ACV Announces Second Quarter 2025 Results
ACV (NYSE: ACVA), a digital automotive marketplace, reported strong Q2 2025 financial results with record revenue of $194 million, up 21% year-over-year. The company achieved Marketplace and Service Revenue of $176 million, representing a 22% increase, while Marketplace GMV grew 12% to $2.7 billion.
Despite challenging market conditions, ACV posted a GAAP net loss of ($7) million, improved from ($17) million in Q2 2024, and achieved Adjusted EBITDA of $19 million. For full-year 2025, the company projects revenue between $765-775 million (20-22% growth) and Adjusted EBITDA of $68-72 million, though they updated guidance reflecting macroeconomic headwinds.
ACV (NYSE: ACVA), un marketplace automobilistico digitale, ha registrato solidi risultati finanziari del 2掳 trimestre 2025 con ricavi record di $194 milioni, in aumento del 21% su base annua. L'azienda ha realizzato Ricavi da Marketplace e Servizi per $176 milioni, pari a un incremento del 22%, mentre il GMV del marketplace 猫 salito del 12% a $2,7 miliardi.
Nonostante un contesto di mercato difficile, ACV ha riportato una perdita netta GAAP di ($7) milioni, migliorata rispetto a ($17) milioni nel 2T 2024, e ha registrato un Adjusted EBITDA di $19 milioni. Per l'intero 2025 la societ脿 prevede ricavi compresi tra $765-775 milioni (crescita 20-22%) e un Adjusted EBITDA di $68-72 milioni, avendo aggiornato le stime alla luce dei venti contrari macroeconomici.
ACV (NYSE: ACVA), un mercado automotriz digital, present贸 s贸lidos resultados financieros del 2.潞 trimestre de 2025 con ingresos r茅cord de $194 millones, un aumento del 21% interanual. La compa帽铆a registr贸 Ingresos de Marketplace y Servicios por $176 millones, lo que representa un incremento del 22%, mientras que el GMV del marketplace creci贸 un 12% hasta $2.700 millones.
A pesar de un entorno de mercado complicado, ACV anot贸 una p茅rdida neta GAAP de ($7) millones, mejorando desde ($17) millones en el 2T de 2024, y alcanz贸 un EBITDA ajustado de $19 millones. Para el a帽o fiscal 2025 la empresa proyecta ingresos entre $765-775 millones (crecimiento 20-22%) y un EBITDA ajustado de $68-72 millones, habiendo actualizado su gu铆a debido a los vientos en contra macroecon贸micos.
ACV (NYSE: ACVA)電� 霐旍韯� 鞛愲彊彀� 毵堨紦頂岆爤鞚挫姢 須岇偓搿�, 2025雲� 2攵勱赴 鞁れ爜鞐愳劀 旮半鞝侅澑 毵れ稖 $194 million鞚� 氤搓碃頃橂┌ 鞝勲厔 霃欔赴 雽�牍� 21% 靹膘灔頄堨姷雼堧嫟. 須岇偓電� 毵堨紦頂岆爤鞚挫姢 氚� 靹滊箘鞀� 靾橃澋鞙茧 $176 million鞚� 旮半頃� 22% 歃濌皜頄堦碃, 毵堨紦頂岆爤鞚挫姢 GMV(齑濌卑霝橃暋)電� 12% 電橃柎 $2.7 billion鞐� 雼枅鞀惦媹雼�.
鞏措牑鞖� 鞁滌灔 鞐贝 靻嶌棎靹滊弰 ACV電� GAAP 旮办 靾滌啇鞁れ澊 ($7) million鞙茧 2024雲� 2攵勱赴 ($17) million鞐愳劀 臧滌劆霅橃棃瓿�, 臁办爼 EBITDA(Adjusted EBITDA) $19 million鞚� 雼劚頄堨姷雼堧嫟. 2025雲� 鞐瓣皠鞙茧電� 毵れ稖鞚� $765-775 million(靹膘灔毳� 20-22%) 氩旍渼, 臁办爼 EBITDA毳� $68-72 million鞙茧 鞝勲頄堨溂雮� 瓯办嫓瓴届牅鞝� 鞐拲鞚� 氚橃榿頃� 臧�鞚措崢鞀るゼ 靾橃爼頄堨姷雼堧嫟.
ACV (NYSE: ACVA), une place de march茅 automobile num茅rique, a publi茅 de solides r茅sultats financiers du 2e trimestre 2025 avec un chiffre d'affaires record de 194 M$, en hausse de 21% en glissement annuel. La soci茅t茅 a r茅alis茅 des revenus Marketplace et Services de 176 M$, soit une augmentation de 22%, tandis que le GMV du marketplace a progress茅 de 12% pour atteindre 2,7 Md$.
Malgr茅 un contexte de march茅 difficile, ACV a affich茅 une perte nette GAAP de (7$) M, en am茅lioration par rapport 脿 (17$) M au 2T 2024, et a obtenu un EBITDA ajust茅 de 19 M$. Pour l'ensemble de 2025, la soci茅t茅 pr茅voit un chiffre d'affaires compris entre 765 et 775 M$ (croissance de 20 脿 22%) et un EBITDA ajust茅 de 68鈥�72 M$, tout en ayant r茅vis茅 ses pr茅visions pour tenir compte des vents contraires macro茅conomiques.
