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NEW YORK, April 07, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of AIRO Group Holdings, Inc. (“Airo” or the “Company”) (NASDAQ: AIRO).  Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.

The investigation concerns whether Airo and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action]

On or around June 13, 2025, Airo conducted its initial public offering (“IPO”) of 6.9 million shares priced at $10.00 per share.  Then, on March 31, 2026, Airo issued a press release announcing its fourth quarter and full year 2025 financial results, missing consensus estimates with respect to both operating profit and sales.  Airo also announced the decision to abandon its electric air taxi business. 

On this news, Airo’s stock price fell $0.97 per share, or 11.26%, to close at $7.61 per share on March 31, 2026.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.

Attorney advertising. Prior results do not guarantee similar outcomes.   

CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980

LOS ANGELES--(BUSINESS WIRE)---- $AIRO--AIRO Investors Have Opportunity to Join AIRO Group Holdings, Inc. Fraud Investigation with the Schall Law Firm.

LOS ANGELES, April 15, 2026 (GLOBE NEWSWIRE) -- The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of AIRO Group Holdings, Inc. (“Airo” or “the Company”) (NASDAQ: AIRO) for violations of the securities laws.

The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Airo announced its Q4 and full year 2025 financial results on March 31, 2026. The Company missed consensus estimates for sales and profits, also announcing its decision to abandon its air taxi business. Based on this news, shares of Airo fell by almost 11.3%.

If you are a shareholder who suffered a loss, click here to participate.

We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].

The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.

CONTACT:

The Schall Law Firm 
Brian Schall, Esq. 
310-301-3335
[email protected]

www.schallfirm.com

NEW YORK, April 21, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of AIRO Group Holdings, Inc. (“Airo” or the “Company”) (NASDAQ: AIRO). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.

The investigation concerns whether Airo and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action]

On or around June 13, 2025, Airo conducted its initial public offering (“IPO”) of 6.9 million shares priced at $10.00 per share. Then, on March 31, 2026, Airo issued a press release announcing its fourth quarter and full year 2025 financial results, missing consensus estimates with respect to both operating profit and sales. Airo also announced the decision to abandon its electric air taxi business. 

On this news, Airo’s stock price fell $0.97 per share, or 11.26%, to close at $7.61 per share on March 31, 2026.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.

Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980

NEW YORK, April 28, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of AIRO Group Holdings, Inc. (“Airo” or the “Company”) (NASDAQ: AIRO).  Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.

The investigation concerns whether Airo and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action]

On or around June 13, 2025, Airo conducted its initial public offering (“IPO”) of 6.9 million shares priced at $10.00 per share.  Then, on March 31, 2026, Airo issued a press release announcing its fourth quarter and full year 2025 financial results, missing consensus estimates with respect to both operating profit and sales.  Airo also announced the decision to abandon its electric air taxi business. 

On this news, Airo’s stock price fell $0.97 per share, or 11.26%, to close at $7.61 per share on March 31, 2026.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.

Attorney advertising. Prior results do not guarantee similar outcomes.  

CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980 

MCLEAN, Va.--(BUSINESS WIRE)--AIRO Group Holdings, Inc. (Nasdaq: AIRO) (“AIRO” or the “Company”), a global leader in advanced aerospace and defense technologies, today announced that it will host a conference call to report its financial results for the first quarter 2026 at 8:00 a.m., ET, on Thursday, May 14, 2026. Participants can join the call by dialing 1 (800)-715-9871 (US) or 1 (646)-307-1963 (international) and enter the access code 7911023. To listen to the live audio webcast and Q&.

DETROIT--(BUSINESS WIRE)-- #AIRO--AIRO Group Holdings, Inc. (Nasdaq: AIRO), a next-generation aerospace and defense company, together with its brand Jaunt Air Mobility, today announced the public unveiling of its full-scale autonomous aircraft at AUVSI XPONENTIAL 2026 – a vertical takeoff and landing (VTOL) platform designed for defense and government missions, with dual-use capability for cargo logistics and remote operations. The aircraft represents a major milestone in the development of AIRO's heav.

AIRO Group's Pullback: An Undervalued Growth Opportunity?AIRO Group NASDAQ: AIRO reported first-quarter 2026 revenue that declined from the prior year, while management said the results were in line with internal expectations and reaffirmed its full-year revenue growth outlook as the company shifts more of its focus toward drones.

On the company’s earnings call, Executive Chairman Chirinjeev Kathuria described 2025 as a “foundational year” and said the first quarter represented another step in building infrastructure to support growth as a newly public company. He said AIRO is refining its strategic focus around opportunities that align customer demand, operational timelines and long-term value.

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Kathuria said the company is “repositioning the business to focus on the drone market” as part of a strategy to diversify its product portfolio. He pointed to several recently introduced platforms, including the RQ-70, which he said complements the RQ-35 with extended range, higher payload capacity, upgraded sensors and a competitive price point. He also highlighted the JC-250 and JX-250 drone aircraft, which are designed to achieve more than 1,000 miles of range and 16 hours of endurance in an intelligence, surveillance and reconnaissance configuration.

Revenue Falls, Loss Widens in First Quarter Chief Financial Officer Mariya Pylypiv said AIRO generated first-quarter 2026 revenue of $8.9 million, compared with $11.8 million in the first quarter of 2025. She said the decrease was expected and modestly ahead of internal expectations, citing timing-related customer shipments and expected variability in the business.

Gross profit was $2.4 million, representing a gross margin of 26.6%, compared with gross profit of $6.9 million and gross margin of 58.8% in the year-earlier period. Pylypiv said the year-over-year margin decline was not reflective of underlying demand and was driven by a first-quarter revenue mix shift toward drone upgrades.

Operating loss widened to $17.2 million from $3.1 million a year earlier. Net loss was $15.5 million, compared with $2 million in the first quarter of 2025. EBITDA was negative $14.3 million, versus positive $2.7 million in the prior-year period, while adjusted EBITDA was negative $12.8 million, compared with approximately breakeven a year earlier.

Pylypiv said the weaker profitability reflected lower revenue, higher cost of sales and higher operating expenses tied to post-IPO investments that management had previously discussed. She said the company remains disciplined on cost controls while investing in infrastructure to support demand.

Drone Backlog Exceeds $150 Million Management said demand remains stable, with drone backlog exceeding $150 million as of April 30. Pylypiv said the figure was stable compared with the amount reported on the fourth-quarter call and that AIRO expects the majority of the backlog to convert to revenue within the next 12 months.

She noted that the backlog excludes U.S. backlog, which she said could provide upside once included. The company defines the backlog as orders it reasonably expects to convert over the next 12 months.

Pylypiv said the company expects a record second half of 2026 and, more specifically, a record fourth quarter, providing momentum into 2027. She also said AIRO expects 2027 revenue growth to outpace what it has projected for 2026, with additional outperformance tied to U.S. demand.

Guidance Reaffirmed Despite Quarterly Variability AIRO reiterated its full-year 2026 revenue growth guidance of 15% to 25% year over year. Pylypiv said management is “extremely confident” in achieving the guided range and believes the company has an opportunity to outperform it.

The company expects the first quarter to be the low point for the year on both the top and bottom lines. Pylypiv said AIRO expects an approximate 40-60 split between first-half and second-half revenue, with the third quarter sequentially lower than the second quarter, based on current visibility into large drone order deliveries.

AIRO also initiated full-year 2026 adjusted EBITDA guidance in the negative mid- to high-teens dollar range. Pylypiv said the majority of the EBITDA loss is expected in the first half of the year, with first-quarter performance in line with or modestly better than the second quarter.

The company expects low single-digit gross margin compression compared with fiscal 2025, largely driven by the first-quarter mix shift toward drone upgrades. Pylypiv said pure drone deliveries are expected to be the leading driver of revenue in the second quarter and the remaining quarters, which management expects to favorably impact margins.

Blue UAS Certification Remains a Key Milestone Chief Executive Officer Joe Burns said AIRO is reaffirming its timeline to achieve Blue UAS certification in the second quarter of 2026. He called the certification a key milestone that could expand the company’s addressable market by enabling it to support the U.S. Department of Defense and accelerate domestic adoption.

