Financial Performance - Year-over-year revenue for the nine months ended September 30, 2024, was $13.6 million, reflecting a 56% increase compared to $8.7 million for the same period in 2023[6] - Total revenues for Q3 2024 reached $5,451,975, a 39.4% increase from $3,911,379 in Q3 2023[20] - Event center ticket and fees revenue increased significantly to $2,002,572, up 108.5% from $961,222 in the same quarter last year[20] - VENU's net profit from amphitheater operations was $1,606,573, representing 30% of total revenue for the three months ended September 30, 2024[6] - For the nine months ended September 30, 2024, the net loss increased to $25.61 million compared to a net loss of $8.24 million in the same period of 2023, representing a significant increase of 211%[23] - Net loss for Q3 2024 was $4,527,472, compared to a net loss of $2,807,913 in Q3 2023, reflecting a 61.2% increase in losses[20] - The company reported a basic and diluted net loss per share of Class A common stock at $(0.13) for Q3 2024[21] Assets and Liabilities - Total assets increased to $166.6 million as of September 30, 2024, a 100% increase from $83.2 million as of December 31, 2023[6] - Total assets as of September 30, 2024, were $166,597,802, compared to $83,223,707 at the end of 2023, indicating a 100.5% growth[18] - Total liabilities increased to $52,560,403 from $21,244,022, representing a 147.5% rise[18] - Total stockholders' equity rose to $114,037,399 from $61,979,685, reflecting a 83.5% increase[18] Cash Flow and Investments - Cash reserves improved to $35,796,857, up from $20,201,104 at the end of 2023, marking a 77.1% increase[18] - Net cash provided by operating activities was $13.34 million, a turnaround from a net cash used of $6.52 million in the prior year[23] - Cash flows from investing activities showed a net cash outflow of $61.54 million, compared to $19.19 million in the previous year, indicating increased investment activity[23] - The ending cash balance increased to $35.80 million from $22.61 million year-over-year, marking a growth of 58%[23] Operational Highlights - The Ford Amphitheater generated gross receipts of $12,739,599 from 17 shows, selling over 83,000 tickets at an average price of $152 per ticket[6] - The Ford Amphitheater welcomed over 96,000 music fans from over 5,500 different zip codes during its limited first season[3] - The restaurant operations contributed $2,740,411, or 50%, of total revenue for the three months ended September 30, 2024[6] - VENU's anticipated markets are projected to add over $2 billion in real assets to the balance sheet and increase seat inventory to approximately 150,000 seats[5] - The company is set to unveil a $35 million dining and entertainment collection in 2025, designed for year-round service[4] - VENU's annual gross receipts could exceed $1.5 billion with an expected average gross sales price of $150 per seat across its venues[5] Debt and Equity Management - Principal payments on long-term debt increased to $232,327 from $144,431, reflecting a focus on debt management[23] - The company raised $29.90 million from the sale of non-controlling interest equity, up from $10.95 million in the prior year, reflecting strong financing efforts[23] - The company issued equity for services amounting to $7.00 million, significantly higher than $1.74 million in the previous year, indicating increased reliance on equity compensation[23] - The acquisition of Treasury Stock amounted to $1.50 million, a notable increase from $76 in the previous year, suggesting a strategic move to manage equity[23] - The company reported a significant increase in accrued expenses to $12.44 million from $54,576, indicating potential growth in operational costs[23] - The company reported a non-cash operating expense of $3.00 million related to debt discounts from warrants, indicating ongoing financing activities[23]

Financial Performance - Total revenues for Q3 2024 reached $5,451,975, a 39.4% increase from $3,911,379 in Q3 2023[20] - Net loss attributable to common stockholders for Q3 2024 was $3,932,221, compared to a loss of $2,774,206 in Q3 2023, reflecting a 41.7% increase in losses[20] - The company reported a loss from operations of $3,676,261 for Q3 2024, compared to a loss of $2,754,271 in Q3 2023[20] - The company experienced a net loss of $4,527,472 for the quarter ending September 30, 2024, with total stockholders' equity at $114,037,399[23] - For the nine months ended September 30, 2024, the net loss increased to $25.61 million compared to a net loss of $8.24 million in the same period of 2023, representing a 211% increase in losses[27] - The company reported a net loss of $(4,527,472) for the three months ended September 30, 2024, an increase of approximately 61% compared to $(2,807,913) in the