Venu Holding Corporation Reports Third Quarter 2025 Financial Results
Total assets increased to
VENU's Q3 2025 Earnings Release
“This quarter marks a defining moment for VENU,” said J.W. Roth, Founder, Chairman, and Chief Executive Officer of VENU. “From day one, we said we would do things differently and that we would dream bigger, move faster, and build smarter. Now we’re watching that vision take shape across every part of the business. Fans, investors, artists, creators, and peers across the industry have shown unwavering confidence in what we’re building. We’ve welcomed globally recognized artists as shareholders and advisors, strengthened relationships with municipalities across the nation, and watched ownership in VENU grow beyond expectations. This quarter shows the strength of our model, and the market is ready for the new era we’re ushering in.
“We are deep into a major content evolution, creating programming that’s immersive, unexpected, and powered by our multi-seasonal, multi-configurational technology. Our new ‘omni-content’ strategy aims to keep venues active and relevant year-round with residencies, theatrical productions, and original in-house shows above and beyond typical concert and private event programming. To move this initiative forward, we took steps toward a strategic partnership with Primary Wave Music, the leading publisher of iconic and legendary music, to bring artist-inspired experiences to its premium entertainment venues nationwide. Marking a significant leap forward in our ability to deliver bold, high-impact content.
“We expanded our national footprint by welcoming two globally recognized artists, Niall Horan and Dierks Bentley into our shareholder family and advisory council. We further elevated our presence on the global stage by presenting the inaugural ‘Billboard Disruptor Award’ in
“We also demonstrated the financial strength of our model through key real estate milestones. The independent appraisal of our
“Luxe FireSuite sales are stronger than ever. Since launching our triple-net structure earlier this year, momentum has surged with a
“As we move toward our goal of 40 total locations by 2030, we are equally energized by our municipal pipeline, holding conversations with 48 municipalities across the country interested in making VENU part of their community.
“This was a defining quarter, one that showed VENU is agile, strong, and built for what comes next. Our balance sheet is strong and largely unencumbered. We are building a legacy one venue, one artist, one partnership, and one fan at a time. The future is here. We are playing to win. And we are just getting started,” Roth continued.
Financial Highlights for the Third Quarter of 2025 and the Nine-Month Period Ended September 30, 2025
-
Total assets increased to
$314.8 million $136.3 million 76% , as of September 30, 2025, from$178.4 million -
Property and equipment increased to
$250.2 million $113.0 million 82% , as of September 30, 2025, from$137.2 million -
Luxe FireSuite and Aikman Club sales reached
$91.1 million $33.5 million 58% , from$57.6 million -
The Company generated net revenue (defined as profit after Venu’s split with AEG Presents Rocky Mountains (“AEG”), the operator of the amphitheater), with receipts from the Company’s naming rights agreements (which are outside of VENU’s AEG partnership agreement), of
$1,999,169 $1,606,573 $392,596 24% year over year for the same period. -
The Company generated net revenue (defined as profit after Venu’s split with AEG, the operator of the amphitheater), with receipts from the Company’s naming rights agreements (which are outside of VENU’s AEG partnership agreement), of
$2,768,463 $1,606,573 $1,161,890 72% year over year for the same period.
Recent Performance Highlights and Announcements.
-
November
-
VENU opened Sunset Hospitality Collection in
Colorado Springs , the premium destination is anchored by Roth’s Sea & Steak which features fine dining, luxury private event spaces, and Brohan’s cocktail lounge. The new 58,700 sq. ft. complex overlooks the Pollstar-nominated Ford Amphitheater and operates year-round as the company’s largest hospitality destination to date. -
The Company completed a
$14 million Colorado Springs parking property, generating$6.2 million - Global superstar and multi-platinum artist Niall Horan joined VENU as a strategic partner, shareholder, and founding advisory council member, an endorsement that signals powerful validation of VENU’s disruptive, fan-first vision.
