Vivid Seats Inc. (SEAT): Business Model Canvas [Dec-2025 Updated]

You're looking past the recent market noise to understand the engine room of Vivid Seats Inc., and frankly, the mid-2025 financials tell a story of necessary triage: a consolidated net loss of roughly $292.8 million through the first three quarters, balanced by a cash position of $153.01 million on June 30th. This Business Model Canvas cuts straight to their response, showing a clear focus on driving repeat business through loyalty programs, aggressively managing high performance marketing costs, and executing a $25 million annualized savings program while simultaneously launching into four new European countries. To see precisely how Vivid Seats Inc. is structuring its marketplace, from its Skybox technology resource to its commission-based revenue streams, dive into the nine essential blocks below.

Vivid Seats Inc. (SEAT) - Canvas Business Model: Key Partnerships

You're looking at the core alliances that fuel Vivid Seats Inc.'s marketplace, the connections that bring inventory and customers to the platform as of late 2025. These partnerships aren't just logos; they represent measurable transaction flows and customer acquisition channels.

The platform connects buyers with thousands of ticket sellers, which forms the backbone of its inventory supply. To support this scale, Vivid Seats made significant investments in marketing, spending over $261 million in online marketing and selling during Fiscal Year 2024 to capture search traffic.

Here's a breakdown of the key strategic relationships:

• - United Airlines: Loyalty program integration for MileagePlus members to earn points.
• - Professional Sports Leagues: Official ticketing partner for NBA, MLB, and NHL teams.
• - Media Outlets: Official ticket provider partnerships with ESPN and Sports Illustrated.
• - Independent Ticket Brokers: Thousands of ticket sellers providing inventory for the Marketplace.
• - Capital One: Collaboration on the Capital One Entertainment rewards program.

The loyalty and rewards partnerships are particularly structured to drive specific transactional behavior. For instance, the collaboration with United Airlines, announced in November 2025, targets United's base of over 130 million MileagePlus members.

Partner	Earning Rate (Base)	Top Earning Rate (Cardholder)	Program Size/Scope
United Airlines (MileagePlus)	2 miles per $1 spent	5x total miles per $1 (United Club/Business Cardmembers)	Integration across United's Kinective Media and in-flight 3D map.
Capital One (Capital One Entertainment)	8% cash back (Savor Cardmembers)	Unlimited 5X miles per $1 (Venture X/Quest Cardmembers)	Access to over 500,000 events; Miles valued at 0.8 cents per mile for redemption.

The relationship with Capital One Entertainment, powered by Vivid Seats, allows cardholders to redeem rewards for tickets. For example, a $100 ticket can be purchased for 12,500 Capital One miles. This portal also offers enhanced earning for certain cardholders, such as 8% cash back on purchases.

Regarding sports league partnerships, data from the 2025 MLB season highlights the value of this segment. Vivid Seats data showed the average sold price for Los Angeles Dodgers regular-season tickets (Home + Away) was $181, and the MLB All-Star Game ticket price reached $837. In the NFL space, the Philadelphia Eagles and San Francisco 49ers tied for the highest road-crowd average at 46% across the 2024-2025 regular season.

Media partnerships also drive reach. The ESPN integration, which began in February 2017, connected Vivid Seats to ESPN's then-reported 110 million unique monthly users. Separately, the Sports Illustrated Tickets venture, which utilizes SI branding, has an ambition to achieve $1 billion in annual revenue within the next 36 months, projecting over $500 million in revenue for 2026.

These partnerships are critical as the company navigates market conditions; for context, Vivid Seats reported Q3 2025 Revenues of $136.4 million.

• - MLB Hottest Average Sold Price (Dodgers, 2025): $181.
• - MLB All-Star Game 2025 Ticket Price: $837.
• - NFL Road Crowd Average Tie (Eagles/49ers, 2024-25): 46%.
• - ESPN Monthly Unique Users (2016 baseline): Over 110 million.

Vivid Seats Inc. (SEAT) - Canvas Business Model: Key Activities

You're looking at the core engine driving Vivid Seats Inc. as of late 2025. It's all about execution in a tough market, balancing growth pushes with necessary cost discipline.

Operating the two-sided online ticket Marketplace and Resale platforms remains the central activity. This involves connecting millions of buyers with thousands of ticket sellers across hundreds of thousands of events each year, leveraging the technology platform. The scale of transactions is evident in the recent quarterly figures, though volume has been pressured by industry headwinds.