prior-year period[163] - Net loss attributable to common stockholders for the nine months ended September 30, 2024, was $24,052,258, reflecting a 212% increase compared to the same period in 2023[167] Assets and Liabilities - Total assets as of September 30, 2024, were $166,597,802, up 100.5% from $83,223,707 at December 31, 2023[17] - Current assets increased to $38,565,664, a 87.0% rise from $20,596,065 at the end of 2023[17] - Total liabilities rose to $52,560,403, an increase of 147.8% from $21,244,022 at December 31, 2023[17] - Long-term debt, net of current portion, increased to $14,001,634, compared to $11,182,073 at December 31, 2023[17] - As of September 30, 2024, the company reported an accumulated deficit of $41,073,711, compared to $17,021,453 as of December 31, 2023, indicating a significant increase in losses[64] - The total long-term debt as of September 30, 2024, is $22,793,417, with current maturities of $8,791,785[124] Cash Flow - Net cash provided by operating activities was $13.34 million, a significant improvement from a net cash used of $6.52 million in the prior year[27] - The ending cash balance as of September 30, 2024, was $35.80 million, up from $22.61 million at the end of the same period in 2023, reflecting a 58% increase[27] - Net cash provided by operating activities improved to $13,336,007 for the nine months ended September 30, 2024, compared to a cash outflow of $(6,518,214) in the same period of 2023, reflecting a positive change of $19,854,221[200] - Net cash used in investing activities rose to $(61,541,682) for the nine months ended September 30, 2024, compared to $(19,190,024) in 2023, primarily due to increased property and equipment purchases[201] - Net cash provided by financing activities increased to $63,801,428 for the nine months ended September 30, 2024, compared to $24,851,531 in 2023, driven by share issuance and proceeds from a municipality promissory note[202] Share Issuance and Equity - The company issued 2,008,750 shares, raising $20,087,500 through share issuance[23] - The company issued 209,985 shares during the quarter, raising approximately $757,555[24] - The total number of shares outstanding increased by 526,250 shares due to the issuance for fixed asset acquisition[23] - The Company authorized a Class D common stock of up to 60,000,000 shares on March 5, 2024[129] - The Company issued 614,341 Class C shares and 3,149,341 Class C shares during the three and nine months ended September 30, 2024, respectively[128] - The company raised gross proceeds of $31,693,410 from the sale of 3,169,341 shares of Common Stock during a private placement offering[194] Operational Highlights - The company plans to open Roth's Seafood and Chophouse in May 2025, adjacent to the Ford Amphitheater, which opened in August 2024[48][49] - The Ford Amphitheater in Colorado Springs opened in August 2024, contributing to the company's revenue generation strategy[79] - Event Operations generated $1,104,991, or 21% of total revenue for the three months ended September 30, 2024, and $3,755,113, or 28% for the nine months ended September 30, 2024[155] - Restaurant Operations contributed $2,740,411, or 50% of total revenue for the three months ended September 30, 2024, and $8,144,605, or 60% for the nine months ended September 30, 2024[157] - Amphitheater Operations generated net revenues of $1,606,573, or 30% of total revenue for the three months ended September 30, 2024[158] Expenses and Costs - Operating costs for Q3 2024 totaled $9,128,236, up 37.0% from $6,665,650 in Q3 2023[20] - Total operating costs for the three months ended September 30, 2024, were $9,128,236, an increase of approximately 37% compared to $6,665,650 in the prior-year period[165] - Labor costs increased by $786,490, or 31%, for the nine months ended September 30, 2024, primarily driven by inflation and higher wages[173] - Depreciation and amortization costs increased by $1,040,003, an 81% rise for the nine months ended September 30, 2024, due to the operational status of new venues[176] - Interest expense for the nine months ended September 30, 2024, was $2,717,849, a significant increase of 1120% compared to $222,812 in the same period of 2023[180] Strategic Initiatives - The company plans to continue raising cash through private sales of membership interests and collaborative arrangements to fund venue construction[162] - The company is engaged in strategic transactions for future expansion, which is critical for its growth plan[65] - The company anticipates operational profits will not materialize until the new venues in Colorado, Oklahoma, and Texas are opened and operational[191] - The company is actively monitoring inflation and interest rates, seeking cost-saving measures to mitigate their impact on operations[190]