Exhibit 99.1
Vivid Seats Reports Second Quarter 2026 Results
CHICAGO, IL – August 4, 2026 – 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 second quarter ended June 30, 2026.
“We are encouraged by the progress we’ve made through the first half of the year. Our second quarter results exceeded expectations as we delivered sequential growth driven by the extraordinary demand created by the FIFA World Cup,” said Lawrence Fey, Chief Executive Officer of Vivid Seats. “We continue to successfully execute against our strategic objectives. With leading technology, a compelling value proposition, differentiated data, and a relentless focus on operational excellence, we remain confident in our ability to drive long-term shareholder value.”
Second Quarter 2026 Key Financial Highlights
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 and six months ended June 30, 2026 and 2025 (in thousands):
|
| Three Months Ended June 30, |
|
| Six Months Ended June 30, |
| ||||||||||
|
| 2026 |
|
| 2025 |
|
| 2026 |
|
| 2025 |
| ||||
Marketplace GOV(1) |
| $ | 659,359 |
|
| $ | 685,488 |
|
| $ | 1,271,725 |
|
| $ | 1,505,847 |
|
Marketplace orders(2) |
|
| 1,825 |
|
|
| 2,173 |
|
|
| 3,541 |
|
|
| 4,469 |
|
Resale orders(3) |
|
| 84 |
|
|
| 97 |
|
|
| 166 |
|
|
| 202 |
|
Adjusted EBITDA(4) |
| $ | 12,592 |
|
| $ | 14,356 |
|
| $ | 22,078 |
|
| $ | 36,077 |
|
2026 Financial Outlook
For the year ending December 31, 2026, we now anticipate:
* 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 second quarter 2026 financial results, business updates, and financial outlook. Participants may access the webcast and supplemental earnings presentation by visting 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 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 or do not relate to historical matters, are intended to identify such forward-looking statements. Such forward-looking statements may relate to, without limitation: our business strategy and objectives; our future operating results and financial performance, including our expectations with respect to our fiscal year 2026 Marketplace GOV and adjusted EBITDA; and our expectations with respect to live event industry growth, the supply of and demand for live events, and our competitive positioning. Forward-looking statements are not guarantees of future performance, conditions, or results, and are subject to risks and uncertainties that can be difficult to predict and/or outside of our control. Therefore, actual results may differ materially from those contemplated by any such forward-looking statements. Such risks and uncertainties 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. Except as required by applicable law, we undertake no obligation to update or revise any such forward-looking statements, which speak only as of the date of this press release.
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)
|
| June 30, |
|
| December 31, |
| ||
|
| 2026 |
|
| 2025 |
| ||
Assets |
|
|
|
|
|
| ||
Current assets: |
|
|
|
|
|
| ||
Cash and cash equivalents |
| $ | 136,676 |
|
| $ | 102,702 |
|
Restricted cash |
|
| 904 |
|
|
| 604 |
|
Accounts receivable – net |
|
| 45,036 |
|
|
| 30,664 |
|