- J.W. Roth was named to Billboard’s 2025 Touring Power Players List, recognizing his influence in shaping the future of live entertainment. The honor highlights Mr. Roth’s leadership as he drives VENU’s fan-centric vision and expanding footprint.
-
Billboard and VENU honored Khalid with the inaugural Billboard ‘Disruptor Award’ at the Live Music Summit in
Los Angeles . The award, presented by VENU Founder J.W. Roth, recognizes trailblazing artists shaping the future of the music industry.
-
VENU opened Sunset Hospitality Collection in
-
October
- Primary Wave Music and VENU took its first steps toward a strategic partnership to bring legendary music catalogs and artist-inspired experiences to VENU’s venues nationwide. With Primary Wave’s catalog of 200+ iconic artists and hundreds of #1 hits, the collaboration unlocks a powerful pipeline of timeless, high-demand content that will shape VENU’s premium entertainment experiences.
-
VENU announced the first results of its nationwide real estate appraisal, with its
Colorado Springs campus valued at$186 million 46% increase over cost. - Country superstar Dierks Bentley became a shareholder in VENU and a founding member of its advisory council, lending his artist perspective to the Company’s growth model. Underscoring VENU’s rising influence in live entertainment, and reflects Bentley’s belief in its fan-first, artist-inspired model.
- Terri Liebler, VENU’s President of Growth and Strategy, was selected to join the exclusive Rolling Stone Culture Council, recognizing her leadership and innovation in entertainment and brand strategy.
- VENU added industry veteran Tommy Ginoza to its live entertainment programming team, bringing nearly 30 years of expertise in concert promotion, talent buying, and marketing. His leadership and entrepreneurial background strengthen VENU’s momentum as the company enters its next phase of growth.
- VENU launched its new “Artist 280” travel services, offering first-class private air and travel options for top touring artists through an FAA-certified charter partner.
-
September
-
VENU announced it will host the official groundbreaking ceremony for the new 12,500-seat Sunset Amphitheater in
El Paso , marking a major milestone in both the company’s national expansion and the city’s cultural growth. The venue, backed by a public-private partnership is expected to become a flagship entertainment destination for the region. - J.W. Roth was named to the 2025 VenuesNow All-Stars list, recognizing his leadership, innovation, and impact in the venue industry. This marks his second time receiving the honor, underscoring his continued influence in shaping the future of live entertainment. Mr. Roth was also accepted into the Forbes Business Council, recognizing his leadership and impact in the live entertainment and consumer sectors.
- A strategic partnership with Tixr and VENU was formed to power ticketing and unified commerce across four of its premium music halls nationwide. The collaboration gives fans a modern, customizable buying experience while supporting VENU’s long-term growth and expanded venue network.
- VENU announced plans to launch a digital platform in the coming months, creating new memberships and rewards intended to extend its entertainment ecosystem far beyond its venues. The initiative is expected to redefine digital fan engagement as VENU scales to new locations.
- Miranda Lambert delivered a landmark benefit performance at VENU’s Ford Amphitheater, drawing one of the venue’s largest crowds to date. The concert raised funds for the Air Force Academy Athletic Corporation and the VENU Arts and Culture Foundation, creating a night of major community impact.
-
VENU announced it will host the official groundbreaking ceremony for the new 12,500-seat Sunset Amphitheater in
Conference Call Details
Friday, November 14, 2025, at 4:30 p.m. Eastern Time |
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(800) 715-9871 |
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International Toll Dial-In Number: |
+1 (646) 307-1963 |
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Conference ID: 9521412 |
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Conference Call Replay - available through November 14, 2026, at https://investors.venu.live |
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Source: Venu Holding Corporation
About Venu Holding Corporation
Venu Holding Corporation ("VENU") (NYSE American: VENU) is a premier owner, developer, and operator of luxury, experience-driven entertainment destinations. Founded by
VENU has been recognized nationally by The Wall Street Journal, The
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 Venu 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. Venu expressly disclaims any obligation to update or alter statements whether because of new information, future events or otherwise, except as required by law.
