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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Venu Holding Corporation | AMEX:VENU | AMEX | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.25 | 2.66% | 9.65 | 10.00 | 9.41 | 9.59 | 28,846 | 01:00:00 |
From Dec 2024 to Jan 2025
Total Assets Increase $83,000,000 and Year-over-Year Revenue Increases by 56%
Venu Holding Corporation ("VENU" or “The Company”) (NYSE American: VENU), a leading premium hospitality and live entertainment company built by music fans for music fans, announced today its third quarter 2024 results for the period ended September 30, 2024, the first earnings report since its successful initial public offering (“IPO”) which closed on November 29, 2024.
In the third quarter of 2024, VENU brought luxury entertainment to life. VENU executed its business plan with the historic launch of its fan founded and fan owned mission with the opening of its first live, ultra-lux entertainment complex in Colorado Springs, Colorado, Ford Amphitheater. Colorado Ford Dealerships purchased the naming rights for ten years for $13 million, one of the largest amphitheater sponsorships in history. This $70 million state-of-the-art facility hosted its Grand Opening weekend in August 2024 with an energetic, sold-out crowd featuring GRAMMY award winner, Ryan Tedder and his globally recognized band, OneRepublic. Designed to host over 8,000 music fans per show, Ford Amphitheater features 92 custom build luxury fire-pits suites, a unique feature to all VENU owned and planned amphitheaters.
Nominated by Pollstar Magazine for 2024 Best New Concert Venue of the Year, Ford Amphitheater welcomed over 96,000 music fans from over 5,500 different zip codes from all 50 states in its limited first season. While only hosting 17 shows in August and September (compared to a typical touring season of up to 60 shows running April to November), the Ford Amphitheater featured internationally renowned performers such as Dierks Bentley, Robert Plant, Lauren Daigle and more. Now entering its first full season in 2025, the Ford Amphitheater is off to a rocking start. With an initial set of shows announced and on sale for the 2025 season, and many more in the pipeline, the Ford Amphitheater is actively booking an exciting lineup through its partnership with AEG Presents Rocky Mountains.
VENU is also on schedule to unveil its highly anticipated $35 million dining and entertainment collection in 2025, strategically developed to sit along the east perimeter of Ford Amphitheater. Designed for year-round service, the innovative development will cater to guests during shows and beyond, featuring upscale restaurants and bars, Owners Clubs, and vibrant social and private event spaces.
“With two completed and operating campuses in Colorado Springs, Colorado and Gainesville, Georgia; four in the construction phase, and five others in the design and development phase, we have set the stage for continued growth,” said J.W. Roth, the Company’s Founder, Chairman and Chief Executive Officer. “Together, once operational, these anticipated markets are projected to add over $2 billion in real assets to our balance sheet and will bring our seat inventory to an anticipated 150,000 seats.”
J.W. Roth continued: “When fully developed, our initial 11 live entertainment complexes will be able to hold up to 60 shows per year, which calculates gross sellable seating at approximately 10 million seats per year. With an expected average gross sales price of $150 per seat, VENU’s annual gross receipts could be in excess of $1.5 billion.”
Performance Highlights:
Key Updates: Q3 2024, Year-to-Date Highlights, and Notable Business Developments
CONFERENCE CALL DETAILS
Monday, December 23, 2024, 4:30 p.m. Eastern Time
USA/Canada Toll-Free Dial-In Number:
(800) 715-9871
International Toll Dial-In Number:
+1 (646) 307-1963
Conference ID: 9521412
Webcast Link: https://events.q4inc.com/attendee/565245234
Webcast Replay - available through December 23, 2025, at https://investors.venu.live
About Venu Holding Corporation
Venu Holding Corporation ("VENU") (NYSE American: VENU), founded by Colorado Springs entrepreneur J.W. Roth, is a premier hospitality and live music venue developer dedicated to crafting luxury, experience-driven entertainment destinations. VENU’s campuses in Colorado Springs, Colorado, and Gainesville, Georgia, each feature Bourbon Brothers Smokehouse and Tavern, The Hall at Bourbon Brothers, and unique to Colorado Springs, Notes Eatery and the 8,000-seat Ford Amphitheater. Expanding with new Sunset Amphitheaters in Oklahoma and Texas, VENU’s upcoming large-scale venues will host between 12,500 and 20,000 guests, continuing VENU’s vision of redefining the live entertainment experience.
