Madison Square Garden Entertainment Corp (NYSE:MSGE) reported its fiscal first-quarter 2025 results Friday.

Revenue declined 2% year-on-year to $138.7 million, missing the analyst consensus estimate of $247.5 million.

EPS loss of $(0.40) beat the analyst consensus loss estimate of $(2.76).

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Revenues from entertainment offerings declined 1% year-on-year to $115.1 million, primarily due to lower event-related revenues.

Food, beverage, and merchandise revenues decreased 18% year-on-year to $19.0 million due to lower food and beverage sales at concerts held at the company's venues.

Event-related revenues decreased by $1.5 million due to lower concert revenues.

In addition, the company reported an adjusted operating income of $1.9 million, versus $(0.2) million a year ago, primarily due to lower direct operating expenses and selling, general and administrative expenses.

As of September, cash and equivalents stood at $37.6 million.

Since fiscal 2025 began, Madison Square Garden Arena set a new record for the most concerts held in a first fiscal quarter. Last month, the New York Knicksand New York Rangers returned to The Garden for their 2024-25 regular seasons.

Today, the Christmas Spectacular kicks off its 2024 holiday run at Radio City Music Hall, offering 199 performances, up from 193 in fiscal 2024. New sales and renewals in the premium hospitality segment remain strong.

The company also secured multi-year sponsorship agreements with Lenovo, Motorola Mobility, Abu Dhabi's Department of Culture and Tourism, and extended its partnership with Verizon.

Madison Square Garden Entertainment stock has gained over 39% year-to-date.

Price Action: MSGE stock was down 0.53% to $43.09 on Thursday.

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