Inventory – net |
|
| 26,925 |
|
|
| 18,166 |
|
Prepaid expenses and other current assets |
|
| 39,191 |
|
|
| 26,336 |
|
Total current assets |
|
| 248,732 |
|
|
| 178,472 |
|
Property and equipment – net |
|
| 11,268 |
|
|
| 12,373 |
|
Right-of-use assets – net |
|
| 9,769 |
|
|
| 10,515 |
|
Intangible assets – net |
|
| 124,168 |
|
|
| 141,528 |
|
Goodwill – net |
|
| 283,468 |
|
|
| 283,915 |
|
Deferred tax assets – net |
|
| 1,296 |
|
|
| 1,123 |
|
Investments |
|
| 5,465 |
|
|
| 5,365 |
|
Other assets |
|
| 4,639 |
|
|
| 3,575 |
|
Total assets |
| $ | 688,805 |
|
| $ | 636,866 |
|
Liabilities and shareholders' deficit |
|
|
|
|
|
| ||
Current liabilities: |
|
|
|
|
|
| ||
Accounts payable |
| $ | 230,849 |
|
| $ | 153,418 |
|
Accrued expenses and other current liabilities |
|
| 126,476 |
|
|
| 125,957 |
|
Deferred revenue |
|
| 17,331 |
|
|
| 19,973 |
|
Current maturities of long-term debt |
|
| 3,930 |
|
|
| 3,930 |
|
Total current liabilities |
|
| 378,586 |
|
|
| 303,278 |
|
Long-term debt – net |
|
| 381,836 |
|
|
| 383,431 |
|
Long-term lease liabilities |
|
| 15,260 |
|
|
| 16,452 |
|
Other liabilities |
|
| 18,202 |
|
|
| 18,834 |
|
Total liabilities |
|
| 793,884 |
|
|
| 721,995 |
|
Commitments and contingencies |
|
|
|
|
|
| ||
Shareholders' deficit: |
|
|
|
|
|
| ||
Class A common stock, $0.0001 par value; 500,000,000 shares authorized, 12,190,860 and 11,712,157 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively |
|
| 23 |
|
|
| 23 |
|
Additional paid-in capital |
|
| 1,376,687 |
|
|
| 1,368,067 |
|
Treasury stock, at cost, 949,665 shares at June 30, 2026 and December 31, 2025 |
|
| (93,920 | ) |
|
| (93,920 | ) |
Accumulated deficit |
|
| (1,388,424 | ) |
|
| (1,359,472 | ) |
Accumulated other comprehensive income |
|
| 555 |
|
|
| 173 |
|
Total shareholders' deficit |
|
| (105,079 | ) |
|
| (85,129 | ) |
Total liabilities and shareholders' deficit |
| $ | 688,805 |
|
| $ | 636,866 |
|
VIVID SEATS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands) (Unaudited)
|
| Three Months Ended June 30, |
|
| Six Months Ended June 30, |
| ||||||||||
|
| 2026 |
|
| 2025 |
|
| 2026 |
|
| 2025 |
| ||||
Revenues |
| $ | 129,861 |
|
| $ | 143,566 |
|
| $ | 255,644 |
|
| $ | 307,589 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Cost of revenues (exclusive of depreciation and amortization shown separately below) |
|
| 38,642 |
|
|
| 42,429 |
|
|
| 77,837 |
|
|
| 86,954 |
|
Marketing and selling |
|
| 52,753 |
|
|
| 53,800 |
|
|
| 102,704 |
|
|
| 117,912 |
|
General and administrative |
|
| 32,589 |
|
|
| 46,272 |
|
|
| 65,706 |
|
|
| 94,354 |
|
Depreciation and amortization |
|
| 12,318 |
|
|
| 12,341 |
|
|
| 24,626 |
|
|
| 23,966 |
|
Impairment charges |
|
| — |
|
|
| 320,449 |
|
|
| — |
|
|
| 320,449 |
|
Total costs and expenses |
|
| 136,302 |
|
|
| 475,291 |
|
|
| 270,873 |
|
|
| 643,635 |
|
Loss from operations |
|
| (6,441 | ) |
|
| (331,725 | ) |
|
| (15,229 | ) |
|
| (336,046 | ) |
Interest expense – net |
|
| 6,055 |
|
|
| 5,634 |
|
|
| 11,986 |
|
|
| 11,299 |
|
Other expense (income) – net |
|
| 945 |
|
|
| (150,197 | ) |
|
| 2,015 |
|
|
| (154,351 | ) |
Loss on extinguishment of debt |
|
| — |
|
|
| — |
