,315			1,057			3,372			21,963			(18,591	)
Interest expense on corporate debt		1,884			176			2,060			4,541			(2,481	)
Impairment charges		4,156			—			4,156			5,159			(1,003	)
Other expenses		7,433			371			7,804			12,853			(5,049	)
Total expenses		87,015			5,181			92,196			139,603			(47,407	)

Loss from continuing operations before reorganization items and provision for income taxes		(42,172	)		(5,941	)		(48,113	)		(101,133	)		53,020
Reorganization items, net		—			51,036			51,036			—			51,036
Income (loss) from continuing operations before provision for income taxes		(42,172	)		45,095			2,923			(101,133	)		104,056
Provision for income taxes from continuing operations		353			5			358			393			(35	)
Net income (loss) from continuing operations	$	(42,525	)	$	45,090		$	2,565		$	(101,526	)	$	104,091
Net income (loss) from discontinued operations	$	878		$	(4	)	$	874		$	(27,024	)	$	27,898
Net income (loss)	$	(41,647	)	$	45,086		$	3,439		$	(128,550	)	$	131,989

Results by Segment

UACC


	Successor			Predecessor
	Three Months Ended September 30,			Three Months Ended September 30,
	2025			2024			Change			% Change
				(in thousands)
Interest income	$	44,829		$	50,801		$	(5,972	)		(11.8	)%

Interest expense:
Warehouse credit facility		4,544			6,251			(1,707	)		(27.3	)%
Securitization debt		8,771			9,096			(325	)		(3.6	)%
Total interest expense		13,315			15,347			(2,032	)		(13.2	)%
Net interest income		31,514			35,454			(3,940	)		(11.1	)%

Realized and unrealized losses, net of recoveries		43,550			30,117			13,433			44.6	%
Net interest income after losses and recoveries		(12,036	)		5,337			(17,373	)		(325.5	)%

Noninterest income:
Servicing income		1,088			1,495			(407	)		(27.2	)%
Warranties and GAP income, net		2,855			2,074			781			37.7	%
Other income		1,883			1,698			185			10.9	%
Total noninterest income		5,826			5,267			559			10.6	%

Expenses:
Compensation and benefits		14,072			19,819			(5,747	)		(29.0	)%
Professional fees		826			875			(49	)		(5.6	)%
Software and IT costs		2,502			2,346			156			6.6	%
Depreciation and amortization		887			5,505			(4,618	)		(83.9	)%
Interest expense on corporate debt		664			681			(17	)		(2.5	)%
Impairment charges		—			2,407			(2,407	)		(100.0	)%
Other expenses		1,736			1,991			(255	)		(12.8	)%
Total expenses		20,687			33,624			(12,937	)		(38.5	)%

Benefit for income taxes from continuing operations		—			99			(99	)		(100.0	)%

Adjusted net loss	$	(25,784	)	$	(19,857	)	$	(5,927	)		29.8	%

Stock compensation expense	$	1,112		$	834		$	278			33.3	%
Severance	$	-		$	20		$	(20	)		(100.0	)%


	Successor			Predecessor			Non-GAAP Combined			Predecessor			Non-GAAP			Non-GAAP
	Period from January 15 through September 30,			Period from January 1 through January 14,			Nine Months Ended September 30,			Nine Months Ended September 30,
	2025			2025			2025			2024			Change			% Change
				(in thousands)
Interest income	$	127,734		$	7,254		$	134,988		$	154,731		$	(19,743	)		(12.8	)%

Interest expense:
Warehouse credit facility		12,421			1,017			13,438			22,708			(9,270	)		(40.8	)%
Securitization debt		25,202			1,178			26,380			21,960			4,420			20.1	%
Total interest expense		37,623			2,195			39,818			44,668			(4,850	)		(10.9	)%
Net interest income		90,111			5,059			95,170			110,063			(14,893	)		(13.5	)%

Realized and unrealized losses, net of recoveries		75,123			7,647			82,770			77,460			5,310			6.9	%
Net interest income (loss) after losses and recoveries		14,988			(2,588	)		12,400			32,603			(20,203	)		(62.0	)%

