Revenue swings are extreme, with Q3 2025 at $241.0M versus Q1 2025 at $37.6M, and gross margins range from 50.9% in Q3 2025 to -37.5% in Q1 2025, indicating high fixed costs and operating leverage.
Pursuit Attractions and Hospitality, Inc. (PRSU) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 483.23M | 452.42M | 366.49M | 350.29M | 299.33M | 507.34M | 415.44M | 1.3B | 1.24B | 1.31B | 1.2B | 1.09B | 1.06B | 953.35M | 1.01B | 942.36M | 844.76M | 805.8M | 1.12B | 1B | 856.03M | 826.25M | 785.66M | 770.47M | 844.49M | 1.66B | 1.73B | 1.58B | 1.61B | 1.49B | 2.26B |
| Revenue Growth % | 468.25% | 23.45% | 4.63% | 17.02% | -41% | 22.12% | -68.11% | 5.29% | -5.33% | 8.46% | 10.64% | 2.26% | 11.71% | -5.29% | 6.82% | 11.55% | 4.83% | -28.11% | 11.67% | 17.25% | 3.6% | 5.17% | 1.97% | -8.76% | -49.11% | -3.9% | 9.21% | -1.96% | 8.5% | -34.32% | 14.49% |
| Cost of Goods Sold | 308.47M | 34.62M | 325.93M | 296.85M | 275.23M | 554.27M | 531.61M | 1.21B | 1.15B | 1.21B | 1.12B | 1.03B | 1.01B | 916.21M | 968.45M | 916.99M | 830M | 801.62M | 1.04B | 935.14M | 790.46M | 762.04M | 732.28M | 719.25M | 790.08M | 1.48B | 1.46B | 1.33B | 1.4B | 1.3B | 1.99B |
| COGS % of Revenue | - | 7.65% | 88.93% | 84.74% | 91.95% | 109.25% | 127.96% | 93.08% | 92.89% | 92.66% | 92.85% | 94.99% | 94.38% | 96.1% | 96.21% | 97.31% | 98.25% | 99.48% | 92.68% | 93.17% | 92.34% | 92.23% | 93.21% | 93.35% | 93.56% | 89.33% | 84.75% | 84.14% | 86.59% | 87.66% | 87.81% |
| Gross Profit | 174.76M | 417.79M | 40.56M | 53.44M | 24.1M | -46.93M | -116.17M | 90.17M | 87.98M | 95.97M | 86.11M | 54.58M | 59.87M | 37.14M | 38.19M | 25.38M | 14.76M | 4.19M | 82M | 68.56M | 65.57M | 64.21M | 53.38M | 51.22M | 54.4M | 177.03M | 263.36M | 250.8M | 216.3M | 183.4M | 275.8M |
| Gross Margin % | 36.17% | 92.35% | 11.07% | 15.26% | 8.05% | -9.25% | -27.96% | 6.92% | 7.11% | 7.34% | 7.15% | 5.01% | 5.62% | 3.9% | 3.79% | 2.69% | 1.75% | 0.52% | 7.32% | 6.83% | 7.66% | 7.77% | 6.79% | 6.65% | 6.44% | 10.67% | 15.25% | 15.86% | 13.41% | 12.34% | 12.19% |
| Gross Profit Growth % | - | 930.09% | -24.1% | 121.76% | 151.35% | 59.6% | -228.84% | 2.49% | -8.33% | 11.45% | 57.76% | -8.82% | 61.21% | -2.76% | 50.5% | 71.97% | 252.34% | -94.89% | 19.6% | 4.57% | 2.11% | 20.29% | 4.23% | -5.86% | -69.27% | -32.78% | 5.01% | 15.95% | 17.94% | -33.5% | 6.82% |
| Operating Expenses | 97.29M | 352.29M | 20.17M | 18.66M | 18.16M | 11.69M | 8.69M | 10.87M | 10.99M | 12.4M | 9.59M | 9.72M | 14.35M | 6.75M | 9.41M | 7.68M | 6.42M | 5.61M | 7.53M | 9.24M | 12.35M | 13.05M | 14.53M | 15.19M | 14.23M | 12.03M | 78.38M | 82.4M | 81.8M | 80.1M | 107.5M |
| OpEx % of Revenue | - | 77.87% | 5.5% | 5.33% | 6.07% | 2.3% | 2.09% | 0.83% | 0.89% | 0.95% | 0.8% | 0.89% | 1.35% | 0.71% | 0.93% | 0.82% | 0.76% | 0.7% | 0.67% | 0.92% | 1.44% | 1.58% | 1.85% | 1.97% | 1.69% | 0.72% | 4.54% | 5.21% | 5.07% | 5.39% | 4.75% |
