Total assets increased to $370.5 million, up 108% or $192.1 million, from year-end 2024
COLORADO SPRINGS, Colo.--(BUSINESS WIRE)--March 31, 2026--
Venu Holding Corporation ("VENU" or the "Company") (NYSE American: VENU), the visionary owner, operator, and developer of premium live entertainment destinations, announced today results for its fourth quarter and fiscal year ended December 31, 2025
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260331841417/en/
VENU Reports Its Annual 2025 and Fourth Quarter Results
"From the very beginning, we made a commitment," said JW Roth Founder, Chairman, and CEO of VENU, "To build something that would stand the test of time, perform at the highest level, and deliver value that speaks for itself. Today, we are doing exactly that.
"The numbers tell the story. Our balance sheet has grown from $83 million to over $370 million in total assets in just 24 months. An independent appraisal of our completed and in development portfolio came in at $1.24 billion on an as completed basis (1). This is a business grounded in tangible assets, measured expansion, and thoughtful capital deployment. Patient capital wins. And we are building this for the long game.
We know the market has been noisy. That is what early stages can look like for companies doing what we are doing. But here is what does not lie: steel went up in McKinney and Tulsa. Tulsa is targeted to open Fall 2026 and McKinney shortly after in Q1 2027. We opened our Sunset Hospitality Collection, the most sophisticated hospitality complex in our history. Luxe FireSuite$(TM)$ sales broke records again, and our triple net model, which barely existed at the start of 2025, already accounts for 25% of total sales. The market didn't just respond. It leaned in.
"The live entertainment industry is evolving fast, and we are positioned to capitalize with residencies, immersive experiences, and AI-driven activations. The most profitable opportunities are going to the venues built to hold all of it. Our more than music strategy is not a pivot. It is how we stay ten steps ahead.
"We grew our team with people who have seen what winning looks like and chose VENU anyway. World-class artists and athletes are becoming shareholders. Municipalities are knocking. And just this week we added an executive from MSG Entertainment and Sphere, because where we are going demands that level of firepower.
"2026 is already proving the point. PepsiCo signed on as our official beverage partner. Ford Amphitheater made Billboard's 2026 Top Music Venues list. Roth's Sea & Steak was recognized among the best wine programs in the Americas. And remember, our most recent capital raise closed during one of the most volatile market stretches in recent memory. That is conviction.
"The people paying attention right now are going to look back on this moment. The venues are coming. The content is evolving. The model is proven. The market is hungry. And we are just getting to the good part."
Financial Highlights for the Fourth Quarter and Full Year Ended December 31, 2025
-- Total assets grew to $370.5 million as of December 31, 2025, up $192.1
million or 108% from $178.4 million at December 31, 2024.
-- It is worth noting that several of our municipality developments
sit at zero cost basis on our balance sheet rather than market to
market value as they are contributed assets. An as-completed basis
appraisal of $1.24 billion reflects a more complete picture of
what this portfolio will actually be worth (1).
-- Property and equipment increased to $305.9 million as of December 31,
2025, up 123% from $137.2 million at December 31, 2024.
-- Luxe FireSuiteTM and Aikman Club sales reached $126.1 million for the
full year ended December 31, 2025, representing a 62% increase over the
$77.7 million generated in fiscal year 2024.
-- Luxe FireSuiteTM sales through the Company's triple net real estate
leaseback model, launched in early 2025, accounted for approximately 25%
of total Luxe FireSuiteTM sales for the year, establishing the program as
a rapidly emerging flagship ownership pathway.
-- Total revenue of $17.9 million for the full year ended December 31,
2025, compared to $17.8 million for the full year ended December 31,
2024.
-- The Company completed a $14 million sale leaseback of its Colorado
Spring parking property in the fourth quarter of 2025 with a related
party, generating a development profit of $6.6 million reflecting in the
gain on sale of property in operating profits.
Operational and Strategic Highlights for Q4 2025 and the Full Year 2025:
Venue Development
-- Structural steel rose at both Sunset Amphitheater McKinney, TX
(20,000-seat, in the Dallas market) and Sunset Amphitheater Broken Arrow,
OK. Subsequent to year end, the 134,000 square foot canopy roof was
completed at Broken Arrow, bringing the 12,500-capacity venue on track
for a fall 2026 opening, with shows expected to go on sale within the
next six to eight weeks.
-- Entered into a letter of intent to develop a multi-season entertainment
destination planned for Webster, Texas in the Greater Houston MSA,
marking VENU's entry into one of the nation's largest and fastest-growing
markets.
-- Announced a planned expansion to Centennial, Colorado with a new
property acquisition, bringing VENU's indoor venue brand to the Denver
metro market. The first brand in VENU's portfolio to feature an indoor
Luxe FireSuiteTM model. Later, closing on the property in February of
2026 and expecting construction to begin in the coming months.
-- Finalized land acquisition and launched Luxe FireSuiteTM sales for the
12,500 seat Sunset Amphitheater El Paso, TX, backed by an expanded public
private partnership with the City of El Paso. The City Council approved
an expanded agreement, and the official groundbreaking ceremony was held
in November 2025.
Content & Experience Innovation
-- Launched an omni content strategy across VENU's venue portfolio,
intending to expand programming beyond traditional concerts to include
residencies, AI productions, high end tribute experiences, theatrical
productions, and original in- house shows designed to drive year-round
venue utilization and fan engagement.
-- Opened the Sunset Hospitality Collection at the Colorado Springs campus
in November 2025, anchored by Roth's Sea & Steak, Brohan's cocktail
lounge, and four luxury private event spaces, representing the Company's
largest and most premium year-round hospitality destination to date.
