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Goodwill And Intangible Assets - Schedule Of Changes In The Carrying Amount Of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, Gross		$ 1,321,686
Accumulated impairment charges		$ (1,037,771)
Goodwill, Beginning Balance	$ 283,915
Foreign currency translation adjustment	(241)
Goodwill, Ending Balance	$ 283,674

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

Background and Basis of Presentation	3 Months Ended
Background and Basis of Presentation	Mar. 31, 2026
Vivid Seats Inc
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Background and Basis of Presentation	1. Background and Basis of Presentation Vivid Seats Inc. (“VSI”) and its subsidiaries, including Hoya Intermediate, LLC (“Hoya Intermediate”), Hoya Midco, LLC, and Vivid Seats LLC (collectively, “we,” “us,” and “our”), provide an online ticket marketplace that enables consumers to easily discover and purchase tickets to live events and attractions and book hotel rooms and packages. In our Marketplace segment, we primarily act as an intermediary between ticket buyers, sellers, and partners, while offering products and services that allow ticket sellers to seamlessly manage their operations. In our Resale segment, we primarily acquire tickets to resell on secondary ticket marketplaces, including our own. We have prepared these unaudited condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and Securities and Exchange Commission rules that permit reduced disclosure for interim periods. Accordingly, they do not include all of the information and notes required by U.S. GAAP for comprehensive annual financial statements. In our opinion, these unaudited condensed consolidated financial statements include all adjustments that are necessary for a fair presentation of our financial position, results of operations, and cash flows for the periods presented and are of a normal, recurring nature. The results reflected in these unaudited condensed consolidated financial statements are not necessarily indicative of the results that may be expected for any other interim period or for the full year. These unaudited condensed consolidated financial statements should be read together with the audited annual consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (our “2025 Form 10-K”). These unaudited condensed consolidated financial statements include all of our accounts, including those of our consolidated subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Reverse Stock Split On August 5, 2025, we effected a 1-for-20 reverse stock split of our common stock, pursuant to which every 20 shares of Class A and Class B common stock were combined into one share of Class A and Class B common stock, respectively (the “Reverse Stock Split”). All share and per share amounts included in this Report have been adjusted to reflect the Reverse Stock Split. The Reverse Stock Split affected all stockholders uniformly and did not affect any such holder’s percentage ownership interest in our company or proportionate voting power. However, if the Reverse Stock Split would have resulted in a stockholder holding fractional shares because the number of shares they held before the Reverse Stock Split was not evenly divisible by the split ratio, we instead repurchased such fractional shares for cash and retired them from circulation, resulting in a less than $0.1 million cash outlay. The Reverse Stock Split did not affect the number of authorized shares or the par value of our common stock. Corporate Simplification On October 19, 2025, we entered into a Corporate Simplification Agreement (the “CSA”) with Hoya Intermediate and the TRA Parties named therein (including Hoya Topco, LLC (“Hoya Topco”)). Pursuant to the CSA and the ancillary agreements described therein, a series of transactions was consummated over the two business days ending on October 31, 2025 that, among other things, simplified our corporate structure (such transactions, collectively, the “Corporate Simplification”). In connection with the Corporate Simplification, among other things: (i) three Blocker Corporations (as defined in the CSA) merged with and into three of our wholly owned subsidiaries, respectively, such that the Blocker Corporations became our wholly owned subsidiaries; (ii) all 3,811,250 outstanding shares of Class B common stock (and corresponding common units of Hoya Intermediate (“Intermediate Units”)) were exchanged for an equal number of shares of Class A common stock, following which we cancelled all outstanding shares, and instruments representing the right to purchase shares, of Class B common stock; (iii) the warrant agreements relating to the Intermediate Warrants (as defined herein) were amended to, in lieu of providing for the right to purchase Intermediate Units and allowing for cash redemption at the discretion of the holder, instead provide for the right to purchase equal numbers of shares of Class A common stock at equal exercise prices and not allow for cash redemption; (iv) all rights and obligations under the Tax Receivable Agreement (the “TRA”) entered into with the existing Hoya Intermediate unitholders and Hoya Intermediate’s Limited Liability Company Agreement were terminated (in each case other than certain terms thereof that expressly survived); and (v) we issued an aggregate of 403,022 shares of Class A common stock to the TRA Parties.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Related-Party Transactions - Additional Information (Details)	3 Months Ended
	Mar. 31, 2026
Related Party Transaction [Line Items]
Tax receivable agreement percentage of amount of tax savings	85.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Earnings Per Share - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income-Hoya Intermediate	$ (14,631)	$ (9,788)
Subsidiaries [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income-Hoya Intermediate	(14,631)	(9,788)
Net income attributable to Hoya Topco's redeemable noncontrolling interests	(0)	$ 3,846
Subsidiaries [Member] \| Hoya Topco Intermediate [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Hoya Topco's weighted average % allocation of Hoya Intermediate's net income (loss)		36.40%
Net income-Hoya Intermediate		$ 10,600
Net income attributable to Hoya Topco's redeemable noncontrolling interests	$ 3,800

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-2

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-1A

Reference 43: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-1A

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

Goodwill And Intangible Assets - Schedule of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Goodwill [Line Items]
Definite-lived intangible assets	$ 209,650	$ 207,477
Foreign currency translation, Definite-lived Intangible Assets	(2,526)	(1,936)
Accumulated amortization	(125,316)	(114,015)
Foreign currency translation, Accumulated amortization	908	620
Foreign currency translation, Indefinite-lived Intangible Assets	(149)	(120)
Accumulated impairment charges	(62,352)	(62,352)
Intangible assets - net	132,371	141,528
Trademarks [Member]
Goodwill [Line Items]
Foreign currency translation, Accumulated amortization	110,538	110,538
Supplier Relationships [Member]
Goodwill [Line Items]
Definite-lived intangible assets	57,123	57,123
Accumulated amortization	(32,527)	(29,266)
Customer Relationships [Member]
Goodwill [Line Items]
Definite-lived intangible assets	34,620	34,620
Accumulated amortization	(27,225)	(24,603)
Acquired Developed Technology [Member]
Goodwill [Line Items]
Definite-lived intangible assets	29,290	29,290
Accumulated amortization	(19,825)	(18,109)
Capitalized Development Costs [Member]
Goodwill [Line Items]
Definite-lived intangible assets	68,774	63,835
Accumulated amortization	(44,704)	(41,098)
Capitalized Development Costs - Work In Progress [Member]
Goodwill [Line Items]
Definite-lived intangible assets	3,735	5,931
Acquired Domain Name [Member]
Goodwill [Line Items]
Definite-lived intangible assets	17,348	17,348
Accumulated amortization	(1,569)	(1,292)
Seat Images [Member]
Goodwill [Line Items]
Definite-lived intangible assets	1,286	1,266
Accumulated amortization	$ (374)	$ (267)

Prepaid Expenses and Other Current Assets

3 Months Ended

Mar. 31, 2026

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid Expenses and Other Current Assets

6. Prepaid Expenses and Other Current Assets

The following table presents the major components of prepaid expenses and other current assets at March 31, 2026 and December 31, 2025 (in thousands):


	March 31,		December 31,
	2026		2025
Recovery of future customer compensation	$	15,046	$	13,021
Prepaid expenses		11,640		9,807
Other current assets		7,123		3,508
Prepaid expenses and other current assets	$	33,809	$	26,336

Recovery of future customer compensation represents expected recoveries of compensation to be paid to customers for event cancellations or other service issues related to previously recorded sales transactions. Recovery of future customer compensation costs increased by $2.0 million between March 31, 2026 and December 31, 2025, primarily due to an increase in estimated future event cancellations. A related provision for expected compensation to customers is recorded in Accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheets.

New Accounting Standards (Policies)	3 Months Ended
New Accounting Standards (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Issued Accounting Standards Adopted	Issued Accounting Standards Adopted
Income Taxes	Income Taxes In 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standard Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires that an entity, on an annual basis, disclose additional income tax information, primarily related to the rate reconciliation and income taxes paid. The amendments are intended to enhance the transparency and decision usefulness of income tax disclosures. We adopted the requirements during the year ended December 31, 2025 with no material impact on our consolidated financial statements, other than the impact thereof on our income taxes footnote. See Note 14, Income Taxes, for more information.
Issued Accounting Standards Not Yet Adopted	Issued Accounting Standards Not Yet Adopted Disaggregation of Income Statement Expenses In 2024, the FASB issued ASU 2024-03, Income Statement Reporting — Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments are intended to improve the disclosures about a public business entity’s expenses by requiring more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, and amortization) included within income statement expense captions. The amendments will be effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The amendments are to be applied prospectively with the option for retrospective application. We are currently evaluating the impact of adopting the amendments on our future consolidated financial statements. Software Costs On September 18, 2025, the FASB issued ASU 2025-06, Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which amends certain aspects of the accounting for and disclosure of software costs under Accounting Standards Codification (“ASC”) Subtopic 350-40, Intangibles — Goodwill and Other — Internal-Use Software. The amendments will be effective for annual reporting periods beginning after December 15, 2027 and interim reporting periods within those annual reporting periods. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The amendments may be applied prospectively, retrospectively, or via a modified prospective transition method. We are currently evaluating the impact of adopting the amendments on our future consolidated financial statements. Interim Reporting On December 8, 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which updates the guidance in ASC Topic 270, Interim Reporting, by improving navigability of the required interim disclosures, clarifying when that guidance is applicable and adding a principle that requires entities to disclose events since the last annual reporting period that have a material impact on the entity. The amendments will be effective for interim periods beginning after December 15, 2027. The amendments may be applied prospectively, or retrospectively to all prior periods presented in the financial statements. Early adoption is permitted. We are currently evaluating the impact of adopting the amendments on our future condensed consolidated financial statements, but do not expect the impact to result in incremental interim financial statement disclosures.

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References + Details

Investments and Fair Value measurements (Tables)

3 Months Ended

Mar. 31, 2026

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Schedule of investments recorded at fair value on a recurring basis

The following tables present the recurring fair value measurements of our financial assets by hierarchy level at March 31, 2026 and December 31, 2025 (in thousands):


	Fair Value Measurements Using
	Level 1		Level 2		Level 3		Total
March 31, 2026
Note	$	—	$	—	$	4,455	$	4,455
Warrant		—		—		928		928
	$	—	$	—	$	5,383	$	5,383


	Fair Value Measurements Using
	Level 1		Level 2		Level 3		Total
December 31, 2025
Note	$	—	$	—	$	4,241	$	4,241
Warrant		—		—		1,124		1,124
	$	—	$	—	$	5,365	$	5,365

Schedule of Significant Unobservable Inputs for Level 3 Fair Value Measurement

The following table presents quantitative information about the significant unobservable inputs applied to the recurring Level 3 fair value measurements of our financial assets at March 31, 2026 and December 31, 2025:


		March 31,	December 31,
Asset	Significant Unobservable Inputs	2026	2025
Note	Expected term (years)	4.3	4.5
	Implied yield	21.7%	21.7%
Warrant	Expected term (years)	4.3	4.5
	Expected volatility	62.0%	62.0%
	Risk-free rate	3.9%	3.7%
	Expected dividend yield	0.0%	0.0%

Schedule of reconiliation of the financial instruments measured at fair value using Level 3 significant unobservable inputs

The following table summarizes the changes in the carrying amounts of the Note and the Warrant (both of which are measured at fair value using Level 3 significant unobservable inputs) during the three months ended March 31, 2026 (in thousands):


	Note		Warrant
Balances at January 1, 2026	$	4,241	$	1,124
Accretion of discount		74		—
Interest paid-in-kind		138		—
Unrealized gains (losses):
Recorded in Net loss		—		(196	)
Recorded in Other comprehensive income		2		—
Total unrealized gains (losses)		2		(196	)
Balances at March 31, 2026	$	4,455	$	928

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Accounts Receivable - Net - Shedule of Accounts receivable balance, net of allowance for doubtful accounts (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 49,340	$ 43,527
Less: allowance for credit losses	(12,919)	(12,863)
Accounts receivable - net	36,421	30,664
Marketplace
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	7,684	7,600
Distribution Partners
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	13,920	14,139
Uncollateralized Payment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	12,450	11,938
Insurance and Other Commissions
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	4,134	3,481
Other Trade Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 11,152	$ 6,369

Equity Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Summary of Activity for RSUs

The following tables summarize the total activity for RSUs during the three months ended March 31, 2026 and 2025 (in thousands, except per RSU data):


	RSUs			Weighted Average Grant Date Fair Value Per RSU
Unvested at December 31, 2025		1,702		$	22.81
Granted		480			6.09
Forfeited		(51	)		66.63
Vested		(281	)		30.20
Unvested at March 31, 2026		1,850		$	16.14


	RSUs			Weighted Average Grant Date Fair Value Per RSU
Unvested at December 31, 2024		590		$	112.24
Granted		636			56.20
Forfeited		(3	)		112.20
Vested		(136	)		114.00
Unvested at March 31, 2025		1,087		$	79.20

Summary of Activity for Stock Option

The following tables summarize the total activity for stock options during the three months ended March 31, 2026 and 2025 (in thousands, except price per stock option data):


	Stock Options			Weighted Average Exercise Price Per Stock Option		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
Outstanding at December 31, 2025		389		$	162.97	6.6	$	—
Forfeited		(1	)		143.40
Outstanding at March 31, 2026		388		$	163.02	6.4	$	—
Vested and exercisable at March 31, 2026		373		$	155.54


	Stock Options		Weighted Average Exercise Price Per Stock Option		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
Outstanding at December 31, 2024		405	$	162.20	7.7	$	—
Forfeited		—		—
Outstanding at March 31, 2025		405	$	162.20	7.4	$	—
Vested and exercisable at March 31, 2025		309	$	148.60

Revenue Recognition - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($) Segment	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Disaggregation of Revenue [Line Items]
Revenue By Related Parties	$ 28,300	$ 30,300
Number of Reportable Segments \| Segment	2
Deferred revenue	$ 19,145		$ 19,973	$ 23,800
Deferred Revenue, Revenue Recognized	$ 5,200	$ 5,200
Deferred revenue, recognized period	next seven years
Maximum [Member]
Disaggregation of Revenue [Line Items]
Stamp expiration term	3 years
Credits Expiration Term	4 years
Minimum [Member]
Disaggregation of Revenue [Line Items]
Stamp expiration term	2 years
Credits Expiration Term	2 years