Burns said the company has experience fully assembling RQ-35 Heidrun drones at its manufacturing facility in Phoenix, Arizona. In response to an analyst question, he said AIRO has invested heavily in the Phoenix factory and feels confident in obtaining final Blue UAS certification after completing required process steps.

Burns said the RQ-35 Heidrun remains AIRO’s core platform, while the company is preparing to introduce additional platforms, including the RQ-70 Dainn. He said the RQ-70 is intended to address a distinct operational profile with significantly extended flight range, higher payload capacity and upgraded sensor options.

He also said AIRO is integrating artificial intelligence across its products. Burns said the company is already marketing and selling the AI-enabled full-stack RQ-35 Heidrun, and that onboard AI supports real-time identification and classification of enemy assets and threats, navigation, situational awareness, mission execution and autonomy.

Portfolio Review and Capital Allocation Burns said AIRO is evaluating strategic alternatives for its training business, including maintaining the current approach. He said CDI remains a valuable asset with long-term potential, but described it as an asset-heavy operation whose role is being assessed as AIRO scales other segments.

In avionics, Burns said Aspen performed in line with top-line expectations for the quarter, though margins were affected by upgrade-related pricing programs and the timing of operating expenses. He said AIRO continues to see consistent demand for Aspen products and sees opportunities to integrate Aspen Avionics more deeply into its drone business over time.

Burns said AIRO’s balance sheet, with $54.2 million in cash as of March 31 and little debt, gives the company flexibility. He said AIRO continues to evaluate acquisitions that could be accretive within 12 months and strategically enhance its drone and avionics platforms. He also said management sees a disconnect between the company’s stock price and the underlying value of the business, and views share repurchases as an attractive and flexible way to return capital at current levels.

During the question-and-answer session, Burns said proposed Bullet and Nord joint ventures are still moving through regulatory issues and have not yet been finalized. He said AIRO is also evaluating other partnerships with strategic alignment. Asked about the Drone Dominance program, Burns said AIRO is currently involved as a subcontractor and expects more phases of the program to emerge in the near future.

About AIRO Group NASDAQ: AIROWe are a technologically differentiated aerospace, autonomy, and air mobility platform targeting 21st century aerospace and defense opportunities. We leverage decades of industry expertise and connections across the drone, aviation, and avionics markets to provide leading solutions to the aerospace and defense market. We offer connected and diversified solutions providing operational synergies across our segments and are powered by an international footprint as well as supplier and public sector relationships.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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MCLEAN, Va.--(BUSINESS WIRE)--AIRO Group Holdings, Inc. (Nasdaq: AIRO), a next-generation aerospace and defense company, today announced the acquisition of an industrial plot in Rebild Municipality, Denmark, totaling 390,000 square feet (~36,000 square meters). AIRO intends to use this plot to build its next large-scale industrial site to support the Company's next growth phase. AIRO believes that this investment represents a key step in realizing AIRO's strategy to scale a globally integrated.

LOS ANGELES--(BUSINESS WIRE)---- $NAGE #Biotech--Niagen Bioscience, Inc. (NASDAQ: NAGE), the global authority on NAD+ (nicotinamide adenine dinucleotide) with a focus on the science of healthy aging, today announced OneSpaWorld (NASDAQ: OSW) as the newest Niagen Plus™ provider, engaged to offer pharmaceutical grade Niagen IV at over 80 Medi-Spa clinics onboard high-end cruise ships. Marking Niagen Bioscience's first cruise ship clinic partnership, this collaboration brings Niagen IV to guests at sea. Rob Fried, C.

Posted by Defense World Staff on Apr 5th, 2026

Lindblad Expeditions (NASDAQ:LIND – Get Free Report) and OneSpaWorld (NASDAQ:OSW – Get Free Report) are both consumer discretionary companies, but which is the better business? We will contrast the two businesses based on the strength of their institutional ownership, dividends, analyst recommendations, profitability, earnings, valuation and risk.

Volatility & Risk Lindblad Expeditions has a beta of 2.25, suggesting that its share price is 125% more volatile than the S&P 500. Comparatively, OneSpaWorld has a beta of 0.95, suggesting that its share price is 5% less volatile than the S&P 500.

Earnings and Valuation This table compares Lindblad Expeditions and OneSpaWorld”s top-line revenue, earnings per share and valuation.

Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Lindblad Expeditions $771.02 million 1.44 -$29.72 million ($0.63) -27.08 OneSpaWorld $961.00 million 2.48 $71.62 million $0.69 34.03 OneSpaWorld has higher revenue and earnings than Lindblad Expeditions. Lindblad Expeditions is trading at a lower price-to-earnings ratio than OneSpaWorld, indicating that it is currently the more affordable of the two stocks.

Analyst Recommendations This is a summary of current ratings for Lindblad Expeditions and OneSpaWorld, as provided by MarketBeat.com.

Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Lindblad Expeditions 1 1 5 0 2.57 OneSpaWorld 0 1 7 1 3.00 Lindblad Expeditions presently has a consensus target price of $22.25, suggesting a potential upside of 30.42%. OneSpaWorld has a consensus target price of $26.33, suggesting a potential upside of 12.15%. Given Lindblad Expeditions’ higher possible upside, equities analysts clearly believe Lindblad Expeditions is more favorable than OneSpaWorld.

Institutional & Insider Ownership 75.9% of Lindblad Expeditions shares are held by institutional investors. Comparatively, 96.0% of OneSpaWorld shares are held by institutional investors. 34.0% of Lindblad Expeditions shares are held by company insiders. Comparatively, 3.9% of OneSpaWorld shares are held by company insiders. Strong institutional ownership is an indication that large money managers, hedge funds and endowments believe a company is poised for long-term growth.

Profitability This table compares Lindblad Expeditions and OneSpaWorld’s net margins, return on equity and return on assets.

Net Margins Return on Equity Return on Assets Lindblad Expeditions -3.65% N/A -1.01% OneSpaWorld 7.45% 17.08% 12.90% Summary OneSpaWorld beats Lindblad Expeditions on 12 of the 15 factors compared between the two stocks.

About Lindblad Expeditions (Get Free Report)

Lindblad Expeditions Holdings, Inc. provides marine expedition adventures and travel experience worldwide. It operates through Lindblad and Land Experiences segment. Lindblad segment provides ship-based expeditions aboard customized, nimble, and intimately-scaled vessels, which offers up-close experiences in the planet's wild and remote places, and capitals of culture; and offers expedition ship which is equipped with state-of-the-art tools for in-depth exploration with infrastructure and ports, such as Antarctica and the Arctic, and places that accessed by a ship comprising Galápagos Islands, Alaska, Baja California's Sea of Cortez and Panama, and foster engagement activities. The Land Experiences segment comprises natural habitats, which provides over 100 different expedition itineraries in more than 45 countries across seven continents, with eco-conscious expeditions and nature-focused, and small-group tours including polar bear tours and bear adventure; and DuVine provides intimate group cycling and adventure tours around the world with local cycling experts as guides in local cultural, cuisine, and accommodations. This segment also offers off the beaten path including small group travel, led by local, and experienced guides with focus on wildlife, hiking national parks, and culture; and classical journey, a curated active small-group and private custom journeys centered around cinematic walks led by expert local guides over 50 countries across the world. In addition, it has an alliance with National Geographic Partners, LLC, which provides lecturers and National Geographic experts including photographers, marine biologists, writers, naturalists, field researchers, and film crews; and partnered with World Wildlife Fund to offer conservation travel. Lindblad Expeditions Holdings, Inc. was founded in 1979 and is headquartered in New York, New York.

About OneSpaWorld (Get Free Report)

OneSpaWorld Holdings Limited operates health and wellness centers onboard cruise ships and at destination resorts worldwide. Its health and wellness centers offer services, such as traditional body, salon, and skin care services and products; self-service fitness facilities, specialized fitness classes, and personal fitness training; pain management, detoxifying programs, and body composition analyses; weight management programs and products; and medi-spa services. The company also provides its guests access to beauty and wellness brands, including ELEMIS, Grown Alchemist, Kérastase, Dysport, Restylane, Thermage, CoolSculpting, truSculpt 3D, truSculpt iD, Good Feet, and Hyperice with various brands offered in the cruise market. The company is based in Nassau, Bahamas.

