Completed merger with Bending Spoons on March 10, 2026; company will cease to be publicly traded and delist from NYSE.
2025 saw 4.6 million events hosted, 258 million tickets issued, and over $3.0 billion in gross ticket sales.
Net revenue for 2025 was $291.8 million, down 10% year-over-year; net loss narrowed to $10.5 million from $15.6 million in 2024.
Adjusted EBITDA for 2025 was $25.3 million, down from $35.1 million in 2024.
Major reduction in force in 2024 and continued cost management in 2025.
Net revenue: $291.8 million in 2025, down from $325.1 million in 2024 (10% decrease).
Net loss: $10.5 million in 2025, improved from $15.6 million in 2024.
Adjusted EBITDA: $25.3 million in 2025, down from $35.1 million in 2024.
Paid ticket volume: 78.9 million in 2025, down 6% year-over-year.
Gross margin: 68% in 2025, down from 70% in 2024.
Cash and cash equivalents: $299.9 million as of December 31, 2025.
No dividends declared or paid.
Management expects existing cash and operations to meet liquidity needs for at least the next 12 months.
Future capital requirements and liquidity will be managed by Bending Spoons post-merger.
Guidance is speculative and actual results may vary materially from estimates.
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