StubHub reported revenue rose 3% to $828 million for the first six months of this year compared to the first half of 2024, but that was offset by a net loss of $76 million in that period, according to updated financials the ticket resale platform filed with the United States Securities and Exchange Commission.
The company’s “gross merchandise sales” — the total price customers pay for a ticket transaction and fulfillment — of $4.4 billion were up 11% compared to the first six months of 2024. However, StubHub’s net loss in the first half, which was primarily due to interest payments on its $2.38 billion in long-term debt and foreign currency fluctuations, is more than three times the loss it recorded in the first half of last year.
StubHub’s second half of 2024 was better than its first, and the company ultimately reported a net loss of just $2.8 million for the full year 2024. Losses like these could present obstacles to StubHub’s goal of being valued at more than $16 billion when it goes public on the New York Stock Exchange (NYSE) later this year.
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The net loss attributable to common shareholders for the first half of 2025 was nearly $112 million, or $1.84 per share.
StubHub’s CEO and co-founder Eric Baker controls more than 90% of the voting rights in the company, based on his holdings of 5% of Class A shares and 100% of Class B shares. Other major investors include Madrone Partners, WestCap Management, Bessemer Venture Partners, PointState Capital and Declaration Partners.
When the company IPOs, it will list class A shares, although how much and at what price has not yet been disclosed.
It the updated prospectus filed on Aug. 26, the company reported adjusted earnings before income tax, depreciation and assets (EBITDA) of $102 million, $1.24 billion in cash and cash equivalents and a negative working capital of $1.2 billion as of June 30. The company’s total accumulated deficit stands at $1.58 billion and its total capitalization is equal to $3.84 billion.
In a March filing, StubHub said it’s 2024 gross merchandise sales rose 27% to $8.7 billion in 2024 compared to 2023. The leading ticket resale platform sold more than 40 million tickets and had more than 1 million sellers in 200 countries and territories last year. Its revenue for 2024 was $1.77 billion, up 29.4% from 2023.
The company says it will use proceeds from the IPO to pay down debt and fund working capital. It aims is to grow its global base of buyers, sellers and build brand awareness outside of North America to get more secondary and primary ticketing opportunities globally. The company’s burgeoning primary ticketing business generated $100 million in gross merchandise sales in 2024, according to the March filing.
“We expect our cost of revenue to continue to increase in absolute dollars as we continue to invest in our business to support revenue growth,” the company stated in the filing.
