Here are the 10-Q quarterly reports from Inspirato Incorporated (ISPO) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow ISPO and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full ISPO filings page.
Inspirato Incorporated (ISPO) filed its Q3 2025 10‑Q, reporting revenue of $55.5 million, down from $69.1 million a year earlier, and a net loss of $4.5 million versus prior‑year net income of $6.6 million. Year‑to‑date revenue was $184.5 million compared with $216.7 million in 2024, reflecting lower subscriptions and fewer nights delivered.
Cash and cash equivalents were $13.7 million as of September 30, 2025, with restricted cash of $13.1 million. Net cash used in operating activities was $7.8 million for the nine months ended September 30, 2025. Deferred revenue totaled $152.7 million, including $76.8 million from subscriptions and $56.0 million from travel.
The company recorded operating lease expense of $15.9 million in the quarter and ended with total lease liabilities of $156.5 million. On March 21, 2025, Inspirato entered a 12‑month forbearance with Oakstone on its 8% Senior Secured Convertible Note due 2028; the note’s fair value adjustment was a $0.3 million loss in the quarter. On February 21, 2025, the purchaser under the One Planet investment exercised 583,099 warrants for $2.0 million in proceeds. A previously announced Buyerlink merger was mutually terminated on September 18, 2025 with no fees. An ATM program authorizing up to $17.6 million remained unused as of quarter‑end.
Inspirato reported Q2 2025 revenue of $63.1 million, down from $67.4 million a year earlier, with six-month revenue of $129.0 million versus $147.6 million in 2024. Gross margin improved modestly to $17.4 million for the quarter while operating expense line items declined, driving a narrower net loss attributable to Inspirato of $5.3 million for the quarter and $3.7 million year-to-date.
Liquidity remains constrained: cash and cash equivalents were $16.7 million and restricted cash $13.0 million at June 30, 2025, and total equity remains a deficit of $129.7 million. Management has pursued a Reorganization Plan, obtained a twelve-month forbearance from Oakstone on its 8% convertible note, received $2.0 million from Investment Warrant exercises, and announced a Merger Agreement with Buyerlink that, if completed, contemplates issuing sizable Class A and preferred share consideration and board control rights to One Planet Ops.