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What happenedAccording to an SEC filing dated April 13, 2026, Reinhart Partners, LLC increased its position in OneSpaWorld (OSW +1.30%) by 1,697,822 shares during the first quarter. The estimated transaction value, based on the average quarterly closing price, was $36.11 million. The quarter-end value of the position rose by $43.80 million, reflecting both new share purchases and price movements.

What else to knowThe fund was a buyer of OSW, with the stake now representing 2.56% of its 13F assets under management.

Top holdings after the filing:Axcelis Technologies: $154.30 million (4.4% of AUM)First Citizens BancShares, Class A: $147.60 million (4.2% of AUM)Silicon Motion Technology: $147.56 million (4.2% of AUM)Modine Manufacturing: $130.29 million (3.7% of AUM)InterDigital: $127.54 million (3.7% of AUM)As of April 13, 2026, OneSpaWorld shares were trading at $24.94, up 47.32% over the past year and outperforming the S&P 500 by 17 percentage points.

Company overviewMetricValuePrice (as of market close April 13, 2026)$24.94Market capitalization$2.56 billionRevenue (TTM)$961.00 millionNet income (TTM)$71.62 millionCompany snapshotOneSpaWorld:

Offers health, wellness, fitness, beauty, and medi-spa services onboard cruise ships and at destination resorts, including body and skin care, salon treatments, fitness classes, and branded wellness products.Generates revenue through direct service provision, product sales, and exclusive brand partnerships primarily within the cruise and hospitality sectors.Targets cruise line passengers and resort guests seeking premium wellness and beauty experiences, with a global footprint across major cruise lines and select destination resorts.OneSpaWorld leverages exclusive partnerships with well-known beauty and wellness brands to deliver differentiated offerings and drive customer loyalty. Its scale, brand portfolio, and integration with major cruise operators underpin its competitive position in the global leisure market.

What this transaction means for investorsReinhart Partners’ purchase of OneSpaWorld is worth noting, as the firm typically seeks out high-quality, smaller equities to hold for the long term. Not only did Reinhart double down on its OSW holding, but it added to the stock after its price rose roughly 10% from the fourth quarter of 2025. This is a strong vote of confidence for OneSpaWorld, and the stock has already become the 20th-largest position among Reinhart’s 77 holdings.

OneSpaWorld estimates it holds a 90% market share in spa-at-sea services, giving it a near-monopoly in its unique niche. While its growth story may not be overwhelming, it grew sales by 7% in 2025 and expects revenue to grow by at least 6% in 2026. Boasting a 97% contract renewal rate with the major cruise ship corporations like Carnival Cruise Lines, OSW’s dominant position in its niche isn’t likely to disappear anytime soon, barring mismanagement.

Having rebounded from the pandemic, OneSpaWorld has resumed paying a growing dividend and begun repurchasing shares, making it a very shareholder-friendly investment. I’ll be keeping the stock on my radar thanks to its robust leadership in its niche -- and I certainly see why Reinhart likes the stock -- but I’ll be curious to see if it can develop a stronger growth story over the longer term and keep its share price trending higher.

Josh Kohn-Lindquist has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Modine Manufacturing. The Motley Fool has a disclosure policy.

NEW YORK--(BUSINESS WIRE)--OneSpaWorld Holdings Limited, (NASDAQ: OSW), the pre-eminent global provider of health and wellness products and services on board cruise ships and in destination resorts around the world, announced today that it will release its First Quarter Fiscal 2026 earnings on Wednesday, April 29th before market open. The Company will conduct a conference call the same day at 10:00 am ET to discuss its quarterly results. What: OneSpaWorld First Quarter Fiscal 2026 financial res.

Total Revenues of $247.6 Million, Net Income of $21.3 Million and Adjusted EBITDA of $32.2 Million

Introduces Second Quarter 2026 Guidance of $257 to $262 Million in Total Revenues and $32.5 to $34.5 Million in Adjusted EBITDA

Expects FY 2026 Guidance of $1.014 to $1.034 Billion in Total Revenues and $129 to $139 Million in Adjusted EBITDA

Board Declares Quarterly Dividend of $0.05 Per Share

NASSAU, Bahamas--(BUSINESS WIRE)--OneSpaWorld Holdings Limited (NASDAQ: OSW) (“OneSpaWorld,” or the “Company”), the pre-eminent global provider of health and wellness services and products onboard cruise ships and in destination resorts around the world, today announced financial results for the first quarter ended March 31, 2026.

Leonard Fluxman, Executive Chairman and Chief Executive Officer, commented: “We began the year with continuing strong momentum through the first quarter, reporting better-than-expected top and bottom-line results. The first quarter marked our 20th consecutive quarter of record Total revenues and Adjusted EBITDA, evidencing the strength of our global operations and the disciplined execution of our strategy by our outstanding team. Our highly trained and motivated staff delivered exceptional experiences for our health and wellness center guests, driven by ongoing innovation in our service and product offerings.”

“As we look ahead, our visible growth opportunities and favorable positioning give us confidence in our ability to continue our strong performance in 2026 and beyond,” continued Mr. Fluxman. “In 2026, we expect to further strengthen our market leadership onboard our existing fleet while initiating health and wellness center operations on six new ship builds during the year. Overall, we remain confident that 2026 will reflect another record year for OneSpaWorld and continued value creation for our shareholders and partners,” he concluded.

Stephen Lazarus, President, Chief Financial Officer and Chief Operating Officer, added: “We had an outstanding start to the year with record Total revenues and record Adjusted EBITDA increasing 13% and 21%, respectively, from 2025 first quarter performance, reflecting the successful implementation of our strategic initiatives. The quarter included increases across all key operating and financial metrics and strong cash flow generation, which supports future growth, the return of value to shareholders and debt repayment. Of particular note, we continue to accelerate the integration of AI-driven technologies into our health and wellness center and shoreside operations intended to drive incremental revenue, cash flow and earnings growth.”

Mr. Lazarus noted further: “During the first quarter, we continued to leverage our asset-light business model, utilizing $5.1 million of our free cash flow to pay our quarterly dividend and $1.3 million to reduce debt on our Term Loan Facility. We ended the first quarter with a strong balance sheet, including $17.3 million in cash and $67.3 million of total liquidity and Total debt, net of deferred financing costs of $82.8 million. Based on our positive outlook, our guidance for the second quarter reflects growth of 10% for both Total revenues and Adjusted EBITDA at the mid-point of the ranges compared with the second quarter of 2025, excluding the results of exited and reorganized operations.”

First Quarter 2026 Highlights:

Total revenues increased 13% to $247.6 million compared to $219.6 million in the first quarter of 2025 and included $1.4 million and $1.9 million in revenues, respectively, attributable to the Company’s Asian resorts business in the process of being exited. Income from operations increased 36% to $22.9 million compared to $16.8 million in the first quarter of 2025. 2025 included $2.5 million of non-recurring severance expense. Net income increased 40% to $21.3 million compared to $15.3 million in the first quarter of 2025. Adjusted EBITDA increased 21% to $32.2 million compared to $26.6 million in the first quarter of 2025. 2025 included $1.1 million of non-recurring severance expense. Operating Network Update:

Cruise Ship Count: The Company ended the first quarter with health and wellness centers on 208 ships and an average ship count of 202 for the quarter, compared with 199 ships at the end of the first quarter of 2025 and an average ship count of 193 ships for the first quarter of 2025. Destination Resort Count: The Company ended the first quarter with 36 destination resort health and wellness centers and an average resort count of 37 for the quarter, compared with 50 destination resort health and wellness centers at the end of the first quarter of 2025 and an average resort count of 49 for the first quarter of 2025. As part of our previously announced exit from Asian operations, 22 health and wellness centers remained operational at quarter end, down from 35 in the first quarter of 2025. Staff Count: At the end of the first quarter, our cruise ship health and wellness centers were staffed with 4,585 personnel, compared with 4,240 personnel on March 31, 2025. Liquidity Update:

Cash totaled $17.3 million and liquidity, including the Company’s fully undrawn $50 million credit facility, totaled $67.3 million at March 31, 2026. The Company’s results are reported in this press release on a GAAP basis and on an as adjusted non-GAAP basis. A reconciliation of GAAP to non-GAAP financial information is provided at the end of this press release. This press release also refers to Adjusted EBITDA and Adjusted Net Income (non-GAAP financial measures), the terms for which definition and reconciliation are presented below.