ACV (NYSE: ACVA), ein digitales Automobil-Marktplatzunternehmen, meldete starke Finanzergebnisse f眉r Q2 2025 mit Rekordumsatz von $194 Millionen, ein Zuwachs von 21% im Jahresvergleich. Das Unternehmen erzielte Marktplatz- und Service-Ums盲tze in H枚he von $176 Millionen, was einem Anstieg von 22% entspricht, w盲hrend das Marketplace-GMV um 12% auf $2,7 Milliarden wuchs.
Trotz herausfordernder Marktbedingungen wies ACV einen GAAP-Nettoverlust von ($7) Millionen aus, verbessert gegen眉ber ($17) Millionen im Q2 2024, und erreichte ein bereinigtes EBITDA (Adjusted EBITDA) von $19 Millionen. F眉r das Gesamtjahr 2025 prognostiziert das Unternehmen Ums盲tze zwischen $765-775 Millionen (Wachstum 20鈥�22%) und ein bereinigtes EBITDA von $68鈥�72 Millionen, hat die Prognose jedoch angesichts makro枚konomischer Gegenwinde angepasst.
- None.
- GAAP net loss of ($7) million in Q2 2025
- Weakening retail demand and elevated trade retention rates affecting market growth
- Updated revenue guidance due to macroeconomic headwinds
- Dealer wholesale market expected to be flat to modestly down YoY in 2025
Insights
ACV delivered strong Q2 results with 21% revenue growth despite market headwinds, though updated guidance signals caution ahead.
ACV's second quarter results demonstrate impressive growth in a challenging environment. Revenue hit a record
The profitability picture shows significant improvement. While still reporting a GAAP net loss of
However, management's commentary and guidance reveal a more nuanced outlook. Their acknowledgment of "challenging market conditions" and "weakening retail demand" in the latter part of Q2 signals caution. This is further reinforced by their decision to update revenue guidance while maintaining EBITDA targets, suggesting they're implementing cost controls to protect profitability amid potential revenue headwinds.
For the full year, ACV now expects revenue between
Delivered Record Revenue and Adjusted EBITDA
- Second quarter revenue of
$194 million - Second quarter GAAP net income (loss) of (
$7) million - Second quarter non-GAAP net income of
$12 million - Second quarter Adjusted EBITDA of
$19 million - Expects 2025 revenue of
$765 million to$775 million , growth of20% to22% YoY, GAAP net income (loss) of ($51) million to ($47) million and Adjusted EBITDA of$68 million to$72 million
BUFFALO, N.Y., Aug. 11, 2025 (GLOBE NEWSWIRE) -- ACV (NYSE: ACVA), a leading digital automotive marketplace and data services partner for dealers and commercial clients, today reported results for its second quarter ended June听30, 2025.
鈥淲e are pleased with our second quarter results, delivering record revenue and Adjusted EBITDA, despite challenging market conditions in the back half of the quarter. Results were driven by continued market share gains and strong adoption of our Marketplace Services. Our suite of dealer solutions gained further market traction, and we executed on initiatives to support our commercial wholesale strategy,鈥� said George Chamoun, CEO of ACV.
鈥淭he dealer wholesale market grew modestly year-over-year with growth decelerating throughout the quarter, reflecting weakening retail demand and elevated trade retention rates at dealerships. We continue to experience strong adoption across our growing marketplace, however we believe it is prudent to update our revenue guidance to reflect ongoing crosscurrents in the macroeconomic environment. We remain committed to delivering on our profitability objectives and as such, are maintaining the midpoint of our Adjusted EBITDA guidance. We believe ACV remains well positioned to deliver sustainable growth in dealer wholesale, execute on our emerging commercial wholesale strategy, and scale our business model,鈥� concluded Chamoun.
Second Quarter 2025 Highlights
- Revenue of
$194 million , an increase of21% year over year - Marketplace and Service Revenue of
$176 million , an increase of22% year over year - Marketplace GMV of
$2.7 billion , an increase of12% year over year - Marketplace Units of 210,429, an increase of
13% year over year - GAAP net income (loss) of (
$7)听尘颈濒濒颈辞苍 , compared to GAAP net income (loss) of ($17)听尘颈濒濒颈辞苍 in the second quarter of 2024. - Non-GAAP net income of
$12听尘颈濒濒颈辞苍 , compared to non-GAAP net income of$3听尘颈濒濒颈辞苍 in the second quarter of 2024. - Adjusted EBITDA of
$19 million , compared to Adjusted EBITDA of$7听尘颈濒濒颈辞苍 in the second quarter of 2024
Third Quarter and Full-Year 2025 Guidance
Based on information as of today, ACV is providing the following guidance:
- Third Quarter of 2025:
- Total revenue of
$198 million to$203 million , an increase of16% to18% year over year - GAAP net income (loss) of (
$13) million to ($11) million - Non-GAAP net income of
$11 million to$13 million - Adjusted EBITDA of
$18 million to$20 million
- Total revenue of
- Full-Year 2025:
- Total revenue of
$765 million to$775 million , an increase of20% to22% year over year - GAAP net income (loss) of (
$51) million to ($47) million - Non-GAAP net income of
$38 million to$42 million - Adjusted EBITDA of
$68 million to$72 million
- Total revenue of
Our financial guidance includes the following assumptions:
- The dealer wholesale market is expected to be flat to modestly down year over year in 2025.
