Benzinga | Aug 12, 2021 07:05AM EDT

Vroom Q2 Revenue Tops Consensus, Provides Mixed Outlook

* Vroom Inc (NASDAQ:VRM) reported second-quarter FY21 sales growth of 201% year-on-year, to $761.89 million, beating the analyst consensus of $637.99 million.

* Ecommerce revenue jumped 230% Y/Y $579.7 million, and Ecommerce Unit Sales rose 172% Y/Y to 18,268.

* Revenue from Wholesale rose 151.6%, and Texas Direct Auto (TDA) increased 92.9%.

* The gross profit rose 729.9% Y/Y to $63.1 million with an 8.3% gross profit.

* The operating loss widened to $(63.8) million. Adjusted EBITDA loss was $(60.7) million.

* The company held $1.5 billion in cash and equivalents as of June 30, 2021.

* Adjusted loss per share of $(0.48) met the analyst consensus.

* Outlook: Vroom sees Q3 FY21 sales of $858 million - $891 million, versus the consensus of $690.58 million.

* The company expects Q3 loss per share of $(0.78) - $(0.73), versus the consensus of $(0.47).

* For FY21, Vroom continues to expect triple-digit year-over-year growth in ecommerce unit sales and more than 200% year-over-year growth in aggregate gross profit.

* Price Action: VRM shares closed lower by 1.40% at $37.96 on Wednesday.