Seaport Entertainment Group Inc.(SEG) - 2025 Q4 - Annual Results

Financial Performance - Total revenues for Q4 2025 increased by 30.4% year-over-year to $29.5 million, compared to $22.6 million in Q4 2024[7] - For the full year 2025, total revenues rose by 18.3% to $130.4 million, up from $110.2 million in 2024[11] - Hospitality revenue for the year ended December 31, 2025, was $51.7 million, a 72.5% increase from $30.0 million in 2024[30] - Entertainment revenue for the year ended December 31, 2025, rose to $58.8 million, compared to $51.4 million in 2024, marking a 14.1% increase[30] Net Loss and Adjusted Loss - Net loss attributable to common stockholders for Q4 2025 decreased by 11.4% year-over-year to $36.9 million, with a per share loss of $2.89, down 20.4% from $3.63 in Q4 2024[9] - The full year net loss attributable to common stockholders improved by 23.8% year-over-year to $116.7 million, with a per share loss of $9.18, improving 45.4% from $16.82 in 2024[11] - Non-GAAP adjusted net loss attributable to common stockholders for Q4 2025 was $17.5 million, a decrease of 8.9% year-over-year, with a per share loss of $1.37, down 18.0% from $1.67[9] - Non-GAAP adjusted net loss attributable to common stockholders for the year ended December 31, 2025, was $54.1 million, compared to $106.6 million in 2024[32] Assets and Liabilities - Total assets decreased to $650.1 million as of December 31, 2025, down from $743.6 million in 2024[28] - Total liabilities increased to $183.7 million as of December 31, 2025, compared to $172.2 million in 2024[28] - Cash and cash equivalents decreased to $77.8 million as of December 31, 2025, from $165.7 million in 2024[28] Company Developments - The company executed a five-year lease with Lux Entertainment for the Balloon Museum, expected to open in summer 2026[5] - The sale of the 250 Water Street development site generated net proceeds of approximately $76.1 million[5] - Plans to expand the event space in Pier 17 to approximately 41,000 square feet with a capacity for up to 1,500 guests were established[5] - The company uplisted to the NYSE and was added to the Russell 2000 Index and Russell Microcap Index[9] Costs - The company reported hospitality costs of $71.3 million for the year ended December 31, 2025, significantly up from $35.3 million in 2024[30]