Venu Holding Corporation Reports Its 2024 Annual Results
Total Assets Increase over $95,000,000 Year-over-Year
Strong Momentum Continues Market Expansion Progress, Record Breaking FireSuite Sales, and Ford Amphitheater Finishes Its Inaugural Season.
COLORADO SPRINGS, Colo.--(BUSINESS WIRE)--March 31, 2025--
Venu Holding Corporation ("VENU" or the "Company") (NYSE American: VENU), a developer, owner, and operator of upscale live music venues and premium hospitality destinations, announced today its results for the fiscal year ended December 31, 2024.
"2024 was nothing short of spectacular for VENU--marked by record-breaking performances, electric openings, and strategic moves that truly put us center-stage in the premium live entertainment industry," says J.W. Roth Founder, Chairman, and CEO of VENU. "From the wildly successful launch of our flagship Ford Amphitheater, which captivated over 112,000 fans from across the nation and received a Nomination for Pollstar Magazines' 2024 Best New Concert Venue of the Year, to our bold expansion plans and efforts into fast-growing markets such as McKinney, Broken Arrow, and El Paso this year showcased the boundless potential of our unique, fan-centric vision. We're not just building venues; we're setting a new standard for luxury entertainment that keeps our audiences thrilled and coming back for more.
As we look ahead to 2025, the excitement only intensifies. Our recent IPO energized our mission, empowering us to accelerate our ambitious plans, including new partnerships with iconic brands and legends like NFL Hall of Famer and Founder of EIGHT Beer, Troy Aikman, alongside major appointments to our leadership team.
Building a business like ours requires significant upfront investment. We expect to turn the corner toward operational profitability in 2026, driven by development revenue from the expected official opening of three major venues in McKinney, El Paso, and Broken Arrow.
With every strategic step, we're redefining the live entertainment landscape--delivering unmatched value to our shareholders and, most importantly, unforgettable experiences to our fans. Buckle up!"
2024 Financial Highlights
-- Luxe FireSuite sales reached $77.7 million in 2024, representing a 250%
increase over 2023's total of $22.2 million. This significant
year-over-year growth in fractional ownership underscores the strong
demand and market traction for our premium offerings.
-- Total assets increased 114% to $178.4 million as of December 31, 2024, up
from $83.2 million at December 31, 2023.
-- Property and equipment increased 138% to $137.2 million as of December
31, 2024, up from $57.7 million at December 31, 2023.
-- Total annual revenue rose 42% to $17.8 million in fiscal 2024 compared to
$12.6 million in fiscal 2023.
-- Restaurant operations continued steady growth up $1.3 million and 14% in
fiscal 2024 compared to fiscal 2023. Event center operations grew $2.2
million and 74%, respectively, in fiscal 2024 compared to fiscal 2023.
Both operations were successful due to growth at the Colorado Springs
campus, along with the Georgia campus being fully operational during the
full year of 2024 compared to opening mid-year 2023.
-- Amphitheater operations generated net profit to VENU, due to the opening
and initial success of Ford Amphitheater (defined as profit after VENU's
split with AEG Presents Rocky Mountains, the operator of the
amphitheater), with receipts from our naming rights agreements (which are
outside of VENU's AEG partnership agreement), combined for $1,659,291 or
9% of our total revenue for fiscal 2024.
-- Over the limited 2024 season of 20 shows at the Ford Amphitheater, this
location generated gross receipts of $15.2 million. These gross receipts,
which are inclusive of ticket sales, concessions, ticketing fees, premium
upgrades, as well as other receipts, are subject to the split with AEG.
-- The Ford Amphitheater, booked and operated in partnership with AEG
Presents Rocky Mountains, sold over 97,000 tickets at an average of $156
per ticket in its 20 shows of 2024.
Operational Highlights for 2024 and Subsequent Events:
-- Successfully completed initial public offering, listing shares on NYSE
American and raising approximately $12.3 million in net proceeds in the
initial public offering.
-- Grand opening of the Ford Amphitheater in Colorado Springs, which hosted
over 112,000 fans from over 5,500 unique zip codes nationwide in its
inaugural limited season and was nominated for Pollstar Magazine's 2024
Best New Concert Venue of the Year.
-- Broke ground on amphitheater projects in Broken Arrow, Oklahoma, and
commenced construction phases for additional new locations in Texas and
Oklahoma.
-- Announced an $105,000,000 ultra-lux Amphitheater in El Paso, Texas
through a significant public private partnership.
-- Closed on 46-acre property for 20,000-seat world-class outdoor music
venue in McKinney, TX, one of America's fastest-growing cities, just
northeast of Dallas-Fort Worth.
-- Established significant partnerships and sponsorships, including
agreements with Colorado Ford Dealers, Kaiser Permanente, NFL Hall of
Famer Troy Aikman, and EIGHT Elite Light Beer.
-- Strengthened leadership with key executive appointments including Will
Hodgson as President and Terri Liebler as Chief Marketing Officer.
-- Launched the VENU Arts and Culture Foundation, furthering commitment to
supporting local talent and enhancing community cultural vibrancy.
