Mobile-focused ticketing platform SeatGeek has released its third quarter financial results, posting two company records for its Q3 net revenue and Q3 gross profit.
From June 30 to September 30, SeatGeek’s net revenue rose to $59.7m (£44.6m/€52.8m), an increase of 46% from Q2 and an improvement on a pandemic-hit $2.8m in Q3 the year prior.
In Q3, the company’s gross profit of $36.7m also came in as a company record and is an increase of around 44% from Q2 in 2021. This is compared to $4.2m for the same period last year.
Loss from operations for the third quarter amounted to $16.6m compared to $11.2m in Q2 of this year. This is an improvement on $24.1m in Q3 in 2020. Adjusted EBITDA for SeatGeek’s Q3 was a loss of $10.8m compared to $5.1m in Q2 in 2020. Contribution Margin, which SeatGeek defines as gross profit-less sales and marketing expense, equated to $5.9m in Q3 in comparison to $7.3m in Q2.
Chief executive of SeatGeek Jack Groetzinger, said: “As fans return to the events, SeatGeek is positioned better than ever to deliver the best experience for consumers and to unlock the most value for our partners.
“Last quarter, we continued to roll out new products like SeatGeek Swaps, the first return policy offered by a major ticketer that allows customers to return their tickets without any hassle, no questions asked.”
In October, SeatGeek entered into a business combination agreement with special purpose acquisition company RedBall Acquisition Corp, to take the company public.
The deal valued the combined company, which will continue to trade as SeatGeek, at $1.35bn. The combination is expected to complete in early 2022.
Brad Tacy, SeatGeek chief financial officer, added: “Our third quarter financial results demonstrate SeatGeek’s powerful economic flywheel at work.
“Our expanding share of enterprise partnerships with some of the best-known names and venues in sports and live entertainment not only drives primary ticketing revenue but also compounds significant gains in secondary ticket sales, as new markets become established, and consumers and partners realise the benefits of our integrated platform.”