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SeatGeek announced the addition of Anna Baird and Melissa Selcher to its Board of Directors as part of its anticipated business combination with RedBall Acquisition Corp (NYSE: RBAC). This move aims to enhance the company's leadership with expertise in finance and marketing to support growth objectives. The appointment is pending shareholder approval and other customary conditions. CEO Jack Groetzinger and the new board members emphasized a commitment to innovation in transforming the live event industry.
SeatGeek announced record financial results for Q4 and FY 2021, reflecting robust growth in net revenue, gross profit, and contribution margin. Q4 net revenue reached $82.5 million, up 45% from Q3 2021, and gross profit hit $47.6 million, a 34% increase from the previous quarter. The company also noted ongoing expansion in both primary and secondary ticketing markets. Despite losses, the Q4 loss from operations improved to $16.9 million, and adjusted EBITDA showed a loss of $11.3 million. The merger with RedBall Acquisition Corp. is anticipated to close in Q2 2022.
SeatGeek reported record Q3 2021 financial results with net revenue of $59.7 million, up 46% from Q2 2021 and over 2000% from Q3 2020. Gross profit also reached a record $36.7 million, a 44% increase from the previous quarter. The business combination with RedBall Acquisition Corp. is anticipated to close in Q1 2022, pending shareholder approval. Despite strong revenue growth, SeatGeek posted a loss from operations of $16.6 million and an adjusted EBITDA loss of $10.8 million, attributed to increased operational investments.
SeatGeek has partnered with St. Louis CITY SC as the club's primary ticketing provider for its inaugural MLS season in 2023. This partnership marks SeatGeek's seventh collaboration with an MLS team, reflecting its growing presence in the league.
SeatGeek's advanced digital ticketing technology aims to enhance fan experience by enabling mobile ticket purchases, transfers, and contactless entry into the stadium. The platform also integrates back-office technology for better demand insights. This collaboration follows a successful season ticket deposit campaign by St. Louis CITY SC.
