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Vivid Seats (SEAT) investor relations material
Vivid Seats Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 revenue declined 28% year-over-year to $143.6M, with a net loss of $263.3M, driven by lower Marketplace orders and major impairment charges amid industry headwinds and competitive pressures.
A $25M annualized cost reduction program was announced and is being implemented to improve efficiency and support a return to growth.
A 1-for-20 reverse stock split was executed in August 2025 to address share price and liquidity concerns.
Management remains focused on platform innovation, international expansion, and long-term growth despite near-term volatility.
Major non-cash impairment charges were recorded on goodwill and intangible assets due to financial declines.
Financial highlights
Marketplace GOV dropped 31% year-over-year to $685.5M in Q2 2025; total orders and average order size also declined.
Adjusted EBITDA was $14.4M, down sharply from $44.2M in Q2 2024; net loss was $263.3M, mainly due to impairment charges.
Cash and cash equivalents at June 30, 2025 were $153M, down from $243.5M at year-end 2024.
Operating cash flow was negative $53.9M for H1 2025, compared to positive $25.4M in the prior year.
Marketplace revenues by event category fell across concerts (-37%), sports (-30%), and theater (-23%) year-over-year.
Outlook and guidance
Management expects continued pressure on Marketplace order volumes due to economic uncertainty and competitive marketing dynamics.
Cost reduction program expected to deliver $25M in annualized savings by end of 2025; positive cash flow anticipated in Q3 due to seasonality.
No full-year 2025 financial guidance provided.
Focus remains on stabilizing top line in 2026 and returning to sustainable growth.
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