- Conversion rates and wholesale price depreciation expected to follow normal seasonal patterns.
- Non-GAAP Operating Expense (excluding Cost of Revenue) is expected to increase approximately
11% year-over-year. - Third quarter non-GAAP net income guidance excludes approximately
$19 million of stock-based compensation expense and approximately$3 million of intangible amortization. - Full-year non-GAAP net income guidance excludes approximately
$70 million of stock-based compensation expense and$11 million of intangible amortization.
ACV鈥檚 Second Quarter Results Conference Call
ACV will host a conference call and live webcast today, August听11, 2025, at 5:00 p.m. ET to discuss the financial results.听To access the live conference call participants are invited to dial 877-704-4453 (international callers please dial 1-201-389-0920) approximately 10 minutes prior to the start of the call. A live webcast and replay of the call will be available on the Company鈥檚 investor relations website at . Participants are encouraged to join the webcast unless asking a question.
About ACV Auctions
ACV is on a mission to transform the automotive industry by building the most trusted and efficient digital marketplace and data solutions for sourcing, selling and managing used vehicles with transparency and comprehensive insights that were once unimaginable. ACV offerings include ACV Auctions, ACV Transportation, ACV Capital, ACV MAX, True360, and ClearCar.
For more information about ACV, visit听.
Information About Non-GAAP Financial Measures
ACV provides supplemental non-GAAP financial measures to its financial results. We use these non-GAAP financial measures, and we believe that they assist our investors to make period-to-period comparisons of our operating performance because they provide a view of our operating results without items that are not, in our view, indicative of our operating results. These non-GAAP financial measures should not be construed as an alternative to GAAP results as the items excluded from the non-GAAP financial measures often have a material impact on our operating results, certain of those items are recurring, and others often recur. Management uses, and investors should consider, our non-GAAP financial measures only in conjunction with our GAAP results.
Non-GAAP Financial Measures
Adjusted EBITDA is a financial measure that is not presented in accordance with GAAP. We believe that Adjusted EBITDA, when taken together with our financial results presented in accordance with GAAP, provides meaningful supplemental information regarding our operating performance and facilitates internal comparisons of our historical operating performance on a more consistent basis by excluding certain items that may not be indicative of our business, results of operations or outlook. In particular, we believe that the use of Adjusted EBITDA is helpful to our investors as it is a measure used by management in assessing the health of our business, determining incentive compensation and evaluating our operating performance, as well as for internal planning and forecasting purposes.
We define Adjusted EBITDA as net loss, adjusted to exclude: depreciation and amortization; stock-based compensation expense; interest (income) expense; provision for income taxes; and other one-time non-recurring items, when applicable, such as acquisition-related and restructuring expenses.
Adjusted EBITDA is presented for supplemental informational purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. Some of these limitations include that (1) it does not properly reflect capital commitments to be paid in the future; (2) although depreciation and amortization are non-cash charges, the underlying assets may need to be replaced and Adjusted EBITDA does not reflect these capital expenditures; (3) it does not consider the impact of stock-based compensation expense, (4) it does not reflect other non-operating income and expenses, including interest income and expense, (5) it does not consider the impact of any contingent consideration liability valuation adjustments, (6) it does not reflect tax payments that may represent a reduction in cash available to us,(7) it does not include the amortization of acquired intangible assets but it does include the revenue that these acquired intangible assets contribute to the enterprise, and (8) it does not reflect other one-time, non-recurring items, when applicable, such as acquisition-related and restructuring expenses. In addition, our use of Adjusted EBITDA may not be comparable to similarly titled measures of other companies because they may not calculate Adjusted EBITDA in the same manner, limiting its usefulness as a comparative measure. Because of these limitations, when evaluating our performance, you should consider Adjusted EBITDA alongside other financial measures, including our net loss and other results stated in accordance with GAAP.
Non-GAAP net income (loss), and non-GAAP operating expenses, are financial measures that are not presented in accordance with GAAP, provide investors with additional useful information to measure operating performance and current and future liquidity when taken together with our financial results presented in accordance with GAAP. By providing this information, we believe management and the users of the financial statements are better able to understand the financial results of what we consider to be our continuing operations.
We define non-GAAP net income (loss) as net income (loss), adjusted to exclude: stock-based compensation expense, amortization of acquired intangible assets, and other one-time, non-recurring items, when applicable, such as acquisition-related and restructuring expenses. We define non-GAAP operating expenses as operating expenses adjusted to exclude the same items that are excluded from non-GAAP net income (loss).