Background and Basis of Presentation - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Defined Benefit Plan Disclosure [Line Items]
Reverse stock split shares description amendment	On August 5, 2025, we effected a 1-for-20 reverse stock split of our common stock, pursuant to which every 20 shares of Class A and Class B common stock were combined into one share of Class A and Class B common stock, respectively (the “Reverse Stock Split”). All share and per share amounts included in this Report have been adjusted to reflect the Reverse Stock Split.
Cash Outlay	$ 0.1
Class A Common Stock
Defined Benefit Plan Disclosure [Line Items]
Common stock, shares issued	11,937,076	11,712,157
Common stock, shares outstanding	11,937,076	11,712,157
Class B Common Stock
Defined Benefit Plan Disclosure [Line Items]
Common stock, shares outstanding	3,811,250
TRA Parties \| Class A Common Stock
Defined Benefit Plan Disclosure [Line Items]
Common stock, shares outstanding	403,022

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (k)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (c)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (c)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Section 50
-Paragraph 5
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-Publisher FASB
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

+ Details

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table presents the computation of basic and diluted net loss per share of Class A common stock for the three months ended March 31, 2026 and 2025 (in thousands, except share and per share data):


	Three Months Ended March 31,
	2026			2025
Numerator—basic
Net loss	$	(14,631	)	$	(9,788	)
Less: net loss attributable to redeemable noncontrolling interests		—			3,846
Net loss attributable to Class A common stockholders—basic		(14,631	)		(5,942	)
Denominator—basic
Weighted average Class A common stock outstanding—basic		10,815,704			6,645,011
Net loss per Class A common stock—basic	$	(1.35	)	$	(0.89	)

Numerator—diluted
Net loss attributable to Class A common stockholders—basic	$	(14,631	)	$	(5,942	)
Weighted average effect of dilutive securities:
Redeemable noncontrolling interests		—			(3,916	)
Net loss attributable to Class A common stockholders—diluted		(14,631	)		(9,858	)
Denominator—diluted
Weighted average Class A common stock outstanding—basic		10,815,704			6,645,011
Weighted average effect of dilutive securities:
Redeemable noncontrolling interests		—			3,811,250
Weighted average Class A common stock outstanding—diluted		10,815,704			10,456,261
Net loss per Class A common stock—diluted	$	(1.35	)	$	(0.94	)

Summary of Potentially Dilutive Securities

The following table presents the number of shares of common stock issuable under securities that were excluded from the computation of diluted net loss per share of Class A common stock for the three months ended March 31, 2026 and 2025 and could potentially dilute earnings per share in the future:


	Three Months Ended March 31,
	2026		2025
RSUs		672,725		94,002
Stock Options		388,181		375,603
Public Warrants		338,342		338,342
Private Warrants		325,989		325,989
Exercise Warrants		1,700,000		1,700,000
Intermediate Warrants		—		200,000
Amended Intermediate Warrants		200,000		—

New Accounting Standards	3 Months Ended
New Accounting Standards	Mar. 31, 2026
Accounting Policies [Abstract]
New Accounting Standards	2. New Accounting Standards Issued Accounting Standards Adopted Income Taxes In 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standard Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires that an entity, on an annual basis, disclose additional income tax information, primarily related to the rate reconciliation and income taxes paid. The amendments are intended to enhance the transparency and decision usefulness of income tax disclosures. We adopted the requirements during the year ended December 31, 2025 with no material impact on our consolidated financial statements, other than the impact thereof on our income taxes footnote. See Note 14, Income Taxes, for more information. Issued Accounting Standards Not Yet Adopted Disaggregation of Income Statement Expenses In 2024, the FASB issued ASU 2024-03, Income Statement Reporting — Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments are intended to improve the disclosures about a public business entity’s expenses by requiring more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, and amortization) included within income statement expense captions. The amendments will be effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The amendments are to be applied prospectively with the option for retrospective application. We are currently evaluating the impact of adopting the amendments on our future consolidated financial statements. Software Costs On September 18, 2025, the FASB issued ASU 2025-06, Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which amends certain aspects of the accounting for and disclosure of software costs under Accounting Standards Codification (“ASC”) Subtopic 350-40, Intangibles — Goodwill and Other — Internal-Use Software. The amendments will be effective for annual reporting periods beginning after December 15, 2027 and interim reporting periods within those annual reporting periods. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The amendments may be applied prospectively, retrospectively, or via a modified prospective transition method. We are currently evaluating the impact of adopting the amendments on our future consolidated financial statements. Interim Reporting On December 8, 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which updates the guidance in ASC Topic 270, Interim Reporting, by improving navigability of the required interim disclosures, clarifying when that guidance is applicable and adding a principle that requires entities to disclose events since the last annual reporting period that have a material impact on the entity. The amendments will be effective for interim periods beginning after December 15, 2027. The amendments may be applied prospectively, or retrospectively to all prior periods presented in the financial statements. Early adoption is permitted. We are currently evaluating the impact of adopting the amendments on our future condensed consolidated financial statements, but do not expect the impact to result in incremental interim financial statement disclosures.

Accrued Expenses and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Summary of Accrued Expenses and Other Current Liabilities

The following table presents the major components of accrued expenses and other current liabilities at March 31, 2026 and December 31, 2025 (in thousands):


	March 31,		December 31,
	2026		2025
Accrued marketing expense	$	17,767	$	21,159
Accrued customer credits		51,450		52,321
Accrued future customer compensation		19,212		15,771
Accrued payroll		5,316		10,463
Accrued operating expenses		15,372		11,800
Other current liabilities		14,136		14,443
Accrued expenses and other current liabilities	$	123,253	$	125,957

Segment Reporting (Additional Information) (Details)	3 Months Ended
Segment Reporting (Additional Information) (Details)	Mar. 31, 2026 Segment
Segment Reporting Information [Line Items]
Number Of Operating Segments	2

Goodwill And Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended	10 Months Ended	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Jun. 30, 2025	Oct. 31, 2025	Dec. 31, 2025	Dec. 31, 2024
Goodwill [Line Items]
Asset Impairment Charges, Total	$ 0
Goodwill Impairment Loss			$ 297,400	$ 363,300	$ 660,700
Amortization of intangible assets	11,700	$ 11,000
Intangible assets - net	132,371				141,528
Other liabilities	17,537				18,834
Impairment					1,037,800
Acquired Domain Name Obligation [Member]
Goodwill [Line Items]
Cash payments in exchange for the acquired domain name	$ 17,300					$ 31,400
Effective Interest Rate	8.60%
Current operating lease liabilities included in Accrued expenses and other current liabilities	$ 600
Carrying Amount of Definite Lived Intangible Assets	16,500				16,600
Interest expense-net	$ 400	400
Acquired Domain Name Term [Member]
Goodwill [Line Items]
Useful life	15 years 7 months 6 days
Intangible assets - net	$ 15,800				16,100
Trade marks [Member]
Goodwill [Line Items]
Impairment		23,000	$ 39,300		$ 62,300
Accumulated Impairment Charges Related To Indefinite-Lived Intangible Assets	141,000
Indefinite-Lived Intangible Assets [Member]
Goodwill [Line Items]
Loss on asset disposals	$ 100	$ 0

Goodwill And Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2026

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Schedule Of Changes In The Carrying Amount Of Goodwill

The following table summarizes the changes in the carrying amount of goodwill during the three months ended March 31, 2026 (in thousands):


Gross goodwill balance December 31, 2025	$	1,321,686
Accumulated impairment charges		(1,037,771	)
Goodwill – net balance at December 31, 2025		283,915
Foreign currency translation adjustment		(241	)
Goodwill – net balance at March 31, 2026	$	283,674

Schedule Of Definite-Lived Intangible Assets

The following table summarizes the carrying amount of our intangible assets at March 31, 2026 and December 31, 2025 (in thousands):


	March 31,			December 31,
	2026			2025
Definite-lived intangible assets
Supplier relationships	$	57,123		$	57,123
Customer relationships		34,620			34,620
Acquired developed technology		29,290			29,290
Capitalized development costs		68,774			63,835
Capitalized development costs – work in progress		3,735			5,931
Acquired Domain Name		17,348			17,348
Seat images		1,286			1,266
Foreign currency translation adjustment		(2,526	)		(1,936	)
Total gross book value		209,650			207,477
Less: accumulated amortization
Supplier relationships		(32,527	)		(29,266	)
Customer relationships		(27,225	)		(24,603	)
Acquired developed technology		(19,825	)		(18,109	)
Capitalized development costs		(44,704	)		(41,098	)
Acquired Domain Name		(1,569	)		(1,292	)
Seat images		(374	)		(267	)
Foreign currency translation adjustment		908			620
Total accumulated amortization		(125,316	)		(114,015	)
Indefinite-lived intangible assets
Trademarks		110,538			110,538
Foreign currency translation adjustment		(149	)		(120	)
Accumulated impairment charges		(62,352	)		(62,352	)
Intangible assets – net	$	132,371		$	141,528

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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-Topic 350
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+ Details

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Attorney And Administrative Fees	$ 300
Long-Term Debt, Gross	389,095		$ 390,077
Expense net	200	$ 1,800
Company recognized a liability for sales tax	3,500		3,400
Sponsorship Loan
Imputed Interest Income		$ 100
Disbursed Sponsorship Loan	2,000
Loans Payable	5,000
Subsidiaries
Accrued liabilities	900		900
Accrued Liabilities
Accrued liabilities	$ 0		$ 0

Equity-Based Compensation - Summary of Activity for RSUs (Details) - RSUs - $ / shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Beginning Balances	1,702	590
Granted	480	636
Forfeited	(51)	(3)
Vested	(281)	(136)
Ending Balances	1,850	1,087
Weighted-Average Grant Date Fair Value Per Share, Beginning Balances	$ 22.81	$ 112.24
Weighted-Average Grant Date Fair Value Per Share, Granted	6.09	56.2
Weighted-Average Grant Date Fair Value Per Share, Forfeited	66.63	112.2
Weighted-Average Grant Date Fair Value Per Share, Vested	30.2	114
Weighted-Average Grant Date Fair Value Per Share, Ending Balances	$ 16.14	$ 79.2

Earnings Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Earnings Per Share

16. Earnings per Share

We calculate basic and diluted net loss per share of Class A common stock in accordance with ASC Topic 260, Earnings per Share. Because our Class B common stock does not have economic rights in VSI, it is not considered a participating security for basic and diluted net loss per share, and we do not present basic and diluted net loss per share of Class B common stock. However, holders of Class B common stock are allocated income (loss) from Hoya Intermediate (our operating entity) according to their weighted average percentage ownership of Intermediate Units during each quarter.

Net loss attributable to redeemable noncontrolling interests for a period is calculated by multiplying Hoya Intermediate’s net loss in the period by Hoya Topco’s weighted average percentage ownership of Intermediate Units during the period. See Note 12, Equity, for more information regarding Hoya Topco’s right to exchange its Intermediate Units.

In connection with the Corporate Simplification, all of the Intermediate Units previously held by Hoya Topco (and corresponding shares of Class B common stock) were exchanged for an equal number of shares of Class A common stock on October 31, 2025. As a result, our redeemable noncontrolling interests were extinguished and Hoya Intermediate is now a wholly owned subsidiary of VSI. See Note 1, Background and Basis of Presentation, for more information. During the three months ended March 31, 2025, Hoya Topco’s weighted average ownership of Intermediate Units was 36.4%, Hoya Intermediate’s net loss was $10.6 million, and the net loss attributable to Hoya Topco’s redeemable noncontrolling interests was $3.8 million.

Net loss attributable to Class A common stockholders–basic is calculated by subtracting the portion of Hoya Intermediate’s net loss attributable to redeemable noncontrolling interests from our total net loss, which includes our net loss for activities outside of our investment in Hoya Intermediate, including income tax expense (benefit) for VSI’s portion of income (loss), as well as the full results of Hoya Intermediate on a consolidated basis.

Net loss per Class A common stock–diluted is based on the average number of shares of Class A common stock used for the basic earnings per share calculation, adjusted for the weighted average number of Class A common share equivalents outstanding for the period determined using the treasury stock and if-converted methods, as applicable. All share and per share amounts included in the calculation of basic and diluted net loss per share of Class A common stock have been adjusted to reflect the Reverse Stock Split. See Note 1, Background and Basis of Presentation, for more information.

Net loss attributable to Class A common stockholders–diluted is adjusted for: (i) our share of Hoya Intermediate’s consolidated net loss after giving effect to Intermediate Units that convert into potential shares of Class A common stock, to the extent they are dilutive; and (ii) the impact of changes in the fair value of the Intermediate Warrants, to the extent they are dilutive.


	Three Months Ended March 31,
	2026			2025
Numerator—basic
Net loss	$	(14,631	)	$	(9,788	)
Less: net loss attributable to redeemable noncontrolling interests		—			3,846
Net loss attributable to Class A common stockholders—basic		(14,631	)		(5,942	)
Denominator—basic
Weighted average Class A common stock outstanding—basic		10,815,704			6,645,011
Net loss per Class A common stock—basic	$	(1.35	)	$	(0.89	)

Numerator—diluted
Net loss attributable to Class A common stockholders—basic	$	(14,631	)	$	(5,942	)
Weighted average effect of dilutive securities:
Redeemable noncontrolling interests		—			(3,916	)
Net loss attributable to Class A common stockholders—diluted		(14,631	)		(9,858	)
Denominator—diluted
Weighted average Class A common stock outstanding—basic		10,815,704			6,645,011
Weighted average effect of dilutive securities:
Redeemable noncontrolling interests		—			3,811,250
Weighted average Class A common stock outstanding—diluted		10,815,704			10,456,261
Net loss per Class A common stock—diluted	$	(1.35	)	$	(0.94	)

Potential shares of Class A common stock are excluded from the computation of diluted net loss per share of Class A common stock if their effect would have been anti-dilutive for the three months ended March 31, 2026 and 2025 or if the issuance of shares is contingent upon events that did not occur by the end of the three months ended March 31, 2026 and 2025.