| Selling, General & Admin | 87.2M | 80.09M | 0 | 18.66M | 13.42M | 11.69M | 8.69M | 10.87M | 10.99M | 12.4M | 9.59M | 9.72M | 14.35M | 6.75M | 9.41M | 7.68M | 6.42M | 5.61M | 7.53M | 9.24M | 12.35M | 13.05M | 14.53M | 15.19M | 14.23M | 12.03M | 9.78M | 19.4M | 24.2M | 31.4M | 33.1M |
| SG&A % of Revenue | - | 17.7% | - | 5.33% | 4.48% | 2.3% | 2.09% | 0.83% | 0.89% | 0.95% | 0.8% | 0.89% | 1.35% | 0.71% | 0.93% | 0.82% | 0.76% | 0.7% | 0.67% | 0.92% | 1.44% | 1.58% | 1.85% | 1.97% | 1.69% | 0.72% | 0.57% | 1.23% | 1.5% | 2.11% | 1.46% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 272.2M | 20.17M | 0 | 4.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 68.6M | 63M | 57.6M | 48.7M | 74.4M |
| Operating Income | 77.47M | 65.5M | 20.39M | 34.78M | 5.94M | -58.62M | -124.86M | 79.3M | 76.99M | 83.58M | 76.52M | 44.86M | 45.52M | 30.38M | 28.78M | 17.69M | 8.33M | -1.42M | 74.47M | 59.33M | 53.22M | 51.16M | 38.85M | 36.03M | 40.17M | 165M | 184.97M | 168.4M | 134.5M | 103.3M | 168.3M |
| Operating Margin % | 16.03% | 14.48% | 5.56% | 9.93% | 1.99% | -11.55% | -30.06% | 6.09% | 6.22% | 6.39% | 6.35% | 4.12% | 4.27% | 3.19% | 2.86% | 1.88% | 0.99% | -0.18% | 6.64% | 5.91% | 6.22% | 6.19% | 4.94% | 4.68% | 4.76% | 9.94% | 10.71% | 10.65% | 8.34% | 6.95% | 7.44% |
| Operating Income Growth % | - | 221.22% | -41.38% | 485.31% | 110.14% | 53.05% | -257.45% | 3.01% | -7.88% | 9.22% | 70.56% | -1.44% | 49.82% | 5.55% | 62.67% | 112.31% | 687.31% | -101.91% | 25.53% | 11.47% | 4.02% | 31.7% | 7.83% | -10.32% | -75.65% | -10.8% | 9.84% | 25.2% | 30.2% | -38.62% | 7.95% |
| EBITDA | 120.82M | 111.57M | 63.35M | 72.71M | 42.08M | -4.87M | -68.3M | 138.27M | 133.83M | 138.69M | 119.26M | 80.09M | 76.31M | 58.35M | 58.92M | 46.82M | 36.59M | 26.85M | 102.52M | 82.22M | 73.02M | 73.27M | 62.22M | 58.53M | 64.97M | 234.1M | 253.57M | 231.4M | 192.1M | 152M | 242.7M |
| EBITDA Margin % | 25% | 24.66% | 17.29% | 20.76% | 14.06% | -0.96% | -16.44% | 10.61% | 10.82% | 10.61% | 9.9% | 7.35% | 7.17% | 6.12% | 5.85% | 4.97% | 4.33% | 3.33% | 9.15% | 8.19% | 8.53% | 8.87% | 7.92% | 7.6% | 7.69% | 14.11% | 14.68% | 14.63% | 11.91% | 10.23% | 10.72% |
| EBITDA Growth % | 1188.62% | 76.12% | -12.88% | 72.79% | 963.93% | 92.87% | -149.39% | 3.32% | -3.5% | 16.29% | 48.9% | 4.96% | 30.78% | -0.96% | 25.84% | 27.97% | 36.26% | -73.81% | 24.69% | 12.59% | -0.34% | 17.77% | 6.31% | -9.91% | -72.25% | -7.68% | 9.58% | 20.46% | 26.38% | -37.37% | 7.96% |
| D&A (Non-Cash Add-back) | 43.35M | 46.07M | 42.96M | 37.93M | 36.14M | 53.75M | 56.56M | 58.96M | 56.84M | 55.11M | 42.74M | 35.23M | 30.79M | 27.97M | 30.13M | 29.13M | 28.25M | 28.27M | 28.05M | 22.89M | 19.8M | 22.11M | 23.37M | 22.5M | 24.79M | 69.1M | 68.6M | 63M | 57.6M | 48.7M | 74.4M |