(1) Appraisal Disclosures
These appraisals used the cost basis, income, and comparable sales approaches to valuation and, after reconciliation, came to the appraised values of the properties. These approaches to valuation are commonly used approaches to value for appraisal of commercial properties, as opposed to assigning a valuation on the properties based solely on the cost basis of the properties. The total appraisal for the
The opinions expressed in the appraisal are based on estimates and forecasts that are prospective in nature and subject to certain risks and uncertainties. Events may occur that could cause the performance of the properties to materially differ from the estimates utilized by the appraiser, such as changes in the economy, interest rates, capitalization rates, the financial strength of the live-music and entertainment industries, and the behavior of event attendees, investors, lenders, and municipalities. The Company reviews each appraisal of its properties to confirm that the information provided to the appraiser is accurately reflected in the appraisal, but it does not validate the methodologies, inputs, and professional judgment utilized by the certified appraiser.
| VENU HOLDING CORPORATION AND SUBSIDIARIES | |||||||
| UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
| (in US Dollars) | |||||||
| As of | |||||||
September 30, |
|
December 31, |
|||||
|
2025 |
|
|
|
2024 |
|
|
| ASSETS | Unaudited | Audited | |||||
| Current assets | |||||||
| Cash and cash equivalents | $ |
58,181,816 |
|
$ |
37,969,454 |
|
|
| Inventories |
|
188,898 |
|
|
225,283 |
|
|
| Prepaid expenses and other current assets |
|
2,378,293 |
|
|
850,951 |
|
|
| Total current assets |
|
60,749,007 |
|
|
39,045,688 |
|
|
| Other assets | |||||||
| Property and equipment, net |
|
250,191,115 |
|
|
137,215,936 |
|
|
| Intangible assets, net |
|
161,238 |
|
|
211,276 |
|
|
| Operating lease right-of-use assets, net |
|
1,082,434 |
|
|
1,351,600 |
|
|
| Investment in EIGHT Brewing |
|
1,999,999 |
|
|
- |
|
|
| Investment in related parties |
|
555,262 |
|
|
550,000 |
|
|
| Security and other deposits |
|
68,265 |
|
|
43,015 |
|
|
| Total other assets |
|
254,058,313 |
|
|
139,371,827 |
|
|
| Total assets | $ |
314,807,320 |
|
$ |
178,417,515 |
|
|
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
| Accounts payable | $ |
24,035,687 |
|
$ |
7,283,033 |
|
|
| Accrued expenses |
|
1,573,016 |
|
|
3,556,819 |
|
|
| Accrued payroll and payroll taxes |
|
848,172 |
|
|
262,387 |
|
|
| Deferred revenue |
|
2,016,391 |
|
|
1,528,159 |
|
|
| Current portion of convertible debt |
|
- |
|
|
9,433,313 |
|
|
| Current portion of operating lease liabilities |
|
344,992 |
|
|
364,244 |
|
|
| Current portion licensing liability |
|
223,333 |
|
|
- |
|
|
| Current portion NNN firesuite liability |
|
656,700 |
|
|
- |
|
|
| Current portion of long-term debt |
|
352,367 |
|
|
2,101,501 |
|
|
| Total current liabilities |
|
30,050,658 |
|
|
24,529,456 |
|
|
| Long-term portion of operating lease liabilities |
|
768,894 |
|
|
1,020,604 |
|
|
| Long-term licensing liability and other liabilities |
