0001193125-26-126253 | 10-K | XBRL Viewer

Property and Equipment, Net

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

7. Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):


	Successor			Predecessor
	December 31,			December 31,
	2025			2024
Equipment	$	539		$	2,841
Furniture and fixtures		82			333
Leasehold improvements		388			693
Internal-use software		7,043			5,366
Other		128			693
		8,180			9,926
Accumulated depreciation and amortization		(1,436	)		(5,862	)
Property and equipment, net	$	6,744		$	4,064

Upon emergence from the Prepackaged Chapter 11 Case, and application of fresh start accounting, the Company recorded property and equipment at fair value as of the Effective Date, as discussed in Note 6 — Fresh Start Accounting for further details.

Depreciation and amortization expense was $1.5 million for the period from January 15, 2025 to December 31, 2025 and $2.1 million for the year ended December 31, 2024, respectively. Depreciation and amortization expense for the period from January 1, 2025, to January 14, 2025, was not material.

The Company recorded impairment charges for "Property and equipment, net" of $2.8 million for the year ended December 31, 2024, respectively, related to the Company's internal-use software that no longer have a planned future use.

Fresh Start Accounting - Additional Information (Details) $ / shares in Units, $ in Thousands	Jan. 14, 2025 USD ($) $ / shares shares	Jan. 13, 2025 shares	Dec. 31, 2025 USD ($) shares	Jan. 15, 2025 USD ($)	Dec. 31, 2024 USD ($) shares	Nov. 13, 2024	Dec. 31, 2023 USD ($)
Reorganization, Chapter 11 [Line Items]
Plan of reorganization, effective date	Jan. 14, 2025
Percentage of pro rata share	92.94%					92.94%
Stock split ratio, description		common stock at a ratio of 1-for-5
Stock split ratio	0.0125	0.2
Common stock, shares outstanding \| shares	5,163,109	1,822,577	5,199,641		1,822,532
Number of securities called by warrants \| shares	364,516
Warrants exercise price \| $ / shares	$ 60.95
Warrants term	5 years
Equity value assigned	$ 164,487		$ 116,618	$ 164,487	$ (30,945)		$ 127,671
Identified intangible assets	$ 14,200		$ 12,370		$ 104,869
Incremental borrowing rate of lease liabilities			8.00%		7.90%
Common stock, shares issued \| shares	5,163,109		5,199,641		1,822,532
Common Stock, Value, Issued, Total	$ 161,700		$ 5	5	$ 2
Successor warrants	2,800			$ 2,825
Write-off of debt issuance costs	2,900
Fair value adjustment to securitization debt	1,600
Minimum
Reorganization, Chapter 11 [Line Items]
Equity value assigned	$ 115,600
Incremental borrowing rate of lease liabilities	6.20%
Maximum
Reorganization, Chapter 11 [Line Items]
Percentage of voting shares of successor company	0.50
Equity value assigned	$ 179,400
Incremental borrowing rate of lease liabilities	7.60%
Technology-based Intangible Assets
Reorganization, Chapter 11 [Line Items]
Intangibles valuation, royalty rate	5.00%
Intangibles valuation, margin rate	8.50%
Intangibles valuation, discount rate	25.00%
Trade names and Trademarks
Reorganization, Chapter 11 [Line Items]
Identified intangible assets			$ 3,125		$ 7,827
Intangibles valuation, royalty rate	0.50%
Intangibles valuation, discount rate	25.00%
Customer-related Intangible Assets
Reorganization, Chapter 11 [Line Items]
Intangibles valuation, attrition rate	10.00%
Intangibles valuation, discount rate	25.00%

Fresh Start Accounting - Summary of Enterprise Value to Reorganization Value as of Effective Date (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Jan. 15, 2025	Jan. 14, 2025	Dec. 31, 2024
Reorganization, Chapter 11 [Line Items]
Cash and cash equivalents	$ 10,384	$ 35,352		$ 29,343
Restricted Cash	$ 55,914	$ 26,089		$ 49,026
Prepackaged Chapter 11 Case
Reorganization, Chapter 11 [Line Items]
Enterprise value			$ 832,727
Cash and cash equivalents			35,352
Restricted Cash			26,089
Other liabilities			61,536
Reorganization value of Successor assets			$ 955,704

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 14, 2025	Dec. 31, 2025	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
U.S. federal statutory tax rate	$ 9,474		$ (11,292)	$ (34,496)
State and local income taxes, net of federal benefit	0		79	(5,967)
Statutory tax rate difference between Serbia and United States	(2)		(45)	(70)
Effect of Cross-Border Tax Laws GILTI	0		163	241
Nontaxable or nondeductible
Share-based Compensation	0		1,048	0
Cancellation of Debt Income Exclusion	(29,708)		0	0
Other Permanent differences	0		22	243
Change in valuation allowance	20,241		10,287	41,509
Other adjustments	0		32	(604)
Provision (benefit) for income taxes	$ 5		$ 294	$ 856
Percentage
U.S. federal statutory tax rate, percentage	21.00%		21.00%	21.00%
State and local income taxes, net of federal benefit, percentage	0.00%		(0.10%)	3.60%
Statutory tax rate difference between Serbia and United States, percentage	0.00%		0.10%	0.00%
Effect of Cross-Border Tax Laws GILTI, percentage	0.00%		(0.30%)	(0.10%)
Share-based Compensation, percentage	0.00%		(2.00%)	0.00%
Cancellation of Debt Income Exclusion, percentage	(65.90%)		0.00%	0.00%
Other Permanent differences, percentage	0.00%		(0.00%)	(0.10%)
Change in valuation allowance, percentage	44.90%		(19.10%)	(25.30%)
Other adjustments, percentage	0.00%		(0.10%)	0.40%
Provision (benefit) for income taxes, percentage	0.00%	(0.56%)	(0.60%)	(0.52%)

Stock-based Compensation - Summary of Weighted Average Assumptions Used in Calculation of Fair Value Using Black-Scholes Option (Details)	12 Months Ended
	Dec. 31, 2025 $ / shares
Stock Option 1
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Fair value of common stock (per share)	$ 11.25
Expected term (in years)	6 years 2 months 8 days
Risk-free interest rate	4.11%
Expected volatility	60.00%
Stock Option 2
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Fair value of common stock (per share)	$ 9.62
Expected term (in years)	6 years 2 months 8 days
Risk-free interest rate	4.11%
Expected volatility	60.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Long Term Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Debt Instruments

Debt instruments, excluding warehouse credit facilities of consolidated VIEs, which are discussed in Note 10 — Warehouse Credit Facilities of Consolidated VIEs, consisted of the following (in thousands):


	Successor		Predecessor
	December 31,		December 31,
	2025		2024
Securitization debt of consolidated VIEs at fair value	$	393,244	$	142,629
Securitization debt of consolidated VIEs at amortized cost		—		210,727
Financing of beneficial interest in securitizations		19,643		17,700
Junior subordinated debentures		10,310		10,310
Total debt	$	423,197	$	381,366

Schedule of Securitization Debt of Consolidated VIEs


As of December 31, 2025 (Successor)
Series	Final Scheduled Payment Date	Initial Principal		Contractual Interest Rate		Outstanding Principal		Fair Value
United Auto Credit 2022-2-D	January 10, 2028	$	32,889	6.84	%	$	11,415	$	11,400
United Auto Credit 2022-2-E	April 10, 2029		33,440	10.00	%		28,440		13,011
United Auto Credit 2023-1-D	July 10, 2028		35,653	8.00	%		20,169		20,340
United Auto Credit 2023-1-E	September 10, 2029		23,256	10.98	%		23,256		24,770
United Auto Credit 2024-1-C	October 10, 2029		35,190	7.06	%		23,664		23,721
United Auto Credit 2024-1-D	November 12, 2029		52,160	8.30	%		52,160		52,953
United Auto Credit 2024-1-E	November 12, 2030		37,540	10.45	%		37,540		39,263
United Auto Credit 2025-1-A	June 10, 2027		138,300	4.80	%		37,290		37,324
United Auto Credit 2025-1-B	February 10, 2028		50,450	5.05	%		50,450		50,642
United Auto Credit 2025-1-C	June 10, 2030		32,660	5.15	%		32,660		32,849
United Auto Credit 2025-1-D	July 10, 2030		50,810	5.96	%		50,810		51,166
United Auto Credit 2025-1-E	October 10, 2031		35,560	7.71	%		35,560		35,805
Total rated notes at fair value		$	557,908			$	403,414	$	393,244


As of December 31, 2024 (Predecessor)
Series	Final Scheduled Payment Date	Initial Principal		Contractual Interest Rate		Outstanding Principal		Fair Value
United Auto Credit 2022-2-C	May 10, 2027	$	26,533	5.81	%	$	5,265	$	5,265
United Auto Credit 2022-2-D	January 10, 2028		32,889	6.84	%		32,889		32,836
United Auto Credit 2022-2-E	April 10, 2029		33,440	10.00	%		28,440		16,922
United Auto Credit 2023-1-C	July 10, 2028		33,326	6.28	%		27,657		27,731
United Auto Credit 2023-1-D	July 10, 2028		35,653	8.00	%		35,653		36,149
United Auto Credit 2023-1-E	September 10, 2029		23,256	10.98	%		23,256		23,726
Total rated notes at fair value		$	185,097			$	153,160	$	142,629

United Auto Credit 2024-1-A	August 10, 2026	$	132,340	6.17	%	$	45,490
United Auto Credit 2024-1-B	June 10, 2027		42,770	6.57	%		42,770
United Auto Credit 2024-1-C	October 10, 2029		35,190	7.06	%		35,190
United Auto Credit 2024-1-D	November 12, 2029		52,160	8.30	%		52,160
United Auto Credit 2024-1-E	November 12, 2030		37,540	10.45	%		37,540
Total rated notes at amortized cost		$	300,000			$	213,150
Unamortized debt issuance costs						$	2,423
Net carrying value						$	210,727

Schedule of Aggregate Principal Balance and Net Carrying Value of Finance Receivables Pledged to Securitization Debt

The aggregate principal balance and the net carrying value of finance receivables pledged to the securitization debt consists of the following (in thousands):


	Successor				Predecessor
	As of December 31,				As of December 31,
	2025				2024
	Aggregate Principal Balance		Net Carrying Value (1)		Aggregate Principal Balance		Net Carrying Value
United Auto Credit 2022-2	$	28,924	$	25,869	$	65,096	$	57,130
United Auto Credit 2023-1		51,291		44,224		106,920		92,041
United Auto Credit 2024-1		152,603		134,903		275,567		244,094
United Auto Credit 2025-1		257,485		236,088		—		—
Total finance receivables of CFEs	$	490,303	$	441,084	$	447,583	$	393,265
(1) For the Successor period, net carrying value is equal to fair value.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

12. Leases

The Company’s leasing activities primarily consist of real estate leases for its operations, primarily related to office space and equipment used in the normal course of business. The real estate leases have terms ranging from two to eight years. The Company assesses whether each lease is an operating or finance lease at the lease commencement date. The Company does not have any material leases, individually or in the aggregate, classified as a finance leasing arrangement.

The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The Company’s real estate leases often require it to make payments for maintenance in addition to rent, as well as payments for real estate taxes and insurance. Maintenance, real estate taxes, and insurance payments are generally variable costs which are based on actual expenses incurred by the lessor. Therefore, these amounts are not included in the consideration of the contract when determining the right-of-use asset and lease liability but are reflected as variable lease expenses.

Leases with an initial term of 12 months or less are not recorded on the Company’s consolidated balance sheet and expense for these leases are recognized on a straight-line basis over the lease term.

Options to extend or terminate leases

Certain of the Company’s real estate leases include one or more options to renew, with renewal terms that can extend the lease term from one to five years. The exercise of lease renewal options is at the Company’s sole discretion. If it is reasonably certain that the Company will exercise such options, the periods covered by such options are included in the lease term and are recognized as part of the Company’s right-of-use assets and lease liabilities. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise.

Lease term and discount rate

The weighted-average remaining lease term and discount rate for the Company’s operating leases, excluding short-term operating leases, were 5.4 years and 8.0% as of December 31, 2025, respectively, and 6.0 years and 7.9% as of December 31, 2024, respectively.

As the rate implicit in the lease is generally not readily determinable for the Company’s operating leases, the discount rates used to determine the present value of the Company’s lease liabilities are based on the Company’s incremental borrowing rate at the lease commencement date and commensurate with the remaining lease term. The incremental borrowing rate for a lease is the rate of interest the Company would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments in a similar economic environment. The Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.

Lease costs and activity

The Company’s lease costs and activity for the years ended December 31, 2025 and 2024 were as follows (in thousands):


	Period from January 15 through December 31,			Year Ended December 31,
	2025			2024
Lease Cost
Operating lease cost		1,975			2,063
Short-term lease cost		65			39
Variable lease cost		637			671
Sublease income		(261	)		(868	)
Net lease cost	$	2,416		$	1,905

	Successor			Predecessor
	Period from January 15 through December 31,			Year Ended December 31,
	2025			2024
Other information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,988		$	3,424
Right-of-use assets obtained in exchange for operating lease liabilities	$	—		$	3,428

Lease costs and activity for the period from January 1, 2025, to January 14, 2025, was not material.

The Company incurred impairment charges related to operating lease right-of-use assets of $4.2 million for the period from January 15, 2025, to December 31, 2025 and $2.4 million for the year ended December 31, 2024, related to costs associated with planned facility closures that will continue to be incurred under the contract for its remaining term without economic benefit to the Company.

Maturity of Lease Liabilities

The maturity of the Company’s lease liabilities on an undiscounted cash flow basis and a reconciliation to the operating lease liabilities recognized on the Company’s consolidated balance sheet as of December 31, 2025 were as follows (in thousands):


2026		2,041
2027		2,099
2028		2,162
2029		1,844
2030		1,766
Thereafter		1,373
Total lease payments		11,285
Less: interest		(2,143	)
Present value of lease liabilities	$	9,142

Operating lease liabilities	$	9,142

Other Liabilities - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Jan. 15, 2025	Dec. 31, 2024
Other Liabilities Disclosure [Abstract]
Warranty and GAP liabilities	$ 14,834		$ 17,163
Dealer related liabilities	3,423		4,184
Accrued compensation and benefits	5,402		12,165
Accrued professional services	3,127		532
Accrued software and IT costs	403		252
Interest payable	3,606		4,096
Insurance payable	447		29
Other	9,907		11,278
Total other liabilities	$ 41,149	$ 46,875	$ 49,699

Warehouse Credit Facilities of Consolidated VIEs

12 Months Ended

Dec. 31, 2025

Line of Credit Facility [Abstract]

Warehouse Credit Facilities of Consolidated VIEs

10. Warehouse Credit Facilities of Consolidated VIEs

UACC has three senior secured warehouse facility agreements (the “Warehouse Credit Facilities”), through consolidated VIEs, with banking institutions as of December 31, 2025. The Warehouse Credit Facilities are collateralized by eligible finance receivables and available borrowings are computed based on a percentage of eligible finance receivables. As of December 31, 2025 and 2024, the Company had excess borrowing capacity of $11.3 million and $28.2 million on UACC's Warehouse Credit Facilities, respectively. The terms of the Warehouse Credit Facilities include the following (in thousands):


	Facility One		Facility Two		Facility Three
Execution date	November 19, 2013		July 11, 2019		November 18, 2022
Commitment termination date	June 2, 2026		August 28, 2026		April 12, 2027
Aggregate borrowings limit	$	200,000	$	200,000	$	200,000
As of December 31, 2025 (Successor)
Aggregate principal balance of finance receivables pledged as collateral	$	9,732	$	147,269	$	224,874
Outstanding balance	$	7,739	$	111,060	$	199,856
Restricted cash	$	557	$	6,920	$	8,629
As of December 31, 2024 (Predecessor)
Aggregate principal balance of finance receivables pledged as collateral	$	76,523	$	223,901	$	143,514
Outstanding balance	$	62,290	$	175,568	$	122,054
Restricted cash	$	3,169	$	10,398	$	5,328

As of December 31, 2025 and 2024, the Company's weighted average interest rate on the Warehouse Credit Facilities borrowings was approximately 5.55% and 6.32%, respectively.

During the year ended December 31, 2025 the Company renewed three of its previous four Warehouse Credit Facilities. The significant terms of the agreements remained unchanged except for certain reductions in advance rates and increases in minimum liquidity and tangible net worth requirements as well as a decrease of the aggregate borrowing limit under one of the facilities from $225.0 million to $200.0 million. On July 21, 2025, the remaining fourth Warehouse Credit Facility, which had a borrowing capacity of $200 million, expired pursuant to its terms and was not extended or renewed. The Company believes that its borrowing capacity from its other Warehouse Credit Facilities is sufficient to support its current operational needs and therefore elected not to renew this commitment.

The Company's ability to utilize its Warehouse Credit Facilities is primarily conditioned on the satisfaction of certain legal, operating, administrative and financial covenants contained within the agreements. These include covenants that require UACC to maintain a minimum tangible net worth, minimum liquidity levels, specified leverage ratios and certain indebtedness levels. Failure to satisfy these and or any other requirements contained within the agreements would restrict access to the Warehouse Credit Facilities. Certain breaches of covenants may also result in acceleration of the repayment of borrowings prior to the scheduled maturity. As of December 31, 2025 and 2024, the Company was in compliance with all covenants related to the Warehouse Credit Facilities.

Financial Instruments and Fair Value Measurements - Schedule of Reconciliation of Financial Assets Measured at Fair Value on a Recurring Basis Using Level 3 Inputs (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 14, 2025	Dec. 31, 2025	Dec. 31, 2024
Finance Receivables of Consolidated CFEs \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value, Beginning Balance	$ 214,420	$ 387,444	$ 316,998
Reclassification of finance receivables due to a change in Accounting Policy	180,883
Transfer within Level 3 categories	(439)	345,911	52,279
Losses included in realized and unrealized losses	(4,707)	(78,241)	(55,166)
Losses included in Warranties and GAP	(52)	(3,942)	(2,571)
Paydowns	(2,947)	(208,708)	(109,136)
Other	286	(1,381)	12,016
Fair Value, Ending Balance	387,444	441,084	214,420
Finance Receivables at Fair Value
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Losses included in realized and unrealized losses	6,451	105,302	78,049
Finance Receivables at Fair Value \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value, Beginning Balance	289,428	437,568	31,672
Reclassification of finance receivables due to a change in Accounting Policy	139,052
Transfer within Level 3 categories	439	(345,911)	(52,279)
Losses included in realized and unrealized losses	(2,265)	(26,068)	(21,513)
Losses included in Warranties and GAP	(188)	(3,058)	(1,931)
Issuances, net of discount	14,337	419,745	404,089
Paydowns	(2,992)	(108,045)	(68,163)
Other	(243)	(6,679)	(2,447)
Fair Value, Ending Balance	437,568	367,552	289,428
Securitization Debt of Consolidated CFEs \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value, Beginning Balance	16,922	14,934
Transfers into Level 3			20,864
Transfer out of Level 3		(14,129)
Losses included in realized and unrealized losses	(1,988)	$ (805)	(3,942)
Fair Value, Ending Balance	$ 14,934		$ 16,922

Description of Business and Basis of Presentation - Additional Information (Details)			12 Months Ended
	Jan. 14, 2025 $ / shares shares	Jan. 13, 2025 $ / shares shares	Dec. 31, 2025 Segment $ / shares shares	Dec. 31, 2024 $ / shares shares
Description of Business and Basis of Presentation [Line Items]
Number of reportable segments \| Segment			2
Plan of reorganization, effective date	Jan. 14, 2025
Common stock, shares outstanding \| shares	5,163,109	1,822,577	5,199,641	1,822,532
Common stock, par value \| $ / shares	$ 0.001	$ 0.001	$ 0.001	$ 0.001
Stock split ratio, description		common stock at a ratio of 1-for-5
Stock split ratio	0.0125	0.2
Number of securities called by warrants \| shares	364,516
Warrants exercise price \| $ / shares	$ 60.95
Warrants term	5 years

Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Other Liabilities Disclosure [Abstract]

Schedule of Other Liabilities

The Company’s other liabilities consisted of the following (in thousands):


	Successor		Predecessor
	December 31,		December 31,
	2025		2024
Warranty and GAP liabilities	$	14,834	$	17,163
Dealer related liabilities		3,423		4,184
Accrued compensation and benefits		5,402		12,165
Accrued professional services		3,127		532
Accrued software and IT costs		403		252
Interest payable		3,606		4,096
Insurance payable		447		29
Other		9,907		11,278
Total other liabilities	$	41,149	$	49,699

Fresh Start Accounting - Schedule of Cumulative Impact Accumulated Deficit Reorganization Adjustments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Jan. 15, 2025	Jan. 14, 2025	Dec. 31, 2024
Reorganization, Chapter 11 [Line Items]
Gain on settlement of liabilities subject to compromise			$ 141,419
Reorganization adjustment to total assets	$ (937,385)	$ (955,704)		$ (1,066,696)
Cumulative impact to accumulated deficit	(53,050)			$ (2,125,836)
Fresh Start Accounting Adjustments
Reorganization, Chapter 11 [Line Items]
Adjustment to Predecessor common stock and additional paid-in-capital	2,095,035
Gain on settlement of liabilities subject to compromise	141,419
Warrants and common stock issued to Predecessor equity holders	(14,238)
Reorganization adjustment to total assets	(2,037)		83,189
Cumulative impact to accumulated deficit	$ 2,220,179		$ (87,688)

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Variable Interest Entities and Securitizations - Additional Information (Details) - UACC $ in Millions			12 Months Ended
	Mar. 12, 2025 USD ($)	Apr. 30, 2024 USD ($)	Dec. 31, 2025 USD ($) Facility	Dec. 31, 2024 USD ($)
Variable Interest Entity [Line Items]
Risk retention rules percentage			5.00%
Number of senior secured warehouse credit facilities \| Facility			3
Net proceeds from securitization			$ 306.5	$ 297.2
Collateralized finance receivable	$ 382.1	$ 380.1
Asset-backed Securities
Variable Interest Entity [Line Items]
Amount of rated asset-backed securities in an auto finance receivable securitization transaction, sold			$ 307.8	300.0
Non-Investment Grade Securities
Variable Interest Entity [Line Items]
Non-investment grade securities, repurchased				4.2
Net payments to securitization				$ 4.8

Stock-based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands							12 Months Ended
	Mar. 12, 2025	Jan. 14, 2025	Jan. 14, 2025	Jun. 13, 2024	May 20, 2022	May 28, 2020	Dec. 31, 2025	Dec. 31, 2025	Dec. 31, 2025	Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense			$ 134					$ 3,724		$ 3,077
Number of shares granted									324,400
2020 Incentive Award Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized for issuance		1,166,880	1,166,880
Percentage of shares of common stock outstanding as-converted basis		4.00%
Percentage of common stock reserved for issuance		15.00%
Additional shares authorised				350,000
Shares available for future issuance							49,022	49,022	49,022
2020 Incentive Award Plan \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized for issuance						37,379
Percentage of shares of common stock outstanding as-converted basis						4.00%
Inducement Award Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Company's common stock shares reserved for issuance					7,500
RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award acceleration period							12 months
Stock-based compensation expense			$ 100					$ 4,300		5,800
Unrecognized stock-based compensation expense							$ 13,200	13,200	$ 13,200	$ 1,200
Unrecognized stock-based compensation weighted-average period							3 years			8 months 12 days
RSUs \| 2020 Incentive Award Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of common stock reserved for issuance		10.00%
Employee Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense								800		$ 100
Unrecognized stock-based compensation expense							$ 2,700	$ 2,700	$ 2,700	$ 100
Unrecognized stock-based compensation weighted-average period							3 years			4 months 24 days
Employee Stock Option \| CEO
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares granted	259,400
Employee Stock Option \| CEO \| Exercise Price of $45.70
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares granted	129,700
Fair value per share	$ 11.25
Exercise price per share	$ 45.7
Employee Stock Option \| CEO \| Exercise Price of $60.95
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares granted	129,700
Fair value per share	$ 9.62
Exercise price per share	$ 60.95
Employee Stock Option \| Key Management
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares granted	65,000
Employee Stock Option \| Key Management \| Exercise Price of $45.70
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares granted	32,500
Fair value per share	$ 11.25
Exercise price per share	$ 45.7
Employee Stock Option \| Key Management \| Exercise Price of $60.95
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares granted	32,500
Fair value per share	$ 9.62
Exercise price per share	$ 60.95
Employee Stock Option \| 2020 Incentive Award Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of common stock reserved for issuance		5.00%

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Common Stock Restricted Stock Units	Additional Paid-in Capital	Accumulated Deficit
Balance at Dec. 31, 2023	$ 127,671	$ 2		$ 2,088,381	$ (1,960,712)
Balance (in shares) at Dec. 31, 2023		1,791,286
Stock-based compensation	6,508			6,508
Vesting of restricted stock units (in shares)			31,246
Net Income (Loss)	(165,124)				(165,124)
Balance at Dec. 31, 2024	(30,945)	$ 2		2,094,889	(2,125,836)
Balance (in shares) at Dec. 31, 2024		1,822,532
Stock-based compensation	144			144
Vesting of restricted stock units (in shares)			26
Net Income (Loss)	45,086				45,086
Elimination of Predecessor equity balances	(14,285)	$ (2)		(2,095,033)	2,080,750
Elimination of Predecessor equity balances (in shares)		(1,822,558)
Issuance of Successor equity	161,662	$ 5		161,657
Issuance of Successor equity (in shares)		5,163,109
Issuance of stock warrants	2,825			2,825
Balance at Jan. 14, 2025	164,487	$ 5		164,482
Balance (in shares) at Jan. 14, 2025		5,163,109
Stock-based compensation	5,181			5,181
Vesting of restricted stock units (in shares)			36,532
Net Income (Loss)	(53,050)				(53,050)
Balance at Dec. 31, 2025	$ 116,618	$ 5		$ 169,663	$ (53,050)
Balance (in shares) at Dec. 31, 2025		5,199,641

Fresh Start Accounting - Summary of Enterprise Value to Estimated Fair Value of Common Stock as of Effective Date (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2025	Jan. 15, 2025	Jan. 14, 2025	Jan. 13, 2025	Dec. 31, 2024
Reorganization, Chapter 11 [Line Items]
Cash and cash equivalents	$ 10,384	$ 35,352			$ 29,343
Restricted Cash	55,914	26,089			49,026
Securitization Debt, Carrying value	423,197	365,963			381,366
Total issuance of equity amount			$ 164,400
Successor warrants		(2,825)	(2,800)
Common Stock, Value, Issued	$ 5	$ 5	$ 161,700		$ 2
Shares issued upon emergence	5,199,641		5,163,109		1,822,532
Common stock, par value	$ 0.001		$ 0.001	$ 0.001	$ 0.001
Prepackaged Chapter 11 Case
Reorganization, Chapter 11 [Line Items]
Enterprise value			$ 832,727
Cash and cash equivalents			35,352
Restricted Cash			26,089
Warehouse credit facilities of consolidated VIEs			363,718
Securitization Debt, Carrying value			365,963
Total issuance of equity amount			164,487
Successor warrants			(2,825)
Common Stock, Value, Issued			$ 161,662
Shares issued upon emergence			5,163,109
Common stock, par value			$ 31.31

Net Loss Per Share - Summary of Reconciliation From Basic to Diluted Weighted-average Number of Shares Outstanding Used to Compute Net (Loss) Income Per Share (Details) - shares		12 Months Ended
	Jan. 14, 2025	Dec. 31, 2025	Dec. 31, 2024
Earnings Per Share [Abstract]
Weighted-average number of shares outstanding used to compute net (loss) income per share attributable to common stockholders, basic	1,822,541	5,184,175	1,813,168
Weighted-average number of shares outstanding used to compute net (loss) income per share attributable to common stockholders, convertible 2026 notes	64,829
Weighted-average number of shares outstanding used to compute net (loss) income per share attributable to common stockholders, diluted	1,887,370	5,184,175	1,813,168

Description of Business and Basis of Presentation

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business and Basis of Presentation

1. Description of Business and Basis of Presentation

Description of Business and Organization

Vroom, Inc., through its wholly owned subsidiaries (collectively, the "Company”), is a leading automotive finance company that offers vehicle financing to consumers through third-party dealers and an artificial intelligence ("AI")-powered analytics and digital services platform supporting the automotive industry.

The Company was incorporated in Delaware on January 31, 2012 under the name BCM Partners III, Corp. On June 25, 2013, the Company changed its name to Auto America, Inc. and on July 9, 2015, the Company changed its name to Vroom, Inc.

In January 2021, the Company completed the acquisition of Vast Holdings, Inc. (d/b/a CarStory). In February 2022, the Company completed the acquisition of Unitas Holdings Corp. (now known as Vroom Finance Corporation), including its wholly owned subsidiaries United PanAm Financial Corp. (now known as Vroom Automotive Financial Corporation) and United Auto Credit Corporation ("UACC").

The Company previously operated an end-to-end ecommerce platform to buy and sell used vehicles through its subsidiary Vroom Automotive, LLC. On January 22, 2024, the Company announced that its Board of Directors (“Board”) had approved a value maximization plan, pursuant to which the Company wound down its used vehicle dealership business in order to preserve liquidity and enable the Company to maximize stakeholder value through its remaining businesses (the “Value Maximization Plan”). As of March 29, 2024, the Company substantially completed the wind-down of its ecommerce operations and used vehicle dealership business (the “Ecommerce Wind-Down”).

The accounting requirements for reporting the Company's ecommerce operations and used vehicle dealership business as a discontinued operation were met as of March 29, 2024. Accordingly, the consolidated financial statements and notes to the consolidated financial statements reflect the results of the Company's ecommerce operations and used vehicle dealership business as a discontinued operation for the periods presented. Refer to Note 5 — Discontinued Operations for further detail. The Company is now organized into two reportable segments: UACC and CarStory. The UACC reportable segment represents UACC’s operations with its network of third-party dealership customers, including the purchase and servicing of vehicle retail installment sales contracts. Prior to the Ecommerce Wind-Down, UACC also offered vehicle financing to Vroom’s customers through its ecommerce platform; the UACC reportable segment also includes the runoff of these previously originated contracts. 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. Refer to Note 17 — Segment Information for further details.

