Financial Performance - Net revenue for the three months ended September 30, 2025, was $1,999,169, representing an increase of $392,596 or approximately 24% year over year[10]. - Net revenue for the nine months ended September 30, 2025, was $2,768,463, representing an increase of $1,161,890 or approximately 72% year over year[10]. - Total revenues for the three months ended September 30, 2025, were $5,384,754, a slight decrease from $5,451,975 in the same period of 2024[26]. - The company reported a net loss attributable to common stockholders of $6,464,987 for the three months ended September 30, 2025, compared to $3,932,221 for the same period in 2024, reflecting an increase of 64%[26]. - For the nine months ended September 30, 2025, the net loss was $41,028,537 compared to a net loss of $25,612,656 for the same period in 2024, representing a 60% increase in losses[28]. Assets and Liabilities - Total assets increased to $314.8 million, up $136.3 million or 76% from $178.4 million at year-end 2024[10]. - Total current assets increased to $60,749,007 as of September 30, 2025, from $39,045,688 as of December 31, 2024, reflecting a growth of 55%[23]. - Total liabilities increased to $108,356,430 as of September 30, 2025, from $47,600,277 as of December 31, 2024, marking an increase of 128%[23]. - Cash and cash equivalents increased to $58,181,816 as of September 30, 2025, compared to $37,969,454 as of December 31, 2024, representing a growth of 53%[23]. - The company’s accumulated deficit as of September 30, 2025, was $(83,203,658), compared to $(47,361,208) as of December 31, 2024, indicating a worsening of 76%[23]. Operating Costs and Cash Flow - Operating costs for the three months ended September 30, 2025, totaled $15,356,602, up from $9,128,236 in the same period of 2024, an increase of 68%[26]. - Net cash used in operating activities was $(5,186,884) for the nine months ended September 30, 2025, compared to $13,336,007 provided in 2024[28]. - Cash flows from investing activities resulted in a net cash outflow of $(75,805,333) in 2025, compared to $(61,541,682) in 2024, indicating a 23% increase in cash used for investments[28]. Investments and Financing - The company raised $101,204,579 from financing activities in 2025, a significant increase from $63,801,428 in 2024, reflecting a 58% growth in financing[28]. - The company made a significant investment of $1,999,999 in EIGHT Brewing during the nine months ended September 30, 2025[28]. - The company reported a gain on the sale of 13141 BP amounting to $2,627,990 in 2025[28]. - The company had principal payments on long-term debt totaling $(245,966) in 2025, slightly up from $(232,327) in 2024[28]. Sales and Partnerships - Luxe FireSuite and Aikman Club sales reached $91.1 million through September 30, 2025, up $33.5 million or 58% from $57.6 million for the same period in 2024[10]. - A strategic partnership with Primary Wave Music aims to enhance content offerings at VENU's venues nationwide[3]. - VENU is targeting a total of 40 locations by 2030 and is in discussions with 48 municipalities across the country[7]. Other Financial Metrics - The independent appraisal of the Colorado Springs campus came in at $186 million, a 46% increase over cost[5]. - The company reported a depreciation and amortization expense of $4,080,668 for the nine months ended September 30, 2025, compared to $2,319,513 in 2024, representing a 76% increase[28]. - The weighted average number of shares of common stock outstanding for the three months ended September 30, 2025, was 41,355,312, compared to 3,282,150 for the same period in 2024, showing a significant increase in shares outstanding[26]. - The company issued equity for services amounting to $277,900 in 2025, down from $7,000,000 in 2024, indicating a reduction in service-related equity issuance[28].
Venu Holding Corp(VENU) - 2025 Q3 - Quarterly Results