Core Viewpoint - StubHub's stock experienced a significant decline of 24% following the company's decision to withhold financial guidance for the current quarter, emphasizing a long-term focus instead [1][2]. Financial Performance - StubHub reported stronger-than-expected third-quarter results, with revenue increasing by 8% year over year to $468.1 million, surpassing the average analyst estimate of $452 million [3]. - Gross merchandise sales rose by 11% year over year to $2.43 billion, exceeding Wall Street's expectation of $2.36 billion [3]. Management Commentary - CEO Eric Baker highlighted that the timing of ticket sales can vary from quarter to quarter, complicating predictions of consumer demand [1]. - Baker stated that demand for live events remains "phenomenal" and indicated that the company plans to provide an outlook for 2026 during the fourth-quarter results announcement [2]. Analyst Reaction - Wedbush analysts expressed surprise at the lack of forward guidance from StubHub executives, noting that this decision could pressure shares and raise investor concerns about near-term visibility [2].

Core Insights - Proactive provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The company focuses on medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - Proactive's news team delivers insights across various sectors including biotech, pharma, mining, natural resources, battery metals, oil and gas, crypto, and emerging technologies [3] Technology Adoption - Proactive is a forward-looking company that enthusiastically adopts technology to enhance workflows [4] - The company utilizes automation and software tools, including generative AI, while ensuring all content is edited and authored by humans [5]

Core Insights - U.S. stock futures are lower, with Dow futures down approximately 100 points [1] - Red Cat Holdings Inc reported disappointing third-quarter results, leading to a significant drop in its stock price [2] Company Performance - Red Cat Holdings Inc's third-quarter revenue was $9.65 million, falling short of analyst expectations of $16.68 million [2] - The company reported a loss of 16 cents per share, which was worse than the anticipated loss of 10 cents per share [2] - Red Cat's shares fell by 15.1%, reaching $6.57 in pre-market trading [2] Other Companies' Performance - TSS Inc experienced a 40.2% decline, with shares dropping to $9.10 after reporting a year-over-year decrease in financial results [4] - StubHub Holdings Inc's shares fell 18.8% to $15.28 following disappointing third-quarter EPS results [4] - WhiteFiber Inc's stock decreased by 13.4% to $17.21 after reporting worse-than-expected financial results [4] - Anavex Life Sciences Corp. saw a decline of 12.3%, with shares at $4.99 after an 18% drop the previous day [4] - Verastem Inc's shares dipped 9.4% to $7.35 due to the announcement of a $90 million public offering [4] - POET Technologies Inc fell 8.5% to $4.30 following weak quarterly results [4] - Solaris Energy Infrastructure Inc declined 5.8% to $42.32 in pre-market trading [4]

Core Insights - Premarket trading is showing notable activity with significant price movements indicating potential opportunities for traders before the market opens [1] Premarket Gainers - Cidara Therapeutics, Inc. (CDTX) is up 91% at $203.18 - Binah Capital Group, Inc. (BCG) is up 45% at $2.07 - Invivyd, Inc. (IVVD) is up 42% at $2.52 - Omeros Corporation (OMER) is up 15% at $7.25 - The Oncology Institute, Inc. (TOI) is up 12% at $3.47 - AlphaVest Acquisition Corp (ATMV) is up 11% at $7.99 - ARB IOT Group Limited (ARBB) is up 7% at $7.31 - Hyperion DeFi, Inc. (HYPD) is up 6% at $5.27 - TruGolf Holdings, Inc. (TRUG) is up 6% at $2.02 - Boqii Holding Limited (BQ) is up 5% at $2.24 [3] Premarket Losers - TSS, Inc. (TSSI) is down 40% at $9.12 - StubHub Holdings, Inc. (STUB) is down 20% at $15.02 - ESS Tech, Inc. (GWH) is down 20% at $3.38 - Red Cat Holdings, Inc. (RCAT) is down 17% at $6.38 - WhiteFiber, Inc. (WYFI) is down 15% at $16.81 - New Era Energy & Digital, Inc. (NUAI) is down 13% at $3.66 - NET Power Inc. (NPWR) is down 11% at $2.62 - Korro Bio, Inc. (KRRO) is down 9% at $5.90 - Anavex Life Sciences Corp. (AVXL) is down 8% at $5.20 - Interactive Strength Inc. (TRNR) is down 5% at $2.47 [4]

