Vivid Seats (NASDAQ: SEAT) reported a steep drop in third-quarter revenue and gross order value while announcing a leadership change at the top, with longtime executive Lawrence Fey taking over as CEO from Stan Chia, who led the Chicago-based ticket marketplace since 2018.
For the quarter ended September 30, 2025, Vivid Seats’ marketplace gross order value (GOV) fell 29% year-over-year to $618.1 million, while revenue declined 27% to $136.4 million. The company swung to a net loss of $19.7 million, compared to $9.2 million in net income during the same period last year. Adjusted EBITDA dropped to $4.9 million from $34.1 million.
Board Chair David Donnini said the company believes Fey is “uniquely qualified to guide Vivid Seats through this evolving industry environment and into the next chapter,” citing his tenure as CFO and prior roles dating back to 2017. Chia will remain in an advisory capacity through December 1. Ted Pickus, the company’s Chief Accounting Officer since 2022, has been named Interim CFO.
Fey said the company is doubling its annualized cost-savings target to $60 million, part of a push to simplify its corporate structure and “build a more efficient, resilient, and profitable business.” He pointed to early traction from Vivid Seats’ “Owned Properties” and mobile app, which posted sequential and year-over-year GOV growth, though results were weighed down by weakness in its Private Label segment.
The new CEO also highlighted recent initiatives including a Lowest Price Guarantee and ongoing expansion of Vivid Seats Rewards, calling them central to the platform’s value proposition for fans.
Vivid Seats issued an initial 2026 outlook projecting Marketplace GOV between $2.2 and $2.6 billion and Adjusted EBITDA of $30–40 million, signaling expectations for stabilization following this year’s downturn.
The company also completed a corporate simplification eliminating its dual-class stock structure and Tax Receivable Agreement, which it says will save roughly $180 million in lifetime tax costs and reduce annual cash tax payments to about $3 million.
Market Value Plummets Since 2021 SPAC Debut
Vivid Seats’ latest results arrive amid a dramatic erosion in shareholder value since the company’s public debut. When it went public via a merger with Horizon Acquisition Corporation in October 2021, the deal valued the ticket marketplace at roughly $1.9 billion.
As of this week, Vivid Seats’ market capitalization has fallen to just over $100 million, a decline of roughly 95 percent from its initial valuation. The company’s stock, which once traded above $13 per share, now sits near $10.50 after years of steady decline and a recent share consolidation tied to its corporate simplification.
The shrinking market value underscores the challenges Vivid Seats faces in regaining investor confidence following multiple quarters of revenue and order volume declines. Despite management’s cost-cutting and structural overhaul, the company’s performance continues to lag behind the robust recovery seen across much of the broader live-events sector.
The company’s full earnings report can be accessed here at their investors website.
