Executive Summary

Q1 2025 revenue of $73.8M and Adjusted EBITDA margin of 6.2% came in at the high end of guidance; Eventbrite reaffirmed FY 2025 outlook, signaling execution discipline despite headwinds from eliminating organizer fees .
Revenue declined 14% YoY as anticipated due to organizer fee elimination, but ads grew 30% YoY; paid ticket trends improved sequentially for the third straight quarter, supporting a pathway to paid ticket growth in H2 2025 .
Management highlighted stronger consumer engagement from the reimagined app (app users +13% YoY; discovery users +16%) and continued traction of Timed Entry; liquidity remained strong with $551M cash and $241M available liquidity .
Catalysts: reaffirmed FY guide and Q2 outlook, improving paid ticket trends, and expanding monetization via Eventbrite Ads and Timed Entry; macro tone was cautiously resilient given lower-price-point events without travel dependencies .

What Went Well and What Went Wrong

What Went Well

Sequential improvement: Paid ticket trends improved for a third consecutive quarter (Q1 YoY decline slowed to ~7.7% vs 10.2% in Q4 and 13.6% in Q3); “we’re off to a solid start…results landing at the high end of our guidance” .
Consumer engagement: App users +13% YoY, discovery users +16%, and app-driven paid tickets +11% YoY post relaunch; “our rebranded app is driving stronger consumer engagement” .
Ads momentum: Eventbrite Ads revenue up 30% YoY; creators using ads sell significantly more tickets, underlining product-market fit and monetization leverage .

Quote: “Creators are increasingly winning with high-leverage tools like Timed Entry and Eventbrite Ads, while our rebranded app is driving stronger consumer engagement.” — Julia Hartz .

What Went Wrong

Top-line decline: Net revenue down 14% YoY due to organizer fee elimination; gross margin compressed to 67% (vs 71% prior year) from loss of high-margin organizer fees .
Profitability mix: Net loss widened to $6.6M vs $4.5M YoY; Adjusted EBITDA fell to $4.6M (6.2% margin) from $10.4M (12% margin) as high-margin organizer fees rolled off .
Creator metrics: Headline paid creator count remains in recovery; analyst concerns on rebound pace, though management emphasized growth in high-value segments (100–1,000 attendees) and higher retention .

Financial Results

Quarterly trend vs prior periods and YoY

Metric	Q3 2024	Q4 2024	Q1 2025
Net Revenue ($M)	$77.8	$76.5	$73.8
Gross Profit ($M)	$53.3	$52.1	$49.4
Gross Margin (%)	68%	68%	67%
Net Loss ($M)	$(3.8)	$(8.4)	$(6.6)
Net Loss Margin (%)	(5.0%)	(11.0%)	(9.0%)
Adjusted EBITDA ($M)	$5.3	$6.5	$4.6
Adjusted EBITDA Margin (%)	6.9%	8.5%	6.2%
Paid Tickets (M)	19.7	21.6	19.6
Gross Ticket Sales ($M)	$795.4	$794.2	$774.9

YoY Comparison (Q1)	Q1 2024	Q1 2025
Net Revenue ($M)	$86.3	$73.8
Gross Profit ($M)	$61.2	$49.4
Gross Margin (%)	71%	67%
Net Loss ($M)	$(4.5)	$(6.6)
Adjusted EBITDA ($M)	$10.4	$4.6
Adjusted EBITDA Margin (%)	12%	6%
Paid Tickets (M)	21.2	19.6
Gross Ticket Sales ($M)	$853.7	$774.9

Estimates vs Actuals (S&P Global)

Metric (Q1 2025)	Consensus	Actual
Revenue ($M)	73.16*	73.83
Primary EPS ($)	-0.087*	-0.07
EBITDA ($M)	3.96*	-7.72*

Values with asterisk (*) retrieved from S&P Global.

Notes:

EBITDA here reflects S&P Global EBITDA, not Eventbrite’s non-GAAP Adjusted EBITDA. Company-reported Adjusted EBITDA was $4.6M (6.2% margin) .

KPIs

KPI	Q3 2024	Q4 2024	Q1 2025
Average Monthly Active Users (MAUs)	>93M	>87M	~88M
App Users YoY	+~20%	n/a	+13%
Discovery Users YoY	+20%	n/a	+16%
Eventbrite Ads YoY Growth	+35%	+35%	+30%

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Net Revenue ($M)	FY 2025	$295–$310	$295–$310	Maintained
Adjusted EBITDA Margin (%)	FY 2025	Mid-single digits	Mid-single digits	Maintained
Net Revenue ($M)	Q2 2025	—	$70–$73	New
Adjusted EBITDA Margin (%)	Q2 2025	—	3%–4%	New
Organizer Fees Headwind ($M)	FY 2025	Approx. $20 headwind vs 2024	Implicit (not restated)	Maintained context

Drivers of Q2 sequential declines: Easter timing, delays of some large events to H2, and typical quarter-to-quarter ticket price mix-shifts .