First Quarter Ended March 31, 2026 Compared to March 31, 2025

Total revenues increased 13% to $247.6 million compared to $219.6 million for the first quarter of 2025, driven by a 4% increase in revenue days, a 2% increase in average guest spend, and health and wellness center expansion from 2026 new ship builds, contributing $23.1 million, $5.0 million and $1.2 million, respectively, to the increase in Total revenues, of which $5.4 million was attributable to increased guest pre-booked services. Growth in our Maritime Total revenues was offset by a $1.2 million decrease in destination resorts Total revenues, partially due to the closure of hotels where we had previously operated. Cost of services increased $20.2 million, attributable to the $25.1 million increase in Service revenues compared to the first quarter of 2025. Cost of products increased $2.5 million, attributable to the $2.9 million increase in Product revenues compared to the first quarter of 2025. Administrative expenses were $6.2 million compared to $4.2 million in the first quarter of 2025. The increase was primarily due to $1.9 million in third-party fees for certain management and logistic services as a result of our previously announced restructuring, which were previously performed internally by company staff, and as such, the related costs have shifted from Salaries, benefits and payroll taxes to Administrative. Salaries, benefits and payroll taxes were $8.4 million, compared to $11.0 million in the first quarter of 2025. The decrease was primarily attributable to the non-recurrence of $2.5 million in separation-related expenses incurred during the first quarter of 2025 associated with the termination of the Company’s former Chief Commercial Officer. The variance also reflects a reduction in internal personnel costs in the first quarter of 2026 resulting from the transition of certain management and logistics services to third-party providers, as discussed above, partially offset by annual merit increases and higher incentive-based compensation. Net income was $21.3 million, or Net income per diluted share of $0.21, compared to Net income of $15.3 million, or Net income per diluted share of $0.15, for the first quarter of 2025. This increase was primarily attributable to a $6.0 million improvement in operating income and the non-recurrence of $2.5 million of severance expense recorded in the first quarter of 2025. Adjusted net income was $28.0 million, or Adjusted net income per diluted share of $0.27, compared to Adjusted net income of $22.6 million, or Adjusted net income per diluted share of $0.22, for the first quarter of 2025. Adjusted EBITDA was $32.2 million, compared to Adjusted EBITDA of $26.6 million in the first quarter of 2025. 2025 included $1.1 million of non-recurring severance expense. Balance Sheet and Cash Flow Highlights

Cash at March 31, 2026 was $17.3 million after giving effect to the payment of $5.1 million in quarterly dividends and repaying $1.3 million of our Term Loan Facility. Total debt, net of deferred financing costs, was $82.8 million at March 31, 2026. Second Quarter 2026 and Fiscal Year 2026 Guidance

Three Months Ended June 30, 2026

Year Ended December 31, 2026 (2)

Total Revenues (1)

$

257-262 million

$

1.014-1.034 billion

Adjusted EBITDA

$

32.5-34.5 million

$

129.0-139.0 million

(1) Revenues for the three months ended June 30, 2025 and the Fiscal Year ended December 31, 2025 included $5.5 million and $23.0 million, respectively, related to the reorganization of operations in the United Kingdom and Italy and the exit of land-based operations in Asia.

(2) The Company’s fiscal year 2026 guidance for the year ended December 31, 2026 as presented above compares to its previous guidance for Total Revenues of $1.010 to $1.030 billion and Adjusted EBITDA of $128.0 to $138.0 million provided with fourth quarter 2025 results issued on February 18, 2026.

Dividend Announcement

The Company announced today that the Board of Directors approved a quarterly dividend payment of $0.05 per common share payable on June 3, 2026 to shareholders of record as of the close of business on May 20, 2026.

Share Repurchase Program

As of March 31, 2026, the Company had $37.5 million remaining on its $75 million share repurchase program adopted in April 2025. No shares were repurchased during the first quarter of 2026.

Conference Call Details

A conference call to discuss the first quarter 2026 financial results is scheduled for Wednesday, April 29, 2026, at 10:00 a.m. Eastern Time. Investors and analysts interested in participating in the call are invited to dial 1-877-407-0784 (international callers please dial 1-201-689-8560) and provide the passcode 13760135 approximately 10 minutes prior to the start of the call. A live audio webcast of the conference call will be available online at https://onespaworld.com/investor-relations. A replay of the call will be available by dialing 844-512-2921 (international callers please dial 412-317-6671) and entering the passcode 13760135. The conference call replay will be available from 2:00 p.m. Eastern Time on Wednesday, April 29, 2026 until 11:59 p.m. Eastern Time on Wednesday, May 6, 2026. The Webcast replay will remain available for 90 days.

About OneSpaWorld

Headquartered in Nassau, Bahamas, OneSpaWorld is one of the largest health and wellness services companies in the world. OneSpaWorld’s distinguished health and wellness centers offer guests a comprehensive suite of premium health, wellness, aesthetics and fitness services, treatments, and products, currently onboard 208 cruise ships and at 35 destination resorts around the world. OneSpaWorld holds the leading market position within the cruise industry segment of the international leisure market, which it has earned over six decades upon its exceptional service; expansive global recruitment, training and logistics platforms; irreplicable operating infrastructure; powerful team; and product innovation, delivering tens of millions of extraordinary guest experiences and outstanding service to its cruise line and destination resort partners.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The expectations, estimates, and projections of the Company may differ from its actual results and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” or the negative or other variations thereof and similar expressions are intended to identify such forward looking statements. These forward-looking statements include, without limitation, expectations with respect to future performance of the Company, including projected financial information (which is not audited or reviewed by the Company’s auditors), and the future plans, operations and opportunities for the Company and other statements that are not historical facts. These statements are based on the current expectations of the Company’s management and are not predictions of actual performance. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Factors that may cause such differences include, but are not limited to: the demand for the Company’s services together with the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors or changes in the business environment in which the Company operates; changes in consumer preferences or the market for the Company’s services; changes in applicable laws or regulations; the availability or competition for opportunities for expansion of the Company’s business; difficulties of managing growth profitably; the loss of one or more members of the Company’s management team; loss of a major customer, and other risks and uncertainties included from time to time in the Company’s reports (including all amendments to those reports) filed with the Securities and Exchange Commission. The Company cautions that the foregoing list of factors is not exclusive. You should not place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based, except as required by law. These forward-looking statements should not be relied upon as representing the Company’s assessments as of any date subsequent to the date of this communication.

Non-GAAP Financial Measures

We refer to certain financial measures that are not recognized under U.S. generally accepted accounting principles (“GAAP”). Please see “Note Regarding Non-GAAP Financial Information” and “Reconciliation of GAAP to Non-GAAP Financial Information” below for additional information and a reconciliation of the non-GAAP financial measures to the most comparable GAAP financial measures.