In the calculation of non-GAAP net income (loss) and non-GAAP operating expenses we exclude stock-based compensation expense because of varying available valuation methodologies, subjective assumptions and the variety of equity instruments that can impact our non-cash expense. We believe that providing non-GAAP financial measures that exclude stock-based compensation expense allows for more meaningful comparisons between our operating results from period to period. We exclude amortization of acquired intangible assets from the calculation of non-GAAP net income (loss) and non-GAAP operating expenses. We believe that excluding the impact of amortization of acquired intangible assets allows for more meaningful comparisons between operating results from period to period as the underlying intangible assets are valued at the time of acquisition and are amortized over several years after the acquisition.
We exclude contingent consideration liability valuation adjustments associated with the purchase consideration of transactions accounted for as business combinations. We also exclude certain other one-time, non-recurring items, when applicable, such as acquisition-related and restructuring expenses, because we do not consider such amounts to be part of our ongoing operations nor are they comparable to prior period nor predictive of future results.
Non-GAAP net income (loss) and non-GAAP operating expenses are presented for supplemental informational purposes only, have limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. Some of these limitations include that: (1) they do not consider the impact of stock-based compensation expense; (2) although amortization is a non-cash charge, the underlying assets may need to be replaced and non-GAAP net income (loss) and non-GAAP net income do not reflect these capital expenditures; (3) they do not consider the impact of any contingent consideration liability valuation adjustments; (4) they do not include the amortization of acquired intangible assets but non-GAAP net income (loss) does include the revenue that these acquired intangible assets contribute to the enterprise; and (5) they do not consider the impact of other one-time charges, such as acquisition-related and restructuring expenses, which could be material to the results of our operations. In addition, our use of non-GAAP net income (loss) and non-GAAP operating expenses may not be comparable to similarly titled measures of other companies because they may not calculate non-GAAP net income (loss) and non-GAAP operating expenses in the same manner, limiting their usefulness as a comparative measure. Because of these limitations, when evaluating our performance, you should consider non-GAAP net income (loss) and non-GAAP operating expenses alongside other financial measures, including our net loss, operating expenses, and other results stated in accordance with GAAP.
Information About Operating and Financial Metrics
We regularly monitor the following operating and financial metrics in order to measure our current performance and estimate our future performance. Our key operating and financial metrics may be calculated in a manner different than similar business metrics used by other companies.
Operating and Financial Metrics
Marketplace GMV - Marketplace GMV is primarily driven by the volume and dollar value of Marketplace Unit transactions. We believe that Marketplace GMV acts as an indicator of our success, signaling satisfaction of dealers and buyers, and the health, scale, and growth of our business. We define Marketplace GMV as the total dollar value of vehicles transacted within the applicable period, excluding any auction and ancillary fees.
Marketplace Units - Marketplace Units is a key indicator of our potential for growth in Marketplace GMV and revenue. It demonstrates the overall engagement of our customers and our market share of wholesale transactions in the United States. We define Marketplace Units as the number of vehicles transacted within the applicable period. Marketplace Units transacted includes any vehicle that successfully reaches sold status, even if the auction is subsequently unwound, meaning the buyer or seller does not complete the transaction. These instances have been immaterial to date. Marketplace Units excludes vehicles that were inspected by ACV, but not sold. Marketplace Units have generally increased over time as we have expanded our territory coverage, added new dealer partners and increased our share of wholesale transactions from existing customers.
Forward-Looking Statements
This presentation contains 鈥渇orward-looking statements鈥� within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements concerning our financial guidance for the fourth quarter of 2024 and the full year of 2024. In some cases, you can identify forward-looking statements because they contain words such as 鈥渁nticipate,鈥� 鈥渂elieve,鈥� 鈥渃ontemplate,鈥� 鈥渃ontinue,鈥� 鈥渃ould,鈥� 鈥渆stimate,鈥� 鈥渆xpect,鈥� 鈥渋ntend,鈥� 鈥渕ay,鈥� 鈥減lan,鈥� 鈥減otential,鈥� 鈥減redict,鈥� 鈥減roject,鈥� 鈥渟hould,鈥� 鈥渢arget,鈥� 鈥渨ill鈥� or 鈥渨ould鈥� or the negative of these words or other similar terms or expressions. You should not rely on forward-looking statements as predictions of future events.
