Vivid Seats has released its Q2 financial results, which highlight a rough quarter for the secondary ticket marketplace.
The Q2 figures:
Revenue of $143.6 million, down 28% from $198.3 million in Q2 2024.
Marketplace GOV of $685.5 million, down 31% from $998.1 million in Q2 2024.
Net loss of $263.3 million, down $262.1 million from net loss of $1.2 million in Q2 2024.
Adjusted EBITDA of $14.4 million, down $29.8 million from $44.2 million in Q2 2024.
The reasons:
In a statement, CEO Stan Chia references “pressure on consumer spending coupled with continued competitive intensity in performance marketing channels.”
He adds: “Industry monthly volume trends have been unpredictable while competitive intensity persists near peak levels.”
The response:
Chia flagged $25 million of annualized cost savings that the company intends to action by the end of 2025.
He stated: “This cost reduction program will both right-size the organization for the current environment and drive enhanced long-term efficiency.”
Vivid Seats is not providing guidance for the year ending December 31, 2025.
CFO Lawrence Fey predicted “positive cash flow” in the third quarter “due to a combination of typical seasonality improvements and a belief that the degree of June’s industry volume softness was atypical.”