| EBIT | 78.12M | 63.84M | -31.25M | 33.24M | 4.57M | -66.76M | -342.97M | 40.31M | 74.65M | 112.65M | 70.63M | 42.47M | 43.3M | 28.86M | 24.43M | 14.69M | 4.39M | -131.76M | 65.97M | 59.33M | 53.22M | 51.16M | 38.85M | 36.03M | 40.17M | 165M | 184.97M | 168.4M | 134.5M | 103.3M | 168.3M |
| Net Interest Income | -11.26M | -8.82M | -14.18M | -5.96M | -4.06M | -28.32M | -17.51M | -13.83M | -9.29M | -7.99M | -4.73M | -3.88M | -1.71M | -684K | -710K | -732K | -1.25M | -1.11M | 1.49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 377K | 369K | 354K | 319K | 1.17M | 658K | 305K | 550K | 593K | 779K | 584K | 579K | 3.24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 11.26M | 8.82M | 14.18M | 5.96M | 4.06M | 28.32M | 17.89M | 14.2M | 9.64M | 8.3M | 5.9M | 4.54M | 2.02M | 1.23M | 1.3M | 1.51M | 1.83M | 1.69M | 1.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -4.26M | -10.48M | -65.83M | -7.51M | -5.44M | -36.46M | -236M | -53.19M | -11.98M | 20.77M | -11.79M | -6.93M | -4.23M | -2.75M | -5.65M | -4.51M | -5.78M | -132.03M | -10.25M | 3.42M | 8.36M | 679K | -91.83M | 6.43M | -21.94M | -118.25M | -11.81M | -4.8M | -6.7M | -35.6M | -57.3M |
| Pretax Income | 73.2M | 55.02M | -45.44M | 27.28M | 506K | -95.08M | -360.86M | 26.11M | 65.01M | 104.35M | 64.73M | 37.94M | 41.29M | 27.63M | 23.13M | 13.18M | 2.56M | -133.45M | 64.22M | 62.74M | 61.58M | 51.84M | -52.98M | 42.45M | 18.23M | 46.75M | 173.16M | 163.6M | 127.8M | 67.7M | 111M |
| Pretax Margin % | 15.15% | 12.16% | -12.4% | 7.79% | 0.17% | -18.74% | -86.86% | 2% | 5.25% | 7.98% | 5.37% | 3.48% | 3.88% | 2.9% | 2.3% | 1.4% | 0.3% | -16.56% | 5.73% | 6.25% | 7.19% | 6.27% | -6.74% | 5.51% | 2.16% | 2.82% | 10.03% | 10.35% | 7.92% | 4.55% | 4.9% |
| Income Tax | 18.34M | 16.5M | 6.33M | 12.93M | 5.71M | -1.79M | 14.25M | 2.51M | 17.09M | 45.9M | 21.25M | 10.49M | 109K | 8.31M | 19.58M | 3.89M | 1.74M | -28.64M | 20.68M | 19.43M | 9.74M | 15.33M | 5.35M | 21.36M | 9.84M | -4.39M | 28.67M | 35M | 30.5M | 11.2M | 41.9M |
| Effective Tax Rate % | 25.05% | 29.99% | -13.92% | 47.4% | 1129.45% | 1.88% | -3.95% | 9.6% | 26.3% | 43.98% | 32.83% | 27.66% | 0.26% | 30.08% | 84.64% | 29.5% | 68.07% | 21.46% | 32.2% | 30.97% | 15.81% | 29.56% | -10.09% | 50.32% | 53.96% | -9.39% | 16.55% | 21.39% | 23.87% | 16.54% | 37.75% |
| Net Income | 41.27M | 22.67M | 368.54M | 16.02M | 23.22M | -92.66M | -374.09M | 22.04M | 49.17M | 57.71M | 42.27M | 26.61M | 52.35M | 21.55M | 5.9M | 9.21M | 443K | -104.71M | 43.37M | 44.6M | 63.55M | 37.75M | -56M | 21.09M | -29.34M | 51.13M | 144.49M | 347.6M | 150.6M | 89.3M | 28.4M |