The forward-looking statements contained in this presentation are based on ACV鈥檚 current assumptions, expectations and beliefs and are subject to substantial risks, uncertainties and changes in circumstances that may cause ACV鈥檚 actual results, performance or achievements to differ materially from those expressed or implied in any forward-looking statement. These risks and uncertainties include, but are not limited to: (1) our history of operating losses; (2) our limited operating history; (3) our ability to effectively manage our growth; (4) our ability to grow the number of participants on our marketplace platform; (5) general market, political, economic, and business conditions including any possible impact from new, reinstated or adjusted tariffs; (6) our ability to acquire new customers and successfully retain existing customers; (7) our ability to effectively develop and expand our sales and marketing capabilities; (8) our ability to successfully introduce new products and services; (9) breaches in our security measures, unauthorized access to our marketplace platform, our data, or our customers鈥� or other users鈥� personal data; (10) risk of interruptions or performance problems associated with our products and platform capabilities; (11) our ability to adapt and respond to rapidly changing technology or customer needs; (12) our ability to compete effectively with existing competitors and new market entrants; (13) our ability to comply or remain in compliance with laws and regulations that currently apply or become applicable to our business in the United States and other jurisdictions where we elect to do business; (14) the impact that economic conditions could have on our or our customers鈥� businesses, financial condition and results of operations; and (15) the impact of such economic conditions in the wholesale dealer market included in our guidance for the second quarter of 2025 and full year 2025, and the related impact on the performance of our marketplace and our operating expenses, stock-based compensation expense and intangible amortization. These and other risks and uncertainties are more fully described in our filings with the Securities and Exchange Commission (鈥淪EC鈥�), including in the section entitled 鈥淩isk Factors鈥� in our Form 10-K for the year ended December 31, 2024, filed with the SEC on February 19, 2025. Additional information will be made available in other filings and reports that we may file from time to time with the SEC. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, we cannot guarantee future results, levels of activity, performance, achievements, or events and circumstances reflected in the forward-looking statements will occur. The forward-looking statements made in this presentation relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this presentation to reflect events or circumstances after the date of this presentation or to reflect new information or the occurrence of unanticipated events, except as required by law.
Investor Contact:
Tim Fox
Media Contact:
Maura Duggan
| 听 | |||||||||||||||
| ACV AUCTIONS INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (in thousands, except per share data) | |||||||||||||||
| 听 | |||||||||||||||
| 听 | Three months ended June 30, | 听 | Six months ended June 30, | ||||||||||||
| 听 | 听 | 2025 | 听 | 听 | 听 | 2024 | 听 | 听 | 听 | 2025 | 听 | 听 | 听 | 2024 | 听 |
| Revenue: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Marketplace and service revenue | $ | 175,995 | 听 | 听 | $ | 144,126 | 听 | 听 | $ | 341,932 | 听 | 听 | $ | 273,940 | 听 |
| Customer assurance revenue | 听 | 17,708 | 听 | 听 | 听 | 16,498 | 听 | 听 | 听 | 34,468 | 听 | 听 | 听 | 32,373 | 听 |
| Total revenue | 听 | 193,703 | 听 | 听 | 听 | 160,624 | 听 | 听 | 听 | 376,400 | 听 | 听 | 听 | 306,313 | 听 |
| Operating expenses: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Marketplace and service cost of revenue (excluding depreciation & amortization) | 听 | 74,319 | 听 | 听 | 听 | 64,253 | 听 | 听 | 听 | 143,721 | 听 | 听 | 听 | 119,946 | 听 |
| Customer assurance cost of revenue (excluding depreciation & amortization) | 听 | 16,909 | 听 | 听 | 听 | 14,558 | 听 | 听 | 听 | 30,886 | 听 | 听 | 听 | 27,372 | 听 |