Noninterest income:
Servicing income		3,601			192			3,793			5,101			(1,308	)		(25.6	)%
Warranties and GAP income, net		10,099			390			10,489			5,324			5,165			97.0	%
Other income		6,096			66			6,162			6,266			(104	)		(1.7	)%
Total noninterest income		19,796			648			20,444			16,691			3,753			22.5	%

Expenses:
Compensation and benefits		45,209			2,398			47,607			59,146			(11,539	)		(19.5	)%
Professional fees		5,328			172			5,500			2,326			3,174			136.5	%
Software and IT costs		7,276			367			7,643			8,048			(405	)		(5.0	)%
Depreciation and amortization		1,994			817			2,811			17,156			(14,345	)		(83.6	)%
Interest expense on corporate debt		1,842			85			1,927			1,781			146			8.2	%
Impairment charges		3,479			—			3,479			5,159			(1,680	)		(32.6	)%
Other expenses		5,558			262			5,820			7,569			(1,749	)		(23.1	)%
Total expenses		70,686			4,101			74,787			101,185			(26,398	)		(26.1	)%

Provision for income taxes from continuing operations		39			—			39			301			(262	)		(87.0	)%

Adjusted net loss	$	(29,913	)	$	(5,910	)	$	(35,823	)	$	(44,652	)	$	8,829			19.8	%

Stock compensation expense	$	2,521		$	127		$	2,647		$	1,867		$	780			41.8	%
Severance	$	28		$	4		$	31		$	513		$	(482	)		(93.9	)%

CarStory


	Successor				Predecessor
	Three Months Ended September 30,				Three Months Ended September 30,
	2025				2024			Change			% Change
				(in thousands)
Noninterest income:
CarStory revenue	$	1,347			$	2,890		$	(1,543	)		(53.4	)%
Other income		35				199			(164	)		(82.4	)%
Total noninterest income		1,382				3,089			(1,707	)		(55.3	)%

Expenses:
Compensation and benefits		1,378				3,127			(1,749	)		(55.9	)%
Professional fees		(108	)			(112	)		4			3.6	%
Software and IT costs		(4	)			17			(21	)		(123.5	)%
Depreciation and amortization		111				1,600			(1,489	)		(93.1	)%
Other expenses		100				127			(27	)		(21.3	)%
Total expenses		1,477				4,759			(3,282	)		(69.0	)%

Provision for income taxes from continuing operations		24				25			(1	)		(4.0	)%

Adjusted net income (loss)	$	(72	)		$	(1,636	)	$	1,564			95.6	%

Stock compensation expense	$	47			$	59		$	(12	)		(20.6	)%


	Successor			Predecessor			Non-GAAP Combined			Predecessor			Non-GAAP			Non-GAAP
	Period from January 15 through September 30,			Period from January 1 through January 14,			Nine Months Ended September 30,			Nine Months Ended September 30,
	2025			2025			2025			2024			Change			% Change
				(in thousands)
Noninterest income:
CarStory revenue	$	5,585		$	432		$	6,017		$	8,782		$	(2,765	)		(31.5	)%
Other income		132			13			145			562			(417	)		(74.2	)%
Total noninterest income		5,717			445			6,162			9,344			(3,182	)		(34.1	)%

Expenses:
Compensation and benefits		4,319			326			4,645			7,802			(3,157	)		(40.5	)%
Professional fees		(175	)		13			(162	)		90			(252	)		(280.0	)%
Software and IT costs		(1	)		2			1			205			(204	)		(99.5	)%
Depreciation and amortization		321			240			561			4,807			(4,246	)		(88.3	)%
Other expenses		374			20			394			300			94			31.3	%
Total expenses		4,838			601			5,439			13,204			(7,765	)		(58.8	)%

Provision for income taxes from continuing operations		73			5			78			92			(14	)		(15.2	)%

Adjusted net income (loss)	$	890		$	(153	)	$	737		$	(3,618	)	$	4,355			120.4	%

Stock compensation expense	$	81		$	8		$	89		$	334		$	(246	)		(73.5	)%

Corporate


	Successor				Predecessor
	Three Months Ended September 30,				Three Months Ended September 30,
	2025				2024			Change			% Change
				(in thousands)
Interest expense	$	—			$	(588	)	$	588			100.0	%

