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Vroom Inc. (VRM+0.60%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing outlines Vroom's emergence from the Prepackaged Chapter 11 Case on January 14, 2025, which involved a restructuring of its debt obligations and capital structure.
Vroom's operations are now focused on its subsidiaries, United Auto Credit Corporation (UACC) and CarStory, following the wind-down of its ecommerce platform.
UACC, an automotive finance company, reported interest income of $203.9 million for 2024, a 12.7% increase from the previous year, primarily due to new originations.
Interest expense for UACC also increased by 41.7% to $59.4 million, driven by higher borrowings and rising interest rates.
CarStory, which provides AI-powered analytics and services, reported revenue of $11.6 million, a decrease of 6.3% from 2023.
The filing details Vroom's strategic initiatives to improve profitability, including optimizing UACC's dealer network and leveraging CarStory's data analytics.
Vroom has discontinued its ecommerce operations as part of a Value Maximization Plan, which resulted in a net loss from discontinued operations of $26.9 million.
Vroom's total net loss for 2024 was $165.1 million, compared to a net loss of $364.6 million in 2023, reflecting the impact of the restructuring and wind-down activities.
Vroom's liquidity as of December 31, 2024, included $29.3 million in cash and cash equivalents and $49.0 million in restricted cash.
The filing emphasizes Vroom's focus on its Long-Term Strategic Plan to achieve pre-COVID levels of cumulative net losses and lower operating costs.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Vroom Inc. annual 10-K report dated March 11, 2025. To report an error, please email earnings@qz.com.