ONESPAWORLD HOLDINGS LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

(in thousands, except per share data)

  Three Months Ended March 31,

$

%

2026

2025

Inc/(Dec)

Inc/(Dec)

REVENUES:

Service revenues

$

203,660

$

178,519

$

25,141

14

%

Product revenues

43,971

41,111

2,860

7

%

Total revenues

247,631

219,630

28,001

13

%

COST OF REVENUES AND OPERATING EXPENSES:

Cost of services

168,312

148,154

20,158

14

%

Cost of products

37,819

35,297

2,522

7

%

Administrative

6,202

4,213

1,989

47

%

Salaries, benefits and payroll taxes

8,363

10,995

(2,632

)

(24

)%

Amortization of intangible assets

4,068

4,134

(66

)

(2

)%

Total cost of revenues and operating expenses

224,764

202,793

21,971

11

%

Income from operations

22,867

16,837

6,030

36

%

OTHER (EXPENSE) INCOME

Interest expense, net

(1,170

)

(1,147

)

(23

)

(2

)%

Total other expense

(1,170

)

(1,147

)

(23

)

2

%

Income before income tax expense

21,697

15,690

6,007

38

%

INCOME TAX (BENEFIT) EXPENSE

367

419

(52

)

(12

)%

Net income

$

21,330

$

15,271

$

6,059

40

%

Net income per share:

Basic

$

0.21

$

0.15

Diluted

$

0.21

$

0.15

Weighted average shares outstanding:

Basic

101,985

104,602

Diluted

102,308

105,077

Forecasted

Q2 2026

FY 2026

Period End Ship Count

209

210

Average Ship Count (1)

201

202

Period End Resort Count

12

12

Average Resort Count (3)

30

22

Three Months Ended

March 31,

2026

2025

Selected Statistics

Period End Ship Count

208

199

Average Ship Count (1)

202

193

Average Weekly Revenue Per Ship

$

91,872

$

84,177

Average Revenue Per Shipboard Staff Per Day

$

597

$

562

Revenue Days (2)

18,175

17,401

Period End Resort Count

36

50

Average Resort Count (3)

37

49

Average Weekly Revenue Per Resort

$

17,505

$

15,247

Capital Expenditures (in thousands)

$

4,345

$

1,697

(1) Average Ship Count reflects the fact that during the period ships were in and out of service and is calculated by adding the total number of days that each of the ships generated revenue during the period, divided by the number of calendar days during the period.

(2) Revenue Days reflects a day on which the health and wellness centers are open onboard a revenue generating cruise with passengers.

(3) Average Resort Count reflects the fact that during the period destination resort health and wellness centers were in and out of service and is calculated by adding the total number of days that each destination resort health and wellness center generated revenue during the period, divided by the number of calendar days during the period.

Note Regarding Non-GAAP Financial Information

This press release includes financial measures that are not calculated in accordance with GAAP, including Adjusted net income, Adjusted net income per diluted share and Adjusted EBITDA.

We define Adjusted net income as Net income, adjusted for items, including Amortization of intangible assets and Stock-based compensation. Adjusted net income per diluted share is defined as Adjusted net income divided by Diluted weighted average shares outstanding during the period, as if such shares had been outstanding during the entire three month periods ended March 31, 2026 and 2025.

We define Adjusted EBITDA as Net income adjusted for items, including Income tax expense; Interest expense, net; Depreciation and amortization; and Stock-based compensation as set forth below.

We believe that these non-GAAP measures, when reviewed in conjunction with GAAP financial measures, and not in isolation or as substitutes for analysis of our results of operations under GAAP, are useful to investors as they are widely used measures of performance and the adjustments we make to these non-GAAP measures provide investors further insight into our profitability and additional perspectives in comparing our performance to other companies and in comparing our performance over time on a consistent basis. Adjusted net income, Adjusted net income per diluted share and Adjusted EBITDA have limitations as profitability measures in that they do not include total amounts for interest expense on our debt and provision for income taxes, and the effect of our expenditures for capital assets and certain intangible assets. In addition, all of these non-GAAP measures have limitations as profitability measures in that they do not include the effect of non-cash stock-based compensation expense and the impact of certain expenses related to items that are settled in cash. Because of these limitations, the Company relies primarily on its GAAP results.

In the future, we may incur expenses similar to those for which adjustments are made in calculating Adjusted EBITDA. Our presentation of Adjusted EBITDA should not be construed as a basis to infer that our future results will be unaffected by extraordinary, unusual, or nonrecurring items.

Reconciliation of GAAP to Non-GAAP Financial Information

The following table reconciles Net income to Adjusted net income for the first quarters ended March 31, 2026 and 2025 and Adjusted net income per diluted share for the first quarters ended March 31, 2026 and 2025 (amounts in thousands, except per share amounts):

Three Months Ended

March 31,

2026

2025

Net income

$

21,330

$

15,271

Amortization of intangible assets (a)

4,068

3,761

Stock-based compensation

2,563

3,560

Adjusted net income

$

27,961

$

22,592

Adjusted net income per diluted share

$

0.27

$

0.22

Diluted weighted average shares outstanding

102,308

105,077

(a) Amortization of intangible assets represents non-cash amortization charges that are excluded as they are not representative of the ongoing operating performance of the business.

Beginning in Q1 2026, the Company updated its Adjusted net income reconciliation to reflect actual amortization of intangible assets in place of the previously used fixed addback amount. Management believes this change provides a more accurate and transparent presentation of non-cash charges. Prior period amounts have not been restated as the difference was not material.

The following table reconciles Net income to Adjusted EBITDA for the first quarters ended March 31, 2026 and 2025 (amounts in thousands):

Three Months Ended

March 31,

2026

2025

Net income

$

21,330

$

15,271

Income tax expense

367

419

Interest expense, net

1,170

1,147

Depreciation and amortization

6,735

6,179

Stock-based compensation

2,563

3,560

Adjusted EBITDA

$

32,165

$

26,576

Follow OneSpaWorld:
Instagram: @onespaworld
LinkedIn: OneSpaWorld
Facebook: @onespaworld

OneSpaWorld Holdings Limited (OSW) Q1 2026 Earnings Call Transcript

Ranger Investment Management sold out its entire position in OneSpaWorld Holdings Limited (OSW +1.30%) during the first quarter, according to a May 15, 2026, SEC filing. The estimated transaction value was $21.54 million, based on quarterly average pricing.

What happenedAccording to a Securities and Exchange Commission (SEC) filing dated May 15, 2026, Ranger Investment Management, L.P., sold all 1,012,656 shares of OneSpaWorld Holdings Limited (OSW +1.30%) during the first quarter. The estimated transaction value was $21.54 million, based on the average closing price over the period. The fund’s quarter-end position in the company is now zero. The net position value shift, including price movement, was a decrease of $21.00 million.

What else to knowTop holdings for Ranger Investment Management, L.P. after the filing:NASDAQ:LGND: $53.49 million (3.9% of AUM)NASDAQ:PEGA: $44.81 million (3.2% of AUM)NASDAQ:PDFS: $41.86 million (3.0% of AUM)NYSE:ULS: $38.31 million (2.8% of AUM)NYSE:SEI: $34.35 million (2.5% of AUM)As of May 14, 2026, shares of OneSpaWorld Holdings Limited were priced at $23.82, up 25% over the past year and underperforming the S&P 500, which is up about 28%.Company OverviewMetricValueRevenue (TTM)$989.00 millionNet Income (TTM)$77.68 millionDividend Yield0.8%Price (as of market close 2026-05-14)$23.82Company SnapshotOneSpaWorld offers health and wellness services, including spa treatments, salon services, fitness programs, medi-spa procedures, and branded beauty products, primarily onboard cruise ships and at destination resorts.The firm generates revenue through direct service delivery, product sales, and exclusive partnerships with leading wellness brands within the cruise and leisure sector.It serves cruise line guests and resort visitors worldwide, targeting the leisure and travel market seeking premium wellness experiences.OneSpaWorld Holdings Limited operates an extensive network of health and wellness centers across cruise ships and destination resorts, leveraging exclusive brand partnerships to differentiate its service offering. The company’s integrated business model combines spa, fitness, and beauty services with product sales, creating multiple revenue streams and broadening its market reach. With a global footprint and established relationships in the cruise industry, OneSpaWorld is positioned as a leading provider of high-end wellness experiences for travelers.

What this transaction means for investorsRanger Investment Management completely exited its OneSpaWorld position even as the company continues to post record operating results and guide for further growth, which seemingly makes this look like a potential call on opportunity costs rather than a strict conviction call. OneSpaWorld’s first-quarter revenue climbed 13% year over year to a record $247.6 million, while net income rose 40% to $21.3 million and adjusted EBITDA increased 21% to $32.2 million. The company also marked its 20th consecutive quarter of record revenue and adjusted EBITDA, a streak that speaks to the consistency of the cruise industry's post-pandemic recovery.

