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Yahoo
15-05-2025
- Business
- Yahoo
Venu Holding Corporation Reports First Quarter 2025 Financial Results
Total assets increased $34,000,000 to over $212,000,000 VENU Accelerates Expansion, Launches New Partnerships, and Strengthens Market Leadership COLORADO SPRINGS, Colo., May 15, 2025--(BUSINESS WIRE)--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 first quarter 2025 results for the period ended March 31, 2025. "We entered 2025 with the pedal to the metal, and Q1 proved what we've known all along: our model works, our fans are hungry, and the market is ours to take," says J.W. Roth, Founder, Chairman, and CEO of VENU. "We had our strongest quarter yet in record-setting Luxe FireSuite sales, and a development pipeline that's firing on all cylinders across Texas, Oklahoma, Colorado, and beyond. "We're transforming communities, not just with venues, but with full-scale entertainment ecosystems that generate jobs, drive tourism, and deliver unforgettable memories—year-round. From launching our game-changing multi-season amphitheater model to locking in partnerships with Ryan, Connect Partnership Group, and Sands Investment Group, we've built an engine designed to scale faster and smarter than anyone in the game. "And the momentum? It's just getting started. We're planning to bring a state-of-the-art intimate concert hall and restaurant to Centennial, Colorado. We've doubled down in El Paso with an increased private investment commitment and an expanded development site. We're giving investors new ways to own a piece of all that we are building through NNN real estate, and our planned Reg A offering launching in a few weeks. And with industry legends like Vic Sutter and Tom Finke joining our team, our roster has never been stronger." Roth continued, "VENU is redefining what live entertainment looks like across the nation. So, buckle up—because what's coming next is bigger, louder, and more world-class than anything this industry has ever seen." First Quarter 2025 Financial Highlights Total assets increased $34,464,672 at 19% to $212,882,187 as of March 31, 2025, up from $178,417,515 at December 31, 2024. Property and equipment increased 33% to $182,906,195 as of March 31, 2025, up from $137,215,936 at December 31, 2024. Luxe FireSuite and Aikman Club sales reached $38.7 million for the three months ended March 31, 2025. Since launching in late February, Venu's Luxe FireSuites fractional ownership model—offering suite access at Sunset McKinney and Sunset Broken Arrow with 25% down and 20-year financing, has generated $12.5 million in sales through March 31, 2025, out of the $38.7 million total offering. Operational Highlights for Q1 and Subsequent Events: Launched a transformative multi-season venue configuration model, enabling year-round operations across upcoming and future amphitheaters in McKinney, TX; El Paso, TX; Broken Arrow, OK; and Oklahoma City, OK, unlocking new revenue and margin expansion opportunities. Under contract to acquire a strategic site in Centennial, Colorado, to expand VENU's iconic mid-size indoor venue brand with plans to transform the property into a $40 million entertainment campus featuring The Hall at Bourbon Brothers and a Bourbon Brothers Smokehouse & Tavern. This development also marks the debut of VENU's exclusive Luxe FireSuite fractional ownership opportunities, bringing these coveted experiences indoors for the first time. Expanded partnership with the City of El Paso, with a $100 million minimum investment commitment and securing a 20-acre development footprint for the future Sunset Amphitheater El Paso, projected to open in 2026. Announced a strategic national expansion partnership with Ryan, LLC to accelerate public-private partnership development, fast-tracking market entry into top-performing U.S. growth markets. Introduced a new structured financing model for Luxe FireSuites, expanding access to exclusive ownership opportunities while driving accelerated sales across the Company's expanding portfolio. Partnered with Connect Partnership Group to lead corporate sponsorship sales, enhancing VENU's ability to potentially capture new sponsorship revenues across its expanding venue network. Filed an Offering Statement under Regulation A1 for an anticipated offering designed to offer institutional, and retail investors an opportunity to own a piece of all that VENU is building through a tiered ownership, not only delivering equity, but exclusive benefits at every level. Formed a nationwide partnership with Sands Investment Group