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Inspirato Reports Q2 Financial and Operating Results

Strong operational execution continues ahead of strategic combination with Buyerlink to form One Planet Platforms, a leading platform for building and operating online marketplaces, enhancing Inspirato鈥檚 luxury travel offerings and global reach

DENVER, Aug. 12, 2025 (GLOBE NEWSWIRE) -- Inspirato Incorporated (鈥淚nspirato鈥� or the 鈥淐ompany鈥�) (Nasdaq: ISPO), the premier luxury vacation club and property technology company, today reported results for the second quarter (鈥淨2 2025鈥�) ended June 30, 2025. The Company also provided an update on its previously announced definitive agreement to combine with Buyerlink, a technology leader in operating online marketplaces and performance-based marketing.

Q2 2025 Highlights听

• Net loss of $5.3 million and adjusted EBITDA of negative $0.3 million, representing an $8.8 million or 96% year-over-year adjusted EBITDA improvement
• Gross margin of $17.4 million, driven by portfolio optimization and a more efficient business model
• Cash operating expenses declined by $7.1 million or 27% year-over-year, reflecting a continued focus on operational improvements
• Occupancy of 59%, with average daily rates (鈥淎DR鈥�) increasing 24% to $1,670
• As of June 30, 2025, the Company reported over 11,000 active memberships, underscoring its focus on high-quality, recurring revenue
  

Management Commentary

Chairman and Chief Executive Officer Payam Zamani commented, 鈥淥ur second quarter results reflect continued progress in our transformation, highlighted by an EBITDA improvement of $8.8 million year-over-year and achieving free cash flow breakeven,鈥� said Chairman and Chief Executive Officer Payam Zamani. 鈥淲e remain focused on executing our strategic initiatives - driving operational efficiency, elevating the brand, enhancing the member experience, and advancing our digital platform. These efforts are strengthening our foundation for long-term, profitable growth. In the quarter, we also announced our definitive agreement to combine with Buyerlink, which we believe will further accelerate our strategy by adding proven technology and expanding our reach in the global luxury travel market. Together, we will be building a more agile, digitally enabled Inspirato, positioned to deliver exceptional quality and value to our members.鈥�

Strategic Update on Pending Combination with Buyerlink

On June 26, 2025, Inspirato announced that it had entered into a definitive agreement to combine with Buyerlink, a technology leader in operating online marketplaces and performance-based marketing, in an all-stock transaction structured as a reverse merger. The transaction values Buyerlink鈥檚 equity at approximately $326.3 million and is expected to close in the third quarter of 2025, subject to customary closing conditions, including regulatory approvals.

Upon closing, the combined company will be named One Planet Platforms and is expected to trade on Nasdaq under a new ticker symbol. The newly formed entity will operate as a diversified, technology-driven platform, building and operating online marketplaces across multiple verticals. Inspirato鈥檚 brand and travel offering are expected to benefit meaningfully from Buyerlink鈥檚 scalable infrastructure, AI efforts, and deep experience across performance-based marketing.

Until the transaction closes, Inspirato will continue operating as a standalone public company, focused on executing its strategic priorities, optimizing operations, and enhancing member value. Following the close, Inspirato's current shareholders, including those holding ISPO shares today, will own stock in the newly combined organization. The only change for investors will be the Company's ticker symbol, which will be updated to reflect the new corporate identity. Inspirato remains on track with its year-to-date progress toward its previously communicated full-year 2025 targets; however, Inspirato does not plan to update its standalone guidance going forward due to the pending transaction.

2025 Second Quarter Earnings Call and Webcast

Company Chairman and CEO Payam Zamani and CFO Michael Arthur will host a conference call on Wednesday, August听13, 2025, to discuss Inspirato's operating and financial results.

To listen to the audio webcast and Q&A, please visit the Inspirato Investor Relations website at investor.inspirato.com. An audio replay of the webcast will be available on the Inspirato Investor Relations website shortly after the call.

Conference Call and Webcast

Date/Time: Wednesday, August听13, 2025, at 11:00 AM ET / 9:00 AM MT

Dial-In:

Webcast:

2025 Second Quarter Financial Results and Operational Metrics:听

The following table provides the components of gross margin for the three and six months ended June 30, 2025 and 2024:

n/m = not meaningful
pp = percentage points

The following table provides a breakdown of Nights Delivered, Occupancy, and ADR for the three and six months ended June 30, 2025 and 2024:

(1) Includes net-rate hotel nights.
(2) Excludes net-rate hotel nights as we purchase individual nights but do not have a total number of nights obligation.

The following table shows our approximate total number of Active Memberships as of June听30, 2025 and 2024:

Reconciliation of Non- GAAP Financial Measures
In addition to Inspirato鈥檚 results determined in accordance with GAAP, Inspirato uses Adjusted EBITDA, Adjusted EBITDA Margin and Free Cash Flow as part of its overall assessment of performance, including the preparation of its annual operating budget and quarterly forecasts, to evaluate the effectiveness of its business strategies and to communicate with its Board concerning our business and financial performance. Inspirato believes that these non-GAAP financial measures provide useful information to investors about its business and financial performance, enhance their overall understanding of our past performance and future prospects, and allow for greater transparency with respect to metrics used by its management in their financial and operational decision making. Inspirato is presenting these non-GAAP financial measures to assist investors in seeing its business and financial performance through the eyes of management, and because we believe that these non-GAAP financial measures provide an additional tool for investors to use in comparing results of operations of our business over multiple periods with other companies in our industry.