The Prepackaged Chapter 11 Case

On November 12, 2024, Vroom Inc. (the "Company", and in the context of the Prepackaged Chapter 11 Case, the “Debtor”) entered into a Restructuring Support Agreement (together with all exhibits and schedules thereto, the “RSA”) with creditors holding the overwhelming majority of the aggregate outstanding principal amount of the Notes (as defined in Note 11, Long Term Debt) and the largest shareholder. The RSA contemplated a comprehensive restructuring of the Company’s debt obligations and capital structure to be implemented through a prepackaged plan of reorganization (the “Plan”) to be implemented through the filing of the Prepackaged Chapter 11 Case (as defined below). Capitalized terms used in this section but not defined herein have the meanings ascribed to them in the RSA.

On November 13, 2024, the Company commenced a voluntary proceeding (the “Prepackaged Chapter 11 Case”) under Chapter 11 of the United States Code, 11 U.S.C. §§ 101-1532, as amended from time to time (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”) under the name “In re Vroom, Inc.” Case No. 24-90571 (CML). None of Vroom, Inc.’s subsidiaries were debtors in the Chapter 11 proceedings.

On January 14, 2025 (the “Effective Date”), the conditions to the effectiveness of the Plan were satisfied or waived and the Plan became effective. The Company emerged from the Prepackaged Chapter 11 Case on January 14, 2025.

Conversion of Common Stock

Immediately prior to the Effective Date, there were 1,822,577 outstanding shares of the Company’s common stock, $0.001 par value per share. The Company has adopted an Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”) to, among other changes to the Company’s prior amended and restated certificate of incorporation, effect an automatic conversion of the common stock at a ratio of 1-for-5. As a result of the automatic conversion and the issuance of shares of common stock pursuant to the Plan, there were approximately 5,163,109 outstanding shares of newly issued common stock as of the Effective Date (the "Common Stock").

Warrants to Purchase Common Stock

On the Effective Date, the Company entered into a warrant agreement (the “Warrant Agreement”) with Equiniti Trust Company LLC, as warrant agent. In accordance with the Plan and pursuant to the Warrant Agreement, on the Effective Date, the Company issued warrants (the “Warrants”) to purchase an aggregate of 364,516 shares of the Common Stock, at an exercise price of $60.95 per share, to stockholders of the Predecessor in accordance with the Prepackaged Chapter 11 Case. Each Warrant was immediately exercisable upon the issuance date and will expire five years from the issuance date. On July 7, 2025, the Company's Warrants commenced trading on the OTCQX Best Market under the symbol "VRMWW".

Going Concern

As described above, the Company filed the Prepackaged Chapter 11 Case to implement the transactions described herein. As of January 14, 2025 the Company emerged from bankruptcy and continues to operate as a viable going concern.

The accompanying audited consolidated financial statements have been prepared on the basis that the Company will continue to operate as a going concern, which contemplates that the Company will be able to realize assets and settle liabilities and commitments in the normal course of business for twelve months following the issuance date.

Basis of Presentation

The consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).

Upon emergence from the Prepackaged Chapter 11 Case, the Company adopted fresh start accounting in accordance with FASB Codification Topic 852, Reorganizations ("ASC 852") and became a new entity for financial reporting purposes. As a result, the consolidated financial statements after the Effective Date are not comparable with the consolidated financial statements on or before that date as indicated by the “black line” division in the financial statements and footnote tables. References to “Successor” relate to the Company's financial position and results of operations after the Effective Date. References to “Predecessor” refer to the Company's financial position and results of operations on or before the Effective Date. Refer to Note 6 — Fresh Start Accounting for further details.

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

Income Taxes - Schedule of Domestic and Foreign Pretax Income (Loss) from Continuing Operations (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 14, 2025	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Domestic	$ 45,062	$ (54,510)	$ (138,554)
Foreign	33	758	1,170
(Loss) income from continuing operations before provision for income taxes	$ 45,095	$ (53,752)	$ (137,384)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

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+ Details

Preferred Stock and Stockholders' Equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Preferred Stock and Stockholders' Equity

14. Preferred Stock and Stockholders’ Equity

Preferred Stock

On January 14, 2025, the Company amended its certificate of incorporation to authorize the issuance of up to 5,000,000 shares of preferred stock, $0.001 par value per share, there was no preferred stock issued or outstanding.

As of December 31, 2025 and December 31, 2024, there was no preferred stock issued or outstanding.

Common Stock

Effective as of January 14, 2025, the Company amended its certificate of incorporation to authorize the issuance of up to 250,000,000 shares of Common Stock, $0.001 par value per share as well as effect an automatic conversion of the Common Stock at a ratio of 1-for-5.

- Definition

The entire disclosure for equity.

+ References

+ Details

Fresh Start Accounting

12 Months Ended

Dec. 31, 2025

Reorganizations [Abstract]

Fresh Start Accounting

6. Fresh Start Accounting

As discussed in Note 1 — Description of Business and Basis of Presentation, on November 13, 2024, the Company commenced the Prepackaged Chapter 11 Case. On January 14, 2025, the Effective Date, the conditions to the effectiveness of the Plan were satisfied or waived and the Plan became effective. On January 14, 2025, the Company emerged from the Prepackaged Chapter 11 Case. On the Effective Date, each holder of the Notes received a pro rata share of 92.94% of the Common Stock, (subject to dilution) and all of the Company’s outstanding obligations under the Notes and the Indenture were deemed fully satisfied and discharged. There were no other creditors of the Company impaired in connection with the Prepackaged Chapter 11 Case.

The Company adopted an Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”) to, among other changes to its prior amended and restated certificate of incorporation, effect an automatic conversion of the Common Stock at a ratio of 1-for-5. As a result of the automatic conversion and the issuance of shares of Common Stock pursuant to the Plan, there were approximately 5,163,109 outstanding shares of the Common Stock as of the Effective Date.

On the Effective Date, the Company entered into the Warrant Agreement with Equiniti Trust Company LLC, as warrant agent. In accordance with the Plan and pursuant to the Warrant Agreement, on the Effective Date, the Company issued the Warrants to purchase an aggregate of 364,516 shares of the Common Stock, at an exercise price of $60.95 per share, to stockholders of the Predecessor in accordance with the Prepackaged Chapter 11 Case. Each Warrant was immediately exercisable upon the issuance date and will expire five years from the issuance date.

In connection with the emergence from the Prepackaged Chapter 11 Case and in accordance with ASC Topic 852, the Company qualified for and adopted fresh start accounting on the Effective Date. The Company was required to adopt fresh start accounting because (i) the holders of existing voting shares of the Predecessor received less than 50% of the voting shares of the Successor Company, and (ii) the reorganization value of the assets immediately prior to confirmation of the Plan was less than the post-petition liabilities and allowed claims. In accordance with ASC Topic 852, with the application of fresh start accounting, the Company allocated its equity value to its individual assets and liabilities based on their estimated fair values. As a result of the application of fresh start accounting and the effects of the implementation of the Plan, the consolidated financial statements after January 14, 2025, are not comparable with the consolidated financial statements as of or prior to that date.

Reorganization Value

In accordance with ASC Topic 852, with the application of fresh start accounting, the Company allocates the equity value to its individual assets and liabilities based on their estimated fair values in conformity with ASC Topic 820, Fair Value.

As set forth in the Plan and the disclosure statement, the value of the Successor Company was assigned to its equity and estimated to be between $115.6 million and $179.4 million. The Company estimated the enterprise value and corresponding equity value utilizing two valuation methods: a comparable public company analysis, and a discounted cash flow (“DCF”) method.

The DCF analysis is a forward-looking enterprise valuation methodology that estimates fair value by calculating the present value of expected future cash flows to be generated plus a present value of the estimated terminal value. The Company established an estimate of future cash flows through December 31, 2029, based on the financial projections and assumptions utilized in the Company’s disclosure statement to the Plan, which were derived from earnings forecasts and assumptions regarding growth and profit projections. A terminal value was calculated using the constant growth method based on the projected cash flows for the final year of the forecast period. The cash flow assumptions used in the DCF analysis reflected the Company’s best estimates at the time the analysis was prepared.

The selected public companies analysis is based on the enterprise values of selected publicly traded companies that have operating and financial characteristics comparable in certain respects to the Company. Under this methodology, certain financial multiples that measure financial performance and value are calculated for the selected company. A reference range was determined utilizing such multiples and is applied to certain of the Company's financial metrics to imply an estimated equity value for the business.

Based on the estimates and assumptions discussed below, the Company estimated the Successor’s equity value to be $164.5 million for financial reporting purposes, which is within the range of equity value per the Plan. The following table reconciles the enterprise value to the estimated fair value of the Successor Common Stock as of the Effective Date (in thousands, except per share data):


Enterprise value	$	832,727
Plus:
Cash and cash equivalents		35,352
Restricted cash		26,089
Less:
Warehouse credit facilities of consolidated VIEs		363,718
Long-term debt		365,963
Fair value of Successor Equity	$	164,487
Less:
Successor warrants		(2,825	)
Fair value of Successor common stock	$	161,662
Shares issued upon emergence		5,163,109
Per share value	$	31.31

The reconciliation of the Company’s enterprise value to reorganization value as of the Effective Date is as follows: (in thousands):


Enterprise value	$	832,727
Plus:
Cash and cash equivalents		35,352
Restricted cash		26,089
Other liabilities		61,536
Reorganization value of Successor assets	$	955,704

The enterprise value and corresponding equity value are dependent upon achieving the future financial results set forth in the Company’s projections, as well as the realization of certain other assumptions. All estimates, assumptions, valuations and financial projections, including the fair value adjustments, the financial projections, the enterprise value and equity value projections, are inherently subject to significant uncertainties and the resolution of contingencies beyond the Company’s control. Accordingly, the Company cannot assure that the estimates, assumptions, valuations or financial projections will be realized and actual results could vary materially.

The results of the Company's analysis indicated that the principal assets requiring fair value adjustments on the Effective Date include finance receivables held for sale, identified intangible assets and leased assets. Further detail regarding the valuation process is described below.

Finance receivables held for sale, net

As of the Effective Date, the finance receivables held for sale, net were reclassified to finance receivables at fair value, refer to Note 2 — Summary of Significant Accounting Policies for further details. To estimate the fair value of the finance receivables the Company utilized the valuation methodologies which are used to value finance receivables at fair value on a recurring basis. Refer to the Fair Value of Financial Instruments Not Carried at Fair Value section in Note 15 — Financial Instruments and Fair Value Measurements for further details.

Intangible Assets

The identified intangible assets of $14.2 million, which principally consisted of technology, trade names and trademarks, and customer relationships were estimated based on either the cost approach, relief from royalty or multi-period excess earnings methods. Significant assumptions for identified intangibles included royalty rates, discount rates, margins, attrition rates, revenue growth rates, and economic lives. Such fair value measurement of intangible assets is considered Level 3 of the fair value hierarchy.

For the technology-based intangibles that were valued using the relief from royalty income approach, the royalty rate was estimated to be 5.0% and the discount rate 25%. For the technology-based intangibles that were valued using the cost approach, the margin was estimated to be 8.5%. For trade names and trademarks valued under the relief from royalty income approach, the royalty rate was estimated to be 0.5% and the discount rate 25%. For customer-related intangible assets that were valued using the multi-period excess earnings method, the attrition rate was estimated to be 10% and the discount rate 25%.

Lease Liabilities and Right of Use Assets

The present value of lease liabilities was measured as the present value of the remaining lease payments, as if the leases were new leases as of the Effective Date. The Company used its incremental borrowing rate (“IBR”) as the discount rate in determining the present value of the remaining lease payments using a fundamental credit rating analysis. Based upon the corresponding lease terms, the IBRs ranged between approximately 6.2% - 7.6%. Right of use asset values were estimated based on the lease liability.

Consolidated Balance Sheet

The adjustments set forth in the following consolidated balance sheet as of January 14, 2025 reflect the effects of the transactions contemplated by the Plan and executed on the Effective date (reflected in the column “Reorganization Adjustments”), and fair value and other required accounting adjustments resulting from the adoption of fresh start accounting (reflected in the column “Fresh Start Accounting Adjustments”), (in thousands):


	As of January 14, 2025
				Reorganization				Fresh Start Accounting
	Predecessor			Adjustments			Notes	Adjustments			Notes	Successor
ASSETS
Cash and cash equivalents	$	35,352		$	—			$	—			$	35,352
Restricted cash		26,089			—				—				26,089
Finance receivables at fair value		505,084			—				319,928		7		825,012
Finance receivables held for sale, net		311,640			—				(311,640	)	7		—
Interest receivable		14,230			—				—				14,230
Property and equipment, net		4,175			—				(2,972	)	8		1,203
Intangible assets, net		103,852			—				(89,652	)	9		14,200
Operating lease right-of-use assets		6,831			—				4,196		10		11,027
Other assets		32,919			(2,037	)	1		(3,049	)	11		27,833
Assets from discontinued operations		758			—				—				758
Total assets	$	1,040,930		$	(2,037	)		$	(83,189	)		$	955,704
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Warehouse credit facilities of consolidated VIEs	$	363,718		$	—			$	—			$	363,718
Long-term debt		361,464			—				4,499		12		365,963
Operating lease liabilities		11,027			—				—				11,027
Other liabilities		46,875			—				—				46,875
Liabilities subject to compromise		291,668			(291,668	)	2		—				—
Liabilities from discontinued operations		3,634			—				—				3,634
Total liabilities		1,078,386			(291,668	)			4,499				791,217
Stockholders’ (deficit) equity:
Common stock - Predecessor		2			(2	)	3		—				—
Common stock - Successor		—			5		4		—				5
Additional paid-in-capital - Predecessor		2,095,033			(2,095,033	)	5		—				—
Additional paid-in-capital - Successor		—			161,657		6		—				161,657
Warrants - Successor		—			2,825		6		—				2,825
Accumulated deficit		(2,132,491	)		2,220,179		2,13		(87,688	)	13		—
Total stockholders’ (deficit) equity		(37,456	)		289,631				(87,688	)			164,487
Total liabilities and stockholders’ equity	$	1,040,930		$	(2,037	)		$	(83,189	)		$	955,704

Reorganization adjustments

1. Represents write-off of prepaid asset related to predecessor directors and officers insurance tail policy.

2. Represents the settlement of the Company's pre-petition Convertible Notes, as of the Effective date, which is calculated as follows (in thousands):


Convertible note	$	290,488
Accrued interest on convertible senior note		1,180
Liabilities subject to compromise		291,668
Issuance of 92.94% of Successor common shares to prepetition convertible note holders (1)		150,249
Gain on settlement of liabilities subject to compromise	$	141,419

(1) Note the total issuances of Successor equity in the amount of $164.4 million was issued to Predecessor note holders in the amount of $150.2 million and Predecessor equity holders in the amount of $14.2 million. The total issuance to the Predecessor equity holders of $14.2 million included warrants of $2.8 million and 7.06% of Successor common shares totaling $11.4 million.

3. Represents the cancellation of Predecessor common stock.

4. Represents the issuance of Successor common stock.

5. Represents the cancellation of Predecessor additional paid-in capital.

6. Represents the fair value of 5,163,109 Successor common shares totaling $161.7 million and 364,516 Successor warrants totaling $2.8 million. This results in total Successor equity in the amount of $164.5 million.

Fresh Start Adjustments

7. Represents reclassification of finance receivables held for sale to finance receivables at fair value due to a change in Accounting Policy in accordance with fresh start accounting. Upon reclassification, the finance receivables were adjusted to fair value.

8. Represents a fair value adjustment to property, plant and equipment, net.

9. Represents a fair value adjustment to intangible assets, net.

10. Represents a fair value adjustment to record the initial measurement of the operating lease right-of-use assets to the amount of the operating lease liabilities in accordance with fresh start accounting.

11. Represents a fair value adjustment to other assets, which includes the write-off of debt issuance costs of warehouse credit facilities.

12. Represents an adjustment to long-term debt, which includes the write-off of debt issuance costs of $2.9 million and an adjustment related to the fair value option election for the 2024-1 securitization debt, which resulted in a fair value adjustment to the securitization debt of $1.6 million. The fair value of the debt was determined using a non-binding quote from broker dealers.

13. Represents the cumulative impact, as of the Effective Date, to accumulated deficit from the reorganization adjustments and fresh start accounting adjustments. The cumulative impact to accumulated deficit from the reorganization adjustments is calculated, as follows (in thousands):


Adjustment to Predecessor common stock and additional paid-in-capital	$	2,095,035
Gain on settlement of liabilities subject to compromise		141,419
Warrants and common stock issued to Predecessor equity holders		(14,238	)
Reorganization adjustment to total assets		(2,037	)
Cumulative impact to accumulated deficit	$	2,220,179

Reorganization items, net

The Company applied ASC 852 in preparing the consolidated financial statements starting on the Prepackaged Chapter 11 Case petition date. ASC 852 requires the financial statements, for the periods subsequent to the petition date and up to and including the Effective Date, to distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business. Accordingly, 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 are recorded as Reorganization items, net in the Consolidated Statements of Operations.

Certain expenses resulting from and recognized during the Company's bankruptcy proceedings, gains on the settlement of liabilities under the Plan and the net impact of fresh start accounting adjustments are recorded in

Reorganization items, net in the Company's Consolidated Statements of Operations. Reorganization items, net consisted of the following (in thousands):


	Predecessor
	Period from January 1 through January 14,			Year Ended December 31,
	2025			2024
Net gain on settlement of debt	$	141,419		$	—
Net loss on fresh start adjustments		(87,688	)		—
Net loss on reorganization adjustment of other assets		(2,037	)		—
Debt valuation adjustments		—			(2,438	)
Professional fees		(658	)		(3,126	)
Total reorganization items, net	$	51,036		$	(5,564	)

Discontinued Operations - Schedule of Condensed Consolidated Operations from Discontinued Operations (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 14, 2025	Dec. 31, 2025	Dec. 31, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total revenue		$ (29)	$ 189,669
Total cost of sales		0	186,016
Total gross profit (loss)		(29)	3,653
Selling, general and administrative expenses		(1,155)	39,562
Gain (loss) on disposal of long lived assets		130	(10,159)
Depreciation and amortization		0	383
Income (loss) from operations		996	(26,133)
Interest expense		0	1,607
Interest loss		0	(856)
Income (loss) before provision for income taxes		996	(26,884)
Provision for income taxes		0	0
Net income (loss) from discontinued operations	$ (4)	996	(26,884)
Retail vehicle, net
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total revenue		0	47,320
Total cost of sales		0	43,673
Wholesale vehicle
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total revenue		0	140,714
Total cost of sales		0	142,343
Product, net
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total revenue		$ (29)	$ 1,635

Segment Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Information

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	)

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
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+ Details

Discontinued Operations - Additional Information (Details) - Discontinued Operations - Ecommerce Operations and Used Vehicle Dealership Business Wind-down $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)
Severance and Other Personnel-Related Costs
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Incurred charges	$ 15.8
Contract and Lease Termination Costs
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Incurred charges	$ 13.9

Segment Information - Reconciliation Between Reportable Segment Adjusted Net Income (Loss) to Net Loss From Continuing Operations Before Provision for Income Taxes (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 14, 2025	Dec. 31, 2025	Dec. 31, 2024
Adjusted EBITDA by Segment
Total	$ (6,063)	$ (35,228)	$ (58,370)
Stock compensation expense	(134)	(3,724)	(3,077)
Severance expense	(4)	(28)	(800)
Impairment charges		(4,156)	(5,159)
Corporate income (loss) from continuing operations before reorganization items and provision for income taxes	255	(11,586)	(65,270)
Reorganization items	51,036		(5,564)
Net income (loss) from continuing operations	45,090	(54,046)	(138,240)
UACC
Adjusted EBITDA by Segment
Impairment charges		3,479
UACC \| Operating Segments
Adjusted EBITDA by Segment
Total	(5,910)	(36,065)	(53,447)
Impairment charges		(3,479)	(5,159)
CarStory \| Operating Segments
Adjusted EBITDA by Segment
Total	$ (153)	$ 837	$ (4,923)

Subsequent Event

12 Months Ended

Dec. 31, 2025

Subsequent Events [Abstract]

Subsequent Event

21. Subsequent Event

On January 16, 2026, Vroom Automotive, LLC, a Delaware limited liability company and an indirect subsidiary of Vroom, Inc., holding intellectual property licenses and other financial assets, issued to SPE Holdings 2026-1, a Delaware statutory trust (“SPE Holdings”), 15,000 newly issued Series A preferred units and 7,500 newly issued Series B preferred units (collectively, the "Vroom Automotive Preferred Units") for aggregate gross proceeds of $22.5 million, pursuant to a Preferred Unit Purchase Agreement by and among the Company, Vroom Automotive, LLC and SPE Holdings. Vroom Automotive's Second Amended and Restated Limited Liability Company Agreement, dated as of January 16, 2026,

amends and restates the existing LLC agreement and establishes the terms of the Vroom Automotive Preferred Units.

The Vroom Automotive Preferred Units will be entitled to receive a quarterly preferential distribution, equal to the liquidation preference of such Vroom Automotive Preferred Units multiplied by a variable distribution rate, which will reset on each quarterly distribution date in an amount equal to the ninety (90) day average of the Secured Overnight Financing Rate (SOFR) plus a spread of 8.25% for Series A Preferred Units and 9% for Series B Preferred Units. The Series B Preferred Units are convertible into common units of Vroom Automotive at the option of the Counterparty at any time. The Series A Preferred Units are not convertible.

On February 5, 2026, UACC completed the 2026-1 securitization transaction, in which it issued approximately $225.0 million of rated asset-backed securities in an auto finance receivable securitization transaction from a securitization trust, established and sponsored by UACC for proceeds of $224.1 million. The trust is collateralized by finance receivables with an aggregate principal balance of $274.9 million as of February 5, 2026. These finance receivables are serviced by UACC and UACC receives an "at market" servicing fee. UACC retained the residual interests, which required us to account for the 2026-1 securitization as secured borrowings and the assets and liabilities of the trust remain on balance sheet.

Financial Instruments and Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	$ 812,116	$ 523,658
Other assets (beneficial interests in securitizations)	946	2,184
Total financial liabilities	393,244	142,629
Securitization Debt of Consolidated VIEs
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial liabilities	393,244	142,629
Finance receivables at fair value
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	441,084	214,420
Finance Receivables at Fair Value
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	367,552	289,428
Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents	2,534	17,626
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	2,534	17,626
Level 1 \| Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents	2,534	17,626
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	946	2,184
Other assets (beneficial interests in securitizations)	946	2,184
Total financial liabilities	393,244	125,707
Level 2 \| Securitization Debt of Consolidated VIEs
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial liabilities	393,244	125,707
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	808,636	503,848
Total financial liabilities		16,922
Level 3 \| Securitization Debt of Consolidated VIEs
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial liabilities		16,922
Level 3 \| Finance receivables at fair value
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	441,084	214,420
Level 3 \| Finance Receivables at Fair Value
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	$ 367,552	$ 289,428

Summary of Significant Accounting Policies - Additional Information (Details)				12 Months Ended
	Nov. 25, 2025 USD ($)	Aug. 29, 2025 USD ($)	Mar. 08, 2025 USD ($)	Dec. 31, 2025 USD ($) Facility	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Sep. 30, 2025 USD ($)	Jan. 15, 2025 USD ($)	Jan. 14, 2025 USD ($)	Nov. 13, 2024
Accounting Policies [Line Items]
Other comprehensive income (loss)				$ 0		$ 0
Aggregate principal balance held for investment at fair value				909,900,000	$ 909,900,000	211,200,000
Finance receivables held for investment at fair value				808,600,000	808,600,000	183,200,000
Aggregate principal balance held for sale at fair value				365,000,000	365,000,000
Finance receivables held for sale, Fair Value				320,600,000	320,600,000
Percentage of pro rata share									92.94%	92.94%
Valuation allowance for finance receivables classified as held for sale				0	0	31,100,000
Impairment charges related to operating lease right-of-use assets					4,200,000	2,400,000
Impairment charges					4,156,000	5,159,000
Cash and cash equivalents				10,384,000	10,384,000	29,343,000		$ 35,352,000
Restricted Cash				55,914,000	$ 55,914,000	49,026,000		$ 26,089,000
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrMember
Prepackaged Chapter 11 Case
Accounting Policies [Line Items]
Impairment charges				$ 0
Cash and cash equivalents									$ 35,352,000
Restricted Cash									26,089,000
Outstanding borrowings									$ 363,718,000
ASU 2023-07
Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adopted [true false]				true	true
Change in accounting principle, accounting standards update, adoption date				Jan. 01, 2024	Jan. 01, 2024
Change in accounting principle, accounting standards update, immaterial effect [true false]				true	true
Maximum
Accounting Policies [Line Items]
Amortization term				3 years
Minimum
Accounting Policies [Line Items]
Amortization term				1 year
Warehouse Credit Facility
Accounting Policies [Line Items]
Restricted Cash				$ 16,106,000	$ 16,106,000	18,895,000
Borrowing capacity				$ 11,300,000	11,300,000	$ 28,200,000
Number of warehouse credit facilities \| Facility				3
0.75% Unsecured Convertible Senior Notes Due 2026
Accounting Policies [Line Items]
Debt instrument aggregate principal amount		$ 625,000,000
5.00% Unsecured Convertible Notes Due 2030
Accounting Policies [Line Items]
Debt instrument aggregate principal amount		$ 10,000,000
Agreement maturity date		Oct. 01, 2030
Delayed Draw Notes
Accounting Policies [Line Items]
Delayed draw borrowing capacity	$ 10,500,000
Debt instrument aggregate principal amount	$ 10,500,000
Agreement maturity date	Nov. 25, 2026
UACC
Accounting Policies [Line Items]
Number of warehouse credit facilities \| Facility				3
UACC \| Warehouse Credit Facility
Accounting Policies [Line Items]
Cash deposits included in restricted cash				$ 55,800,000	55,800,000
Aggregate borrowing limit				600,000,000	600,000,000
Borrowing capacity				11,300,000	11,300,000
Outstanding borrowings				318,700,000	$ 318,700,000
Mudrick Capital Management, L.P.
Accounting Policies [Line Items]
Shareholder ownership percentage			76.50%						76.50%
Mudrick Capital Management, L.P. \| Delayed Draw Term Loan Facility
Accounting Policies [Line Items]
Aggregate borrowing limit							$ 35,000,000
Borrowing capacity			$ 25,000,000				$ 35,000,000
Delayed draw borrowing capacity				$ 8,000,000
Interest rate			8.50%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]			us-gaap:SecuredOvernightFinancingRateSofrMember
Agreement maturity date			Dec. 31, 2026

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Jan. 15, 2025	Dec. 31, 2024
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 8,180		$ 9,926
Accumulated depreciation and amortization	(1,436)		(5,862)
Property and equipment, net	6,744	$ 1,203	4,064
Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	539		2,841
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment, gross	82		333
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	388		693
Internal-use Software
Property Plant And Equipment [Line Items]
Property and equipment, gross	7,043		5,366
Other
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 128		$ 693

Pay vs Performance Disclosure - USD ($) $ in Thousands		12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jan. 14, 2025	Dec. 31, 2025	Dec. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ 45,086	$ (53,050)	$ (165,124)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Company Recognized Revenue and Expense Associated with CFEs in Consolidated Statements of Operations

The Company recognized the following revenue and expenses associated with these CFEs in the consolidated statements of operations (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
Interest income		110,938		$	3,314		$	105,786
Interest expense		(33,200	)		(1,185	)		(30,263	)
Realized and unrealized losses, net of recoveries		(65,809	)		(2,977	)		(64,754	)
Noninterest income (loss), net		1,702			6			(2,103	)
Reorganization items, net		—			7,964			—

Schedule of Estimated Useful Lives of Assets

Depreciation and amortization are calculated using the straight-line method over the following estimated useful lives of the assets:


Equipment	1 to 10 years
Furniture and fixtures	2 to 5 years
Leasehold improvements	Lesser of useful life or lease term
Internal-use software	1 to 4 years

Schedule of Estimated Useful Lives of Intangible Assets

The Company's intangible assets are amortized on a straight-line basis over the following estimated weighted average useful lives:


Developed technology	7 years
Trademarks	9 years
Customer relationships	8 years

Related Party Transactions - Additional Information (Details)				12 Months Ended
	Nov. 25, 2025 USD ($)	Aug. 29, 2025 USD ($) BusinessDays $ / shares shares	Mar. 08, 2025 USD ($)	Dec. 31, 2025 USD ($)	Sep. 30, 2025 USD ($)	Jan. 14, 2025	Dec. 31, 2024 USD ($)
Related Party Transaction [Line Items]
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrMember
Net carrying value of debt							$ 210,727,000
5.00% Unsecured Convertible Notes Due 2030
Related Party Transaction [Line Items]
Debt instrument aggregate principal amount		$ 10,000,000
Debt instrument interest rate		5.00%
Long-term debt, frequency of periodic payment		payable quarterly
Long-term debt, maturity date		Oct. 01, 2030
Debt conversion, each principal amount initially be convertible		$ 1,000,000
Debt conversion, for each principal amount conversion to shares \| shares		28.5714
Initial conversion price per share \| $ / shares		$ 35
Eligible maximum percentage of aggregate conversion shares issued for conversion		20.00%
Trading days \| BusinessDays		30
Required minimum eligible reported sale price per share for conversion \| $ / shares		$ 50
Minimum expected average daily trading volume number of shares per trading day for conversion \| shares		25,000
Net carrying value of debt		$ 10,000,000
Effective interest rate		5.00%
Mudrick Capital Management, L.P.
Related Party Transaction [Line Items]
Shareholder ownership percentage			76.50%			76.50%
Delayed Draw Term Loan Facility \| Robert J. Mylod, Jr
Related Party Transaction [Line Items]
Interest rate	7.50%
Delayed draw borrowing capacity				$ 10,500,000
Debt instrument aggregate principal amount	$ 10,500,000
Long-term debt, maturity date	Nov. 25, 2026
Delayed Draw Term Loan Facility \| Mudrick Capital Management, L.P.
Related Party Transaction [Line Items]
Aggregate borrowings limit			$ 25,000,000		$ 35,000,000
Interest rate			8.50%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]			us-gaap:SecuredOvernightFinancingRateSofrMember
Delayed draw borrowing capacity				$ 8,000,000
Long-term debt, maturity date			Dec. 31, 2026

Net Loss Per Share - Summary of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jan. 14, 2025	Dec. 31, 2025	Dec. 31, 2024
Earnings Per Share [Abstract]
Net (loss) income from continuing operations	$ 45,090	$ (54,046)	$ (138,240)
Net income (loss) from discontinued operations	(4)	996	(26,884)
Net (loss) income	$ 45,086	$ (53,050)	$ (165,124)
Net (loss) income per share attributable to common stockholders, continuing operations, basic	$ 24.74	$ (10.43)	$ (76.24)
Net (loss) income per share attributable to common stockholders, Discontinued operations, basic	(0)	0.19	(14.83)
Net (loss) income per share attributable to common stockholders, basic	24.74	(10.24)	(91.07)
Net (loss) income per share attributable to common stockholders, continuing operations, diluted	23.89	(10.43)	(76.24)
Net (loss) income per share attributable to common stockholders, Discontinued operations, diluted	(0)	0.19	(14.83)
Net (loss) income per share attributable to common stockholders, diluted	$ 23.89	$ (10.24)	$ (91.07)
Weighted-average number of shares outstanding used to compute net (loss) income per share attributable to common stockholders, basic	1,822,541	5,184,175	1,813,168
Weighted-average number of shares outstanding used to compute net (loss) income per share attributable to common stockholders, diluted	1,887,370	5,184,175	1,813,168

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

18. Income Taxes

Income Tax Provision

Domestic and foreign pretax income (loss) from continuing operations are 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
Domestic	$	(54,510	)	$	45,062	$	(138,554	)
Foreign		758			33		1,170
Total	$	(53,752	)	$	45,095	$	(137,384	)

The components of the provision for income taxes from continuing operations are 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
Current:
Federal	$	—	$	—	$	—
State and local		175		5		680
Foreign		119		—		176
Total current tax expense		294		5		856
Deferred tax (benefit):
Federal		—		—		—
State and local		—		—		—
Foreign		—		—		—
Total deferred tax (benefit)		—		—		—
Provision (benefit) for income taxes	$	294	$	5	$	856

The components of income taxes paid (net of refunds) are as follows (in thousands):


	Successor
	Period from January 15 through December 31,
	2025
Federal	$	—
State and local		(270	)
Foreign		133
Total	$	(137	)

Income taxes paid (net of refunds) exceeded 5 percent of total income taxes paid (net of refunds) in the following jurisdictions (in thousands):


	Successor
	Period from January 15 through December 31,
	2025
State:
Indiana	$	63
Massachusetts		(137	)
Missouri		(148	)
Mississippi		(45	)
Oregon		(41	)
South Carolina		28
Texas		40
Foreign:
Serbia		133

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law. OBBBA includes, among other provisions, changes affecting (i) the deductibility and/or amortization of domestic research or experimental expenditures for taxable years beginning after December 31, 2024, (ii) the timing and availability of certain clean energy tax incentives (including an accelerated phase-out for certain credits for projects beginning after June 30, 2026), and (iii) certain international tax rules impacting foreign income and the calculation of Foreign-Derived Intangible Income (“FDII”), among other cross-border considerations. The Company evaluated the relevant provisions of OBBBA and determined that OBBA did not have a material impact on the Company’s consolidated financial statements.

