Vivid Seats (SEAT) Q1 2025 earnings summary

Executive summary

• Q1 2025 saw a 20% year-over-year decline in Marketplace GOV to $820.4M and a 14% drop in revenue to $164M, with adjusted EBITDA falling 44% to $21.7M and a net loss of $9.8M, reflecting industry softness, heightened competition, and consumer uncertainty.

• Management is prioritizing operational discipline, cost control, and targeted investments in marketing, technology, and international expansion, including a new partnership with United Airlines.

• Despite near-term headwinds, management remains confident in the long-term resiliency and growth potential of the live events industry.

• Share repurchases continued, with $6M spent in Q1 2025 and $70.3M remaining under the program.

• Cash and cash equivalents were $199.5M at quarter-end, with no outstanding borrowings under the revolving facility.

Financial highlights

• Marketplace GOV declined 20% year-over-year to $820.4M; total marketplace orders also down 20%, while average order size was flat or slightly down.

• Revenue fell 14% year-over-year to $164M; Marketplace revenues down 16% to $133.7M, Resale revenues down 2% to $30.3M.

• Adjusted EBITDA dropped to $21.7M from $38.9M in Q1 2024; margin declined to 13%.

• Net loss margin was -6%, compared to net income margin of 6% in Q1 2024.

• Net cash used in operating activities was $25.3M, compared to $39.2M provided in Q1 2024.

Outlook and guidance

• Fiscal year 2025 guidance suspended due to economic variability, consumer softness, and volatile marketing environment.

• Management expects industry volumes to be flat-to-down for the year, with persistent competitive intensity and limited cash generation.

• Existing cash and cash equivalents expected to be sufficient for liquidity needs for at least the next 12 months.