Realized and unrealized losses, net of recoveries		(348	)			8,229			(8,577	)		(104.2	)%
Net interest loss after losses and recoveries		348				(8,817	)		9,165			103.9	%

Noninterest income:
Warranties and GAP income, net		297				1,843			(1,546	)		(83.9	)%
Other income		2,006				522			1,484			284.3	%
Total noninterest income		2,303				2,365			(62	)		(2.6	)%

Expenses:
Compensation and benefits		837				2,419			(1,582	)		(65.4	)%
Professional fees		820				824			(4	)		(0.5	)%
Software and IT costs		564				997			(433	)		(43.4	)%
Interest expense on corporate debt		42				920			(878	)		(95.4	)%
Other expenses		394				1,318			(924	)		(70.1	)%
Total expenses		2,657				6,478			(3,821	)		(59.0	)%

Provision for income taxes from continuing operations		120				—			120			100.0	%


	Successor			Predecessor			Non-GAAP Combined			Predecessor			Non-GAAP			Non-GAAP
	Period from January 15 through September 30,			Period from January 1 through January 14,			Nine Months Ended September 30,			Nine Months Ended September 30,
	2025			2025			2025			2024			Change			% Change
				(in thousands)
Interest income (expense)	$	—		$	(71	)	$	(71	)	$	(1,579	)	$	1,508			95.5	%

Realized and unrealized losses (gains), net of recoveries		(1,321	)		(855	)		(2,176	)		10,434			(12,610	)		(120.9	)%
Net interest income after losses and recoveries		1,321			784			2,105			(12,013	)		14,119			117.5	%

Noninterest (loss) income:
Warranties and GAP income (loss), net		777			(83	)		694			(9,671	)		10,365			107.2	%
Other income		2,244			34			2,278			1,516			762			50.2	%
Total noninterest (loss) income		3,021			(49	)		2,972			(8,155	)		11,127			136.4	%

Expenses:
Compensation and benefits		3,917			99			4,016			9,703			(5,687	)		(58.6	)%
Professional fees		3,745			112			3,857			4,002			(145	)		(3.6	)%
Software and IT costs		1,609			88			1,697			3,765			(2,068	)		(54.9	)%
Interest expense on corporate debt		42			91			133			2,760			(2,627	)		(95.2	)%
Impairment expense		677			—			677			—			677			100.0	%
Other expenses		1,501			89			1,590			4,984			(3,394	)		(68.1	)%
Total expenses		11,491			479			11,970			25,214			(13,244	)		(52.5	)%

Provision for income taxes from continuing operations		241			—			241			—			241			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 Nine Months Ended September 30, 2025

Our financial results for the periods from January 1, 2025 through January 14, 2025 and the three and nine months ended September 30, 2024 are referred to as those of the “Predecessor” periods. Our financial results for the periods from January 15, 2025 through September 30, 2025 and the three months ended September 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 September 30, 2025, separately, management views our operating results for the nine months ended September 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 September 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 nine months ended September 30, 2025. The combined results for the nine months ended September 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 September 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 nine months ended September 30, 2025 (prepared on a Non-GAAP basis) and nine months ended September 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 September 30,			Three Months Ended September 30,
	2025			2024
Net loss from continuing operations	$	(27,142	)	$	(37,744	)
Adjusted to exclude the following:
Stock compensation expense		1,444			1,244
Severance expense		—			763
Impairment charges		—			2,407
Adjusted net loss	$	(25,698	)	$	(33,330	)


	Successor			Predecessor			Non-GAAP Combined			Predecessor
	Period from January 15 through September 30,			Period from January 1 through January 14,			Nine Months Ended September 30,			Nine Months Ended September 30,
	2025			2025			2025			2024
				(in thousands)
Net income (loss) from continuing operations	$	(42,525	)	$	45,090		$	2,565		$	(101,526	)
Adjusted to exclude the following:
Stock compensation expense		3,771			144			3,915			5,014
Severance expense		388			4			392			2,448
Bankruptcy costs (post-emergence)		913			—			913			—
Reorganization items, net		—			(51,036	)		(51,036	)		—
Impairment charges		4,156			—			4,156			5,159
Adjusted net loss	$	(33,297	)	$	(5,798	)	$	(39,095	)	$	(88,905	)


