CHICAGO, May 05, 2026 (GLOBE NEWSWIRE) -- Vivid Seats Inc. (NASDAQ: SEAT) ("Vivid Seats" or "we"), a leading marketplace that utilizes its technology platform to connect millions of buyers with thousands of ticket sellers across hundreds of thousands of events each year, today provided financial results for the first quarter ended March 31, 2026.
"Our first quarter performance reflects strong execution and meaningful progress against our Fiscal 2026 priorities with results at or above the high end of our guidance," said Lawrence Fey, Chief Executive Officer of Vivid Seats. "We delivered sequential growth in GOV and Adjusted EBITDA along with substantial cash generation in the quarter. The improvements we are seeing are important steps as we pursue a return to growth over the course of 2026 and beyond."
First Quarter 2026 Key Financial Highlights
-- Marketplace GOV of $612.4 million -- Revenues of $125.8 million -- Net loss of $14.6 million -- Adjusted EBITDA of $9.5 million
Key Business Metrics & Non-U.S. GAAP Financial Measure
We use the following key business metrics and non-U.S. GAAP financial measure to evaluate our performance, identify trends, formulate financial projections, and make strategic decisions. We believe this information is useful to investors and others in understanding and evaluating our results of operations in the same manner as management.
The following table summarizes our key business metrics and non-U.S. GAAP financial measure for the three months ended March 31, 2026 and 2025 (in thousands):
Three Months Ended March 31,
--------------------------------------------------
2026 2025
------------------------ ------------------------
Marketplace GOV(1) $ 612,366 $ 820,359
Marketplace
orders(2) 1,716 2,296
Resale orders(3) 82 105
Adjusted EBITDA(4) $ 9,486 $ 21,721
(1) Marketplace Gross Order Value ("Marketplace GOV")
represents the total transactional amount of
Marketplace orders processed on our online
platform during a period, inclusive of fees,
exclusive of taxes, and net of event
cancellations. During the three months ended
March 31, 2026 and 2025, event cancellations
negatively impacted Marketplace GOV by $9.0
million and $15.5 million, respectively.
(2) Marketplace orders represent the total volume of
Marketplace segment transactions processed on our
online platform during a period, net of event
cancellations. During the three months ended
March 31, 2026 and 2025, our Marketplace segment
experienced 29,434 and 42,353 event
cancellations, respectively.
(3) Resale orders represent the total volume of Resale
segment transactions processed on a given
platform (including our own) during a period, net
of event cancellations. During the three months
ended March 31, 2026 and 2025, our Resale segment
experienced 467 and 885 event cancellations,
respectively.
(4) Adjusted EBITDA is a financial measure not defined
under accounting principles generally accepted in
the United States of America ("U.S. GAAP"). We
believe adjusted EBITDA provides useful
information to investors and others in
understanding and evaluating our results of
operations and serves as a useful measure for
making period-to-period comparisons of our
business performance. See "Adjusted EBITDA" below
for more information, including a reconciliation
of adjusted EBITDA to net loss, the most directly
comparable U.S. GAAP financial measure.
2026 Financial Outlook
For the year ending December 31, 2026, Vivid Seats anticipates:
-- Marketplace GOV in the range of $2.2 billion to $2.6 billion -- Adjusted EBITDA in the range of $30.0 million to $40.0 million*
* We calculate forward-looking adjusted EBITDA based on internal forecasts that omit certain information that would be included in forward-looking net loss, the most directly comparable U.S. GAAP financial measure. We do not attempt to provide a reconciliation of forward-looking adjusted EBITDA to forward-looking net loss because the timing and/or probable significance of certain excluded items that have not yet occurred and are outside of our control is inherently uncertain and unavailable without unreasonable efforts. Such items could have a significant and unpredictable impact on our future U.S. GAAP financial results.
Webcast Details
Vivid Seats will host a webcast at 8:30 a.m. Eastern Time today to discuss the first quarter 2026 financial results, business updates, and financial outlook. Participants may access the live webcast and supplemental earnings presentation on the events page of the Vivid Seats Investor Relations website at investors.vividseats.com/events-and-presentations.
