Vail Resorts delivered a challenging first quarter of fiscal 2025 (quarter ended Oct 31, 2024) with a negative Resort EBITDA of 139.7 million and a net loss of 172.8 million, driven by a combination of headwinds including record-low snowfall in Australia (negative EBITDA impact of approximately $9 million) and the consolidation of Crans-Montana. The topline revenue of $260.2 million rose modestly vs. prior year on a reported basis (YoY +0.6%), but gross profit remained negative (-$36.5 million) with a gross margin of -14.0%, underscoring near-term profitability pressure in the quarter. Management attributes the quarterly weakness to weather-related demand shifts and input cost inflation, while flagging meaningful upside potential from the two-year resource efficiency transformation plan targeting $100 million in annualized cost efficiencies by 2026. The company reaffirmed full-year Resort EBITDA guidance of $838–$894 million, with a net income range of $240–$316 million (up from prior guidance), aided by Crans-MMontana contributions, reduced interest expense, and price-driven gains in ancillary spending. The quarter also featured robust Pass sales dynamics, including a 8% price increase and a 2% unit decline but a 4% increase in sales dollars, and a non-refundable commitment base of roughly 2.3 million guests, supporting a revenue potential of about $975 million from pre-season commitments (about 75% of skier visits). In addition, management outlined a multi-year capital agenda (roughly $249–$254 million in 2025) including Park City Mountain and Vail Mountain transformations and targeted real estate and technology investments (e.g., My Epic Gear) to drive guest experience and ancillary revenue longer term. Taken together, MTN’s QQ1 results underscore near-term profitability pressure from weather and seasonality but also demonstrate the resilience and growth potential of its pass-based model, international expansion, and transformational cost initiatives that could unlock higher returns as weather normalizes and capacity expands. Investors should monitor seasonality, weather normalization, currency effects, Crans-MMontana integration progress, and execution of the two multiyear transformations.