Meanwhile, management sounded confident about the road ahead. CEO Leonard Fluxman highlighted plans to launch wellness operations on six new cruise ships this year and said the company expects another record year. OneSpaWorld said its full-year outlook includes as much as $1.034 billion in revenue and $139 million in adjusted EBITDA.

Ultimately, it seems like OneSpaWorld's asset-light model, expanding ship count, and growing guest spending could continue driving earnings growth. The stock has very slightly underperformed the S&P 500 over the past year, but the business itself appears to be gaining momentum.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Ul Solutions. The Motley Fool has a disclosure policy.

Provides Q1 Guidance and Reaffirms 2026 Outlook Driven by Leading Value Proposition and Efficiency Initiatives March 12, 2026 06:30 ET  | Source: Vivid Seats LLC

CHICAGO, March 12, 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 fourth quarter and full year ended December 31, 2025 along with guidance for the first quarter ending March 31, 2026 and full year ending December 31, 2026.

“The trends we are seeing in the first quarter confirm that our strategy and execution are delivering measurable results,” said Lawrence Fey, Chief Executive Officer of Vivid Seats. “We are enhancing our foundational strengths that include our leading technology, unique data assets, relentless focus on efficiency, and differentiated customer value proposition. We are particularly encouraged by the positive impact and momentum we are seeing from the impact of our enhanced App value proposition coupled with our cost reduction program.”

Fourth Quarter 2025 Key Operational and Financial Metrics

Marketplace GOV of $580.6 million – down 42% from $994.4 million in Q4 2024Revenues of $126.8 million – down 37% from $199.8 million in Q4 2024Net loss of $428.7 million – down $424.2 million from a net loss of $4.4 million in Q4 2024Adjusted EBITDA of $0.8 million – down $33.4 million from $34.2 million in Q4 2024 Full Year 2025 Key Operational and Financial Metrics

Marketplace GOV of $2,704.6 million – down 31% from $3,892.6 million in 2024Revenues of $570.8 million – down 26% from $775.6 million in 2024Net loss of $721.5 million – down $735.8 million from net income of $14.3 million in 2024Adjusted EBITDA of $41.8 million – down $109.6 million from $151.4 million in 2024 Key Business Metrics and Non-U.S. GAAP Financial Measure

We use the following metrics to evaluate our performance, identify trends, formulate financial projections, and make strategic decisions. We believe these metrics provide useful information 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 and years ended December 31, 2025 and 2024 (in thousands):

 Three Months Ended December 31,  Years Ended December 31,  2025  2024  2025  2024 Marketplace GOV(1)$580,587  $994,377  $2,704,573  $3,892,645 Marketplace orders(2) 1,766   2,613   8,336   11,556 Resale orders(3) 111   115   428   431 Adjusted EBITDA(4)$840  $34,243  $41,822  $151,419  (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 and year ended December 31, 2025, event cancellations negatively impacted Marketplace GOV by $13.5 million and $60.7 million, respectively, compared to $21.1 million and $95.9 million during the three months and year ended December 31, 2024, 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 and year ended December 31, 2025, our Marketplace segment experienced 34,307 and 163,919 event cancellations, respectively, compared to 43,019 and 222,472 event cancellations during the three months and year ended December 31, 2024, 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 and year ended December 31, 2025, our Resale segment experienced 943 and 4,702 event cancellations, respectively, compared to 792 and 5,286 event cancellations during the three months and year ended December 31, 2024, 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 income (loss), the most directly comparable U.S. GAAP financial measure.    Financial Outlook for Full Year 2026

For the year ending December 31, 2026, Vivid Seats anticipates:

Marketplace GOV in the range of $2.2 billion to $2.6 billionAdjusted EBITDA in the range of $30.0 million to $40.0 million* Financial Outlook for Q1 2026

For the quarter ending March 31, 2026, Vivid Seats anticipates:

Marketplace GOV in the range of $570.0 million to $620.0 millionAdjusted EBITDA in the range of $8.0 million to $10.0 million*Cash balance of $125.0 million to $135.0 million * We calculate forward-looking adjusted EBITDA based on internal forecasts that omit certain information that would be included in forward-looking net income (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 income (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 fourth quarter and full year 2025 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 is a leading online ticket marketplace committed to becoming the ultimate partner for connecting fans to the live events, artists, and teams they love. Based on the belief that everyone should “Experience It Live,” the Chicago-based company provides exceptional value by providing one of the widest selections of events and tickets in North America and an industry leading Vivid Seats Rewards program where all fans earn on every purchase. Through its proprietary software and unique technology, Vivid Seats drives the consumer and business ecosystem for live event ticketing and enables the power of shared experiences to unite people. Vivid Seats has been recognized by Newsweek as one of America’s Best Companies for Customer Service in ticketing. Fans who want to have the best live experiences can start by downloading the Vivid Seats mobile app, going to vividseats.com, or calling 866-848-8499.

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 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, our fiscal year 2026 Marketplace GOV and adjusted EBITDA, and our first quarter 2026 Marketplace GOV, adjusted EBITDA, and cash balance; our expectations with respect to live event industry growth, concert supply, and our competitive positioning; our business strategy and objectives; and the expected benefits, including future savings, of our cost reduction program and the transactions consummated pursuant to our corporate simplification agreement, dated October 31, 2025 (collectively, the “Corporate Simplification”). 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; our ability to realize the expected benefits, including future savings, of our cost reduction program and/or the Corporate Simplification (including due to changes in applicable laws or fluctuations in our taxable income); 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
[email protected]

Media
[email protected]