VENU has been recognized nationally by The Wall Street Journal, The New York Times, Denver Post, Billboard, VenuesNow, and Variety for its innovative and disruptive approach to live entertainment. Through strategic partnerships with industry leaders such as AEG Presents and NFL Hall of Famer and Founder of EIGHT Elite Light Lager, Troy Aikman, VENU continues to shape the future of the entertainment landscape. For more information, visit venu.live
Forward-Looking Statements
Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the SEC, not limited to Risk Factors relating to its business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.
VENU HOLDING CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in US Dollars) As of September 30, December 31,2024
2023
Unaudited ASSETS Current assets Cash$
35,796,857
$
20,201,104
Inventories
226,871
185,746
Prepaid expenses and other current assets
1,171,226
209,215
Receivables from AEG partnership
1,370,710
-
Total current assets
38,565,664
20,596,065
Other assets Property and equipment, net
125,756,511
57,737,763
Intangible assets, net
227,956
277,995
Operating lease right-of-use assets, net
1,446,793
3,685,980
Investments in related parties
550,000
550,000
Security and other deposits
50,878
375,904
Total other assets
128,032,138
62,627,642
Total assets
$
166,597,802
$
83,223,707
LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable
5,822,922
2,565,460
Accrued expenses
13,137,911
698,369
Accrued payroll and payroll taxes
316,927
331,457
Deferred revenue
2,209,107
764,081
Convertible debt
8,583,275
-
Current portion of operating lease liabilities
371,111
230,952
Current portion of long-term debt
208,510
325,245
Total current liabilities
30,649,763
4,915,564
Long-term portion of operating lease liabilities
1,109,006
3,646,385
Long-term licensing liability
6,800,000
1,500,000
Long-term debt, net of current portion
14,001,634
11,182,073
Total liabilities
$
52,560,403
$
21,244,022
Commitments and contingencies Stockholders' Equity Class B common stock, $0.001 par - 1,000,000 authorized, 383,656 issued and outstanding at September 30, 2024 and 30,000,000 authorized and 1,959,445 issued and outstanding at December 31, 2023
383
1,960
Class C common stock, $0.001 par - 0 authorized and issued and outstanding at September 30, 2024 and 50,000,000 authorized and 30,306,060 issued and outstanding at December 31, 2023
-
30,306
Common stock, $0.001 par - 144,000,000 authorized, 35,914,923 issued and outstanding at September 30, 2024 and 60,000,000 authorized at 0 issued and outstanding at December 31, 2023
35,915
-
Preferred stock, $0.001 par - 5,000,000 authorized, none issued or outstanding
-
-
Additional paid-in capital
121,914,521
47,743,085
Accumulated deficit
(41,073,711
)
(17,021,453
)
80,877,108
30,753,898
Treasury Stock, at cost - 276,245 shares at September 30, 2024 and 76,245 shares at December 31, 2023
(1,500,076
)
(76
)
Total Venu Holding Corporation and subsidiaries equity
79,377,032
30,753,822
Non-controlling interest
34,660,367
31,225,863
Total stockholders' equity
$
114,037,399
$
61,979,685
Total liabilities and stockholders' equity
$
166,597,802
$
83,223,707
VENU HOLDING CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in US Dollars) Unaudited For the three months ended For the nine months ended September 30, September 30,
2024
2023
2024
2023
Revenues Restaurant including food and beverage revenue$
2,740,411
$
2,892,082
$
8,144,605
$
6,706,719
Event center ticket and fees revenue
2,002,572
961,222
4,663,228
1,838,736
Rental and sponsorship revenue
708,992
58,075
759,123
140,120
Total revenues
$
5,451,975
$
3,911,379
$
13,566,956
$
8,685,575
Operating costs Food and beverage
653,178
712,026
1,901,590
1,530,107
Event center
435,841
407,889
1,727,311
634,368
Labor
1,152,909
1,188,574
3,358,871
2,572,382
Rent
333,192
363,032
975,756
863,850
Operating expenses
5,449,396
3,428,774
24,279,184
9,944,662
Depreciation and amortization
1,103,720
565,355
2,319,513
1,279,510
Total operating costs
9,128,236
6,665,650
34,562,225
16,824,879
Loss from operations
$
(3,676,261
)
$
(2,754,271
)
$
(20,995,269
)
$
(8,139,304
)
Other income (expense), net Interest expense
(1,162,663
)
(92,252
)
(2,717,849
)
(222,812
)
Other expense
-
-
(2,500,000
)
-
Loss on sale of investments
-
-
-
(11,947
)
Interest income
276,452
-
502,962
