Financial Performance - Net loss for Q4 2024 was $41.6 million, or $3.63 per share, compared to a net loss of $36.0 million, or $6.52 per share in Q4 2023, representing a 15.6% increase in loss [5] - Total revenues for Q4 2024 were $22.8 million, a slight decrease of 0.3% from $22.9 million in Q4 2023 [7] - For the full year 2024, total revenues were $111.1 million, down 3.9% from $115.7 million in 2023 [8] - The company reported a net loss of $153.2 million for the full year 2024, significantly improved from a net loss of $838.1 million in 2023, marking an 81.7% reduction in loss [8] - Non-GAAP adjusted net loss for Q4 2024 was $19.2 million, a 31.3% improvement from $28.0 million in Q4 2023 [7] - Basic earnings per share attributable to common shareholders for Q4 2024 was $(3.63), an improvement from $(6.52) in Q4 2023 [26] Revenue and Assets - Total revenues for Q4 2024 were $22.844 million, a slight decrease of 0.26% compared to $22.903 million in Q4 2023 [26] - Total assets increased to $743.556 million in 2024, up from $616.813 million in 2023, reflecting a growth of 20.5% [24] - Total liabilities decreased to $172.174 million in 2024, down from $231.920 million in 2023, a reduction of 25.7% [24] - Stockholders' equity rose to $571.382 million in 2024, compared to $384.893 million in 2023, indicating a growth of 48.5% [24] - Hospitality revenue for the twelve months ended December 31, 2024, was $29.528 million, down 10.3% from $32.951 million in 2023 [26] Expenses and Impairments - Depreciation and amortization expenses increased to $34.785 million for the twelve months ended December 31, 2024, compared to $48.432 million in 2023 [26] - The company reported a provision for impairment of $10 million in Q4 2024, compared to $672.492 million for the full year 2023 [26] Strategic Initiatives - The company generated net proceeds of approximately $166.8 million from a rights offering, issuing 7 million shares at $25.00 per share [12] - The company signed a long-term lease for 74,497 square feet with Meow Wolf to open in 2027, enhancing its entertainment offerings [9] - The company extended its programming agreement with Live Nation for five years, effective January 1, 2025, for The Rooftop at Pier 17 [5] - The company is exploring monetization strategies for its 250 Water Street development site, considering options for outright sale or strategic partnerships [2]
Seaport Entertainment Group Inc.(SEG) - 2024 Q4 - Annual Results