|
8,826,856 |
|
|
7,950,000 |
|
|
| Long-term convertible debt |
|
1,865,115 |
|
|
- |
|
|
| Long-term NNN firesuite liability |
|
10,150,217 |
|
|
- |
|
|
| Long-term debt, net of current portion |
|
56,694,690 |
|
|
14,100,217 |
|
|
| Total liabilities | $ |
108,356,430 |
|
$ |
47,600,277 |
|
|
| Commitments and contingencies - See Note 14 | |||||||
| Mezzanine Equity | |||||||
| Contingently Redeemable Convertible Cumulative Series B Preferred Stock, |
$ |
10,125,000 |
|
$ |
- |
|
|
| Stockholders' Equity | |||||||
| Preferred stock, |
|
- |
|
|
- |
|
|
| Common stock, |
|
43,249 |
|
|
37,472 |
|
|
| Class B common stock, |
|
379 |
|
|
379 |
|
|
| Additional paid-in capital |
|
205,812,053 |
|
|
144,546,368 |
|
|
| Accumulated deficit |
|
(83,203,658 |
) |
|
(47,361,208 |
) |
|
$ |
122,652,023 |
|
$ |
97,223,011 |
|
||
| Treasury Stock, at cost - 276,245 shares at September 30, 2025 and December 31, 2024 |
|
(1,500,076 |
) |
|
(1,500,076 |
) |
|
| Total Venu Holding Corporation and subsidiaries equity | $ |
121,151,947 |
|
$ |
95,722,935 |
|
|
| Non-controlling interest |
|
75,173,943 |
|
|
35,094,303 |
|
|
| Total stockholders' equity | $ |
196,325,890 |
|
$ |
130,817,238 |
|
|
| Total liabilities and stockholders' equity | $ |
314,807,320 |
|
$ |
178,417,515 |
|
|
| VENU HOLDING CORPORATION AND SUBSIDIARIES | ||||||||||||||||
| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
| (in US Dollars) | ||||||||||||||||
| Unaudited | ||||||||||||||||
| For the three months ended | For the nine months ended | |||||||||||||||
September 30, |
|
September 30, |
||||||||||||||
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
||
| Revenues | ||||||||||||||||
| Restaurant including food and beverage revenue, net | $ |
2,269,005 |
|
$ |
2,740,411 |
|
$ |
6,859,098 |
|
$ |
8,144,605 |
|
||||
| Event center ticket and fees revenue, net |
|
2,764,796 |
|
|
2,002,572 |
|
|
5,019,548 |
|
|
4,663,228 |
|
||||
| Rental and sponsorship revenue, net |
|
350,953 |
|
|
708,992 |
|
|
1,492,573 |
|
|
759,123 |
|
||||
| Total revenues, net | $ |
5,384,754 |
|
$ |
5,451,975 |
|
$ |
13,371,219 |
|
$ |
13,566,956 |
|
||||
| Operating costs | ||||||||||||||||
| Food and beverage |
|
546,672 |
|
|
653,178 |
|
|
1,658,058 |
|
|
1,901,590 |
|
||||
| Event center |
|
924,061 |
|
|
435,841 |
|
|
2,577,623 |
|
|
1,727,311 |
|
||||
| Labor |
|
1,157,747 |
|
|
1,152,909 |
|
|
3,275,576 |
|
|
3,358,871 |
|
||||
| Rent |
|
399,704 |
|
|
333,192 |
|
|
1,174,038 |
|
|
975,756 |
|
||||
| General and administrative |
|
9,815,684 |
|
|
4,777,577 |
|
|
25,019,942 |
|
|
20,351,859 |
|
||||
| Equity compensation |
|
1,181,841 |
|
|
671,819 |
|
|
14,406,223 |
|
|
3,927,325 |
|
||||
| Depreciation and amortization |
|
1,330,893 |
|
|
1,103,720 |
|
|
4,080,668 |
|
|
2,319,513 |
|
||||
| Total operating costs | $ |
15,356,602 |
|
$ |
9,128,236 |
|
$ |
52,192,128 |
|
$ |
34,562,225 |
|
||||
| Loss from operations | $ |
(9,971,848 |
) |
$ |
(3,676,261 |
) |
$ |
(38,820,909 |
) |
$ |
(20,995,269 |
) |
||||
| Other income (expense), net | ||||||||||||||||
| Interest income (expense) |
|
338,935 |
|
|
(886,211 |
) |
