The quarter was close to expectations on revenue, but stronger underneath. Total revenue was $213.9 million, up 10.5% year over year and just below the published consensus of roughly $214.9 million; it also landed near the low end of ACV’s $213 million–$217 million quarterly guide. Adjusted EBITDA was $20.8 million, above both the $18 million–$20 million company guide and the prior-year $18.6 million. (Financial Highlights) (Adjusted EBITDA Reconciliation)
| Metric | Q2 2026 | Q2 2025 | Expectation / guide |
|---|---|---|---|
| Total revenue | $213.9M | $193.7M | Published consensus ~$214.9M; company guide $213M–$217M (Financial Highlights) |
| GAAP net loss | $(8.2)M | $(7.3)M | Company guide $(14)M–$(12)M (Income Statement) |
| Non-GAAP net income | $10.4M | $12.3M | Company guide $8M–$10M (Non-GAAP Net Income Reconciliation) |
| Adjusted EBITDA | $20.8M | $18.6M | Company guide $18M–$20M (Adjusted EBITDA Reconciliation) |
| Operating cash flow, six months | $41.0M | $80.3M | — (Cash Flow statement) |
Profitability was the clear beat. Non-GAAP net income of $10.4 million exceeded the top of ACV’s $8 million–$10 million guide and implies roughly $0.06 per share, ahead of the published consensus near $0.05. GAAP net loss of $8.2 million was also materially better than the company’s stated range, although the improvement was partly driven by the company’s non-GAAP adjustments and should not be treated as a return to GAAP profitability. (Income Statement) (Non-GAAP Net Income Reconciliation)
The outlook did not move higher. ACV reaffirmed full-year revenue guidance of $845 million–$855 million and Adjusted EBITDA guidance of $73 million–$77 million rather than raising them after the quarterly beat. That limits the upside signal: the company delivered better-than-promised profitability, but management still assumes a mid-single-digit decline in the dealer wholesale market and did not convert the Q2 outperformance into stronger full-year targets. (Full-Year 2026 Guidance)
Cash generation and capital structure remain the main offsets. Six-month operating cash flow fell to $41.0 million from $80.3 million, while cash declined to $242.3 million after a $50.2 million share repurchase and net debt increased to $205.0 million from $190.0 million. The cash-flow decline was also affected by working-capital timing, including a much smaller benefit from accounts payable than in the prior year, so it is a pressure point rather than definitive evidence of deteriorating earnings quality. (Cash Flow statement) (Balance Sheet)
Net read: a narrow positive versus expectations. The modest revenue miss and unchanged full-year outlook keep this from being a broad beat, but the stronger-than-guided Adjusted EBITDA, above-range non-GAAP earnings, and better-than-guided GAAP loss make the overall filing slightly better than the market’s standing expectation.
Read the original 8-K on SEC EDGAR ↗