Group 1: RLX Technology Inc - RLX Technology Inc reported quarterly earnings of 3 cents per share on sales of $158.600 million [1] - Shares of RLX Technology rose 6% to $2.47 in pre-market trading following the earnings report [1] Group 2: Other Stocks in Pre-Market Trading - Cidara Therapeutics, Inc. surged 92% to $203.50 after a Schedule 13D Amendment revealed beneficial ownership of 3.37 million shares [4] - Binah Capital Group, Inc. gained 52.2% to $2.17 after posting stronger-than-expected third-quarter results [4] - Expion360 Inc. rose 42.4% to $1.81 following its third-quarter results [4] - Aspire Biopharma Holdings, Inc. surged 31.2% to $0.1380 in pre-market trading [4] - Invivyd, Inc. gained 28.8% to $2.28 after reporting better-than-expected third-quarter financial results [4] - Milestone Scientific Inc. surged 26.3% to $0.4801 after reporting better-than-expected third-quarter sales [4] - Lazydays Holdings, Inc. gained 23.3% to $1.85 after a previous surge [4] - Omeros Corp gained 12.5% to $7.08 following a narrower-than-expected quarterly loss [4] - Nouveau Monde Graphite Inc rose 10% to $3.25 after a decline the previous day [4] Group 3: Declining Stocks in Pre-Market Trading - TSS Inc tumbled 40.2% to $9.10 after reporting a year-over-year decrease in third-quarter results [4] - enVVeno Medical Corp declined 35.8% to $0.42 after an unfavorable FDA appeal decision [4] - Nuvve Holding Corp fell 29.3% to $0.34 after announcing third-quarter results [4] - ESS Tech Inc shares dipped 24.2% to $3.22 after reporting weak quarterly sales [4] - Direct Digital Holdings Inc fell 18.8% to $0.23 after a significant gain the previous day [4] - StubHub Holdings Inc fell 18.8% to $15.28 after worse-than-expected third-quarter EPS results [4] - Mangoceuticals Inc dipped 17.7% to $0.98 after a decline the previous day [4] - Red Cat Holdings Inc dipped 15.1% to $6.57 after worse-than-expected financial results and a lowered FY25 sales guidance [4] - WhiteFiber Inc fell 13.4% to $17.21 after reporting worse-than-expected financial results [4] - Sobr Safe Inc fell 12.4% to $2.21 after a decline the previous day [4]

