Vroom (VRM) Q4 2025 earnings summary

Executive summary

• Emerged from Chapter 11 bankruptcy on January 14, 2025, applying fresh-start accounting from that date.

• Discontinued ecommerce and used vehicle dealership operations, focusing on UACC (auto lending) and CarStory (analytics/digital services).

• Achieved $129.3M improvement in net loss for full year 2025 compared to 2024, with net loss from continuing operations at $(9.0)M for 2025 and $(11.5)M for Q4 2025.

• Adjusted net loss improved by $66.0M year-over-year, reaching $(49.2)M for 2025 and $(10.1)M for Q4 2025.

• Reported $116.6M in stockholders' equity and $104.2M tangible book value as of December 31, 2025.

Financial highlights

• Full year 2025 net loss from continuing operations was $(54.0)M; adjusted net loss improved to $(49.2)M from $(115.3)M in 2024.

• Q4 2025 net loss from continuing operations was $(11.5)M; adjusted net loss $(10.1)M.

• Total available liquidity at year-end 2025 was $48.7M, including $10.4M cash, $11.3M warehouse credit facility, and $27.0M delayed draw facility.

• Gross serviced portfolio was $948M at Q4 2025, down from $972M in Q3 2025, reflecting amortization of legacy assets.

• Indirect loan origination volume reached $481M in 2025, up $44M year-over-year.

Outlook and guidance

• For full year 2026, expects indirect origination volume of $475–$515M and adjusted net loss of $(20)–$(25)M.

• Guidance reflects continued focus on technology investments and long-term strategy.