Vroom (NASDAQ: VRM) reported Q2 EPS of ($0.34), $0.36 better than the analyst estimate of ($0.70). Revenue for the quarter came in at $253.1 million versus the consensus estimate of $234.94 million.

HIGHLIGHTS OF SECOND QUARTER 2020

• 6,713 Ecommerce units sold, 1,110 TDA units sold, 3,259 Wholesale units sold
• Revenue of $253.1 million
• Gross profit of $7.6 million
• Adjusted EBITDA of $(39.0) million(a)
• Loss from operations of $(41.4) million
• Adjusted loss from operations of $(40.1) million(a)
• Net loss of $(63.2) million
• Non-GAAP net loss of $(40.7) million(a)
• Net loss per share of $(2.00)
• Non-GAAP net loss per share, as adjusted of $(0.34)(a)

Paul Hennessy, Chief Executive Officer of Vroom, commented: “I am pleased with our results for the second quarter, in which we performed substantially ahead of our growth plan, and I am encouraged by both the continued validation of the Vroom model and the performance of our employees in a tough environment. During the course of this single quarter, we managed through significant swings in demand and numerous operational challenges brought on by the COVID-19 pandemic. In response to the drop in demand and uncertainty around vehicle pricing early in the pandemic, we chose to de-risk the business by significantly reducing our inventory during the first half of the quarter. As demand increased and pricing became more stable through the second half of the quarter, we pivoted to start rebuilding inventory and continue to do so. These lower inventory levels prevented us from fulfilling all of the demand that materialized in the second half of the quarter. We believe we continue to be well positioned to navigate the challenges presented by the COVID-19 crisis and take advantage of shifting consumer buying and selling patterns in favor of ecommerce.”

For earnings history and earnings-related data on Vroom (VRM) click here.