IPO and Stock-Based Compensation - The company completed its IPO on September 18, 2025, selling 34,042,553 shares at a public offering price of $23.50 per share, resulting in net proceeds of approximately $758.0 million after underwriting discounts and commissions of $42.0 million[198]. - The company recognized $1,400.7 million in stock-based compensation expense related to RSUs, stock options, and restricted stock in connection with the IPO[199]. - Stock-based compensation expense recognized as a result of the IPO was $1.405 billion for the three months ended September 30, 2025[221]. Revenue and Sales Performance - Revenue for the three months ended September 30, 2025, was $468.1 million, an increase of $34.3 million or 7.9% compared to $433.8 million in the same period of 2024[221]. - Revenue for the nine months ended September 30, 2025, was $1.296 billion, an increase of $58.8 million or 4.8% compared to $1.237 billion in the same period of 2024[222]. - Gross Merchandise Sales (GMS) grew by 11% year-over-year to $2,434.8 million for the three months ended September 30, 2025, driven by market share growth in North America and international markets[249]. - The number of buyers making two or more purchases grew 2.0x faster year-over-year compared to those making only one purchase, indicating strong repeat purchasing behavior[201]. Expenses and Costs - Cost of revenue (exclusive of depreciation and amortization) for the three months ended September 30, 2025, was $100.5 million, an increase of $20.9 million or 26.3% compared to $79.6 million in the same period of 2024[223]. - Cost of revenue (exclusive of depreciation and amortization) for the nine months ended September 30, 2025, was $238.1 million, an increase of $32.2 million or 15.6% compared to $205.9 million in the same period of 2024[224]. - Sales and marketing expenses for the three months ended September 30, 2025, were $281.1 million, an increase of $60.2 million or 27.2% compared to $221.0 million in the same period of 2024[228]. - General and administrative expenses for the three months ended September 30, 2025, were $1.426 billion, an increase of $1.326 billion or 1,335.0% compared to $99.4 million in the same period of 2024[230]. - Operations and support expenses for the three months ended September 30, 2025, were $22.5 million, an increase of $6.9 million or 44.4% compared to $15.6 million in the same period of 2024[225]. Net Loss and Cash Flow - Net loss for the three months ended September 30, 2025, was $1.295 billion, compared to a net loss of $33.0 million in the same period of 2024[221]. - The net loss for the three months ended September 30, 2025, was $1,294.6 million, a significant increase of 3,822% compared to the same period in 2024[249]. - Free cash flow for the three months ended September 30, 2025, was $(4.6) million, a decrease of 143% compared to the same period in 2024[249]. - Net cash provided by operating activities for the nine months ended September 30, 2025, was $181.4 million, down from $410.9 million in the same period of 2024[265]. - The decrease in free cash flow for the nine months ended September 30, 2025, was primarily due to changes in the timing of cash receipts and payments associated with ticket sales[266]. Financial Position and Debt - As of September 30, 2025, the company had cash and cash equivalents of $1,392.5 million, excluding $16.6 million of restricted cash[270]. - The company made an early principal payment of $750.0 million on the 2024 USD Term Loan, reducing the remaining principal amount to $1,154.2 million[271]. - As of September 30, 2025, the company had $1,685.6 million outstanding under its term loan Credit Facilities, with no amounts drawn on the Revolving Credit Facility[279]. - Total interest payments on outstanding debt for the three months ended September 30, 2025, were $39.6 million[265]. Adjusted EBITDA and Performance Metrics - Adjusted EBITDA increased by $11.7 million (21%) for the three months ended September 30, 2025, reaching $67.5 million[249]. - Adjusted EBITDA for the three months ended September 30, 2025, was $67.5 million, representing 14% of revenue, compared to $55.8 million (13% of revenue) in the same period of 2024[260]. - During the nine months ended September 30, 2025, Adjusted EBITDA decreased to $169.8 million from $194.3 million in the same period of 2024, with Adjusted EBITDA as a percentage of revenue dropping from 16% to 13%[260]. Interest and Currency Impact - Interest income increased by $1.9 million (16.9%) for the three months ended September 30, 2025, compared to the same period in 2024, primarily due to higher cash and cash equivalent balances[234]. - Interest expense decreased by $12.2 million (25.6%) for the three months ended September 30, 2025, mainly due to a one-time reclassification of $18.4 million and lower variable interest rates[236]. - Foreign currency losses decreased by $18.4 million (94.2%) for the three months ended September 30, 2025, primarily due to the remeasurement of the Euro Term Loan obligation[238]. - A hypothetical 10% change in the euro to U.S. dollar exchange rate would have resulted in a $53.1 million change to foreign currency losses related to the 2024 Euro Term Loan[299]. - Currency exchange rate movements impact the remeasurement of net asset or liability positions of foreign operations[300].