to introduce triple-net (NNN) real estate investment opportunities in VENU's Luxe FireSuites to qualified investors. Expanded executive leadership with the appointment of Vic Sutter, a Live Nation veteran, as Executive Vice President of Operations to drive operational excellence, hospitality innovation, and premium guest experiences. Strengthened the Board of Directors with the appointment of financial industry leader Thomas M. Finke, former Chairman and CEO of Barings, LLC, to support corporate governance and capital markets strategy. CONFERENCE CALL DETAILS Thursday, May 15, 2025, 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 Webcast Replay - available through May 15, 2026, at About Venu Holding Corporation Venu Holding Corporation ("VENU") (NYSE American: VENU), founded by Colorado Springs entrepreneur and 2023 VenuesNow All-star, 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 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. 1Legal Disclaimer: An offering statement related to these securities has been filed with the Securities and Exchange Commission but has not become qualified. These securities may not be sold nor may offers be accepted prior to the time the offering statement is qualified. No money or other consideration is being solicited in connection with this information, and if sent in response will not be accepted. No offer to buy the securities can be accepted and no part of the purchase price can be received until an offering statement on Form 1-A is qualified pursuant to Regulation A under the Securities Act of 1933, as amended, and any such offer may be withdrawn or revoked without obligation or commitment of any kind, at any time before notice of its acceptance given after the qualification date. Any person's indication of interest involves no obligation or commitment of any kind. A copy of the preliminary offering circular for the offering may be obtained on the SEC's web site under the Company's filings at VENU HOLDING CORPORATION AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in US Dollars) As of March 31, December 31, 2025 2024 ASSETS Unaudited Audited Current assets Cash and cash equivalents $ 24,663,106 $ 37,969,454 Inventories 201,027 225,283 Prepaid expenses and other current assets 917,567 850,951 Total current assets 25,781,700 39,045,688 Other assets Property and equipment, net 182,906,195 137,215,936 Intangible assets, net 194,596 211,276 Operating lease right-of-use assets, net 1,264,926 1,351,600 Investment in EIGHT Brewing 1,999,999 - Investment in related party 550,000 550,000 Security and other deposits 184,771 43,015 Total other assets 187,100,487 139,371,827 Total assets $ 212,882,187 $ 178,417,515 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable $ 5,791,249 $ 7,283,033 Accrued expenses 701,027 3,556,819 Accrued payroll and payroll taxes 287,287 262,387 Deferred revenue 2,004,606 1,528,159 Current portion of convertible debt - 9,433,313 Current portion of operating lease liabilities 367,705 364,244 Current portion of long-term debt 333,818 2,101,501 Total current liabilities 9,485,692 24,529,456 Long-term portion of operating lease liabilities 930,226 1,020,604 Long-term licensing liability and other liabilities 8,800,000 7,950,000 Long-term convertible debt 15,488,291 - Long-term debt, net of current portion 38,845,957 14,100,217 Total liabilities $ 73,550,166 $ 47,600,277 Commitments and contingencies Stockholders' Equity Preferred stock, $0.001 par - 5,000,000 authorized, none issued or outstanding - - Common stock, $0.001 par - 144,000,000 authorized, 37,503,341 issued and outstanding at March 31, 2025 and 37,471,465 issued and outstanding at December 31, 2024 37,504 37,472 Class B common stock, $0.001 par - 1,000,000 authorized, 379,990 issued and outstanding at March 31, 2025 and December 31, 2024 379 379 Additional paid-in capital 145,253,067 144,546,368 Accumulated deficit (65,424,938 ) (47,361,208 ) $ 79,866,012 $ 97,223,011 Treasury Stock, at cost - 276,245 shares at March 31, 2025 and December 31, 2024 (1,500,076 ) (1,500,076 ) Total Venu Holding Corporation and subsidiaries equity $ 78,365,936 $ 95,722,935 Non-controlling interest 60,966,085 35,094,303 Total stockholders' equity $ 139,332,021 $ 130,817,238 Total liabilities and stockholders' equity $ 212,882,187 $ 178,417,515 VENU HOLDING CORPORATION AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in US Dollars) Unaudited For the three months ended March 31, 2025 2024 Revenues Restaurant including food and beverage revenue, net $ 2,044,916 $ 2,580,102 Event center ticket and fees