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Inspirato (ISPO) investor relations material

Inspirato Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary5 Nov, 2025

Executive summary

  • Achieved a 97% year-over-year improvement in adjusted EBITDA for Q3 2025, with a net loss of $4.5 million and adjusted EBITDA of negative $0.1 million.

  • Operational efficiencies and cost discipline led to a $15 million year-to-date improvement in operating cash flow and $13.2 million increase in adjusted EBITDA.

  • Cash operating expenses declined by 26% year-over-year, reflecting ongoing cost control.

  • Completed a comprehensive review and renegotiation of vendor contracts, resulting in $4 million in annualized savings.

  • Terminated the proposed merger with BuyerLink in September 2025, with no termination fees incurred.

Financial highlights

  • Q3 2025 revenue was $55.5 million, down 20% year-over-year; nine-month revenue was $184.5 million, down 15%.

  • Adjusted EBITDA for Q3 improved to negative $0.1 million from negative $3.4 million year-over-year.

  • Gross margin for Q3 was 31%, down from 71% in Q3 2024.

  • Net loss for Q3 2025 was $4.5 million, or $(0.36) per share, compared to net income of $4.3 million, or $0.77 per share, in Q3 2024.

  • Free cash flow for the nine months ended September 30, 2025, was negative $10.3 million, a significant improvement year-over-year.

Outlook and guidance

  • 2025 full-year guidance reinstated: adjusted EBITDA expected between $2 million and $4 million.

  • Full-year revenue projected between $235 million and $240 million.

  • Operating expenses forecasted at $80 million to $85 million, a 15% year-over-year reduction.

  • Management expects current cash and cost-saving measures to support operations for at least the next twelve months.

  • Expect continued improvement in EBITDA margin and further stabilization of subscription revenue in 2026.

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Frequently asked questions

Inspirato Incorporated operates as a subscription-based luxury travel service. It offers travel management services such as planning and coordinating itineraries, transportation, and accommodations, as well as tour package planning, logistics management, and experiential activities through its own dedicated full-service sales force. The company also provides concierge services and skier concierge services. Its customers include leisure travelers, corporations, small and mid-sized businesses, educational institutions, non-profit organizations and individuals.

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