	Three Months Ended March 31,
	2026		2025
RSUs		672,725		94,002
Stock Options		388,181		375,603
Public Warrants		338,342		338,342
Private Warrants		325,989		325,989
Exercise Warrants		1,700,000		1,700,000
Intermediate Warrants		—		200,000
Amended Intermediate Warrants		200,000		—

Revenue Recognition - Schedule of Market Place Revenues (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Marketplace revenues:
Total Marketplace revenues	$ 97,526	$ 133,740
Owned Properties
Marketplace revenues:
Total Marketplace revenues	88,714	109,232
Private Label
Marketplace revenues:
Total Marketplace revenues	8,812	24,508
Concerts
Marketplace revenues:
Total Marketplace revenues	43,570	58,154
Sports
Marketplace revenues:
Total Marketplace revenues	29,542	38,598
Theater
Marketplace revenues:
Total Marketplace revenues	20,104	31,533
Other
Marketplace revenues:
Total Marketplace revenues	$ 4,310	$ 5,455

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Income Taxes (Additional Information) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Tax Examination [Line Items]
Income tax decrease	$ 4.4
Income tax expense in continuing operations	$ 1.2	$ 3.2
State and Federal Net Operating Loss Rate	21.00%	21.00%
Tax receivable agreement percentage of amount of tax savings	85.00%
Tax Receivable Agreement
Income Tax Examination [Line Items]
Tax receivable agreement, amount due for payments	$ 5.8
Common Class A [Member]
Income Tax Examination [Line Items]
Issuance of shares, shares	403,022

Investments and Fair Value measurements - Schedule of investments recorded at fair value on a recurring basis (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments, Fair Value Disclosure, Total	$ 5,383	$ 5,365
Note [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments, Fair Value Disclosure, Total	4,455	4,241
Warrant [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments, Fair Value Disclosure, Total	928	1,124
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments, Fair Value Disclosure, Total	0	0
Level 1 \| Note [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments, Fair Value Disclosure, Total	0	0
Level 1 \| Warrant [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments, Fair Value Disclosure, Total	0	0
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments, Fair Value Disclosure, Total	0	0
Level 2 \| Note [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments, Fair Value Disclosure, Total	0	0
Level 2 \| Warrant [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments, Fair Value Disclosure, Total	0	0
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments, Fair Value Disclosure, Total	5,383	5,365
Level 3 \| Note [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments, Fair Value Disclosure, Total	4,455	4,241
Level 3 \| Warrant [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments, Fair Value Disclosure, Total	$ 928	$ 1,124

- Definition

Fair value portion of investment securities, including, but not limited to, marketable securities, derivative financial instruments, and investments accounted for under the equity method.

+ References + Details

Accrued Expenses and Other Current Liabilities

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

9. Accrued Expenses and Other Current Liabilities

The following table presents the major components of accrued expenses and other current liabilities at March 31, 2026 and December 31, 2025 (in thousands):


	March 31,		December 31,
	2026		2025
Accrued marketing expense	$	17,767	$	21,159
Accrued customer credits		51,450		52,321
Accrued future customer compensation		19,212		15,771
Accrued payroll		5,316		10,463
Accrued operating expenses		15,372		11,800
Other current liabilities		14,136		14,443
Accrued expenses and other current liabilities	$	123,253	$	125,957

Accrued customer credits represent credits issued and outstanding for event cancellations or other service issues related to previously recorded sales transactions. The accrued amount is reduced by the amount of credits estimated to go unused, or breakage, provided that the credits are not subject to escheatment. We estimate breakage based on historical usage trends and available data on comparable programs, and we recognize breakage in proportion to

the pattern of redemption for customer credits. Our breakage estimates could be impacted by future activity that differs from our estimates, the effects of which could be material.

During the three months ended March 31, 2026 and 2025, $3.2 million and $1.5 million of accrued customer credits were redeemed, respectively, and we recognized revenue from breakage of $0.6 million and $1.6 million, respectively. Breakage amounts are recorded net of reductions in associated accounts receivable balances.

Accrued future customer compensation represents an estimate of the amount of customer compensation due from future event cancellation charges. These provisions, which are based on historic experience, revenue volumes for future events, and our estimate of the likelihood of future event cancellations, are recognized as a component of Revenues in the Condensed Consolidated Statements of Operations. The expected recoveries of these obligations are recorded in Prepaid expenses and other current assets in the Condensed Consolidated Balance Sheets. Our estimated accrual could be impacted by future activity that differs from our estimates, the effects of which could be material.

During the three months ended March 31, 2026 and 2025, we recognized a net decrease in revenue of $0.3 million and less than $0.1 million, respectively, from reversals of previously recorded revenue and changes to accrued future customer compensation related to event cancellations where our performance obligations were satisfied in prior periods.

Accrued future customer compensation increased by $3.4 million between December 31, 2025 and March 31, 2026, primarily due to an increase in estimated future event cancellations. A related provision for the expected recovery of compensation from customers is recorded in Prepaid expenses and other current assets in the Condensed Consolidated Balance Sheets.

Accounts Receivable - Net (Additional Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Financing Receivable, Past Due [Line Items]
Allowance for doubtful accounts	$ 12,900		$ 12,900
Accounts receivable write offs	$ 0	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Financial Instruments - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Schedule Of Available For Sale Securities [Line Items]
Fair Value Adjustment of Warrants	$ 0	$ (3,115)
Exercise Warrants
Schedule Of Available For Sale Securities [Line Items]
Warrant expiration period	10 years
Mirror Warrants \| $ 200 Exercise Warrant
Schedule Of Available For Sale Securities [Line Items]
Warrant exercise price per share	$ 200
Mirror Warrants \| $ 300 Excercise Warrant
Schedule Of Available For Sale Securities [Line Items]
Warrant exercise price per share	300
Mirror Warrants \| $ 230 Excercise Warrant
Schedule Of Available For Sale Securities [Line Items]
Warrant exercise price per share	$ 230
Intermediate Warrants
Schedule Of Available For Sale Securities [Line Items]
Fair value of option contingent warrants	$ 18,800	$ 3,100
Intermediate Warrants \| $ 200 Exercise Warrant
Schedule Of Available For Sale Securities [Line Items]
Warrant exercise price per share	$ 200
Intermediate Warrants \| $ 300 Excercise Warrant
Schedule Of Available For Sale Securities [Line Items]
Warrant exercise price per share	$ 300
Amended Intermediate Warrants
Schedule Of Available For Sale Securities [Line Items]
Fair value of option contingent warrants	$ 300
Volatility Rate	71.00%
Expected term (years)	6 years
Interest rate	3.80%
Dividend yield	0.00%
Amended Intermediate Warrants \| $ 200 Exercise Warrant
Schedule Of Available For Sale Securities [Line Items]
Warrant exercise price per share	$ 200
Class A Warrants	100,000
Amended Intermediate Warrants \| $ 300 Excercise Warrant
Schedule Of Available For Sale Securities [Line Items]
Warrant exercise price per share	$ 300
Class A Warrants	100,000
Warrant
Schedule Of Available For Sale Securities [Line Items]
Warrant expiration period	5 years
Private Warrants
Schedule Of Available For Sale Securities [Line Items]
Class A Warrants	325,989		325,989
Class A Common Stock \| Class A Public Warrants
Schedule Of Available For Sale Securities [Line Items]
Warrant exercise price per share	$ 230
Class A Common Stock \| Horizon Sponsor LLC \| $ 200 Exercise Warrant
Schedule Of Available For Sale Securities [Line Items]
Warrant exercise price per share	$ 200
Warrant Purchased	850,000
Class A Common Stock \| Horizon Sponsor LLC \| $ 300 Excercise Warrant
Schedule Of Available For Sale Securities [Line Items]
Warrant exercise price per share	$ 300		$ 300
Warrant Purchased			850,000
Class A Common Stock \| Horizon Sponsor LLC \| Exercise Warrants
Schedule Of Available For Sale Securities [Line Items]
Warrant Purchased	1,700,000		1,700,000
Class A Common Stock \| Mirror Warrants
Schedule Of Available For Sale Securities [Line Items]
Class A Warrants	0		0
Class A Common Stock \| Intermediate Warrants
Schedule Of Available For Sale Securities [Line Items]
Class A Warrants	0		0
Class A Common Stock \| Amended Intermediate Warrants
Schedule Of Available For Sale Securities [Line Items]
Class A Warrants	200,000		200,000
Class A Common Stock \| Warrant
Schedule Of Available For Sale Securities [Line Items]
Class A Warrants	338,342		338,342
Value of Common Stock Exceeded	$ 360
Redemption price per share for warrant	$ 0.2
Number of Trading Days	20 days
Class A Common Stock \| Private Warrants \| Horizon Sponsor LLC \| Class A Private Warrants
Schedule Of Available For Sale Securities [Line Items]
Warrant exercise price per share	$ 230
Minimum \| Class A Common Stock \| Warrant
Schedule Of Available For Sale Securities [Line Items]
Stock Price	$ 360
Maximum \| Class A Common Stock \| Warrant
Schedule Of Available For Sale Securities [Line Items]
Number of Trading Days	30 days

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Recovery of future customer compensation	$ 15,046	$ 13,021
Prepaid expenses	11,640	9,807
Other current assets	7,123	3,508
Prepaid expenses and other current assets	$ 33,809	$ 26,336

Long-Term Debt - Net - Summary of Outstanding Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Extinguishment Of Debt [Line Items]
Long-Term Debt, Gross	$ 389,095	$ 390,077
Less: unamortized debt issuance costs	(2,534)	(2,716)
Long-term debt	386,561	387,361
Less: current maturities of long-term debt	(3,930)	(3,930)
Long-term debt - net	382,631	383,431
2025 First Lien Loan
Extinguishment Of Debt [Line Items]
Long-Term Debt, Gross	$ 389,095	$ 390,077

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

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+ Details

Investments and Fair Value measurements - Schedule Of Reconiliation Of The Financial Instruments Measured At Fair Value Using Level 3 Significant Unobservable Inputs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unrealized Gain (Loss) on Investments	$ 100	$ 100
Note [Member] \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Balance at January 1, 2026	4,241
Accretion of discount	74
Interest paid-in-kind	138
Recorded in Net loss	0
Recorded in Other comprehensive income	2
Unrealized Gain (Loss) on Investments	2
Balance at March 31, 2026	4,455
Warrant [Member] \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Balance at January 1, 2026	1,124
Accretion of discount	0
Interest paid-in-kind	0
Recorded in Net loss	(196)
Recorded in Other comprehensive income	0
Unrealized Gain (Loss) on Investments	(196)
Balance at March 31, 2026	$ 928

Investments and Fair Value measurements

3 Months Ended

Mar. 31, 2026

Investments [Abstract]

Investments

8. Investments and Fair Value measurements

Investments

In 2023, we invested $6.0 million in a privately held company in the form of a convertible promissory note (the “Note”) and a warrant to purchase up to 1,874,933 shares of the company’s stock (the “Warrant”). Interest on the

Note accrues at 8.0% per annum, and outstanding principal and accrued interest on the Note is due and payable at the earlier of July 3, 2030 or a change in control of the company. The Warrant is exercisable until the date that is three years after the Note is repaid, subject to certain accelerating events.

We account for the Note in accordance with ASC Topic 320, Investments - Debt and Equity Securities, pursuant to which the Note is classified as an available-for-sale security and recognized at fair value. During the three months ended March 31, 2026 and 2025, the Note had an unrealized gain of less than $0.1 million and an unrealized loss of less than $0.1 million, respectively. Unrealized gains and losses related to differences between the fair value of the Note and the carrying value of the Note are recorded as a separate component of Other comprehensive income in the Condensed Consolidated Statements of Comprehensive Loss on a recurring basis until realized. The Note’s amortized cost was $4.3 million and $4.0 million at March 31, 2026 and December 31, 2025, respectively. We did not recognize any credit losses related to the Note during the three months ended March 31, 2026 and 2025.

We account for the Warrant in accordance with ASC Topic 815, Derivatives and Hedging, pursuant to which the Warrant is classified as a derivative instrument and recognized at fair value. During the three months ended March 31, 2026 and 2025, the fair value of the Warrant decreased by $0.2 million and $0.3 million, respectively, for which we recognized a loss in both periods. Unrealized losses related to changes in the fair value of the Warrant are recorded in Other expense (income) – net in the Condensed Consolidated Statements of Operations on a recurring basis until realized. The presentation of the Warrant, including whether it should be classified as an asset or a liability, is evaluated at the end of each reporting period.

Fair Value Measurements

We measure certain assets and liabilities at fair value in accordance with ASC Topic 820, Fair Value Measurements (“ASC 820”), which defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, establishes a framework for measuring fair value in U.S. GAAP, and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements, ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels as follows:

•

Level 1 — Measurements that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

•

Level 2 — Measurements that include other inputs that are directly or indirectly observable in the marketplace.

•

Level 3 — Measurements derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. These fair value measurements require significant judgment.

The following tables present the recurring fair value measurements of our financial assets by hierarchy level at March 31, 2026 and December 31, 2025 (in thousands):


	Fair Value Measurements Using
	Level 1		Level 2		Level 3		Total
March 31, 2026
Note	$	—	$	—	$	4,455	$	4,455
Warrant		—		—		928		928
	$	—	$	—	$	5,383	$	5,383


	Fair Value Measurements Using
	Level 1		Level 2		Level 3		Total
December 31, 2025
Note	$	—	$	—	$	4,241	$	4,241
Warrant		—		—		1,124		1,124
	$	—	$	—	$	5,365	$	5,365

The fair value of the Note is determined using the income approach, which consists entirely of Level 3 inputs. The estimated fair value of the Warrant is determined using the Black-Scholes option pricing model, which requires us to make assumptions and judgments about the variables used in the calculation related to the expected term, the expected volatility, the risk-free rate of interest, and the expected dividend yield. Because of the inherent uncertainty of these valuations, the estimated fair values of the Note and the Warrant may differ significantly from the fair values that would have been used had a ready market for the investments existed, the effects of which could be material.