|
|
| — |
|
|
| 801 |
|
Loss before income taxes |
|
| (13,441 | ) |
|
| (187,162 | ) |
|
| (29,230 | ) |
|
| (193,795 | ) |
Income tax expense (benefit) |
|
| 880 |
|
|
| 76,165 |
|
|
| (278 | ) |
|
| 79,320 |
|
Net loss |
|
| (14,321 | ) |
|
| (263,327 | ) |
|
| (28,952 | ) |
|
| (273,115 | ) |
Net loss attributable to redeemable noncontrolling interests |
|
| — |
|
|
| (123,652 | ) |
|
| — |
|
|
| (127,498 | ) |
Net loss attributable to Class A common stockholders |
| $ | (14,321 | ) |
| $ | (139,675 | ) |
| $ | (28,952 | ) |
| $ | (145,617 | ) |
VIVID SEATS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands) (Unaudited)
|
| Six Months Ended June 30, |
| |||||
|
| 2026 |
|
| 2025 |
| ||
Cash flows from operating activities |
|
|
|
|
|
| ||
Net loss |
| $ | (28,952 | ) |
| $ | (273,115 | ) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
|
|
|
|
|
| ||
Depreciation and amortization |
|
| 24,626 |
|
|
| 23,966 |
|
Amortization of leases |
|
| 721 |
|
|
| 720 |
|
Amortization of deferred financing costs |
|
| 474 |
|
|
| 485 |
|
Equity-based compensation |
|
| 9,085 |
|
|
| 22,403 |
|
Loss on asset disposals |
|
| 86 |
|
|
| 196 |
|
Change in fair value of derivative asset |
|
| 338 |
|
|
| 573 |
|
Deferred income tax expense (benefit) |
|
| (403 | ) |
|
| 76,707 |
|
Non-cash interest expense – net |
|
| 269 |
|
|
| 334 |
|
Foreign currency loss (gain) – net |
|
| 1,469 |
|
|
| (3,574 | ) |
Change in fair value of Intermediate Warrants |
|
| — |
|
|
| (4,849 | ) |
Loss on extinguishment of debt |
|
| — |
|
|
| 801 |
|
Adjustment of liabilities under TRA |
|
| — |
|
|
| (149,172 | ) |
Impairment charges |
|
| — |
|
|
| 320,449 |
|
Write-off of Sponsorship Loan |
|
| — |
|
|
| 2,024 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
| ||
Accounts receivable – net |
|
| (14,520 | ) |
|
| (906 | ) |
Inventory – net |
|
| (8,764 | ) |
|
| (13,018 | ) |
Prepaid expenses and other current assets |
|
| (12,869 | ) |
|
| 3,613 |
|
Accounts payable |
|
| 77,670 |
|
|
| (29,394 | ) |
Accrued expenses and other current liabilities |
|
| (243 | ) |
|
| (28,104 | ) |
Deferred revenue |
|
| (2,643 | ) |
|
| (3,826 | ) |
Long-term lease liabilities |
|
| (1,183 | ) |
|
| (1,085 | ) |
Other assets and liabilities – net |
|
| 47 |
|
|
| 864 |
|
Net cash provided by (used in) operating activities |
|
| 45,208 |
|
|
| (53,908 | ) |
Cash flows from investing activities |
|
|
|
|
|
| ||
Purchases of property and equipment |
|
| (23 | ) |
|
| (2,043 | ) |
Purchases of personal seat licenses |
|
| (625 | ) |
|
| (960 | ) |
Investments in developed technology |
|
| (5,993 | ) |
|
| (8,341 | ) |
Purchases of seat images |
|
| (287 | ) |
|
| (321 | ) |
Net cash used in investing activities |
|
| (6,928 | ) |
|
| (11,665 | ) |
Cash flows from financing activities |
|
|
|
|
|
| ||
Payments of taxes related to net settlement of equity incentive awards |
|
| (686 | ) |
|
| (1,742 | ) |
Payments of 2025 First Lien Loan |
|
| (1,965 | ) |
|
| (983 | ) |
Payments toward Acquired Domain Name Obligation |
|
| (1,000 | ) |
|
| (1,000 | ) |
Payment of deferred financing costs and other debt-related expenses |
|
| — |
|
|
| (162 | ) |
