Core Concept - Inspirato Incorporated has launched the Inspirato Pass, a new luxury travel membership program that offers access to curated luxury homes and personalized services for a fee of $40,000 per year, limited to 2,500 memberships [1][3][4] Membership Details - The Inspirato Pass allows members to travel as often as they like without nightly rates, taxes, or fees, providing a cost-effective alternative to maintaining a second home [5][6] - Pre-sale access for the Inspirato Pass has begun, with only 1,200 memberships remaining available out of the total 2,500, emphasizing exclusivity and personalized service [7] Company Vision - The CEO of Inspirato, Payam Zamani, stated that the Pass is designed to attract a broader customer base and reshape the luxury travel experience, focusing on quality and frequency of travel [4][6] - Inspirato aims to redefine luxury travel by offering a smarter way to experience the world, catering to the needs of today's luxury travelers [6][9]

Core Insights - Inspirato Incorporated reported its most profitable quarter in history for Q1 2025, driven by improved gross margins and operational efficiencies [1][3] - The company reiterated its full-year financial guidance for 2025, indicating confidence in its ongoing transformation and growth strategy [1][4] Financial Performance - Net income for Q1 2025 was $1.6 million, with Adjusted EBITDA of $5.6 million, reflecting a 38% year-over-year improvement [6][30] - Gross margin for the quarter was 39%, a slight decrease from 40% in Q1 2024, attributed to portfolio optimization and a more efficient business model [6][8] - Total revenue for Q1 2025 was $65.9 million, down 17.9% from $80.2 million in Q1 2024 [8][22] Operational Metrics - Cash operating expenses decreased by $7.6 million, or 26% year-over-year, highlighting a focus on operational efficiency [6][8] - The company maintained a strong occupancy rate of 73%, with average daily rates (ADR) increasing by 16% to $1,915 [6][8] - As of March 31, 2025, Inspirato reported approximately 11,600 active memberships, down from 13,000 in the previous year [6][9] Future Guidance - The company anticipates Adjusted EBITDA for the full year 2025 to be between $0 to $5 million, driven by a projected 300 basis point expansion in gross margins [7] - Expected full-year revenue is projected to be between $235 million and $255 million, aligning with the annualized revenue from Q4 2024 [7]