		March 31,	December 31,
Asset	Significant Unobservable Inputs	2026	2025
Note	Expected term (years)	4.3	4.5
	Implied yield	21.7%	21.7%
Warrant	Expected term (years)	4.3	4.5
	Expected volatility	62.0%	62.0%
	Risk-free rate	3.9%	3.7%
	Expected dividend yield	0.0%	0.0%


	Note		Warrant
Balances at January 1, 2026	$	4,241	$	1,124
Accretion of discount		74		—
Interest paid-in-kind		138		—
Unrealized gains (losses):
Recorded in Net loss		—		(196	)
Recorded in Other comprehensive income		2		—
Total unrealized gains (losses)		2		(196	)
Balances at March 31, 2026	$	4,455	$	928

- Definition

The entire disclosure for investments owned by investment company.

+ References + Details

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2026	Apr. 30, 2026
Document Information [Line Items]
Document Type	10-Q
Entity Registrant Name	Vivid Seats Inc.
Entity Central Index Key	0001856031
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	true
Document Period End Date	Mar. 31, 2026
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		10,987,411
Entity File Number	001-40926
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	86-3355184
Entity Address, Address Line One	24 E. Washington Street,
Entity Address, Address Line Two	Suite 900
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60602
City Area Code	312
Local Phone Number	291-9966
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
Entity Ex Transition Period	false
Common Class A [Member]
Document Information [Line Items]
Trading Symbol	SEAT
Title of 12(b) Security	Class A common stock, par value $0.0001 per share
Security Exchange Name	NASDAQ
Warrant [Member]
Document Information [Line Items]
Trading Symbol	SEATW
Title of 12(b) Security	Warrants to purchase Class A common stock
Security Exchange Name	NASDAQ

Investments and Fair Value measurements (Additional Information) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Jul. 31, 2023
Schedule of Investments [Line Items]
Convertible Debt				$ 6.0
Investment Interest Rate				8.00%
Servicing Asset at Amortized Cost	$ 4.3		$ 4.0
Unrealized Gain (Loss) on Investments	0.1	$ 0.1
Decrease In Fair Value Warrant	$ 0.2	$ 0.3
Warrant [Member]
Schedule of Investments [Line Items]
Purchase of Warrants				1,874,933

- Definition

Rate of interest on investment.

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+ Details

Financial Instruments

3 Months Ended

Mar. 31, 2026

Investments, All Other Investments [Abstract]

Financial Instruments

11. Financial Instruments

In connection with the Reverse Stock Split, proportionate equitable adjustments were made to the number of shares issuable upon exercise of the Public Warrants, Private Warrants, Exercise Warrants, Mirror Warrants, and Intermediate Warrants (each as defined below), as well as to the exercise and redemption prices thereof, as applicable. All share, per share, unit, and per unit amounts set forth below reflect these adjustments. See Note 1, Background and Basis of Presentation, for more information.

Public Warrants

We issued certain warrants that entitle the holders thereof (including Horizon Sponsor, LLC (“Horizon Sponsor”)) to purchase shares of Class A common stock at an exercise price of $230.00 per share (the “Public Warrants”). The Public Warrants are traded on the Nasdaq Global Select Market under the symbol “SEATW.”

We may, in our sole discretion, reduce the exercise price of the Public Warrants to induce early exercise, provided that we provide at least five days’ advance notice. The exercise price and number of shares issuable upon exercise of the Public Warrants may also be adjusted in certain circumstances, including in the event of a share dividend, recapitalization, reorganization, merger, or consolidation. In no event are we required to net cash settle the Public Warrants.

The Public Warrants expire at the earliest of the date that is five years following the 2021 transaction pursuant to which Horizon Acquisition Corporation merged with and into VSI (the “Merger Transaction”), the date of our liquidation, or the date of our optional redemption thereof, provided that the value of our Class A common stock exceeds $360.00 per share. There is an effective registration statement and prospectus relating to the shares issuable upon exercise of the Public Warrants.

Under certain circumstances, we may elect to redeem the Public Warrants at a redemption price of $0.20 per Public Warrant at any time during the term of the Public Warrants in which the trading price of our Class A common stock has been at least $360.00 per share for 20 trading days within a 30 trading-day period. If we elect to redeem the Public Warrants, we must notify the Public Warrant holders in advance, who would then have at least 30 days from the date of such notification to exercise their respective Public Warrants. Any Public Warrants not exercised within that 30-day period will be redeemed pursuant to this provision.

As of March 31, 2026 and December 31, 2025, there were Public Warrants to purchase 338,342 shares of Class A common stock outstanding.

Private Warrants

We issued certain warrants that entitle Horizon Sponsor to purchase shares of Class A common stock at an exercise price of $230.00 per share (the “Private Warrants”). The Private Warrants have similar terms to the Public Warrants, but are not redeemable by us.

As of March 31, 2026 and December 31, 2025, there were Private Warrants to purchase 325,989 shares of Class A common stock outstanding.

Exercise Warrants

We issued certain warrants that entitle Horizon Sponsor to purchase shares of Class A common stock at exercise prices of $200.00 and $300.00 per share (the “Exercise Warrants”). The Exercise Warrants have similar terms to the Public Warrants, but have different exercise prices, an initial term of 10 years, are not redeemable by us, and are fully transferable.

As of March 31, 2026 and December 31, 2025, there were Exercise Warrants to purchase 1,700,000 shares of Class A common stock outstanding (850,000 at an exercise price of $200.00 per share and 850,000 at an exercise price of $300.00 per share).

Mirror Warrants

Hoya Intermediate issued certain warrants that entitled us to purchase Intermediate Units at exercise prices of $200.00, $300.00, and $230.00 per unit (the “Mirror Warrants”). The Mirror Warrants had nearly identical terms to the Public Warrants, Private Warrants, and Exercise Warrants. If a Public Warrant, Private Warrant, or Exercise Warrant were exercised or tendered, an equivalent number of Mirror Warrants would be exercised or tendered.

On October 31, 2025, the Mirror Warrants were terminated in connection with the Corporate Simplification. As a result, as of March 31, 2026 and December 31, 2025, there were zero Mirror Warrants outstanding. See Note 1, Background and Basis of Presentation, for more information.

Intermediate Warrants

In connection with the Merger Transaction, Hoya Intermediate issued certain warrants that entitled Hoya Topco to purchase Intermediate Units at exercise prices of $200.00 and $300.00 per unit (the “Intermediate Warrants”).

Because the Intermediate Warrants allowed for cash redemption at the discretion of the holder, they met the criteria to be classified as liability instruments and were recorded in Other liabilities in the Condensed Consolidated Balance Sheets. Upon consummation of the Merger Transaction, the fair value of the Intermediate Warrants was determined using the Black-Scholes model and estimated at $18.8 million, for which we recorded a warrant liability.

During the three months ended March 31, 2025, the fair value of the Intermediate Warrants decreased by $3.1 million, for which we recognized a gain in the period. Gains related to changes in the fair value of the Intermediate Warrants are recorded in Other expense (income) – net in the Condensed Consolidated Statements of Operations.

On October 31, 2025, the Intermediate Warrants were replaced by the Amended Intermediate Warrants (as defined in the “Amended Intermediate Warrants” section below) in connection with the Corporate Simplification. As a result, as of March 31, 2026 and December 31, 2025, there were zero Intermediate Warrants outstanding. See Note 1, Background and Basis of Presentation, for more information.

Amended Intermediate Warrants

In connection with the Corporate Simplification, the Intermediate Warrants were amended to, in lieu of providing for the right to purchase Intermediate Units and allowing for cash redemption at the discretion of the holder, instead provide for the right to purchase equal numbers of shares of Class A common stock at equal exercise prices and not allow for cash redemption (as amended, the “Amended Intermediate Warrants”). As a result, the Amended Intermediate Warrants now have substantially similar terms to the Private Warrants.

Because the Amended Intermediate Warrants no longer allow for cash redemption at the discretion of the holder, they meet the criteria to be classified as equity instruments and, accordingly, were reclassified from Other liabilities to Additional paid-in capital in the Consolidated Balance Sheets as of December 31, 2025. Immediately before the reclassification, the fair value of the Intermediate Warrants was $0.3 million.

The significant unobservable inputs applied to the final fair value measurement of the Intermediate Warrants as of October 31, 2025 (the date on which the Intermediate Warrants were reclassified from liability instruments to equity instruments) consisted of: (i) an expected term of 6.0 years; (ii) an expected volatility of 71.0%; (iii) a risk-free rate of 3.8%; and (iv) an expected dividend yield of 0.0%.

As of March 31, 2026 and December 31, 2025, there were Amended Intermediate Warrants to purchase 200,000 shares of Class A common stock outstanding (100,000 at an exercise price of $200.00 per share and 100,000 at an exercise price of $300.00 per share).

Investments and Fair Value measurements - Schedule of Significant Unobservable Inputs for Level 3 Fair Value Measurement (Details) - Level 3	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Note [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected term (years)	4 years 3 months 18 days	4 years 6 months
Implied Yield	21.70%	21.70%
Warrant [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected term (years)	4 years 3 months 18 days	4 years 6 months
Estimated volatility	62.00%	62.00%
Risk-free rate	3.90%	3.70%
Expected dividend yield	0.00%	0.00%

Equity Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Equity-Based Compensation

15. Equity-Based Compensation

Our 2021 Incentive Award Plan (as amended, the “Incentive Award Plan”) was approved and adopted in order to facilitate the grant of equity incentive awards to our employees, directors, non-employee directors, and consultants. The Incentive Award Plan became effective in 2021 upon consummation of the Merger Transaction, and the First Amendment to the Incentive Award Plan became effective in 2024.

In connection with the Reverse Stock Split, proportionate equitable adjustments were made to the number of shares of Class A common stock issuable under the Incentive Award Plan, as well as to the number of shares of Class A common stock underlying outstanding restricted stock units (“RSUs") and stock options (and the exercise prices thereof). All share and per share amounts set forth reflect these adjustments. See Note 1, Background and Basis of Presentation, for more information.

RSUs

RSUs are awards that are denominated in a hypothetical equivalent number of shares of Class A common stock. The value of each RSU is equal to the fair value of our Class A common stock on the grant date. Each RSU converts into shares of Class A Common stock upon vesting.

During the three months ended March 31, 2026 and 2025, we granted to certain employees 0.3 million and 0.6 million RSUs, respectively, at a weighted average grant date fair value of $5.90 per RSU and $56.20 per RSU, respectively. RSUs granted to employees during the three months ended March 31, 2026 vest over two years on a quarterly basis, subject to the employee’s continued employment through the applicable vesting date. RSUs granted to employees during the three months ended March 31, 2025 vest over three years, with one-third vesting on the first anniversary of the grant date and the remaining portion vesting on a quarterly basis thereafter, subject to the employee’s continued employment through the applicable vesting date.

During the three months ended March 31, 2026, we granted to certain directors 0.2 million RSUs at a weighted average grant date fair value of $6.49 per RSU. RSUs granted to directors fully vest on the earlier of (i) one day prior to the date of our first annual meeting of stockholders following the grant date and (ii) the one-year anniversary of the grant date, subject to the director’s continued service on our Board. We did not grant any RSUs to directors during the three months ended March 31, 2025.

During the three months ended March 31, 2026 and 2025, we granted to certain consultants less than 0.1 million RSUs at a weighted average grant date fair value of $5.90 per RSU and $56.20 per RSU, respectively. RSUs granted to consultants either fully vest on the first anniversary of the grant date or in equal annual installments over three years, in each case subject to the consultant’s continued service through the applicable vesting date.

As of March 31, 2026 and December 31, 2025, 0.4 million forfeited RSUs, previously held by certain former executives prior to their departure, were subject to reissuance and immediate vesting in the event of a Change in Control (as defined in the Incentive Award Plan) occurring within 12 months of their respective separation dates.

The following tables summarize the total activity for RSUs during the three months ended March 31, 2026 and 2025 (in thousands, except per RSU data):


	RSUs			Weighted Average Grant Date Fair Value Per RSU
Unvested at December 31, 2025		1,702		$	22.81
Granted		480			6.09
Forfeited		(51	)		66.63
Vested		(281	)		30.20
Unvested at March 31, 2026		1,850		$	16.14


	RSUs			Weighted Average Grant Date Fair Value Per RSU
Unvested at December 31, 2024		590		$	112.24
Granted		636			56.20
Forfeited		(3	)		112.20
Vested		(136	)		114.00
Unvested at March 31, 2025		1,087		$	79.20

Stock Options

Stock options provide for the purchase of shares of Class A common stock in the future at an exercise price set on the grant (or modification) date. Our stock option awards vest over three years, with one-third vesting on the first anniversary of the grant date and the remaining options vesting on a quarterly basis thereafter. Stock options granted to employees have a contractual term of ten years from the grant date, subject to the employee’s continued service through the applicable vesting date. Stock options granted to consultants have a contractual term of seven years from the grant date, subject to the consultant’s continued service through the applicable vesting date.

As of March 31, 2026 and December 31, 2025, less than 0.1 million forfeited stock options, previously held by certain former executives prior to their departure, were subject to reissuance and immediate vesting in the event of a Change in Control (as defined in the Incentive Award Plan) occurring within 12 months of their respective separation dates.

The following tables summarize the total activity for stock options during the three months ended March 31, 2026 and 2025 (in thousands, except price per stock option data):


	Stock Options			Weighted Average Exercise Price Per Stock Option		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
Outstanding at December 31, 2025		389		$	162.97	6.6	$	—
Forfeited		(1	)		143.40
Outstanding at March 31, 2026		388		$	163.02	6.4	$	—
Vested and exercisable at March 31, 2026		373		$	155.54


	Stock Options		Weighted Average Exercise Price Per Stock Option		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
Outstanding at December 31, 2024		405	$	162.20	7.7	$	—
Forfeited		—		—
Outstanding at March 31, 2025		405	$	162.20	7.4	$	—
Vested and exercisable at March 31, 2025		309	$	148.60

The weighted average grant date fair value for stock options outstanding during the three months ended March 31, 2026 and 2025 was $68.89 and $68.75, respectively. The weighted average grant date fair value for stock options forfeited during the three months ended March 31, 2026 was $65.98. No stock options were forfeited during the three months ended March 31, 2025. The weighted average grant date fair value for stock options vested during the

three months ended March 31, 2026 and 2025 was $70.04 and $71.71, respectively. No stock options were granted, exercised, expired, or cancelled during the three months ended March 31, 2026 and 2025.

