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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.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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