Vroom Announces Second Quarter 2023 Results

About this update from Vroom, Inc.

[{"type":"text","content":"\nContinued Progress on Long-Term Roadmap Driving GPPU Improvement and Cost Reductions\n\n\n NEW YORK--(BUSINESS WIRE)--\nVroom, Inc. (Nasdaq:VRM), a leading ecommerce platform for buying and selling used vehicles, today announced financial results for the second quarter ended June 30, 2023.\n\n\nHIGHLIGHTS OF SECOND QUARTER 2023 VERSUS FIRST QUARTER 2023\n\n\n\n5% sequential growth in Ecommerce units - first quarter with sequential growth since the introduction of the Long-Term Roadmap in Q2 2022\n\n\n\n$2,954 Ecommerce gross profit per unit (GPPU) as compared to $2,552\n\n\n\n$(66.3) million net loss as compared to $(75.0) million\n\n\n\n$(56.3) million Adjusted EBITDA as compared to $(64.8) million\n\n\n\nContinued to reduce sequential cost per unit in 4 out of 5 SG&A financial levers outlined in our Long-Term Roadmap\n\n\n\nImproving Adjusted EBITDA mid-point guidance for the full year 2023\n\n\n\nTom Shortt, Chief Executive Officer of Vroom, said, “In the second quarter of 2023, consistent with our Long-Term Roadmap, we continued to make progress on our three key objectives and four strategic initiatives, improving Adjusted EBITDA by $8.5 million sequentially. Ecommerce GPPU increased from $2,552 in Q1 2023 to $2,954 in Q2 2023, benefiting from GPPU on unaged units, which exceeded $5,000, as well as vehicle inventory reserves taken in prior periods. During the second quarter of 2023, 80% of our units sold were aged units, or units held greater than 180 days. We continue to drive process improvements across titling and registration, pricing, marketing, sales, reconditioning and logistics. Looking forward to Q3 2023, we expect","length":2287,"tagName":"div"}]

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