v3.25.3
Segment Reporting (Tables)
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Schedule of Components of Revenue and Cost of Revenue
The following table presents the components of revenue and cost of revenue (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Revenue:
Residence and hotel travel$25,855 $33,110 $89,058 $106,372 
Experiences and bespoke travel8,009 9,461 25,908 24,719 
Total travel33,864 42,571 114,966 131,091 
Subscription19,358 22,998 59,613 76,303 
Rewards and other revenue2,319 3,545 9,959 9,347 
Total revenue$55,541 $69,114 $184,538 $216,741 
Cost of revenue:
Lease costs$15,926 $18,301 $48,815 $57,360 
Booking fees15,081 20,229 50,616 60,247 
Fixed operating costs3,012 4,136 9,062 12,547 
Variable operating costs2,023 4,327 7,226 11,641 
Depreciation expense1,149 1,676 3,516 4,418 
Other cost of revenue929 951 4,965 3,132 
Total cost of revenue38,120 49,620 124,200 149,345 
Gain on lease termination— (29,895)— (29,895)
Gross margin$17,421 $49,389 $60,338 $97,291 
General and administrative$9,658 $19,795 $31,396 $48,438 
Sales and marketing5,706 7,209 16,038 24,707 
Operations3,820 5,269 13,232 17,058 
Technology and development929 1,728 3,133 6,044 
Depreciation and amortization948 1,010 2,967 3,024 
Interest expense, net513 454 1,467 1,150 
Loss (gain) on fair value instruments281 158 55 (3,675)
Restructuring charges— 6,985 — 6,985 
Other expense (income), net2 8 53 (269)
(Loss) income and comprehensive (loss) income before income taxes(4,436)6,773 (8,003)(6,171)
Income tax expense85 151 209 351 
Net (loss) income and comprehensive (loss) income(4,521)6,622 (8,212)(6,522)
Net (loss) income and comprehensive (loss) income attributable to noncontrolling interests— (2,290)— 3,410 
Net (loss) income and comprehensive (loss) income attributable to Inspirato Incorporated$(4,521)$4,332 $(8,212)$(3,112)