Emerald Holding Raises 2025 Revenue Guidance to $465M Amid Expanding AI M&A Strategy

Emerald Holding, Inc. reported a mixed financial performance for the third quarter and nine months ended September 30, 2025, with quarterly revenue rising to $77.5 million from $72.6 million a year ago but also showing an increased net loss of $14.4 million compared to $11.1 million previously. The company's Connections segment, which includes trade shows and live events, continues to be the primary revenue driver, generating $67.5 million in the quarter and $301.2 million year-to-date, despite a 6.8% organic revenue decline attributed mainly to ongoing construction at the Las Vegas Convention Center and tariff headwinds. Emerald's adjusted EBITDA rose year-to-date by 32.4% to $90.8 million, supported by acquisitions such as Generis Global Partners Corp., which also prompted raised revenue guidance for fiscal year 2025 to $460-465 million and adjusted EBITDA guidance to $122.5-127.5 million. However, higher selling, general and administrative expenses, including acquisition costs, stock-based compensation, and legal fees, contributed to the increased losses and a slightly negative free cash flow in Q3. Financial indicators show a strong gross margin and valuation opportunities despite certain distress signals, and the company's liquidity remains solid with $95.4 million cash on hand and $205.4 million total liquidity. Emerald's strategic expansion through acquisitions and its diversified offerings across trade shows, media, and software underpin its growth and market position in the B2B event organization sector.