- The stock price of Vivid Seats Inc (NASDAQ: SEAT) increased by over 11% pre-market today. This is why it happened.
The stock price of Vivid Seats Inc (NASDAQ: SEAT) – 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 – increased by over 11% pre-market today. Investors are responding positively to Vivid Seats announcing its financial results for the quarter ended September 30, 2021.
Q3 2021 Financial Summary
— Revenues of $139.5 million increased from negative $7.1 million in the third quarter of 2020
— Net loss of $1.8 million as compared to net loss of $40.2 million in the third quarter of 2020
— Marketplace Gross Order Value (“Marketplace GOV”) of $713.1 million increased from negative $30.8 million in the third quarter 2020
— Adjusted EBITDA of $42 million increased from negative $19.5 million in the third quarter of 2020
— Highest single quarter results for Marketplace GOV, Revenues and Adjusted EBITDA in company history
“The record-setting results we saw in the third quarter are a great way to mark our first reported results as a public company. Live events have come back stronger than expected as fans returned to support their favorite sports teams and artists. We are committed to delivering fans an exceptional experience so they can get out and do what they love.”
“We are continuing on our mission to help everyone “Experience it Live.” In our third quarter, we launched our new brand coupled with new features and enhancements to our industry leading loyalty program, Vivid Seats Rewards. Every fan now earns 10% in value on every ticket purchased along with the opportunity to earn additional lucrative and unique perks. We are excited to launch our new brand and loyalty program as we enter a period where we expect a full slate of live events with significant pent-up demand ready to be unleashed.”
— Stan Chia, Vivid Seats CEO
“In our third quarter we carried forward our positive momentum with robust financial results and quarter-over-quarter growth for Marketplace GOV, Revenues and Adjusted EBITDA. We continued to generate cash from operations which, coupled with the proceeds from the business combination, leave us with cash in excess of debt and significant financial flexibility.”
— Lawrence Fey, CFO of Vivid Seats
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