Vivid Seats — Third Quarter 2026 Earnings Summary

Financial Performance:

• Marketplace Gross Order Value (GOV) for the three months ended September 30, 2026, was $624.0 million, compared to $618.1 million in the prior year period.
• Revenues for the three months ended September 30, 2026, were $126.9 million, down from $136.4 million in the same period of 2025.
• Net loss for the three months ended September 30, 2026, was $17.4 million, compared to a net loss of $19.7 million in the prior year period.
• Adjusted EBITDA for the three months ended September 30, 2026, was $8.9 million, an increase from $4.9 million in the prior year period.
• For the nine months ended September 30, 2026, Marketplace GOV was $1.896 billion, down from $2.124 billion in the prior year period.
• Revenues for the nine months ended September 30, 2026, were $382.5 million, down from $444.0 million in the prior year period.
• Net loss for the nine months ended September 30, 2026, was $46.3 million, compared to a net loss of $292.8 million in the prior year period.
• Adjusted EBITDA for the nine months ended September 30, 2026, was $30.9 million, down from $41.0 million in the prior year period.
• Cash and cash equivalents were $44.8 million as of September 30, 2026, compared to $102.7 million as of December 31, 2025.
• Total long-term debt net of current maturities was $381.0 million as of September 30, 2026, compared to $383.4 million as of December 31, 2025.
• Deferred revenue was $15.0 million as of September 30, 2026, down from $20.0 million as of December 31, 2025.
• Event cancellations negatively impacted Marketplace GOV by $10.2 million in the third quarter of 2026, compared to $11.4 million in the same period of 2025.

Guidance and Future Outlook:

• For the full year 2026, the Company anticipates Marketplace GOV to be in the range of $2.3 billion to $2.6 billion.
• For the full year 2026, the Company anticipates Adjusted EBITDA to be in the range of $34.0 million to $40.0 million.
• The Company does not provide a reconciliation of forward-looking Adjusted EBITDA to forward-looking net loss due to the inherent uncertainty of excluded items outside of its control.

Business Segments and Product Lines:

• Marketplace orders for the three months ended September 30, 2026, were 1,876, compared to 2,101 in the prior year period.
• Resale orders for the three months ended September 30, 2026, were 97, compared to 115 in the prior year period.
• Marketplace orders for the nine months ended September 30, 2026, were 5,417, compared to 6,570 in the prior year period.
• Resale orders for the nine months ended September 30, 2026, were 263, compared to 317 in the prior year period.
• The Company reported 34,221 event cancellations in its Marketplace segment during the three months ended September 30, 2026, compared to 39,414 in the prior year period.

Market and Competitive Landscape:

• The Company operates as a leading online ticket marketplace connecting millions of buyers with thousands of ticket sellers across hundreds of thousands of events.
• The Company notes the ticketing industry is increasingly competitive regarding the ability to attract ticket sellers and buyers.
• The Company cites the impact of changes to internet search engine algorithms and mobile app marketplace rules as a factor affecting its business.

Risks and Challenges:

• The Proposed Transaction remains subject to the negotiation and execution of definitive documentation.
• Risks include the ability to consummate the Proposed Transaction on proposed terms or at all, and the potential for disruption to business, financing, and operational relationships.
• Risks include adverse economic conditions affecting discretionary consumer and corporate spending, and the supply of and demand for live events.
• Risks include the impact of extraordinary events, such as disease epidemics, and the ability to maintain information system integrity and manage cybersecurity risks.
• Risks include the impact of unfavorable outcomes in legislation and legal proceedings, and the ability of ticket holders to sell tickets on the secondary market unencumbered.

Management Commentary and Tone:

• CEO Lawrence Fey stated the Company is "excited to announce the start of a new era" and highlighted the return to year-over-year GOV and Adjusted EBITDA growth.
• Management indicated the return to growth reflects the "continued successful execution of our strategic priorities."
• Management expressed excitement regarding the agreement in principle for a recapitalization transaction intended to provide a "durable capital structure to support long-term value creation."

Other Key Points:

• The Company reached an agreement in principle with a substantial majority of its term loan lenders for a comprehensive recapitalization and deleveraging transaction.
• The Proposed Transaction would provide $60 million of new money term loans.
• The transaction would convert a significant portion of existing debt into equity and reduce the Company's overall funded debt by approximately $200 million.
• The transaction would extend the maturity on the remaining debt.
• Latham & Watkins LLP is serving as legal advisor, Moelis & Company as investment banker, and FTI Consulting as financial and communications advisor.
• The Company held a webcast on November 9, 2026, to discuss the results and outlook.
• Impairment charges of $320.4 million were recorded in the nine months ended September 30, 2025, but none were recorded in the same period of 2026.
• Equity-based compensation was $13.7 million for the nine months ended September 30, 2026, compared to $33.9 million in the prior year period.