2025 Recent Announcements
-- After surpassing $77.7 million in FireSuite (fractional ownership
interests) sales in 2024, the Company continued its momentum into 2025.
The Company continued its record-breaking momentum into 2025, generating
$10.4 million in January and $11.2 million in February. With a strong
start to the year, the Company remains on track to achieve its goal of
$200 million for 2025.
-- Launched VENU Income Offering, a program designed for RIAs and broker
dealers intended to provide the potential for consistent monthly income
to their clients through pooled ownership of VENU's Luxe FireSuites
located in the McKinney, TX, and Broken Arrow, OK amphitheaters.
-- Launched VENU Fractional Ownership Financing designed to accelerate the
expansion of its highly sought-after Luxe FireSuites. The program permits
buyers to finance their purchase of rights to a FireSuite making the
FireSuites accessible to a broader audience.
-- The Company has enhanced the planned features and amenities at its
in-development amphitheaters to allow them to expand to year-round
operations through a multi-season venue configuration for its planned
venues in McKinney, TX; El Paso, TX; Broken Arrow, OK; and Yukon,
OK--unlocking new revenue growth. This innovative model increases the
number of events hosted annually at each location while enhancing
operational efficiency. Moving forward, the Company intends to
incorporate this flexible configuration into all newly developed venues.
CONFERENCE CALL DETAILS
Monday, March 31, 2025, at 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 ------------------------------------------------------------------------------ Conference Call Replay - available through March 31, 2026, 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, artist-centric, 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 9,570-seat Ford Amphitheater. Expanding with new multi-season 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 premium live entertainment experience. Click here to view our company overview.
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 Beer, 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
CONSOLIDATED BALANCE SHEETS
(in US Dollars)
As of
December 31, December 31,
2024 2023
----------- -----------
ASSETS
Current assets
Cash and cash equivalents $ 37,969,454 $ 20,201,104
Inventories 225,283 185,746
Prepaid expenses and other current
assets 850,951 209,215
----------- -----------
Total current assets 39,045,688 20,596,065
Other assets
Property and equipment, net 137,215,936 57,737,763
Intangible assets, net 211,276 277,995
Operating lease right-of-use
assets, net 1,351,600 3,685,980
Investments in related parties 550,000 550,000
Security and other deposits 43,015 375,904
----------- -----------
Total other assets 139,371,827 62,627,642
----------- -----------
Total assets $178,417,515 $ 83,223,707
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $ 7,283,033 $ 2,565,460
Accrued expenses 3,556,819 698,369
Accrued payroll and payroll taxes 262,387 331,457
Deferred revenue 1,528,159 764,081
Convertible debt 9,433,313 -
Current portion of operating lease
liabilities 364,244 230,952
Current portion of long-term debt 2,101,501 325,245
----------- -----------
Total current liabilities 24,529,456 4,915,564
Long-term portion of operating lease
liabilities 1,020,604 3,646,385
Long-term licensing liability 7,950,000 1,500,000
Long-term debt, net of current portion 14,100,217 11,182,073
----------- -----------
Total liabilities $ 47,600,277 $ 21,244,022
Commitments and contingencies - See
Note 14
Stockholders' Equity
Class B common stock, $0.001 par -
1,000,000 authorized, 379,990
issued and outstanding at 379 1,960
December 31, 2024 and 30,000,000
authorized and 1,959,445 issued
and outstanding at December 31,
2023
Class C common stock, $0.001 par -
0 authorized and issued and
outstanding at December 31, 2024 - 30,306
and 50,000,000 authorized and
30,306,060 issued and outstanding
at December 31, 2023
Common stock, $0.001 par -
144,000,000 authorized, 37,471,465
issued and outstanding at 37,472 -
December 31, 2024 and 60,000,000
authorized at 0 issued and
outstanding at December 31, 2023
Preferred stock, $0.001 par -
5,000,000 authorized, none issued
or outstanding - -
Additional paid-in capital 144,546,368 47,743,085
Accumulated deficit (47,361,208) (17,021,453)
----------- -----------
$ 97,223,011 $ 30,753,898
Treasury Stock, at cost - 276,245
shares at December 31, 2024 and
76,245 shares at December 31,
2023 (1,500,076) (76)
----------- -----------
Total Venu Holding Corporation and
subsidiaries equity $ 95,722,935 $ 30,753,822
Non-controlling interest 35,094,303 31,225,863
----------- -----------
Total stockholders' equity $130,817,238 $ 61,979,685
----------- -----------
Total liabilities and
stockholders' equity $178,417,515 $ 83,223,707
=========== ===========
VENU HOLDING CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in US Dollars)
For the years ended
------------------------------
December 31,
------------------------------
2024 2023
----------------------------------- ----------- -----------
Revenues
Restaurant including food and
beverage revenue $ 10,828,972 $ 9,522,523
Event center ticket and fees
revenue 4,648,478 2,152,826
