Financial Performance - Total annual revenue rose by 42% to $17.8 million in fiscal 2024 compared to $12.6 million in fiscal 2023[8]. - Total revenues for 2024 reached $17,834,383, a 41.5% increase from $12,597,664 in 2023[17]. - Luxe FireSuite sales reached $77.7 million in 2024, representing a 250% increase over 2023's total of $22.2 million[6]. - Restaurant operations grew by $1.3 million, a 14% increase, while event center operations grew by $2.2 million, a 74% increase in fiscal 2024 compared to fiscal 2023[8]. - The Ford Amphitheater generated gross receipts of $15.2 million over its limited 2024 season, selling over 97,000 tickets at an average price of $156[8]. Losses and Expenses - Net loss for 2024 was $32,948,974, compared to a net loss of $11,386,793 in 2023, representing a 189.1% increase in losses[19]. - Operating costs surged to $45,212,508 in 2024, up from $23,729,832 in 2023, indicating a 90.5% increase[17]. - Total operating loss for 2024 was $27,378,125, which is a 146.1% increase from the operating loss of $11,132,168 in 2023[17]. - Equity-based compensation for 2024 amounted to $12,015,133, significantly higher than $1,610,350 in 2023[19]. Cash Flow and Financing - Cash and cash equivalents at the end of 2024 were $37,969,454, up from $20,201,104 at the beginning of the year, reflecting a net increase of $17,768,350[19]. - The company reported a net cash provided by financing activities of $86,420,198 in 2024, compared to $32,771,605 in 2023, marking a 163.5% increase[19]. - Proceeds from the sale of non-controlling interest equity were $38,463,367 in 2024, compared to $16,750,000 in 2023, indicating a 129.5% increase[19]. - The company issued equity for interest on convertible debt amounting to $766,920 in 2024, with no such issuance in 2023[19]. Future Outlook and Initiatives - Venu Holding Corporation aims to achieve $200 million in revenue for 2025, having generated $10.4 million in January and $11.2 million in February 2025[11]. - The company launched VENU Income Offering and VENU Fractional Ownership Financing to enhance revenue growth and accessibility of Luxe FireSuites[11]. - Ground was broken on amphitheater projects in Broken Arrow, Oklahoma, and construction commenced for new locations in Texas and Oklahoma[8]. - The company announced a $105 million ultra-lux amphitheater in El Paso, Texas, through a significant public-private partnership[8]. IPO and Asset Growth - The company successfully completed its IPO, raising approximately $12.3 million in net proceeds[8]. - Total assets increased by 114% to $178.4 million as of December 31, 2024, up from $83.2 million at the end of 2023[6].
Venu Holding Corp(VENU) - 2024 Q4 - Annual Results