Here's a quick look at the Marketplace activity across the second and third quarters of 2025:

Metric	Q2 2025 Value	Q3 2025 Value
Marketplace Gross Order Value (GOV)	$685.5 million	$618.1 million
Revenue	$143.6 million	$136.4 million
Marketplace Take Rate	Not explicitly stated for Q2	17%

The Marketplace Take Rate settled at 17% in the third quarter of 2025, with management expecting near-term rates around 16% amid competition.

Performance Marketing: Aggressively capturing search traffic and managing online advertising is a constant, high-intensity activity. Management noted 'continued competitive intensity in performance marketing channels' impacting Q2 2025 results. This strategy is about defending market position against competitors fighting fiercely on pricing and marketing.

Technology Development: Enhancing the proprietary Skybox ERP platform and AI-driven fraud detection is a key area where investment continues despite cost-cutting. The company emphasizes ongoing investment in core technology. This includes highlighting new analytical capabilities within the proprietary Skybox ERP platform, which helps professional sellers manage inventory and pricing across multiple resale marketplaces.

Strategic Cost Reduction: Executing the $25 million annualized savings program by year-end 2025 was a major focus announced mid-year. This initial program targeted $25 million in annualized operating expense savings to be fully actioned by the end of 2025. By the third quarter, the company doubled this target, increasing the annualized fixed cost reduction goal to $60 million. Over $5 million of the original annualized savings had already been realized as of Q2 2025.

International Expansion: Launching operations in four European countries to diversify volume is the primary growth vector outside the U.S. secondary market. Vivid Seats Inc. confirmed it is now live in four European countries. This expansion was reported to be exceeding margin expectations in the second quarter of 2025, showing strong growth from a small base.

Finance: draft 13-week cash view by Friday.

Vivid Seats Inc. (SEAT) - Canvas Business Model: Key Resources

You're looking at the core assets that power Vivid Seats Inc.'s operations as of late 2025. These aren't just line items; they are the engines driving the marketplace.

Proprietary Technology: The Skybox ERP platform for ticket sellers and the consumer-facing app

The technology stack is split between the seller-side automation and the consumer experience. For sellers, the Skybox ERP platform centralizes inventory, pricing, and order fulfillment, aiming to boost sales volume and profit margins for professional brokers. It offers features like Ticket Downloader, Post Sale Delivery, and a Reporting Suite. This platform is built on the cloud, making it compatible with all devices, and it features Free Listing Integration with competitors like StubHub and TicketMaster+/TicketsNow, which helps minimize dropped orders and double sales.

The consumer-facing side is supported by unique technology that drives the ecosystem. The platform's efficiency, which contributes to a strong Gross Profit Margin of 71.45% (Trailing Twelve Months ending Q2 2025), is a direct result of these technology investments. While specific consumer app usage statistics aren't public, the platform supports millions of buyers across hundreds of thousands of events each year.

Financial Capital: Cash and cash equivalents of $153.01 million as of June 30, 2025

Liquidity remains a key resource, even amidst market pressures. As of the end of the second quarter, June 30, 2025, Vivid Seats Inc. reported $153 million in cash and cash equivalents. This was set against $392 million of debt, resulting in a net debt position of $239 million.

The company is actively managing this capital, having flagged a $25 million annualized cost savings program intended for action by the end of 2025 to right-size the organization for the current environment.

Ticket Inventory: Access to one of the widest selections of live event tickets in North America

The sheer breadth of available inventory is a primary draw for customers. This access allows Vivid Seats Inc. to serve a massive user base across sports, concerts, and theater. For context on the scale this inventory supports, the Marketplace Gross Order Value (GOV) for the third quarter ended September 30, 2025, was $618.1 million, with total revenues for that quarter at $136.4 million.

The inventory access is supported by the technology that integrates listings from thousands of ticket sellers.

Brand Recognition: A leading position in the secondary ticketing marketplace

Vivid Seats Inc. maintains a leading position in the secondary marketplace, which is reinforced by its customer loyalty program. The Vivid Seats Rewards program is cited as an industry-leading tool that incentivizes repeat purchases, which is a more cost-effective strategy than constantly bidding on search ads to acquire new customers.

The brand's reliability is also a factor; the company has been recognized by Newsweek as one of America's Best Companies for Customer Service in ticketing. This recognition helps build trust, which is critical when consumers are wary of ticket authenticity.