|
(2,567,947 |
) |
|
(2,214,887 |
) |
||||
| Other expense |
|
(156,362 |
) |
|
- |
|
|
(202,087 |
) |
|
(2,500,000 |
) |
||||
| Other income |
|
497,082 |
|
|
35,000 |
|
|
562,406 |
|
|
97,500 |
|
||||
| Total other income (expense), net |
|
679,655 |
|
|
(851,211 |
) |
|
(2,207,628 |
) |
|
(4,617,387 |
) |
||||
| Net loss | $ |
(9,292,193 |
) |
$ |
(4,527,472 |
) |
$ |
(41,028,537 |
) |
$ |
(25,612,656 |
) |
||||
| Net loss attributable to non-controlling interests |
|
(2,930,706 |
) |
|
(595,251 |
) |
|
(5,186,085 |
) |
|
(1,560,398 |
) |
||||
| Net loss attributable to Venu |
|
(6,361,487 |
) |
|
(3,932,221 |
) |
|
(35,842,452 |
) |
|
(24,052,258 |
) |
||||
| Preferred stock dividend |
|
103,500 |
|
|
- |
|
|
120,375 |
|
|
- |
|
||||
| Net loss attributable to common stockholders | $ |
(6,464,987 |
) |
$ |
(3,932,221 |
) |
$ |
(35,962,827 |
) |
$ |
(24,052,258 |
) |
||||
| Weighted average number of shares of Class B common stock, outstanding, basic and diluted |
|
379,990 |
|
|
383,656 |
|
|
379,990 |
|
|
839,116 |
|
||||
| Basic and diluted net loss per share of Class B common stock | $ |
(0.15 |
) |
$ |
(0.13 |
) |
$ |
(0.91 |
) |
$ |
(0.58 |
) |
||||
| Weighted average number of shares of Class C common stock, outstanding, basic and diluted |
|
- |
|
|
20,997 |
|
|
- |
|
|
9,027,155 |
|
||||
| Basic and diluted net loss per share of Class C common stock | $ |
- |
|
$ |
(0.13 |
) |
$ |
- |
|
$ |
(0.58 |
) |
||||
| Weighted average number of shares of Class D common stock, outstanding, basic and diluted |
|
- |
|
|
25,879,401 |
|
|
- |
|
|
21,805,264 |
|
||||
| Basic and diluted net loss per share of Class D common stock | $ |
- |
|
$ |
(0.13 |
) |
$ |
- |
|
$ |
(0.58 |
) |
||||
| Weighted average number of shares of Common stock, outstanding, basic and diluted |
|
41,355,312 |
|
|
3,282,150 |
|
|
38,957,034 |
|
|
9,775,099 |
|
||||
| Basic and diluted net loss per share of Common stock | $ |
(0.15 |
) |
$ |
(0.13 |
) |
$ |
(0.91 |
) |
$ |
(0.58 |
) |
||||
| VENU HOLDING CORPORATION AND SUBSIDIARIES | |||||||
| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
| (in US Dollars) | |||||||
| For the nine months ended September 30, |
|||||||
2025 |
|
|
|
2024 |
|
||
| Net loss | $ | (41,028,537 |
) |
$ | (25,612,656 |
) |
|
| Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | |||||||
| Gain on sale of 13141 BP | (288,668 |
) |
- |
|
|||
| Equity issued for interest on debt | 291,680 |
|
448,150 |
|
|||
| Equity based compensation | 14,377,550 |
|
3,927,325 |
|
|||
| Equity issued for services | 277,900 |
|
7,000,000 |
|
|||
| Amortization of debt discount | 2,092,367 |
|
1,985,568 |
|
|||
| Non cash lease expense | 276,967 |
|
268,635 |
|
|||
| Depreciation and amortization | 4,080,668 |
|
2,319,513 |
|
|||
| Noncash financing expense | - |
|
2,500,000 |
|
|||
| Project abandonment loss | - |
|
579,981 |
|
|||
| Non cash interest and debt discount | (294,523 |
) |
- |
|
|||
| Changes in operating assets and liabilities: | |||||||
| Inventories | 36,385 |
|
(41,125 |
) |
|||
| Prepaid expenses and other current assets | (1,527,342 |
) |
(2,332,721 |
) |
|||