Tax Rate Reconciliation

The Company’s effective tax rate from continuing operations for the years ended December 31, 2025 and 2024 was (0.56)% and (0.52)%, respectively.

A reconciliation of the provision for income taxes from continuing at the statutory rate to the amount reflected in the consolidated statements of operations 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
	Amount			Percentage			Amount			Percentage			Amount			Percentage
U.S. federal statutory tax rate	$	(11,292	)		21.0	%	$	9,474			21.0	%	$	(34,496	)		21.0	%
State and local income taxes, net of federal benefit		79			(0.1	)%		—			0.0	%		(5,967	)		3.6	%
Foreign Rate Differential
Serbia
Statutory tax rate difference between Serbia and United States		(45	)		0.1	%		(2	)		0.0	%		(70	)		0.0	%
Eﬀect of Cross-Border Tax Laws
GILTI		163			(0.3	)%		—			0.0	%		241			(0.1	)%
Nontaxable or nondeductible
Share-based Compensation		1,048			(2.0	)%		—			0.0	%		—			0.0	%
Cancellation of Debt Income Exclusion		—			0.0	%		(29,708	)		(65.9	)%		—			0.0	%
Other Permanent differences		22			(0.0	)%		—			0.0	%		243			(0.1	)%
Change in valuation allowance		10,287			(19.1	)%		20,241			44.9	%		41,509			(25.3	)%
Other adjustments		32			(0.1	)%		—			0.0	%		(604	)		0.4	%
Provision (benefit) for income taxes	$	294			(0.6	)%	$	5			0.0	%	$	856			(0.5	)%

Deferred Tax Assets (Liabilities)

The Company computes income taxes using the liability method. This method requires recognition of deferred tax assets and liabilities, measured by enacted rates, attributable to temporary differences between the financial statements and the income tax basis of assets and liabilities. In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that certain deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income in those specific jurisdictions prior to the dates on which such net operating losses expire. The Company maintained a full valuation allowance against its net deferred tax assets because the Company has determined that it is more likely than not that these assets will not be fully realized based on a current evaluation of expected future taxable income and the Company being in a cumulative 3-year loss position.

Significant components of the Company’s deferred tax assets and liabilities from continuing operations are as follows (in thousands):


	Successor			Predecessor
	Period from January 15 through December 31,			Year Ended December 31,
	2025			2024
Deferred tax assets:
Net operating loss carryforwards	$	397,449		$	415,372
Warranty Chargeback reserves		1,848			2,324
Stock-based compensation		2,457			3,637
Depreciation		1,146			645
Lease Liability		2,317			2,853
Unrealized Gains/Losses		—			795
Other		2,532			4,228
Total deferred tax assets		407,749			429,854
Less: valuation allowance		(394,365	)		(395,293	)
Net deferred tax assets		13,384			34,561
Deferred tax liabilities:
Intangible amortization		(3,058	)		(26,837	)
Unrealized Gains/Losses		(3,846	)		—
Repo Expenses		(5,013	)		(5,948	)
Right of Use Asset		(1,467	)		(1,776	)
Net deferred tax liabilities		(13,384	)		(34,561	)
Net deferred income taxes	$	—		$	—

As of December 31, 2025, 2024, and 2023, the consolidated valuation allowance balance for both continuing and discontinued operations was $398.2 million, $400.2 million and $358.7 million, respectively. The consolidated change in valuation allowance for both continuing and discontinued operations included additions of $30.3 million and $6.4 million for federal and state valuation adjustments, partially offset by Section 108 tax attribute reductions of $37.7 million and $1.0 million change in deferred assets for the year ended December 31, 2025. The consolidated change in valuation allowance for both continuing and discontinued operations was $41.5 million for the year ended December 31, 2024.

Net Operating Losses

As of December 31, 2025, the Company had total net operating loss carryforwards for U.S. federal income tax purposes of $1,618.0 million, of which $168.5 million expire from 2028 through 2037 and $1,449.5 million do not expire. The Company has net operating loss carryforwards for state income tax purposes of $901.7 million, which expire from 2034 through 2043.

The Company is subject to tax in the United States and many state and local jurisdictions. The Company, with certain exceptions, is no longer subject to income tax examinations by U.S. federal, state and local for tax years 2019 and prior. The company is not currently under audit for any US federal or state income tax audits.

The Internal Revenue Code (“IRC”) Section 382 provides for a limitation of the annual use of net operating loss and tax credit carryforwards following certain ownership changes (as defined by the IRC Section 382). The Company completed a Section 382 study and determined that the Company has undergone five ownership changes, the most recent of which occurred on the Effective Date. The IRC Section 382 limitations arising as a result of these ownership changes generally limit the use of the net operating losses generated before the applicable ownership change. However, an exception to the IRC Section 382 limitation applies when, among other requirements, so-called “qualified creditors” and shareholders of a corporation in a title 11 Case receive, in respect of their claims and interests, as applicable, at least 50% of the vote and value of the stock of the corporation pursuant to a confirmed chapter 11 plan (the “382(l)(5) Exception”). The Company expects that the 382(l)(5) Exception applied to the ownership change occurring on the

Effective Date and, accordingly, that the Company may not have any limitation on its utilization of federal NOL carryforwards generated prior to emergence from the Prepackaged Chapter 11 Case (other than limitations which existed before the commencement of the Prepackaged Chapter 11 Case). However, the Company may be limited in its utilization of its federal NOL carryforwards generated before the Effective Date if it triggers another ownership change within two years after the Effective Date.

On the Effective Date, the Company consummated its Prepackaged Chapter 11 Case. For US tax purposes the Company would be required to recognize cancellation of debt income (“CODI”) in the amount equal to the excess of the adjusted issue price of the debt discharged over the value of any new debt or equity that was issued. However, IRC Section 108 provides that CODI may be excluded from gross income to the extent that the debt is discharged in a title 11 Case. In lieu of recognizing CODI, IRC Section 108 requires the Company to reduce its tax attributes, including net operating losses, capital losses, tax credits, depreciable assets, investment in subsidiaries and other investments, in the amount of the CODI that is excluded from gross income.

Uncertain Tax Positions

The Company has not identified any uncertain tax positions as of December 31, 2025 or 2024. Any interest and penalties related to uncertain tax positions shall be recorded as a component of income tax expense. To date, no interest or penalties have been accrued in relation to uncertain tax positions.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Assets (Details)	Dec. 31, 2025
Equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets	10 years
Equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets	1 year
Furniture and Fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets	5 years
Furniture and Fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets	2 years
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember
Internal-use Software \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets	4 years
Internal-use Software \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets	1 year

Stock-based Compensation - Summary of Activity for Restricted Stock Units (Details)	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Share-Based Payment Arrangement [Abstract]
Shares, Unvested and outstanding, Beginning balance \| shares	26,909
Shares, Granted \|shares \| shares	732,856
Shares, Vested \|shares \| shares	(36,771)
Shares, Forfeited / cancelled \|shares \| shares	(19,530)
Shares, Outstanding \| shares	703,464
Weighted Average Grant Date Fair Value per Share, Unvested and outstanding, Beginning balance \| $ / shares \| $ / shares	$ 567.05
Weighted Average Grant Date Fair Value per Share, Granted \| shares \| $ / shares	24.6
Weighted Average Grant Date Fair Value per Share, Vested \| $ / shares \| $ / shares	180.7
Weighted Average Grant Date Fair Value per Share, Forfeited / cancelled \| $ / shares \| $ / shares	226.3
Weighted Average Grant Date Fair Value per Share, Outstanding \| $ / shares	$ 31.59

Fresh Start Accounting - Schedule of Pre-Petition Convertible Notes (Details) - USD ($) $ in Thousands	Jan. 14, 2025	Dec. 31, 2024
Reorganization, Chapter 11 [Line Items]
Convertible note	$ 290,488
Accrued interest on convertible senior note	1,180
Liabilities subject to compromise	291,668	$ 291,577
Issuance of common shares to prepetition convertible note holders	150,249
Gain on settlement of liabilities subject to compromise	$ 141,419

Net Loss Per Share - Summary of Calculation of Diluted Shares Outstanding (Details) - shares		12 Months Ended
	Jan. 14, 2025	Dec. 31, 2025	Dec. 31, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive shares not included in calculation of diluted shares outstanding	154,636	1,317,411	219,493
Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive shares not included in calculation of diluted shares outstanding		285,714	64,829
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive shares not included in calculation of diluted shares outstanding	23,214	328,233	23,214
Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive shares not included in calculation of diluted shares outstanding	131,422	703,464	131,450

Financial Instruments and Fair Value Measurements - Additional Information (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Finance receivables held for sale, carrying value		$ 318,192,000
Securitization Debt
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Finance receivables held for sale, carrying value	$ 0	24,800,000
Finance receivables held for sale, fair Value	0	24,800,000
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Finance receivables held for sale, carrying value	0	114,600,000
Finance receivables held for sale, fair Value	0	114,600,000
Level 3 \| Securitization Debt
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Finance receivables held for sale, carrying value	0	178,800,000
Finance receivables held for sale, fair Value	$ 0	$ 183,300,000

- Definition

Fair value portion of loans held-for-sale including, but not limited to, mortgage loans and finance receivables.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

Segment Information - Summary of Reportable Segments (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 14, 2025	Dec. 31, 2025	Dec. 31, 2024
Segment Reporting Information [Line Items]
Interest income	$ 7,183	$ 171,650	$ 201,833
Warehouse credit facility	1,017	17,584	29,276
Securitization debt	1,178	32,966	30,084
Total interest expense	2,195	50,550	59,360
Net interest income	4,988	121,100	142,473
Realized and unrealized losses, net of recoveries	6,792	97,259	119,868
Net interest income (loss) after losses and recoveries	(1,804)	23,841	22,605
Servicing income	192	4,690	6,501
Warranties and GAP income (loss), net	307	14,466	(2,610)
CarStory revenue	432	6,914	11,610
Other income	113	10,377	10,850
Total noninterest income	1,044	36,447	26,351
Compensation and benefits	2,823	70,222	97,293
Professional fees	297	11,871	12,035
Software and IT costs	457	11,869	15,083
Depreciation and amortization	1,057	3,350	29,086
Interest expense on corporate debt	176	2,797	5,826
Impairment charges		4,156	5,159
Other expenses	371	9,775	16,294
Total expenses	5,181	114,040	180,776
Provision for income taxes from continuing operations	5	294	856
Adjusted net income (loss)	(6,063)	(35,228)	(58,370)
UACC
Segment Reporting Information [Line Items]
Impairment charges		(3,479)
Operating Segments \| UACC
Segment Reporting Information [Line Items]
Interest income	7,254	171,650	203,962
Warehouse credit facility	1,017	17,584	29,276
Securitization debt	1,178	32,966	30,084
Total interest expense	2,195	50,550	59,360
Net interest income	5,059	121,100	144,602
Realized and unrealized losses, net of recoveries	7,647	96,874	98,629
Net interest income (loss) after losses and recoveries	(2,588)	24,226	45,973
Servicing income	192	4,690	6,501
Warranties and GAP income (loss), net	390	13,070	7,789
Other income	66	7,866	8,334
Total noninterest income	648	25,626	22,624
Compensation and benefits	2,398	59,694	76,374
Professional fees	172	7,160	3,506
Software and IT costs	367	9,959	10,397
Depreciation and amortization	817	2,922	22,683
Interest expense on corporate debt	85	2,443	2,396
Impairment charges		3,479	5,159
Other expenses	262	7,324	9,457
Total expenses	4,101	92,981	129,972
Provision for income taxes from continuing operations		39	733
Adjusted net income (loss)	(5,910)	(36,065)	(53,447)
Operating Segments \| CarStory
Segment Reporting Information [Line Items]
CarStory revenue	432	6,914	11,610
Other income	13	210	692
Total noninterest income	445	7,124	12,302
Compensation and benefits	326	5,751	10,293
Professional fees	13	(298)	152
Software and IT costs	2		215
Depreciation and amortization	240	428	6,403
Other expenses	20	449	414
Total expenses	601	6,330	17,477
Provision for income taxes from continuing operations	5	84	123
Adjusted net income (loss)	(153)	837	(4,923)
Corporate
Segment Reporting Information [Line Items]
Interest income	(71)		(2,129)
Net interest income	(71)		(2,129)
Realized and unrealized losses, net of recoveries	(855)	385	21,239
Net interest income (loss) after losses and recoveries	784	(385)	(23,368)
Warranties and GAP income (loss), net	(83)	1,396	(10,399)
Other income	34	2,301	1,824
Total noninterest income	(49)	3,697	(8,575)
Compensation and benefits	99	4,777	10,626
Professional fees	112	5,009	8,377
Software and IT costs	88	1,910	4,471
Interest expense on corporate debt	91	354	3,430
Impairment charges		677
Other expenses	89	2,002	6,422
Total expenses	$ 479	14,729	$ 33,326
Provision for income taxes from continuing operations		$ 170

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation

The consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).

Principles of Consolidation

Use of Estimates

The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates, assumptions and judgments that affect the reported amounts of assets, liabilities, revenue, expenses and related disclosures. On an ongoing basis, the Company evaluates its estimates, including, among others, those related to finance receivables, income taxes, stock-based compensation, contingencies, warranties and GAP (as defined below) income-related reserves, fair value measurements and useful lives of property and equipment and intangible

assets. The Company bases its estimates on historical experience, market conditions, and on various other assumptions that are believed to be reasonable. Actual results may differ from these estimates.

Comprehensive Loss

The Company did not have any other comprehensive income or loss for the years ended December 31, 2025, and 2024. Accordingly, net loss and comprehensive loss are the same for the periods presented.

Cash and Cash Equivalents

Cash and cash equivalents include cash deposits at financial institutions and highly liquid investments with original maturities of three months or less. Outstanding checks that are in excess of the cash balances at certain financial institutions are included in “Other liabilities” in the consolidated balance sheets and changes in these amounts are reflected in operating cash flows in the consolidated statements of cash flows.

Restricted Cash

Restricted cash primarily includes UACC restricted cash. UACC collects and services finance receivables under the securitization transactions and warehouse credit facilities. These collections are restricted for use until properly remitted each month under the terms of the servicing agreement. UACC also maintains a reserve account for each securitization and warehouse credit facility to provide additional collateral for the borrowings. Refer to Note 10 — Warehouse Credit Facilities of Consolidated VIEs and Note 11 — Long Term Debt for further detail.

Finance Receivables

Finance receivables consist of retail installment sale contracts purchased or acquired by UACC from its existing network of third-party dealership customers at a discount as well as retail installment sale contracts UACC offered to Vroom’s customers through its ecommerce platform prior to the Ecommerce Wind-Down.

The Company's finance receivables are generally secured by the vehicles being financed.

Finance receivables over 90 days delinquent are considered nonaccrual finance receivables. Interest income is subsequently recognized only to the extent cash payments are received until the consumer is able to make periodic interest and principal payments in accordance with the finance receivable terms.

Finance Receivables at Fair Value

Finance receivables for which the fair value option was elected under ASC 825 are classified as finance receivables at fair value.

Upon emergence from the Prepackaged Chapter 11 Case, and application of fresh start accounting, the Company made an accounting policy election to account for all finance receivables as finance receivables held for investment at fair value. Prior to the accounting policy change, the Company's finance receivables at fair value included both finance receivables held for sale at fair value as well as finance receivables held for investment at fair value. The Company did not have any finance receivables held for sale at fair value as of December 31, 2025, and the aggregate principal balance and the fair value of the finance receivables held for investment was $909.9 million and $808.6 million, respectively as of December 31, 2025. The aggregate principal balance and the fair value of the finance receivables held for sale at fair value was $365.0 million and $320.6 million, respectively, and the aggregate principal balance and the fair value of the finance receivables held for investment at fair value was $211.2 million and $183.2 million, respectively as of December 31, 2024.

The Company reassesses the estimate for fair value at each reporting period with any changes reflected as a fair value adjustment and recorded in "Realized and unrealized losses, net of recoveries" in the consolidated statements of operations. For all finance receivables at fair value, the Company recognizes the fees it charges to dealers upon acquisition as other income at the time of issuance of the finance receivables and recognizes the acquisition costs to underwrite the finance receivables as an expense in the period incurred. For finance receivables held for investment at

fair value, any discounts are amortized over the contractual life of the underlying finance receivables and is recognized in realized and unrealized loss, net of recoveries on the consolidated statement of operations.

Refer to Note 16 – Financial Instruments and Fair Value Measurements.

Finance Receivables Held for Sale, Net

Upon emergence from the Prepackaged Chapter 11 Case, and application of fresh start accounting, the Company made an accounting policy election to elect the fair value option for all finance receivables held for sale, net. The Company reports all finance receivables on a prospective basis as Finance Receivables at Fair Value. Refer to Note 6 — Fresh Start Accounting for further details.

The finance receivables that the Company intended to sell were classified as held for sale and recorded at the lower of cost or fair value. The Company intended to sell finance receivables through securitization transactions. Deferred acquisition costs and any discounts were deferred until the finance receivables were sold and were then recognized as part of the total gain or loss on sale. Refer to Note 3 — Revenue Recognition for further details.

Prior to the Effective Date, the Company recorded a valuation allowance to report finance receivables held for sale at the lower of cost or fair value. To determine the valuation allowance, finance receivables were evaluated collectively as they represent a large group of smaller-balance homogeneous loans. To the extent that actual experience differed from estimates, significant adjustments to the Company's valuation allowance were needed. Fair value adjustments were recorded in "Realized and unrealized losses, net of recoveries" in the consolidated statements of operations. Principal balances and corresponding deferred acquisition costs and discounts of finance receivables were charged-off when the Company was unable to sell the finance receivable and the related vehicle had been repossessed and liquidated, or the receivable had otherwise been deemed uncollectible. As of December 31, 2025, the Company did not have any finance receivables classified as held for sale, net and therefore did not have a valuation allowance. As of December 31, 2024, the valuation allowance for finance receivables classified as held for sale was $31.1 million. Refer to Note 16 – Financial Instruments and Fair Value Measurements.

Consolidated CFEs

The Company's securitization transactions are consolidated collateralized financing entities (CFEs) that are VIEs. Refer to Note 4 — Variable Interest Entities and Securitizations for further details. The Company recognized the following revenue and expenses associated with these CFEs in the consolidated statements of operations (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
Interest income		110,938		$	3,314		$	105,786
Interest expense		(33,200	)		(1,185	)		(30,263	)
Realized and unrealized losses, net of recoveries		(65,809	)		(2,977	)		(64,754	)
Noninterest income (loss), net		1,702			6			(2,103	)
Reorganization items, net		—			7,964			—

The assets and liabilities of the CFEs are presented as part of "Restricted cash", “Finance receivables at fair value”, "Interest receivable", "Other Assets", "Long term debt", and "Other liabilities", respectively, on the consolidated balance sheets. Refer to Note 4 – Variable Interest Entities and Securitizations and Note 16 – Financial Instruments and Fair Value Measurements for further details.

Property and Equipment, Net

Property and equipment are recorded at cost less accumulated depreciation and amortization. Charges for repairs and maintenance that do not improve or extend the life of the respective assets are expensed as incurred. When

assets are retired or otherwise disposed of, their costs and related accumulated depreciation are written off and any resulting gains or losses are recorded during the period.

Depreciation and amortization are calculated using the straight-line method over the following estimated useful lives of the assets:


Equipment	1 to 10 years
Furniture and fixtures	2 to 5 years
Leasehold improvements	Lesser of useful life or lease term
Internal-use software	1 to 4 years

The Company capitalizes direct costs of materials and services utilized in developing or obtaining internal-use software. The Company also capitalizes payroll and payroll-related costs for employees who are directly associated with and who devote time to the development of software products for internal use, to the extent of the time spent directly on the project. Capitalization of costs begins during the application development stage and ends when the software is available for general use. Costs incurred during the preliminary project and post-implementation stages are charged to expense as incurred.

Additionally, the Company capitalizes implementation costs incurred in a cloud computing arrangement that is a service contract. The capitalized implementation costs related to a cloud computing arrangement are amortized over the term of the arrangement. Capitalized implementation costs are included in “Other assets” in the consolidated balance sheet and are amortized over the terms of the arrangements, which range between 1 and 3 years.

Intangible Assets

The Company's intangible assets are amortized on a straight-line basis over the following estimated weighted average useful lives:


Developed technology	7 years
Trademarks	9 years
Customer relationships	8 years

The Company periodically reassesses the useful lives of its definite-lived intangible assets when events or circumstances indicate that useful lives have significantly changed from the previous estimate.

Leases

The Company determines if an arrangement is a lease at inception by evaluating if the asset is explicitly or implicitly identified or distinct, if the Company will receive substantially all of the economic benefit or if the lessor has an economic benefit and the ability to substitute the asset. Right-of-use ("ROU") assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. The Company assesses whether the lease is an operating or finance lease at its inception. Operating lease liabilities are recognized at commencement date based on the present value of the lease payments over the lease term. As the rate implicit in the lease is generally not readily determinable for the Company’s operating leases, the discount rates used to determine the present value of the Company’s lease liabilities are based on the Company’s incremental borrowing rate at the lease commencement date and commensurate with the remaining lease term. The incremental borrowing rate for a lease is the rate of interest the Company would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments in a similar economic environment. The Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset is the initial lease liability adjusted for any prepayments, initial indirect costs incurred by the Company, and lease incentives. The Company's operating leases are included in "Operating lease right-of-use assets," and "Operating lease liabilities" on the consolidated balance sheets. The Company does not have any material leases, individually or in the aggregate, classified as a finance leasing arrangement. Additionally, leases with an initial term of 12 months or less are not recorded on the Company’s consolidated balance sheet and expenses for these leases are recognized on a straight-line basis over the lease term.

The Company incurred impairment charges related to operating lease right-of-use assets of $4.2 million for the period from January 15, 2025, to December 31, 2025, related to costs associated with planned facility closures that will continue to be incurred under the contract for its remaining term without economic benefit to the Company.

Long-lived Asset Impairment

Long-lived asset impairment

The Company regularly reviews long-lived assets for impairment when events or changes in circumstances indicate the carrying amount of an asset group may not be recoverable. The Company compares the sum of estimated undiscounted future cash flows expected to result from the use of the asset group to the carrying value of the asset group. When the carrying value of the asset group exceeds its estimated undiscounted future cash flows, the Company recognizes an impairment charge for the amount by which the carrying value of the asset group exceeds the fair value of the asset group.

As a result of filing of the Prepackaged Chapter 11 Case on November 13, 2024, the Company determined a triggering event existed as of December 31, 2024, indicating the carrying amount of our asset groups may not be recoverable. Therefore, the Company performed an evaluation of its assets for impairment. For the UACC asset group, as the carrying value of the asset group did not exceed the estimated undiscounted future cash flows, the asset group was deemed recoverable and no impairment charges were recognized. For the CarStory asset group, the carrying value of the asset group exceeded the estimated undiscounted future cash flows, however, it did not exceed the estimated fair value, as such, no impairment charges were recognized. The Company determined there were no triggering events as of December 31, 2025.

Income Taxes

The Company accounts for income taxes under the asset and liability method. The Company recognizes deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis, as well as for operating loss and tax credit carry forwards. The Company measures deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which the Company expects to recover or settle those temporary differences. The Company recognizes the effect of a change in tax rates on deferred tax assets and liabilities in the results of operations in the period that includes the enactment date. The Company reduces the measurement of a deferred tax asset, if necessary, by a valuation allowance if it is more likely than not that the Company will not realize some or all of the deferred tax asset. The Company accounts for uncertain tax positions by recognizing the financial statement effects of a tax position only when, based upon technical merits, it is more likely than not that the position will be sustained upon

examination. Potential interest and penalties associated with unrecognized tax positions are recognized in income tax expense.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law. OBBBA includes, among other provisions, changes affecting (i) the deductibility and/or amortization of domestic research or experimental expenditures for taxable years beginning after December 31, 2024, (ii) the timing and availability of certain clean energy tax incentives (including an accelerated phase-out for certain credits for projects beginning after June 30, 2026), and (iii) certain international tax rules impacting foreign income and the calculation of Foreign-Derived Intangible Income (“FDII”), among other cross-border considerations. The Company evaluated the relevant provisions of OBBBA and determined that OBBBA did not have a material impact on the Company’s consolidated financial statements.

Stock-Based Compensation

The Company recognizes the cost of employee services received in exchange for stock awards based on the fair value of those awards at the date of grant over the requisite service period. The Company accounts for forfeitures as they occur. For awards earned based on performance or upon occurrence of a contingent event, if the award is deemed probable of being earned, related compensation expense is recorded over the estimated service period. If an award is not considered probable of being earned, no amount of stock-based compensation is recognized. To the extent the estimate of awards considered probable of being earned changes, the amount of stock-based compensation recognized will also change.

The Company uses the Black-Scholes-Merton (“Black-Scholes”) option pricing model to determine the fair value of its stock options. Estimating the fair value of stock options requires the input of subjective assumptions, including the estimated fair value of the Company’s common stock, the expected life of the options, stock price volatility, which is determined based on the historical volatilities of several publicly listed peer companies as the Company has only a short trading history for its common stock, the risk-free interest rate and expected dividends. The assumptions used in the Company’s Black-Scholes option-pricing model represent management’s best estimates and involve a number of variables, uncertainties and assumptions and the application of management’s judgment, as they are inherently subjective.

Concentration of Credit Risk and Significant Customers

The Company’s principal financial instruments subject to potential concentration of credit risk are cash and cash equivalents and finance receivables. The Company’s cash balances are maintained at various large, reputable financial institutions. Deposits held with financial institutions may at times exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and, therefore, management believes they bear minimal risk. The Company’s cash equivalents primarily consist of money market funds that hold investments in highly liquid U.S. government securities. Concentration of credit risk with respect to finance receivables is generally mitigated by a large consumer base.

UACC’s customers, in this instance, are the third-party automotive dealers through which it purchases or acquires retail installment sale contracts for consumers. CarStory’s customers are dealers, automotive financial services companies and others in the automotive industry who purchase CarStory’s digital retailing services. For the years ended December 31, 2025 and 2024, no customer represented 10% or more of the Company’s revenues and no customer represented more than 10% of the Company’s accounts receivable as of December 31, 2025 and 2024.

Bankruptcy

The Company applied FASB Codification Topic 852, Reorganizations ("ASC 852") in preparing the consolidated financial statements starting on the Prepackaged Chapter 11 Case petition date. ASC 852 requires the financial statements, for the periods subsequent to the petition date, up to and including the period of emergence from Chapter 11, to distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business. Accordingly, 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 are recorded as Reorganization items, net in the consolidated statements of operations. In addition, prepetition obligations that were impacted by the Chapter 11 process have been

classified on the consolidated balance sheets as of December 31, 2024 as liabilities subject to compromise. Refer to Note 6 — Fresh Start Accounting

The Company emerged from the Prepackaged Chapter 11 Case on January 14, 2025.

Liquidity

On January 14, 2025, the Company emerged from the Prepackaged Chapter 11 Case, as discussed in Note 1 — Description of Business and Basis of Presentation. On the Effective Date, each holder of the 2026 Notes received a pro rata share of 92.94% of the Common Stock (subject to dilution) and all of the Company’s outstanding obligations under the 2026 Notes and the Indenture were deemed fully satisfied and discharged.

As of December 31, 2025, the Company had cash and cash equivalents of $10.4 million and restricted cash of $55.9 million. Restricted cash primarily includes restricted cash required under UACC's securitization transactions and Warehouse Credit Facilities of $55.8 million. The Company has historically had negative cash flows and generated losses from operations and the Company’s primary source of liquidity has been cash generated through financing activities.

As of December 31, 2025, UACC had three warehouse credit facilities with an aggregate borrowing limit of $600.0 million and outstanding borrowings related to the Warehouse Credit Facilities were $318.7 million and excess borrowing capacity was $11.3 million. The Warehouse Credit Facilities have expiration dates in June 2026, August 2026 and April 2027, respectively. The Company is in ongoing discussions with the warehouse lenders to extend the terms beyond the current expiration dates and expect facilities to be amended and renewed at sufficient borrowing capacity. As of December 31, 2025, the Company was in compliance with all covenants related to the Warehouse Credit Facilities. Refer to Note 10 - Warehouse Credit Facilities and Consolidated VIEs.