Intellectual Property: Data and algorithms for pricing and customer acquisition

The firm's intellectual property centers on its data assets and the algorithms that process them. Management has stated priorities include operating the most efficient platform powered by the best technology and data. Customer data and segmentation play a role in targeting campaigns, helping to focus marketing spend.

The effectiveness of the data and algorithms is reflected in the company's gross margin, which remains structurally strong. The focus on organic methods to acquire customers is an attempt to combat rising costs in performance marketing channels, where the cost to acquire a customer (CAC) is increasing. The company's technology is designed to deliver a unique value proposition, including its Lowest Price Guarantee, which was launched to enhance the fan experience.

Here are some key operational metrics that these resources underpin:

Metric	Value (Q2 2025)	Value (Q3 2025)
Cash and Cash Equivalents	$153 million	N/A
Marketplace Gross Order Value (GOV)	$685.5 million	$618.1 million
Revenue	$143.6 million	$136.4 million
Adjusted EBITDA	$14.4 million	$4.9 million

The company is also making strategic investments in technology to protect its market position, which includes international expansion into four European countries, with that business exceeding margin expectations in 2025.

Vivid Seats Inc. (SEAT) - Canvas Business Model: Value Propositions

You're looking at how Vivid Seats Inc. is trying to keep customers coming back, especially when the market is tough-Q3 2025 revenue was $136.4 million, down 27% year-over-year. The value proposition is built around rewarding loyalty and guaranteeing the best price on their platform, which connects fans to hundreds of thousands of events across sports, concerts, and theater.

The commitment to fan-first features is clear, especially with the recent launch of the Lowest Price Guarantee in October 2025. This initiative is a direct response to competitive pressure, aiming to assure customers they are getting the best deal when buying tickets through the Vivid Seats app.

The core value drivers for the customer side can be summarized like this:

• - Wide Selection: Connecting fans to hundreds of thousands of events (sports, concerts, theater).
• - Loyalty Rewards: Vivid Seats Rewards program where all fans earn on every purchase.
• - Price Assurance: Lowest Price Guarantee launched in 2025 to compete on cost.
• - Transparency: Providing a seamless, transparent ticketing experience, supported by the All-In Pricing policy.

For the professional seller segment, the proprietary software remains a key differentiator. Skybox is the industry-leading Enterprise Resource Planning (ERP) tool. As of late 2024 context, over 55% of professional sellers exclusively used Skybox to run their businesses. The newer SkyBox Drive tool saw over 100 users onboarded since exiting beta, with hundreds more on the waitlist.

Here's a quick look at the mechanics of the two main customer-facing value drivers:

Value Proposition Feature	Metric/Condition	Value/Benefit Provided
Lowest Price Guarantee	Claim Window	1 hour post-purchase
Lowest Price Guarantee	Price Difference Payout	115% in Vivid Seats site credit
Lowest Price Guarantee	Credit Cap/Limit	Capped at $200 per claim; 2 claims per year
Vivid Seats Rewards	Earning Structure	1 stamp per ticket purchased
Vivid Seats Rewards	Reward Issuance	Reward Credit issued after collecting 10 stamps

The Vivid Seats Rewards program is designed to reduce customer acquisition costs by rewarding repeat business; a Reward Credit is the average value of the 10 tickets used to earn it, excluding taxes and fees. This is part of a broader strategy that also includes international expansion, with the company now live in four European countries.

The transparency element is reinforced by the All-In Pricing rollout, which shows the full cost, including fees, upfront, helping fans focus on enjoying the event rather than calculating final costs. This focus on customer experience is what management is banking on as they provided an initial 2026 Marketplace Gross Order Value (GOV) outlook of $2.2 billion to $2.6 billion.

Vivid Seats Inc. (SEAT) - Canvas Business Model: Customer Relationships

You're looking at how Vivid Seats Inc. keeps its millions of buyers and thousands of sellers engaged in a competitive ticketing landscape. The core of this is definitely a heavy reliance on digital, self-service interaction.

Self-Service Platform: Primary interaction via the website and mobile app.

The main way customers interact with Vivid Seats Inc. is through its technology platform, meaning the website, vividseats.com, and the mobile app, which you can get on iOS and Android. This digital-first approach is key to handling the volume. To keep users coming back to the app, they run features like Game Center in the Play tab, where fans can play daily WNBA-themed trivia to score points toward ticket discounts or enter drawings for free tickets. This is a smart way to drive daily engagement outside of just buying tickets.