revenue, net 980,439 1,324,895 Rental and sponsorship revenue, net 473,804 34,746 Total revenues, net $ 3,499,159 $ 3,939,743 Operating costs Food and beverage 497,840 604,555 Event center 724,064 591,282 Labor 998,947 1,067,398 Rent 364,377 296,458 General and administrative 6,740,311 4,174,817 Equity compensation 11,340,620 9,565,554 Depreciation and amortization 1,375,364 606,464 Total operating costs $ 22,041,523 $ 16,906,528 Loss from operations $ (18,542,364 ) $ (12,966,785 ) Other income (expense), net Interest expense (1,050,372 ) (404,965 ) Other expense - (2,500,000 ) Interest income 127,486 25,731 Other income 32,500 30,000 Total other expense, net (890,386 ) (2,849,234 ) Net loss $ (19,432,750 ) $ (15,816,019 ) Net loss attributable to non-controlling interests (1,369,020 ) (217,081 ) Net loss attributable to common stockholders $ (18,063,730 ) $ (15,598,938 ) Weighted average number of shares of Class B common stock, outstanding, basic and diluted 379,990 1,754,959 Basic and diluted net loss per share of Class B common stock $ (0.48 ) $ (0.47 ) Weighted average number of shares of Class C common stock, outstanding, basic and diluted - 26,790,416 Basic and diluted net loss per share of Class C common stock $ - $ (0.47 ) Weighted average number of shares of Class D common stock, outstanding, basic and diluted - 4,565,870 Basic and diluted net loss per share of Class D common stock $ - $ (0.47 ) Weighted average number of shares of Common stock, outstanding, basic and diluted 37,488,778 - Basic and diluted net loss per share of Common stock $ (0.48 ) $ - VENU HOLDING CORPORATION AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in US Dollars) For the three months ended March 31, 2025 2024 Net loss $ (19,432,750 ) $ (15,816,019 ) Adjustments to reconcile net loss to net cash used in operating activities: Equity issued for interest on convertible debt 218,760 - Equity based compensation 11,340,620 9,565,554 Project abandonment loss - 143,285 Amortization of debt discount 641,609 278,946 Non cash lease expense 92,107 123,240 Noncash financing expense - 2,500,000 Depreciation and amortization 1,375,364 606,464 Noncash interest - 25,206 Changes in operating assets and liabilities: Inventories 24,256 (31,961 ) Prepaid expenses and other current assets (66,616 ) 73,205 Security deposit (141,756 ) (3,687,255 ) Accounts payable (1,491,784 ) 1,750,387 Accrued expenses (2,855,792 ) (141,381 ) Accrued payroll and payroll taxes 24,900 14,073 Deferred revenue 476,447 (200,764 ) Operating lease liabilities (92,350 ) (114,848 ) Licensing liabilities 850,000 2,200,000 Net cash used in operating activities (9,036,985 ) (2,711,868 ) Cash flows from investing activities Purchase of property and equipment (22,048,943 ) (8,946,836 ) Investment in EIGHT Brewing (1,999,999 ) - Net cash used in investing activities (24,048,942 ) (8,946,836 ) Cash flows from financing activities Proceeds from sale of non-controlling interest equity 15,967,250 10,375,000 Distributions to non-controlling shareholders (105,426 ) (124,050 ) Principal payments on long-term debt (82,245 ) (74,614 ) Proceeds from issuance of shares - 20,088,200 Proceeds from exercise of warrants - 40 Payment of promissory note (2,000,000 ) - Receipt of convertible promissory note 6,000,000 - Net cash provided by financing activities 19,779,579 30,264,576 Net (decrease) increase in cash and cash equivalents (13,306,348 ) 18,605,872 Cash and cash equivalents, beginning 37,969,454 20,201,104 Cash and cash equivalents, ending $ 24,663,106 $ 38,806,976 Cash paid for interest $ 139,119 $ 96,399 Supplemental disclosure of non-cash operating, investing and financing activities: Property acquired via convertible debt $ - $ 3,521,976 Property acquired via promissory note $ 25,000,000 $ - Debt discounts - warrants $ 526,329 $ 3,000,140 View source version on Contacts Media Relations Chloe HoeftVenu Holding Corporation ("VENU")719-895-5470choeft@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
15-05-2025
- Business
- Business Wire
Venu Holding Corporation Reports First Quarter 2025 Financial Results