Failure to secure warehouse borrowing capacity beyond their expiration or failure to satisfy the covenants therein and or any other requirements contained within the agreements would restrict access to the Warehouse Credit Facilities and would have a material adverse effect on the financial condition, results of operations and liquidity of the Company. Certain breaches of covenants may also result in acceleration of the repayment of borrowings prior to the scheduled maturity. Refer to Note 10 — Warehouse Credit Facilities of Consolidated VIEs for further details.

On March 8, 2025, Vroom, Inc., UACC and its indirect subsidiary Darkwater Funding LLC, as co-borrowers, entered into a credit agreement for a delayed draw term loan facility (“Delayed Draw Facility”), which matures on December 31, 2026, with Mudrick Capital Management, L.P. (“Lender”), who is a 76.5% shareholder of the Company, and as of January 14, 2025, became a related party. On October 9, 2025 the maximum facility amount was amended from $25.0 million to $35.0 million effective as of September 30, 2025. As of December 31, 2025, the Company drew $8.0 million against the Delayed Draw Facility. Refer to Note 20 — Related Party Transactions for further details.

On August 29, 2025, the Company issued $10.0 million aggregate principal amount of 2030 Notes to Annox Capital, LLC and Robert J. Mylod, Jr., the Managing Partner of Annox Capital, LLC and the Independent Executive Chair of the board of directors of the Company. Refer to Note 11 — Long Term Debt for further details.

On November 25, 2025, Vroom, Inc. entered into a Note Purchase Agreement with Robert J. Mylod, Jr., the Independent Executive Chair of the board of directors of the Company. Pursuant to the Note Purchase Agreement, the Company issued Senior Secured Delayed Draw Notes due 2026 (the “Delayed Draw Notes”) in a maximum aggregate principal commitment amount of $10.5 million, which mature on November 25, 2026. As of December 31, 2025, the Company drew $10.5 million against the Delayed Draw Notes. Refer to Note 20 — Related Party Transactions for further details.

Upon the Company's emergence from the Prepackaged Chapter 11 Case on January 14, 2025, the Company continues to operate as a viable going concern. The accompanying consolidated financial statements have been prepared on the basis that the Company will continue to operate as a going concern, which contemplates that it will be able to realize assets and settle liabilities and commitments in the normal course of business for twelve months following the issuance date.

The Company’s future capital requirements will depend on many factors, including the ability to realize the intended benefits of the Prepackaged Chapter 11 Case and Long-Term Strategic Plan, available advance rates on and the renewal of the Warehouse Credit Facilities and delayed draw facility, the ability to complete additional securitization transactions on terms favorable to the Company, and future credit losses. The Company anticipates that existing cash and cash equivalents, the delayed draw facility, the delayed draw notes, and UACC's Warehouse Credit Facilities will be sufficient to support the Company’s ongoing operations and obligations, for at least the next twelve months from the date of issuance of the consolidated financial statements.

Net Loss Per Share Attributable to Common Stockholders

Basic and diluted net loss per share attributable to common stockholders is presented in conformity with the two-class method required for participating securities. Under the two-class method, net loss is attributed to common stockholders and participating securities based on their participation rights. Under the two-class method, the net loss attributable to common stockholders is not allocated to the preferred stock as the holders of the Company’s preferred stock do not have a contractual obligation to share in the Company’s losses. Under the two-class method, basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. For periods in which the Company reports net losses, diluted net loss per common share attributable to common stockholders is the same as basic net loss per common share attributable to common stockholders because potentially dilutive common shares are not assumed to have been issued if their effect is anti-dilutive.

Accounting Standards Issued But Not Yet Adopted

Accounting Standards Adopted

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of incremental segment information on an annual and interim basis, primarily through enhanced disclosures of significant segment expenses. The Company adopted the guidance for fiscal year beginning January 1, 2024, on a retroactive basis, which did not have a material impact on the Company's consolidated financial statements and related disclosures. Refer to Note 17 — Segment Information.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disclosure of incremental income tax information within the rate reconciliation and expanded disclosures of income taxes paid, among other disclosure requirements. The Company adopted the guidance for fiscal year beginning January 1, 2025, on a retroactive basis, which did not have a material impact on the Company's consolidated financial statements and related disclosures. Refer to Note 18 — Income Taxes.

Accounting Standards Issued But Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (DISE), which requires additional disclosure of the nature of expenses included in the income statement in response to longstanding requests from investors for more information about an entity’s expenses. The new standard requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. The guidance will be effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The requirements will be applied prospectively with the option for retrospective application. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of this guidance will have on its consolidated financial statements and related disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amendments modernize the recognition and disclosure framework for internal-use software costs, removing the previous “development stage” model and introducing a more judgment-based approach. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, and for interim periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the impact of ASU 2025-06 on the consolidated financial statements.

Subsequent Event - Additional Information (Details) - USD ($) $ in Millions						12 Months Ended
	Feb. 05, 2026	Jan. 16, 2026	Nov. 25, 2025	Mar. 12, 2025	Apr. 30, 2024	Dec. 31, 2025	Dec. 31, 2024
Subsequent Event [Line Items]
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]			us-gaap:SecuredOvernightFinancingRateSofrMember
Subsequent Events
Subsequent Event [Line Items]
Aggregate gross proceeds from issuance of preferred units		$ 22.5
Preferred units distribution, description		The Vroom Automotive Preferred Units will be entitled to receive a quarterly preferential distribution, equal to the liquidation preference of such Vroom Automotive Preferred Units multiplied by a variable distribution rate, which will reset on each quarterly distribution date in an amount equal to the ninety (90) day average of the Secured Overnight Financing Rate (SOFR) plus a spread of 8.25% for Series A Preferred Units and 9% for Series B Preferred Units
UACC
Subsequent Event [Line Items]
Net proceeds from securitization						$ 306.5	$ 297.2
Collateralized finance receivable				$ 382.1	$ 380.1
UACC \| Subsequent Events
Subsequent Event [Line Items]
Net proceeds from securitization	$ 224.1
Collateralized finance receivable	274.9
UACC \| Asset-Backed Securities [Member]
Subsequent Event [Line Items]
Amount of rated asset-backed securities in an auto finance receivable securitization transaction, sold						$ 307.8	$ 300.0
UACC \| Asset-Backed Securities [Member] \| Subsequent Events
Subsequent Event [Line Items]
Amount of rated asset-backed securities in an auto finance receivable securitization transaction, sold	$ 225.0
Series A Preferred Units \| Subsequent Events
Subsequent Event [Line Items]
Stock issued		15,000
Variable rate for calculating quarterly preferential distribution		8.25%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		us-gaap:SecuredOvernightFinancingRateSofrMember
Series B Preferred Units \| Subsequent Events
Subsequent Event [Line Items]
Stock issued		7,500
Variable rate for calculating quarterly preferential distribution		9.00%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		us-gaap:SecuredOvernightFinancingRateSofrMember

Summary of Significant Accounting Policies - Schedule of Company Recognized Revenue and Expense Associated with CFEs in Consolidated Statements of Operations (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 14, 2025	Dec. 31, 2025	Dec. 31, 2024
Accounting Policy [Line Items]
Interest income	$ 7,183	$ 171,650	$ 201,833
Realized and unrealized losses, net of recoveries	(6,792)	(97,259)	(119,868)
Noninterest income (loss), net	1,044	36,447	26,351
Reorganization items, net	51,036		(5,564)
Consolidated VIEs
Accounting Policy [Line Items]
Interest income	3,314	110,938	105,786
Interest expense	(1,185)	(33,200)	(30,263)
Realized and unrealized losses, net of recoveries	(2,977)	(65,809)	(64,754)
Noninterest income (loss), net	6	$ 1,702	$ (2,103)
Reorganization items, net	$ 7,964

- Definition

Amount of interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-24

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483013/835-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-3

+ Details

- Definition

Amount of operating interest income, including, but not limited to, amortization and accretion of premiums and discounts on securities.

+ References

+ Details

Income Taxes - Additional Information (Details) - USD ($)		12 Months Ended
	Jan. 14, 2025	Dec. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Taxes [Line Items]
Effective tax rate from continuing operations	0.00%	(0.56%)	(0.60%)	(0.52%)
Valuation allowance		$ 394,365,000	$ 394,365,000	$ 395,293,000
Valuation allowance balance for continuing and discontinued operations		398,200,000	398,200,000	400,200,000	$ 358,700,000
Consolidated change in valuation allowance				41,500,000
Uncertain tax positions		0	0	$ 0
Interest accrued in relation to uncertain tax positions		0	0
Penalties accrued in relation to uncertain tax positions		0	0
Domestic Tax Authority
Income Taxes [Line Items]
Increase (decrease) in valuation allowance for continuing operations		30,300,000
Increase (decrease) in valuation allowance for discontinued operations		6,400,000
Net operating loss carryforwards for tax purposes		$ 1,618,000,000	1,618,000,000
Operating loss carryforwards earliest expiration year		2028
Operating loss carryforwards latest expiration year		2037
Net operating loss carryforwards expiring in indefinite period for tax purposes		$ 1,449,500,000	1,449,500,000
Domestic Tax Authority \| Tax Period Expire from 2028 through 2037
Income Taxes [Line Items]
Net operating loss carryforwards for tax purposes		168,500,000	168,500,000
State and Local Jurisdiction
Income Taxes [Line Items]
Increase (decrease) in valuation allowance for continuing operations		(37,700,000)
Increase (decrease) in valuation allowance for discontinued operations		$ (1,000,000)
Operating loss carryforwards earliest expiration year		2034
Operating loss carryforwards latest expiration year		2043
State and Local Jurisdiction \| Tax Period Expire from 2034 through 2042
Income Taxes [Line Items]
Net operating loss carryforwards for tax purposes		$ 901,700	$ 901,700

Variable Interest Entities and Securitizations - Summary of Total Assets and Total Liabilities Associated With Variable Interests in Consolidated VIEs (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Jan. 15, 2025	Dec. 31, 2024
Assets:
Restricted cash	$ 55,914	$ 26,089	$ 49,026
Finance receivables at fair value	808,636	825,012	503,848
Finance receivables held for sale, net			318,192
Interest receivable	12,834	14,230	14,067
Other assets	24,665	27,833	35,472
Total assets	937,385	955,704	1,066,696
Liabilities:
Warehouse credit facilities	318,655	363,718	359,912
Other liabilities	41,149	46,875	49,699
Total liabilities	820,767	$ 791,217	1,097,641
Securitization Vehicles
Assets:
Restricted cash	39,729		29,213
Finance receivables at fair value	441,084		214,420
Finance receivables held for sale, net			178,845
Interest receivable	7,164		6,892
Other assets	5,991		6,057
Total assets	493,968		435,427
Liabilities:
Securitization debt at fair value	393,244		353,356
Other liabilities	5,773		3,597
Total liabilities	399,017		356,953
Warehouse Facilities
Assets:
Restricted cash	16,106		18,895
Finance receivables at fair value	335,916		252,900
Finance receivables held for sale, net			131,120
Interest receivable	5,270		6,370
Other assets	3,842		4,700
Total assets	361,134		413,985
Liabilities:
Warehouse credit facilities	318,655		359,912
Other liabilities	9,917		10,244
Total liabilities	328,572		370,156
Consolidated VIEs
Assets:
Restricted cash	55,835		48,108
Finance receivables at fair value	777,000		467,320
Finance receivables held for sale, net	0		309,965
Interest receivable	12,434		13,262
Other assets	9,833		10,757
Total assets	855,102		849,412
Liabilities:
Securitization debt at fair value	393,244		353,356
Warehouse credit facilities	318,655		359,912
Other liabilities	15,690		13,841
Total liabilities	$ 727,589		$ 727,109

Income Taxes - Schedule of Income Taxes Paid (Net of Refunds) Exceeded 5 Percent of Total Income Taxes Paid (Net of Refunds) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Income Tax Paid, by Individual Jurisdiction [Line Items]
State	$ (270)
Foreign	133
Indiana
Income Tax Paid, by Individual Jurisdiction [Line Items]
State	63
Massachusetts
Income Tax Paid, by Individual Jurisdiction [Line Items]
State	(137)
Missouri
Income Tax Paid, by Individual Jurisdiction [Line Items]
State	(148)
Mississippi
Income Tax Paid, by Individual Jurisdiction [Line Items]
State	(45)
Oregon
Income Tax Paid, by Individual Jurisdiction [Line Items]
State	(41)
South Carolina
Income Tax Paid, by Individual Jurisdiction [Line Items]
State	28
Texas
Income Tax Paid, by Individual Jurisdiction [Line Items]
State	40
Serbia
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	$ 133

Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

8. Intangible Assets

Intangible assets, net consisted of the following (in thousands):


	Successor							Predecessor
	December 31, 2025							December 31, 2024
	Gross Carrying Value		Accumulated Amortization			Carrying Value		Gross Carrying Value		Accumulated Amortization			Carrying Value
Developed and purchased technology	$	9,800	$	(1,347	)	$	8,453	$	108,700	$	(55,047	)	$	53,653
Customer relationships		900		(108	)		792		69,400		(26,011	)		43,389
Trademarks and trade names		3,500		(375	)		3,125		12,200		(4,373	)		7,827
Total intangible assets	$	14,200	$	(1,830	)	$	12,370	$	190,300	$	(85,431	)	$	104,869

Amortization expense for intangible assets was $1.0 million for the period from January 1, 2025 to January 14, 2025, $1.8 million for the period from January 15, 2025 to December 31, 2025, and $27.0 million for the years ended December 31, 2024.

The estimated amortization expense for intangible assets subsequent to December 31, 2025, consists of the following (in thousands):


Year Ending December 31:
2026		1,901
2027		1,901
2028		1,901
2029		1,901
Thereafter		4,766
	$	12,370

Long Term Debt - Schedule of Aggregate Principal Balance and Net Carrying Value of Finance Receivables Pledged to Securitization Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Asset Pledged as Collateral without Right
Debt Instrument [Line Items]
Aggregate Principal Balance	$ 490,303	$ 447,583
Asset Pledged as Collateral with Right
Debt Instrument [Line Items]
Fair Value	441,084	393,265
United Auto Credit 2022-2 \| Asset Pledged as Collateral without Right
Debt Instrument [Line Items]
Aggregate Principal Balance	28,924	65,096
United Auto Credit 2022-2 \| Asset Pledged as Collateral with Right
Debt Instrument [Line Items]
Fair Value	25,869	57,130
United Auto Credit 2023-1 \| Asset Pledged as Collateral without Right
Debt Instrument [Line Items]
Aggregate Principal Balance	51,291	106,920
United Auto Credit 2023-1 \| Asset Pledged as Collateral with Right
Debt Instrument [Line Items]
Fair Value	44,224	92,041
United Auto Credit 2024-1 \| Asset Pledged as Collateral without Right
Debt Instrument [Line Items]
Aggregate Principal Balance	152,603	275,567
United Auto Credit 2024-1 \| Asset Pledged as Collateral with Right
Debt Instrument [Line Items]
Fair Value	134,903	244,094
United Auto Credit 2025-1 \| Asset Pledged as Collateral without Right
Debt Instrument [Line Items]
Aggregate Principal Balance	257,485	0
United Auto Credit 2025-1 \| Asset Pledged as Collateral with Right
Debt Instrument [Line Items]
Fair Value	$ 236,088	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases - Summary of Lease Costs and Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Lease Cost
Operating lease cost	$ 1,975	$ 2,063
Short-term lease cost	65	39
Variable lease cost	637	671
Sublease income	(261)	(868)
Net lease cost	2,416	1,905
Operating cash flows from operating leases	1,988	3,424
Right-of-use assets obtained in exchange for operating lease liabilities	$ 0	$ 3,428

Intangible Assets - Additional Information (Details) - USD ($) $ in Millions		12 Months Ended
	Jan. 14, 2025	Dec. 31, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense for intangible assets	$ 1.0	$ 1.8	$ 27.0

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

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+ Details

Discontinued Operations

12 Months Ended

Dec. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

5. Discontinued Operations

As discussed in Note 1 – Description of Business and Basis of Presentation, the Ecommerce Wind-Down was substantially completed as of March 29, 2024. The Company's ecommerce operations were previously a reportable segment and the exit represents a strategic shift that had a major effect on the Company's operations and financial results. Therefore, in accordance with ASC 205, the Company reported the ecommerce operations and used vehicle dealership business as discontinued operations.

During the year ended December 31, 2024, the Company incurred charges of approximately $15.8 million for severance and other personnel-related costs and approximately $13.9 million for contract and lease termination costs as a result of the Ecommerce Wind-Down recorded in "Net loss from discontinued operations" in the consolidated statements of operations.

The following table summarizes the major income and expense line items from discontinued operations as reported in the consolidated statements of operations (in thousands):


	Successor			Predecessor
	Period from January 15, to December 31,			Year Ended December 31,
	2025			2024
Revenue:
Retail vehicle, net	$	—		$	47,320
Wholesale vehicle		—			140,714
Product, net		(29	)		1,635
Total revenue		(29	)		189,669
Cost of sales:
Retail vehicle		—			43,673
Wholesale vehicle		—			142,343
Total cost of sales		—			186,016
Total gross profit (loss)		(29	)		3,653
Selling, general and administrative expenses		(1,155	)		39,562
Gain (loss) on disposal of long lived assets		130			(10,159	)
Depreciation and amortization		—			383
Income (loss) from operations		996			(26,133	)
Interest expense		—			1,607
Interest loss		—			(856	)
Income (loss) before provision for income taxes		996			(26,884	)
Provision for income taxes		—			-
Net income (loss) from discontinued operations	$	996		$	(26,884	)

Net income (loss) from discontinued operations for the period from January 1, 2025, to January 14, 2025, was not material.

The following table summarizes the major classes of assets and liabilities from discontinued operations as reported in the consolidated balance sheets:


	Successor		Predecessor
	As of December 31,		As of December 31,
	2025		2024
ASSETS
Property and equipment, net	$	—	$	800
Other assets		46		143
Assets from discontinued operations	$	46	$	943
LIABILITIES
Accounts payable	$	82	$	116
Accrued expenses		43		3,906
Liabilities from discontinued operations	$	124	$	4,022

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Summary of Computation of Basic and Diluted Net Loss Per Share

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders:


	Successor			Predecessor
	Period from January 15 through December 31,			Period from January 1 through January 14,			Year Ended December 31,
(in thousands, except share and per share amounts)	2025			2025			2024
Net (loss) income from continuing operations	$	(54,046	)	$	45,090		$	(138,240	)
Net income (loss) from discontinued operations	$	996		$	(4	)	$	(26,884	)
Net (loss) income	$	(53,050	)	$	45,086		$	(165,124	)
Net (loss) income per share attributable to common stockholders, basic:
Continuing operations		(10.43	)		24.74			(76.24	)
Discontinued operations		0.19			(0.00	)		(14.83	)
Basic	$	(10.24	)	$	24.74		$	(91.07	)
Net (loss) income per share attributable to common stockholders, diluted:
Continuing operations		(10.43	)		23.89			(76.24	)
Discontinued operations		0.19			(0.00	)		(14.83	)
Diluted	$	(10.24	)	$	23.89		$	(91.07	)
Weighted-average number of shares outstanding used to compute net (loss) income per share attributable to common stockholders:
Basic		5,184,175			1,822,541			1,813,168
Diluted		5,184,175			1,887,370			1,813,168

Summary of Calculation of Diluted Shares Outstanding

The following potentially dilutive shares were not included in the calculation of diluted shares outstanding for the periods presented as the effect would have been anti-dilutive:


	Successor		Predecessor
	As of December 31,		As of January 14,		As of December 31,
	2025		2025		2024
Convertible notes		285,714		—		64,829
Stock options		328,233		23,214		23,214
Restricted stock units		703,464		131,422		131,450
Total		1,317,411		154,636		219,493

Summary of Reconciliation From Basic to Diluted Weighted-average Number of Shares Outstanding Used to Compute Net (Loss) Income Per Share

The following table sets forth a reconciliation from basic to diluted weighted-average number of shares outstanding used to compute net (loss) income per share attributable to common stockholders:


	Predecessor
	Period from January 1 through January 14,
	2025
Weighted-average number of shares outstanding used to compute net (loss) income per share attributable to common stockholders:
Basic		1,822,541
Convertible 2026 Notes		64,829
Diluted		1,887,370

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets, Net

Intangible assets, net consisted of the following (in thousands):


	Successor							Predecessor
	December 31, 2025							December 31, 2024
	Gross Carrying Value		Accumulated Amortization			Carrying Value		Gross Carrying Value		Accumulated Amortization			Carrying Value
Developed and purchased technology	$	9,800	$	(1,347	)	$	8,453	$	108,700	$	(55,047	)	$	53,653
Customer relationships		900		(108	)		792		69,400		(26,011	)		43,389
Trademarks and trade names		3,500		(375	)		3,125		12,200		(4,373	)		7,827
Total intangible assets	$	14,200	$	(1,830	)	$	12,370	$	190,300	$	(85,431	)	$	104,869

Schedule of Estimated Amortization Expense for Intangible Assets

The estimated amortization expense for intangible assets subsequent to December 31, 2025, consists of the following (in thousands):


Year Ending December 31:
2026		1,901
2027		1,901
2028		1,901
2029		1,901
Thereafter		4,766
	$	12,370

Financial Instruments and Fair Value Measurements - Summary of Other Relevant Data Related to Finance Receivables Carried at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Finance Receivables of Consolidated CFEs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Aggregate unpaid principal balance included within finance receivables that are reported at fair value	$ 490,303	$ 244,345
Aggregate fair value of finance receivables reported at fair value	441,084	214,420
Finance Receivables of Consolidated CFEs \| 90 Days or More Past Due
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unpaid principal balance of receivables within finance receivables that are reported at fair value and are on nonaccrual status	8,315	5,969
Aggregate fair value of receivables carried at fair value that are on nonaccrual status	7,460	5,228
Finance Receivables at Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Aggregate unpaid principal balance included within finance receivables that are reported at fair value	419,632	331,882
Aggregate fair value of finance receivables reported at fair value	367,552	289,428
Finance Receivables at Fair Value \| 90 Days or More Past Due
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unpaid principal balance of receivables within finance receivables that are reported at fair value and are on nonaccrual status	5,824	3,663
Aggregate fair value of receivables carried at fair value that are on nonaccrual status	$ 4,050	$ 2,551

- Definition

Fair value portion of receivables, including, but not limited to, trade account receivables, note receivables, and loan receivables.

+ References + Details

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Summary of Lease Costs and Activity

The Company’s lease costs and activity for the years ended December 31, 2025 and 2024 were as follows (in thousands):


	Period from January 15 through December 31,			Year Ended December 31,
	2025			2024
Lease Cost
Operating lease cost		1,975			2,063
Short-term lease cost		65			39
Variable lease cost		637			671
Sublease income		(261	)		(868	)
Net lease cost	$	2,416		$	1,905

	Successor			Predecessor
	Period from January 15 through December 31,			Year Ended December 31,
	2025			2024
Other information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,988		$	3,424
Right-of-use assets obtained in exchange for operating lease liabilities	$	—		$	3,428

Lease costs and activity for the period from January 1, 2025, to January 14, 2025, was not material.

Summary of Maturity of Lease Liabilities on Undiscounted Cash Flow Basis and Reconciliation


2026		2,041
2027		2,099
2028		2,162
2029		1,844
2030		1,766
Thereafter		1,373
Total lease payments		11,285
Less: interest		(2,143	)
Present value of lease liabilities	$	9,142

Operating lease liabilities	$	9,142

Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

The following table summarizes stock option activity for the year ended December 31, 2025:


	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life
Successor
Unvested and outstanding as of January 15, 2025		4,664		$	2,537.11
Granted		324,400			53.33
Exercised		—			—
Expired		—			—
Forfeited / cancelled		(831	)		1,834.74
Outstanding as of December 31, 2025		328,233		$	84.11		9.15
Vested and exercisable as of December 31, 2025		3,833		$	2,689.39		5.05

Summary of Weighted Average Assumptions Used in Calculation of Fair Value Using Black-Scholes Option Pricing Model

The grant date fair value of stock options granted during the year ended December 31, 2025 was estimated at the time of grant using the Black-Scholes option-pricing model and utilized the following assumptions:


	Stock Option 1			Stock Option 2
Fair value of common stock (per share)	$	11.25		$	9.62
Expected term (in years)	6.19			6.19
Risk-free interest rate		4.11	%		4.11	%
Expected volatility		60.00	%		60.00	%
Dividend yield	—%			—%

Summary of Activity for Restricted Stock Units

The following table summarizes restricted stock unit ("RSUs") activity for the year ended December 31, 2025:


	Shares			Weighted Average Grant Date Fair Value per Share
Successor
Unvested and outstanding as of January 15, 2025		26,909		$	567.05
Granted		732,856		$	24.60
Vested and released		(36,771	)	$	180.70
Forfeited / cancelled		(19,530	)	$	226.30
Outstanding as of December 31, 2025		703,464		$	31.59

Net Loss Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net Loss Per Share

19. Net Loss Per Share

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders:


	Successor			Predecessor
	Period from January 15 through December 31,			Period from January 1 through January 14,			Year Ended December 31,
(in thousands, except share and per share amounts)	2025			2025			2024
Net (loss) income from continuing operations	$	(54,046	)	$	45,090		$	(138,240	)
Net income (loss) from discontinued operations	$	996		$	(4	)	$	(26,884	)
Net (loss) income	$	(53,050	)	$	45,086		$	(165,124	)
Net (loss) income per share attributable to common stockholders, basic:
Continuing operations		(10.43	)		24.74			(76.24	)
Discontinued operations		0.19			(0.00	)		(14.83	)
Basic	$	(10.24	)	$	24.74		$	(91.07	)
Net (loss) income per share attributable to common stockholders, diluted:
Continuing operations		(10.43	)		23.89			(76.24	)
Discontinued operations		0.19			(0.00	)		(14.83	)
Diluted	$	(10.24	)	$	23.89		$	(91.07	)
Weighted-average number of shares outstanding used to compute net (loss) income per share attributable to common stockholders:
Basic		5,184,175			1,822,541			1,813,168
Diluted		5,184,175			1,887,370			1,813,168

The following potentially dilutive shares were not included in the calculation of diluted shares outstanding for the periods presented as the effect would have been anti-dilutive:


	Successor		Predecessor
	As of December 31,		As of January 14,		As of December 31,
	2025		2025		2024
Convertible notes		285,714		—		64,829
Stock options		328,233		23,214		23,214
Restricted stock units		703,464		131,422		131,450
Total		1,317,411		154,636		219,493

The following table sets forth a reconciliation from basic to diluted weighted-average number of shares outstanding used to compute net (loss) income per share attributable to common stockholders:


	Predecessor
	Period from January 1 through January 14,
	2025
Weighted-average number of shares outstanding used to compute net (loss) income per share attributable to common stockholders:
Basic		1,822,541
Convertible 2026 Notes		64,829
Diluted		1,887,370

Potentially dilutive common shares assumed conversion of debt using the if-converted method.

Financial Instruments and Fair Value Measurements - Summary of Significant Unobservable Inputs (Details) - Discounted Cashflow	Dec. 31, 2024
Cumulative Net Loss
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value measurements input rate	24.20%
Cumulative Net Loss \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value measurements input rate	19.30%
Cumulative Net Loss \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value measurements input rate	33.20%
Recoveries
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value measurements input rate	30.00%
Recoveries \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value measurements input rate	26.30%
Recoveries \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value measurements input rate	47.20%
Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value measurements input rate	14.50%
Discount Rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value measurements input rate	17.00%
Discount Rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value measurements input rate	19.00%

Long Term Debt - Additional Information (Details) - USD ($)				1 Months Ended	6 Months Ended	12 Months Ended
	Nov. 25, 2025	Jan. 14, 2025	Nov. 13, 2024	Jul. 31, 2003	Jun. 30, 2022	Dec. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Aug. 29, 2025	Jan. 15, 2025	May 03, 2023	Jun. 18, 2021
Debt Instrument [Line Items]
Percentage of pro rata share		92.94%	92.94%
Unamortized debt discount and debt issuance costs								$ 2,423,000
Net carrying value of debt								210,727,000
Interest expense		$ 176,000				$ 2,797,000		5,826,000
Restricted cash						55,914,000	$ 55,914,000	49,026,000		$ 26,089,000
Expected payments, 2026						199,100,000	199,100,000
Expected payments, 2027						113,400,000	113,400,000
Expected payments, 2028						52,300,000	52,300,000
Expected payments, 2029						38,600,000	38,600,000
Redemption price		$ 16,676,000				253,998,000		251,529,000
Long-term debt						423,197,000	423,197,000	381,366,000		$ 365,963,000
Junior subordinated debentures				$ 10,000,000
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrMember
Junior Subordinated Debentures
Debt Instrument [Line Items]
Long-term debt, maturity date				Oct. 07, 2033
Long-term debt						10,310,000	10,310,000	10,310,000
Percentage of owned finance subsidiary				100.00%
Variable rate for calculating quarterly preferential distribution				3.05%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]				Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Financing of Beneficial Interest in Securizations
Debt Instrument [Line Items]
Long-term debt						19,643,000	19,643,000	17,700,000
Securitization Debt of Consolidated VIEs
Debt Instrument [Line Items]
Restricted cash						39,700,000	39,700,000	29,200,000
UACC \| Financing of Beneficial Interest in Securizations
Debt Instrument [Line Items]
Long-term debt						19,600,000	19,600,000	$ 17,700,000
Investment, Type [Extensible Enumeration]								us-gaap:RepurchaseAgreementsMember
UACC \| Risk Retention Financing Facility
Debt Instrument [Line Items]
Fair value of the collateral pledged amount						$ 20,000,000	$ 20,000,000	$ 18,300,000
Risk retention financing facility, outstanding borrowings											$ 19,800,000
Expected beneficial interests in securitizations pledged as collateral											$ 27,600,000
Expected repurchases period start, month and year							2027-06
Expected repurchases period end, month and year							2031-10
0.75% Unsecured Convertible Senior Notes Due 2026
Debt Instrument [Line Items]
Debt instrument aggregate principal amount									$ 625,000,000
Debt instrument interest rate									0.75%
Aggregate principal amount exercise in overallotment option granted to initial purchasers												$ 75,000,000
Obligations to pay principal and interest			$ 291,600,000
Long-term debt payment terms					the 2026 Notes bore interest at a rate of 0.75% per annum, payable semiannually in arrears on January 1 and July 1 of each year, beginning on January 1, 2022.
Wrote off remaining unamortized debt discount and debt issuance costs								2,400,000
Net carrying value of debt								290,500,000
Interest expense								$ 3,400,000
Effective interest rate								1.30%

Financial Instruments and Fair Value Measurements - Summary of Other Relevant Data Related to Debt of Securitized VIEs Carried at Fair Value (Details) - Securitization Debt of Consolidated VIEs - Rated Notes - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Aggregate unpaid principal balance of rated notes of securitized VIEs	$ 403,414	$ 153,160
Aggregate fair value of rated notes of securitized VIEs	$ 393,244	$ 142,629

- Definition

Fair value of financial obligations, including, but not limited to, debt instruments, derivative liabilities, federal funds purchased and sold under agreements to repurchase, securities loaned or sold under agreements to repurchase, financial instruments sold not yet purchased, guarantees, line of credit, loans and notes payable, servicing liability, and trading liabilities.