About Vivid Seats
Founded in 2001, Vivid Seats (NASDAQ: SEAT) is a leading online ticket marketplace connecting fans to the live events, artists, and teams they love. Vivid Seats is committed to delivering the most rewarding ticket-buying experience for fans through competitive everyday pricing backed by its Lowest Price Guarantee, an industry-leading rewards program, and award-winning customer service. The Chicago-based company offers one of the widest selections of live events across North America, powered by proprietary technology that makes discovering and buying tickets simple, affordable, and reliable. Learn more by downloading the Vivid Seats app or visiting vividseats.com.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "can," "continue," "could," "design," "estimate," "expect," "forecast," "future," "goal," "intend," "likely," "may," "plan," "project," "propose, " "seek," "should," "target," "will," and "would," as well as similar expressions that predict or indicate future events and trends or do not relate to historical matters, are intended to identify such forward-looking statements. The forward-looking statements contained in this press release relate to, without limitation: our future operating results and financial performance, including our expectations with respect to our return to growth and our fiscal year 2026 Marketplace GOV and adjusted EBITDA; our expectations with respect to live event industry growth, the supply of and demand for live events, and our competitive positioning; and our business strategy and objectives. Forward-looking statements are not guarantees of future performance, conditions, or results, and are subject to risks, uncertainties, and assumptions that can be difficult to predict and/or are outside of our control. Therefore, actual results may differ materially from those contemplated by any forward-looking statements. Important factors that could cause or contribute to such differences include, but are not limited to: the supply of and demand for live events; the impact of adverse economic conditions and other factors affecting discretionary consumer and corporate spending; our ability to develop and maintain relationships with ticket buyers, sellers, and partners; the impact of changes to internet search engine algorithms and mobile app marketplace rules; the impact of artificial intelligence on how consumers search for live event tickets; our ability to attract ticket sellers and buyers to our platform in the increasingly competitive ticketing industry; our ability to continue to maintain and improve our platform; the impact of extraordinary events, including disease epidemics; our ability to identify suitable acquisition targets and to complete and realize the expected benefits of acquisitions and other strategic investments; our ability to attract, hire, motivate, and retain our senior management team and other highly skilled personnel; our ability to comply with applicable laws and regulations; the ability of ticket holders to sell their tickets on the secondary market unencumbered; the impact of unfavorable outcomes in legislation and legal proceedings; our ability to maintain the integrity of our information systems and infrastructure, and to identify, assess, and manage relevant cybersecurity risks; our ability to generate sufficient cash flows and/or obtain additional financing when necessary or desirable; and other factors discussed in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, as well as in our press releases and other filings with the Securities and Exchange Commission. You should not place undue reliance on forward-looking statements, which speak only as of the date of this press release. Except as required by applicable law, we undertake no obligation to update or revise any forward-looking statements contained in this press release, whether as a result of new information, future
events, or otherwise.
Contact:
Investors
investors@vividseats.com
Media
press@vividseats.com
VIVID SEATS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data) (Unaudited)
March 31, December 31,
2026 2025
------------ ------------
Assets
Current assets:
Cash and cash equivalents $ 143,555 $ 102,702
Restricted cash 604 604
Accounts receivable -- net 36,421 30,664
Inventory -- net 28,878 18,166
Prepaid expenses and other current
assets 33,809 26,336
---------- ----------
Total current assets 243,267 178,472
Property and equipment -- net 11,824 12,373
Right-of-use assets -- net 10,145 10,515
Intangible assets -- net 132,371 141,528
Goodwill -- net 283,674 283,915
Deferred tax assets -- net 1,238 1,123
Investments 5,383 5,365
Other assets 3,833 3,575
---------- ----------
Total assets $ 691,735 $ 636,866
========== ==========
Liabilities and shareholders' deficit
Current liabilities:
Accounts payable $ 224,771 $ 153,418
Accrued expenses and other current
liabilities 123,253 125,957
Deferred revenue 19,145 19,973
Current maturities of long-term debt 3,930 3,930
---------- ----------
Total current liabilities 371,099 303,278
Long-term debt -- net 382,631 383,431