The scale of transactions they manage shows why self-service is critical. For instance, in the second quarter ended June 30, 2025, Marketplace Gross Order Value (GOV) was $685.5 million, which is a significant amount of value flowing through that platform. Compare that to the first quarter of 2025, where Marketplace GOV hit $820.4 million. The platform has to be rock solid for that kind of volume.

Metric	Q2 2025 (Ended 6/30/2025)	Q1 2025 (Ended 3/31/2025)	FY 2024 (Full Year)
GAAP Revenue	$143.6 million	$164.0 million	$775.6 million
Marketplace Gross Order Value (GOV)	$685.5 million	$820.4 million	$3.92 billion
Marketplace Orders (Approximate)	N/A (Down over 30% YoY in Q2)	N/A (Down 20% YoY in Q1)	11.5 million

Loyalty Program: Automated, points-based rewards system to drive repeat business.

Vivid Seats Inc. positions its Vivid Seats Rewards program as industry-leading, and honestly, it's the only rewards program among the leading US ticket companies. It's automated, so you don't have to think about it; fans earn loyalty rewards on every single purchase. These rewards translate directly into ticket credits for future use. Plus, they sweeten the deal with fan benefits like surprise upgrades and access to exclusive experiences. This system is designed to lock in that repeat business, which is vital when industry volumes are facing pressure, like the 28% year-over-year GAAP revenue drop seen in Q2 2025.

Customer Service: Recognized as one of America's Best Companies for Customer Service.

The commitment to service is a stated brand differentiator. For the fifth time, Vivid Seats Inc. was included in Newsweek's list of America's Best Customer Service 2025 in the "Ticketing" category. The assessment for this 2025 award was based on over 200,000 evaluations collected from independent surveys, looking at factors like Professional Competence and Customer Focus. That recognition is important when you consider the company suspended its fiscal year 2025 guidance in May 2025 due to market uncertainty.

Dedicated Service: Support for high-volume ticket sellers and brokers.

While the primary focus is on the self-service buyer experience, the platform's architecture is built to connect millions of buyers with thousands of ticket sellers. This implies a necessary, though less publicized, dedicated infrastructure to onboard, verify, and manage transactions for high-volume professional sellers and brokers who form the supply side of the marketplace. The platform drives the entire consumer and business ecosystem for live event ticketing.

Finance: draft the Q3 2025 cash flow forecast update by next Tuesday.

Vivid Seats Inc. (SEAT) - Canvas Business Model: Channels

You're looking at how Vivid Seats Inc. gets its tickets to fans in late 2025. The channels are a mix of direct digital access and strategic partnerships, but the heavy reliance on paid traffic is definitely showing up in the financials.

Digital Marketplace: The Vivid Seats website and mobile application.

The core channel remains the direct digital marketplace. While the overall Marketplace Gross Order Value (GOV) saw a significant contraction in the third quarter of 2025, falling to $618.1 million, down 29% year-over-year, the mobile app is showing resilience. App-based users delivered double-digit sequential GOV growth in Q3 2025, suggesting a channel shift toward owned properties for better retention and conversion rates. For context, the total revenue for Q3 2025 was $136.4 million, reflecting the lower transaction volume across the platform.

Performance Marketing: Paid search and programmatic advertising channels.

This has been a major cost center and a source of recent pressure. In Fiscal Year 2024, Vivid Seats Inc. spent more than $261 million in online marketing and selling, much of that aimed at securing top search result placement. Even more recently, the company spent under $100 million on advertising across digital and national TV in the last year. The intensity of competition in these performance marketing channels was cited as a key factor contributing to the Q2 2025 Marketplace GOV drop of 31% year-over-year to $685.5 million. This channel is expensive, and the return on that investment is clearly being tested by market dynamics.

Here's a look at the scale of the core business and the marketing context:

Metric	Q3 2025 Value	YoY Change Context
Marketplace GOV	$618.1 million	Down 29%
Total Revenue	$136.4 million	Down 27%
Adjusted EBITDA	$4.9 million	Down from $34.1 million in Q3 2024
FY2024 Online Marketing & Selling Spend	Over $261 million	Context for high channel cost

Partner Integrations: Co-branded platforms like Capital One Entertainment.

While specific revenue contribution figures for co-branded platforms aren't explicitly broken out in the latest reports, these integrations are part of the strategy to build direct, high-value customer relationships outside of the volatile paid search environment. The focus on delivering a unique value proposition, which includes loyalty programs, is designed to drive traffic through these established partner ecosystems, helping to stabilize the business against performance marketing headwinds.

