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MotiTest Q1 2025 Earnings Report
Pursuit Attractions and Hospitality, Inc. reported its first quarter 2025 results, showing solid performance with increased revenue and improved EPS.
Key Takeaways
Pursuit Attractions and Hospitality, Inc. delivered solid performance in the first quarter of 2025, with revenue increasing by 0.9% to $37.6 million and diluted EPS improving to -$1.11 from -$1.29 in the prior year. The company maintained its outlook for strong full-year 2025 growth, driven by increased effective ticket prices and lodging RevPAR.
Revenue increased by 0.9% year-over-year to $37.6 million, primarily due to growth in ticket revenue at year-round attractions and higher effective ticket prices.
Net loss attributable to Pursuit was $31.1 million, a 24.0% increase from the prior year, mainly due to the discontinued operations treatment of GES results in 2024.
Adjusted EBITDA declined by 19.7% to -$17.5 million, primarily due to inflationary cost increases and seasonal operating losses from new businesses.
Diluted EPS attributable to Pursuit improved by 13.9% to -$1.11, reflecting a smaller loss per share compared to the previous year.
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Forward Guidance
For the full year 2025, Pursuit expects Adjusted EBITDA to be between $98 million and $108 million, representing substantial growth from 2024. Revenue is projected to increase by low-double digits.
Positive Outlook
- Expected Adjusted EBITDA of $98 million to $108 million for full year 2025, a significant increase from $77.1 million in 2024.
- Anticipated low-double digit revenue growth for full year 2025 compared to 2024.
- Strong organic growth expected from continued guest experience improvements and demand for authentic experiential travel.
- Approximately $5 million to $7 million of Adjusted EBITDA contribution from three tuck-in acquisitions completed in Q4 2024.
- Continued focus on revenue and cost management to drive growth.
Challenges Ahead
- No change to the prior exchange rate assumption of $0.69 between the Canadian Dollar and the U.S. Dollar, presenting a translation headwind of approximately $7 million to Adjusted EBITDA compared to 2024.
- Uncertainty remains around the economic and geopolitical outlook.
- Potential impact of economic and geopolitical uncertainty on travel and consumer behavior.
- Reconciliation of Adjusted EBITDA to GAAP is not quantitatively available due to unpredictable reconciling items.
- The company does not recognize a tax benefit primarily on losses in the United States where it has a valuation allowance.