Seaport Entertainment Group Inc. (NYSE: SEG) reported fourth‑quarter 2025 revenue of $29.488 million, up 30.4% from $22.612 million a year earlier, and a net loss of $36.516 million, an improvement of 11.5% over the $41.276 million loss in Q4 2024. The company posted a non‑GAAP adjusted net loss per share of $1.37 versus $1.67 in Q4 2024, and a GAAP net loss per share of $2.89 versus $3.63 in the prior year, reflecting tighter cost control and a more favorable mix of higher‑margin hospitality and entertainment revenue.
For the full year, SEG generated $130.408 million in revenue, an 18.3% increase from $110.223 million in 2024. Net loss narrowed to $115.342 million, a 23.8% improvement from the $152.625 million loss in 2024. Non‑GAAP adjusted net loss per share fell to $4.26 from $11.70, while GAAP net loss per share improved to $9.18 from $16.82, underscoring progress in cost management and revenue mix. Segment‑level data show hospitality revenue rose 72% to $88.3 million, driven by new leases and the launch of the Sadie restaurant, while entertainment revenue grew 14% to $27.5 million.
The company also completed the sale of its 250 Water Street development for $143 million, a price below the $152 million initially reported. The transaction is expected to reduce annual cash burn by more than $7 million in interest and carrying costs, and it has lowered debt to $39.1 million pro‑forma, improving liquidity and freeing capital for future growth initiatives.
Management highlighted the progress of its turnaround plan, noting the repositioning of the Tin Building with the Balloon Museum and the signing of a 10‑year lease with a Brooklyn‑based arts and hospitality concept. CEO Matthew Partridge said the company “made tremendous progress in 2025 and year‑to‑date 2026…including generating a 24% year‑over‑year improvement in our net loss and a 49% year‑over‑year improvement in our non‑GAAP adjusted net loss.” CFO Lenah Elaiwat added that the sale “eliminated $7 million of annual cash burn related to interest expense and carry costs.”
SEG reiterated its focus on achieving operational breakeven in 2026 and profitability in 2027, while maintaining a strong balance sheet with $87.4 million in cash and $100.4 million in debt as of December 31, 2025. The company’s guidance for 2026 remains unchanged, with management expressing confidence in sustaining revenue growth and cost discipline, though it cautions that the company will not reach profitability until 2027.
Market reaction to the results was mixed. The stock advanced 0.56% to $23.50 in pre‑market trading, reflecting investor appreciation for the revenue beat and balance‑sheet improvement, while the EPS miss—non‑GAAP adjusted net loss per share of $1.37 versus analyst expectations of $0.83—dampened enthusiasm. Analysts noted that the company’s revenue growth was driven by strong demand in hospitality and entertainment, but the continued net loss and EPS miss highlighted the need for further cost control and execution to reach profitability.
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