17. Segment Information

As a result of the Ecommerce Wind-Down during the three months ended March 31, 2024, the Company revised its reportable segments. The Company is now organized into two reportable segments: UACC and CarStory. Corporate activities are presented in "corporate" and do not constitute a reportable segment. These activities include costs not directly attributable to the segments and are primarily related to costs associated with corporate and governance functions, including executive functions, corporate finance, legal, human resources, information technology, cyber security and other shared costs. Certain shared costs, including corporate administration, are allocated to segments based upon specific allocation of expenses. Corporate activities also include the runoff of legacy Vroom third party vehicle service and GAP policies sold prior to the Ecommerce Wind-Down. No operating segments have been aggregated to form the reportable segments.

The Company determined its operating segments based on how the chief operating decision maker (“CODM”) reviews the Company’s operating results in assessing performance and allocating resources. The Company’s CODM is the chief executive office (“CEO”). During the period from January 15, 2025, to December 31, 2025, the CODM changed the profitability measure reviewed for the Company's segment from Adjusted EBITDA to Adjusted net income (loss). The CODM reviews Adjusted net income (loss) for each of the reportable segments. Adjusted net income (loss) is defined 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 incurred by segment. All expense categories on the consolidated statement of operations are significant and there are no other significant segment expenses that would require disclosure. There are no intra-entity sales and no significant expense categories regularly provided to the CODM beyond those disclosed in the consolidated statement of operations. The CODM manages the business using consolidated expense information, adjusted for items that are non-recurring or not core to the Company’s operating business as disclosed above, as well as regularly provided budgeted or forecasted expense information for each operating segment. The CODM does not evaluate operating segments using asset information as these are managed on an enterprise-wide group basis. Accordingly, the Company does not report segment asset information. As of December 31, 2025 and 2024, long-lived assets were predominantly located in the United States.

The UACC reportable segment represents UACC’s operations with its network of third-party dealership customers, including the purchases and servicing of vehicle installment contracts. The segment also includes the runoff portfolio of retail installment sale contracts originated for Vroom or purchased from Vroom prior to the Ecommerce Wind-Down.

The CarStory reportable segment represents sales of AI-powered analytics and digital services to automotive dealers, automotive financial services companies and others in the automotive industry.

Information about the Company’s reportable segments and corporate activities are as follows (in thousands):


	Successor											Predecessor
	Period from January 15 through December 31,											Period from January 1 through January 14,
	2025											2025
	UACC			CarStory			Corporate			Total		UACC			CarStory			Corporate			Total
Interest income	$	171,650		$	—		$	—		$	171,650	$	7,254		$	—		$	(71	)	$	7,183

Interest expense:
Warehouse credit facility		17,584			—			—			17,584		1,017			—			—			1,017
Securitization debt		32,966			—			—			32,966		1,178			—			—			1,178
Total interest expense		50,550			—			—			50,550		2,195			—			—			2,195
Net interest income		121,100			—			—			121,100		5,059			—			(71	)		4,988

Realized and unrealized losses, net of recoveries		96,874			—			385			97,259		7,647			—			(855	)		6,792
Net interest income (loss) after losses and recoveries		24,226			—			(385	)		23,841		(2,588	)		—			784			(1,804	)

Noninterest (loss) income:
Servicing income		4,690			—			—			4,690		192			—			—			192
Warranties and GAP income, net		13,070			—			1,396			14,466		390			—			(83	)		307
CarStory revenue		—			6,914			—			6,914		—			432			—			432
Other income		7,866			210			2,301			10,377		66			13			34			113
Total noninterest (loss) income		25,626			7,124			3,697			36,447		648			445			(49	)		1,044

Expenses:
Compensation and benefits		59,694			5,751			4,777			70,222		2,398			326			99			2,823
Professional fees		7,160			(298	)		5,009			11,871		172			13			112			297
Software and IT costs		9,959			—			1,910			11,869		367			2			88			457
Depreciation and amortization		2,922			428			—			3,350		817			240			—			1,057
Interest expense on corporate debt		2,443			—			354			2,797		85			—			91			176
Impairment charges		3,479			—			677			4,156		—			—			—			—
Other expenses		7,324			449			2,002			9,775		262			20			89			371
Total expenses		92,981			6,330			14,729			114,040		4,101			601			479			5,181

Provision for income taxes from continuing operations		39			84			170			294		—			5			—			5

Adjusted net income (loss)	$	(36,065	)	$	837							$	(5,910	)	$	(153	)


	Predecessor
	Year Ended December 31,
	2024
	UACC			CarStory			Corporate			Total
Interest income (expense)	$	203,962		$	—		$	(2,129	)	$	201,833

Interest expense:
Warehouse credit facility		29,276			—			—			29,276
Securitization debt		30,084			—			—			30,084
Total interest expense		59,360			—			—			59,360
Net interest income (loss)		144,602			—			(2,129	)		142,473

Realized and unrealized losses, net of recoveries		98,629			—			21,239			119,868
Net interest income (loss) after losses and recoveries		45,973			—			(23,368	)		22,605

Noninterest (loss) income:
Servicing income		6,501			—			—			6,501
Warranties and GAP income (loss), net		7,789			—			(10,399	)		(2,610	)
CarStory revenue		—			11,610			—			11,610
Other income		8,334			692			1,824			10,850
Total noninterest (loss) income		22,624			12,302			(8,575	)		26,351

Expenses:
Compensation and benefits		76,374			10,293			10,626			97,293
Professional fees		3,506			152			8,377			12,035
Software and IT costs		10,397			215			4,471			15,083
Depreciation and amortization		22,683			6,403			—			29,086
Interest expense on corporate debt		2,396			—			3,430			5,826
Impairment charges		5,159			—			—			5,159
Other expenses		9,457			414			6,422			16,294
Total expenses		129,972			17,477			33,326			180,776

Provision for income taxes from continuing operations		733			123			—			856

Adjusted net loss	$	(53,447	)	$	(4,923	)

The reconciliation between reportable segment Adjusted net income (loss) to net loss from continuing operations before provision for income taxes is as follows (in thousands):


	Successor			Predecessor
	Period from January 15 through December 31,			Period from January 1 through January 14,			Year Ended December 31,
	2025			2025			2024
Adjusted net income (loss)
UACC	$	(36,065	)	$	(5,910	)	$	(53,447	)
CarStory		837			(153	)		(4,923	)
Total	$	(35,228	)	$	(6,063	)	$	(58,370	)

Stock compensation expense		(3,724	)		(134	)		(3,077	)
Severance expense		(28	)		(4	)		(800	)
Impairment charges		(3,479	)		—			(5,159	)
Corporate income (loss) from continuing operations		(11,586	)		255			(65,270	)
Reorganization items		—			51,036			(5,564	)
Net loss from continuing operations	$	(54,046	)	$	45,090		$	(138,240	)

Historical Timeline

Fiscal Year	Filed
2025	Mar 26, 2026	Showing above
2024	Mar 11, 2025

2023	Mar 13, 2024

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Vroom, Inc. Segments Disclosure

Historical Timeline

About Segments Disclosures

Other Available Disclosures