Financial Data and Key Metrics Changes - Gross Merchandise Sales (GMS) reached $2.4 billion in Q3 2025, representing an 11% growth from the prior year period [25] - Revenue for Q3 was $468 million, up 8% compared to last year, driven by GMS growth but offset by a reduction in take rates [27] - Adjusted EBITDA was $67 million, representing 14% of revenue, up 21% from $56 million in the same period last year [30] Business Line Data and Key Metrics Changes - The company has seen nearly 20% GMS growth over the last 12 months, indicating strong performance across its marketplace [8] - The launch of the Reach Pro product has led to significant adoption among sellers, contributing to market share gains [12] Market Data and Key Metrics Changes - The North American secondary ticketing market has been positively impacted by the company's strategic investments, with the company now approximately four times larger than its nearest competitor based on GMS [11] - The implementation of federally mandated all-in pricing in the U.S. has had an estimated 10% one-time impact on the size of the North American secondary ticketing market [26] Company Strategy and Development Direction - The company aims to become the global destination for live entertainment ticketing by leveraging technology and customer focus to eliminate friction in the live event experience [10] - Direct issuance is seen as a transformative growth vector, allowing enterprise sellers to access the marketplace without exclusivity requirements [18] - The company is also pursuing advertising opportunities, including sponsored listings and partnerships with businesses like Booking.com to enhance customer experience [20][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand for live events and the company's ability to navigate temporary market dynamics, such as the transition to all-in pricing [35] - The company plans to provide annual guidance for 2026 expectations in early 2026, focusing on long-term value creation [36] Other Important Information - The company successfully raised approximately $1 billion through capital markets activities, significantly improving its balance sheet and reducing leverage [37] - The company ended the quarter with $1.4 billion in cash and cash equivalents, with a net debt of $1.1 billion [38] Q&A Session Summary Question: Returns on investments in core resale market share and direct issuance - Management highlighted that investments in market share have yielded positive results, with significant share gains and a dominant position in the point of sale system [40][41] Question: Aligning marketing investments over the medium to long term - Management noted strong receptivity to marketing investments, particularly in the direct issuance business, which aims to enhance revenue for content owners [44][46] Question: Visibility on sponsored listing ad launch and Major League Baseball deal - Sponsored listings are expected to roll out in the second half of Q4, with MLB taking advantage of direct issuance for certain events [48][53] Question: Direct issuance market opportunities - Management sees diverse opportunities across various content types, including sports and live theater, emphasizing the non-competitive nature of their model with primary ticketing [55][56] Question: Impact of all-in pricing and World Cup expectations - Management confirmed that all-in pricing represents a 10% headwind, expected to last until May 2026, and expressed excitement about the World Cup's potential impact on resale [62][63]

StubHub Holdings Inc. (NYSE:STUB) shares fell after the company released its third-quarter earnings report after Thursday's closing bell with a wider-than-anticipated loss per share. Here's a look at the details in the report. STUB stock is moving. Watch the price action here.The Details: Stubhub reported quarterly losses of $4.27 per share, which missed the analyst consensus estimate of $3.08. Read Next: Looking For A Squeeze? Here Are The Top 10 Most Shorted StocksQuarterly revenue clocked in at $468 mill ...

Q3 2025 Performance - Gross Merchandise Sales (GMS) reached $2.4 billion, an 11% year-over-year increase[16] - Excluding the impact of the Eras Tour, GMS growth would have been 24% year-over-year[16] - Revenue totaled $468 million, reflecting an 8% year-over-year growth[18] - Adjusted EBITDA was $67 million, a 21% increase year-over-year, with a 14% margin[19] Strategic Initiatives and Financial Position - Successfully completed an IPO and used the proceeds to pay down $750 million in debt[11] - The debt repayment is projected to save approximately $75 million in annual cash debt service costs[11, 46] - Net leverage decreased to 3.9x post-IPO[46] Market Opportunity and Scale - The company estimates a total addressable market of $194 billion today, with a future potential of $726 billion including adjacent categories[38] - Trailing twelve-month (TTM) GMS reached $9.4 billion[34] - The company has consistently maintained an approximately 20% service fee per transaction[32]

Core Insights - StubHub's shares fell 5% in after-hours trading following its first quarterly results post-IPO, indicating market reaction to financial performance [1] - The company reported an 8% increase in revenue year-over-year, reaching $468.1 million, surpassing the expected $452 million [4] Financial Performance - StubHub recorded a net loss of $1.33 billion, equating to a loss of $4.27 per share, significantly higher than the net loss of $45.9 million, or 15 cents per share, from the same period last year [2] - The substantial loss was attributed to a one-time stock-based compensation charge of $1.4 billion related to its IPO [2] - Gross merchandise sales (GMS) increased by 11% year-over-year to $2.43 billion; when excluding the impact of the previous year's Taylor Swift Eras Tour, GMS growth was 24% [2][3] Stock Performance - StubHub's stock closed at $18.82, reflecting a decline of approximately 20% from its IPO price of $23.50 [3]