| Net Margin % | 8.54% | 5.01% | 100.56% | 4.57% | 7.76% | -18.26% | -90.05% | 1.69% | 3.97% | 4.42% | 3.51% | 2.44% | 4.92% | 2.26% | 0.59% | 0.98% | 0.05% | -12.99% | 3.87% | 4.44% | 7.42% | 4.57% | -7.13% | 2.74% | -3.47% | 3.08% | 8.37% | 21.98% | 9.34% | 6.01% | 1.25% |
| Net Income Growth % | -87.78% | -93.85% | 2200.96% | -31.02% | 125.06% | 75.23% | -1797.73% | -55.19% | -14.79% | 36.52% | 58.87% | -49.18% | 142.89% | 265.52% | -35.97% | 1979.01% | 100.42% | -341.42% | -2.74% | -29.83% | 68.34% | 167.42% | -365.53% | 171.88% | -157.39% | -64.61% | -58.43% | 130.81% | 68.64% | 214.44% | 271.08% |
| Net Income (Continuing) | 54.87M | 38.52M | -51.76M | 14.35M | -5.21M | -93.29M | -375.11M | 23.6M | 47.91M | 58.45M | 43.48M | 27.44M | 41.18M | 19.32M | 3.55M | 9.29M | 817K | -104.81M | 43.54M | 42.55M | 51.33M | 36.51M | -58.33M | 21.09M | 8.39M | 51.13M | 144.49M | 128.6M | 97.3M | 56.5M | 69.1M |
| Discontinued Operations | -669K | -2.21M | 425.6M | 9.1M | 30M | 558K | -1.85M | -81K | 1.48M | -268K | -684K | -394K | 14.39M | 2.37M | 3.03M | 451K | 262K | 679K | 385K | 2.05M | 12.23M | 1.24M | 2.33M | 0 | 0 | 0 | 0 | 219M | 53.3M | 41.3M | -40.7M |
| Minority Interest | 72.71M | 78.55M | 90.86M | 93.92M | 87.27M | 91M | 83.37M | 85.9M | 20.26M | 20.45M | 13.28M | 12.76M | 12.31M | 9.1M | 8.97M | 8.29M | 7.75M | 7.12M | 6.53M | 5.98M | 5.22M | 4.7M | 4.1M | 3.25M | 18.66M | 5.28M | 4.26M | 6M | 3.1M | 8.4M | 7.9M |
| EPS (Diluted) | 1.48 | 0.88 | 12.84 | 0.30 | 0.54 | -5.01 | -18.64 | 1.02 | 2.40 | 2.83 | 2.09 | 1.32 | 2.59 | 1.06 | 0.29 | 0.45 | 0.02 | -5.25 | 2.10 | 2.14 | 2.91 | 1.70 | -2.58 | 0.97 | -1.36 | 2.32 | 1.97 | 14.12 | 5.96 | 3.76 | 1.20 |
| EPS Growth % | -87.62% | -93.15% | 4180% | -44.44% | 110.78% | 73.12% | -1927.45% | -57.5% | -15.19% | 35.41% | 58.33% | -49.03% | 144.34% | 265.52% | -35.56% | 2150% | 100.38% | -350% | -1.87% | -26.46% | 71.18% | 165.89% | -365.98% | 171.32% | -158.62% | 17.77% | -86.05% | 136.91% | 58.51% | 213.33% | 250% |
| EPS (Basic) | - | 0.88 | 12.84 | 0.30 | 0.54 | -5.01 | -18.64 | 1.02 | 2.40 | 2.83 | 2.09 | 1.32 | 2.59 | 1.06 | 0.29 | 0.45 | 0.02 | -5.25 | 2.10 | 2.18 | 2.98 | 1.71 | -2.58 | 0.98 | -1.36 | 2.32 | 2.02 | 14.64 | 6.20 | 3.88 | 1.24 |
| Diluted Shares Outstanding | 27.98M | 28.39M | 21.42M | 20.86M | 20.59M | 20.41M | 20.28M | 20.28M | 20.4M | 20.41M | 20.18M | 19.98M | 20.13M | 20.27M | 20M | 20.05M | 20.28M | 19.96M | 20.49M | 20.89M | 21.84M | 22.21M | 21.74M | 21.65M | 22.55M | 21.58M | 22.73M | 24.1M | 24.59M | 23.46M | 22.75M |
| Basic Shares Outstanding | 27.7M | 28.2M | 21.42M | 20.86M | 20.59M | 20.41M | 20.28M | 20.15M | 20.17M | 20.15M | 19.99M | 19.8M | 19.8M | 19.85M | 19.7M | 19.72M | 19.95M | 19.96M | 20.17M | 20.42M | 21.33M | 22.07M | 21.74M | 21.55M | 21.54M | 21.38M | 22.2M | 23.25M | 23.6M | 22.73M | 22.02M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | 36.73% | 16.58% | 14.14% | 19.19% | 30.2% | 73.32% | 273.32% | 75.53% | 35.19% | 739.28% | - | 7.61% | 7.46% | 5.43% | 9.37% | - | 188.32% | - | 62.57% | 22.9% | 9.7% | 20.92% | 33.93% | 154.58% |