COLORADO SPRINGS, Colo.--(BUSINESS WIRE)--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 first quarter 2025 results for the period ended March 31, 2025. 'VENU is redefining what live entertainment looks like across the nation. So, buckle up—because what's coming next is bigger, louder, and more world-class than anything this industry has ever seen.' - J.W. Roth - Founder, Chairman, and CEO of VENU. Share 'We entered 2025 with the pedal to the metal, and Q1 proved what we've known all along: our model works, our fans are hungry, and the market is ours to take,' says J.W. Roth, Founder, Chairman, and CEO of VENU. 'We had our strongest quarter yet in record-setting Luxe FireSuite sales, and a development pipeline that's firing on all cylinders across Texas, Oklahoma, Colorado, and beyond. 'We're transforming communities, not just with venues, but with full-scale entertainment ecosystems that generate jobs, drive tourism, and deliver unforgettable memories—year-round. From launching our game-changing multi-season amphitheater model to locking in partnerships with Ryan, Connect Partnership Group, and Sands Investment Group, we've built an engine designed to scale faster and smarter than anyone in the game. 'And the momentum? It's just getting started. We're planning to bring a state-of-the-art intimate concert hall and restaurant to Centennial, Colorado. We've doubled down in El Paso with an increased private investment commitment and an expanded development site. We're giving investors new ways to own a piece of all that we are building through NNN real estate, and our planned Reg A offering launching in a few weeks. And with industry legends like Vic Sutter and Tom Finke joining our team, our roster has never been stronger.' Roth continued, 'VENU is redefining what live entertainment looks like across the nation. So, buckle up—because what's coming next is bigger, louder, and more world-class than anything this industry has ever seen.' First Quarter 2025 Financial Highlights Total assets increased $34,464,672 at 19% to $212,882,187 as of March 31, 2025, up from $178,417,515 at December 31, 2024. Property and equipment increased 33% to $182,906,195 as of March 31, 2025, up from $137,215,936 at December 31, 2024. Luxe FireSuite and Aikman Club sales reached $38.7 million for the three months ended March 31, 2025. Since launching in late February, Venu's Luxe FireSuites fractional ownership model—offering suite access at Sunset McKinney and Sunset Broken Arrow with 25% down and 20-year financing, has generated $12.5 million in sales through March 31, 2025, out of the $38.7 million total offering. Operational Highlights for Q1 and Subsequent Events: Launched a transformative multi-season venue configuration model, enabling year-round operations across upcoming and future amphitheaters in McKinney, TX; El Paso, TX; Broken Arrow, OK; and Oklahoma City, OK, unlocking new revenue and margin expansion opportunities. Under contract to acquire a strategic site in Centennial, Colorado, to expand VENU's iconic mid-size indoor venue brand with plans to transform the property into a $40 million entertainment campus featuring The Hall at Bourbon Brothers and a Bourbon Brothers Smokehouse & Tavern. This development also marks the debut of VENU's exclusive Luxe FireSuite fractional ownership opportunities, bringing these coveted experiences indoors for the first time. Expanded partnership with the City of El Paso, with a $100 million minimum investment commitment and securing a 20-acre development footprint for the future Sunset Amphitheater El Paso, projected to open in 2026. Announced a strategic national expansion partnership with Ryan, LLC to accelerate public-private partnership development, fast-tracking market entry into top-performing U.S. growth markets. Introduced a new structured financing model for Luxe FireSuites, expanding access to exclusive ownership opportunities while driving accelerated sales across the Company's expanding portfolio. Partnered with Connect Partnership Group to lead corporate sponsorship sales, enhancing VENU's ability to potentially capture new sponsorship revenues across its expanding venue network. Filed an Offering Statement under Regulation A 1 for an anticipated offering designed to offer institutional, and retail investors an opportunity to own a piece of all that VENU is building through a tiered ownership, not only delivering equity, but exclusive benefits at every level. Formed a nationwide partnership with Sands Investment Group to introduce triple-net (NNN) real estate investment opportunities in VENU's Luxe FireSuites to qualified investors. Expanded executive leadership with the appointment of Vic Sutter, a Live Nation veteran, as Executive Vice President of Operations to drive operational excellence, hospitality innovation, and premium guest experiences. Strengthened the Board of Directors with the appointment of financial industry leader Thomas M. Finke, former Chairman and CEO of Barings, LLC, to support corporate governance and capital markets strategy. CONFERENCE CALL DETAILS About Venu Holding Corporation Venu Holding Corporation ("VENU") (NYSE American: VENU), founded by Colorado Springs entrepreneur and 2023 VenuesNow All-star, 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 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. 