Rental and sponsorship revenue 2,356,933 922,315
----------- -----------
Total revenues $ 17,834,383 $ 12,597,664
Operating costs
Food and beverage 2,409,133 2,216,359
Event center 2,554,606 1,072,909
Labor 4,383,505 3,667,095
Rent 1,361,787 815,233
General and administrative 18,832,115 12,470,650
Equity compensation 12,015,133 1,610,350
Depreciation and amortization 3,656,229 1,877,236
----------- -----------
Total operating costs $ 45,212,508 $ 23,729,832
Loss from operations $(27,378,125) $(11,132,168)
Other income (expense), net
Interest expense (3,906,959) (331,674)
Other expense (2,500,006) -
Loss on sale of investments - (75,603)
Interest income 705,729 20,152
Other income 130,387 132,500
----------- -----------
Total other expense, net (5,570,849) (254,625)
Net loss $(32,948,974) $(11,386,793)
=========== ===========
Net loss attributable to
non-controlling interests (2,609,219) (862,320)
Net loss attributable to common
stockholders $(30,339,755) $(10,524,473)
=========== ===========
Weighted average number of shares of
Class A common stock, outstanding,
basic and diluted - 136,301
=========== ===========
Basic and diluted net loss per share
of Class A common stock $ - $ (0.39)
=========== ===========
Weighted average number of shares of
Class B common stock, outstanding,
basic and diluted 724,629 16,640,620
=========== ===========
Basic and diluted net loss per share
of Class B common stock $ (0.86) $ (0.39)
=========== ===========
Weighted average number of shares of
Class C common stock, outstanding,
basic and diluted 6,758,034 10,106,179
=========== ===========
Basic and diluted net loss per share
of Class C common stock $ (0.86) $ (0.39)
=========== ===========
Weighted average number of shares of
Class D common stock, outstanding,
basic and diluted 16,319,014 -
=========== ===========
Basic and diluted net loss per share
of Class D common stock $ (0.86) $ -
=========== ===========
Weighted average number of shares of
Common stock, outstanding, basic
and diluted 11,642,944 -
=========== ===========
Basic and diluted net loss per share
of Common stock $ (0.86) $ -
=========== ===========
VENU HOLDING CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in US Dollars)
For the years ended December 31,
--------------------------------------
2024 2023
-------------- -------------
Net loss $ (32,948,974 ) $ (11,386,793 )
Adjustments to reconcile net
loss to net cash used in
operating activities:
Equity issued for interest
on convertible debt 766,920 -
Equity based compensation 12,015,133 1,610,350
Project abandonment loss 668,403 -
Amortization of debt
discount 2,917,989 4,544
Non cash lease expense 498,808 486,924
Unrealized income on equity
method investment - 75,603
Depreciation and
amortization 3,656,229 1,877,236
Noncash financing expense 2,500,000 -
Noncash interest - 1,292
Changes in operating assets
and liabilities:
Inventories (39,537 ) (98,591 )
Prepaid expenses and other
current assets (641,736 ) 88,579
Receivables from AEG
partnership - -
Security deposit 332,889 (225,904 )
Accounts payable 4,694,025 745,259
Accrued expenses 2,858,450 334,840
Accrued payroll and payroll
taxes (69,070 ) (73,542 )
Deferred revenue 764,078 636,790
Operating lease liabilities (465,890 ) (452,759 )
Licensing liabilities 6,250,000 1,500,000
-------------- -------------
Net cash provided by (used
in) operating activities 3,757,717 (4,876,172)
-------------- -------------
Cash flows from investing
activities
Purchase of property and
equipment (72,483,650) (31,165,063)
Net cash acquired from
acquisition of 13141 BP 74,085 -
-------------- -------------
Net cash used in investing
activities (72,409,565) (31,165,063)
-------------- -------------
Cash flows from financing
activities
Proceeds from sale of
non-controlling interest
equity 38,463,367 16,750,000
Distributions to
non-controlling
shareholders (934,435) (531,789)
Principal payments on
long-term debt (313,136) (224,386)
Proceeds from issuance of
shares 31,960,250 16,695,180
IPO issued 12,654,100 -
Proceeds from exercise of
warrants 52 82,600
Payment for personal
guarantee on convertible
debt (100,000) -
Acquisition of Treasury Stock (1,500,000) -
Receipt of short-term
promissory note (10,000) -
Proceeds from municipality
promissory note 6,200,000 -
-------------- -------------
Net cash provided by
financing activities 86,420,198 32,771,605
-------------- -------------
Net increase (decrease) in cash
and cash equivalents 17,768,350 (3,269,630)
Cash and cash equivalents,
beginning 20,201,104 23,470,734
-------------- -------------
Cash and cash equivalents,
ending $ 37,969,454 $ 20,201,104
============== =============
Supplemental disclosure of
non-cash operating, investing
and financing activities:
Cash paid for interest $ 406,483 $ 305,169
Property acquired via mortgage $ - $ 4,400,000
Property acquired via short-term
promissory note $ 2,000,000 $ -
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/20250331079827/en/
CONTACT: Media Relations
Chloe Hoeft
Venu Holding Corporation ("VENU")
719-895-5470
choeft@venu.live
Investor Relations
Dave Gentry
RedChip Companies, Inc.
1-407-644-4256
VENU@redchip.com
(END) Dow Jones Newswires
March 31, 2025 16:10 ET (20:10 GMT)
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