Revenue growth remains in a downward trajectory with a 19.6% year-over-year decline in 2025Q3, while operating margins have deteriorated to -4.8% due to persistent overhead pressures.
| Sales/Revenue | 247.65M | 279.86M | 329.1M | 345.53M | 234.75M | 165.59M | 217.08M |
| Revenue Growth % | -13.85% | -14.96% | -4.75% | 47.19% | 41.76% | -23.72% | - |
| Cost of Goods Sold | 165.38M | 160.63M | 274.79M | 229.33M | 152.75M | 100.6M | 138.77M |
| COGS % of Revenue | - | 57.4% | 83.5% | 66.37% | 65.07% | 60.75% | 63.93% |
| Gross Profit | 82.27M | 119.22M | 54.31M | 116.2M | 82M | 64.99M | 78.31M |
| Gross Margin % | 33.22% | 42.6% | 16.5% | 33.63% | 34.93% | 39.25% | 36.07% |
| Gross Profit Growth % | - | 119.51% | -53.26% | 41.71% | 26.17% | -17.01% | - |
| Operating Expenses | 89.77M | 123.23M | 148.23M | 164.96M | 112.64M | 64.99M | 80.02M |
| OpEx % of Revenue | - | 44.03% | 45.04% | 47.74% | 47.99% | 39.25% | 36.86% |
| Selling, General & Admin | 63.5M | 88.14M | 104.31M | 105.17M | 77.8M | 40.7M | 53.05M |
| SG&A % of Revenue | - | 31.5% | 31.7% | 30.44% | 33.14% | 24.58% | 24.44% |
| Research & Development | 4.49M | 7.4M | 11.33M | 14.22M | 4.93M | 2.79M | 2.58M |
| R&D % of Revenue | - | 2.64% | 3.44% | 4.12% | 2.1% | 1.68% | 1.19% |
| Other Operating Expenses | 4M | 27.69M | 32.59M | 45.56M | 29.92M | 21.5M | 24.4M |
| Operating Income | -7.5M | -4M | -93.92M | -48.75M | -30.64M | 0 | -1.71M |
| Operating Margin % | -3.03% | -1.43% | -28.54% | -14.11% | -13.05% | - | -0.79% |
| Operating Income Growth % | - | 95.74% | -92.63% | -59.09% | - | 100% | - |
| EBITDA | 42.43M | 62.64M | 4.26M | 44.78M | -26.37M | 4.42M | 3.4M |
| EBITDA Margin % | 17.13% | 22.38% | 1.29% | 12.96% | -11.23% | 2.67% | 1.56% |
| EBITDA Growth % | -31.17% | 1370.17% | -90.48% | 269.82% | -696.61% | 30.19% | - |
| D&A (Non-Cash Add-back) | 49.94M | 66.65M | 98.18M | 93.53M | 4.28M | 4.63M | 5.11M |
| EBIT | -7.21M | -6.11M | -90.74M | -49.98M | -30.64M | -212K | -5.18M |
| Net Interest Income | -1.93M | -1.61M | -1.13M | -188K | -635K | 325 | -999K |
| Interest Income | 400K | 500K | 0 | 100K | 4K | 325 | 0 |
| Interest Expense | 2.33M | 2.12M | 1.13M | 288K | 639K | 0 | 999K |
| Other Income/Expense | -2.54M | -4.21M | 777K | -1.53M | 8.43M | -540K | -4.54M |
| Pretax Income | -10.04M | -8.21M | -93.14M | -50.28M | -22.22M | -540K | -6.25M |
| Pretax Margin % | -4.05% | -2.93% | -28.3% | -14.55% | -9.46% | -0.33% | -2.88% |
| Income Tax | 453K | 595K | 721K | 799K | 0 | 0 | 0 |
| Effective Tax Rate % | -4.51% | -7.25% | -0.77% | -1.59% | 0% | 0% | 0% |
| Net Income | -10.49M | -5.39M | -51.76M | -24.06M | -22.22M | -540K | -6.25M |
| Net Margin % | -4.24% | -1.93% | -15.73% | -6.96% | -9.46% | -0.33% | -2.88% |
| Net Income Growth % | 11.8% | 89.58% | -115.13% | -8.28% | -4014.44% | 91.36% | - |
| Net Income (Continuing) | -10.49M | -8.8M | -93.86M | -51.08M | -22.22M | -540K | -6.25M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | -124.46M | -86.72M | 0 | 0 | 0 |
| EPS (Diluted) | -0.83 | -0.91 | -15.31 | -9.20 | -9.47 | -0.23 | -125.44 |
| EPS Growth % | 83.78% | 94.06% | -66.41% | 2.85% | -4017.39% | 99.82% | - |
| EPS (Basic) | - | -0.91 | -15.31 | -9.20 | -9.47 | -0.23 | -125.47 |
| Diluted Shares Outstanding | 12.63M | 5.92M | 3.38M | 2.62M | 2.35M | 2.35M | 58.31K |
| Basic Shares Outstanding | 12.63M | 5.92M | 3.38M | 2.62M | 2.35M | 2.35M | 58.29K |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Fixed lease obligation insolvency