Long-term lease liabilities 15,860 16,452
Other liabilities 17,537 18,834
---------- ----------
Total liabilities 787,127 721,995
---------- ----------
Commitments and contingencies
Shareholders' deficit:
Class A common stock, $0.0001 par
value; 500,000,000 shares
authorized, 11,937,076 and
11,712,157 shares issued and
outstanding at March 31, 2026 and
December 31, 2025, respectively 23 23
Additional paid-in capital 1,372,262 1,368,067
Treasury stock, at cost, 949,665
shares at March 31, 2026 and
December 31, 2025 (93,920) (93,920)
Accumulated deficit (1,374,103) (1,359,472)
Accumulated other comprehensive
income 346 173
---------- ----------
Total shareholders' deficit (95,392) (85,129)
---------- ----------
Total liabilities and shareholders'
deficit $ 691,735 $ 636,866
========== ==========
VIVID SEATS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands) (Unaudited)
Three Months Ended March 31,
------------------------------------
2026 2025
------------------- ---------------
Revenues $ 125,783 $ 164,023
Costs and expenses:
Cost of revenues (exclusive of
depreciation and amortization
shown separately below) 39,195 44,525
Marketing and selling 49,951 64,112
General and administrative 33,117 48,082
Depreciation and amortization 12,308 11,625
----------- ----------
Total costs and expenses 134,571 168,344
----------- ----------
Loss from operations (8,788) (4,321)
Interest expense -- net 5,931 5,665
Other expense (income) -- net 1,070 (4,154)
Loss on extinguishment of debt -- 801
----------- ----------
Loss before income taxes (15,789) (6,633)
Income tax expense (benefit) (1,158) 3,155
----------- ----------
Net loss (14,631) (9,788)
Net loss attributable to
redeemable noncontrolling
interests -- (3,846)
----------- ----------
Net loss attributable to Class A
common stockholders $ (14,631) $ (5,942)
=========== ==========
VIVID SEATS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands) (Unaudited)
Three Months Ended March 31,
------------------------------------
2026 2025
------------------- ---------------
Cash flows from operating
activities
Net loss $ (14,631) $ (9,788)
Adjustments to reconcile net loss
to net cash provided by (used in)
operating activities:
Depreciation and amortization 12,308 11,625
Amortization of leases 356 324
Amortization of deferred
financing costs 235 241
Equity-based compensation 4,414 10,751
Loss on asset disposals 59 47
Change in fair value of
derivative asset 196 350
Deferred income tax benefit (1,206) (1,464)
Non-cash interest expense -- net 142 173
Foreign currency loss (gain) --
net 806 (2,041)
Change in fair value of
Intermediate Warrants -- (3,115)
Loss on extinguishment of debt -- 801
Changes in operating assets and
liabilities:
Accounts receivable -- net (5,833) (8,367)
Inventory -- net (10,713) (8,049)
Prepaid expenses and other
current assets (7,558) (1,964)
Accounts payable 71,479 (6,943)
Accrued expenses and other
current liabilities (2,680) (6,748)
Deferred revenue (828) (691)
Long-term lease liabilities (586) (560)
Other assets and liabilities --
net 47 130
----------- ----------
Net cash provided by (used in)
operating activities 46,007 (25,288)
Cash flows from investing
activities
Purchases of property and
equipment (23) (1,836)
Purchases of personal seat
licenses (384) (563)
Investments in developed
technology (2,677) (4,526)
Purchases of seat images (20) (146)
Payments toward Acquired Domain
Name Obligation -- (500)
----------- ----------
Net cash used in investing
activities (3,104) (7,571)
Cash flows from financing
activities
Payments of taxes related to net
settlement of equity incentive
awards (338) (1,411)
Payment of 2025 First Lien Loan (983) --
Payments toward Acquired Domain
Name Obligation (500) --
Repurchases of Class A common
stock -- (5,992)
Payment of liabilities under TRA -- (4,005)
Payments of 2024 First Lien Loan -- (76,986)
Proceeds from 2025 First Lien Loan -- 76,986
Payment of deferred financing
costs and other debt-related
expenses -- (162)
----------- ----------
Net cash used in financing
activities (1,821) (11,570)
Effect of exchange rate changes on
cash, cash equivalents, and
restricted cash (229) 474
----------- ----------
Net increase (decrease) in cash,
cash equivalents, and restricted
cash 40,853 (43,955)
----------- ----------
Cash, cash equivalents, and
restricted cash -- beginning of
period 103,306 244,648
----------- ----------
Cash, cash equivalents, and
restricted cash -- end of period $ 144,159 $ 200,693
=========== ==========
Supplemental disclosures of cash
flow information
Cash paid for interest $ 6,153 $ 7,749
=========== ==========
Cash paid for income taxes $ 55 $ 1,286
=========== ==========
Adjusted EBITDA
We present adjusted EBITDA, which is a non-U.S. GAAP financial measure, because it is a key measure used by analysts, investors, and others to evaluate companies in our industry. Adjusted EBITDA is also used by management to make operating decisions, including those related to analyzing operating expenses, evaluating performance, and performing strategic planning and annual budgeting.