+ References + Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

13. Commitments and Contingencies

Litigation

From time to time, the Company is involved in various claims and legal actions that arise in the ordinary course of business and an unfavorable resolution of any of these matters could materially affect the Company’s future results of operations, cash flows or financial position.

Beginning in March 2021, multiple putative class actions were filed in the U.S. District Court for the Southern District of New York by certain of the Company’s stockholders against Vroom, Inc., Vroom Automotive, LLC, and certain of their officers alleging violations of federal securities laws. The lawsuits were captioned Zawatsky et al. v. Vroom, Inc. et al., Case No. 21-cv-2477; Holbrook v. Vroom, Inc. et al., Case No. 21-cv-2551; and Hudda v. Vroom, Inc. et al., Case No. 21-cv-3296. All three of the lawsuits asserted similar claims under Sections 10(b) and 20(a) of the Exchange Act, and SEC Rule 10b-5. In each case, the named plaintiff(s) sought to represent a proposed class of all persons who purchased or otherwise acquired the Company’s securities during a period from June 9, 2020 to March 3, 2021 (in the case of Holbrook and Hudda), or November 11, 2020 to March 3, 2021 (in the case of Zawatsky). In August 2021, the Court consolidated the cases under the new name In re: Vroom, Inc. Securities Litigation, Case No. 21-cv-2477, appointed a lead plaintiff and lead counsel and ordered a consolidated amended complaint to be filed. The court-appointed lead plaintiff subsequently filed a consolidated amended complaint that reasserts claims under Sections 10(b) and 20(a) of the Exchange Act, and SEC Rule 10b-5 against the Company and certain of the Company’s officers, and added new claims under Sections 11, 12 and 15 of the Securities Act against the Company, certain of its officers, certain of its directors, and the underwriters of the Company’s September 2020 secondary offering. On March 19, 2025, the Court entered an order granting Vroom’s motion to dismiss all claims, and the plaintiffs elected not to file a motion to amend their complaint. Thereafter, on May 30, 2025, the Court entered a final judgment of dismissal, for which the time period to appeal has expired. Accordingly, the cases have been closed.

In August 2021, November 2021, January 2022, and February 2022, various Company stockholders filed purported shareholder derivative lawsuits on behalf of the Company in the U.S. District Court for the Southern District of New York against certain of Vroom’s officers and directors, and nominally against the Company, alleging violations of the federal securities laws and breaches of fiduciary duty to the Company and/or related violations of Delaware law based on the same general course of conduct alleged in In re: Vroom, Inc. Securities Litigation. All four lawsuits have been consolidated under the case caption In re Vroom, Inc. Shareholder Derivative Litigation, Case No. 21-cv-6933, and the court has approved the parties’ stipulation that the cases would remain stayed pending final resolution of In re: Vroom, Inc. Securities Litigation. The stockholders who filed these lawsuits have voluntarily dismissed their claims and these cases have been closed.

In April 2022 and April 2024, two of the Company’s stockholders filed separate purported shareholder derivative lawsuits on behalf of the Company in the U.S. District Court for the District of Delaware against certain of Vroom’s officers and directors, and nominally against the Company, alleging violations of the federal securities law and breaches of fiduciary duty to the Company and/or related violations of Delaware law based on the same general course of conduct alleged in In re: Vroom, Inc. Securities Litigation. The case filed in April 2022 is captioned Godlu v. Hennessy et al., Case No. 22-cv-569, the case filed in April 2024 is captioned Hudda v. Hennessy et al., Case No. 24-cv-4499., and the court in each has approved the parties’ stipulations that each case would remain stayed pending final resolution of In re: Vroom, Inc. Securities Litigation. The stockholders who filed these lawsuits have voluntarily dismissed their claims and these cases have been closed.

In April 2022, the Attorney General of Texas filed a petition on behalf of the State of Texas in the District Court of Travis County, Texas against Vroom, Inc. and Vroom Automotive, LLC, alleging violation of the Texas Deceptive Trade Practices − Consumer Protection Act, Texas Business and Commerce Code § 17.41 et seq., based on alleged deficiencies and other issues in Vroom’s marketing of used vehicles and fulfilment of customer orders, including the titling and registration of sold vehicles. According to the petition, 80% of the customer complaints referenced in the petition were received in the 12 months prior to April 2022. The petition is captioned State of Texas v. Vroom Automotive LLC & Vroom Inc., Case No. D-1-GN-001809. In May 2022, Vroom Automotive, LLC and the Attorney General of the State of Texas agreed to a temporary injunction in which Vroom Automotive, LLC agreed to adhere to its existing practice of possessing title for all vehicles it sells or advertises as available for sale on its ecommerce platform. In December 2023, Vroom, Inc., Vroom Automotive, LLC and the Attorney General of the State of Texas reached a final agreement to resolve all claims in the petition, without any admission of wrongdoing by either Vroom entity. Under the agreement, the Vroom entities agreed to pay a total of $2 million in civil penalties and $1 million in attorneys' fees, with the first half due in September 2024 and the remaining half due in September 2025, and abide permanently by an injunction of certain operational practices that were previously implemented. As of September 1, 2025, the Vroom entities completed their payment obligations under the agreement.

On November 13, 2024, we commenced a voluntary proceeding (the “Prepackaged Chapter 11 Case”) under Chapter 11 of the United States Code, 11 U.S.C. §§ 101-1532, as amended from time to time (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”) under the name In re Vroom, Inc., Case No. 24-90571 (CML). On January 8, 2025, the Bankruptcy Court entered an order (a) approving the Debtor’s disclosure statement, (b) confirming the Prepackaged Plan of Reorganization of Vroom, Inc. under Chapter 11 of the Bankruptcy Code (the “Plan”), and (c) granting related relief. On January 14, 2025, the conditions to the effectiveness of the Plan were satisfied or waived and the Plan became effective, and the Company emerged from the Prepackaged Chapter 11 Case.

Additionally, from time to time, the Company is involved in various claims and legal actions that arise in the ordinary course of business and an unfavorable resolution of any of these matters could materially affect the Company’s future results of operations, cash flows or financial position. The Company is also party to various disputes that the Company considers routine and incidental to its business. The Company does not expect the results of any of these routine actions to have a material effect on the Company’s business, results of operations, financial condition, or cash flows. The Company accrues a liability when a loss is considered probable and the amount can be reasonably estimated. When a material loss contingency is reasonably possible but not probable, the Company does not record a liability, but instead discloses the nature and the amount of the claim, and an estimate of the loss or range of loss, if such an estimate can be made. Legal fees are expensed as incurred.

As previously disclosed, the Company has been subject to audits, requests for information, investigations and other inquiries from its regulators. These regulatory matters could continue to progress into legal proceedings as well as enforcement actions. The Company has incurred fines in certain states and could continue to incur fines, penalties, restitution, or alterations in the Company's business practices, which in turn, could lead to increased business expenses, additional limitations on the Company's business activities and further reputational damage, although to date such expenses have not had a material adverse effect on the Company’s financial condition, cash flows, or results of operations.

Other Matters

The Company enters into agreements with third parties in the ordinary course of business that may contain indemnification provisions. In the event that an indemnification claim is asserted, the Company’s liability, if any, would be limited by the terms of the applicable agreement. Historically, the Company has not incurred material costs to defend lawsuits or settle claims related to indemnification provisions.

Segment Information - Additional Information (Details)	12 Months Ended
Segment Information - Additional Information (Details)	Dec. 31, 2025 USD ($) Segment
Segment Reporting [Abstract]
Number of reportable segments	2
Number of operating segments	2
Segment assets \| $	$ 0
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	CEO
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	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.
Segment Reporting, Expense Information Used by CODM, Type [Extensible Enumeration]	Net (loss) income from continuing operations

Preferred Stock and Stockholders' Equity - Additional Information (Details)	Jan. 14, 2025 $ / shares shares	Jan. 13, 2025 $ / shares	Dec. 31, 2025 $ / shares shares	Dec. 31, 2024 $ / shares shares
Class of Stock [Line Items]
Preferred stock, authorized	5,000,000
Preferred stock, issued	0		0	0
Preferred Stock, outstanding	0		0	0
Preferred stock, par value per share \| $ / shares	$ 0.001
Stock split ratio	0.0125	0.2
Reverse stock split ratio, description	Common Stock at a ratio of 1-for-5
Stock split ratio, description		common stock at a ratio of 1-for-5
Common stock, par value \| $ / shares	$ 0.001	$ 0.001	$ 0.001	$ 0.001
Common stock, shares authorized	250,000,000		250,000,000	500,000,000

Financial Instruments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables present the Company’s financial assets and liabilities measured at fair value on a recurring basis (in thousands):


	Successor
	As of December 31, 2025
	Level 1		Level 2		Level 3		Total
Financial Assets
Cash and cash equivalents:
Money market funds	$	2,534	$	—	$	—	$	2,534
CFE assets:
Finance receivables at fair value		—		—		441,084		441,084
Finance receivables at fair value		—		—		367,552		367,552
Other assets (beneficial interests in securitizations)		—		946		—		946
Total financial assets	$	2,534	$	946	$	808,636	$	812,116
Financial Liabilities
CFE liabilities:
Securitization debt of consolidated VIEs		—		393,244		—		393,244
Total financial liabilities	$	—	$	393,244	$	—	$	393,244

	Predecessor
	As of December 31, 2024
	Level 1		Level 2		Level 3		Total
Financial Assets
Cash and cash equivalents:
Money market funds	$	17,626	$	—	$	—	$	17,626
CFE assets:
Finance receivables at fair value		—		—		214,420		214,420
Finance receivables at fair value		—		—		289,428		289,428
Other assets (beneficial interests in securitizations)		—		2,184		—		2,184
Total financial assets	$	17,626	$	2,184	$	503,848	$	523,658
Financial Liabilities
CFE liabilities:
Securitization debt of consolidated VIEs		—		125,707		16,922		142,629
Total financial liabilities	$	—	$	125,707	$	16,922	$	142,629

Schedule of Reconciliation of Financial Assets Measured at Fair Value on a Recurring Basis Using Level 3 Inputs

The following table presents a reconciliation of the financial assets, which were measured at fair value on a recurring basis using Level 3 inputs (in thousands):


Successor	Finance Receivables of Consolidated CFEs			Finance Receivables at Fair Value			Securitization Debt of Consolidated CFEs
Fair value as of January 15, 2025	$	387,444		$	437,568		$	14,934
Transfer within Level 3 categories		345,911			(345,911	)		—
Transfers out of Level 3		—			—			(14,129	)
Losses included in realized and unrealized losses		(78,241	)		(26,068	)		(805	)
Losses included in Warranties and GAP		(3,942	)		(3,058	)		—
Issuances, net of discount		—			419,745			—
Paydowns		(208,708	)		(108,045	)		—
Other		(1,381	)		(6,679	)		—
Fair value as of December 31, 2025	$	441,084		$	367,552		$	—


Predecessor	Finance Receivables of Consolidated CFEs			Finance Receivables at Fair Value			Securitization Debt of Consolidated CFEs
Fair value as of January 1, 2025	$	214,420		$	289,428		$	16,922
Reclassification of finance receivables due to a change in Accounting Policy		180,883			139,052			—
Transfer within Level 3 categories		(439	)		439			—
Losses included in realized and unrealized losses		(4,707	)		(2,265	)		(1,988	)
Losses included in Warranties and GAP		(52	)		(188	)		—
Issuances, net of discount		—			14,337			—
Paydowns		(2,947	)		(2,992	)		—
Other		286			(243	)		—
Fair value as of January 14, 2025	$	387,444		$	437,568		$	14,934


Predecessor	Finance Receivables of Consolidated CFEs			Finance Receivables at Fair Value			Securitization Debt of Consolidated CFEs
Fair value as of January 1, 2024	$	316,998		$	31,672		$	—
Transfer within Level 3 categories		52,279			(52,279	)		—
Transfers into Level 3		—			—			20,864
Losses included in realized and unrealized losses		(55,166	)		(21,513	)		(3,942	)
Losses included in Warranties and GAP		(2,571	)		(1,931	)		—
Issuances, net of discount		—			404,089			—
Paydowns		(109,136	)		(68,163	)		—
Other		12,016			(2,447	)		—
Fair value as of December 31, 2024	$	214,420		$	289,428		$	16,922

Summary of Gains or Losses Recorded Related to Eligible Financial Instruments

The following table presents the gains or losses recorded in "Realized and unrealized losses, net of recoveries" in the consolidated statements of operations related to the eligible financial instruments for which the fair value option was elected (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
Finance receivables at fair value	$	105,302		$	6,451		$	78,049
Finance receivables held for sale, net		—			2,737			57,531
Debt of securitized VIEs at fair value		981			(2,267	)		(7,358	)
Collection expenses		11,175			492			10,670
Recoveries		(19,702	)		(683	)		(18,918	)
Other		(498	)		62			(106	)
Total net loss included in "Realized and unrealized losses, net of recoveries"	$	97,259		$	6,792		$	119,868

Summary of Other Relevant Data Related to Finance Receivables Carried at Fair Value

The following table presents other relevant data related to the finance receivables carried at fair value (in thousands):


As of December 31, 2025 (Successor)	Finance Receivables of CFEs at Fair Value		Finance Receivables at Fair Value
Aggregate unpaid principal balance included within finance receivables that are reported at fair value	$	490,303	$	419,632
Aggregate fair value of finance receivables that are reported at fair value	$	441,084	$	367,552
Unpaid principal balance of receivables within finance receivables that are reported at fair value and are on nonaccrual status (90 days or more past due)	$	8,315	$	5,824
Aggregate fair value of receivables carried at fair value that are on nonaccrual status (90 days or more past due)	$	7,460	$	4,050


As of December 31, 2024 (Predecessor)	Finance Receivables of CFEs at Fair Value		Finance Receivables at Fair Value
Aggregate unpaid principal balance included within finance receivables that are reported at fair value	$	244,345	$	331,882
Aggregate fair value of finance receivables that are reported at fair value	$	214,420	$	289,428
Unpaid principal balance of receivables within finance receivables that are reported at fair value and are on nonaccrual status (90 days or more past due)	$	5,969	$	3,663
Aggregate fair value of receivables carried at fair value that are on nonaccrual status (90 days or more past due)	$	5,228	$	2,551

Summary of Other Relevant Data Related to Debt of Securitized VIEs Carried at Fair Value

The following table presents other relevant data related to securitization debt of consolidated VIEs carried at fair value (in thousands):


As of December 31, 2025 (Successor)	Securitization debt of consolidated VIEs at Fair Value
Aggregate unpaid principal balance of rated notes of securitized VIEs	$	403,414
Aggregate fair value of rated notes of securitized VIEs	$	393,244


As of December 31, 2024 (Predecessor)	Securitization debt of consolidated VIEs at Fair Value
Aggregate unpaid principal balance of rated notes of securitized VIEs	$	153,160
Aggregate fair value of rated notes of securitized VIEs	$	142,629

Summary of Fair Value Significant Unobservable Inputs


			Predecessor
			Inputs as of December 31,
Unobservable inputs			2024
Cumulative net loss			24.2%
Recoveries			30%
Discount Rate			17%-19%


			Predecessor
			Inputs as of December 31,
Unobservable inputs			2024
Cumulative net loss			19.3% - 33.2%
Recoveries			26.3% - 47.2%
Discount Rate			14.5%

Summary of Fair Value of Financial Instruments Not Carried at Fair Value

The fair value of the 2026 Notes, which are not carried at fair value on the accompanying consolidated balance sheets, was determined utilizing actual bids and offer prices of the 2026 Notes in markets that are not active and are classified within Level 2 of the fair value hierarchy.


	Predecessor
	December 31,
	2024
	(in thousands)
Carrying value	$	290,488
Fair value	$	145,244


	Predecessor
	December 31,
	2024
	(in thousands)
Carrying value	$	210,727
Fair value	$	213,988

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Warehouse Credit Facilities of Consolidated VIEs - Additional Information (Details) $ in Thousands		12 Months Ended
	Jul. 21, 2025 USD ($)	Dec. 31, 2025 USD ($) Facility	Dec. 31, 2024 USD ($)
Facility Three
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		$ 200,000
Credit facility expiration date		Apr. 12, 2027
Warehouse Credit Facility
Line of Credit Facility [Line Items]
Number of warehouse credit facilities \| Facility		3
Line of credit facility, maximum borrowing capacity		$ 11,300	$ 28,200
Weighted average interest rate		5.55%	6.32%
Warehouse Credit Facility \| Facility Four
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 200,000
Credit facility expiration date	Jul. 21, 2025
Warehouse Credit Facility \| Facility Three
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		$ 225,000
Borrowing capacity decreased		$ 200,000

Discontinued Operations - Schedule of Condensed Consolidated Balance Sheet from Discontinued Operations (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Jan. 15, 2025	Dec. 31, 2024
ASSETS
Property and equipment, net	$ 0		$ 800
Other assets	46		143
Assets from discontinued operations	46	$ 758	943
LIABILITIES
Accounts payable	82		116
Accrued expenses	43		3,906
Liabilities from discontinued operations	$ 124	$ 3,634	$ 4,022

Income Taxes - Schedule of Components of Income Taxes Paid (Net of Refunds) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
State and local	$ (270)
Foreign	133
Total	$ (137)	$ (1,426)

Variable Interest Entities and Securitizations

12 Months Ended

Dec. 31, 2025

Variable Interest Entity, Measure of Activity [Abstract]

Variable Interest Entities and Securitizations

4. Variable Interest Entities and Securitizations

A VIE is an entity that either (i) has insufficient equity to finance its activities without additional subordinated financial support, or (ii) has equity investors who lack the characteristics of a controlling financial interest. The Company consolidates VIEs for which it is the primary beneficiary. The Company is the primary beneficiary of a VIE when it has both the power to direct the activities that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the VIE. Assets recognized as a result of consolidating VIEs do not represent additional assets that could be used to satisfy claims against the Company's general assets. Liabilities recognized as a result of consolidating VIEs do not represent additional claims on the Company's general assets, rather they represent claims against the specific assets of the consolidated VIEs.

UACC has the power to direct significant activities of its VIEs when it has the ability to exercise discretion in the servicing of financial assets or control investment decisions. UACC generally retains a portion of the economic interests in UACC-sponsored asset-backed securitization transactions, which could be retained in the form of a portion of the senior interests, the subordinated interests, residual interests, or servicing rights.

UACC has developed a securitization program that involves selling finance receivables to securitization trusts through the private issuance of asset-backed securities which are collateralized by the finance receivables. UACC establishes and sponsors these transactions which create and pass along risks to the variable interest holders, specifically, consumer credit risk and pre-payment risk.

The securitization trusts established in connection with asset-backed securitization transactions are VIEs. For each VIE that UACC establishes in its role as sponsor of securitization transactions, the Company performs an analysis to determine if it is the primary beneficiary of the VIE.

UACC has no obligation to repurchase or replace any securitized asset that subsequently becomes delinquent in payment or otherwise is in default, except when representations and warranties about the eligibility of the securitized assets are breached, or when certain changes are made to the underlying asset contracts. Securitization investors have no recourse to UACC or its other assets and have no right to require UACC to repurchase the investments. UACC has no obligation to provide liquidity or contribute cash or additional assets to the VIEs and does not guarantee any asset-backed securities.

In 2025, UACC completed the 2025-1 securitization transaction, in which it issued approximately $307.8 million of rated asset-backed securities in an auto finance receivable securitization transaction from a securitization trust, established and sponsored by UACC for proceeds of $306.5 million. The trust was collateralized by finance receivables with an aggregate principal balance of $382.1 million as of March 12, 2025. These finance receivables are serviced by UACC and UACC receives an "at market" servicing fee. The Company retained the residual interests, which required the Company to account for the 2025-1 securitization as secured borrowings and the assets and liabilities of the trust remain on balance sheet.

In 2024, UACC completed the 2024-1 securitization transaction, in which it sold approximately $300.0 million of rated asset-backed securities in an auto finance receivable securitization transaction from a securitization trust, established and sponsored by UACC for proceeds of $297.2 million. The trust is collateralized by finance receivables with an aggregate principal balance of $380.1 million as of April 30, 2024. These finance receivables are serviced by UACC and UACC receives an "at market" servicing fee. As a result of market conditions, the Company retained the residual interests, therefore the 2024-1 securitization was accounted for as secured borrowings and remains on balance sheet pending the sale of such retained interests. The Company also repurchased $4.2 million of the non-investment grade securities related to the 2022-2 securitization transaction for $4.8 million.

UACC is the primary beneficiary of the 2025-1, 2024-1, 2023-1, and 2022-2 securitization trusts, as it has both the power to direct the activities that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the VIE. UACC also retained a portion of the economic interests in the 2025-1, 2024-1, and 2023-1, asset-backed securitization transactions, in the form of residual interests in accordance with Regulation RR of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the "Risk Retention Rules"). The Risk Retention Rules require the Company to retain at least 5% of the beneficial interests issued by the securitization trusts. Refer to Note 11 — Long Term Debt for further details.

The VIE model allows for a measurement alternative when a reporting entity elects the fair value option and consolidates a collateralized financing entity (“CFE”). This measurement alternative eliminates the accounting mismatch that may arise from measurement differences between the CFE’s financial assets and third-party financial liabilities in earnings and attributes those earnings to the controlling equity interest in the consolidated income statement. All of the consolidated securitization trusts meet the definition of a CFE and the Company has elected to apply the measurement alternative when consolidating these VIEs. Upon emergence from the Prepackaged Chapter 11 Case, and application of fresh start accounting, the Successor made an accounting policy election to apply the measurement alternative to the 2024-1 CFE. Refer to Note 16 – Financial Instruments and Fair Value Measurements for further detail.

UACC had three senior secured warehouse credit facilities as of December 31, 2025. Through trusts, UACC entered into warehouse facility agreements with certain banking institutions, primarily to finance the purchase and origination of finance receivables as well as to provide funding for general operating activities. These trusts are secured by eligible finance receivables which are pledged as collateral for the warehouse facilities. These trusts are consolidated VIEs. Refer to Note 10 — Warehouse Credit Facilities of Consolidated VIEs for further details.

Creditors or beneficial interest holders of VIEs for which the Company is the primary beneficiary generally have recourse only to the assets and cash flows of the VIEs and do not have recourse to the Company. The following table presents the total assets and total liabilities associated with the Company's variable interests in consolidated VIEs, as classified in the consolidated balance sheets (in thousands):


	Successor
	As of December 31, 2025
	Securitization Vehicles		Warehouse Facilities1		Total
Assets:
Restricted cash	$	39,729	$	16,106	$	55,835
Finance receivables at fair value		441,084		335,916		777,000
Interest receivable		7,164		5,270		12,434
Other assets		5,991		3,842		9,833
Total Assets	$	493,968	$	361,134	$	855,102
Liabilities:
Securitization debt at fair value	$	393,244	$	—	$	393,244
Warehouse credit facilities		—		318,655		318,655
Other liabilities		5,773		9,917		15,690
Total Liabilities	$	399,017	$	328,572	$	727,589

	Predecessor
	As of December 31, 2024
	Securitization Vehicles		Warehouse Facilities1		Total
Assets:
Restricted cash	$	29,213	$	18,895	$	48,108
Finance receivables at fair value		214,420		252,900		467,320
Finance receivables held for sale		178,845		131,120		309,965
Interest receivable		6,892		6,370		13,262
Other assets		6,057		4,700		10,757
Total Assets	$	435,427	$	413,985	$	849,412
Liabilities:
Securitization debt at fair value	$	353,356	$	—	$	353,356
Warehouse credit facilities		—		359,912		359,912
Other liabilities		3,597		10,244		13,841
Total Liabilities	$	356,953	$	370,156	$	727,109

1 Refer to Note 10 – Warehouse Credit Facilities of Consolidated VIEs for further details of the warehouse facilities.

Intangible Assets - Schedule of Estimated Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Jan. 14, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
2026	$ 1,901
2027	1,901
2028	1,901
2029	1,901
Thereafter	4,766
Carrying Value	$ 12,370	$ 14,200	$ 104,869

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Condensed Consolidated Operations and Balance Sheets from Discontinued Operations

The following table summarizes the major income and expense line items from discontinued operations as reported in the consolidated statements of operations (in thousands):


	Successor			Predecessor
	Period from January 15, to December 31,			Year Ended December 31,
	2025			2024
Revenue:
Retail vehicle, net	$	—		$	47,320
Wholesale vehicle		—			140,714
Product, net		(29	)		1,635
Total revenue		(29	)		189,669
Cost of sales:
Retail vehicle		—			43,673
Wholesale vehicle		—			142,343
Total cost of sales		—			186,016
Total gross profit (loss)		(29	)		3,653
Selling, general and administrative expenses		(1,155	)		39,562
Gain (loss) on disposal of long lived assets		130			(10,159	)
Depreciation and amortization		—			383
Income (loss) from operations		996			(26,133	)
Interest expense		—			1,607
Interest loss		—			(856	)
Income (loss) before provision for income taxes		996			(26,884	)
Provision for income taxes		—			-
Net income (loss) from discontinued operations	$	996		$	(26,884	)

Net income (loss) from discontinued operations for the period from January 1, 2025, to January 14, 2025, was not material.

The following table summarizes the major classes of assets and liabilities from discontinued operations as reported in the consolidated balance sheets:


	Successor		Predecessor
	As of December 31,		As of December 31,
	2025		2024
ASSETS
Property and equipment, net	$	—	$	800
Other assets		46		143
Assets from discontinued operations	$	46	$	943
LIABILITIES
Accounts payable	$	82	$	116
Accrued expenses		43		3,906
Liabilities from discontinued operations	$	124	$	4,022

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Commitments and Contingencies - Additional Information (Details) $ in Millions	Dec. 31, 2023 USD ($)
Civil Penalties
Loss Contingencies [Line Items]
Civil penalties/attorney's fees	$ 2
Attorneys' Fees
Loss Contingencies [Line Items]
Civil penalties/attorney's fees	$ 1

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Use of Estimates

Comprehensive Loss

The Company did not have any other comprehensive income or loss for the years ended December 31, 2025, and 2024. Accordingly, net loss and comprehensive loss are the same for the periods presented.

Cash and Cash Equivalents

Restricted Cash

Finance Receivables

The Company's finance receivables are generally secured by the vehicles being financed.

Finance receivables for which the fair value option was elected under ASC 825 are classified as finance receivables at fair value.

Refer to Note 16 – Financial Instruments and Fair Value Measurements.

Finance Receivables Held for Sale, Net

Consolidated CFEs


	Successor			Predecessor
	Period from January 15 through December 31,			Period from January 1 through January 14,			Year Ended December 31,
	2025			2025			2024
Interest income		110,938		$	3,314		$	105,786
Interest expense		(33,200	)		(1,185	)		(30,263	)
Realized and unrealized losses, net of recoveries		(65,809	)		(2,977	)		(64,754	)
Noninterest income (loss), net		1,702			6			(2,103	)
Reorganization items, net		—			7,964			—

Property and Equipment, Net

assets are retired or otherwise disposed of, their costs and related accumulated depreciation are written off and any resulting gains or losses are recorded during the period.

Depreciation and amortization are calculated using the straight-line method over the following estimated useful lives of the assets:


Equipment	1 to 10 years
Furniture and fixtures	2 to 5 years
Leasehold improvements	Lesser of useful life or lease term
Internal-use software	1 to 4 years

Intangible Assets

The Company's intangible assets are amortized on a straight-line basis over the following estimated weighted average useful lives:


Developed technology	7 years
Trademarks	9 years
Customer relationships	8 years

Leases

Long-lived asset impairment

Income Taxes

examination. Potential interest and penalties associated with unrecognized tax positions are recognized in income tax expense.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law. OBBBA includes, among other provisions, changes affecting (i) the deductibility and/or amortization of domestic research or experimental expenditures for taxable years beginning after December 31, 2024, (ii) the timing and availability of certain clean energy tax incentives (including an accelerated phase-out for certain credits for projects beginning after June 30, 2026), and (iii) certain international tax rules impacting foreign income and the calculation of Foreign-Derived Intangible Income (“FDII”), among other cross-border considerations. The Company evaluated the relevant provisions of OBBBA and determined that OBBBA did not have a material impact on the Company’s consolidated financial statements.

Stock-Based Compensation

Concentration of Credit Risk and Significant Customers

Bankruptcy

classified on the consolidated balance sheets as of December 31, 2024 as liabilities subject to compromise. Refer to Note 6 — Fresh Start Accounting

The Company emerged from the Prepackaged Chapter 11 Case on January 14, 2025.

Liquidity

On November 25, 2025, Vroom, Inc. entered into a Note Purchase Agreement with Robert J. Mylod, Jr., the Independent Executive Chair of the board of directors of the Company. Pursuant to the Note Purchase Agreement, the Company issued Senior Secured Delayed Draw Notes due 2026 (the “Delayed Draw Notes”) in a maximum aggregate principal commitment amount of $10.5 million, which mature on November 25, 2026. As of December 31, 2025, the Company drew $10.5 million against the Delayed Draw Notes. Refer to Note 20 — Related Party Transactions for further details.