20,153
Other income
35,000
38,610
97,500
109,179
Total other expense, net
(851,211
)
(53,642
)
(4,617,387
)
(105,427
)
Net loss$
(4,527,472
)
$
(2,807,913
)
$
(25,612,656
)
$
(8,244,731
)
Net loss attributable to non-controlling interests
(595,251
)
(33,707
)
(1,560,398
)
(538,133
)
Net loss attributable to common stockholders$
(3,932,221
)
$
(2,774,206
)
$
(24,052,258
)
$
(7,706,598
)
Weighted average number of shares of Class A common stock, outstanding, basic and diluted
-
-
-
182,234
Basic and diluted net loss per share of Class A common stock
$
-
$
-
$
-
$
(0.31
)
Weighted average number of shares of Class B common stock, outstanding, basic and diluted
383,656
11,695,841
839,116
17,514,426
Basic and diluted net loss per share of Class B common stock
$
(0.13
)
$
(0.09
)
$
(0.58
)
$
(0.31
)
Weighted average number of shares of Class C common stock, outstanding, basic and diluted
20,997
20,504,392
9,027,155
7,549,308
Basic and diluted net loss per share of Class C common stock
$
(0.13
)
$
(0.09
)
$
(0.58
)
$
(0.31
)
Weighted average number of shares of Class D common stock, outstanding, basic and diluted
25,879,401
-
21,805,264
-
Basic and diluted net loss per share of Class D common stock
$
(0.13
)
$
-
$
(0.58
)
$
-
Weighted average number of shares of Common stock, outstanding, basic and diluted
3,282,150
-
9,775,099
-
Basic and diluted net loss per share of Common stock
$
(0.13
)
$
-
$
(0.58
)
$
-
VENU HOLDING CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in US Dollars) Unaudited For the nine months ended September 30,
2024
2023
Net loss$
(25,612,656
)
$
(8,244,731
)
Adjustments to reconcile net loss to net cash used in operating activities:
Equity issued for interest on convertible debt
448,150
-
Equity based compensation
3,927,325
273,380
Equity issued for services
7,000,000
1,742,974
Project abandonment loss
579,981
-
Amortization of debt discount
1,985,568
1,434
Non cash lease expense
268,635
363,149
Unrealized income on equity method investment
-
(11,678
)
Depreciation and amortization
2,319,513
1,279,510
Noncash financing expense
2,500,000
-
Changes in operating assets and liabilities:
Inventories
(41,125
)
(93,060
)
Prepaid expenses and other current assets
(962,011
)
205,157
Security deposit
325,026
(215,904
)
Accounts payable
3,233,914
(1,670,904
)
Accrued expenses
12,439,542
54,576
Receivables from AEG partnership
(1,370,710
)
-
Accrued payroll and payroll taxes
(14,530
)
(113,865
)
Deferred revenue
1,445,026
248,542
Operating lease liabilities
(235,641
)
(336,794
)
Licensing liabilities
5,100,000
-
Net cash provided by (used in) operating activities
13,336,007
(6,518,214
)
Cash flows from investing activities
Purchase of property and equipment
(61,615,767
)
(19,190,024
)
Net cash acquired from acquisition of 13141 BP
74,085
-
Net cash used in investing activities
(61,541,682
)
(19,190,024
)
Cash flows from financing activities
Proceeds from sale of non-controlling interest equity
29,900,282
10,950,000
Distributions to non-controlling shareholders
(893,082
)
(548,830
)
Principal payments on long-term debt
(232,327
)
(144,431
)
Proceeds from issuance of shares
30,426,503
14,512,268
Proceeds from exercise of warrants
52
82,600
Payment for personal guarantee on convertible debt
(100,000
)
-
Acquisition of Treasury Stock
(1,500,000
)
(76
)
Proceeds from municipality promissory note
6,200,000
-
Net cash provided by financing activities
63,801,428
24,851,531
Net increase (decrease) in cash
15,595,753
(856,707
)
Cash, beginning
20,201,104
23,470,734
Cash, ending
$
35,796,857
$
22,614,027
Supplemental disclosure of non-cash operating, investing and financing activities:
Cash paid for interest
$
296,593
$
234,197
Property acquired via mortgage
$
-
$
4,402,392
Property acquired via convertible debt
$
10,000,000
$
-
Debt discounts - warrants
$
3,000,140
$
-
Equity issued for origination fee
$
100,000
$
-
Debt discount - suite granted to lender
$
200,000
$
-
Land returned in exchange for termination of promissory note payable
$
3,267,000
$
-
Right of Use Assets obtained in exchange for operating lease liabilities
$
471,476
$
-
View source version on businesswire.com: https://www.businesswire.com/news/home/20241223353851/en/
For media requests, connect with Chloe Hoeft at choeft@venu.live or 719-895-5470
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