| Operations and technology | 听 | 45,801 | 听 | 听 | 听 | 39,694 | 听 | 听 | 听 | 89,991 | 听 | 听 | 听 | 77,763 | 听 |
| Selling, general, and administrative | 听 | 52,972 | 听 | 听 | 听 | 51,912 | 听 | 听 | 听 | 111,990 | 听 | 听 | 听 | 105,765 | 听 |
| Depreciation and amortization | 听 | 10,897 | 听 | 听 | 听 | 8,848 | 听 | 听 | 听 | 21,438 | 听 | 听 | 听 | 16,635 | 听 |
| Total operating expenses | 听 | 200,898 | 听 | 听 | 听 | 179,265 | 听 | 听 | 听 | 398,026 | 听 | 听 | 听 | 347,481 | 听 |
| Loss from operations | 听 | (7,195 | ) | 听 | 听 | (18,641 | ) | 听 | 听 | (21,626 | ) | 听 | 听 | (41,168 | ) |
| Other income (expense): | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Interest income | 听 | 2,152 | 听 | 听 | 听 | 2,329 | 听 | 听 | 听 | 4,041 | 听 | 听 | 听 | 5,360 | 听 |
| Interest expense | 听 | (2,286 | ) | 听 | 听 | (606 | ) | 听 | 听 | (4,196 | ) | 听 | 听 | (1,141 | ) |
| Total other income (expense) | 听 | (134 | ) | 听 | 听 | 1,723 | 听 | 听 | 听 | (155 | ) | 听 | 听 | 4,219 | 听 |
| Loss before income taxes | 听 | (7,329 | ) | 听 | 听 | (16,918 | ) | 听 | 听 | (21,781 | ) | 听 | 听 | (36,949 | ) |
| (Benefit from) provision for income taxes | 听 | (31 | ) | 听 | 听 | 145 | 听 | 听 | 听 | 334 | 听 | 听 | 听 | 585 | 听 |
| Net loss | $ | (7,298 | ) | 听 | $ | (17,063 | ) | 听 | $ | (22,115 | ) | 听 | $ | (37,534 | ) |
| Weighted-average shares - basic and diluted | 听 | 170,472 | 听 | 听 | 听 | 164,384 | 听 | 听 | 听 | 169,415 | 听 | 听 | 听 | 163,637 | 听 |
| Net loss per share - basic and diluted | $ | (0.04 | ) | 听 | $ | (0.10 | ) | 听 | $ | (0.13 | ) | 听 | $ | (0.23 | ) |
| 听 | |||||||
| ACV AUCTIONS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands) | |||||||
| 听 | |||||||
| 听 | June 30, 2025 | 听 | December 31, 2024 | ||||
| Assets | 听 | 听 | 听 | ||||
| Current Assets: | 听 | 听 | 听 | ||||
| Cash and cash equivalents | $ | 258,365 | 听 | 听 | $ | 224,065 | 听 |
| Marketable securities | 听 | 46,368 | 听 | 听 | 听 | 46,036 | 听 |
| Trade receivables (net of allowance of | 听 | 209,880 | 听 | 听 | 听 | 168,770 | 听 |
| Finance receivables (net of allowance of | 听 | 207,068 | 听 | 听 | 听 | 139,045 | 听 |
| Other current assets | 听 | 16,254 | 听 | 听 | 听 | 15,281 | 听 |
| Total current assets | 听 | 737,935 | 听 | 听 | 听 | 593,197 | 听 |
| Property and equipment (net of accumulated depreciation of | 听 | 10,135 | 听 | 听 | 听 | 7,625 | 听 |
| Goodwill | 听 | 183,676 | 听 | 听 | 听 | 180,478 | 听 |
| Acquired intangible assets (net of amortization of | 听 | 86,206 | 听 | 听 | 听 | 90,816 | 听 |
| Capitalized software (net of amortization of | 听 | 75,648 | 听 | 听 | 听 | 68,571 | 听 |
| Other assets | 听 | 44,673 | 听 | 听 | 听 | 43,462 | 听 |
| Total assets | $ | 1,138,273 | 听 | 听 | $ | 984,149 | 听 |
| Liabilities and Stockholders' Equity | 听 | 听 | 听 | ||||
| Current Liabilities: | 听 | 听 | 听 | ||||
| Accounts payable | $ | 430,646 | 听 | 听 | $ | 345,605 | 听 |
| Accrued payroll | 听 | 12,100 | 听 | 听 | 听 | 16,725 | 听 |
| Accrued other liabilities | 听 | 19,912 | 听 | 听 | 听 | 18,836 | 听 |
| Total current liabilities | 听 | 462,658 | 听 | 听 | 听 | 381,166 | 听 |
| Long-term debt | 听 | 186,500 | 听 | 听 | 听 | 123,000 | 听 |
| Other long-term liabilities | 听 | 40,332 | 听 | 听 | 听 | 39,979 | 听 |
| Total liabilities | 听 | 689,490 | 听 | 听 | 听 | 544,145 | 听 |
| Commitments and Contingencies | 听 | 听 | 听 | ||||
| Stockholders' Equity: | 听 | 听 | 听 | ||||
| Preferred Stock | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 |
| Common Stock | 听 | 172 | 听 | 听 | 听 | 168 | 听 |
| Common Stock - Class B | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 |
| Additional paid-in capital | 听 | 971,390 | 听 | 听 | 听 | 944,891 | 听 |
| Accumulated deficit | 听 | (524,430 | ) | 听 | 听 | (502,315 | ) |
| Accumulated other comprehensive income (loss) | 听 | 1,651 | 听 | 听 | 听 | (2,740 | ) |
| Total stockholders' equity | 听 | 448,783 | 听 | 听 | 听 | 440,004 | 听 |
| Total liabilities and stockholders' equity | $ | 1,138,273 | 听 | 听 | $ | 984,149 | 听 |
| 听 | |||||||
| ACV AUCTIONS INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (in thousands) | |||||||
| 听 | |||||||
| 听 | Six months ended June 30, | ||||||
| 听 | 听 | 2025 | 听 | 听 | 听 | 2024 | 听 |
| Cash Flows from Operating Activities | 听 | 听 | 听 | ||||
| Net loss | $ | (22,115 | ) | 听 | $ | (37,534 | ) |