Net Loss Per Share Attributable to Common Stockholders

Accounting Standards Adopted

Accounting Standards Issued But Not Yet Adopted

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		12 Months Ended
	Jan. 14, 2025	Dec. 31, 2025	Dec. 31, 2025	Dec. 31, 2024
Operating activities
Net (loss) income from continuing operations	$ 45,090		$ (54,046)	$ (138,240)
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Impairment charges			4,156	5,159
Profit share receivable			(554)	11,643
Depreciation and amortization	1,057		3,350	29,086
Amortization of debt issuance costs				4,270
Losses on finance receivables and securitization debt, net	4,762		108,467	129,601
Losses on Warranties and GAP	407		7,000	8,020
Stock-based compensation expense	144		5,181	5,885
Provision to record finance receivables held for sale at lower of cost or fair value				(4,618)
Amortization of unearned discounts on finance receivables at fair value	(416)			(15,924)
Non-cash reorganization items, net	(51,741)			2,438
Other, net	193		(909)	(4,595)
Changes in operating assets and liabilities:
Originations of finance receivables, held for sale	(14,337)			(404,203)
Principal payments received on finance receivables, held for sale	6,481			186,799
Other	169			1,642
Interest receivable	(164)		1,397	417
Other assets	5,178		7,116	15,323
Other liabilities	(2,627)		(3,565)	(8,461)
Net cash provided by (used in) operating activities from continuing operations	(5,804)		77,593	(175,758)
Net cash (used in) provided by operating activities from discontinued operations	(207)		(2,439)	78,721
Net cash provided by (used in) operating activities	(6,011)		75,154	(97,037)
Investing activities
Purchases of finance receivables, held for investment at fair value			(419,742)
Principal payments received on finance receivables, held for investment at fair value	2,985		316,753	115,937
Principal payments received on beneficial interests	147		1,240	2,433
Purchase of property and equipment	(151)		(7,061)	(3,487)
Net cash (used in) provided by investing activities from continuing operations	2,981		(108,810)	114,883
Net cash provided by investing activities from discontinued operations			637	17,692
Net cash (used in) provided by investing activities	2,981		(108,173)	132,575
Financing activities
Proceeds from borrowings under secured financing agreements			307,780	296,046
Principal repayment under secured financing agreements	(16,676)		(253,998)	(251,529)
Proceeds from financing of beneficial interests in securitizations			16,223	15,821
Principal repayments of financing of beneficial interests in securitizations	(1,028)		(13,625)	(13,428)
Proceeds from warehouse credit facilities	11,900		333,700	318,600
Repayments of warehouse credit facilities	(8,094)		(378,763)	(379,956)
Proceeds from issuance of related party note			10,000
Proceeds from related party line of credit			18,500
Other financing activities			(1,941)	(364)
Net cash provided by (used in) financing activities from continuing operations	(13,898)		37,876	(14,810)
Net cash used in financing activities from discontinued operations				(151,178)
Net cash provided by (used in) financing activities	(13,898)		37,876	(165,988)
Net increase (decrease) in cash, cash equivalents and restricted cash	(16,928)		4,857	(130,450)
Cash, cash equivalents and restricted cash at the beginning of period	78,369	$ 78,369	61,441	208,819
Cash, cash equivalents and restricted cash at the end of period	61,441	$ 66,298	66,298	78,369
Supplemental disclosure of cash flow information:
Cash paid for interest	4,534		48,524	57,688
Cash paid for reorganization items, net	$ 1,705			3,009
Cash paid for income taxes			$ (137)	$ (1,426)

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands		12 Months Ended
	Jan. 14, 2025	Dec. 31, 2025	Dec. 31, 2024
Interest income	$ 7,183	$ 171,650	$ 201,833
Warehouse credit facility	1,017	17,584	29,276
Securitization debt	1,178	32,966	30,084
Total interest expense	2,195	50,550	59,360
Net interest income	4,988	121,100	142,473
Realized and unrealized losses, net of recoveries	6,792	97,259	119,868
Net interest income (loss) after losses and recoveries	(1,804)	23,841	22,605
Servicing income	192	4,690	6,501
Warranties and GAP income (loss), net	307	14,466	(2,610)
CarStory revenue	432	6,914	11,610
Other income	113	10,377	10,850
Total noninterest income	1,044	36,447	26,351
Compensation and benefits	2,823	70,222	97,293
Professional fees	297	11,871	12,035
Software and IT costs	457	11,869	15,083
Depreciation and amortization	1,057	3,350	29,086
Interest expense on corporate debt	176	2,797	5,826
Impairment charges		4,156	5,159
Other expenses	371	9,775	16,294
Total expenses	5,181	114,040	180,776
Loss from continuing operations before reorganization items and provision for income taxes	(5,941)	(53,752)	(131,820)
Reorganization items, net	51,036		(5,564)
(Loss) income from continuing operations before provision for income taxes	45,095	(53,752)	(137,384)
Provision for income taxes from continuing operations	5	294	856
Net income (loss) from continuing operations	45,090	(54,046)	(138,240)
Net income (loss) from discontinued operations	(4)	996	(26,884)
Net (loss) income	$ 45,086	$ (53,050)	$ (165,124)
Net (loss) income per share attributable to common stockholders, continuing operations, basic	$ 24.74	$ (10.43)	$ (76.24)
Net (loss) income per share attributable to common stockholders, Discontinued operations, basic	(0)	0.19	(14.83)
Net (loss) income per share attributable to common stockholders, basic	24.74	(10.24)	(91.07)
Net (loss) income per share attributable to common stockholders, continuing operations, diluted	23.89	(10.43)	(76.24)
Net (loss) income per share attributable to common stockholders, Discontinued operations, diluted	(0)	0.19	(14.83)
Net (loss) income per share attributable to common stockholders, diluted	$ 23.89	$ (10.24)	$ (91.07)
Weighted-average number of shares outstanding used to compute net (loss) income per share attributable to common stockholders, basic	1,822,541	5,184,175	1,813,168
Weighted-average number of shares outstanding used to compute net (loss) income per share attributable to common stockholders, diluted	1,887,370	5,184,175	1,813,168
Financial Designation, Predecessor and Successor [Fixed List]		Successor

Variable Interest Entities and Securitizations (Tables)

12 Months Ended

Dec. 31, 2025

Variable Interest Entity, Measure of Activity [Abstract]

Summary of Total Assets and Total Liabilities Associated With Variable Interests in Consolidated VIEs

The following table presents the total assets and total liabilities associated with the Company's variable interests in consolidated VIEs, as classified in the consolidated balance sheets (in thousands):


	Successor
	As of December 31, 2025
	Securitization Vehicles		Warehouse Facilities1		Total
Assets:
Restricted cash	$	39,729	$	16,106	$	55,835
Finance receivables at fair value		441,084		335,916		777,000
Interest receivable		7,164		5,270		12,434
Other assets		5,991		3,842		9,833
Total Assets	$	493,968	$	361,134	$	855,102
Liabilities:
Securitization debt at fair value	$	393,244	$	—	$	393,244
Warehouse credit facilities		—		318,655		318,655
Other liabilities		5,773		9,917		15,690
Total Liabilities	$	399,017	$	328,572	$	727,589

	Predecessor
	As of December 31, 2024
	Securitization Vehicles		Warehouse Facilities1		Total
Assets:
Restricted cash	$	29,213	$	18,895	$	48,108
Finance receivables at fair value		214,420		252,900		467,320
Finance receivables held for sale		178,845		131,120		309,965
Interest receivable		6,892		6,370		13,262
Other assets		6,057		4,700		10,757
Total Assets	$	435,427	$	413,985	$	849,412
Liabilities:
Securitization debt at fair value	$	353,356	$	—	$	353,356
Warehouse credit facilities		—		359,912		359,912
Other liabilities		3,597		10,244		13,841
Total Liabilities	$	356,953	$	370,156	$	727,109

1 Refer to Note 10 – Warehouse Credit Facilities of Consolidated VIEs for further details of the warehouse facilities.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Long Term Debt - Schedule of Securitization Debt of Consolidated VIEs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Unamortized debt issuance costs		$ 2,423
Net carrying value		$ 210,727
United Auto Credit 2022-2-C
Debt Instrument [Line Items]
Final Scheduled Payment Date		May 10, 2027
Initial Principal		$ 26,533
Contractual Interest Rate		5.81%
Outstanding Principal		$ 5,265
Fair Value		$ 5,265
United Auto Credit 2022-2-D
Debt Instrument [Line Items]
Final Scheduled Payment Date	Jan. 10, 2028	Jan. 10, 2028
Initial Principal	$ 32,889	$ 32,889
Contractual Interest Rate	6.84%	6.84%
Outstanding Principal	$ 11,415	$ 32,889
Fair Value	$ 11,400	$ 32,836
United Auto Credit 2022-2-E
Debt Instrument [Line Items]
Final Scheduled Payment Date	Apr. 10, 2029	Apr. 10, 2029
Initial Principal	$ 33,440	$ 33,440
Contractual Interest Rate	10.00%	10.00%
Outstanding Principal	$ 28,440	$ 28,440
Fair Value	$ 13,011	$ 16,922
United Auto Credit 2023-1-C
Debt Instrument [Line Items]
Final Scheduled Payment Date		Jul. 10, 2028
Initial Principal		$ 33,326
Contractual Interest Rate		6.28%
Outstanding Principal		$ 27,657
Fair Value		$ 27,731
United Auto Credit 2023-1-D
Debt Instrument [Line Items]
Final Scheduled Payment Date	Jul. 10, 2028	Jul. 10, 2028
Initial Principal	$ 35,653	$ 35,653
Contractual Interest Rate	8.00%	8.00%
Outstanding Principal	$ 20,169	$ 35,653
Fair Value	$ 20,340	$ 36,149
United Auto Credit 2023-1-E
Debt Instrument [Line Items]
Final Scheduled Payment Date	Sep. 10, 2029	Sep. 10, 2029
Initial Principal	$ 23,256	$ 23,256
Contractual Interest Rate	10.98%	10.98%
Outstanding Principal	$ 23,256	$ 23,256
Fair Value	$ 24,770	$ 23,726
United Auto Credit 2024-1-A
Debt Instrument [Line Items]
Final Scheduled Payment Date		Aug. 10, 2026
Initial Principal		$ 132,340
Contractual Interest Rate		6.17%
Outstanding Principal		$ 45,490
United Auto Credit 2024-1-B
Debt Instrument [Line Items]
Final Scheduled Payment Date		Jun. 10, 2027
Initial Principal		$ 42,770
Contractual Interest Rate		6.57%
Outstanding Principal		$ 42,770
United Auto Credit 2024-1-C
Debt Instrument [Line Items]
Final Scheduled Payment Date	Oct. 10, 2029	Oct. 10, 2029
Initial Principal	$ 35,190	$ 35,190
Contractual Interest Rate	7.06%	7.06%
Outstanding Principal	$ 23,664	$ 35,190
Fair Value	$ 23,721
United Auto Credit 2024-1-D
Debt Instrument [Line Items]
Final Scheduled Payment Date	Nov. 12, 2029	Nov. 12, 2029
Initial Principal	$ 52,160	$ 52,160
Contractual Interest Rate	8.30%	8.30%
Outstanding Principal	$ 52,160	$ 52,160
Fair Value	$ 52,953
United Auto Credit 2024-1-E
Debt Instrument [Line Items]
Final Scheduled Payment Date	Nov. 12, 2030	Nov. 12, 2030
Initial Principal	$ 37,540	$ 37,540
Contractual Interest Rate	10.45%	10.45%
Outstanding Principal	$ 37,540	$ 37,540
Fair Value	$ 39,263
United Auto Credit 2025-1-A
Debt Instrument [Line Items]
Final Scheduled Payment Date	Jun. 10, 2027
Initial Principal	$ 138,300
Contractual Interest Rate	4.80%
Outstanding Principal	$ 37,290
Fair Value	$ 37,324
United Auto Credit 2025-1-B
Debt Instrument [Line Items]
Final Scheduled Payment Date	Feb. 10, 2028
Initial Principal	$ 50,450
Contractual Interest Rate	5.05%
Outstanding Principal	$ 50,450
Fair Value	$ 50,642
United Auto Credit 2025-1-C
Debt Instrument [Line Items]
Final Scheduled Payment Date	Jun. 10, 2030
Initial Principal	$ 32,660
Contractual Interest Rate	5.15%
Outstanding Principal	$ 32,660
Fair Value	$ 32,849
United Auto Credit 2025-1-D
Debt Instrument [Line Items]
Final Scheduled Payment Date	Jul. 10, 2030
Initial Principal	$ 50,810
Contractual Interest Rate	5.96%
Outstanding Principal	$ 50,810
Fair Value	$ 51,166
United Auto Credit 2025-1-E
Debt Instrument [Line Items]
Final Scheduled Payment Date	Oct. 10, 2031
Initial Principal	$ 35,560
Contractual Interest Rate	7.71%
Outstanding Principal	$ 35,560
Fair Value	35,805
Total Rated Notes at Fair Value
Debt Instrument [Line Items]
Initial Principal	557,908
Outstanding Principal	403,414
Fair Value	$ 393,244
Total Rated Notes at Amortized Cost
Debt Instrument [Line Items]
Initial Principal		300,000
Outstanding Principal		213,150
Total Rated Notes
Debt Instrument [Line Items]
Initial Principal		185,097
Outstanding Principal		153,160
Fair Value		$ 142,629

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):


	Successor			Predecessor
	December 31,			December 31,
	2025			2024
Equipment	$	539		$	2,841
Furniture and fixtures		82			333
Leasehold improvements		388			693
Internal-use software		7,043			5,366
Other		128			693
		8,180			9,926
Accumulated depreciation and amortization		(1,436	)		(5,862	)
Property and equipment, net	$	6,744		$	4,064

Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Summary of Reportable Segments

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	)

Reconciliation Between Reportable Segment Adjusted Net Income (Loss) to Net Loss From Continuing Operations Before Provision for Income Taxes

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	)

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Restricted cash	$ 55,914	$ 49,026
Finance receivables at fair value	808,636	503,848
Finance receivables held for sale, net		318,192
Interest receivable	12,834	14,067
Other assets	24,665	35,472
Other liabilities	$ 41,149	$ 49,699
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	250,000,000	500,000,000
Common stock, shares issued	5,199,641	1,822,532
Common stock, shares outstanding	5,199,641	1,822,532
Securitization debt of consolidated VIEs at amortized cost
Securitization debt at fair value	$ 393,200	$ 210,700
Securitization debt of consolidated VIEs at fair value
Securitization debt at fair value		142,600
Consolidated VIEs
Restricted cash	55,835	48,108
Finance receivables at fair value	777,000	467,320
Finance receivables held for sale, net	0	309,965
Interest receivable	12,434	13,262
Other assets	9,833	10,757
Securitization debt at fair value	393,244	353,356
Other liabilities	$ 15,690	$ 13,841

Long Term Debt - Schedule of Debt Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Jan. 15, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Total debt	$ 423,197	$ 365,963	$ 381,366
Securitization debt of consolidated VIEs at fair value
Debt Instrument [Line Items]
Total debt	393,244		142,629
Securitization debt of consolidated VIEs at amortized cost
Debt Instrument [Line Items]
Total debt			210,727
Financing of Beneficial Interest in Securizations
Debt Instrument [Line Items]
Total debt	19,643		17,700
Junior Subordinated Debentures
Debt Instrument [Line Items]
Total debt	$ 10,310		$ 10,310

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

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Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2025	Mar. 24, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2025
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Trading Symbol	VRM
Entity Registrant Name	VROOM, INC.
Entity Central Index Key	0001580864
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	false
Title of 12(b) Security	Common Stock, $0.001 par value
Security Exchange Name	NASDAQ
Entity File Number	001-39315
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	90-1112566
Entity Address, Address Line One	4700 Mercantile Dr
Entity Address, City or Town	Fort Worth
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	76137
City Area Code	518
Local Phone Number	535-9125
Document Financial Statement Error Correction [Flag]	false
Document Annual Report	true
Document Transition Report	false
Entity Common Stock, Shares Outstanding		5,206,073
Entity Public Float			$ 11
ICFR Auditor Attestation Flag	false
Entity Bankruptcy Proceedings, Reporting Current	true
Documents Incorporated by Reference	Certain portions of the information required to be furnished pursuant to Part III of this Annual Report on Form 10-K will be set forth in, and incorporated by reference from, the registrant’s definitive proxy statement for the annual meeting of stockholders which will be filed with the Securities and Exchange Commission no later than 120 days after the end of the fiscal year ended December 31, 2025.
Auditor Name	RSM US LLP
Auditor Firm ID	49
Auditor Location	Los Angeles, California
Auditor Opinion	Opinion on the Financial Statements We have audited the accompanying consolidated balance sheet of Vroom, Inc. and its subsidiaries (Successor) (the Company) as of December 31, 2025, the related consolidated statements of operations, changes in stockholders’ equity and cash flows for the period from January 15, 2025 through December 31, 2025, and the related notes to the consolidated financial statements (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025, and the results of its operations and its cash flows for the period from January 15, 2025 through December 31, 2025, in conformity with accounting principles generally accepted in the United States of America. Opinion on the Financial Statements We have audited the accompanying consolidated balance sheet of Vroom, Inc. and its subsidiaries (Predecessor) (the Company) as of December 31, 2024, the related consolidated statements of operations, changes in stockholders’ equity and cash flows for the period from January 1, 2025 through January 14, 2025 and for the year ended December 31, 2024, and the related notes to the consolidated financial statements (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024, and the results of its operations and its cash flows for the period from January 1, 2025 through January 14, 2025 and for the year ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

Long Term Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Long Term Debt

11. Long Term Debt


	Successor		Predecessor
	December 31,		December 31,
	2025		2024
Securitization debt of consolidated VIEs at fair value	$	393,244	$	142,629
Securitization debt of consolidated VIEs at amortized cost		—		210,727
Financing of beneficial interest in securitizations		19,643		17,700
Junior subordinated debentures		10,310		10,310
Total debt	$	423,197	$	381,366

Convertible Notes due 2026

On June 18, 2021, the Company issued $625.0 million aggregate principal amount of 0.75% unsecured Convertible Senior Notes due 2026 (the “2026 Notes”), including $75.0 million aggregate principal amount of such notes pursuant to the exercise in full of the overallotment option granted to the initial purchasers. The 2026 Notes were issued pursuant to an indenture (the “Indenture”), between the Company and U.S. Bank National Association, as trustee.

On November 13, 2024, the Company commenced the Prepackaged Chapter 11 Case. On the Effective Date, the conditions to the effectiveness of the Plan were satisfied or waived and the Plan became effective. On January 14, 2025, the Company emerged from the Prepackaged Chapter 11 Case. On the Effective Date, each holder of the 2026 Notes received a pro rata share of 92.94% of the Common Stock, as defined below, and all of the Company’s outstanding obligations under the 2026 Notes and the Indenture were deemed fully satisfied and discharged.

The filing of the Prepackaged Chapter 11 Case constituted an event of default, resulting in the immediate acceleration of the Company’s obligations to pay approximately $291.6 million in principal and interest under the Indenture. The Indenture provided that, as a result of the filing of the Prepackaged Chapter 11 Case, the principal, premium, if any, accrued and unpaid interest and any other monetary obligations due thereunder would be immediately due and payable. However, any enforcement of such payment obligations was stayed as a result of the filing of the Prepackaged Chapter 11 Case and was subject to the applicable provisions of the Bankruptcy Code. On January 14, 2025, the Effective Date, by operation of the Plan, all outstanding obligations under the 2026 Notes and the Indenture were deemed fully satisfied and discharged.

Prior to the Effective Date, the 2026 Notes bore interest at a rate of 0.75% per annum, payable semiannually in arrears on January 1 and July 1 of each year, beginning on January 1, 2022.

The Company accounted for the 2026 Notes as a single liability-classified instrument measured at amortized cost. As a result of filing the bankruptcy petition, the Company wrote off the remaining unamortized debt discount and debt issuance costs of $2.4 million, recorded within "Reorganization items, net" on the consolidated statements of operations. The net carrying value was $290.5 million as of December 31, 2024 recorded in "Liabilities subject to compromise" in the consolidated balance sheet.

The 2026 Notes were issued at par value and fees associated with the issuance of these 2026 Notes were amortized to interest expense using the effective interest method over the contractual term of the 2026 Notes. The interest expense for the year ended December 31, 2024 was $3.4 million. The effective interest rate of the Notes was 1.3% as of December 31, 2024.

Securitization Debt of Consolidated VIEs

The securitization debt was issued under UACC's securitization program. The Company elected to account for the 2022-2, 2023-1, and 2025-1 securitization debt under the fair value option using the measurement alternative. Upon emergence from the Prepackaged Chapter 11 Case, and application of fresh start accounting, the Company made an accounting policy election to apply the measurement alternative to the 2024-1 securitization debt. Fair value adjustments are recorded in "Realized and unrealized losses, net of recoveries" in the consolidated statements of operations. Refer to Note 16 — Financial Instruments and Fair Value Measurements. For the 2022-2, 2023-1, 2024-1, and 2025-1 securitization transactions, the Company consolidated the VIEs and accounted for these transactions as secured borrowings. Refer to Note 4 — Variable Interest Entities and Securitizations for further discussion.

UACC retained the residual interests in the 2023-1, 2024-1, and 2025-1 securitization transactions. UACC also retains the servicing rights for all finance receivables that were securitized; therefore, it is responsible for the administration and collection of the amounts owed under the contracts. The securitization agreements also require certain funds to be held in restricted cash accounts to provide additional collateral for the borrowings or to be applied to make payments on the securitization debt. Restricted cash under the various agreements totaled approximately $39.7 million and $29.2 million as of December 31, 2025 and 2024, respectively.

Wholly owned bankruptcy remote subsidiaries of UACC were formed to facilitate the above asset-backed financing transactions. Bankruptcy remote refers to a legal structure in which it is expected that the applicable entity would not be included in any bankruptcy filing by its parent or affiliates. All of the assets of these subsidiaries have been pledged as collateral for the related debt. None of the assets of these subsidiaries are available to pay other creditors of the Company or its affiliates.

The securitization debt issued is included in "Long-term debt" on the consolidated balance sheet. The securitization debt of consolidated VIEs consisted of the following (in thousands):


As of December 31, 2025 (Successor)
Series	Final Scheduled Payment Date	Initial Principal		Contractual Interest Rate		Outstanding Principal		Fair Value
United Auto Credit 2022-2-D	January 10, 2028	$	32,889	6.84	%	$	11,415	$	11,400
United Auto Credit 2022-2-E	April 10, 2029		33,440	10.00	%		28,440		13,011
United Auto Credit 2023-1-D	July 10, 2028		35,653	8.00	%		20,169		20,340
United Auto Credit 2023-1-E	September 10, 2029		23,256	10.98	%		23,256		24,770
United Auto Credit 2024-1-C	October 10, 2029		35,190	7.06	%		23,664		23,721
United Auto Credit 2024-1-D	November 12, 2029		52,160	8.30	%		52,160		52,953
United Auto Credit 2024-1-E	November 12, 2030		37,540	10.45	%		37,540		39,263
United Auto Credit 2025-1-A	June 10, 2027		138,300	4.80	%		37,290		37,324
United Auto Credit 2025-1-B	February 10, 2028		50,450	5.05	%		50,450		50,642
United Auto Credit 2025-1-C	June 10, 2030		32,660	5.15	%		32,660		32,849
United Auto Credit 2025-1-D	July 10, 2030		50,810	5.96	%		50,810		51,166
United Auto Credit 2025-1-E	October 10, 2031		35,560	7.71	%		35,560		35,805
Total rated notes at fair value		$	557,908			$	403,414	$	393,244


As of December 31, 2024 (Predecessor)
Series	Final Scheduled Payment Date	Initial Principal		Contractual Interest Rate		Outstanding Principal		Fair Value
United Auto Credit 2022-2-C	May 10, 2027	$	26,533	5.81	%	$	5,265	$	5,265
United Auto Credit 2022-2-D	January 10, 2028		32,889	6.84	%		32,889		32,836
United Auto Credit 2022-2-E	April 10, 2029		33,440	10.00	%		28,440		16,922
United Auto Credit 2023-1-C	July 10, 2028		33,326	6.28	%		27,657		27,731
United Auto Credit 2023-1-D	July 10, 2028		35,653	8.00	%		35,653		36,149
United Auto Credit 2023-1-E	September 10, 2029		23,256	10.98	%		23,256		23,726
Total rated notes at fair value		$	185,097			$	153,160	$	142,629

United Auto Credit 2024-1-A	August 10, 2026	$	132,340	6.17	%	$	45,490
United Auto Credit 2024-1-B	June 10, 2027		42,770	6.57	%		42,770
United Auto Credit 2024-1-C	October 10, 2029		35,190	7.06	%		35,190
United Auto Credit 2024-1-D	November 12, 2029		52,160	8.30	%		52,160
United Auto Credit 2024-1-E	November 12, 2030		37,540	10.45	%		37,540
Total rated notes at amortized cost		$	300,000			$	213,150
Unamortized debt issuance costs						$	2,423
Net carrying value						$	210,727

The final scheduled payment date represents legal maturity of the remaining balance sheet securitization debt. Securitization debt is expected to become due and to be paid prior to those dates, based on amortization of the finance receivables pledged to the Trusts. Expected payments, which will depend on the performance of such receivables, as to which there can be no assurance, are $199.1 million in 2026, $113.4 million in 2027, $52.3 million in 2028, and $38.6 million in 2029.

The aggregate principal balance and the net carrying value of finance receivables pledged to the securitization debt consists of the following (in thousands):


	Successor				Predecessor
	As of December 31,				As of December 31,
	2025				2024
	Aggregate Principal Balance		Net Carrying Value (1)		Aggregate Principal Balance		Net Carrying Value
United Auto Credit 2022-2	$	28,924	$	25,869	$	65,096	$	57,130
United Auto Credit 2023-1		51,291		44,224		106,920		92,041
United Auto Credit 2024-1		152,603		134,903		275,567		244,094
United Auto Credit 2025-1		257,485		236,088		—		—
Total finance receivables of CFEs	$	490,303	$	441,084	$	447,583	$	393,265
(1) For the Successor period, net carrying value is equal to fair value.

Financing of beneficial interest in securitizations

On May 3, 2023, UACC entered into a Risk Retention Financing Facility enabling it to finance a portion of its asset-backed securities issued in its securitization transactions and held by UACC, pursuant to applicable Risk Retention Rules. Under this facility, UACC sells such retained interests and agrees to repurchase them on a future date. As of December 31, 2025, UACC pledged $27.6 million of its retained beneficial interests as collateral, and the outstanding borrowings related to this risk retention financing facility were $19.8 million, with expected repurchase dates ranging from June 2027 to October 2031. The securitization trusts will distribute payments related to UACC's pledged beneficial interests in securitizations directly to the lender, which will reduce the beneficial interests in securitizations and the related debt balance. Pledged collateral levels are monitored and are generally maintained at an agreed-upon percentage of the fair value of the amounts borrowed during the life of the transactions. In the event of a decline in the fair value of the pledged collateral, UACC may be required to transfer cash or additional securities as pledged under this facility. At the termination of this agreement, UACC is obligated to return the amounts borrowed.

The outstanding balance of this facility, net of unamortized debt issuance costs, was $19.6 million and $17.7 million as of December 31, 2025 and 2024, respectively, and is included in "Long-term debt" on the consolidated balance sheet. As of December 31, 2025 and 2024, the fair value of the collateral pledged under this facility was $20.0 million and $18.3 million, respectively.

Junior Subordinated Debentures

On July 31, 2003, UACC issued junior subordinated debentures (trust preferred securities) of $10.0 million through a subsidiary, UPFC Trust I. The trust issuer is a 100 percent owned finance subsidiary and the securities are fully and unconditionally guaranteed by Vroom Automotive Finance Corporation. The interest is paid quarterly at a variable rate, equal to SOFR + 3.05%. The final maturity of these securities is on October 7, 2033; however, they can be called at par any time at the Company’s discretion.

Financial Instruments and Fair Value Measurements - Summary of Fair Value of Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Jan. 15, 2025	Jan. 14, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible Senior Notes, Carrying value			$ 290,488
Securitization Debt, Carrying value	$ 423,197	$ 365,963		$ 381,366
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible Senior Notes, Carrying value				290,488
Convertible Senior Notes, Fair value				145,244
Level 2 \| Securitization Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securitization Debt, Carrying value				210,727
Securitization Debt, Fair Value				$ 213,988

- Definition

Fair value portion of borrowing which can be exchanged for a specified number of another security at the option of the issuer or the holder, for example, but not limited to, the entity's common stock.

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The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.