Equity-Based Compensation Expense

During the three months ended March 31, 2026 and 2025, equity-based compensation expense related to RSUs was $4.2 million and $8.8 million, respectively. Unrecognized equity-based compensation expense related to unvested RSUs as of March 31, 2026 was $27.2 million, which is expected to be recognized over a weighted average period of approximately one year.

During the three months ended March 31, 2026 and 2025, equity-based compensation expense related to stock options was $0.3 million and $2.2 million, respectively. Unrecognized equity-based compensation expense related to unvested stock options as of March 31, 2026 was $0.1 million, which is expected to be recognized over a weighted average period of less than one year.

Equity-based compensation expense for the three months ended March 31, 2026 and 2025 excludes capitalized development costs of $0.1 million and $0.2 million, respectively.

Segment Reporting - Schedule of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 12,308	$ 11,625
Loss on extinguishment of debt	0	(801)
Subsidiaries [Member]
Segment Reporting Information [Line Items]
Revenues	125,783	164,023
Cost of revenues (exclusive of depreciation and amortization shown separately below)	39,195	44,525
General and administrative	33,117	48,082
Depreciation and amortization	12,308	11,625
Income/Loss from operations	(8,788)	(4,321)
Interest expense – net	5,931	5,665
Other expense (income) - net	1,070	(4,154)
Loss on extinguishment of debt	0	(801)
Income before income taxes	(14,631)	(5,942)
Marketplace \| Subsidiaries [Member]
Segment Reporting Information [Line Items]
Revenues	97,526	133,740
Cost of revenues (exclusive of depreciation and amortization shown separately below)	16,602	20,999
Marketing and selling expenses	49,951	64,112
Contribution margin	30,973	48,629
Marketplace \| Subsidiaries [Member] \| Online advertising [Member]
Segment Reporting Information [Line Items]
Marketing and selling expenses	46,977	59,199
Marketplace \| Subsidiaries [Member] \| Offline advertising [Member]
Segment Reporting Information [Line Items]
Marketing and selling expenses	2,974	4,913
Resale \| Subsidiaries [Member]
Segment Reporting Information [Line Items]
Revenues	28,257	30,283
Cost of revenues (exclusive of depreciation and amortization shown separately below)	22,593	23,526
Marketing and selling expenses	0	0
Contribution margin	5,664	6,757
Resale \| Subsidiaries [Member] \| Online advertising [Member]
Segment Reporting Information [Line Items]
Marketing and selling expenses	0	0
Resale \| Subsidiaries [Member] \| Offline advertising [Member]
Segment Reporting Information [Line Items]
Marketing and selling expenses	0	0
Consolidated \| Subsidiaries [Member]
Segment Reporting Information [Line Items]
Revenues	125,783	164,023
Cost of revenues (exclusive of depreciation and amortization shown separately below)	39,195	44,525
Marketing and selling expenses	49,951	64,112
Contribution margin	36,637	55,386
General and administrative	33,117	48,082
Depreciation and amortization	12,308	11,625
Income/Loss from operations	(8,788)	(4,321)
Interest expense – net	5,931	5,665
Other expense - net		(4,154)
Other expense (income) - net	1,070
Loss on extinguishment of debt		801
Income before income taxes	(15,789)	(6,633)
Consolidated \| Subsidiaries [Member] \| Online advertising [Member]
Segment Reporting Information [Line Items]
Marketing and selling expenses	46,977	59,199
Consolidated \| Subsidiaries [Member] \| Offline advertising [Member]
Segment Reporting Information [Line Items]
Marketing and selling expenses	$ 2,974	$ 4,913

Leases (Additional Information) (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Leases [Abstract]
Right-of-use assets - net	$ 10,145	$ 10,515

Equity

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Equity

12. Equity

Corporate Simplification

Prior to the Corporate Simplification, VSI held a 63.1% interest in Hoya Intermediate and Hoya Topco held the remaining 36.9%, in addition to holding 100% of our Class B common stock. As a result, Hoya Topco’s interest in Hoya Intermediate represented a redeemable noncontrolling interest in VSI. At its discretion, Hoya Topco had the right to exchange its Intermediate Units for shares of Class A common stock on a one-to-one basis or for cash proceeds of equal value at the time of redemption. As the redeemable noncontrolling interests were redeemable upon the occurrence of an event not solely within our control, we classified them as temporary equity. Our redeemable noncontrolling interests were initially measured at Hoya Topco’s share in the net assets of Hoya Intermediate upon consummation of the Merger Transaction. Subsequent remeasurements of our redeemable noncontrolling interests (which were based on the fair value of our Class A common stock) were recorded as a deemed dividend each reporting period, which reduced Retained earnings, if any, or Additional paid-in capital in the Consolidated Balance Sheets.

For periods through the consummation of the Corporate Simplification, net loss attributable to redeemable noncontrolling interests is calculated by multiplying Hoya Intermediate’s net loss incurred in the period by Hoya

Topco’s weighted average percentage allocation of Intermediate Units during the period. See Note 16, Earnings Per Share, for computation of net loss attributable to redeemable noncontrolling interests.

In connection with the Corporate Simplification, all of the Intermediate Units previously held by Hoya Topco (and corresponding shares of Class B common stock) were exchanged for an equal number of shares of Class A common stock. As a result, our redeemable noncontrolling interests were extinguished, Hoya Intermediate is now a wholly owned subsidiary of VSI, and the net loss attributable to Hoya Topco’s redeemable noncontrolling interests presented throughout this Report only pertains to the three months ended March 31, 2025. See Note 1, Background and Basis of Presentation, for more information.

Share Repurchase Program

In February 2024, our Board of Directors (our “Board”) authorized a share repurchase program for up to $100.0 million of Class A common stock (the “Share Repurchase Program”). The Share Repurchase Program was publicly announced in March 2024, does not have a fixed expiration date, and does not obligate us to purchase any minimum number of shares.

During the three months ended March 31, 2025, we repurchased 0.1 million shares of Class A common stock under the Share Repurchase Program, for which we paid $6.0 million and incurred commissions and excise taxes of less than $0.1 million. As of December 31, 2025, we recognized a liability of $0.1 million for unpaid excise taxes related to repurchases of Class A common stock, which is recorded in Accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheets. We did not repurchase any shares of Class A common stock under the Share Repurchase Program during the three months ended March 31, 2026, nor did we recognize a liability for unpaid excise taxes related to repurchases of Class A common stock as of March 31, 2026.

Cumulatively as of March 31, 2026, we have repurchased 0.6 million shares of Class A common stock under the Share Repurchase Program, for which we have paid $40.9 million and incurred commissions and excise taxes of $0.4 million. As of March 31, 2026, $59.1 million remained available for future repurchases under the Share Repurchase Program.

All of the above share repurchases were accounted for as equity transactions and are recorded in Treasury stock in the Condensed Consolidated Balance Sheets.

Accumulated Other Comprehensive Income

The following table summarizes the changes in each major component of Accumulated other comprehensive income during the three months ended March 31, 2026 (in thousands):


	Accumulated Unrealized Gain on Note		Accumulated Foreign Currency Translation Adjustment			Accumulated Other Comprehensive Income
Balances at January 1, 2026	$	195	$	(22	)	$	173
Recorded in Other comprehensive income		2		171			173
Balances at March 31, 2026	$	197	$	149		$	346

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Subparagraph (b)
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Prepaid Expenses and Other Current Assets (Tables)

3 Months Ended

Mar. 31, 2026

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

The following table presents the major components of prepaid expenses and other current assets at March 31, 2026 and December 31, 2025 (in thousands):


	March 31,		December 31,
	2026		2025
Recovery of future customer compensation	$	15,046	$	13,021
Prepaid expenses		11,640		9,807
Other current assets		7,123		3,508
Prepaid expenses and other current assets	$	33,809	$	26,336

Segment Reporting

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Reporting

4. Segment Reporting

Operating segments are defined as components of an entity for which discrete financial information is available and is regularly reviewed by the entity’s Chief Operating Decision Maker (“CODM”) in making decisions regarding resource allocation and performance assessment. Our CODM is our Chief Executive Officer.

We have determined that we have two operating and reportable segments: Marketplace and Resale. In our Marketplace segment, we primarily act as an intermediary between ticket buyers, sellers, and partners within our online ticket marketplace, through which we earn revenue processing ticket sales for live events and attractions and from facilitating the booking of hotel rooms and packages. In our Resale segment, we primarily acquire tickets to resell on secondary ticket marketplaces, including our own.

For both segments, our CODM uses contribution margin (defined as revenues less cost of revenues and marketing and selling expenses) as a means to allocate resources, evaluate performance, and make strategic decisions during the annual budgeting and forecasting process. Contribution margin forms the basis for measuring trends in performance and comparing the relative potential of various initiatives.

Cost of revenues largely consist of payment processing fees for our Marketplace segment and ticket costs for our Resale segment. Marketing and selling expenses, which relate entirely to our Marketplace segment, consist almost entirely of advertising costs. Most advertising costs are aimed towards acquiring new customers online through paid

search engine marketing, fees paid to our advertising affiliates and distributors, and other various digital marketing activities. However, to a lesser extent, advertising costs are also aimed towards acquiring new customers offline through traditional media channels, advertising agency costs, and partnership expenses with sports teams and other media partners.

We do not report our assets, capital expenditures, general and administrative expenses, or depreciation and amortization expenses by segment because our CODM does not use this information to evaluate the performance of our operating segments.

The following tables summarize our segment information for the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31, 2026
	Marketplace		Resale		Total
Revenues	$	97,526	$	28,257	$	125,783
Cost of revenues (exclusive of depreciation and amortization shown separately below)		16,602		22,593		39,195
Marketing and selling:
Online advertising		46,977		—		46,977
Offline advertising		2,974		—		2,974
Total marketing and selling		49,951		—		49,951
Contribution margin		30,973		5,664		36,637
General and administrative						33,117
Depreciation and amortization						12,308
Loss from operations						(8,788	)
Interest expense – net						5,931
Other expense – net						1,070
Loss before income taxes					$	(15,789	)


	Three Months Ended March 31, 2025
	Marketplace		Resale		Total
Revenues	$	133,740	$	30,283	$	164,023
Cost of revenues (exclusive of depreciation and amortization shown separately below)		20,999		23,526		44,525
Marketing and selling:
Online advertising		59,199		—		59,199
Offline advertising		4,913		—		4,913
Total marketing and selling		64,112		—		64,112
Contribution margin		48,629		6,757		55,386
General and administrative						48,082
Depreciation and amortization						11,625
Loss from operations						(4,321	)
Interest expense – net						5,665
Other income – net						(4,154	)
Loss on extinguishment of debt						801
Loss before income taxes					$	(6,633	)

Substantially all of our sales occur and assets reside in the United States.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 21
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 42
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+ Details

Equity Based Compensation (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average, term	6 years 4 months 24 days	7 years 4 months 24 days	6 years 7 months 6 days	7 years 8 months 12 days
Capitalized development costs	$ 0.1	$ 0.2
Weighted-average grant-date fair value per share, stock options outstanding	$ 163.02	$ 162.2	$ 162.97	$ 162.2
RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted	480	636
Weighted-Average Grant Date Fair Value Per Share, Forfeited	$ 66.63	$ 112.2
Weighted average, term	1 year
Equity-based compensation expense	$ 4.2	$ 8.8
Unrecognized compensation expense	$ 27.2
RSUs \| Directors
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding options, granted	200,000	0
Weighted average grant date fair value	$ 6.49
RSUs \| Employee
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding options, granted	300,000	600,000
Weighted average grant date fair value	$ 5.9	$ 56.2
RSUs \| Consultants [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding options, granted	100,000	100,000
Weighted average grant date fair value	$ 5.9	$ 56.2
RSUs \| Former Executives
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of restricted stock units, forfeited	400,000	400,000
Expiration period	12 months
RSUs \| Minimum \| Former Executives
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of restricted stock units, forfeited	100,000	100,000
Employee Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted-Average Grant Date Fair Value Per Share, Forfeited	$ 65.98	$ 0
Weighted average, term		1 year
Weighted average grant date fair value	$ 70.04	$ 71.71
Stock option cancelled	0	0
Weighted-average grant-date fair value per share, stock options outstanding	$ 68.89	$ 68.75
Equity-based compensation expense	$ 0.3	$ 2.2
Unrecognized compensation expense	$ 0.1

Impairments - Summary of Impairment Charges (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Intangible Asset, Acquired, Finite-Lived [Line Items]
Goodwill - net	$ 283,674	$ 283,915
Property and equipment - net	$ 11,824	$ 12,373

- Definition

+ References

+ Details

Equity-Based Compensation - Summary of Activity for Stock Option (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Outstanding Options, Beginning Balance	389	405	405
Outstanding Options, Forfeited	(1)	0
Outstanding Options, Ending Balance	388	405	389	405
Vested and exercisable	373	309
Weighted Average Exercise Price, Outstanding, Beginning Balance	$ 162.97	$ 162.2	$ 162.2
Weighted Average Exercise Price, Forfeited	143.4	0
Weighted Average Exercise Price, Outstanding, Ending Balance	163.02	162.2	$ 162.97	$ 162.2
Weighted Average Exercise Price, Vested and exercisable	$ 155.54	$ 148.6
Weighted average, term	6 years 4 months 24 days	7 years 4 months 24 days	6 years 7 months 6 days	7 years 8 months 12 days
Aggregate Intrinsic Value, Outstanding	$ 0	$ 0	$ 0	$ 0

Prepaid Expenses and Other Current Assets - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Change in recovery of future customer compensation	$ 2.0

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Accrued marketing expense	$ 17,767	$ 21,159
Accrued customer credits	51,450	52,321
Accrued future customer compensation	19,212	15,771
Accrued payroll	5,316	10,463
Accrued operating expenses	15,372	11,800
Other current liabilities	14,136	14,443
Total accrued expenses and other current liabilities	$ 123,253	$ 125,957

