Emerald Holding, Inc., owner of the Surf Expo and Outdoor Retailer shows, reported third quarter 2025 revenues of $77.5 million, up 6.7 percent versus third quarter 2024, driven primarily by $12.5 million in revenue from acquisitions, offset by a $4.7 million decline in Organic Revenues, prior year revenue of $1.3 million related to two discontinued events that were not contributing to profitability and scheduling differences of $1.6 million.

  • The recent acquisitions of This is Beyond and Insurtech Insights would have led to a 2.9 percent year-over-year decline in Organic Revenues had they been part of Emerald’s portfolio in the third quarter ended September 30, 2024.
  • Third-quarter 2025 Organic Revenues from the Connections reportable segment were $54.0 million, a decrease of $4.5 million or 7.7 percent versus the third quarter 2024, due to a decrease in recurring revenues.
  • Third quarter 2025 Organic Revenues from the All Other category was $10.0 million, a decrease of $0.2 million or 2.0 percent versus the third quarter 2024, due to a $0.4 million decrease in Content revenues, offset by a $0.2 million increase in Commerce revenues.

Third quarter 2025 net loss was $14.4 million, compared to net loss of $11.1 million for the third quarter 2024, principally as a result of higher non-recurring expenses, primarily related to contingent consideration re-measurement adjustments, non-recurring legal and consulting expenses, and higher stock based compensation expense, offset by higher benefit from income taxes and lower intangible asset impairment charges.

Third quarter 2025 Adjusted EBITDA was $12.8 million, compared to $12.5 million for the third quarter 2024.

Year-To-Date 2025 Summary

  • Revenues of $330.7 million, an increase of $38.7 million, or 13.3 percent, over the prior year period, primarily due to revenues from acquisitions and higher Organic Revenues.
  • Organic Revenues, a non-GAAP measure, which accounts for the impact of acquisitions, scheduling adjustments and discontinued events, if any, of $288.8 million, an increase of $3.0 million, or 1.0 percent, from $285.8 million in the prior year period. The recent acquisitions of Generis, this is Beyond and Insurtech Insights would have resulted in a 4.3 percent year-over-year increase in Organic Revenues had they been part of Emerald’s portfolio in the nine months ended September 30, 2024.
  • Net loss of $0.5 million, compared to net loss of $2.9 million in the prior year period.
  • Adjusted EBITDA, a non-GAAP measure of $90.8 million compared to $68.6 million, a 32.4 percent increase.
  • Emerald updates its previously issued Full Year 2025 guidance range to $460 million to $465 million in revenue and $122.5 million to $127.5 million in Adjusted EBITDA, from its prior range of $450 million to $460 million in Revenue and $120 million to $125 million in Adjusted EBITDA, to reflect the acquisition of Generis.

Operational and Capital Structure Updates
On October 30, 2025, Emerald’s Board of Directors approved an extension and expansion of the company’s share repurchase program to allow for the repurchase of up to $25.0 million of common stock through December 31, 2026.

Emerald repurchased 116,094 shares for $0.5 million in the third quarter 2025 at an average price of $4.87 per share. Year to date 2025, Emerald repurchased 3.8 million shares for $16.2 million at an average price of $4.31 per share.

On October 30, 2025, Emerald’s Board of Directors declared a dividend for the quarter ending December 31, 2025, of $0.015 per share.

Image courtesy Outdoor Retailer/Emerald Holding, Inc.