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+ Details

Revenue Recognition - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Residual Interest, 2022-1 Securitization
Disaggregation Of Revenue [Line Items]
Percentage of servicing fees earned on outstanding principal balance of finance receivable	4.00%
Other Liabilities
Disaggregation Of Revenue [Line Items]
Reserve for chargebacks	$ 7.3	$ 9.1
Other Assets
Disaggregation Of Revenue [Line Items]
Cumulative profit sharing payment recognized	$ 9.9	$ 11.0

- Definition

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+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
ASSETS
Cash and cash equivalents	$ 10,384	$ 29,343
Restricted cash (including restricted cash of consolidated VIEs of $55.8 million and $48.1 million, respectively)	55,914	49,026
Finance receivables at fair value (including finance receivables of consolidated VIEs of $777.0 million and $467.3 million, respectively)	808,636	503,848
Finance receivables held for sale, net (including finance receivables of consolidated VIEs of $0.0 million and $310.0 million, respectively)		318,192
Interest receivable (including interest receivables of consolidated VIEs of $12.4 million and $13.3 million, respectively)	12,834	14,067
Property and equipment, net	6,744	4,064
Intangible assets, net	12,370	104,869
Operating lease right-of-use assets	5,792	6,872
Other assets (including other assets of consolidated VIEs of $9.8 million and $10.8 million, respectively)	24,665	35,472
Assets from discontinued operations	46	943
Total assets	937,385	1,066,696
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Warehouse credit facilities of consolidated VIEs	318,655	359,912
Related party line of credit (Note 20)	18,500
Long-term debt (including securitization debt of consolidated VIEs of $393.2 million at fair value as of December 31, 2025 and $210.7 million at amortized cost, and $142.6 million at fair value as of December 31,2024)	423,197	381,366
Related party note (Note 20)	$ 10,000
Accounts Payable, Related Party [Extensible Enumeration]	us-gaap:RelatedPartyMember
Operating lease liabilities	$ 9,142	11,065
Other liabilities (including other liabilities of consolidated VIEs of $15.7 million and $13.8 million, respectively)	41,149	49,699
Liabilities subject to compromise (Note 6)		291,577
Liabilities from discontinued operations	124	4,022
Total liabilities	820,767	1,097,641
Commitments and contingencies (Note 13)
Stockholders' equity (deficit)
Common stock, $0.001 par value; 250,000,000 shares authorized as of December 31, 2025 and 500,000,000 shares authorized as of December 31, 2024; 5,199,641 and 1,822,532 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively	5	2
Additional paid-in-capital	169,663	2,094,889
Accumulated deficit	(53,050)	(2,125,836)
Total stockholders' equity (deficit)	116,618	(30,945)
Total liabilities and stockholders' equity (deficit)	$ 937,385	$ 1,066,696

Financial Instruments and Fair Value Measurements - Summary of Gains or Losses Recorded Related to Eligible Financial Instruments (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 14, 2025	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Collection expenses	$ 492	$ 11,175	$ 10,670
Recoveries	(683)	(19,702)	(18,918)
Other	62	(498)	(106)
Total net loss included in "Realized and unrealized losses, net of recoveries"	$ 6,792	$ 97,259	$ 119,868
Fair Value, Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (Loss) on Investments	Gain (Loss) on Investments	Gain (Loss) on Investments
Debt of securitized VIEs at fair value
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Financial Liabilities Gain (Loss)	$ (2,267)	$ 981	$ (7,358)
Finance Receivables at Fair Value
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Financial Assets Gain (Loss)	6,451	$ 105,302	78,049
Finance Receivables Held For Sale, Net
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Financial Assets Gain (Loss)	$ 2,737		$ 57,531

Intangible Assets - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Jan. 14, 2025	Dec. 31, 2024
Finite Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 14,200		$ 190,300
Accumulated Amortization	(1,830)		(85,431)
Carrying Value	12,370	$ 14,200	104,869
Developed and Purchased Technology
Finite Lived Intangible Assets [Line Items]
Gross Carrying Value	9,800		108,700
Accumulated Amortization	(1,347)		(55,047)
Carrying Value	8,453		53,653
Customer Relationships
Finite Lived Intangible Assets [Line Items]
Gross Carrying Value	900		69,400
Accumulated Amortization	(108)		(26,011)
Carrying Value	792		43,389
Trademarks and Trade Names
Finite Lived Intangible Assets [Line Items]
Gross Carrying Value	3,500		12,200
Accumulated Amortization	(375)		(4,373)
Carrying Value	$ 3,125		$ 7,827

- Definition

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+ Details

Other Liabilities

12 Months Ended

Dec. 31, 2025

Other Liabilities Disclosure [Abstract]

Other Liabilities

9. Other Liabilities

The Company’s other liabilities consisted of the following (in thousands):


	Successor		Predecessor
	December 31,		December 31,
	2025		2024
Warranty and GAP liabilities	$	14,834	$	17,163
Dealer related liabilities		3,423		4,184
Accrued compensation and benefits		5,402		12,165
Accrued professional services		3,127		532
Accrued software and IT costs		403		252
Interest payable		3,606		4,096
Insurance payable		447		29
Other		9,907		11,278
Total other liabilities	$	41,149	$	49,699

Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Intangible Assets (Details)	Dec. 31, 2025
Developed Technology
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives of intangible assets	7 years
Trademarks
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives of intangible assets	9 years
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives of intangible assets	8 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Cybersecurity Risk Management, Strategy, and Governance	12 Months Ended
Cybersecurity Risk Management, Strategy, and Governance	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Item 1C. Cybersecurity Cybersecurity Risk Management and Strategy We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information. We use the National Institute of Standards and Technology (NIST) Risk Management Framework (RMF) to guide our security program in support of maintaining compliance with requirements such as the Sarbanes-Oxley Act, the Payment Card Industry Data Security Standard, and the Gramm-Leach-Bliley Act. While we do not claim full compliance with all elements of the standards, this comprehensive framework helps us consistently identify, assess, and manage cybersecurity risks appropriate to our business. Our cybersecurity risk management program is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas. Key features of our cybersecurity risk management program include, but are not limited to, the following: • risk assessments designed to help identify material cybersecurity risks to our critical systems and, information; • an information security program, led by our Senior Director of Information Security, principally responsible for managing (1) our cybersecurity risk assessment processes, (2) our security controls, and (3) our response to cybersecurity incidents; • the use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our security processes; • cybersecurity awareness training of our employees; • a cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents; • annual tabletop exercises for incident response involving relevant members from the Company’s executive management, information security, legal and other teams to test and improve our response plans; and • a third-party risk management process for service providers, suppliers, and vendors based on their criticality and risk profile. We have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected or are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition. We face certain ongoing risks from cybersecurity threats that, if realized, are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition. See “Risk Factors—Risks Related to Cybersecurity and Privacy—If we or our third-party providers sustain cyber-attacks or other privacy or data security incidents that result in security breaches, we could suffer a loss of sales and increased costs, exposure to significant liability, reputational harm and other negative consequences." Cybersecurity Governance Our Board considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee (the "Committee") oversight of cybersecurity and other information technology risks. The Committee oversees management’s implementation of our cybersecurity risk management program. Our cybersecurity risk management program is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas. Vroom’s Senior Director of Information Security reports to the Committee on a quarterly basis on our cybersecurity risks. In addition, the Senior Director of Information Security updates the Committee, as necessary, regarding any material cybersecurity incidents, as well as any incidents with lesser impact potential. The Committee periodically reports to the full Board regarding its activities, including those related to cybersecurity. Committee members receive presentations on cybersecurity topics from our Senior Director of Information Security, internal security staff or external experts as part of the Committee’s continuing education on topics that impact public companies. Our Chief Technology Officer has primary responsibility for our overall cybersecurity risk management program and supervises both our internal information security program and personnel, as well as certain of our retained external cybersecurity consultants. She has over twenty-five years of experience in the technology industry. Our Senior Director of Information Security is the head of the Company’s cybersecurity team and reports directly to the SVP of Engineering. The Senior Director of Information Security, who maintains CISSP and CCISO certifications, has 25 years of experience in the technology industry with 15 years of experience in cybersecurity. Our executive management team, including Vroom’s Chief Executive Officer, Chief Financial Officer, Chief Legal Officer, VP of Human Resources, and Chief Technology Officer, stays informed and monitors efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal information security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in the IT environment.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our cybersecurity risk management program is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee (the "Committee") oversight of cybersecurity and other information technology risks. The Committee oversees management’s implementation of our cybersecurity risk management program. Our cybersecurity risk management program is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee (the "Committee") oversight of cybersecurity and other information technology risks.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our cybersecurity risk management program is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas.
Cybersecurity Risk Role of Management [Text Block]	Vroom’s Senior Director of Information Security reports to the Committee on a quarterly basis on our cybersecurity risks. In addition, the Senior Director of Information Security updates the Committee, as necessary, regarding any material cybersecurity incidents, as well as any incidents with lesser impact potential. The Committee periodically reports to the full Board regarding its activities, including those related to cybersecurity. Committee members receive presentations on cybersecurity topics from our Senior Director of Information Security, internal security staff or external experts as part of the Committee’s continuing education on topics that impact public companies. Our Chief Technology Officer has primary responsibility for our overall cybersecurity risk management program and supervises both our internal information security program and personnel, as well as certain of our retained external cybersecurity consultants. She has over twenty-five years of experience in the technology industry. Our Senior Director of Information Security is the head of the Company’s cybersecurity team and reports directly to the SVP of Engineering. The Senior Director of Information Security, who maintains CISSP and CCISO certifications, has 25 years of experience in the technology industry with 15 years of experience in cybersecurity. Our executive management team, including Vroom’s Chief Executive Officer, Chief Financial Officer, Chief Legal Officer, VP of Human Resources, and Chief Technology Officer, stays informed and monitors efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal information security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in the IT environment.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our Chief Technology Officer has primary responsibility for our overall cybersecurity risk management program and supervises both our internal information security program and personnel, as well as certain of our retained external cybersecurity consultants. She has over twenty-five years of experience in the technology industry. Our Senior Director of Information Security is the head of the Company’s cybersecurity team and reports directly to the SVP of Engineering. The Senior Director of Information Security, who maintains CISSP and CCISO certifications, has 25 years of experience in the technology industry with 15 years of experience in cybersecurity.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	She has over twenty-five years of experience in the technology industry. Our Senior Director of Information Security is the head of the Company’s cybersecurity team and reports directly to the SVP of Engineering. The Senior Director of Information Security, who maintains CISSP and CCISO certifications, has 25 years of experience in the technology industry with 15 years of experience in cybersecurity.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Committee periodically reports to the full Board regarding its activities, including those related to cybersecurity. Committee members receive presentations on cybersecurity topics from our Senior Director of Information Security, internal security staff or external experts as part of the Committee’s continuing education on topics that impact public companies.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Revenue Recognition

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue Recognition

3. Revenue Recognition

The Company’s revenue is disaggregated within the consolidated statements of operations and is generated from consumers throughout the United States.

Interest Income

The Company’s interest income is related to finance receivables originated by UACC for its network of third-party dealership customers and vehicle financing UACC offered to Vroom’s customers through its ecommerce platform prior to the Ecommerce Wind-down.

Upon emergence from the Prepackaged Chapter 11 Case, and application of fresh start accounting, the Company made an accounting policy election to recognize discount income on finance receivables held for investment at fair value as a component of "Realized and unrealized losses, net of recoveries". In the Predecessor periods discount income on finance receivables held for investment at fair value was recognized as a component of "Interest income" on the Company’s consolidated statement of operations. The discount income represents the amortization of unearned acquisition discounts over the contractual life of the underlying finance receivables using the interest method. Interest income on each automotive finance receivable is calculated based on the finance receivable’s outstanding principal balance multiplied by the contractual interest rate.

An account is considered delinquent if a scheduled payment has not been received by the date such payment was contractually due. Interest income deemed uncollectible is reversed at the time the finance receivable is charged off. Finance receivables over 90 days delinquent are considered nonaccrual finance receivables. Income is subsequently recognized only to the extent cash payments are received until the borrower is able to make periodic interest and principal payments in accordance with the finance receivable terms.

Servicing Income

Servicing income represents the annual fees earned on the outstanding principal balance of the finance receivables serviced as well as late charges, collection payments, and other fees. Fees are earned monthly at an annual rate of approximately 4%, for the 2022-1 securitization transaction, of the outstanding principal balance of the finance receivables serviced. Late charges and other permitted fees are assessed in accordance with contractual terms and applicable state law, generally at the maximum allowable amounts or as a percentage of overdue finance receivable balances and are recorded on a cash basis. Refer to Note 4 — Variable Interest Entities and Securitizations for further details.

Warranties and GAP income

Prior to the Ecommerce Wind-Down, the Company offered third-party financing and third-party value-added products such as vehicle service contracts, guaranteed asset protection (“GAP”) and tire and wheel coverage, to its used vehicle customers pursuant to arrangements with the third parties that sell and administered these products and are responsible for their fulfillment. The Company continues to runoff the legacy Vroom third party vehicle service and GAP policies sold prior to the Ecommerce Wind-Down

UACC also offers third-party vehicle service contracts and United Auto Credit GAP to consumers who obtain financing through UACC. United Auto Credit GAP is a debt waiver product that is underwritten directly by UACC. It provides protection for consumers who purchase the product by waiving the difference between the actual cash value of the consumer’s vehicle and the balance of the consumer’s contract, subject to the terms and conditions of the United Auto Credit GAP, in the event of a total loss resulting from collision or theft. The total fees are earned over the contractual life of the related finance receivables on straight-line basis.

The Company concluded that it is an agent for any transactions with third-parties because it does not control the products before they are transferred to the consumer. The Company recognizes revenue on a net basis when the consumer enters into an arrangement for the products.

A portion of the fees earned on third-party financing and value-added products is subject to chargebacks in the event of early termination, default, or prepayment of the contracts by end-customers. The Company’s exposure for these events is limited to the fees that it receives. An estimated refund liability for chargebacks against the revenue recognized from sales of these products is recorded in the period in which the related revenue is recognized and is based primarily on the Company’s historical chargeback experience. The Company updates its estimates at each reporting date. As of December 31, 2025 and December 31, 2024, the Company’s reserve for chargebacks was $7.3 million and $9.1 million, respectively, which are included within “Other liabilities.”

The Company also is contractually entitled to receive profit-sharing revenues based on the performance of the vehicle service policies once a required claims period has passed. The Company recognizes profit-sharing revenues to the extent it is probable that it will not result in a significant revenue reversal. The Company estimates the revenue based on historical claims and cancellation data from its customers, as well as other qualitative assumptions. The Company reassesses the estimate at each reporting period with any changes reflected as an adjustment to warranties and GAP income in the period identified. As of December 31, 2025 and December 31, 2024, the Company recognized $9.9 million and $11.0 million, respectively, related to cumulative profit-sharing payments to which it expects to be entitled, which are included within “Other assets."

CarStory Revenue

CarStory generates advertiser, publisher and other user service revenue. The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred or services have been performed, collection of the fees is reasonably assured, the fees are fixed or determinable, and no significant obligations by the Company remain. Generally, this results in revenues billed and recorded monthly in the month that services were performed and earned.

Deferred revenue includes advances received from customers in excess of revenue recognized.

The Company may collect sales taxes and other taxes and government fees from customers on behalf of governmental authorities at the time of sale as required. These taxes are accounted for on a net basis and are not included in revenues or cost of sales.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Fresh Start Accounting - Schedule of Reorganization Items Net Consisted (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 14, 2025	Dec. 31, 2025	Dec. 31, 2024
Reorganization, Chapter 11 [Line Items]
Professional fees	$ (297)	$ (11,871)	$ (12,035)
Total reorganization items, net	51,036		(5,564)
Predecessor
Reorganization, Chapter 11 [Line Items]
Net gain on settlement of debt	141,419
Net loss on fresh start adjustments	(87,688)
Net loss on reorganization adjustment of other assets	(2,037)
Debt valuation adjustments			(2,438)
Professional fees	(658)		(3,126)
Total reorganization items, net	$ 51,036		$ (5,564)

Fresh Start Accounting - Schedule of Pre-Petition Convertible Notes (Parenthetical) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Jan. 15, 2025	Jan. 14, 2025	Dec. 31, 2024	Dec. 31, 2023
Reorganization, Chapter 11 [Line Items]
Percentage of issuance of common shares to prepetition convertible note holders			92.94%
Total issuance of equity amount			$ 164,400
Issuances of equity amount to note holder			150,249
Issuance of equity amount to equity holders			$ 14,200
Percentage Of Issuance Of Common Stock			7.06%
Equity value assigned	$ 116,618	$ 164,487	$ 164,487	$ (30,945)	$ 127,671
Warrant
Reorganization, Chapter 11 [Line Items]
Issuance of equity amount to equity holders			2,800
Common Stock
Reorganization, Chapter 11 [Line Items]
Issuance of equity amount to equity holders			11,400
Equity value assigned	$ 5		5	$ 2	$ 2
Predecessor
Reorganization, Chapter 11 [Line Items]
Equity value assigned			$ (37,456)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Domestic and Foreign Pretax Income (Loss) ) from Continuing Operations

Domestic and foreign pretax income (loss) from continuing operations are 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
Domestic	$	(54,510	)	$	45,062	$	(138,554	)
Foreign		758			33		1,170
Total	$	(53,752	)	$	45,095	$	(137,384	)

Schedule of Components of Provision for Income Taxes from Continuing Operations

The components of the provision for income taxes from continuing operations are 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
Current:
Federal	$	—	$	—	$	—
State and local		175		5		680
Foreign		119		—		176
Total current tax expense		294		5		856
Deferred tax (benefit):
Federal		—		—		—
State and local		—		—		—
Foreign		—		—		—
Total deferred tax (benefit)		—		—		—
Provision (benefit) for income taxes	$	294	$	5	$	856

Schedule of Components of Income Taxes Paid (Net of Refunds)

The components of income taxes paid (net of refunds) are as follows (in thousands):


	Successor
	Period from January 15 through December 31,
	2025
Federal	$	—
State and local		(270	)
Foreign		133
Total	$	(137	)

Income taxes paid (net of refunds) exceeded 5 percent of total income taxes paid (net of refunds) in the following jurisdictions (in thousands):


	Successor
	Period from January 15 through December 31,
	2025
State:
Indiana	$	63
Massachusetts		(137	)
Missouri		(148	)
Mississippi		(45	)
Oregon		(41	)
South Carolina		28
Texas		40
Foreign:
Serbia		133

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the provision for income taxes from continuing at the statutory rate to the amount reflected in the consolidated statements of operations 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
	Amount			Percentage			Amount			Percentage			Amount			Percentage
U.S. federal statutory tax rate	$	(11,292	)		21.0	%	$	9,474			21.0	%	$	(34,496	)		21.0	%
State and local income taxes, net of federal benefit		79			(0.1	)%		—			0.0	%		(5,967	)		3.6	%
Foreign Rate Differential
Serbia
Statutory tax rate difference between Serbia and United States		(45	)		0.1	%		(2	)		0.0	%		(70	)		0.0	%
Eﬀect of Cross-Border Tax Laws
GILTI		163			(0.3	)%		—			0.0	%		241			(0.1	)%
Nontaxable or nondeductible
Share-based Compensation		1,048			(2.0	)%		—			0.0	%		—			0.0	%
Cancellation of Debt Income Exclusion		—			0.0	%		(29,708	)		(65.9	)%		—			0.0	%
Other Permanent differences		22			(0.0	)%		—			0.0	%		243			(0.1	)%
Change in valuation allowance		10,287			(19.1	)%		20,241			44.9	%		41,509			(25.3	)%
Other adjustments		32			(0.1	)%		—			0.0	%		(604	)		0.4	%
Provision (benefit) for income taxes	$	294			(0.6	)%	$	5			0.0	%	$	856			(0.5	)%

Schedule of Deferred Tax Assets and Liabilities from Continuing Operations

Significant components of the Company’s deferred tax assets and liabilities from continuing operations are as follows (in thousands):


	Successor			Predecessor
	Period from January 15 through December 31,			Year Ended December 31,
	2025			2024
Deferred tax assets:
Net operating loss carryforwards	$	397,449		$	415,372
Warranty Chargeback reserves		1,848			2,324
Stock-based compensation		2,457			3,637
Depreciation		1,146			645
Lease Liability		2,317			2,853
Unrealized Gains/Losses		—			795
Other		2,532			4,228
Total deferred tax assets		407,749			429,854
Less: valuation allowance		(394,365	)		(395,293	)
Net deferred tax assets		13,384			34,561
Deferred tax liabilities:
Intangible amortization		(3,058	)		(26,837	)
Unrealized Gains/Losses		(3,846	)		—
Repo Expenses		(5,013	)		(5,948	)
Right of Use Asset		(1,467	)		(1,776	)
Net deferred tax liabilities		(13,384	)		(34,561	)
Net deferred income taxes	$	—		$	—

Warehouse Credit Facilities of Consolidated VIEs (Tables)

12 Months Ended

Dec. 31, 2025

Line of Credit Facility [Abstract]

Schedule of Terms of the Warehouse Credit Facilities

The terms of the Warehouse Credit Facilities include the following (in thousands):


	Facility One		Facility Two		Facility Three
Execution date	November 19, 2013		July 11, 2019		November 18, 2022
Commitment termination date	June 2, 2026		August 28, 2026		April 12, 2027
Aggregate borrowings limit	$	200,000	$	200,000	$	200,000
As of December 31, 2025 (Successor)
Aggregate principal balance of finance receivables pledged as collateral	$	9,732	$	147,269	$	224,874
Outstanding balance	$	7,739	$	111,060	$	199,856
Restricted cash	$	557	$	6,920	$	8,629
As of December 31, 2024 (Predecessor)
Aggregate principal balance of finance receivables pledged as collateral	$	76,523	$	223,901	$	143,514
Outstanding balance	$	62,290	$	175,568	$	122,054
Restricted cash	$	3,169	$	10,398	$	5,328

Fresh Start Accounting - Summary of Adjustments Set Forth in Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Jan. 15, 2025	Jan. 14, 2025	Dec. 31, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 10,384	$ 35,352		$ 29,343
Restricted Cash	55,914	26,089		49,026
Finance receivables at fair value	808,636	825,012		503,848
Finance receivables held for sale, net				318,192
Interest receivable	12,834	14,230		14,067
Property and equipment, net	6,744	1,203		4,064
Intangible assets, net	12,370	14,200		104,869
Operating lease right-of-use assets	5,792	11,027		6,872
Other assets	24,665	27,833		35,472
Assets from discontinued operations	46	758		943
Total assets	937,385	955,704		1,066,696
Liabilities, Current [Abstract]
Warehouse credit facilities of consolidated VIEs	318,655	363,718		359,912
Long-term debt	423,197	365,963		381,366
Operating lease liabilities	9,142	11,027		11,065
Other liabilities	41,149	46,875		49,699
Total liabilities subject to compromise			$ 291,668	291,577
Liabilities from discontinued operations	124	3,634		4,022
Total liabilities	820,767	791,217		1,097,641
Stockholders' (deficit) equity:
Common stock	5	5	161,700	2
Additional paid-in-capital	169,663	161,657		2,094,889
Warrants - Successor		2,825	2,800
Accumulated deficit	(53,050)			(2,125,836)
Total stockholders' equity (deficit)	116,618	164,487	164,487	(30,945)	$ 127,671
Total liabilities and stockholders' equity (deficit)	937,385	955,704		$ 1,066,696
Predecessor
ASSETS
Cash and cash equivalents			35,352
Restricted Cash			26,089
Finance receivables at fair value			505,084
Finance receivables held for sale, net			311,640
Interest receivable			14,230
Property and equipment, net			4,175
Intangible assets, net			103,852
Operating lease right-of-use assets			6,831
Other assets			32,919
Assets from discontinued operations			758
Total assets			1,040,930
Liabilities, Current [Abstract]
Warehouse credit facilities of consolidated VIEs			363,718
Long-term debt			361,464
Operating lease liabilities			11,027
Other liabilities			46,875
Total liabilities subject to compromise			291,668
Liabilities from discontinued operations			3,634
Total liabilities			1,078,386
Stockholders' (deficit) equity:
Common stock			2
Additional paid-in-capital			2,095,033
Accumulated deficit			(2,132,491)
Total stockholders' equity (deficit)			(37,456)
Total liabilities and stockholders' equity (deficit)			1,040,930
Reorganization Adjustments
ASSETS
Other assets			(2,037)
Total assets			(2,037)
Liabilities, Current [Abstract]
Total liabilities subject to compromise			(291,668)
Total liabilities			(291,668)
Stockholders' (deficit) equity:
Common stock		5	(2)
Additional paid-in-capital		161,657	(2,095,033)
Warrants - Successor		$ 2,825
Accumulated deficit			2,220,179
Total stockholders' equity (deficit)			289,631
Total liabilities and stockholders' equity (deficit)			(2,037)
Fresh Start Accounting Adjustments
ASSETS
Finance receivables at fair value			319,928
Finance receivables held for sale, net			(311,640)
Property and equipment, net			(2,972)
Intangible assets, net			(89,652)
Operating lease right-of-use assets			4,196
Other assets			(3,049)
Total assets	2,037		(83,189)
Liabilities, Current [Abstract]
Long-term debt			4,499
Total liabilities			4,499
Stockholders' (deficit) equity:
Accumulated deficit	$ 2,220,179		(87,688)
Total stockholders' equity (deficit)			(87,688)
Total liabilities and stockholders' equity (deficit)			$ (83,189)

Stock-based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

15. Stock-based Compensation

On May 28, 2020, the Company adopted the 2020 Incentive Award Plan (“the 2020 Plan”), which authorized the issuance of (i) up to 37,379 shares of the Company’s common stock, (ii) an annual increase on the first day of each year beginning on January 1, 2022 and ending on January 1, 2030 of up to 4% of the shares of common stock outstanding on an as-converted basis on the last day of the immediately preceding fiscal year, and (iii) any shares of the Company’s common stock subject to awards under the 2014 Plan which are forfeited or lapse unexercised and which following the effective date are not issued under the 2014 Plan. Awards may be issued in the form of restricted stock units, restricted stock, stock appreciation rights, and stock options. Effective as of June 13, 2024, the stockholders approved an amendment to the 2020 Plan to increase the number of authorized shares by 350,000 shares.

Pursuant to the Plan, the 2020 Plan was further amended on January 14, 2025, to increase the number of shares reserved for issuance under the 2020 Plan to account for the proposed post-emergence management incentive program, which accounts for 15% of the fully-diluted shares of Common Stock as of immediately following the Effective Date, inclusive of the Warrants, the management incentive program and the converted existing equity awards: 10% will be allocated for awards of restricted stock units and 5% will be allocated for awards of stock options. The amended and restated 2020 Plan authorizes the issuance of: (i) 1,166,880 shares of common stock, (ii) any shares which are subject to awards under the 2014 Plan or any other prior plans which are forfeited or lapse unexercised and are not issued under the prior plans; and (iii) an annual increase on the first day of each calendar year beginning on January 1, 2022, and ending on and including January 1, 2030, equal to the lesser of (A) 4% of the shares outstanding (on an as‑converted basis) on the last day of the immediately preceding fiscal year and (B) such smaller number of shares as determined by the Board of Directors or the Compensation Committee. As of December 31, 2025, there were 49,022 shares available for future issuance under the 2020 Plan.

On May 20, 2022, the Company adopted the 2022 Inducement Award Plan (the “Inducement Award Plan”). Awards under the Inducement Award Plan may only be granted to a newly hired employee who has not previously been an employee or a member of the Board or an employee who is being rehired following a bona fide period of non-employment by the Company, in each case as a material inducement to the employee’s entering into employment. An aggregate of 7,500 shares of the Company’s common stock are reserved for issuance under the Inducement Award Plan. The Inducement Award Plan continues to govern awards granted and outstanding under that plan but no new awards may be granted under that plan.

Stock Options

The following table summarizes stock option activity for the year ended December 31, 2025:


	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life
Successor
Unvested and outstanding as of January 15, 2025		4,664		$	2,537.11
Granted		324,400			53.33
Exercised		—			—
Expired		—			—
Forfeited / cancelled		(831	)		1,834.74
Outstanding as of December 31, 2025		328,233		$	84.11		9.15
Vested and exercisable as of December 31, 2025		3,833		$	2,689.39		5.05

Stock option activity for the period from January 1, 2025, to January 14, 2025, was not material.

The Company recognized $0.8 million for the period from January 15, 2025 to December 31, 2025 and $0.1 million for the year ended December 31, 2024. The stock-based compensation expense related to stock options for the period from January 1, 2025 to January 14, 2025 was not material. As of December 31, 2025, the Company had $2.7 million of unrecognized stock-based compensation expense related to stock options that is expected to be recognized over a weighted-average period of 3.0 years. As of December 31, 2024, the Company had $0.1 million of unrecognized stock-based compensation expense that is expected to be recognized over a weighted-average period of 0.4 years.

On March 12, 2025, 259,400 stock options were granted to the CEO whereby 129,700 have a fair value of $11.25 per share and an exercise price of $45.70 per share, and the remaining 129,700 have a fair value of $9.62 per share and an exercise price of $60.95 per share. Additionally, on March 12, 2025, an aggregate of 65,000 stock options were granted to certain members of key management whereby 32,500 have a fair value of $11.25 per share and an exercise price of $45.70 per share, and the remaining 32,500 have a fair value of $9.62 per share and an exercise price of $60.95 per share. The fair values of these stock options were determined using the Black-Scholes option pricing model. The stock options vest ratably over a four-year period subject to continued employment through each applicable vesting date.


	Stock Option 1			Stock Option 2
Fair value of common stock (per share)	$	11.25		$	9.62
Expected term (in years)	6.19			6.19
Risk-free interest rate		4.11	%		4.11	%
Expected volatility		60.00	%		60.00	%
Dividend yield	—%			—%

RSUs

The following table summarizes restricted stock unit ("RSUs") activity for the year ended December 31, 2025:


	Shares			Weighted Average Grant Date Fair Value per Share
Successor
Unvested and outstanding as of January 15, 2025		26,909		$	567.05
Granted		732,856		$	24.60
Vested and released		(36,771	)	$	180.70
Forfeited / cancelled		(19,530	)	$	226.30
Outstanding as of December 31, 2025		703,464		$	31.59

RSU activity for the period from January 1, 2025, to January 14, 2025, was not material.

The Company recognized $4.3 million for the period from January 15, 2025 to December 31, 2025 and $5.8 million of stock-based compensation expense related to RSUs for the year ended December 31, 2024. The Company recognized $0.1 million of stock-based compensation expense related to RSUs for the period from January 1, 2025 to January 14, 2025. As of December 31, 2025 and 2024, the Company had $13.2 million and $1.2 million, respectively, of unrecognized stock-based compensation expense that is expected to be recognized over a weighted-average period of 3.0 and 0.7 years, respectively.

Certain of the Company’s RSU grants are subject to acceleration upon a change of control and termination within 12 months, and upon death, disability, retirement and certain “good leaver” circumstances.

