ACVA

ACV runs a digital wholesale used-vehicle marketplace (829,276 Marketplace Units, $10.4B GMV in FY2025, with a majority of the top-100 US used-vehicle dealers as customers). The operating story is clearly inflecting in the right direction. Revenue has compounded from $358M (FY2021) to $760M (FY2025) and grew +19.2% last year, while the GAAP net loss narrowed from -$102M (FY2022) to -$66.1M (FY2025). Crucially, the model already throws off cash: operating cash flow was a positive $78.2M (+19.6% YoY) against just $9.1M of capex, and management-disclosed Adjusted EBITDA more than doubled to $58.8M from $28.1M. That combination — top-line growth with rapidly expanding operating leverage and real cash generation — is what you want to see in a still-unprofitable scaling marketplace.

The balance sheet supports the runway to GAAP breakeven: $271M cash (+21.2%), $430M equity, and a manageable 1.53x liabilities/equity. The company is not burning cash, so the persistent net loss is a margin-maturity issue, not a solvency one. Note that revenue (+19.2%) outgrew GMV (+9.5%) and Marketplace Units (+11.6%), implying take-rate and ancillary-service (transport, financing, data, assurance) monetization per unit is rising — the highest-quality way to grow in this model.