Company: TRUE
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001327318-25-000065
Chunk: 233

Company: TrueCar, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 233
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 Loss from operations(7,348)(7,388)(27,125)(30,062)Interest income950 1,560 2,973 4,876 Other income11,397 — 11,397 — Income (loss) before income taxes4,999 (5,828)(12,755)(25,186)Provision for income taxes2 3 11 13 Net income (loss)$4,997 $(5,831)$(12,766)$(25,199)Other Non-GAAP Financial Information:  Adjusted EBITDA$(410)$201 $(3,574)$1,235 

31

Comparison of the Three and Nine Months Ended September 30, 2025 and 2024 

Revenues Three Months Ended September 30,Nine Months Ended September 30,  2025202420252024 (in thousands)Dealer revenue$40,393 $41,957 $124,456 $116,559 OEM incentives revenue2,558 4,376 9,932 12,248 Other revenue256 211 627 584 Total revenues$43,207 $46,544 $135,015 $129,391 

Three months ended September 30, 2025 compared to three months ended September 30, 2024. The decrease in our total revenues of $3.3 million, or 7.2%, for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024 was mainly due to a $1.8 million decrease in OEM incentives revenue (primarily driven by a monthly cap that was applied to one of our large OEMs as well as the termination of a larger OEM affinity partner program), a $1.5 million decrease in franchise dealer revenue, and a $0.7 million decrease in independent dealer revenue. This was partially offset by a $0.9 million increase in our vehicle sourcing products, which includes Sell Your Car and TCWS, driven by an increase in dealers subscribing to these products as well as an increase in the number of vehicles transacted through our wholesale exchange. Since some of our OEM arrangements target our affinity group marketing partners, we expect that OEM revenue may continue to fluctuate in future quarters as we enter into new, or terminate existing agreements with our affinity group marketing partners (refer to Part II, Item 1A,