VIVID SEATS INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
       December 31,  December 31,  2025  2024 Assets     Current assets:     Cash and cash equivalents$102,702  $243,482 Restricted cash 604   1,166 Accounts receivable – net 30,664   48,315 Inventory – net 18,166   19,601 Prepaid expenses and other current assets 26,336   32,607 Total current assets 178,472   345,171 Property and equipment – net 12,373   12,567 Right-of-use assets – net 10,515   12,008 Intangible assets – net 141,528   233,116 Goodwill – net 283,915   943,119 Deferred tax assets – net 1,123   77,967 Investments 5,365   6,929 Other assets 3,575   5,219 Total assets$636,866  $1,636,096 Liabilities, redeemable noncontrolling interests, and shareholders' equity (deficit)     Current liabilities:     Accounts payable$153,418  $232,984 Accrued expenses and other current liabilities 125,957   165,047 Deferred revenue 19,973   23,804 Current maturities of long-term debt 3,930   3,950 Total current liabilities 303,278   425,785 Long-term debt – net 383,431   384,960 Long-term lease liabilities 16,452   18,731 TRA liability —   155,720 Other liabilities 18,834   36,865 Total liabilities 721,995   1,022,061 Commitments and contingencies     Redeemable noncontrolling interests —   352,922 Shareholders' equity (deficit):     Class A common stock, $0.0001 par value; 500,000,000 shares authorized, 11,712,157 and 7,190,975 shares issued and outstanding at December 31, 2025 and 2024, respectively 23   14 Class B common stock, $0.0001 par value; 250,000,000 shares authorized, zero and 3,811,250 shares issued and outstanding at December 31, 2025 and 2024, respectively —   8 Additional paid-in capital 1,368,067   1,267,710 Treasury stock, at cost, 949,665 and 571,687 shares at December 31, 2025 and 2024, respectively (93,920)  (75,568)Accumulated deficit (1,359,472)  (930,171)Accumulated other comprehensive income (loss) 173   (880)Total shareholders' equity (deficit) (85,129)  261,113 Total liabilities, redeemable noncontrolling interests, and shareholders' equity (deficit)$636,866  $1,636,096  VIVID SEATS INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands)
       Three Months Ended December 31,  Years Ended December 31,  2025  2024  2025  2024 Revenues$126,814  $199,813  $570,776  $775,586 Costs and expenses:           Cost of revenues (exclusive of depreciation and amortization shown separately below) 42,144   52,477   173,438   201,854 Marketing and selling 56,677   79,452   230,562   285,146 General and administrative 34,343   52,398   173,880   202,123 Depreciation and amortization 11,703   12,584   49,392   44,238 Impairment charges 402,574   —   723,023   — Total costs and expenses 547,441   196,911   1,350,295   733,361 Income (loss) from operations (420,627)  2,902   (779,519)  42,225 Interest expense – net 6,331   6,466   23,741   23,172 Other expense (income) – net 2,408   (430)  (151,956)  (3,666)Loss on extinguishment of debt —   —   801   — Income (loss) before income taxes (429,366)  (3,134)  (652,105)  22,719 Income tax expense (benefit) (704)  1,281   69,385   8,417 Net income (loss) (428,662)  (4,415)  (721,490)  14,302 Net income (loss) attributable to redeemable noncontrolling interests (153,504)  (3,528)  (292,189)  4,877 Net income (loss) attributable to Class A common stockholders$(275,158) $(887) $(429,301) $9,425  VIVID SEATS INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
    Years Ended December 31,  2025  2024 Cash flows from operating activities     Net income (loss)$(721,490) $14,302 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:     Depreciation and amortization 49,392   44,238 Amortization of leases 1,514   1,697 Amortization of deferred financing costs 970   988 Equity-based compensation 36,734   50,429 Change in fair value of Intermediate Warrants (5,924)  (4,044)Loss on asset disposals 555   277 Change in fair value of derivative asset 2,201   800 Deferred income tax expense 74,746   1,246 Non-cash interest expense (income) – net 651   (890)Foreign currency loss (gain) – net (126)  4,056 Adjustment of liabilities under TRA (150,719)  (6,166)Loss on extinguishment of debt 801   — Impairment charges 723,023   — Write-off of Sponsorship Loan 2,024   — Changes in operating assets and liabilities:     Accounts receivable – net 17,545   9,776 Inventory – net 1,434   1,413 Prepaid expenses and other current assets 5,820   1,161 Accounts payable (79,463)  (23,691)Accrued expenses and other current liabilities (35,787)  (30,164)Deferred revenue (3,831)  (10,870)Long-term lease liabilities (2,302)  (994)Other assets and liabilities – net (9,367)  358 Net cash provided by (used in) operating activities (91,599)  53,922 Cash flows from investing activities     Purchases of property and equipment (2,164)  (4,227)Purchases of personal seat licenses (983)  (737)Investments in developed technology (16,108)  (19,014)Purchases of seat images (919)  (347)Disbursement of Sponsorship Loan —   (2,000)Payments toward Acquired Domain Name Obligation —   (417)Net cash used in investing activities (20,174)  (26,742)Cash flows from financing activities     Payments of 2022 First Lien Loan —   (689)Payments of Shoko Chukin Bank Loan —   (2,655)Proceeds from 2024 First Lien Loan —   125,500 Repurchases of Class A common stock (18,295)  (22,982)Tax distributions to redeemable noncontrolling interests (1,689)  (10,014)Payments of taxes related to net settlement of equity incentive awards (1,886)  (714)Payment of deferred financing costs and other debt-related expenses (162)  (315)Payment of liabilities under TRA (4,005)  (77)Payments of 2024 First Lien Loan (76,986)  (1,975)Proceeds from 2025 First Lien Loan 76,986   — Payments of 2025 First Lien Loan (2,948)  — Payments toward Acquired Domain Name Obligation (2,000)  — Mergers and exchange of Class B common stock for Class A common stock in connection with Corporate Simplification 1,621   — Repurchase and retirement of fractional shares resulting from Reverse Stock Split (5)  — Net cash provided by (used in) financing activities (29,369)  86,079 Effect of exchange rate changes on cash, cash equivalents, and restricted cash (200)  (1,045)Net increase (decrease) in cash, cash equivalents, and restricted cash (141,342)  112,214 Cash, cash equivalents, and restricted cash – beginning of period 244,648   132,434 Cash, cash equivalents, and restricted cash – end of period$103,306  $244,648       Supplemental disclosures of cash flow information     Cash paid for interest$27,681  $19,498 Cash paid for income taxes$6,369  $5,469  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, change in fair value of the Intermediate Warrants (as defined below), loss on asset disposals, change in fair value of derivative asset, foreign currency loss (gain) – net, adjustment of liabilities under our former Tax Receivable Agreement (the “TRA”) entered into with the existing unitholders of Hoya Intermediate, LLC, loss on extinguishment of debt, impairment charges, and severance compensation. 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 income (loss), the most directly comparable U.S. GAAP financial measure, for the three months and years ended December 31, 2025 and 2024 (in thousands):

 Three Months Ended December 31,  Years Ended December 31,  2025  2024  2025  2024 Net income (loss)$(428,662) $(4,415) $(721,490) $14,302 Adjustments to reconcile net income (loss) to adjusted EBITDA:           Income tax expense (benefit) (704)  1,281   69,385   8,417 Interest expense – net 6,331   6,466   23,741   23,172 Depreciation and amortization 11,703   12,584   49,392   44,238 Sales tax liability(1) 18   3,147   (842)  5,760 Transaction costs(2) 1,936   2,877   10,752   9,528 Equity-based compensation(3) 2,848   12,144   36,734   50,429 Litigation, settlements, and related costs(4) 11   486   944   650 Change in fair value of Intermediate Warrants(5) (211)  1,669   (5,924)  (4,044)Loss on asset disposals(6) 175   117   555   277 Change in fair value of derivative asset(7) 1,360   263   2,201   800 Foreign currency loss (gain) – net(8) 2,237   3,790   (126)  4,056 Adjustment of liabilities under TRA(9) (932)  (6,166)  (150,719)  (6,166)Loss on extinguishment of debt(10) —   —   801   — Impairment charges(11) 402,574   —   723,023   — Severance compensation(12) 2,156   —   3,395   — Adjusted EBITDA$840  $34,243  $41,822  $151,419  (1) During the periods presented, 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 (i) legal, accounting, tax, and other professional fees, (ii) personnel costs related to retention bonuses, (iii) integration costs, and (iv) other transaction-related expenses, none of which are considered indicative of our core operating performance. Costs in the three months and year ended December 31, 2025 primarily related to the February 2025 refinancing of our first lien term loan, repurchases of Class A common stock, a reverse split of our common stock, the Corporate Simplification, and various strategic transactions and investments. Costs in the three months and year ended December 31, 2024 primarily related to the June 2024 refinancing of our first lien term loan, repurchases of Class A common stock, and various strategic transactions and investments.   (3) Costs in the three months and year ended December 31, 2025 primarily related to equity granted by us pursuant to our 2021 Incentive Award Plan (as amended, the “Incentive Award Plan”), which is not considered indicative of our core operating performance. Costs in the three months and year ended December 31, 2024 primarily related to equity granted by us pursuant to the Incentive Award Plan, as well as profits interests issued by Hoya Topco, LLC prior to the 2021 transaction pursuant to which Horizon Acquisition Corporation merged with and into us (the “Merger Transaction”), neither of which are 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 the revaluation of warrants issued in connection with the Merger Transaction (the “Intermediate Warrants”) that entitled Hoya Topco, LLC to purchase common units of Hoya Intermediate, LLC, which revaluations are not considered indicative of our core operating performance.   (6) Relates to disposals of fixed assets, which are not considered indicative of our core operating performance.   (7) Relates to the revaluation of derivatives recorded at fair value, which revaluations are not considered indicative of our core operating performance.   (8) Relates to net 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.   (9) Relates to the remeasurement and settlement of the TRA liability, which 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.   (11) Relates to non-cash impairment charges related to our goodwill and certain indefinite-lived intangible assets triggered by the effects of recent declines in our financial performance, near-term outlook, and Class A common stock price, among other factors.   (12) 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.

Vivid Seats (NASDAQ: SEAT) used its fourth quarter 2025 earnings call to outline a "refresh course" for 2026 and beyond, highlighting leadership changes, a completed cost-reduction push, and a renewed focus on its app-led value proposition as the company works through a challenging industry and competitive backdrop. Leadership changes and strategic reset CEO Larry Fey opened

Vivid Seats (NASDAQ:SEAT) has had a brutal stretch.