| Adjustments to reconcile net loss to net cash provided by operating activities: | 听 | 听 | 听 | ||||
| Depreciation and amortization | 听 | 21,449 | 听 | 听 | 听 | 16,682 | 听 |
| Stock-based compensation expense, net of amounts capitalized | 听 | 32,028 | 听 | 听 | 听 | 29,794 | 听 |
| Provision for bad debt | 听 | 3,111 | 听 | 听 | 听 | 5,055 | 听 |
| Other non-cash, net | 听 | 2,266 | 听 | 听 | 听 | 119 | 听 |
| Changes in operating assets and liabilities, net of effects from purchases of businesses: | 听 | 听 | 听 | ||||
| Trade receivables | 听 | (41,714 | ) | 听 | 听 | (19,158 | ) |
| Other operating assets | 听 | (1,059 | ) | 听 | 听 | 3,036 | 听 |
| Accounts payable | 听 | 85,423 | 听 | 听 | 听 | 37,641 | 听 |
| Other operating liabilities | 听 | 950 | 听 | 听 | 听 | 11,856 | 听 |
| Net cash provided by operating activities | 听 | 80,339 | 听 | 听 | 听 | 47,491 | 听 |
| Cash Flows from Investing Activities | 听 | 听 | 听 | ||||
| Net increase in finance receivables | 听 | (71,564 | ) | 听 | 听 | (1,851 | ) |
| Purchases of property and equipment | 听 | (4,205 | ) | 听 | 听 | (2,872 | ) |
| Capitalization of software costs | 听 | (17,932 | ) | 听 | 听 | (14,855 | ) |
| Purchases of marketable securities | 听 | (24,833 | ) | 听 | 听 | (21,607 | ) |
| Maturities and redemptions of marketable securities | 听 | 24,888 | 听 | 听 | 听 | 69,699 | 听 |
| Sales of marketable securities | 听 | 鈥� | 听 | 听 | 听 | 122,698 | 听 |
| Acquisition of businesses (net of cash acquired) | 听 | 鈥� | 听 | 听 | 听 | (155,209 | ) |
| Net cash used in investing activities | 听 | (93,646 | ) | 听 | 听 | (3,997 | ) |
| Cash Flows from Financing Activities | 听 | 听 | 听 | ||||
| Proceeds from long term debt | 听 | 220,000 | 听 | 听 | 听 | 340,000 | 听 |
| Payments towards long term debt | 听 | (156,500 | ) | 听 | 听 | (345,000 | ) |
| Payment of debt issuance costs | 听 | (1,457 | ) | 听 | 听 | (1,702 | ) |
| Proceeds from exercise of stock options | 听 | 531 | 听 | 听 | 听 | 6,812 | 听 |
| Payment of RSU tax withholdings in exchange for common shares surrendered by RSU holders | 听 | (17,636 | ) | 听 | 听 | (13,110 | ) |
| Proceeds from employee stock purchase plan | 听 | 2,534 | 听 | 听 | 听 | 1,998 | 听 |
| Other financing activities | 听 | (74 | ) | 听 | 听 | (23 | ) |
| Net cash provided by (used in) financing activities | 听 | 47,398 | 听 | 听 | 听 | (11,025 | ) |
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 听 | 209 | 听 | 听 | 听 | (68 | ) |
| Net increase in cash, cash equivalents, and restricted cash | 听 | 34,300 | 听 | 听 | 听 | 32,401 | 听 |
| Cash, cash equivalents, and restricted cash, beginning of period | 听 | 224,065 | 听 | 听 | 听 | 182,571 | 听 |
| Cash, cash equivalents, and restricted cash, end of period | $ | 258,365 | 听 | 听 | $ | 214,972 | 听 |
The following table presents a reconciliation of non-GAAP net income (loss) to net income (loss), the most directly comparable financial measure stated in accordance with GAAP, for the periods presented:
| 听 | Three months ended June 30, | 听 | Six months ended June 30, | ||||||||||||
| 听 | 听 | 2025 | 听 | 听 | 听 | 2024 | 听 | 听 | 听 | 2025 | 听 | 听 | 听 | 2024 | 听 |
| Net income (loss) | $ | (7,298 | ) | 听 | $ | (17,063 | ) | 听 | $ | (22,115 | ) | 听 | $ | (37,534 | ) |
| Stock-based compensation | 听 | 15,454 | 听 | 听 | 听 | 14,965 | 听 | 听 | 听 | 32,028 | 听 | 听 | 听 | 29,794 | 听 |
| Amortization of acquired intangible assets | 听 | 2,591 | 听 | 听 | 听 | 3,013 | 听 | 听 | 听 | 5,364 | 听 | 听 | 听 | 5,226 | 听 |
| Amortization of capitalized stock based compensation | 听 | 1,504 | 听 | 听 | 听 | 980 | 听 | 听 | 听 | 2,967 | 听 | 听 | 听 | 1,908 | 听 |
| Acquisition-related costs | 听 | 鈥� | 听 | 听 | 听 | 1,187 | 听 | 听 | 听 | 403 | 听 | 听 | 听 | 3,306 | 听 |
| Litigation-related costs (1) | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 1,100 | 听 | 听 | 听 | 1,553 | 听 |
| Other | 听 | 鈥� | 听 | 听 | 听 | 145 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 189 | 听 |
| Non-GAAP Net income (loss) | $ | 12,251 | 听 | 听 | $ | 3,227 | 听 | 听 | $ | 19,747 | 听 | 听 | $ | 4,442 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| (1) Litigation-related costs are related to an anti-competition case which we do not consider to be representative of our underlying operating performance听听听听 | |||||||||||||||