| Security and other deposits | (25,250 |
) |
325,026 |
|
|||
| Accounts payable | 16,752,654 |
|
3,233,914 |
|
|||
| Accrued expenses | (2,104,178 |
) |
12,439,542 |
|
|||
| Accrued payroll and payroll taxes | 585,785 |
|
(14,530 |
) |
|||
| Deferred revenue | 488,232 |
|
1,445,026 |
|
|||
| Operating lease liabilities | (278,763 |
) |
(235,641 |
) |
|||
| Licensing liability | 1,100,189 |
|
5,100,000 |
|
|||
| Net cash (used in) provided by operating activities | (5,186,884 |
) |
13,336,007 |
|
|||
| Cash flows from investing activities | |||||||
| Purchase of property and equipment | (76,428,062 |
) |
(61,615,767 |
) |
|||
| Investment in EIGHT Brewing | (1,999,999 |
) |
- |
|
|||
| Investment in related party | (5,262 |
) |
- |
|
|||
| Proceeds from sale of 13141 BP | 2,627,990 |
|
- |
|
|||
| Cash acquired in acquisition of 13141 BP | - |
|
74,085 |
|
|||
| Net cash used in investing activities | (75,805,333 |
) |
(61,541,682 |
) |
|||
| Cash flows from financing activities | |||||||
| Receipt of convertible promissory note | 18,000,000 |
|
- |
|
|||
| Proceeds from NNN firesuite liability | 10,757,500 |
|
- |
|
|||
| Proceeds from municipality promissory note | - |
|
6,200,000 |
|
|||
| Proceeds from issuance of Contingently Redeemable Convertible Cumulative Series B Preferred Stock | 10,125,000 |
|
- |
|
|||
| Proceeds from issuance of shares | 32,949,101 |
|
30,426,503 |
|
|||
| Proceeds from exercise of warrants | 345,100 |
|
52 |
|
|||
| Proceeds from sale of non-controlling interest equity | 33,730,750 |
|
29,900,282 |
|
|||
| Acquisition of Treasury Stock | - |
|
(1,500,000 |
) |
|||
| Principal payments on long-term debt | (245,966 |
) |
(232,327 |
) |
|||
| Payment of promissory note | (2,000,000 |
) |
- |
|
|||
| Payment for personal guarantee on convertible debt | - |
|
(100,000 |
) |
|||
| Distributions to non-controlling shareholders | (2,456,906 |
) |
(893,082 |
) |
|||
| Net cash provided by financing activities | 101,204,579 |
|
63,801,428 |
|
|||
| Net increase in cash and cash equivalents | 20,212,362 |
|
15,595,753 |
|
|||
| Cash and cash equivalents, beginning | 37,969,454 |
|
20,201,104 |
|
|||
| Cash and cash equivalents, ending | $ | 58,181,816 |
|
$ | 35,796,857 |
|
|
| Supplemental disclosure of non-cash operating, investing and financing activities: | |||||||
| Cash paid for interest | $ | 390,690 |
|
$ | 296,593 |
|
|
| Property acquired via promissory note | $ | 37,000,000 |
|
$ | - |
|
|
| Conversion of convertible debt and interest to common equity | $ | 25,928,296 |
|
$ | - |
|
|
| Debt discounts - warrants | $ | 1,486,329 |
|
$ | 3,000,140 |
|
|
| Accrued preferred stock dividends | $ | 120,375 |
|
$ | - |
|
|
| Property acquired via convertible debt | $ | - |
|
$ | 10,000,000 |
|
|
| 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 |
|
|
| Debt discount - suite granted to lender | $ | - |
|
$ | 200,000 |
|
|
| Equity issued for origination fee | $ | - |
|
$ | 100,000 |
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20251114049465/en/
VENU Media and Investor Relations
Chloe Polhamus, cpolhamus@venu.live
Source: Venu Holding Corporation