Tax distributions to redeemable noncontrolling interests |
|
| — |
|
|
| (1,689 | ) |
Repurchases of Class A common stock |
|
| — |
|
|
| (15,862 | ) |
Payment of liabilities under TRA |
|
| — |
|
|
| (4,005 | ) |
Payments of 2024 First Lien Loan |
|
| — |
|
|
| (76,986 | ) |
Proceeds from 2025 First Lien Loan |
|
| — |
|
|
| 76,986 |
|
Net cash used in financing activities |
|
| (3,651 | ) |
|
| (25,443 | ) |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash |
|
| (355 | ) |
|
| 354 |
|
Net increase (decrease) in cash, cash equivalents, and restricted cash |
|
| 34,274 |
|
|
| (90,662 | ) |
Cash, cash equivalents, and restricted cash – beginning of period |
|
| 103,306 |
|
|
| 244,648 |
|
Cash, cash equivalents, and restricted cash – end of period |
| $ | 137,580 |
|
| $ | 153,986 |
|
|
|
|
|
|
|
| ||
Supplemental disclosures of cash flow information |
|
|
|
|
|
| ||
Cash paid for interest |
| $ | 12,086 |
|
| $ | 14,883 |
|
Cash paid for income taxes, net of income tax refunds received |
| $ | 268 |
|
| $ | 1,953 |
|
Adjusted EBITDA
Adjusted EBITDA is a non-U.S. GAAP financial measure that is used by 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 warrants; loss on extinguishment of debt; adjustment of liabilities under our former Tax Receivable Agreement (“TRA”) entered into with the existing unitholders of Hoya Intermediate, LLC; and impairment charges. 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 and six months ended June 30, 2026 and 2025 (in thousands):
|
| Three Months Ended June 30, |
|
| Six Months Ended June 30, |
| ||||||||||
|
| 2026 |
|
| 2025 |
|
| 2026 |
|
| 2025 |
| ||||
Net loss |
| $ | (14,321 | ) |
| $ | (263,327 | ) |
| $ | (28,952 | ) |
| $ | (273,115 | ) |
Adjustments to reconcile net loss to adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Income tax expense (benefit) |
|
| 880 |
|
|
| 76,165 |
|
|
| (278 | ) |
|
| 79,320 |
|
Interest expense – net |
|
| 6,055 |
|
|
| 5,634 |
|
|
| 11,986 |
|
|
| 11,299 |
|
Depreciation and amortization |
|
| 12,318 |
|
|
| 12,341 |
|
|
| 24,626 |
|
|
| 23,966 |
|
Sales tax liability(1) |
|
| 204 |
|
|
| 431 |
|
|
| 441 |
|
|
| (1,360 | ) |
Transaction costs(2) |
|
| 138 |
|
|
| 2,172 |
|
|
| 930 |
|
|
| 7,881 |
|
Equity-based compensation(3) |
|
| 4,671 |
|
|
| 11,652 |
|
|
| 9,085 |
|
|
| 22,403 |
|
Litigation, settlements, and related costs(4) |
|
| 1,687 |
|
|
| 352 |
|
|
| 1,836 |
|
|
| 705 |
|
Loss on asset disposals(5) |
|
| 27 |
|
|
| 149 |
|
|
| 86 |
|
|
| 196 |
|
Change in fair value of derivative asset(6) |
|
| 142 |
|
|
| 223 |
|
|
| 338 |
|
|
| 573 |
|
Foreign currency loss (gain) – net(7) |
|
| 779 |
|
|
| (1,533 | ) |
|
| 1,735 |
|
|
| (3,574 | ) |
Severance compensation(8) |
|
| 12 |
|
|
| 554 |
|
|
| 245 |
|
|
| 554 |
|
Change in fair value of Intermediate Warrants(9) |
|
| — |
|
|
| (1,734 | ) |
|
| — |
|
|
| (4,849 | ) |
Loss on extinguishment of debt(10) |
|
| — |
|
|
| — |
|
|
| — |
|
|
| 801 |
|
Adjustment of liabilities under TRA(11) |
|
| — |
|
|
| (149,172 | ) |
|
| — |
|
|
| (149,172 | ) |
Impairment charges(12) |
|
| — |
|
|
| 320,449 |
|
|
| — |
|
|
| 320,449 |
|
Adjusted EBITDA |
| $ | 12,592 |
|
| $ | 14,356 |
|
| $ | 22,078 |
|
| $ | 36,077 |
|