Vroom raises $50M via convertible notes as credit losses surge 22% and CarStory revenue halves

Filed May 15, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 14, 2025 · ~2 min read

Key Changes

• high

  Entered $50M convertible note facility on May 14, 2026, exchanging $28.5M of existing debt with $21.5M delayed draw remaining. Separately issued $22.5M preferred units in January 2026, signaling ongoing capital needs.

  MD&A: Financing Activities verify on EDGAR →
• high

  Realized and unrealized credit losses jumped 22% to $24.8M in Q1 2026 vs. $20.3M prior year, driven by higher-than-expected defaults. Initial improvements in 2023-2024 vintages reversed by macroeconomic pressures, requiring further credit tightening.

  MD&A: Credit Performance verify on EDGAR →
• high

  UACC adjusted net loss more than doubled to $15.0M from $6.7M year-over-year, driven by lower net interest income after losses, reduced warranty/GAP income, and higher operating expenses. Portfolio shrank 7% to $930M principal balance.

  MD&A: UACC Segment Results verify on EDGAR →