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 143,555	$ 102,702
Restricted cash	604	604
Accounts receivable - net	36,421	30,664
Inventory - net	28,878	18,166
Prepaid expenses and other current assets	33,809	26,336
Total current assets	243,267	178,472
Property and equipment - net	11,824	12,373
Right-of-use assets - net	10,145	10,515
Intangible assets - net	132,371	141,528
Goodwill - net	283,674	283,915
Deferred tax assets - net	1,238	1,123
Investments	5,383	5,365
Other assets	3,833	3,575
Total assets	691,735	636,866
Current liabilities:
Accounts payable	224,771	153,418
Accrued expenses and other current liabilities	123,253	125,957
Deferred revenue	19,145	19,973
Current maturities of long-term debt	3,930	3,930
Total current liabilities	371,099	303,278
Long-term debt - net	382,631	383,431
Long-term lease liabilities	15,860	16,452
Other liabilities	17,537	18,834
Total Liabilities	787,127	721,995
Commitments and contingencies (Note 13)
Shareholders' deficit
Additional paid-in capital	1,372,262	1,368,067
Treasury stock, at cost, 949,665 shares at March 31, 2026 and December 31, 2025	(93,920)	(93,920)
Accumulated deficit	(1,374,103)	(1,359,472)
Accumulated other comprehensive income	346	173
Total Shareholders' equity	(95,392)	(85,129)
Total liabilities and shareholders' deficit	691,735	636,866
Class A Common Stock
Shareholders' deficit
Common Stock	$ 23	$ 23

Long-Term Debt - Net - Additional Information (Details) - USD ($) $ in Thousands			3 Months Ended		12 Months Ended
	Feb. 05, 2025	Feb. 03, 2022	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Jun. 14, 2024
Line of Credit Facility [Line Items]
Loss on extinguishment of debt			$ 0	$ (801)
Amortization payments			235	241
Term loan			382,631		$ 383,431
2022 First Lien Loan
Line of Credit Facility [Line Items]
Long-term Line of Credit		$ 275,000
2024 First Lien Loan
Line of Credit Facility [Line Items]
Long-term Line of Credit						$ 395,000
2025 First Lien Loan
Line of Credit Facility [Line Items]
Long-term Line of Credit	$ 393,000
Maturity date	Feb. 03, 2029
Debt Instrument Fee Expense				600
Debt Instrument Losses in Loan Extinguishment				800
Third-party fees incurred in relation to the First Lien Loan Issuance				$ 200
Revolving Credit Facility \| 2022 First Lien Loan
Line of Credit Facility [Line Items]
Proceeds from Revolving Facility		$ 100,000
Outstanding letters of credit			10,000
Revolving Credit Facility \| 2025 First Lien Loan
Line of Credit Facility [Line Items]
Outstanding Borrowings			$ 0		$ 0
Moody Investors Service Inc \| 2025 First Lien Loan
Line of Credit Facility [Line Items]
Reduced of effective interest rate			2.00%
Fair value			$ 151,700
Carrying amount			$ 386,600
Effective interest rate			6.10%		6.30%
SOFR Rate \| Moody Investors Service Inc
Line of Credit Facility [Line Items]
Effective interest rate			2.25%
SOFR Rate \| Moody Investors Service Inc \| 2024 First Lien Loan
Line of Credit Facility [Line Items]
Effective interest rate			3.00%
Floor Rate			0.50%
SOFR Rate \| Moody Investors Service Inc \| 2025 First Lien Loan
Line of Credit Facility [Line Items]
Floor Rate			0.50%

Earnings Per Share - Summary of Potentially Dilutive Securities (Details) - Subsidiaries [Member] - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive common equivalent units	672,725	94,002
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive common equivalent units	388,181	375,603
Public Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive common equivalent units	338,342	338,342
Private Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive common equivalent units	325,989	325,989
Exercise Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive common equivalent units	1,700,000	1,700,000
Intermediate Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive common equivalent units	0	200,000
Amended Intermediate Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive common equivalent units	200,000	0

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Costs and expenses:
Depreciation and amortization	$ 12,308	$ 11,625
Other (income) expense:
Loss on extinguishment of debt	0	801
Net income	(14,631)	(9,788)
Net loss attributable to redeemable noncontrolling interests	$ (14,631)	$ (5,942)
Income per Class A Common Stock:
Diluted	$ (1.35)	$ (0.94)
Weighted average Class A Common Stock outstanding:
Diluted	10,815,704	10,456,261
Subsidiaries
Revenues	$ 125,783	$ 164,023
Costs and expenses:
Cost of revenues (exclusive of depreciation and amortization shown separately below)	39,195	44,525
Marketing and selling	49,951	64,112
General and administrative	33,117	48,082
Depreciation and amortization	12,308	11,625
Total costs and expenses	134,571	168,344
Loss from operations	(8,788)	(4,321)
Other (income) expense:
Interest expense – net	5,931	5,665
Other expense (income) - net	1,070	(4,154)
Loss on extinguishment of debt	0	801
Loss before income taxes	(15,789)	(6,633)
Income tax expense (benefit)	(1,158)	3,155
Net income	(14,631)	(9,788)
Net loss attributable to redeemable noncontrolling interests	0	(3,846)
Net loss attributable to Class A common stockholders	$ (14,631)	$ (5,942)
Income per Class A Common Stock:
Basic	$ (1.35)	$ (0.89)
Diluted	$ (1.35)	$ (0.94)
Weighted average Class A Common Stock outstanding:
Basic	10,815,704	6,645,011
Diluted	10,815,704	10,456,261

Goodwill And Intangible Assets

3 Months Ended

Mar. 31, 2026

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Goodwill and Intangible Assets

7. Goodwill – Net and Intangible Assets – Net

Goodwill – Net

Goodwill, which derives from our business combinations, is recorded net of accumulated impairment charges and foreign currency translation adjustments. Since our goodwill relates entirely to our Marketplace segment, there is only one reporting unit (the “Marketplace Reporting Unit”) that is relevant for the purpose of performing impairment assessments.

Goodwill is not subject to amortization and is reviewed for impairment annually, or more frequently if events or changes in circumstances indicate an impairment may have occurred. If we determine that it is more likely than not that the fair value of our goodwill is less than its carrying value, we then perform a quantitative assessment. Based upon the results of that assessment, if the carrying value of our goodwill exceeds its fair value, (i) the recorded

goodwill will be written down and (ii) a non-cash impairment expense will be recorded in the Consolidated Statements of Operations.

As discussed in our 2025 Form 10-K, during the year ended December 31, 2025, we determined that the estimated fair value of the Marketplace Reporting Unit was lower than its carrying value. Consequently, during the year ended December 31, 2025, we recognized a non-cash impairment expense of $660.7 million related to our goodwill, $297.4 million of which was recognized as of June 30, 2025 and $363.3 million of which was recognized as of October 31, 2025. At December 31, 2025, accumulated impairment charges related to our goodwill were $1,037.8 million.

The following table summarizes the changes in the carrying amount of goodwill during the three months ended March 31, 2026 (in thousands):


Gross goodwill balance December 31, 2025	$	1,321,686
Accumulated impairment charges		(1,037,771	)
Goodwill – net balance at December 31, 2025		283,915
Foreign currency translation adjustment		(241	)
Goodwill – net balance at March 31, 2026	$	283,674

During the three months ended March 31, 2026, there were no changes in the accumulated impairment charges related to our goodwill.

Intangible Assets – Net

The following table summarizes the carrying amount of our intangible assets at March 31, 2026 and December 31, 2025 (in thousands):


	March 31,			December 31,
	2026			2025
Definite-lived intangible assets
Supplier relationships	$	57,123		$	57,123
Customer relationships		34,620			34,620
Acquired developed technology		29,290			29,290
Capitalized development costs		68,774			63,835
Capitalized development costs – work in progress		3,735			5,931
Acquired Domain Name		17,348			17,348
Seat images		1,286			1,266
Foreign currency translation adjustment		(2,526	)		(1,936	)
Total gross book value		209,650			207,477
Less: accumulated amortization
Supplier relationships		(32,527	)		(29,266	)
Customer relationships		(27,225	)		(24,603	)
Acquired developed technology		(19,825	)		(18,109	)
Capitalized development costs		(44,704	)		(41,098	)
Acquired Domain Name		(1,569	)		(1,292	)
Seat images		(374	)		(267	)
Foreign currency translation adjustment		908			620
Total accumulated amortization		(125,316	)		(114,015	)
Indefinite-lived intangible assets
Trademarks		110,538			110,538
Foreign currency translation adjustment		(149	)		(120	)
Accumulated impairment charges		(62,352	)		(62,352	)
Intangible assets – net	$	132,371		$	141,528

Definite-Lived Intangible Assets

Definite-lived intangible assets, which primarily derive from acquisitions and internal strategic investments, are recorded net of accumulated amortization and foreign currency translation adjustments.

In 2024, we acquired a domain name that we had previously licensed (the “Acquired Domain Name”). In exchange for the Acquired Domain Name, we are required to disburse monthly interest-free cash payments totaling $31.4 million through June 2040 (the “Acquired Domain Name Obligation”).

We account for the Acquired Domain Name as a definite-lived intangible asset under ASC Topic 350, Intangibles—Goodwill and Other. The purchase price of the Acquired Domain Name was $17.3 million, which will be amortized over a total period of 15.6 years (the “Acquired Domain Name Term”). As of March 31, 2026 and December 31, 2025, the Acquired Domain Name had a carrying value of $15.8 million and $16.1 million, respectively, which is recorded in Intangible assets – net in the Condensed Consolidated Balance Sheets.

We account for the Acquired Domain Name Obligation as a liability, for which interest will accrue over the Acquired Domain Name Term at an effective interest rate of 8.6% per annum. As of March 31, 2026 and December 31, 2025, the Acquired Domain Name Obligation had a carrying value of $16.5 million and $16.6 million, respectively, of which $0.6 million is recorded in Accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheets and the remainder is recorded in Other liabilities in the Condensed Consolidated Balance Sheets. During the three months ended March 31, 2026 and 2025, we recognized an expense of $0.4 million for interest incurred in relation to the Acquired Domain Name Obligation, which is recorded in Interest expense – net in the Condensed Consolidated Statements of Operations.

During the three months ended March 31, 2026 and 2025, we recognized an expense of $11.7 million and $11.0 million, respectively, for amortization related to our definite-lived intangible assets. Amortization expenses related to our definite-lived intangible assets are recorded in Depreciation and amortization expenses in the Condensed Consolidated Statements of Operations.

During the three months ended March 31, 2026, we recognized an expense of $0.1 million for losses related to disposals of our definite-lived intangible assets. We did not recognize an expense for losses related to disposals of our definite-lived intangible assets during the three months ended March 31, 2025. Losses on asset disposals are recorded in General and administrative expenses in the Condensed Consolidated Statements of Operations.

Indefinite-Lived Intangible Assets

Similar to goodwill, our indefinite-lived intangible assets are not subject to amortization and are reviewed for impairment annually, or more frequently if events or changes in circumstances indicate that the carrying value may not be recoverable. If we determine that it is more likely than not that the fair value of our indefinite-lived intangible assets is less than their carrying value, we then perform a quantitative assessment. Based upon the results of that assessment, if the carrying value of our indefinite-lived intangible assets exceeds their fair value, a non-cash impairment expense will be recorded in the Consolidated Statements of Operations.

As discussed in our 2025 Form 10-K, during the year ended December 31, 2025, we determined that the estimated fair value of certain indefinite-lived trademarks was lower than their carrying value. Consequently, during the year ended December 31, 2025, we recognized a non-cash impairment expense of $62.3 million related to certain indefinite-lived trademarks, $23.0 million of which was recognized as of June 30, 2025 and $39.3 million of which was recognized as of October 31, 2025. At December 31, 2025, accumulated impairment charges related to our indefinite-lived intangible assets were $141.0 million.

During the three months ended March 31, 2026, there were no changes in the accumulated impairment charges related to our indefinite-lived intangible assets.

Accounts Receivable - Net

3 Months Ended

Mar. 31, 2026

Receivables [Abstract]

Accounts Receivable - Net

5. Accounts Receivable - Net

The following table presents the major components of accounts receivable at March 31, 2026 and December 31, 2025 (in thousands):


	March 31,			December 31,
	2026			2025
Uncollateralized payment processor obligations	$	12,450		$	11,938
Due from ticket sellers for cancellation charges		7,684			7,600
Due from distribution partners for cancellation charges		13,920			14,139
Event insurance and other commissions receivable		4,134			3,481
Other trade receivables		11,152			6,369
Accounts receivable		49,340			43,527
Less: allowance for credit losses		(12,919	)		(12,863	)
Accounts receivable – net	$	36,421		$	30,664

Accounts receivable is recorded net of the cumulative allowance for credit losses. As of March 31, 2026 and December 31, 2025, we recorded a cumulative allowance for credit losses of $12.9 million to reflect potential challenges in collecting funds from distribution partners and ticket sellers, particularly for amounts due upon usage of store credit previously issued to ticket buyers.

There were no write-offs for uncollectible accounts receivable balances during the three months ended March 31, 2026 and 2025.

Income Taxes

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Income Taxes

14. Income Taxes

Income Tax Expense (Benefit)

During the three months ended March 31, 2026 and 2025, we recognized an income tax benefit of $1.2 million and an income tax expense of $3.2 million, respectively, which is recorded in Income tax expense (benefit) in the Condensed Consolidated Statements of Operations. For the three months ended March 31, 2026, our effective income tax rate differed from the 21% U.S. federal statutory income tax rate primarily due to losses for which no tax benefit was recognized and the impact of foreign operations, including differences in statutory income tax rates. For the three months ended March 31, 2025, our effective income tax rate differed from the 21% U.S. federal statutory income tax rate primarily due to a redeemable noncontrolling interests adjustment for VSI’s allocable share of Hoya Intermediate’s loss, state income taxes, equity-based compensation, and limitations on compensation deductions. Income tax expense decreased by $4.4 million during the three months ended March 31, 2026 compared to the three months ended March 31, 2025 due to the absence of the noncontrolling interest adjustment related to VSI’s allocable share of Hoya Intermediate’s income (loss), as well as the impact of 2026 losses for which no tax benefit was recognized.