There are limitations related to the use of these non-GAAP financial measures, including that they exclude significant expenses that are required by GAAP to be recorded in Inspirato鈥檚 financial measures. Other companies may calculate non-GAAP financial measures differently or may use other measures to calculate their financial performance, and therefore, our non-GAAP financial measures may not be directly comparable to similarly titled measures of other companies. Thus, these non-GAAP financial measures should be considered in addition to, and not as a substitute for or superior to, measures of financial performance prepared in accordance with GAAP and should not be considered as an alternative to any measures derived in accordance with GAAP.

Inspirato provides a reconciliation of Adjusted EBITDA, Adjusted EBITDA Margin and Free Cash Flow to their respective related GAAP financial measures. Inspirato encourages investors and others to review our business, results of operations, and financial information in its entirety, not to rely on any single financial measure, and to view Adjusted EBITDA, Adjusted EBITDA Margin and Free Cash Flow in conjunction with their respective related GAAP financial measures.

Adjusted EBITDA. Adjusted EBITDA is a non-GAAP financial measure that Inspirato defines as net loss and comprehensive loss less interest expense, net, income tax expense, depreciation and amortization, equity鈥慴ased compensation, and loss (gain) on fair value instruments. Adjusted EBITDA Margin is defined as Adjusted EBITDA as a percentage of total revenue for the same period.

The above items are excluded from Inspirato鈥檚 Adjusted EBITDA measure because management believes that these costs and expenses are not indicative of core operating performance and do not reflect the underlying economics of Inspirato鈥檚 business.

Free Cash Flow. Inspirato defines Free Cash Flow as net cash used in operating activities less purchases of property and equipment and development of internal-use software. Inspirato believes that Free Cash Flow is a meaningful indicator of liquidity that provides information to management and investors about the amount of cash generated from operations, after purchases of property and equipment and development of internal-use software, that can be used for strategic initiatives, if any.

See below for reconciliations of non-GAAP financial measures.

Key Business and Other Operating Metrics
Inspirato uses a number of operating and financial metrics, including the following key business metrics, to evaluate its business, measure its performance, identify trends affecting its business, formulate financial projections and business plans, and make strategic decisions. Inspirato regularly reviews and may adjust processes for calculating its internal metrics to improve their accuracy.

Active Memberships. Inspirato uses Active Memberships to assess the adoption of its membership subscription offerings, which is a key factor in assessing penetration of the market in which it operates and a key driver of revenue. Inspirato defines Active Memberships as membership subscriptions as of the measurement date that are paid in full, as well as those for which Inspirato expects payment for renewal.

Average Daily Rates (鈥淎DR鈥�) and Total Occupancy. Inspirato defines ADR as the total paid travel revenue, divided by total paid nights, which includes Inspirato for Good (鈥淚FG鈥�) and Inspirato for Business (鈥淚FB鈥�), in both leased residences or hotel rooms and suites. ADR does not include Pass nights utilized. Occupancy is defined as all paid, Pass, IFG, IFB, employee and complimentary nights in all at-risk properties divided by the total number of at-risk nights available. Net-rate hotel partners are excluded from Hotel Occupancy as these are dependent on the hotel having capacity for Inspirato requests.

(1) Depreciation and amortization is included within cost of revenue, general and administrative and depreciation and amortization within the Condensed Consolidated Statements of Operations and Comprehensive Loss.
(2) We define Adjusted EBITDA Margin as Adjusted EBITDA as a percentage of total revenue for the same period.

About Inspirato

Inspirato (Nasdaq: ISPO) is a luxury vacation club and a property technology company that provides access to a portfolio of curated vacation options, delivered through an innovative model designed to ensure the service, certainty, and value that discerning travelers demand.听The Inspirato portfolio includes exclusive luxury vacation homes, accommodations at five-star hotel and resort partners, and custom travel experiences. For more information, visit www.inspirato.com and follow @inspirato on Instagram, Facebook, X, and LinkedIn.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the 鈥淪ecurities Act鈥�) and Section 21E of the Securities Exchange Act of 1934, as amended (the 鈥淓xchange Act鈥�), which statements involve substantial risks and uncertainties. Our forward-looking statements include, but are not limited to, statements regarding our and our management team鈥檚 hopes, beliefs, intentions or strategies regarding the future or our future events or our future financial or operating performance. The words 鈥渁nticipate,鈥� 鈥渂elieve,鈥� 鈥渃ontinue,鈥� 鈥渃ould,鈥� 鈥渆stimate,鈥� 鈥渆xpect,鈥� 鈥渋ntends,鈥� 鈥渕ay,鈥� 鈥渕ight,鈥� 鈥減lan,鈥� 鈥減ossible,鈥� 鈥減otential,鈥� 鈥減redict,鈥� 鈥減roject,鈥� 鈥渟hould,鈥� 鈥渨ill,鈥� 鈥渨ould鈥�, 鈥済uidance鈥� and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this press release may include, for example, statements about: future financial performance and future business, the pending combination with Buyerlink, strategic and operational initiatives and results. These forward-looking statements are subject to numerous risks and uncertainties and actual results may differ materially from those expressed in or implied by the forward-looking statements. These risks and uncertainties may relate to, among other things:

• Our partnership with Capital One Services, LLC (鈥淐apital One鈥�);
• Our ability to service our outstanding indebtedness and satisfy related covenants;
• Our ability to complete the Buyerlink transaction and to achieve the expected benefits of the transaction;
• The impact of changes to our executive management team;
• Our ability to comply with the continued listing standards of Nasdaq and the continued listing of our securities on Nasdaq;
• Changes in our strategy, future operations, financial position, estimated revenue and losses, projected costs, prospects and plans;
• The implementation, market acceptance and success of our business model, growth strategy and new products;
• Our expectations and forecasts with respect to the size and growth of the travel and hospitality industry;
• The ability of our services to meet members鈥� needs;
• Our ability to compete with others in the luxury travel and hospitality industry;
• Our ability to attract and retain qualified employees and management;
• Our ability to adapt to changes in consumer preferences, perception and spending habits and develop and expand our destination or other product offerings and gain market acceptance of our services, including in new geographic areas;
• Our ability to develop and maintain our brand and reputation;
• Developments and projections relating to our competitors and our industry;
• The impact of natural disasters, acts of war, terrorism, widespread global pandemics or illness on our business and the actions we may take in response to them;
• Expectations regarding the time during which we will be an emerging growth company under the Jumpstart Our Business Startups Act of 2012 (the 鈥淛OBS Act鈥�);
• Our future capital requirements and sources and uses of cash;
• The impact of our reductions in workforce on our expenses;
• The impact of market conditions on our financial condition and operations, including fluctuations in interest rates and inflation;
• Our ability to obtain funding for our operations and future growth;
• Our ability to generate positive cash flow from operations, achieve profitability, and obtain additional financing or access the capital markets to manage our liquidity;
• The impact on our liquidity of the obligations in our contractual agreements, including covenants therein;
• The impact of the One Planet Group LLC investment agreement and financing; and
• Our business, expansion plans and opportunities and other strategic alternatives that we may consider, including, but not limited to, mergers, acquisitions, investments, divestitures, and joint ventures.

We caution you that the foregoing list does not contain all of the forward-looking statements made in this press release. Although we believe that the expectations reflected in any forward-looking statements are reasonable, we cannot guarantee future results, events, levels of activity, performance or achievements. Actual results are subject to numerous risks and uncertainties, including those related to the factors described above and as detailed in Part I, Item 1A of our most recent Annual Report on Form 10-K (鈥淔orm 10-K鈥�) filed with the Securities and Exchange Commission (鈥淪EC鈥�), those discussed in Management鈥檚 Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 7 of our Form 10-K and those discussed in other documents we file with the SEC.

Should one or more of the risks or uncertainties described herein or in any other documents we file with the SEC occur, or should underlying assumptions prove incorrect, our actual results and plans could differ materially from those expressed in any forward-looking statements.

Investors should consider the risks and uncertainties described herein and should not place undue reliance on any forward-looking statements. We do not undertake, and specifically disclaim, any obligation to publicly release the results of any revisions that may be made to any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

In addition, statements that 鈥渨e believe鈥� and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this press release and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and such statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements.

IMPORTANT INFORMATION FOR STOCKHOLDERS

This communication may be deemed to be solicitation material in respect of the proposed merger of Inspirato and Buyerlink.听Information regarding the proposed merger can be found in Inspirato鈥檚 preliminary proxy statement on Schedule 14A, which was filed with the SEC on July 31, 2025, and any amendments thereto. This communication is not a substitute for the definitive proxy statement or for any other document that Inspirato may file with the SEC and send to its stockholders in connection with the proposed merger.听INSPIRATO SHAREHOLDERS ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.听Shareholders will be able to obtain free copies of the definitive proxy statement (when available) and other documents filed with the SEC by Inspirato through the website maintained by the SEC at听www.sec.gov.

Inspirato, Buyerlink and certain of their respective directors, certain of their respective executive officers and other members of management and employees may be considered participants in the solicitation of proxies with respect to the proposed merger under the rules of the SEC. Information about the directors and executive officers of Inspirato is set forth in its proxy statement for its 2025 annual meeting of shareholders, which was filed with the SEC on April听24, 2025. This document can be obtained free of charge from the SEC website indicated above. Additional information regarding the interests of such participants in the solicitation of proxies in respect of the merger will be included in the definitive proxy statement and other relevant materials to be filed with the SEC when they become available.