Inspirato Incorporated reported a total revenue of $279.9 million for the fiscal year ending December 31, 2024, a decrease of 15% from $329.1 million in 2023. The decline in revenue was primarily attributed to a 13% drop in travel revenue, which fell to $165.8 million, and a 26% decrease in subscription revenue, which totaled $101.2 million. The company also recorded a net loss of $8.8 million, a significant improvement compared to the net loss of $93.9 million in the previous year, largely due to a $37.1 million gain from lease terminations and a reduction in operational costs.
In terms of operational metrics, Inspirato's active subscriptions decreased from 13,800 in 2023 to 12,200 in 2024. The company reported approximately 350 luxury vacation homes and partnerships with over 220 hotels across 180 destinations. The average daily rate (ADR) for residences was $1,721, while occupancy rates remained stable at 71%. The company also launched a new subscription model, Inspirato Invited, in June 2024, which allows members to access luxury accommodations at a fixed nightly rate for a ten-year period.
Strategically, Inspirato underwent significant organizational changes, including the appointment of Payam Zamani as CEO and Executive Chairman following an investment agreement with One Planet Group. This agreement involved the sale of 2.9 million shares of Class A common stock and warrants for a total of $10 million. The company also executed a reorganization plan that included a reduction in workforce, which is expected to yield annualized cash savings of approximately $15 million. Additionally, the company terminated certain underperforming leases, resulting in a substantial gain on lease termination.
Looking ahead, Inspirato's management expressed cautious optimism regarding future performance, emphasizing the importance of improving operational efficiencies and member retention. The company has implemented cost-saving measures and is focused on enhancing its subscription offerings to attract and retain members. However, the ongoing economic environment, characterized by inflation and fluctuating consumer confidence, poses challenges that could impact the company's financial outlook. As of December 31, 2024, Inspirato had $21.8 million in cash and cash equivalents, which, along with ongoing strategic initiatives, is expected to support its liquidity needs for the next twelve months.
About Inspirato Inc
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