Leases - Summary of Maturity of Lease Liabilities on Undiscounted Cash Flow Basis and Reconciliation (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Jan. 15, 2025	Dec. 31, 2024
Leases [Abstract]
2026	$ 2,041
2027	2,099
2028	2,162
2029	1,844
2030	1,766
Thereafter	1,373
Total lease payments	11,285
Less: interest	(2,143)
Present value of lease liabilities	9,142	$ 11,027	$ 11,065
Operating lease liabilities	$ 9,142	$ 11,027	$ 11,065

Income Taxes - Schedule of Deferred Tax Assets and Liabilities from Continuing Operations (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Net operating loss carryforwards	$ 397,449	$ 415,372
Warranty Chargeback reserves	1,848	2,324
Stock-based compensation	2,457	3,637
Depreciation	1,146	645
Lease Liability	2,317	2,853
Unrealized Gains/Losses	0	795
Other	2,532	4,228
Total deferred tax assets	407,749	429,854
Less: valuation allowance	(394,365)	(395,293)
Net deferred tax assets	13,384	34,561
Deferred tax liabilities:
Intangible amortization	(3,058)	(26,837)
Unrealized Gains/Losses	(3,846)	0
Repo Expenses	(5,013)	(5,948)
Right of Use Asset	(1,467)	(1,776)
Net deferred tax liabilities	(13,384)	(34,561)
Net deferred income taxes	$ 0	$ 0

Warehouse Credit Facilities of Consolidated VIEs - Schedule of Terms of the Warehouse Credit Facilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Jan. 15, 2025	Dec. 31, 2024
Line of Credit Facility [Line Items]
Restricted cash	$ 55,914	$ 26,089	$ 49,026
Facility One
Line of Credit Facility [Line Items]
Execution date	Nov. 19, 2013
Commitment termination date	Jun. 02, 2026
Aggregate borrowings limit	$ 200,000
Aggregate principal balance of finance receivables pledged as collateral	9,732		76,523
Outstanding balance	7,739		62,290
Restricted cash	$ 557		3,169
Facility Two
Line of Credit Facility [Line Items]
Execution date	Jul. 11, 2019
Commitment termination date	Aug. 28, 2026
Aggregate borrowings limit	$ 200,000
Aggregate principal balance of finance receivables pledged as collateral	147,269		223,901
Outstanding balance	111,060		175,568
Restricted cash	$ 6,920		10,398
Facility Three
Line of Credit Facility [Line Items]
Execution date	Nov. 18, 2022
Commitment termination date	Apr. 12, 2027
Aggregate borrowings limit	$ 200,000
Aggregate principal balance of finance receivables pledged as collateral	224,874		143,514
Outstanding balance	199,856		122,054
Restricted cash	$ 8,629		$ 5,328

Stock-based Compensation - Summary of Stock Option Activity (Details)	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Share-Based Payment Arrangement [Abstract]
Shares, Outstanding, Beginning balance \| shares	4,664
Shares, Granted \| shares	324,400
Shares, Forfeited / cancelled \| shares	(831)
Shares, Outstanding, Ending balance \| shares	328,233
Shares, Vested and exercisable \| shares	3,833
Weighted Average Exercise Price, Outstanding, Beginning balance \| $ / shares	$ 2,537.11
Weighted Average Exercise Price, Granted \| $ / shares	53.33
Weighted Average Exercise Price, Forfeited / cancelled \| $ / shares	1,834.74
Weighted Average Exercise Price, Outstanding, Ending balance \| $ / shares	84.11
Weighted Average Exercise Price, Vested and exercisable \| $ / shares	$ 2,689.39
Weighted Average Remaining Contractual Life, Outstanding	9 years 1 month 24 days
Weighted Average Remaining Contractual Life, Vested and exercisable	5 years 18 days

Income Taxes - Schedule of Components of Provision for Income Taxes from Continuing Operations (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 14, 2025	Dec. 31, 2025	Dec. 31, 2024
Current:
Federal	$ 0	$ 0	$ 0
State and local	5	175	680
Foreign	0	119	176
Total current tax expense	5	294	856
Deferred tax (benefit):
Federal	0	0	0
State and local	0	0	0
Foreign	0	0	0
Total deferred tax (benefit)	0	0	0
Provision (benefit) for income taxes	$ 5	$ 294	$ 856

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 14, 2025	Dec. 31, 2025	Dec. 31, 2024
Property Plant And Equipment [Line Items]
Depreciation and amortization	$ 1,057	$ 3,350	$ 29,086
Impairment charges incurred		4,156	5,159
Property and Equipment, Net
Property Plant And Equipment [Line Items]
Depreciation and amortization		$ 1,500	2,100
Impairment charges incurred			$ 2,800

Financial Instruments and Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Financial Instruments and Fair Value Measurements

16. Financial Instruments and Fair Value Measurements

U.S. GAAP defines fair value as the price that would be received from selling an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. These estimates are subjective in nature and involve uncertainties and matters of judgment, and therefore cannot be determined with precision. U.S. GAAP establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value and establishes the following three levels of inputs that may be used to measure fair value:

Level 1—Quoted prices in active markets for identical assets or liabilities

Level 2—Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted market prices in markets that are not active; or model-derived valuations or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities

Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities

Items Measured at Fair Value on a Recurring Basis

The Company holds certain financial assets that are required to be measured at fair value on a recurring basis. Additionally, the Company elected the fair value option for the financial assets and liabilities of UACC’s consolidated CFEs, beneficial interests in the 2022-1 securitization transaction, certain of UACC’s finance receivables that are ineligible to be sold, and certain other finance receivables held for sale. Under the fair value option allowable under ASC 825, “Financial Instruments” (“ASC 825”), the Company may elect to measure at fair value financial assets and liabilities that are not otherwise required to be carried at fair value. Subsequent changes in fair value for designated items are reported in earnings.

The following tables present the Company’s financial assets and liabilities measured at fair value on a recurring basis (in thousands):


	Successor
	As of December 31, 2025
	Level 1		Level 2		Level 3		Total
Financial Assets
Cash and cash equivalents:
Money market funds	$	2,534	$	—	$	—	$	2,534
CFE assets:
Finance receivables at fair value		—		—		441,084		441,084
Finance receivables at fair value		—		—		367,552		367,552
Other assets (beneficial interests in securitizations)		—		946		—		946
Total financial assets	$	2,534	$	946	$	808,636	$	812,116
Financial Liabilities
CFE liabilities:
Securitization debt of consolidated VIEs		—		393,244		—		393,244
Total financial liabilities	$	—	$	393,244	$	—	$	393,244

	Predecessor
	As of December 31, 2024
	Level 1		Level 2		Level 3		Total
Financial Assets
Cash and cash equivalents:
Money market funds	$	17,626	$	—	$	—	$	17,626
CFE assets:
Finance receivables at fair value		—		—		214,420		214,420
Finance receivables at fair value		—		—		289,428		289,428
Other assets (beneficial interests in securitizations)		—		2,184		—		2,184
Total financial assets	$	17,626	$	2,184	$	503,848	$	523,658
Financial Liabilities
CFE liabilities:
Securitization debt of consolidated VIEs		—		125,707		16,922		142,629
Total financial liabilities	$	—	$	125,707	$	16,922	$	142,629

Valuation Methodologies of Financial Instruments Measured at Fair Value on a Recurring Basis

The following is a description of the valuation methodologies used for financial instruments carried at fair value. These methodologies are applied to financial assets and liabilities across the fair value levels discussed above, and it is the observability of the inputs used that determines the appropriate level in the fair value hierarchy for the respective asset or liability.

Money Market Funds: Money market funds primarily consist of investments in highly liquid U.S. treasury securities, with original maturities of three months or less and are classified as Level 1. The Company determines the fair value of cash equivalents based on quoted prices in active markets.

Financial assets and liabilities of CFEs: In accordance with ASC 825, the Company has elected the fair value option, for the eligible financial assets and liabilities of the 2022-2, 2023-1, and 2025-1 consolidated CFEs in order to mitigate potential accounting mismatches between the carrying value of the financial assets and liabilities. To eliminate potential measurement differences, the Company elected the measurement alternative included in ASC 810-30, allowing the Company to measure both the financial assets and liabilities of a qualifying CFE using the fair value of either the CFE’s financial assets or liabilities, whichever is more observable. Upon emergence from the Prepackaged Chapter 11 Case, and application of fresh start accounting, the Company made an accounting policy election to apply the

measurement alternative to the 2024-1 consolidated CFE. Under the measurement alternative prescribed by ASC 810-30, the Company recognizes changes in the CFE’s net assets, including changes in fair value adjustments and net interest earned, in its consolidated statements of operations.

The Company is required to determine whether the fair value of the financial assets or the fair value of the financial liabilities of the eligible CFEs are more observable, but in either case, the methodology results in the fair value of the financial assets of the securitization trust being equal to the fair value of their liabilities. The Company determined that the fair value of the liabilities of the securitization CFEs are more observable, since market prices of their liabilities are based on non-binding quoted prices provided by broker dealers who make markets in similar financial instruments. The assets of the securitization CFEs are not readily marketable, and their fair value measurement requires information that may be limited in availability.

In determining the fair value of the securitization debt of consolidated CFEs, the broker dealers consider contractual cash payments and yields expected by market participants. Broker dealers also incorporate common market pricing methods, including a spread measurement to the treasury curve or interest rate swap curve as well as underlying characteristics of the particular security including ratings, coupon, collateral type and seasoning or age of the security. When the Company obtains prices from multiple broker dealers for the same security and has a consensus among them, it deems these fair values to be based on observable valuation inputs and classified as Level 2 of the fair value hierarchy. Where a third-party broker dealer quote is not available, an internal model is utilized using unobservable inputs or if the Company has multiple quotes that are not within determined range, it classifies the securitization debt as Level 3 of the fair value hierarchy.

The financial assets of the consolidated CFEs are an aggregate value derived from the fair value of the CFEs liabilities and the valuation of residual interests, which is derived from an internal valuation model and calculated in line with the valuation of finance receivables at fair value not related to consolidated CFEs discussed below. The Company determined that CFEs finance receivables in their entirety should be classified as Level 3 of the fair value hierarchy.

Finance receivables at fair value: Finance receivables at fair value represent finance receivables for which the Company elected the fair value option in accordance with ASC 825. The Company estimates the fair value of these receivables using a discounted cash flow model and incorporates key inputs that include prepayment speed, default rate, recovery rate, as well as certain macroeconomics events the Company believes market participants would consider relevant.

Beneficial interests in securitization: Beneficial interests in securitization relate to the 2022-1 securitization completed in February 2022 and include rated notes as well as certificates. The beneficial interests in the 2022-2 securitization completed in July 2022 were eliminated upon consolidation of the VIE in March 2023. Refer to Note 4 – Variable Interest Entities and Securitizations. The Company elected the fair value option on its beneficial interests in securitization.

Beneficial interests may initially be classified as Level 2 if the transactions occur within close proximity to the end of each respective reporting period. Subsequently, similar to the securitization debt described above, fair value is determined by requesting a non-binding quote from broker dealers, or by utilizing market acceptable valuation models, such as discounted cash flows. Broker dealer quotes may be based on an income approach, which converts expected future cash flows to a single present value amount, with specific consideration of inputs relevant to particular security types. Such inputs may include ratings, collateral types, geographic concentrations, underlying loan vintages, delinquencies and defaults, loss severity assumptions, prepayments, and maturities. When the volume or level of market activity for a security is limited, certain inputs used to determine fair value may not be observable in the market. Broker dealer quotes may also be based on a market approach that considers recent transactions involving identical or similar securities. When the Company obtains prices from multiple broker dealers for the same security and has a consensus among them, it deems these fair values to be based on observable valuation inputs and classified as Level 2 of the fair value hierarchy. Where a third-party broker dealer quote is not available, the Company utilizes an internally developed model using unobservable inputs. If internally developed models are utilized or if the Company has multiple quotes that are not within a consensus range of each other, the Company deems these securities to be classified as Level 3 of the fair value hierarchy.

Changes in Level 3 Recurring Fair Value Measurements

The following table presents a reconciliation of the financial assets, which were measured at fair value on a recurring basis using Level 3 inputs (in thousands):


Successor	Finance Receivables of Consolidated CFEs			Finance Receivables at Fair Value			Securitization Debt of Consolidated CFEs
Fair value as of January 15, 2025	$	387,444		$	437,568		$	14,934
Transfer within Level 3 categories		345,911			(345,911	)		—
Transfers out of Level 3		—			—			(14,129	)
Losses included in realized and unrealized losses		(78,241	)		(26,068	)		(805	)
Losses included in Warranties and GAP		(3,942	)		(3,058	)		—
Issuances, net of discount		—			419,745			—
Paydowns		(208,708	)		(108,045	)		—
Other		(1,381	)		(6,679	)		—
Fair value as of December 31, 2025	$	441,084		$	367,552		$	—


Predecessor	Finance Receivables of Consolidated CFEs			Finance Receivables at Fair Value			Securitization Debt of Consolidated CFEs
Fair value as of January 1, 2025	$	214,420		$	289,428		$	16,922
Reclassification of finance receivables due to a change in Accounting Policy		180,883			139,052			—
Transfer within Level 3 categories		(439	)		439			—
Losses included in realized and unrealized losses		(4,707	)		(2,265	)		(1,988	)
Losses included in Warranties and GAP		(52	)		(188	)		—
Issuances, net of discount		—			14,337			—
Paydowns		(2,947	)		(2,992	)		—
Other		286			(243	)		—
Fair value as of January 14, 2025	$	387,444		$	437,568		$	14,934


Predecessor	Finance Receivables of Consolidated CFEs			Finance Receivables at Fair Value			Securitization Debt of Consolidated CFEs
Fair value as of January 1, 2024	$	316,998		$	31,672		$	—
Transfer within Level 3 categories		52,279			(52,279	)		—
Transfers into Level 3		—			—			20,864
Losses included in realized and unrealized losses		(55,166	)		(21,513	)		(3,942	)
Losses included in Warranties and GAP		(2,571	)		(1,931	)		—
Issuances, net of discount		—			404,089			—
Paydowns		(109,136	)		(68,163	)		—
Other		12,016			(2,447	)		—
Fair value as of December 31, 2024	$	214,420		$	289,428		$	16,922

The Company's transfers between levels of the fair value hierarchy are assumed to have occurred at the beginning of the reporting period on a quarterly basis. During the year ended December 31, 2025, transfers out of Level 3 liabilities related to achieving consensus pricing from third-party broker dealers on the 2022-2 E rated notes related to the securitization debt of consolidated CFEs. During the year ended December 31, 2024, transfers into Level 3 liabilities related to not achieving consensus pricing from third-party broker dealers on the 2022-2 E rated notes related to the securitization debt of consolidated CFEs.

Other Relevant Data for Financial Assets and Liabilities for which FVO Was Elected


	Successor			Predecessor
	Period from January 15 through December 31,			Period from January 1 through January 14,			Year Ended December 31,
	2025			2025			2024
Finance receivables at fair value	$	105,302		$	6,451		$	78,049
Finance receivables held for sale, net		—			2,737			57,531
Debt of securitized VIEs at fair value		981			(2,267	)		(7,358	)
Collection expenses		11,175			492			10,670
Recoveries		(19,702	)		(683	)		(18,918	)
Other		(498	)		62			(106	)
Total net loss included in "Realized and unrealized losses, net of recoveries"	$	97,259		$	6,792		$	119,868

The following table presents other relevant data related to the finance receivables carried at fair value (in thousands):


As of December 31, 2025 (Successor)	Finance Receivables of CFEs at Fair Value		Finance Receivables at Fair Value
Aggregate unpaid principal balance included within finance receivables that are reported at fair value	$	490,303	$	419,632
Aggregate fair value of finance receivables that are reported at fair value	$	441,084	$	367,552
Unpaid principal balance of receivables within finance receivables that are reported at fair value and are on nonaccrual status (90 days or more past due)	$	8,315	$	5,824
Aggregate fair value of receivables carried at fair value that are on nonaccrual status (90 days or more past due)	$	7,460	$	4,050


As of December 31, 2024 (Predecessor)	Finance Receivables of CFEs at Fair Value		Finance Receivables at Fair Value
Aggregate unpaid principal balance included within finance receivables that are reported at fair value	$	244,345	$	331,882
Aggregate fair value of finance receivables that are reported at fair value	$	214,420	$	289,428
Unpaid principal balance of receivables within finance receivables that are reported at fair value and are on nonaccrual status (90 days or more past due)	$	5,969	$	3,663
Aggregate fair value of receivables carried at fair value that are on nonaccrual status (90 days or more past due)	$	5,228	$	2,551

All finance receivables of CFEs are pledged to the CFEs trusts.

The following table presents other relevant data related to securitization debt of consolidated VIEs carried at fair value (in thousands):


As of December 31, 2025 (Successor)	Securitization debt of consolidated VIEs at Fair Value
Aggregate unpaid principal balance of rated notes of securitized VIEs	$	403,414
Aggregate fair value of rated notes of securitized VIEs	$	393,244


As of December 31, 2024 (Predecessor)	Securitization debt of consolidated VIEs at Fair Value
Aggregate unpaid principal balance of rated notes of securitized VIEs	$	153,160
Aggregate fair value of rated notes of securitized VIEs	$	142,629

Fair Value of Financial Instruments Not Carried at Fair Value

The carrying amounts of restricted cash and other liabilities approximate fair value due to their short-term nature. The carrying value of the Warehouse Credit Facilities and related party lines of credit were determined to approximate fair value due to its short-term duration and variable interest rate that approximates prevailing interest rates as of each reporting period.

Finance receivables held for sale, net: For finance receivables eligible to be sold in a securitization, the Company determined the fair value of these finance receivables utilizing sales prices based on estimated securitization transactions, adjusted for transformation costs, risk and a normal profit margin associated with securitization transactions. Such fair value measurement is considered Level 3 of the fair value hierarchy. Upon emergence from the Prepackaged Chapter 11 Case, and application of fresh start accounting, the Company made an accounting policy election to elect the fair value option for all finance receivables held for sale, net. As of December 31, 2025, the Company did not have any finance receivables held for sale, net. As of December 31, 2024, the carrying value and fair value of the finance receivables held for sale, net were $114.6 million.

For finance receivables sold in a securitization, the Company determined the fair value of these finance receivables by estimating the proceeds that would be generated from selling the notes and the residual interests in the securitization trust. The fair value of the notes was determined utilizing non-binding quoted prices provided by broker dealers, as discussed above, and the Company used a discounted cash flow model to estimate the fair value of the residual interests in the trust. Such fair value measurement is considered Level 3 of the fair value hierarchy. As of December 31, 2025, there were no finance receivables held for sale, net that were sold in a securitization. As of December 31, 2024, the carrying value and fair value of the finance receivables held for sale, net that were sold in a securitization were $178.8 million and $183.3 million, respectively. The significant unobservable inputs utilized in the discounted cashflow model include the following:


			Predecessor
			Inputs as of December 31,
Unobservable inputs			2024
Cumulative net loss			24.2%
Recoveries			30%
Discount Rate			17%-19%

In addition, the Company also had finance receivables that were no longer eligible to be sold in a securitization. As of December 31, 2025, there were no finance receivables held for sale, net, that were no longer eligible to be sold in a securitization. As of December 31, 2024, the carrying value and fair value of the finance receivables held for sale, net were no longer eligible to be sold in a securitization were $24.8 million. These were finance receivables that became delinquent and no longer meet the expected securitization sales criteria. The Company used a discounted cash flow model to estimate the fair value of future recoveries for finance receivables. Such fair value measurement is considered Level 3 of the fair value hierarchy. The significant unobservable inputs utilized in the discounted cashflow model include the following:


			Predecessor
			Inputs as of December 31,
Unobservable inputs			2024
Cumulative net loss			19.3% - 33.2%
Recoveries			26.3% - 47.2%
Discount Rate			14.5%

Convertible Senior Notes:

The fair value of the 2030 Notes, which are not carried at fair value on the Company's consolidated balance sheets, approximated their carrying value as of December 31, 2025.


	Predecessor
	December 31,
	2024
	(in thousands)
Carrying value	$	290,488
Fair value	$	145,244

Securitization Debt: Upon emergence from the Prepackaged Chapter 11 Case, and application of fresh start accounting, the Company made an accounting policy change to elect the fair value option and apply the measurement alternative to the 2024-1 securitization debt. As of December 31, 2024, the 2024-1 securitization debt was not carried at fair value on the Company's consolidated balance sheet. As of December 31, 2024, the fair value of the debt was determined utilizing non-binding quoted prices provided by broker dealers, as discussed above, and classified as Level 2 of the fair value hierarchy.


	Predecessor
	December 31,
	2024
	(in thousands)
Carrying value	$	210,727
Fair value	$	213,988

Financing of beneficial interests in securitizations: The fair value of the financing of beneficial interests in securitizations, which are not carried at fair value on the accompanying consolidated balance sheets, approximated their carrying value as of December 31, 2025 and 2024 and are classified within Level 3 of the fair value hierarchy.

Junior Subordinated Debentures: The fair value of the junior subordinated debentures, which are not carried at fair value on the accompanying consolidated balance sheets, approximated their carrying value as of December 31, 2025 and 2024 and are classified within Level 3 of the fair value hierarchy.

Fresh start accounting: In accordance with ASC Topic 852, with the application of fresh start accounting, the Company allocated the reorganization value to its individual assets and liabilities based on their estimated fair values in conformity with ASC Topic 805, Business Combinations. Refer to Note 6 — Fresh Start Accounting for further details.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 940
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+ Details

Fresh Start Accounting (Tables)

12 Months Ended

Dec. 31, 2025

Reorganizations [Abstract]

Schedule of Reconciles the Enterprise Value to Estimated Fair Value of Successor Common Stock

The following table reconciles the enterprise value to the estimated fair value of the Successor Common Stock as of the Effective Date (in thousands, except per share data):


Enterprise value	$	832,727
Plus:
Cash and cash equivalents		35,352
Restricted cash		26,089
Less:
Warehouse credit facilities of consolidated VIEs		363,718
Long-term debt		365,963
Fair value of Successor Equity	$	164,487
Less:
Successor warrants		(2,825	)
Fair value of Successor common stock	$	161,662
Shares issued upon emergence		5,163,109
Per share value	$	31.31

The reconciliation of the Company’s enterprise value to reorganization value as of the Effective Date is as follows: (in thousands):


Enterprise value	$	832,727
Plus:
Cash and cash equivalents		35,352
Restricted cash		26,089
Other liabilities		61,536
Reorganization value of Successor assets	$	955,704

Schedule of Pre-Petition Convertible Notes

2. Represents the settlement of the Company's pre-petition Convertible Notes, as of the Effective date, which is calculated as follows (in thousands):


Convertible note	$	290,488
Accrued interest on convertible senior note		1,180
Liabilities subject to compromise		291,668
Issuance of 92.94% of Successor common shares to prepetition convertible note holders (1)		150,249
Gain on settlement of liabilities subject to compromise	$	141,419

Schedule of Consolidated Balance Sheet from the Adoption Fresh Start Accounting


	As of January 14, 2025
				Reorganization				Fresh Start Accounting
	Predecessor			Adjustments			Notes	Adjustments			Notes	Successor
ASSETS
Cash and cash equivalents	$	35,352		$	—			$	—			$	35,352
Restricted cash		26,089			—				—				26,089
Finance receivables at fair value		505,084			—				319,928		7		825,012
Finance receivables held for sale, net		311,640			—				(311,640	)	7		—
Interest receivable		14,230			—				—				14,230
Property and equipment, net		4,175			—				(2,972	)	8		1,203
Intangible assets, net		103,852			—				(89,652	)	9		14,200
Operating lease right-of-use assets		6,831			—				4,196		10		11,027
Other assets		32,919			(2,037	)	1		(3,049	)	11		27,833
Assets from discontinued operations		758			—				—				758
Total assets	$	1,040,930		$	(2,037	)		$	(83,189	)		$	955,704
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Warehouse credit facilities of consolidated VIEs	$	363,718		$	—			$	—			$	363,718
Long-term debt		361,464			—				4,499		12		365,963
Operating lease liabilities		11,027			—				—				11,027
Other liabilities		46,875			—				—				46,875
Liabilities subject to compromise		291,668			(291,668	)	2		—				—
Liabilities from discontinued operations		3,634			—				—				3,634
Total liabilities		1,078,386			(291,668	)			4,499				791,217
Stockholders’ (deficit) equity:
Common stock - Predecessor		2			(2	)	3		—				—
Common stock - Successor		—			5		4		—				5
Additional paid-in-capital - Predecessor		2,095,033			(2,095,033	)	5		—				—
Additional paid-in-capital - Successor		—			161,657		6		—				161,657
Warrants - Successor		—			2,825		6		—				2,825
Accumulated deficit		(2,132,491	)		2,220,179		2,13		(87,688	)	13		—
Total stockholders’ (deficit) equity		(37,456	)		289,631				(87,688	)			164,487
Total liabilities and stockholders’ equity	$	1,040,930		$	(2,037	)		$	(83,189	)		$	955,704

Schedule of Cumulative Impact Accumulated Deficit Reorganization Adjustments

The cumulative impact to accumulated deficit from the reorganization adjustments is calculated, as follows (in thousands):


Adjustment to Predecessor common stock and additional paid-in-capital	$	2,095,035
Gain on settlement of liabilities subject to compromise		141,419
Warrants and common stock issued to Predecessor equity holders		(14,238	)
Reorganization adjustment to total assets		(2,037	)
Cumulative impact to accumulated deficit	$	2,220,179

Schedule of Reorganization Items Net Consisted

Reorganization items, net consisted of the following (in thousands):


	Predecessor
	Period from January 1 through January 14,			Year Ended December 31,
	2025			2024
Net gain on settlement of debt	$	141,419		$	—
Net loss on fresh start adjustments		(87,688	)		—
Net loss on reorganization adjustment of other assets		(2,037	)		—
Debt valuation adjustments		—			(2,438	)
Professional fees		(658	)		(3,126	)
Total reorganization items, net	$	51,036		$	(5,564	)

Leases - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Jan. 14, 2025
Lessee, Lease, Description [Line Items]
Operating leases weighted-average remaining lease term	5 years 4 months 24 days	5 years 4 months 24 days	6 years
Incremental borrowing rate of lease liabilities	8.00%	8.00%	7.90%
Impairment charges related to operating lease right-of-use assets		$ 4.2	$ 2.4
Real Estate
Lessee, Lease, Description [Line Items]
Options to renew leases	true
Options to extend leases, description	Certain of the Company’s real estate leases include one or more options to renew, with renewal terms that can extend the lease term from one to five years. The exercise of lease renewal options is at the Company’s sole discretion. If it is reasonably certain that the Company will exercise such options, the periods covered by such options are included in the lease term and are recognized as part of the Company’s right-of-use assets and lease liabilities.
Maximum
Lessee, Lease, Description [Line Items]
Incremental borrowing rate of lease liabilities				7.60%
Maximum \| Real Estate
Lessee, Lease, Description [Line Items]
Leases term	8 years	8 years
Leases renewal term	5 years	5 years
Minimum
Lessee, Lease, Description [Line Items]
Incremental borrowing rate of lease liabilities				6.20%
Minimum \| Real Estate
Lessee, Lease, Description [Line Items]
Leases term	2 years	2 years
Leases renewal term	1 year	1 year

Related Party Transactions

12 Months Ended

Dec. 31, 2025

Related Party Transactions

20. Related Party Transactions

Related Party Line of Credit

On March 8, 2025, Vroom, Inc., UACC and its indirect subsidiary Darkwater Funding LLC, as co-borrowers, entered into a credit agreement for a $25.0 million Delayed Draw Facility with Mudrick Capital Management, L.P. (“Lender”), who is a 76.5% shareholder of the Company and as of January 14, 2025 became a related party. On October 9, 2025 the maximum facility amount was amended from $25.0 million to $35.0 million effective as of September 30, 2025. The Delayed Draw Facility allows for multiple drawdowns by each co-borrower, subject to satisfaction of usual and customary conditions precedent. The Delayed Draw Facility bears interest at a rate of Term SOFR +850 bps, payable quarterly in arrears, with a full payment-in-kind option. Interest is also payable upon any payment of principal. The co-borrowers’ obligations under the Delayed Draw Facility will be collateralized by asset backed residual certificates in certain UACC securitization trusts. The Delayed Draw Facility matures on December 31, 2026; however, borrowings can be prepaid at any time, in whole or in part, without penalty or premium. Once amounts are repaid they may not be reborrowed. The Delayed Draw Facility includes certain usual and customary covenants with respect to the co-borrowers’ activities and the collateral. As of December 31, 2025, the Company drew $8.0 million against the Delayed Draw Facility.

On November 25, 2025, Vroom, Inc. entered into a Note Purchase Agreement with Robert J. Mylod, Jr., the Independent Executive Chair of the board of directors of the Company. Pursuant to the Note Purchase Agreement, the Company issued the Delayed Draw Notes in a maximum aggregate principal commitment amount of $10.5 million. The Delayed Draw Notes bear interest, payable quarterly in arrears, at a per annum rate equal to Term SOFR (three-month tenor) plus 7.50%, and contain customary covenants, events of default, and conditions for subsequent note issuance. The Delayed Draw Notes are secured by the assets of the Company under the security agreement issued by the Company. The Notes mature on November 25, 2026; however, the Notes may be prepaid at any time, in whole or in part, without penalty or premium. As of December 31, 2025, the Company drew $10.5 million against the Delayed Draw Notes.

Related Party Convertible Notes due 2030

On August 29, 2025, the Company issued $10.0 million aggregate principal amount of 5.00% unsecured Convertible Notes due 2030 (the “2030 Notes”). The 2030 Notes were issued pursuant to a Note Purchase Agreement with Annox Capital, LLC and Robert J. Mylod, Jr, the Managing Partner of Annox Capital, LLC and the Independent Executive Chair of the board of directors of the Company.

The 2030 Notes bear interest at a rate of 5.0% per annum, payable quarterly in arrears on January 1, April 1, July 1, and October 1 of each year, commencing on October 1, 2025. The 2030 Notes will mature on October 1, 2030, unless earlier converted.

Each $1,000 principal amount of the 2030 Notes will initially be convertible into 28.5714 shares of the Company’s common stock, which is equivalent to an initial conversion price of approximately $35.00 per share, subject to adjustment upon the occurrence of specified events. The 2030 Notes are convertible at the option of the noteholders given the following:

•

A noteholder may elect to convert at the market price conversion rate (as defined within the Note Purchase Agreement) any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date; provided that the aggregate conversion shares (as defined within the Note Purchase Agreement) issued under any 2030 Notes shall not exceed 20% of the Company’s outstanding Common Stock as of the issuance date unless shareholder approval is obtained or is not required under the relevant exchange rules for issuance in excess of the 20% cap;

•

A noteholder may convert its 2030 Notes at any time from, and including, July 1, 2030 until the close of business on the second scheduled trading day immediately before the maturity date;

•

The 2030 Notes will be automatically converted if for thirty consecutive trading days, (i) the last reported sale price is above $50 per share and (ii) the average daily trading volume per trading day is at least 25,000 shares and (iii) an effective registration statement is available with respect to the shares received upon conversion; or

•

Upon the occurrence of specific corporate events such as a change in control or certain beneficial distributions to common stockholders (as set forth in the Note Purchase Agreement).

The Company may settle conversions by paying or delivering, as applicable, cash, shares of its common stock or a combination of cash and shares of its common stock, at the Company’s election.

If the Company undergoes a fundamental change (as defined in the Note Purchase Agreement), subject to certain conditions, holders of the 2030 Notes may require the Company to repurchase for cash all or any portion of the 2030 Notes at a repurchase price equal to the principal amount of the 2030 Notes plus any accrued and unpaid interest. In addition, if specific corporate events occur prior to the maturity date or if the Company issues a notice of redemption, the Company will increase the conversion rate by pre-defined amounts for a holder who elects to convert their 2030 Notes in connection with such a corporate event.

The Company accounts for the 2030 Notes as a single liability-classified instrument measured at amortized cost. As of December 31, 2025, the net carrying value was $10.0 million.

The 2030 Notes were issued at par value and fees associated with the issuance of these 2030 Notes were immaterial. The interest expense was immaterial for the year ended December 31, 2025. The effective interest rate of the 2030 Notes is 5%.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
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-Section 50
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+ Details