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.
Venu Holding Corporation ("VENU" or the "Company") (NYSE: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 |
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About Venu Holding Corporation
Venu Holding Corporation ("VENU") (NYSE: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/
Media Relations
Chloe Hoeft
Venu Holding Corporation ("VENU")
719-895-5470
[email protected]
Investor Relations
Dave Gentry
RedChip Companies, Inc.
1-407-644-4256
[email protected]