	Successor			Successor			Successor			Predecessor			Non-GAAP Combined			Predecessor			Predecessor			Predecessor			Predecessor			Predecessor
	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,			Three Months Ended December 31,			Three Months Ended September 30,			Three Months Ended June 30,			Three Months Ended March 31,			Three Months Ended December 31,
	2025			2025			2025			2025			2025			2024			2024			2024			2024			2023

Net income (loss) from continuing operations		(27,142	)		(8,932	)		(6,450	)		45,090			38,640			(36,716	)		(37,744	)		(19,104	)		(44,676	)		(26,904	)
Stock compensation expense		1,444			1,836			491			144			635			935			1,244			2,446			1,324			1,767
Severance expense		-			367			21			4			25			287			763			1,685			-			-
Bankruptcy costs (post-emergence)		-			-			913			-			913			3,582			-			-			-			-
Reorganization items, net		-			-			-			(51,036	)		(51,036	)		5,564			-			-			-			-
Gain on extinguishment of debt		-			-			-			-			-			-			-			-			-			(18,238	)
Impairment charges		-			-			4,156			-			4,156			-			2,407			-			2,752			-
Adjusted Net Loss		(25,698	)		(6,729	)		(869	)		(5,798	)		(6,667	)		(26,348	)		(33,330	)		(14,973	)		(40,600	)		(43,375	)

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 internal adjusted net income plan, the restructuring, including its impact and intended benefits, our strategic initiatives and long-term strategy, future results of operations and financial position, 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 September 30,			As of December 31,
	2025			2024
ASSETS
Cash and cash equivalents	$	12,412		$	29,343
Restricted cash (including restricted cash of consolidated VIEs of $54.3 million and $48.1 million, respectively)		55,026			49,026
Finance receivables at fair value (including finance receivables of consolidated VIEs of $794.6 million and $467.3 million, respectively)		817,711			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)		12,825			14,067
Property and equipment, net		5,636			4,064
Intangible assets, net		12,846			104,869
Operating lease right-of-use assets		6,065			6,872
Other assets (including other assets of consolidated VIEs of $11.6 million and $10.8 million, respectively)		26,667			35,472
Assets from discontinued operations		—			943
Total assets	$	949,188		$	1,066,696
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Warehouse credit facilities of consolidated VIEs	$	269,773		$	359,912
Long-term debt (including securitization debt of consolidated VIEs of $458.9 million at fair value as of September 30, 2025 and $210.7 million at amortized cost and $142.6 million at fair value as of December 31, 2024)		492,144			381,366
Related party note (Note 11)		10,000			—
Operating lease liabilities		9,455			11,065
Other liabilities (including other liabilities of consolidated VIEs of $16.5 million and $13.8 million, respectively)		41,016			49,699
Liabilities subject to compromise (Note 6)		—			291,577
Liabilities from discontinued operations		188			4,022
Total liabilities		822,576			1,097,641
Commitments and contingencies (Note 12)
Stockholders’ equity (deficit):
Common stock, $0.001 par value; 250,000,000 shares authorized as of September 30, 2025 and 500,000,000 shares authorized as of December 31, 2024; 5,199,599 and 1,822,532 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively		5			2
Additional paid-in-capital		168,253			2,094,889
Accumulated deficit		(41,646	)		(2,125,836	)
Total stockholders’ equity (deficit)		126,612			(30,945	)
Total liabilities and stockholders’ equity (deficit)	$	949,188		$	1,066,696

VROOM, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share amounts)

(unaudited)


	Successor			Predecessor
	Three Months Ended September 30,			Three Months Ended September 30,
	2025			2024
Interest income	$	44,829		$	50,213