Earnings Call Themes & Trends

Topic	Q3 2024 (Previous Mentions)	Q4 2024 (Previous Mentions)	Q1 2025 (Current)	Trend
Consumer app & brand refresh	Planned reimagined app; strongest engagement on mobile app	Reimagined app, loyalty focus on MAUs	App users +13% YoY; discovery +16%; app drives higher conversion	Strengthening
Eventbrite Ads	Doubling combined organizer fees + ads; penetration rising	Ads +35% YoY; creators using ads sell 4x more tickets	Ads +30% YoY; roadmap for more placements and relevance	Positive momentum
Timed Entry	Launched; ~400k tickets in early uptake	Expansion; targeted frequent creators	Growing ~40%; expanding to new geographies; sales focus	Expanding
Creator retention	Win-back 13k creators; free tier helps acquisition	Paid creators improving sequentially; focus on high-volume	Recovery ongoing; emphasis on 100–1,000 attendee creators with higher retention	Improving quality mix
Macro/tariffs	n/a	n/a	Not seeing clear macro impact; resilient due to low ancillary costs	Cautiously resilient
Liquidity & capital allocation	Retired $120M notes; buyback program	$230M available liquidity; $50M buyback authorization remaining	$241M available liquidity; balanced approach debt vs buybacks	Solid balance sheet
TikTok integration	Daily impressions stable; category focus (music, food & drink)	Conversion optimization and native integration; diversification to other channels	Continued focus; education for creators; stable strategy	Sustained channel

Management Commentary

Strategy: “Focused on returning Eventbrite to sustainable, profitable growth” — Julia Hartz .
Execution: “We delivered on our first quarter financial outlook…continued focus on controlling operating expenses and delivering margin improvement” — Anand Gandhi .
Consumer: “App users are 3x more likely to buy a ticket than web users” — Julia Hartz .
Financial discipline: “OpEx was $59M in Q1, down 14%…lowest OpEx quarter since 2022” — Anand Gandhi .
Outlook: “We continue to expect full year 2025 net revenue in the range of $295M to $310M…Adjusted EBITDA margin in the mid-single digits” — Company .

Q&A Highlights

App strategy and behavior: Intentional shift toward app users given higher conversion and engagement; creators are being educated to optimize listings for mobile .
Ads growth mechanics: Expanding high-intent placements, improving creator ROI tools, and enhancing ad relevance; Ads +30% YoY underscores product-market fit .
Timed Entry traction: Expands addressable market into session-based attractions; dedicated sales focus; early-stage metrics not yet disclosed but growth cited .
Stock-based comp: Q1 SBC is a good run-rate for 2025, potentially modestly improving .
Macro and guide confidence: No clear macro impact; resilient profile due to low-cost events; cautious monitoring .
Capital allocation: Balanced approach to managing debt maturities and completing buyback authorization over time .

Estimates Context

Q1 2025 vs S&P Global consensus: Revenue beat (~$73.83M actual vs $73.16M*), EPS beat (-$0.07 actual vs -$0.087*), but EBITDA missed materially (S&P EBITDA actual -$7.72M* vs $3.96M*), while company Adjusted EBITDA was positive $4.6M . Values with asterisk (*) retrieved from S&P Global.
Implications: Street likely revises EBITDA modeling to reconcile GAAP EBITDA vs non-GAAP Adjusted EBITDA; reaffirmed FY guide and Q2 guide may temper major estimate changes, but improving paid ticket trends and Ads growth support H2 recovery .

Key Takeaways for Investors

Execution on plan: High-end results vs guidance and reaffirmed FY outlook support confidence in disciplined expense control and H2 ticketing recovery .
Mix shift headwinds: Loss of high-margin organizer fees compresses gross and EBITDA margins YoY; focus on Ads and Timed Entry offsets with monetization leverage .
Consumer flywheel: App-led engagement (app users +13%, discovery +16%) should lift conversion and paid ticket volume over time; watch for continued MAU and app conversion trends .
KPI focus: Track Ads penetration, Timed Entry adoption, and high-value creator segments (100–1,000 attendees) to gauge monetization and ticket growth durability .
Liquidity and capital allocation: $551M cash and $241M available liquidity provide flexibility to manage debt and opportunistic buybacks without diluting .
Near-term setup: Q2 guide (rev $70–$73M, Adj EBITDA margin 3–4%) reflects seasonal and timing factors; narrative pivot hinges on H2 inflection in paid tickets and sustained Ads growth .
Trading lens: Potential beat/miss dynamics tied to GAAP vs non-GAAP EBITDA interpretation; stock likely reacts to signs of H2 volume inflection, further Ads scaling, and app-driven conversion metrics .

Non-GAAP Note: Adjusted EBITDA excludes depreciation/amortization, stock-based compensation, interest, taxes, and other items; see reconciliation tables in the Q1 press release and 8-K **[1475115_274b431bd8d14711a98a6e7e71eef310_8]** **[1475115_0001475115-25-000072_pressrelease-q12025.htm:5]**.

Eventbrite, Inc. (EB)·Q1 2025 Earnings Summary