Financial Performance - Total revenues for Q3 2025 were $45.05 million, an increase of 14.3% compared to $39.43 million in Q3 2024[7] - Net loss for Q3 2025 was $33.2 million, or $2.61 per share, a 55.7% improvement from a net loss of $5.89 per share in Q3 2024[7] - Non-GAAP Adjusted Net Loss for Q3 2025 was $7.2 million, or $0.57 per share, significantly improved by 71.2% from a loss of $25.08 million in Q3 2024[7] - Year-to-date total revenues for 2025 reached $100.92 million, up 15.2% from $87.61 million in the same period of 2024[10] - Year-to-date net loss was $79.9 million, or $6.29 per share, a 68.9% improvement from a net loss of $20.21 per share in the first nine months of 2024[11] - Total revenues for the three months ended September 30, 2025, increased to $45,050,000, up 14% from $39,430,000 in the same period of 2024[27] - Hospitality revenue rose to $16,603,000, a significant increase of 85% compared to $8,954,000 in Q3 2024[27] - Net loss attributable to common stockholders for the three months ended September 30, 2025, was $33,214,000, compared to a loss of $32,511,000 in Q3 2024[29] - Non-GAAP adjusted net loss attributable to common stockholders for the three months ended September 30, 2025, was $7,218,000, compared to $25,078,000 in Q3 2024[29] - Operating income (loss) for the three months ended September 30, 2025, was a loss of $33,898,000, compared to a loss of $20,091,000 in the same period of 2024[27] - Earnings per share attributable to common shareholders for the three months ended September 30, 2025, was $(2.61), an improvement from $(5.89) in Q3 2024[27] Assets and Liabilities - Total assets decreased to $699,074,000 as of September 30, 2025, down from $743,556,000 at the end of 2024[25] - Cash and cash equivalents decreased to $106,215,000 from $165,667,000 at the end of 2024, reflecting a decline of 36%[25] - Total liabilities increased to $203,333,000 as of September 30, 2025, compared to $172,174,000 at the end of 2024[25] Corporate Developments - The company entered into an agreement to sell the 250 Water Street development site for $150.5 million[5] - Approximately 113,100 square feet of space within the Seaport neighborhood has been leased, programmed, or has development plans established[5] - The company completed a corporate restructuring, converting various management agreements into new license agreements with Jean-Georges Restaurants[5] - As of September 30, 2025, the company had $116.8 million in cash and cash equivalents, with $101.4 million of consolidated debt at a weighted-average interest rate of 7.3%[13] - The company was uplisted to the NYSE and added to the Russell 2000 Index and Russell Microcap Index[5] Share Information - Total weighted average shares for the three months ended September 30, 2025, were 12,720,000, compared to 5,522,000 in Q3 2024[29]
Seaport Entertainment Group Inc.(SEG) - 2025 Q3 - Quarterly Results