Acquisitions: Integrated platforms like Vegas.com and Wavedash for international reach.

The inclusion of acquisitions like Wavedash (the Japanese ticketing marketplace) and Vegas.com has been integrated into the core financials since 2024. The impact of these integrations is visible in the cost structure; for instance, the inclusion of these 2023 acquisitions contributed to a 29% jump in personnel expenses in Fiscal Year 2024. The strategic goal is to use these platforms to expand market reach beyond the primary North American focus, though the immediate financial reporting reflects the associated operational costs.

The company is actively trying to shift traffic quality, as evidenced by the focus on app users, while managing the high cost of the performance marketing channel. Finance: draft 13-week cash view by Friday.

Vivid Seats Inc. (SEAT) - Canvas Business Model: Customer Segments

You're looking at the customer base for Vivid Seats Inc. (SEAT) as of late 2025, and the picture is one of core reliance mixed with strategic new outreach. The primary engine remains the everyday fan, but the numbers show the pressure the entire market is under.

Live Event Fans

This group is the backbone, seeking tickets for sports, concerts, and theater across North America. Their activity is measured by the Marketplace Gross Order Value (GOV). For the third quarter of 2025, the Marketplace GOV landed at $618.1 million, which was a 29% year-over-year decline from the $871.7 million seen in Q3 2024. The take rate (the percentage of GOV the company keeps as revenue) for the Marketplace segment in Q3 2025 was 17%, though management expects this to settle near 16% in the near term due to competitive investment. The total revenue for that same quarter was $136.4 million.

The key metrics that define this segment's transactional health are:

• Marketplace GOV (Q3 2025): $618.1 million
• Marketplace GOV (Q3 2024): $871.7 million
• Marketplace Take Rate (Q3 2025): 17%
• Anticipated Near-Term Take Rate: Around 16%

Professional Ticket Resellers

These are the high-volume brokers who use the proprietary Skybox platform. The platform is designed to automate their business, offering free listing integration across Vivid Seats, StubHub, and TicketMaster+/TicketsNow to minimize dropped orders. While specific revenue contribution from this segment isn't broken out, the tool's value proposition is maximizing sales volume and profit margins for these professional sellers.

Corporate Buyers

Vivid Seats Inc. serves businesses looking to purchase tickets for client entertainment or employee incentives. This segment utilizes the platform's inventory for B2B hospitality needs. No specific financial data detailing the volume or revenue derived exclusively from Corporate Buyers was reported in the latest filings.

Loyalty Members

This segment is being actively courted through strategic partnerships. A major development was the collaboration with United Airlines announced on November 18, 2025, allowing MileagePlus members to earn miles on ticket purchases. United Airlines has over 130 million MileagePlus members. The earning structure is tiered:

• Base Accrual: Two miles per dollar spent.
• United Explorer Cardholders: Three total miles per dollar.
• United Quest Cardholders: Four total miles per dollar.
• United Club/Club Business Cardholders: Five total miles per dollar.

International Consumers

Vivid Seats Inc. is actively pursuing expansion outside its core North American market. As of the Q2 2025 earnings discussion, the business was live in four European countries, with management noting this segment was outperforming margin expectations.

For context on the overall financial environment supporting these segments, here are key figures from the third quarter of 2025:

Metric	Amount (USD Millions)
Total Revenue (Q3 2025)	136.4
Net Loss (Q3 2025)	19.7
Adjusted EBITDA (Q3 2025)	4.9
TTM Revenue (Ending Q3 2025)	Approx. 643.78
Projected 2026 Marketplace GOV Range	$2.2 billion to $2.6 billion

Finance: draft 13-week cash view by Friday.

Vivid Seats Inc. (SEAT) - Canvas Business Model: Cost Structure

You're looking at the expenses that drive the operations for Vivid Seats Inc. as of late 2025. The cost structure is heavily weighted toward customer acquisition and platform maintenance, which is typical for a digital marketplace, but recent competitive pressures have forced a re-evaluation of spending.

Performance Marketing Costs remain a dominant expense. Management noted the 9% rise in these online advertising costs during the full year 2024, driven by intense competition for search traffic. For the full year 2024, Vivid Seats Inc. spent more than $261 million in online marketing and selling. This high spend is necessary to secure top placement for keywords like "NFL tickets" to compete against rivals.