1 Legal Disclaimer: An offering statement related to these securities has been filed with the Securities and Exchange Commission but has not become qualified. These securities may not be sold nor may offers be accepted prior to the time the offering statement is qualified. No money or other consideration is being solicited in connection with this information, and if sent in response will not be accepted. No offer to buy the securities can be accepted and no part of the purchase price can be received until an offering statement on Form 1-A is qualified pursuant to Regulation A under the Securities Act of 1933, as amended, and any such offer may be withdrawn or revoked without obligation or commitment of any kind, at any time before notice of its acceptance given after the qualification date. Any person's indication of interest involves no obligation or commitment of any kind. A copy of the preliminary offering circular for the offering may be obtained on the SEC's web site under the Company's filings at (in US Dollars) As of March 31, December 31, 2025 2024 ASSETS Unaudited Audited Current assets Cash and cash equivalents $ 24,663,106 $ 37,969,454 Inventories 201,027 225,283 Prepaid expenses and other current assets 917,567 850,951 Total current assets 25,781,700 39,045,688 Other assets Property and equipment, net 182,906,195 137,215,936 Intangible assets, net 194,596 211,276 Operating lease right-of-use assets, net 1,264,926 1,351,600 Investment in EIGHT Brewing 1,999,999 - Investment in related party 550,000 550,000 Security and other deposits 184,771 43,015 Total other assets 187,100,487 139,371,827 Total assets $ 212,882,187 $ 178,417,515 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable $ 5,791,249 $ 7,283,033 Accrued expenses 701,027 3,556,819 Accrued payroll and payroll taxes 287,287 262,387 Deferred revenue 2,004,606 1,528,159 Current portion of convertible debt - 9,433,313 Current portion of operating lease liabilities 367,705 364,244 Current portion of long-term debt 333,818 2,101,501 Total current liabilities 9,485,692 24,529,456 Long-term portion of operating lease liabilities 930,226 1,020,604 Long-term licensing liability and other liabilities 8,800,000 7,950,000 Long-term convertible debt 15,488,291 - Long-term debt, net of current portion 38,845,957 14,100,217 Total liabilities $ 73,550,166 $ 47,600,277 Commitments and contingencies Stockholders' Equity Preferred stock, $0.001 par - 5,000,000 authorized, none issued or outstanding - - Common stock, $0.001 par - 144,000,000 authorized, 37,503,341 issued and outstanding at March 31, 2025 and 37,471,465 issued and outstanding at December 31, 2024 37,504 37,472 Class B common stock, $0.001 par - 1,000,000 authorized, 379,990 issued and outstanding at March 31, 2025 and December 31, 2024 379 379 Additional paid-in capital 145,253,067 144,546,368 Accumulated deficit (65,424,938 ) (47,361,208 ) $ 79,866,012 $ 97,223,011 Treasury Stock, at cost - 276,245 shares at March 31, 2025 and December 31, 2024 (1,500,076 ) (1,500,076 ) Total Venu Holding Corporation and subsidiaries equity $ 78,365,936 $ 95,722,935 Non-controlling interest 60,966,085 35,094,303 Total stockholders' equity $ 139,332,021 $ 130,817,238 Total liabilities and stockholders' equity $ 212,882,187 $ 178,417,515 Expand VENU HOLDING CORPORATION AND SUBSIDIARIES (in US Dollars) For the three months ended March 31, 2025 2024 Net loss $ (19,432,750 ) $ (15,816,019 ) Adjustments to reconcile net loss to net cash used in operating activities: Equity issued for interest on convertible debt 218,760 - Equity based compensation 11,340,620 9,565,554 Project abandonment loss - 143,285 Amortization of debt discount 641,609 278,946 Non cash lease expense 92,107 123,240 Noncash financing expense - 2,500,000 Depreciation and amortization 1,375,364 606,464 Noncash interest - 25,206 Changes in operating assets and liabilities: Inventories 24,256 (31,961 ) Prepaid expenses and other current assets (66,616 ) 73,205 Security deposit (141,756 ) (3,687,255 ) Accounts payable (1,491,784 ) 1,750,387 Accrued expenses (2,855,792 ) (141,381 ) Accrued payroll and payroll taxes 24,900 14,073 Deferred revenue 476,447 (200,764 ) Operating lease liabilities (92,350 ) (114,848 ) Licensing liabilities 850,000 2,200,000 Net cash used in operating