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Dec 31, 2024
Seaport Entertainment Group In Q4 2024 Earnings Report
Seaport Entertainment Group reported a decline in revenue and a wider net loss in Q4 2024.
Key Takeaways
Seaport Entertainment Group reported total revenue of $22.84 million in Q4 2024, a slight decrease of 0.3% year-over-year. The company posted a GAAP net loss of $41.63 million, while its non-GAAP adjusted net loss was $19.19 million. Revenue from sponsorships, events, and entertainment declined, while hospitality and rental revenues increased slightly. The company secured new leasing agreements and expanded partnerships in an effort to improve future revenue generation.
Total revenue for Q4 2024 was $22.84 million, down 0.3% year-over-year.
GAAP net loss widened to $41.63 million from $36.01 million in Q4 2023.
Non-GAAP adjusted net loss was $19.19 million, an improvement from $27.95 million last year.
The company secured long-term leases with Meow Wolf and Grupo Gitano to enhance its entertainment and hospitality offerings.
Revenue by Segment
Forward Guidance
Seaport Entertainment Group aims to expand its revenue streams in 2025 through new lease agreements, increased event programming, and strategic monetization of its assets. The company is focusing on long-term growth but faces ongoing operational losses and high expenses.
Positive Outlook
- Long-term lease agreements with Meow Wolf and Grupo Gitano expected to enhance revenue.
- Extended five-year programming agreement with Live Nation for The Rooftop at Pier 17.
- New year-round concert and event programming launching in fall/winter 2025.
- Increased efforts to internalize food and beverage operations for cost efficiencies.
- Potential monetization opportunities for the 250 Water Street development site.
Challenges Ahead
- Persistent GAAP net losses, with no clear near-term path to profitability.
- Decline in sponsorships, events, and entertainment revenue.
- High operating costs and general administrative expenses continue to weigh on margins.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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