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The latest data point for SPOT's EV/EBITDA ratio in Q1'26 stands at 108.22, marking a significant rebound from the prior quarter's value of 30.45 in Q4'25 and indicating a sharp increase in valuation relative to earnings. Over the period from Q2'23 to Q1'26, the EV/EBITDA ratio exhibited high volatility, starting with negative values of -47.69 in Q2'23, deteriorating to -335.33 in Q4'23, before turning positive at 233.21 in Q1'24 and then steadily declining to 30.45 by Q4'25. This trend reflects initial operational challenges leading to negative multiples, followed by a recovery phase with elevated ratios that gradually moderated, though the recent spike in Q1'26 suggests renewed upward pressure on the metric, potentially driven by improved profitability or market expectations.