Deferred Tax Assets – Net

We regularly assess the need for a valuation allowance against our deferred tax assets. As of each reporting date we consider new evidence, both positive and negative, that could affect our view of the future realization of deferred tax assets. As of June 30, 2025, in part because during the three months ended June 30, 2025 we recorded a significant impairment of goodwill and certain indefinite-lived intangible assets, entered into a cumulative loss position, and had a negative trend in earnings in the U.S. federal tax jurisdiction, we determined that there is sufficient negative evidence to conclude that it is more likely than not that our deferred tax assets are not realizable. After considering all available positive and negative evidence, in 2026 we continue to maintain a valuation allowance against our U.S. deferred tax assets. We continue to monitor the need for a valuation allowance against our deferred tax assets at each reporting date.

TRA

In connection with the Merger Transaction, we entered into the TRA with the existing Hoya Intermediate unitholders that provided for our payment to such unitholders of 85% of the amount of any tax savings that we realize (or, under certain circumstances, are deemed to realize) as a result of, or attributable to: (i) increases in the tax basis of assets owned directly or indirectly by Hoya Intermediate or its subsidiaries from, among other things, any redemptions or exchanges of Intermediate Units; (ii) existing tax basis (including depreciation and amortization deductions arising from such tax basis) in long-lived assets owned directly or indirectly by Hoya Intermediate or its subsidiaries; and (iii) certain other tax benefits (including deductions in respect of imputed interest) related to us making payments under the TRA.

In connection with the Corporate Simplification, all rights and obligations under the TRA were terminated (other than certain terms thereof that expressly survived), including $5.8 million of cash payments that would have otherwise been due during the three months ended March 31, 2026, in exchange for the issuance of 403,022 shares of Class A common stock. As a result of the Corporate Simplification, we no longer have a TRA liability. See Note 1, Background and Basis of Presentation, for more information.

OBBB Act

On July 4, 2025, a reconciliation bill commonly referred to as the One Big Beautiful Bill Act (the “OBBB Act”) was signed into law, which included a broad range of tax reform provisions that may affect our financial results. The OBBB Act allows an elective deduction for domestic research and development, a reinstatement of elective 100% first-year bonus depreciation, and modifications to the calculation for excess business interest expense limitations under Section 163(j) of the Internal Revenue Code. Our analysis shows that the OBBB Act did not have a material

impact on our condensed consolidated financial statements for the three months ended March 31, 2026 and is not expected to have a material impact on our consolidated financial statements for the year ended December 31, 2026. We will continue to monitor regulatory guidance and interpretations as they are issued.

- Definition

The entire disclosure for income tax.

+ References

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-Topic 942
-SubTopic 740
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+ Details

Equity (Additional Information) (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Feb. 29, 2024
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Repurchase of common stock	$ 0	$ 5,992
Accrued expenses and other current liabilities	$ 123,253		$ 125,957
Redeemable Noncontrolling Interests [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	36.90%
Hoya Topco LLC \| Redeemable Noncontrolling Interests [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	63.10%
Share Repurchase Program [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Accrued expenses and other current liabilities			100
Share Repurchase Program 2025 [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Stock repurchase program for future	$ 59,100
Common Class A [Member] \| Subsidiaries [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Share repurchase program, authorized amount				$ 100,000
Stock repurchased during period	0.0	0.1
Common Class A [Member] \| Share Repurchase Program [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Commissions paid	$ 0		100
Repurchase of common stock			$ 6,000
Common Class A [Member] \| Share Repurchase Program 2025 [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Number of shares authorized to be repurchased	0.6
Commissions paid	$ 400
Repurchase of common stock	$ 40,900
Common Class B [Member] \| Hoya Topco LLC \| Redeemable Noncontrolling Interests [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Equity Method Investment, Ownership Percentage	100.00%

Business Acquisitions - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Business Acquisition [Line Items]
Definite-lived intangible assets	$ 209,650	$ 207,477
Goodwill - net	$ 283,674	$ 283,915

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Equity (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Shedule of Changes in Each Component of AOCL, Net of Tax Effect

The following table summarizes the changes in each major component of Accumulated other comprehensive income during the three months ended March 31, 2026 (in thousands):


	Accumulated Unrealized Gain on Note		Accumulated Foreign Currency Translation Adjustment			Accumulated Other Comprehensive Income
Balances at January 1, 2026	$	195	$	(22	)	$	173
Recorded in Other comprehensive income		2		171			173
Balances at March 31, 2026	$	197	$	149		$	346

Equity - Schedule of Changes in Each Component of AOCL, Net of Tax Effect (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Balances at January 1, 2025	$ 173
Recognized in other comprehensive income	173
Balances at March 31, 2025	346
Accumulated Unrealized Gain on Note [Member]
Balances at January 1, 2025	195
Recognized in other comprehensive income	2
Balances at March 31, 2025	197
Accumulated Foreign Currency Translation Adjustment [Member]
Balances at January 1, 2025	(22)
Recognized in other comprehensive income	171
Balances at March 31, 2025	$ 149

- Definition

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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-Section S99
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+ Details

Revenue Recognition

3 Months Ended

Mar. 31, 2026

Subsidiaries

Disaggregation of Revenue [Line Items]

Revenue Recognition

3. Revenue Recognition

We recognize revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers. As discussed in Note 4, Segment Reporting, we have determined that we have two operating and reportable segments: Marketplace and Resale.

The following tables present Marketplace revenues by business model and event category for the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31,
	2026		2025
Owned Properties revenues	$	88,714	$	109,232
Private Label Offering revenues		8,812		24,508
Marketplace revenues	$	97,526	$	133,740


	Three Months Ended March 31,
	2026		2025
Concert revenues	$	43,570	$	58,154
Sport revenues		29,542		38,598
Theater revenues		20,104		31,533
Other revenues		4,310		5,455
Marketplace revenues	$	97,526	$	133,740

During the three months ended March 31, 2026, we recognized Resale revenues of $28.3 million, compared to Resale revenues of $30.3 million during the three months ended March 31, 2025.

At March 31, 2026, Deferred revenue in the Condensed Consolidated Balance Sheets was $19.1 million, which primarily relates to the Vivid Seats Rewards Program. Stamps earned under the Vivid Seats Rewards Program expire in two to three years, if not converted to credits, and credits expire in two to four years, if not redeemed. We expect to recognize all outstanding deferred revenue within the next seven years.

At December 31, 2025, $20.0 million was recorded as Deferred revenue in the Condensed Consolidated Balance Sheets, of which $5.2 million was recognized as revenue during the three months ended March 31, 2026.

At December 31, 2024, $23.8 million was recorded as Deferred revenue in the Condensed Consolidated Balance Sheets, of which $5.2 million was recognized as revenue during the three months ended March 31, 2025.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 55
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+ Details

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Cash flows from operating activities
Net loss	$ (14,631)	$ (9,788)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	12,308	11,625
Amortization of leases	356	324
Amortization of deferred financing costs	235	241
Equity-based compensation	4,414	10,751
Loss on asset disposals	59	47
Change in fair value of derivative asset	196	350
Deferred income tax benefit	(1,206)	(1,464)
Non-cash interest expense - net	142	173
Foreign currency loss (gain) - net	806	(2,041)
Change in fair value of Intermediate Warrants	0	(3,115)
Loss on extinguishment of debt	0	801
Change in operating assets and liabilities:
Accounts receivable - net	(5,833)	(8,367)
Inventory - net	(10,713)	(8,049)
Prepaid expenses and other current assets	(7,558)	(1,964)
Accounts payable	71,479	(6,943)
Accrued expenses and other current liabilities	(2,680)	(6,748)
Deferred revenue	(828)	(691)
Long-term lease liabilities	(586)	(560)
Other non-current assets and liabilities	47	130
Net cash provided by (used in) operating activities	46,007	(25,288)
Cash flows from investing activities
Purchases of property and equipment	(23)	(1,836)
Purchases of personal seat licenses	(384)	(563)
Investments in developed technology	(2,677)	(4,526)
Purchases of seat images	(20)	(146)
Payments toward Acquired Domain Name Obligation	0	(500)
Net cash used in investing activities	(3,104)	(7,571)
Cash flows from financing activities
Payments for taxes related to net settlement of equity incentive awards	(338)	(1,411)
Payments of Acquired Domain Name Obligation	(500)	0
Repurchases of Class A common stock	0	(5,992)
Payments of liabilities under TRA	0	(4,005)
Proceeds from 2025 First Lien Loan	0	76,986
Payments of deferred financing costs and other debt-related expenses	0	(162)
Net cash used in financing activities	(1,821)	(11,570)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(229)	474
Net increase (decrease) in cash, cash equivalents, and restricted cash	40,853	(43,955)
Cash, cash equivalents, and restricted cash - beginning of period	103,306	244,648	$ 244,648
Cash, cash equivalents, and restricted cash - end of period	144,159	200,693	$ 103,306
Supplemental disclosure of cash flow information:
Cash paid for interest	6,153	7,749
Cash paid for income tax	55	1,286
Cash paid for operating lease liabilities	916	897
Equity-based compensation expense related to capitalized development costs	118	184
Repurchases of Class A common stock recorded in Accrued expenses and other current liabilities	0	925
Tax distributions to redeemable noncontrolling interests recorded in Accrued expenses and other current liabilities	0	1,689
2024 First Lien Loan
Cash flows from financing activities
Payments of Loan	0	(76,986)
2025 First Lien Loan
Cash flows from financing activities
Payments of Loan	$ (983)	$ 0

Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Class A Common Stock	Class B Common Stock	Treasury Stock, Common [Member]	Retained Earnings [Member]	Accumulated other comprehensive income (loss) [Member]	Common Stock [Member] Class A Common Stock	Common Stock [Member] Class B Common Stock	Additional Paid-in Capital [Member]	Noncontrolling Interest [Member]
Temporary equity, Balances at Dec. 31, 2024										$ 352,922
Balances, shares at Dec. 31, 2024							7,190,975	3,811,250
Balances at Dec. 31, 2024	$ 261,113			$ (75,568)	$ (930,171)	$ (880)	$ 14	$ 8	$ 1,267,710
Balances, shares at Dec. 31, 2024				(571,687)
Net loss attributable to redeemable noncontrolling interests	(5,942)				(5,942)					(3,846)
Issuance of shares, shares							136,496
Equity-based compensation	10,935								10,935
Repurchases of Class A common stock share				(118,926)
Repurchases of Class A common stock	(5,992)
Repurchases of Class A common stock	(6,917)			$ (6,917)
Distributions to non-controlling interest										(1,689)
Other comprehensive income (loss)	747					747				(429)
Net Settlement of Equity Incentive Awards Shares							(15,922)
Net settlement of equity incentive awards value	(1,411)								(1,411)
Subsequent remeasurement of redeemable noncontrolling interests	122,189								122,189	(122,189)
Balances, shares at Mar. 31, 2025							7,311,549	3,811,250
Balances at Mar. 31, 2025	380,714			$ (82,485)	(936,113)	(133)	$ 14	$ 8	1,399,423	225,627
Balances, shares at Mar. 31, 2025				(690,613)
Temporary equity, Balances at Dec. 31, 2024										$ 352,922
Balances, shares at Dec. 31, 2024							7,190,975	3,811,250
Balances at Dec. 31, 2024	261,113			$ (75,568)	(930,171)	(880)	$ 14	$ 8	1,267,710
Balances, shares at Dec. 31, 2024				(571,687)
Balances, shares at Dec. 31, 2025		11,712,157					11,712,157
Balances at Dec. 31, 2025	$ (85,129)			$ (93,920)	(1,359,472)	173	$ 23		1,368,067
Balances, shares at Dec. 31, 2025	949,665			(949,665)
Net loss attributable to redeemable noncontrolling interests	$ (14,631)				(14,631)
Issuance of shares, shares		403,022					280,626
Equity-based compensation	4,533								4,533
Repurchases of Class A common stock	0
Other comprehensive income (loss)	173					173
Net Settlement of Equity Incentive Awards Shares							(55,707)
Net settlement of equity incentive awards value	(338)								(338)
Balances, shares at Mar. 31, 2026		11,937,076	3,811,250				11,937,076
Balances at Mar. 31, 2026	$ 95,392			$ (93,920)	$ (1,374,103)	$ 346	$ 23		$ 1,372,262
Balances, shares at Mar. 31, 2026	949,665			(949,665)

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Treasury Stock, Common, Shares	949,665	949,665
Class A Common Stock
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	11,937,076	11,712,157
Common stock, shares outstanding	11,937,076	11,712,157
Class B Common Stock
Common stock, shares outstanding	3,811,250

Accounts Receivable - Net (Tables)

3 Months Ended

Mar. 31, 2026

Receivables, Net, Current [Abstract]

Schedule of accounts receivable balance, net of allowance for doubtful accounts

The following table presents the major components of accounts receivable at March 31, 2026 and December 31, 2025 (in thousands):


	March 31,			December 31,
	2026			2025
Uncollateralized payment processor obligations	$	12,450		$	11,938
Due from ticket sellers for cancellation charges		7,684			7,600
Due from distribution partners for cancellation charges		13,920			14,139
Event insurance and other commissions receivable		4,134			3,481
Other trade receivables		11,152			6,369
Accounts receivable		49,340			43,527
Less: allowance for credit losses		(12,919	)		(12,863	)
Accounts receivable – net	$	36,421		$	30,664

Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2026

Disaggregation of Revenue [Line Items]

Schedule of Market Place Revenues

The following tables present Marketplace revenues by business model and event category for the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31,
	2026		2025
Owned Properties revenues	$	88,714	$	109,232
Private Label Offering revenues		8,812		24,508
Marketplace revenues	$	97,526	$	133,740


	Three Months Ended March 31,
	2026		2025
Concert revenues	$	43,570	$	58,154
Sport revenues		29,542		38,598
Theater revenues		20,104		31,533
Other revenues		4,310		5,455
Marketplace revenues	$	97,526	$	133,740

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Long-Term Debt - Net

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Long-Term Debt - Net

10. Long-Term Debt – Net

The following table presents the major components of long-term debt, net of unamortized debt issuance costs and current maturities, at March 31, 2026 and December 31, 2025 (in thousands):


	March 31,			December 31,
	2026			2025
2025 First Lien Loan	$	389,095		$	390,077
Outstanding debt		389,095			390,077
Less: unamortized debt issuance costs		(2,534	)		(2,716	)
Long-term debt		386,561			387,361
Less: current maturities of long-term debt		(3,930	)		(3,930	)
Long-term debt – net	$	382,631		$	383,431

2022 First Lien Loan & Revolving Facility

In 2022, we refinanced the outstanding balance of our former first lien debt facility with a $275.0 million term loan with a maturity date of February 3, 2029 (the “2022 First Lien Loan”) and a $100.0 million revolving credit facility with a maturity date of February 3, 2027 (the “Revolving Facility”). As of March 31, 2026, availability under the Revolving Facility was reduced by $10.0 million due to outstanding letters of credit.

