Seaport Entertainment Group Inc. (SEG) AI Stock Analysis

Company Guidance

Guidance from the call emphasized continued year‑over‑year improvement over the next three quarters (though not necessarily matching this quarter’s per‑share gains), an improved earnings profile in 2027 and initial stabilization by 2028, supported by $70M–$90M of expected CapEx (about $20M spent in H1 and ~$50M–$70M remaining over the next ~2 years), a strong balance sheet (net cash $88.9M, $127M total cash/cash equivalents/restricted cash, only $38.1M outstanding debt with ~$1M principal paid in Q2, and $20.8M of $27.8M escrow received), and a pipeline that includes ~194,000 sq ft opening in the next 18 months (including the Balloon Museum and Meow Wolf) expected to deliver more than $20M of incremental annualized operating EBITDA (and roughly $26M of potential revenue pre‑G&A if leases are in place). Key near‑term metrics cited: Q2 total operating EBITDA turned positive to $4.5M (up $5.6M YoY), positive non‑GAAP adjusted net income of $0.32M (a $7.7M YoY swing to $0.02 per share from a $0.58 loss), net loss attributable to common improved 29% to $10.5M (loss per share $0.82 vs $1.16), trailing‑12‑month G&A reduced from $34M to < $27M (>20% decline), Q2 G&A $6.6M (‑20% YoY; excluding one‑time items down 35% YoY), landlord EBITDA $0.6M (+$3.6M YoY), hospitality EBITDA ~$0.28M (+$3.1M YoY), entertainment EBITDA down $1M (‑23% YoY), rooftop concerts in Q2: 22 shows, 13 sellouts, 91% sell‑through (with >40 shows remaining), Sadie’s Garden Bar +125% revenue YoY, and Las Vegas ballpark highlights including a >11,000 single‑game attendance record, a 6‑game sold‑out Athletics series (>50,000 fans) and >50% quarter merchandise lift from those games.