Vivid Seats Reports Q3 Results and Agrees in Principle to Recapitalize Debt

Vivid Seats (Nasdaq: SEAT) reported third-quarter 2026 results and said it has reached an agreement in principle with a substantial majority of its term loan lenders on a recapitalization, according to a press release furnished with an 8-K filed Monday, Nov. 9, 2026.

The company reported Marketplace gross order value of $624.0 million for the quarter, up from $618.1 million a year earlier, and revenue of $126.9 million, down from $136.4 million. It posted a net loss of $17.4 million, narrower than the $19.7 million loss in the same quarter of 2025. Adjusted EBITDA was $8.9 million, compared with $4.9 million a year earlier.

The proposed recapitalization

Under terms the company said are currently contemplated, the Proposed Transaction would provide $60 million of new money term loans, convert a significant portion of existing debt into equity, reduce overall funded debt by about $200 million, and extend the maturity on the remaining debt. The company said the deal is intended to strengthen the balance sheet and enhance liquidity.

The agreement is with an ad hoc group of term lenders and remains subject to, among other things, negotiation and execution of definitive documentation. The company did not give a closing date.

Balance sheet and cash

At September 30, 2026, cash and cash equivalents stood at $44.8 million, down from $102.7 million at December 31, 2025. Long-term debt, net, was $381.0 million, and total shareholders' deficit was $118.4 million. For the nine months, net cash used in operating activities was $32.1 million.

Outlook

For 2026, the company said it continues to expect Marketplace GOV of $2.3 billion to $2.6 billion and adjusted EBITDA of $34.0 million to $40.0 million. Nine-month Marketplace GOV was $1.90 billion, compared with $2.12 billion a year earlier.

The company will host a webcast at 8:30 a.m. Eastern Time on Nov. 9 to discuss the results. Latham & Watkins, Moelis & Company and FTI Consulting are advising on the transaction.