Quick answers to the most common questions about buying PRSU stock.
For fiscal year 2025, Pursuit Attractions and Hospitality, Inc. (PRSU) reported total revenue of $452.4M. This represents a 80.0% decline compared to $2.26B in 1996.
Pursuit Attractions and Hospitality, Inc. (PRSU) is profitable, generating $22.7M in net income for the fiscal year ending 2025 with a net profit margin of 5.0%.
Pursuit Attractions and Hospitality, Inc. (PRSU) reported an operating income of $65.5M, resulting in an operating profit margin of 14.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Pursuit Attractions and Hospitality, Inc. (PRSU) generated $417.8M in gross profit for the year, representing a gross profit margin of 92.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Seasonality and revenue volatility
Metrics are mathematically derived from official filings.
Revenue Swings Reflect Seasonal Peaks
PRSU's revenue exhibits extreme seasonality, with Q3 2025 at $241.0M versus Q1 2025 at $37.6M, a 6.4x swing. According to the latest quarterly data, year-over-year growth in Q2 2026 was 14.3%, but this follows a -47.1% decline in Q3 2025.
The revenue trajectory is highly volatile, driven by the seasonal nature of attractions and hospitality. The Q3 peak (summer) and Q1 trough (winter) are consistent with the industry, but the magnitude of swings (e.g., Q3 2025 revenue of $241.0M vs. Q1 2025 of $37.6M) suggests a heavy reliance on peak season. The 14.3% growth in Q2 2026 is encouraging, but it follows a -47.1% decline in Q3 2025, indicating that growth is not consistent. Investors should monitor whether the company can sustain growth outside peak quarters, as the off-peak losses are substantial.
Gross Margin Volatility Masks Structural Pressures
Gross margin swung from 50.9% in Q3 2025 to -37.5% in Q1 2025, per reported figures. The Q2 2026 margin of 39.4% is below the Q3 2025 peak, suggesting that even in strong quarters, margin expansion is not guaranteed.
The gross margin profile is extremely volatile, with negative margins in off-peak quarters (Q1 2025: -37.5%, Q1 2026: -6.3%) and strong margins in peak quarters (Q3 2025: 50.9%). This indicates high fixed costs that cannot be covered during low-demand periods. The Q2 2026 margin of 39.4% is respectable but below the Q3 2025 peak, suggesting that the company may not be achieving the same pricing power or cost efficiency in shoulder seasons. Compared to peers like PRKS (36.5% gross margin), PRSU's peak margins are superior, but the troughs are far worse, highlighting the risk of operating leverage in reverse.