Interest expense:
Warehouse credit facility		4,544			6,251
Securitization debt		8,771			9,096
Total interest expense		13,315			15,347
Net interest income		31,514			34,866

Realized and unrealized losses, net of recoveries		43,202			38,346
Net interest income after losses and recoveries		(11,688	)		(3,480	)

Noninterest income:
Servicing income		1,088			1,495
Warranties and GAP income, net		3,152			3,917
CarStory revenue		1,347			2,890
Other income		3,924			2,419
Total noninterest income		9,511			10,721

Expenses:
Compensation and benefits		16,287			25,365
Professional fees		1,538			1,587
Software and IT costs		3,062			3,360
Depreciation and amortization		998			7,105
Interest expense on corporate debt		706			1,601
Impairment charges		—			2,407
Other expenses		2,230			3,436
Total expenses		24,821			44,861

Loss from continuing operations before provision for income taxes		(26,998	)		(37,620	)
Provision for income taxes from continuing operations		144			124
Net loss from continuing operations	$	(27,142	)	$	(37,744	)
Net income (loss) from discontinued operations	$	366		$	(1,999	)
Net loss	$	(26,776	)	$	(39,743	)
Net loss per share attributable to common stockholders, continuing operations, basic and diluted	$	(5.22	)	$	(20.88	)
Net income (loss) per share attributable to common stockholders, discontinued operations, basic and diluted	$	0.07		$	(1.11	)
Total net loss per share attributable to common stockholders, basic and diluted	$	(5.15	)	$	(21.99	)
Weighted-average number of shares outstanding used to compute net loss per share attributable to common stockholders, basic and diluted		5,199,581			1,807,398

VROOM, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS (continued)

(in thousands, except share and per share amounts)

(unaudited)


	Successor			Predecessor
	Period from January 15 through September 30,			Period from January 1 through January 14,			Nine Months Ended September 30,
	2025			2025			2024
Interest income	$	127,734		$	7,183		$	153,152

Interest expense:
Warehouse credit facility		12,421			1,017			22,708
Securitization debt		25,202			1,178			21,960
Total interest expense		37,623			2,195			44,668
Net interest income		90,111			4,988			108,484

Realized and unrealized losses, net of recoveries		73,802			6,792			87,894
Net interest income (loss) after losses and recoveries		16,309			(1,804	)		20,590

Noninterest income:
Servicing income		3,601			192			5,101
Warranties and GAP income (loss), net		10,876			307			(4,347	)
CarStory revenue		5,585			432			8,782
Other income		8,472			113			8,344
Total noninterest income		28,534			1,044			17,880

Expenses:
Compensation and benefits		53,445			2,823			76,651
Professional fees		8,898			297			6,418
Software and IT costs		8,884			457			12,018
Depreciation and amortization		2,315			1,057			21,963
Interest expense on corporate debt		1,884			176			4,541
Impairment charges		4,156			—			5,159
Other expenses		7,433			371			12,853
Total expenses		87,015			5,181			139,603

Loss from continuing operations before reorganization items and provision for income taxes		(42,172	)		(5,941	)		(101,133	)
Reorganization items, net		—			51,036			—
(Loss) income from continuing operations before provision for income taxes		(42,172	)		45,095			(101,133	)
Provision for income taxes from continuing operations		353			5			393
Net income (loss) from continuing operations	$	(42,525	)	$	45,090		$	(101,526	)
Net income (loss) from discontinued operations		878			(4	)		(27,024	)
Net (loss) income	$	(41,647	)	$	45,086		$	(128,550	)


	Successor			Predecessor
	Period from January 15 through September 30,			Period from January 1 through January 14,			Nine Months Ended September 30,
	2025			2025			2024
Net (loss) income per share attributable to common stockholders, basic:
Continuing operations		(8.21	)		24.74			(56.38	)
Discontinued operations		0.17			(0.00	)		(15.01	)
Basic	$	(8.04	)	$	24.74		$	(71.39	)
Net (loss) income per share attributable to common stockholders, diluted:
Continuing operations		(8.21	)		23.89			(56.38	)
Discontinued operations		0.17			(0.00	)		(15.01	)
Diluted	$	(8.04	)	$	23.89		$	(71.39	)
Weighted-average number of shares outstanding used to compute net (loss) income per share attributable to common stockholders:
Basic		5,179,023			1,822,541			1,800,729
Diluted		5,179,023			1,887,371			1,800,729