2024 First Lien Loan

In 2024, we refinanced the outstanding balance of the 2022 First Lien Loan with a $395.0 million term loan with a maturity date of February 3, 2029 (the “2024 First Lien Loan”). The Revolving Facility was not impacted by the refinancing.

The 2024 First Lien Loan carried an interest rate equal to the secured overnight financing rate (“SOFR”) (subject to a 0.5% floor) plus a margin of 3.00%. Other than with respect to the interest rate, the 2024 First Lien Loan had the same material terms (including with respect to maturity, prepayment, security, covenants, and events of default) as the 2025 First Lien Term Loan (as defined in the “2025 First Lien Loan” section below).

2025 First Lien Loan

On February 5, 2025, we refinanced the outstanding balance of the 2024 First Lien Loan with a $393.0 million term loan with a maturity date of February 3, 2029 (the “2025 First Lien Loan”). The Revolving Facility was not impacted by the refinancing.

The terms of the 2025 First Lien Loan specify a SOFR-based floating interest rate and contain a springing financial covenant that requires compliance with a first lien net leverage ratio when borrowings under the Revolving Facility exceed certain levels. All obligations under the 2025 First Lien Loan are unconditionally guaranteed by Hoya Intermediate and, subject to certain exceptions provided for therein, substantially all of Hoya Intermediate’s direct and indirect wholly owned domestic subsidiaries. All obligations under the 2025 First Lien Loan are secured, subject to permitted liens and other exceptions, by first-priority perfected security interests in substantially all of our and such guarantors’ assets. The 2025 First Lien Loan requires quarterly principal payments of $1.0 million.

The 2025 First Lien Loan carries an interest rate equal to SOFR (subject to a 0.5% floor) plus a margin of 2.25%; provided that such margin may be reduced to 2.00% if the corporate rating assigned to us by Moody’s Investors Service, Inc. and S&P Global Ratings is at least Ba3/BB- (in each case, stable or better). The effective interest rate on the 2025 First Lien Loan was 6.1% per annum and 6.3% per annum at March 31, 2026 and December 31, 2025, respectively.

The 2025 First Lien Loan is held by third-party financial institutions and is carried at the outstanding principal balance, less debt issuance costs and any unamortized discount or premium. At March 31, 2026, the estimated fair value and carrying value of the 2025 First Lien Loan were $151.7 million and $386.6 million, respectively. If measured at fair value, the 2025 First Lien Loan would be classified as Level 2 within the fair value hierarchy because its fair value would be estimated using quoted market prices that are directly observable in the marketplace. See Note 8, Investments and Fair Value Measurements, for more information regarding our approach and accounting treatment of recurring and nonrecurring fair value measurements.

We are subject to certain reporting and compliance-related covenants to remain in good standing under the 2025 First Lien Loan. These covenants, among other things, limit our ability to incur additional indebtedness and, in certain circumstances, to enter into transactions with affiliates, create liens, merge or consolidate, and make certain payments. Non-compliance with these covenants and a failure to remedy any such non-compliance could result in the acceleration of the loans or foreclosure on the collateral. As of March 31, 2026 and December 31, 2025, we were in compliance with all debt covenants related to the 2025 First Lien Loan and had no outstanding borrowings under the Revolving Facility.

In accordance with ASC Topic 470, Debt, we analyzed our outstanding balances with each lender both immediately before and immediately after refinancing the 2024 First Lien Loan with the 2025 First Lien Loan and determined that the refinancing is partly accounted for as a debt modification (the “First Lien Loan Modification”), partly accounted for as a debt extinguishment (the “First Lien Loan Extinguishment”), and partly accounted for as an issuance of new debt (the “First Lien Loan Issuance”).

During the three months ended March 31, 2025, we (i) recognized an expense of $0.6 million for third-party fees incurred in relation to the First Lien Loan Modification, which is recorded in Other expense (income) – net in the Condensed Consolidated Statements of Operations; (ii) recognized an expense of $0.8 million for losses incurred in relation to the First Lien Loan Extinguishment, which is recorded in Loss on extinguishment of debt in the Condensed Consolidated Statements of Operations; and (iii) capitalized $0.2 million of third-party fees incurred in relation to the First Lien Loan Issuance, which is recorded in Long-term debt – net in the Condensed Consolidated Balance Sheets.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 405
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+ Details

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Segment Information

The following tables summarize our segment information for the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31, 2026
	Marketplace		Resale		Total
Revenues	$	97,526	$	28,257	$	125,783
Cost of revenues (exclusive of depreciation and amortization shown separately below)		16,602		22,593		39,195
Marketing and selling:
Online advertising		46,977		—		46,977
Offline advertising		2,974		—		2,974
Total marketing and selling		49,951		—		49,951
Contribution margin		30,973		5,664		36,637
General and administrative						33,117
Depreciation and amortization						12,308
Loss from operations						(8,788	)
Interest expense – net						5,931
Other expense – net						1,070
Loss before income taxes					$	(15,789	)


	Three Months Ended March 31, 2025
	Marketplace		Resale		Total
Revenues	$	133,740	$	30,283	$	164,023
Cost of revenues (exclusive of depreciation and amortization shown separately below)		20,999		23,526		44,525
Marketing and selling:
Online advertising		59,199		—		59,199
Offline advertising		4,913		—		4,913
Total marketing and selling		64,112		—		64,112
Contribution margin		48,629		6,757		55,386
General and administrative						48,082
Depreciation and amortization						11,625
Loss from operations						(4,321	)
Interest expense – net						5,665
Other income – net						(4,154	)
Loss on extinguishment of debt						801
Loss before income taxes					$	(6,633	)

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Net loss	$ (14,631)	$ (9,788)
Subsidiaries
Net loss	(14,631)	(9,788)
Other comprehensive income:
Foreign currency translation adjustment	171	1,215
Unrealized gain (loss) on Note	2	(39)
Total other comprehensive income	173	1,176
Comprehensive loss	(14,458)	(8,612)
Net loss attributable to redeemable noncontrolling interests	0	(3,846)
Foreign currency translation adjustment attributable to redeemable noncontrolling interests	0	443
Unrealized loss on Note attributable to redeemable noncontrolling interests	0	(14)
Total other comprehensive income attributable to redeemable noncontrolling interests	0	429
Comprehensive loss attributable to Class A common stockholders	$ (14,458)	$ (5,195)

Long-Term Debt - Net (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Summary of Outstanding debt

The following table presents the major components of long-term debt, net of unamortized debt issuance costs and current maturities, at March 31, 2026 and December 31, 2025 (in thousands):


	March 31,			December 31,
	2026			2025
2025 First Lien Loan	$	389,095		$	390,077
Outstanding debt		389,095			390,077
Less: unamortized debt issuance costs		(2,534	)		(2,716	)
Long-term debt		386,561			387,361
Less: current maturities of long-term debt		(3,930	)		(3,930	)
Long-term debt – net	$	382,631		$	383,431

Accrued Expenses and Other Current Liabilities - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Customer credits redeemed	$ 3.2	$ 1.5
Revenue from breakage	0.6	1.6
Decrease in other current liabilities	0.3	$ 0.1
Reduction In Estimated Rate Of Future Cancellations	$ 3.4		$ 3.4

Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator for earnings per share calculation
Net loss	$ (14,631)	$ (9,788)
Denominator for earnings per share calculation
Weighted Average Number of Shares Outstanding, Diluted	10,815,704	10,456,261
Diluted EPS
Net loss per Class A common stock-diluted	$ (1.35)	$ (0.94)
Subsidiaries [Member]
Numerator for earnings per share calculation
Net loss	$ (14,631)	$ (9,788)
Less: net loss attributable to redeemable noncontrolling interests	(0)	3,846
Net loss attributable to Class A common stockholders-basic	$ (14,458)	$ (5,195)
Denominator for earnings per share calculation
Weighted average Class A common stock outstanding-basic	10,815,704	6,645,011
Weighted Average Number of Shares Outstanding, Diluted	10,815,704	10,456,261
Basic EPS
Redeemable noncontrolling interests	0	(3,916)
Net income per Class A common stock-basic	$ (1.35)	$ (0.89)
Diluted EPS
Net loss per Class A common stock-diluted	$ (1.35)	$ (0.94)
Redeemable noncontrolling interests	0	3,811,250
Common Class A [Member] \| Subsidiaries [Member]
Numerator for earnings per share calculation
Net loss attributable to Class A common stockholders-basic	$ (14,631)	$ (9,858)
Denominator for earnings per share calculation
Weighted average Class A common stock outstanding-basic	10,815,704	6,645,011
Basic EPS
Net income attributable to Class A Common Stockholders-basic	$ (14,631)	$ (5,942)
Net income per Class A common stock-basic	$ (1.35)	$ (0.89)

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2026
Subsidiaries
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Commitments and Contingencies	13. Commitments and Contingencies Litigation From time to time, we are involved in various claims and legal actions arising in the ordinary course of business, none of which, in management’s opinion, could have a material effect on our business, financial position, or results of operations other than those matters discussed below. We were a co-defendant in a class action lawsuit in Canada alleging a failure to disclose service fees prior to checkout. A final order approving the settlement of this lawsuit was entered by the court in 2020. In 2022, certain class members were issued coupons and other class members were notified that they were eligible to submit a claim for a coupon. As of March 31, 2026 and December 31, 2025, a liability of $0.9 million was recorded in Accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheets related to expected claim submissions and credit redemptions as of the measurement date. We were a defendant in a lawsuit related to an alleged violation of the Illinois Biometric Information Privacy Act. A final order approving the settlement of this lawsuit was entered by the court on January 29, 2025, pursuant to which $0.3 million was paid to cover approved claims and legal and administrative fees. This amount, which was covered in full by insurance, was paid on March 28, 2025. As of March 31, 2026 and December 31, 2025, we had no accrued liability related to this matter. Indirect Taxes In 2018, the U.S. Supreme Court issued its decision in South Dakota v. Wayfair Inc., which overturned previous case law that had precluded state and local governments from imposing sales tax collection requirements on retailers without a physical presence. In response, most jurisdictions have adopted laws that attempt to impose tax collection obligations on out-of-state companies, and we have registered and begun collecting tax where required by statute. It is reasonably possible that state or local governments will continue to adopt or interpret laws such that we will be required to calculate, collect, and remit taxes on sales in their jurisdictions. A successful assertion by one or more jurisdictions could result in material tax liabilities, including uncollected taxes on past sales, as well as penalties and interest. Based on our analysis of certain state and local regulations, specifically related to marketplace facilitators and event ticket sales, we have recorded liabilities in all jurisdictions where we believe a risk of loss is probable and reasonably estimable. We will continuously monitor state and local regulations and will implement required collection and remittance procedures if and when we are subject thereto. To the extent we have sales for international events, we may be required to register with various foreign jurisdictions and to collect and remit indirect taxes. It is reasonably possible that foreign jurisdictions may continue to adopt or interpret laws that impact the amount we are required to collect and remit. A successful assertion by one or more such jurisdictions could result in material tax liabilities, including uncollected taxes on past sales, as well as penalties and interest. Based on our analysis of certain foreign indirect tax regulations, specifically related to marketplace facilitators and event ticket sales, we have recorded liabilities in all jurisdictions where we believe a risk of loss is probable and reasonably estimable. We will continuously monitor foreign regulations and will implement required collection and remittance procedures if and when we are subject thereto. As of March 31, 2026 and December 31, 2025, we recognized a liability of $3.5 million and $3.4 million, respectively, related to uncollected indirect taxes (including sales taxes). This uncollected indirect tax liability, which is recorded in Accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheets, increases when accruals are made in jurisdictions where we believed it was probable we should remit payment to U.S. and foreign governmental tax authorities before all required amounts are collected from the customer and decreases when we receive abatements and/or recognize other reductions to the balance. During the three months ended March 31, 2026 and 2025, we recognized a net expense of $0.2 million and a net benefit of $1.8 million, respectively, related to the liability for uncollected indirect taxes (including sales taxes). The net expense/benefit related to the liability for uncollected indirect taxes (including sales taxes) is recorded in General and administrative expenses in the Condensed Consolidated Statements of Operations. Sponsorship Loan In 2024, we and a privately held company entered into a sponsorship and custom content partnership agreement providing us with various marketing services in exchange for our issuance of an interest-free loan payable in installments that could total a maximum of $5.0 million (the “Sponsorship Loan”). We account for the Sponsorship Loan as a note receivable in accordance with ASC Topic 310, Receivables. In 2024, we disbursed $2.0 million of the Sponsorship Loan. While there is no stated maturity date for the Sponsorship Loan, we are entitled to a portion of advertising revenue received by the counterparty until it is repaid in full. During the three months ended March 31, 2025, we recognized less than $0.1 million of imputed interest income for the Sponsorship Loan, which is recorded in Interest expense – net in the Condensed Consolidated Statements of Operations. On June 30, 2025, we recorded a full write-off on the outstanding balance of the Sponsorship Loan as a result of the counterparty filing for bankruptcy. The Sponsorship Loan’s carrying amount was written down to zero, reflecting the expectation of no recoverable amount under ASC Topic 326, Measurement of Credit Losses on Financial Instruments.