Operating Leverage Amplifies Seasonal Swings
Operating income swung from $105.1M in Q3 2025 to -$31.3M in Q1 2025, as per financial statements. SG&A in Q2 2026 was $20.8M, relatively stable, but revenue of $133.5M was insufficient to cover fixed costs in off-peak quarters.
The operating leverage is extreme: in Q3 2025, operating margin was 43.6%, but in Q1 2025 it was -83.2%. This suggests a high proportion of fixed costs, particularly SG&A, which remains relatively constant (e.g., $17.4M in Q3 2025 vs. $17.2M in Q1 2025) despite revenue swings. The Q2 2026 operating margin of 16.2% is better than the prior year's Q2 (15.9%), but still far below the peak. This indicates that the company's cost structure is not flexible enough to adapt to seasonal demand, and any downturn in peak season could have outsized negative impacts.
Earnings Quality Clouded by One-Time Items
Net income in Q4 2024 was $315.7M on negative revenue of -$741.3M, per reported data, indicating a major non-operating gain. Excluding that, EPS has been negative in off-peak quarters, with Q1 2026 at -$0.90.
The Q4 2024 quarter shows a massive net income of $315.7M despite negative revenue, which is clearly driven by a non-operating item (likely a gain or tax benefit). This distorts the earnings quality and makes year-over-year comparisons unreliable. In Q2 2026, EPS of $0.54 is positive, but it follows a loss of -$0.90 in Q1 2026. The presence of stock-based compensation (SBC) of $3.6M in Q2 2026 adds to the dilution, though it is not excessive. Investors should adjust for these one-time items to assess the underlying profitability, which appears to be highly seasonal and dependent on peak quarters.
Fixed Cost Base Drives Off-Peak Losses
COGS in Q1 2026 was $54.9M against revenue of $51.6M, yielding a negative gross profit, as reported. SG&A remained around $20M even in low-revenue quarters, indicating a high fixed cost structure.
The cost structure is dominated by fixed costs, as evidenced by COGS exceeding revenue in off-peak quarters (Q1 2026: COGS $54.9M vs. revenue $51.6M). SG&A is also relatively stable, ranging from $15.7M to $29.8M over the past year, regardless of revenue. This suggests that the company cannot easily adjust its cost base to match seasonal demand. The Q2 2026 SG&A of $20.8M is in line with recent quarters, but the revenue of $133.5M is not enough to generate strong operating income. Management's expense discipline appears limited by the nature of the business, and investors should monitor whether any cost rationalization occurs.
Q3 2025 Peak Marks Operational High
Q3 2025 was the standout quarter with revenue of $241.0M, gross margin of 50.9%, and operating margin of 43.6%, per financial statements. This contrasts sharply with the -$31.3M operating loss in Q1 2025.
The most significant inflection point in the income statement history is Q3 2025, where the company achieved its highest revenue and margins, likely due to peak summer demand. This quarter demonstrates the earnings power of the business when operating at full capacity. However, the subsequent quarters (Q4 2025 and Q1 2026) show a return to losses, indicating that the company cannot sustain this level of profitability. The lasting impact is that the company's valuation and earnings potential are heavily dependent on the performance of a few peak quarters, making it vulnerable to any disruption in the summer season.
Seasonality and Negative Revenue Raise Red Flags
The Q4 2024 negative revenue of -$741.3M is a major anomaly that could indicate accounting adjustments or divestitures, as per reported data. Even excluding that, off-peak quarters show persistent losses, questioning the business model's viability.
Short-sellers would focus on the extreme volatility and the negative revenue figure in Q4 2024, which is highly unusual and may signal accounting irregularities or a major restructuring. The company's inability to generate positive gross profit in off-peak quarters (Q1 2025, Q1 2026) suggests that the fixed cost base is too high for the revenue it generates outside peak seasons. While Q3 2025 shows strong profitability, the reliance on a single quarter makes the earnings stream highly risky. If peak season demand weakens or costs rise, the company could face significant losses. Investors should scrutinize the sustainability of the peak quarter performance and the reasons behind the negative revenue.