Venu Holding Corp(VENU) - 2025 Q2 - Quarterly Results

Executive Summary & Company Highlights This section provides an overview of Venu Holding Corporation's strategic achievements, financial performance, and key operational milestones for the quarter CEO Commentary CEO J.W. Roth highlighted strong execution, a robust pipeline of 38 interested municipalities, significant amphitheater construction progress, and successful capital strategies - The quarter focused on execution and acceleration, with a 'roaring' pipeline of 38 interested municipalities nationwide[2][3] - Broke ground on the 20,000-seat Sunset Amphitheater in McKinney and advanced projects in Colorado, Oklahoma, and Texas, aiming to open three new outdoor amphitheaters in 2026 and one indoor campus, with potentially four more in 2027[3] - Engaged Texas Capital Securities for private debt financing options, targeting approximately $200 million to accelerate amphitheater construction[3] - Luxe FireSuite fractional ownerships and the triple-net real estate lease program have exceeded expectations, with record FireSuite sales and projections towards a $200 million goal[3] Financial Highlights Venu Holding Corporation reported significant growth in total assets and property & equipment, substantial increases in Luxe FireSuite sales, and a 7% rise in Q2 2025 total revenue | Metric | June 30, 2025 | December 31, 2024 | Change ($) | Change (%) | | :-------------------------------- | :------------ | :---------------- | :--------- | :--------- | | Total assets | $242.0 million | $178.4 million | $63.6 million | 36% | | Property and equipment | $199.2 million | $137.2 million | $62.0 million | 45% | | Metric | Through June 30, 2025 | Through June 30, 2024 | Change ($) | Change (%) | | :----------------------------------- | :-------------------- | :-------------------- | :--------- | :--------- | | Luxe FireSuite and Aikman Club sales | $61.3 million | $45.8 million | $15.5 million | 34% | | Metric | Q2 2025 | Q2 2024 | Change ($) | Change (%) | | :------------ | :------------ | :------------ | :--------- | :--------- | | Total revenue | $4,487,307 | $4,175,238 | $312,069 | 7% | - The increase in total revenue for Q2 2025 was primarily due to the Ford Amphitheater being operational, which was not the case in Q2 2024[4] Operational Highlights & Subsequent Events Q2 2025 saw significant operational advancements, including the Ford Amphitheater's full season launch, McKinney amphitheater groundbreaking, and strategic partnerships, with July focusing on capital and lease demand Q2 2025 Operational Overview Amphitheater operations, combined with naming rights agreements, generated significant net revenue for Venu. The Ford Amphitheater, in its first 10 shows of the 2025 season, achieved substantial gross receipts and attracted over 35,000 attendees | Metric | Q2 2025 | | :------------------------------------------------------------------ | :------------ | | Amphitheater operations net revenue (after AEG split) + naming rights | $597,712 | | Metric | Ford Amphitheater (first 10 shows through June 30, 2025) | | :----------------------------------- | :------------------------------------------------------- | | Gross receipts | $4.7 million | | Attendees | >35,000 | | Average ticket price | $135 | Key Events in May 2025 May 2025 marked the commencement of the first full season for the Pollstar-nominated Ford Amphitheater in Colorado Springs, successfully completing its initial 10 shows towards a full concert calendar - Kicked off the first full season of the Pollstar-nominated Ford Amphitheater in Colorado Springs, CO, completing the first 10 shows on the path to a full calendar outdoor concert season[6] Key Events in June 2025 June 2025 saw the groundbreaking of the 20,000-seat Sunset Amphitheater in McKinney, a three-year alliance with Billboard, and a multi-venue partnership with Aramark Sports + Entertainment - Held a grand groundbreaking ceremony for the 20,000-seat Sunset Amphitheater in McKinney, Texas, in partnership with the City of McKinney and economic development corporations[6] - Announced a three-year industry alliance with Billboard, including the new 'Disruptor Award' presented by VENU[6] - Formed a multi-venue partnership with Aramark Sports + Entertainment, including an equity investment in VENU, to provide food and beverage, retail, and facilities management services across flagship amphitheaters[6] Key Events in July 2025 In July 2025, VENU appointed Texas Capital Securities to arrange $200 million in private debt financing, while Luxe FireSuite NNN lease opportunities showed extraordinary demand, projected to deliver $100 million in annual capital - Appointed Texas Capital Securities as exclusive financial advisor to arrange approximately $200 million in potential private capital debt financing to accelerate amphitheater construction in Texas and Oklahoma[6] - The partnership with Sands Investment Group for triple-net (NNN) real estate lease opportunities for Luxe FireSuites has generated extraordinary demand, projected to deliver over $100 million in additional annual capital[6] - Luxe Firesuite receivables backlog sold more than $75 million in 2024, with expectations to reach $200 million in 2025 outside of NNN lease opportunities[6] Financial Statements This section presents Venu Holding Corporation's unaudited condensed consolidated balance sheets, statements of operations, and cash flows for the specified periods, highlighting key financial performance and position Unaudited Condensed Consolidated Balance Sheets As of June 30, 2025, total assets increased by 36% due to property and equipment investments, with corresponding increases in total liabilities and stockholders' equity | Metric | June 30, 2025 | December 31, 2024 | | :-------------------------- | :------------ | :---------------- | | Total assets | $242,045,523 | $178,417,515 | | Property and equipment, net | $199,201,653 | $137,215,936 | | Total liabilities | $68,077,178 | $47,600,277 | | Total stockholders' equity | $163,843,345 | $130,817,238 | - Total assets increased by $63.6 million or 36% from December 31, 2024, to June 30, 2025[1][4][12] - Property and equipment, net, increased by $62.0 million or 45% over the same period, indicating significant capital investments[4][12] Unaudited Condensed Consolidated Statements of Operations Q2 2025 saw a 7% revenue increase driven by rental and sponsorship, but surging operating costs led to a higher net loss, a trend also observed in the six-month period | Metric | Q2 2025 | Q2 2024 | Change ($) | Change (%) | | :-------------------------------------- | :------------- | :------------- | :------------- | :--------- | | Total revenues, net | $4,487,307 | $4,175,238 | $312,069 | 7% | | Rental and sponsorship revenue, net | $667,817 | $15,385 | $652,432 | 4241% | | Total operating costs | $14,794,007 | $8,527,461 | $6,266,546 | 73% | | Loss from operations | $(10,306,700) | $(4,352,223) | $(5,954,477) | 137% | | Net loss attributable to common stockholders | $(11,400,358) | $(4,521,099) | $(6,879,259) | 152% | | Basic and diluted net loss per share of Common stock | $(0.30) | - | - | - | | Metric | H1 2025 | H1 2024 | Change ($) | Change (%) | | :-------------------------------------- | :------------- | :------------- | :------------- | :--------- | | Total revenues, net | $7,986,466 | $8,114,981 | $(128,515) | -2% | | Rental and sponsorship revenue, net | $1,141,621 | $50,131 | $1,091,490 | 2177% | | Total operating costs | $36,835,530 | $25,433,989 | $11,401,541 | 45% | | Loss from operations | $(28,849,064) | $(17,319,008) | $(11,530,056) | 67% | | Net loss attributable to common stockholders | $(29,464,088) | $(20,120,037) | $(9,344,051) | 46% | | Basic and diluted net loss per share of Common stock | $(0.77) | - | - | - | - General and administrative expenses increased significantly, from $325,473 in Q2 2024 to $8,463,946 in Q2 2025, and from $8,574,962 in H1 2024 to $15,204,257 in H1 2025[14] - Equity compensation also saw a substantial increase, from $4,688,372 in Q2 2024 to $1,883,762 in Q2 2025 (decrease), but from $10,254,826 in H1 2024 to $13,224,382 in H1 2025 (increase)[14] Unaudited Condensed Consolidated Statements of Cash Flows H1 2025 saw net cash outflow from operations and significant investing outflows, offset by strong financing inflows from equity, preferred stock, and convertible notes | Cash Flow Category | H1 2025 | H1 2024 | | :--------------------------------- | :------------- | :------------- | | Net cash used in operating activities | $(11,484,247) | $6,117,758 | | Net cash used in investing activities | $(39,216,643) | $(31,185,229) | | Net cash provided by financing activities | $50,163,414 | $47,622,260 | | Net (decrease) increase in cash and cash equivalents | $(537,476) | $22,554,789 | | Cash and cash equivalents, ending | $37,431,978 | $42,755,893 | - Significant non-cash activities included property acquired via promissory note ($25,000,000) and conversion of convertible debt and interest to common equity ($25,000,000) in H1 2025[17] - Equity based compensation was a major non-cash adjustment, totaling $13,024,382 in H1 2025[17] Additional Information This section provides details on the upcoming conference call, an overview of Venu Holding Corporation, forward-looking statement disclaimers, and contact information Conference Call Details Venu Holding Corporation scheduled a conference call for August 14, 2025, at 4:30 p.m. Eastern Time to discuss the second quarter 2025 financial results, with replay available through August 14, 2026 - Conference call held on Thursday, August 14, 2025, at 4:30 p.m. Eastern Time[7] - Replay available through August 14, 2026, at https://investors.venu.live[7](index=7&type=chunk) About Venu Holding Corporation Venu Holding Corporation is a premier developer and operator of upscale live music venues and hospitality destinations, expanding its footprint and recognized for innovative strategic partnerships - Venu Holding Corporation is a developer, owner, and operator of upscale live music venues and premium hospitality destinations[1][7] - Current campuses in Colorado Springs, CO, and Gainesville, GA, feature Bourbon Brothers Smokehouse and Tavern, The Hall at Bourbon Brothers, and the Ford Amphitheater (Colorado Springs)[7] - Expanding with new Sunset Amphitheaters in Oklahoma and Texas, designed to host between 12,500 and 20,000 guests[7] - Recognized nationally by publications like The Wall Street Journal and Billboard for its innovative approach, and maintains strategic partnerships with AEG Presents and NFL Hall of Famer Troy Aikman[8] Forward-Looking Statements The press release contains forward-looking statements subject to various risks and uncertainties, and actual results may differ materially. The company disclaims any obligation to update these statements unless required by law - Statements using words like 'may,' 'might,' 'will,' 'should,' 'believe,' 'expect,' 'anticipate,' 'estimate,' 'continue,' 'predict,' 'forecast,' 'project,' 'plan,' 'intend' or similar expressions are forward-looking[9] - Forward-looking statements are based on current estimates and assumptions and are subject to risks and uncertainties, including those in SEC filings, meaning actual results could be materially different[9] - The Company expressly disclaims any obligation to update or alter statements, except as required by law[9] Contacts Contact information for Venu Holding Corporation's Media Relations and Investor Relations departments is provided - Media Relations contact: Venu@giantnoise.com[10] - Investor Relations contact: Chloe Hoeft, choeft@venu.live[10]