VRM - Vroom shares crashes 30% after Q2 earnings disappoint
- Vroom ( VRM ) plummets 30% early trading after missing Q2 revenue estimates by $68M and declined 37% Y/Y.
- The Co.’s Ecommerce gross profit per unit of $3,629 reflects commitment to its first key objective of prioritizing unit economics.
- E-commerce average days to sale increased to 128 from 68. Vehicle gross profit per e-commerce unit rose to $2,166 from $595.
- Adjusted EBITDA loss improved from $107.4M to $85.6M.
- Also began scaling UACC-originated loans for Vroom, which contributed to improvement in gross profit per unit.
- The Co. realized a $35M sequential improvement in SG&A and, as a result of the Co. initiatives, ended the quarter with $533M in liquidity.
- Based on the progress, the Co. is continuing to forecast year-end liquidity of ~$500M at the midpoint.
- Previously: Vroom Non-GAAP EPS of -$0.73 beats by $0.02, revenue of $475.44M misses by $68.44M (Aug. 8)
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Vroom shares crashes 30% after Q2 earnings disappoint