activities (9,036,985 ) (2,711,868 ) Cash flows from investing activities Purchase of property and equipment (22,048,943 ) (8,946,836 ) Investment in EIGHT Brewing (1,999,999 ) - Net cash used in investing activities (24,048,942 ) (8,946,836 ) Cash flows from financing activities Proceeds from sale of non-controlling interest equity 15,967,250 10,375,000 Distributions to non-controlling shareholders (105,426 ) (124,050 ) Principal payments on long-term debt (82,245 ) (74,614 ) Proceeds from issuance of shares - 20,088,200 Proceeds from exercise of warrants - 40 Payment of promissory note (2,000,000 ) - Receipt of convertible promissory note 6,000,000 - Net cash provided by financing activities 19,779,579 30,264,576 Net (decrease) increase in cash and cash equivalents (13,306,348 ) 18,605,872 Cash and cash equivalents, beginning 37,969,454 20,201,104 Cash and cash equivalents, ending $ 24,663,106 $ 38,806,976 Cash paid for interest $ 139,119 $ 96,399 Supplemental disclosure of non-cash operating, investing and financing activities: Property acquired via convertible debt $ - $ 3,521,976 Property acquired via promissory note $ 25,000,000 $ - Debt discounts - warrants $ 526,329 $ 3,000,140 Expand
Associated Press
15-04-2025
- Business
- Associated Press
Industry Leader Vic Sutter Joins Venu Holding Corporation as Executive Vice President of Operations
COLORADO SPRINGS, Colo.--(BUSINESS WIRE)--Apr 15, 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, today announced the appointment of entertainment and hospitality leader Vic Sutter as Executive Vice President of Operations. Sutter will lead operations across VENU's premium portfolio, driving growth through elevated culinary programs, enhanced venue amenities, and expanded premium service offerings—supporting VENU's strategy to create shareholder value through operational excellence. This press release features multimedia. View the full release here: Vic Sutter, EVP of Operations at VENU Sutter joins VENU following a decade with Live Nation, where he oversaw a national portfolio of brands including Brooklyn Bowl and House of Blues, collectively serving more than three million fans annually. His expertise in food, beverage, and premium product strategy has consistently enhanced guest experience and driven operational excellence. Prior to Live Nation, Sutter spent 10 years with luxury hospitality brands across the nation. 'I've spent over a decade working alongside Vic and have witnessed his unmatched intentionality and precision,' says Will Hodgson, President of VENU. 'Every decision he makes is strategically calculated to drive revenue and elevate the guest experience at every touch point. His proven approach blends operational excellence with a refined sense of style. I'm proud to have him join our team as we disrupt the industry, stay ahead of the curve, and reimagine the fan experience with our signature premium flare.' 'I am thrilled to join VENU and contribute to this bold movement,' said Sutter. 'What VENU is building—through its fan-owned model and commitment to premium, deeply intentional experiences—is unlike anything else in the industry. From the very start of my career, I've searched for an opportunity that aligns so closely with both my professional values and personal passion. I'm eager to roll up my sleeves, bring my experience to the table, and help push boundaries as we shape the future of entertainment and hospitality together.' Sutter is the third senior executive to join VENU's leadership team in the past six months, reinforcing the Company's commitment to scaling with proven industry talent to enhance fan engagement, expand into high-growth markets, and optimize operational performance. These strategic appointments are designed to strengthen VENU's innovative revenue-generating capabilities, improve margin performance, and drive long-term shareholder value. About Venu Holding Corporation Venu Holding Corporation ('VENU') (NYSE American: VENU), founded by Colorado Springs entrepreneur and 2023 VenuesNow All-star, 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 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. View source version on CONTACT: Media Relations Chloe Hoeft Venu Holding Corporation ('VENU') 719-895-5470 [email protected] Relations Dave Gentry RedChip Companies, Inc. 1-407-644-4256 [email protected] KEYWORD: UNITED STATES NORTH AMERICA COLORADO INDUSTRY KEYWORD: GENERAL ENTERTAINMENT ENTERTAINMENT MUSIC EVENTS/CONCERTS SOURCE: Venu Holding Corporation Copyright Business Wire 2025. PUB: 04/15/2025 08:14 AM/DISC: 04/15/2025 08:14 AM