We believe adjusted EBITDA is useful for understanding, evaluating, and highlighting trends in our operating results and for making period-to-period comparisons of our business performance because it excludes the impact of items that are outside of our control and/or not reflective of ongoing performance related directly to the operation of our business.
Adjusted EBITDA is not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, financial measures calculated in accordance with U.S. GAAP. Adjusted EBITDA does not reflect all amounts associated with our operating results as determined in accordance with U.S. GAAP and specifically excludes certain recurring costs such as: income tax expense (benefit); interest expense -- net; depreciation and amortization; sales tax liabilities; transaction costs; equity-based compensation; litigation, settlements, and related costs; loss on asset disposals; change in fair value of derivative asset; foreign currency loss (gain) -- net; severance compensation; change in fair value of the Intermediate Warrants (as defined below); and loss on extinguishment of debt. In addition, other companies may calculate adjusted EBITDA differently than we do, thereby limiting its usefulness as a comparative tool. We compensate for these limitations by providing specific information regarding the U.S. GAAP amounts that are excluded from our presentation of adjusted EBITDA.
The following table presents a reconciliation of adjusted EBITDA to net loss, the most directly comparable U.S. GAAP financial measure, for the three months ended March 31, 2026 and 2025 (in thousands):
Three Months Ended March 31,
------------------------------------------------------
2026 2025
-------------------------- --------------------------
Net loss $ (14,631) $ (9,788)
Adjustments to
reconcile net loss
to adjusted
EBITDA:
Income tax
expense
(benefit) (1,158) 3,155
Interest expense
-- net 5,931 5,665
Depreciation and
amortization 12,308 11,625
Sales tax
liability(1) 237 (1,791)
Transaction
costs(2) 792 5,709
Equity-based
compensation(3) 4,414 10,751
Litigation,
settlements, and
related
costs(4) 149 353
Loss on asset
disposals(5) 59 47
Change in fair
value of
derivative
asset(6) 196 350
Foreign currency
loss (gain) --
net(7) 956 (2,041)
Severance
compensation(8) 233 --
Change in fair
value of
Intermediate
Warrants(9) -- (3,115)
Loss on
extinguishment
of debt(10) -- 801
---- -------------- ---- ---------------
Adjusted EBITDA $ 9,486 $ 21,721
==== ============== ==== ==== =============== ===
(1) During the three months ended March 31, 2026 and 2025,
we accrued for additional uncollected indirect tax
liabilities in jurisdictions where we believed it was
probable we should remit payment to U.S. and foreign
governmental tax authorities before all required
amounts are collected from the customer. We also
received abatements and recognized other reductions
to the balance of the liability related to
uncollected indirect taxes (including sales taxes).
(2) Consists of legal, accounting, tax, and other
professional fees, integration costs, and other
transaction-related expenses, none of which are
considered indicative of our core operating
performance. Costs in the three months ended March
31, 2026 primarily related to various strategic
transactions and investments. Costs in three months
ended March 31, 2025 primarily related to potential
strategic transactions that were explored during the
period, the February 2025 refinancing of our first
lien term loan, repurchases of Class A common stock,
and various strategic transactions and investments.
(3) Relates to equity granted by us pursuant to our 2021
Incentive Award Plan, as amended, which is not
considered indicative of our core operating
performance.
(4) Relates to external legal costs, settlement costs, and
insurance recoveries, none of which are considered
indicative of our core operating performance.
(5) Relates to disposals of fixed assets, which are not
considered indicative of our core operating
performance.
(6) Relates to the revaluation of derivatives recorded
at fair value, which revaluations are not considered
indicative of our core operating performance.
(7) Relates to net realized and unrealized losses (gains)
resulting from the impact of exchange rate changes on
transactions denominated in non-functional
currencies, which are not considered indicative of
our core operating performance.
(8) Relates to severance-related payments made to
terminated employees as a result of a reduction in
employee headcount and the departure of certain
members of our leadership team, which are not
considered indicative of our core operating
performance.
(9) Relates to the revaluation of warrants (the
"Intermediate Warrants"), issued in connection with
the 2021 transaction pursuant to which Horizon
Acquisition Corporation merged with and into us,
which entitled Hoya Topco, LLC to purchase common
units of Hoya Intermediate, LLC, which revaluations
are not considered indicative of our core operating
performance.
(10) Relates to losses incurred in connection with the
extinguishment of our former first lien term loan,
which are not considered indicative of our core
operating performance.
(END) Dow Jones Newswires
May 05, 2026 06:30 ET (10:30 GMT)