VROOM, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)


	Successor			Predecessor
	Period from January 15 through September 30,			Period from January 1 through January 14,			Nine Months Ended September 30,
	2025			2025			2024
Operating activities
Net (loss) income from continuing operations	$	(42,525	)	$	45,090		$	(101,526	)
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Impairment charges		4,156			—			5,159
Profit share receivable		(260	)		—			10,899
Depreciation and amortization		2,315			1,057			21,963
Losses on finance receivables and securitization debt, net		85,752			4,762			96,556
Losses on Warranties and GAP		5,416			407			6,226
Stock-based compensation expense		3,771			144			4,949
Provision to record finance receivables held for sale at lower of cost or fair value		—			—			(3,586	)
Amortization of unearned discounts on finance receivables at fair value		—			(416	)		(12,674	)
Non-cash reorganization items, net		—			(51,741	)		—
Other, net		(967	)		193			(534	)
Changes in operating assets and liabilities:
Finance receivables, held for sale
Originations of finance receivables, held for sale		—			(14,337	)		(322,967	)
Principal payments received on finance receivables, held for sale		—			6,481			133,920
Other		—			169			1,243
Interest receivable		1,406			(164	)		460
Other assets		1,336			5,178			13,955
Other liabilities		(4,046	)		(2,627	)		(8,197	)
Net cash provided by (used in) operating activities from continuing operations		56,354			(5,804	)		(154,154	)
Net cash (used in) provided by operating activities from discontinued operations		(2,446	)		(207	)		79,257
Net cash provided by (used in) operating activities		53,908			(6,011	)		(74,897	)
Investing activities
Finance receivables, held for investment at fair value
Purchases of finance receivables, held for investment at fair value		(319,736	)		—			—
Principal payments received on finance receivables, held for investment at fair value		239,198			2,985			92,217
Principal payments received on beneficial interests		1,135			147			1,953
Purchase of property and equipment		(5,394	)		(151	)		(2,111	)
Net cash (used in) provided by investing activities from continuing operations		(84,797	)		2,981			92,059
Net cash provided by investing activities from discontinued operations		637			—			15,908
Net cash (used in) provided by investing activities		(84,160	)		2,981			107,967
Financing activities
Proceeds from borrowings under secured financing agreements		307,780			—			296,145
Principal repayment under secured financing agreements		(191,617	)		(16,676	)		(194,746	)
Proceeds from financing of beneficial interests in securitizations		16,223			—			15,821
Principal repayments of financing of beneficial interests in securitizations		(10,335	)		(1,028	)		(9,958	)
Proceeds from warehouse credit facilities		256,000			11,900			257,200
Repayments of warehouse credit facilities		(349,945	)		(8,094	)		(356,656	)
Proceeds from issuance of related party note		10,000			—			—
Other financing activities		(1,857	)		—			(356	)
Net cash provided by (used in) financing activities from continuing operations		36,249			(13,898	)		7,450
Net cash used in financing activities from discontinued operations		—			—			(151,178	)
Net cash provided by (used in) financing activities		36,249			(13,898	)		(143,728	)
Net increase (decrease) in cash, cash equivalents and restricted cash		5,997			(16,928	)		(110,658	)
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	$	67,438		$	61,441		$	98,161


(1)	Total available liquidity is a non-GAAP measure and represents $12.4 million of unrestricted cash and cash equivalents, as well as $11.8 million of availability from warehouse credit facilities and $35.0 million of availability from delayed draw facility
(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 $126.6 million, excluding intangible assets of $12.8 million as of September 30, 2025.


Supplemental disclosure of cash flow information:
Cash paid for interest	$	35,078	$	4,534	$	43,669
Cash paid for reorganization items, net	$	—	$	1,705	$	—
Cash paid for income taxes	$	—	$	—	$	351