The market expects Vivid Seats Inc. (SEAT - Free Report) to deliver a year-over-year increase in earnings on lower revenues when it reports results for the quarter ended March 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.

The earnings report, which is expected to be released on May 5, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.

While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.

Zacks Consensus EstimateThis company is expected to post quarterly loss of $0.99 per share in its upcoming report, which represents a year-over-year change of +1%.

Revenues are expected to be $124.63 million, down 24% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 0% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Vivid Seats?For Vivid Seats, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -15.87%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination makes it difficult to conclusively predict that Vivid Seats will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Vivid Seats would post a loss of$1.81 per share when it actually produced a loss of -$10.39, delivering a surprise of -474.03%.

Over the last four quarters, the company has beaten consensus EPS estimates just once.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Vivid Seats doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

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
[email protected]

Media
[email protected]

VIVID SEATS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data) (Unaudited)  March 31,
2026
 December 31,
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.

Vivid Seats Inc. (SEAT) Q1 2026 Earnings Call Transcript

May 15, 2026 20:23 ET  | Source: Constellation Software Inc.

TORONTO, May 15, 2026 (GLOBE NEWSWIRE) -- Constellation Software Inc. (the “Corporation”) (TSX:CSU) is pleased to announce the results of the vote on directors at its May 15, 2026 annual general shareholders’ meeting (the “AGM”). Each of the nine nominees listed in the Corporation's management proxy circular dated March 28, 2026 was elected as a director. Voting was conducted by ballot with the following voting results:

Name of Nominee Votes For%Votes Withheld%Jamal Baksh14,489,17395.80%
635,7404.20%
John Billowits14,643,08496.81%
481,8293.19%
Lawrence Cunningham14,926,28898.69%
198,6251.31%
Claire Kennedy14,992,63699.13%
132,2770.87%
Robert Kittel14,391,50395.15%
733,4094.85%
Mark Miller14,952,51398.86%
172,4001.14%
Donna Parr15,058,46999.56%
66,4440.44%
Andrew Pastor14,853,46498.21%
271,4491.79%
Laurie Schultz14,992,45699.12%
132,4570.88%
Final voting results on all matters voted on at the annual meeting held on May 15, 2026 will be filed with the Canadian securities regulators.

As previously announced by the Corporation on March 27, 2026, Mark Leonard, the former founder and former President of the Corporation, did not stand for re-election to the board of directors at the AGM. On behalf of the board of directors and the entire Constellation community, we express our deep gratitude to Mr. Leonard for his extraordinary leadership and enduring contributions. Mr. Leonard will continue to serve as an advisor to Constellation, with a particular focus on supporting the Corporation’s Permanent Engaged Minority Shareholder strategy – an initiative centered on selective, long-term, and engaged minority investments that complement the Corporation’s longstanding acquisition model.

About Constellation Software Inc.

Constellation Software acquires, manages and builds vertical market software businesses.

For further information:
Jamal Baksh
Chief Financial Officer
416-861-9677
[email protected]
www.csisoftware.com

"Acquisition enhances Juniper Group's corporate travel capabilities and adds to its presence in the U.S. market"

, /PRNewswire/ -- Juniper Group, an operating group of Vela Software and part of Constellation Software Inc. (TSX: CSU), has announced the completion of its acquisition of Deem from Travelport.

Deem is a corporate travel management and booking platform that provides booking, procurement, and trip management solutions for corporations and travel management companies worldwide. Over the past several years, Deem strengthened its technology platform, expanded its operational capabilities, and developed deep integration with Travelport+, helping corporations and travel management companies benefit from broader travel content access and more streamlined corporate travel workflows.

As part of Juniper Group, Deem will continue to operate independently under its current leadership team and brand while benefiting from Juniper Group's long-term ownership philosophy focused on sustainable growth, operational continuity, and customer success. The acquisition was sponsored by Juniper Travel Technology, a business unit of Juniper Group specializing in booking and connectivity solutions for the global travel industry.

"Deem is a strong business with differentiated capabilities, a highly experienced team, and deep, long-standing customer relationships," said Jaime Sastre, CEO of Juniper Group. "The company further strengthens our travel technology portfolio and expands our presence in the U.S. and corporate travel markets."

Juan Mateos, CEO of Juniper Travel Technology, added: "Deem's capabilities complement our travel technology offering. The company brings a highly respected platform, strong enterprise relationships, and meaningful expertise across the corporate travel ecosystem."

Kyle Moore, President of Deem, said: "Deem is incredibly excited about this next step. Our time as a part of Travelport has created opportunities to better partner with corporations and TMCs that utilize Deem with the Travelport+ platform. That integration, alongside the multi-GDS capabilities of Deem, combined with the resources of Juniper Group, supports Deem's continued service to its customers."

John Mangelaars, CEO of Travelport, said: "We are proud of what the Deem team has built and achieved during its time with Travelport. Together we took a strong product and made it more competitive, better integrated, and well-positioned for growth. The time is right for Deem to be part of an organization where it is a core strategic focus, and Juniper Group is exactly that. We look forward to continuing to work closely with the Deem team as a preferred partner, and we're confident Deem's customers are in good hands."

Travelport and Deem will continue to maintain a relationship following the transaction.

About Juniper Group

Juniper Group is an operating group of Constellation Software Inc. (TSX: CSU) focused on acquiring and managing vertical market software businesses. Juniper Group includes travel and hospitality technology businesses and allows its software companies to operate independently. For more information, visit www.juniper-group.com

About Juniper Travel Technology

Juniper Travel Technology, a business unit of Juniper Group, is a global travel software specialist focused on providing booking and connectivity solutions to tour operators, wholesalers, online travel agencies, airlines, cruise companies, and travel suppliers worldwide. For more information, visit www.ejuniper.com

About Deem

Deem is a corporate travel management platform that provides booking, procurement, and trip management solutions for corporations and travel management companies worldwide. For more information, visit https://www.deem.com/

About Travelport

Travelport is a multi-source content provider that powers bookings for hundreds of thousands of travel suppliers worldwide. Buyers and sellers of travel are connected by the company's next-generation marketplace, Travelport+, which simplifies how brands connect, upgrades how travel is sold, and enables modern digital retailing. Headquartered in London, United Kingdom, Travelport operates in more than 165 countries. For more information, visit www.travelport.com.

Brinker International EAT is experiencing a significant stock surge of 14% following its Q3 earnings report for March. Investors are shifting their focus from moderating growth to improving trends and enhanced guidance. The company reported earnings per share (EPS) that exceeded expectations, although the increase was less pronounced than in previous quarters. Revenue rose by 3.2% year-over-year to $1.47 billion, aligning with forecasts but marking the slowest growth rate in 14 quarters.

Same-restaurant sales increased by 3.3%, with Chili's comparable sales up 4.0% while Maggiano's Little Italy saw a decline of 4.6%. Results faced challenges due to tough comparisons from last year's impressive 28.2% comp growth, although the two-year stack remains robust. Chili's comparable sales accelerated throughout the quarter, reaching 5.9% in both February and March, following a weather-impacted January. The company raised its FY26 EPS guidance to a range of $10.60-10.85, up from $10.45-10.85. Chili's plans to launch a new Chicken Sandwich platform in Q4 (June), highlighting in-restaurant hand-breading as a key differentiator.Brinker's strong stock performance indicates a market that is willing to overlook short-term moderation in comparable sales and revenue growth. The company faced challenging year-ago comparisons and weather-related disruptions early in the quarter, which obscured solid underlying momentum—particularly at Chili's, where trends improved significantly as the quarter progressed. Investors are optimistic about the chicken sandwich launch, which could drive traffic, and early signs of stabilization at Maggiano's, even though that turnaround may take longer. With increased guidance, strong trends in April, and reset expectations following recent share price declines, Brinker appears well-equipped to handle macroeconomic challenges while continuing to gain market share in the casual dining sector.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].