Vroom (VRM) Registration Filing summary

Company overview and business model

• Operates United Auto Credit Corporation (UACC), a leading indirect automotive finance company focused on non-prime consumers, and CarStory, an AI-powered analytics and digital services platform for automotive retail.

• Wound down its used vehicle ecommerce business in Q1 2024 to preserve liquidity and focus on UACC and CarStory.

• UACC services a $1.0 billion portfolio across 78,000 retail installment contracts and partners with thousands of dealers in 49 states.

• CarStory provides AI-driven vehicle pricing, analytics, and digital retailing tools to dealers and financial services companies, leveraging a database covering 90% of U.S. consumer vehicles.

Financial performance and metrics

• For 2024, reported net loss from continuing operations of $138.2 million and total net loss of $165.1 million, with an accumulated deficit of $2.13 billion as of year-end.

• Interest income increased 12.7% to $204.0 million, driven by higher loan originations; interest expense rose 41.7% to $59.4 million due to higher borrowing and rates.

• UACC's adjusted EBITDA loss increased to $29.8 million in 2024, while CarStory's adjusted EBITDA fell to $0.9 million.

• Cash and cash equivalents at year-end 2024 were $29.3 million, with $49.0 million in restricted cash.

• UACC had $353.4 million in securitization debt and $359.9 million in warehouse credit facility borrowings as of December 31, 2024.

Use of proceeds and capital allocation

• No proceeds will be received from the offering; all shares are being sold by Mudrick Capital Management.

• Company will bear registration and listing costs, while Mudrick pays any underwriting fees or commissions.