The following table presents a reconciliation of Adjusted EBITDA to net income (loss), the most directly comparable financial measure stated in accordance with GAAP, for the periods presented:
| 听 | Three months ended June 30, | 听 | Six months ended June 30, | ||||||||||||
| 听 | 听 | 2025 | 听 | 听 | 听 | 2024 | 听 | 听 | 听 | 2025 | 听 | 听 | 听 | 2024 | 听 |
| Adjusted EBITDA Reconciliation | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Net income (loss) | $ | (7,298 | ) | 听 | $ | (17,063 | ) | 听 | $ | (22,115 | ) | 听 | $ | (37,534 | ) |
| Depreciation and amortization | 听 | 10,904 | 听 | 听 | 听 | 8,880 | 听 | 听 | 听 | 21,450 | 听 | 听 | 听 | 16,682 | 听 |
| Stock-based compensation | 听 | 15,454 | 听 | 听 | 听 | 14,965 | 听 | 听 | 听 | 32,028 | 听 | 听 | 听 | 29,794 | 听 |
| Interest expense (income) | 听 | 134 | 听 | 听 | 听 | (1,723 | ) | 听 | 听 | 155 | 听 | 听 | 听 | (4,219 | ) |
| Provision for income taxes | 听 | (31 | ) | 听 | 听 | 145 | 听 | 听 | 听 | 334 | 听 | 听 | 听 | 585 | 听 |
| Acquisition-related costs | 听 | 鈥� | 听 | 听 | 听 | 1,187 | 听 | 听 | 听 | 403 | 听 | 听 | 听 | 3,306 | 听 |
| Litigation-related costs (1) | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 1,100 | 听 | 听 | 听 | 1,553 | 听 |
| Other | 听 | (586 | ) | 听 | 听 | 687 | 听 | 听 | 听 | (870 | ) | 听 | 听 | 1,180 | 听 |
| Adjusted EBITDA | $ | 18,577 | 听 | 听 | $ | 7,078 | 听 | 听 | $ | 32,485 | 听 | 听 | $ | 11,347 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| (1) Litigation-related costs are related to an anti-competition case which we do not consider to be representative of our underlying operating performance听听听听 | |||||||||||||||
The following table presents a reconciliation of Non-GAAP total operating expenses (excluding cost of revenue) to GAAP total operating expenses, the most directly comparable financial measure stated in accordance with GAAP, for the periods presented:
| 听 | Three months ended June 30, | 听 | Six months ended June 30, | ||||||||||||
| 听 | 听 | 2025 | 听 | 听 | 听 | 2024 | 听 | 听 | 听 | 2025 | 听 | 听 | 听 | 2024 | 听 |
| Total operating expenses | $ | 200,898 | 听 | 听 | $ | 179,265 | 听 | 听 | $ | 398,026 | 听 | 听 | $ | 347,481 | 听 |
| Non-GAAP Adjustments: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Marketplace and service cost of revenue (excluding depreciation & amortization) | 听 | 74,319 | 听 | 听 | 听 | 64,253 | 听 | 听 | 听 | 143,721 | 听 | 听 | 听 | 119,946 | 听 |
| Customer assurance cost of revenue (excluding depreciation & amortization) | 听 | 16,909 | 听 | 听 | 听 | 14,558 | 听 | 听 | 听 | 30,886 | 听 | 听 | 听 | 27,372 | 听 |
| Stock-based compensation | 听 | 15,173 | 听 | 听 | 听 | 14,759 | 听 | 听 | 听 | 31,442 | 听 | 听 | 听 | 29,339 | 听 |
| Amortization of acquired intangible assets | 听 | 2,591 | 听 | 听 | 听 | 3,013 | 听 | 听 | 听 | 5,364 | 听 | 听 | 听 | 5,226 | 听 |
| Amortization of capitalized stock-based compensation | 听 | 1,504 | 听 | 听 | 听 | 980 | 听 | 听 | 听 | 2,967 | 听 | 听 | 听 | 1,908 | 听 |
| Acquisition-related costs | 听 | 鈥� | 听 | 听 | 听 | 1,187 | 听 | 听 | 听 | 403 | 听 | 听 | 听 | 3,307 | 听 |
| Other | 听 | 鈥� | 听 | 听 | 听 | 145 | 听 | 听 | 听 | 1,100 | 听 | 听 | 听 | 1,743 | 听 |
| Non-GAAP Total operating expenses (excluding cost of revenue) | $ | 90,402 | 听 | 听 | $ | 80,370 | 听 | 听 | $ | 182,143 | 听 | 听 | $ | 158,640 | 听 |
The following table presents a reconciliation of non-GAAP net income (loss) to GAAP net income (loss), the most directly comparable financial measure stated in accordance with GAAP, for the periods presented (in millions):
| 听 | Three months ended September 30, 2025 | 听 | Year ended December 31, 2025 | 听 | ||
| Non-GAAP net income (loss) to net income (loss) guidance Reconciliation | 听 | 听 | 听 | 听 | ||
| Net income (loss) | ( | 听 | ( | 听 | ||
| Non-GAAP Adjustments: | 听 | 听 | 听 | 听 | ||
| Stock-based compensation | 听 | 听 | ||||
| Intangible amortization | 听 | 听 | ||||
| Amortization of capitalized stock-based compensation | 听 | 听 | ||||
| Other | 听 | 鈥� | 听 | 听 | ||
| Non-GAAP net income | 听 | 听 | ||||
FAQ
What were ACV's (ACVA) Q2 2025 earnings results?
What is ACV's revenue guidance for full-year 2025?
How many marketplace units did ACVA process in Q2 2025?
What challenges did ACV face in Q2 2025?
What is ACV's Q3 2025 revenue guidance?