According to recent quarterly filings, Inspirato's revenue has experienced a consistent downward trajectory, culminating in a 19.6% year-over-year decline in 2025Q3, which underscores a fundamental erosion in the company's ability to retain its subscriber base or drive sufficient transactional volume within its luxury portfolio.
The persistent negative growth rates across the last ten quarters suggest that the company's value proposition is struggling to gain traction in the current economic environment. This contraction appears to be structural rather than cyclical, as the inability to stabilize top-line performance indicates a potential mismatch between the premium subscription model and the evolving discretionary spending habits of the target demographic.
As reported in financial statements, gross margins have exhibited extreme volatility, ranging from a high of 71.5% in 2024Q3 to a low of 18.0% in 2023Q4, reflecting the inherent difficulty in managing fixed-cost lease obligations against fluctuating occupancy levels and seasonal demand patterns.
The wide variance in gross margins suggests that the company lacks the pricing power necessary to insulate its profitability from the high fixed costs of its leased luxury residences. Investors should monitor whether the recent compression to 31.4% in 2025Q3 represents a new baseline or if the company remains susceptible to further margin degradation as lease renewals occur.
Based on the company's reported figures, operating income has frequently dipped into negative territory, with a 2025Q3 operating margin of -4.8%, indicating that the firm has failed to achieve the necessary scale to cover its substantial corporate overhead and fixed lease commitments.
The inability to consistently scale operating income faster than gross profit suggests that the company's cost structure is overly rigid. Without a significant increase in member density or a reduction in fixed lease liabilities, the company appears to be trapped in a cycle where operational efficiency remains perpetually out of reach.
Data from recent income statements suggests that the company's reliance on a high-fixed-cost lease model creates significant insolvency risk, as evidenced by the persistent net losses and the 14.96% average revenue decline observed over the trailing periods, which challenges the long-term viability of the current strategy.
Short-sellers would likely focus on the company's inability to generate consistent GAAP profitability despite its premium positioning. The structural mismatch between long-term lease liabilities and the discretionary nature of luxury travel revenue may imply that the company is fundamentally over-leveraged, leaving little room for error if market conditions deteriorate further.
Quick answers to the most common questions about buying ISPO stock.
For fiscal year 2024, Inspirato Incorporated (ISPO) reported total revenue of $279.9M. This represents a 28.9% increase compared to $217.1M in 2019.
Inspirato Incorporated (ISPO) reported a net loss of $5.4M for the fiscal year ending 2024.
Inspirato Incorporated (ISPO) reported an operating income of $-4.0M, resulting in an operating profit margin of -1.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Inspirato Incorporated (ISPO) generated $119.2M in gross profit for the year, representing a gross profit margin of 42.6%. This demonstrates the company's core pricing power and production efficiency.