Personnel Expenses saw a significant jump in 2024, contributing to the need for cost discipline announced later. Specifically, personnel expenses jumped by 29% in fiscal year 2024, partly due to headcount added from acquisitions like Wavedash and Vegas.com.

The core variable cost, Cost of Revenues, was reported at $42.43 million for the second quarter of 2025. This figure actually represented a 13% decrease from the $48.77 million reported in Q2 2024, reflecting some success in cost control despite declining volume.

Debt servicing is a fixed commitment. Vivid Seats Inc. is currently servicing $392 million of outstanding debt as of the end of Q2 2025, which carries a variable interest rate. The net interest expense for the first quarter of 2025 was $5.665 million (or $5,665 thousand).

Technology and Development is an ongoing investment area, crucial for maintaining the platform and driving efficiencies. For the three months ended March 31, 2025, the company reported $4.526 million (or $4,526 thousand) in Investments in developed technology. For the second quarter of 2025, this investment was $8.341 million (or $8,341 thousand).

To give you a clearer picture of the major operating expense categories based on the most recent granular data available (Q1 2025), here is a breakdown:

Expense Category (Q1 2025, in thousands USD)	Amount
Cost of revenues	$44,525
Marketing and selling	$64,112
General and administrative	$48,082
Depreciation and amortization	$11,625

The company has responded to these pressures by announcing a strategic cost reduction program targeting $25 million in annualized operating expense savings to be actioned upon by the end of 2025, with over $5 million in annualized savings already realized as of Q2 2025.

• The cost reduction plan includes shutting down the Vivid Picks business.
• The new CEO has outlined doubling the annualized cost savings target to $60 million following Q3 2025 results.
• The company is preparing for potential lifetime tax savings up to $180 million through corporate simplification.

Vivid Seats Inc. (SEAT) - Canvas Business Model: Revenue Streams

You're looking at the core money-making engine for Vivid Seats Inc. as of late 2025. The revenue structure is heavily weighted toward transaction volume on the primary platform, but the challenging market has put pressure on every stream.

The primary revenue driver is Marketplace Commissions, which come from service fees charged on ticket sales. The company's guidance from earlier in the year suggested a target take rate in the range of 15.5% to 16%, reflecting a focus on disciplined unit economics. For context, the Marketplace Gross Order Value (GOV) for Q3 2025 was $618.1 million. The revenue generated from this segment is the largest component of the total.

Vivid Seats Inc. operates with two primary segments, though the Marketplace is clearly dominant. The Resale Segment Revenue is generated from the smaller Resale segment, which focuses on acquiring tickets for resale. While the volume of Resale orders for the nine months ended September 30, 2025, was 3,759 cancellations, a specific revenue amount for this segment is not separately itemized in the latest public reports, which focus heavily on the Marketplace performance.

The consolidated financial results for the third quarter of 2025 reflect the difficult environment. Vivid Seats Inc. reported Q3 2025 Total Revenue of $136.4 million, which was down 27% year-over-year from $186.6 million in Q3 2024. For comparison, Q2 2025 revenue was $143.6 million, and Q1 2025 revenue was $164.0 million.

The bottom line for the year-to-date period shows significant charges impacting profitability. The Q1-Q3 2025 Net Loss for Vivid Seats Inc. was approximately $292.8 million, which included a large non-cash impairment charge, such as the $320.4 million GAAP impairment charge recorded in Q2 2025. The Q3 2025 net loss alone was $19.7 million.

Revenue from Advertising/Partnership Fees is a developing stream. The company has a loyalty partnership with United Airlines, which was expected to start bearing fruit in the second half of 2025. However, there was no reported financial impact from this or other new partnerships during Q2 2025. Performance marketing, which is a cost, rose 9% in the full year 2024, indicating the high cost of acquiring volume through digital advertising channels.

Here is a summary of the key financial data points for the period:

Metric	Amount/Guidance
Q3 2025 Total Revenue	$136.4 million
Q1-Q3 2025 Consolidated Net Loss	Approximately $292.8 million
Q3 2025 Net Loss	$19.7 million
Q1 2025 Take Rate Guidance	15.5% to 16%
Q3 2025 Marketplace GOV	$618.1 million
Q2 2025 GAAP Marketing Expenses	$53.8 million

You should track the monetization rate closely, as the take rate is the key lever for the primary revenue stream. The Resale segment remains secondary, and partnership revenue is still an expected benefit rather than a realized, quantifiable stream as of the Q3 report.