-- Selected Tixr as the official ticketing and integrated commerce partner
across four of VENU's premium indoor music halls, backed by a capital
commitment from Tixr into VENU, bringing a modern unified platform that
elevates the fan experience from purchase to arrival.
Luxe FireSuite(TM) & Capital Innovation
-- Delivered full year Luxe FireSuiteTM and Aikman Club sales of $126.1
million, establishing a new annual record and reflecting 62% growth over
2024's record setting $77.7 million.
-- Posted $17.1 million in March of 2025 Luxe FireSuiteTM sales
alone, a single month record at the time, followed by $23 million
in sales over a record breaking 60-day window later in the year.
-- The triple net real estate leaseback structure, introduced in mid-2025,
surpassed early forecasts and accounted for approximately 25% of annual
Luxe FireSuiteTM sales. Demand moved so fast we launched a dedicated
national campaign to meet it, all while retaining premium ticket
inventory for ongoing revenue generation.
-- Completed a $30 million public offering in August 2025.
Team & Leadership
-- Expanded the executive team in 2025 with the additions of Vic Sutter as
EVP of Operations and Tommy Ginoza to lead live entertainment programming,
while promoting Terri Liebler to President of Growth and Strategy.
Subsequent to year end, Vic Sutter was promoted to Chief Operating
Officer and Will Hodgson was elevated to President of VENU.
-- Rounding out its executive bench in early 2026, VENU added Sarah
Rothschild as Senior Vice President of Strategic Finance and Investor
Relations whose career spans MSG Entertainment and Sphere, two of the
most recognized names in premium live entertainment.
-- J.W. Roth was accepted into the Forbes Business Council, joined Newsmax,
Bloomberg TV, Schwab Network, and Cheddar for live national interviews,
was named to Billboard's 2025 Touring Power Players List, and received
his second consecutive VenuesNow All Stars designation.
Market Recognition & Brand
-- Rang the NYSE Opening Bell in January 2025, celebrating VENU's fan
founded, fan owned mission on the national stage.
-- Welcomed global artists Niall Horan and Dierks Bentley as VENU
shareholders and founding advisory council members, validation from the
artist community of VENU's model and vision.
-- Formed an industry alliance with Billboard, co-launching the inaugural
'Disruptor Award' at the Billboard Live Music Summit in Los Angeles, with
the debut honor presented to Khalid by J.W. Roth and later awarding to
PlaqueBoy Max in January of 2026 at Billboard's Power 100 during the
biggest week in music.
-- $Aramark(ARMK-W)$ Sports + Entertainment, which first partnered with VENU in June
2025 with an equity investment, expanded the relationship in early 2026
to cover five of our premium venues and made an additional equity
investment, a powerful signal of continued conviction in our growth.
-- Partnered with Boston Common Golf, the star-studded TGL team featuring
Rory McIlroy, Keegan Bradley, Adam Scott, and Hideki Matsuyama, uniting
two brands built around next generation fan engagement and immersive
entertainment experiences.
-- In 2025, the VENU story has been covered by some of the most respected
names in business and entertainment media, with features in Billboard,
Bloomberg, Newsmax, Cheddar, Pollstar, 5280 Magazine, and more. J.W. Roth
was featured on the cover of Pollstar Magazine and profiled in 5280
Magazine.
Subsequent Events: January through March 2026
-- Closed an $86.25 million capital raise in March 2026, significantly
strengthening the Company's balance sheet, reinforcing its minimal debt
strategy, and fueling national expansion. The raise was completed during
a period of significant broader market volatility, reflecting strong
institutional and retail investor conviction in VENU's long term growth
strategy.
-- Named PepsiCo as the Official Beverage Partner of VENU's Sunset
Amphitheater portfolio in March 2026, with additional venues to follow as
VENU expands nationwide.
-- Ford Amphitheater was named to Billboard's 2026 Top Music Venues List,
recognized as the Top West Coast Amphitheater alongside Sphere in Las
Vegas, O2 Arena in London, and Allegiant Stadium, a powerful validation
of VENU's premium venue standard heading into a strong 2026 concert
season.
-- Roth's Sea & Steak was recognized among the best wine programs in the
Americas, receiving a Silver Star in the Best Newcomer category and a
Bronze Star in the Best Medium Sized List category at the Star Wine List
of the Year 2026 International Open, further establishing the Sunset
Hospitality Collection as a world-class dining destination.
-- Aligned with Dimensional Innovations, the experiential design firm
behind Intuit Dome and Mercedes Benz Stadium, further elevating the
premium design standard across VENU's venue portfolio.
Conference Call Details
Tuesday, March 31, 2026, 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, 2027, at https://investors.venu.live ------------------------------------------------------------------------------
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 Colorado Springs entrepreneur J.W. Roth, VENU has a portfolio of premium brands that includes Ford Amphitheater, Sunset Amphitheaters, Phil Long Music Hall, The Hall at Bourbon Brothers, Bourbon Brothers Smokehouse and Tavern, Aikman Owners Clubs, and Roth's Sea & Steak. With venues operating and in development across Colorado, Georgia, Oklahoma, and Texas and a nationwide expansion underway, VENU is setting a new standard for live entertainment.
VENU has been recognized nationally by The Wall Street Journal, The New York Times, Billboard, VenuesNow, and Variety for its innovative and disruptive approach to live entertainment. Through strategic partnerships with industry leaders such as AEG Presents, NFL Hall of Famer and Founder of EIGHT Elite Light Beer, Troy Aikman, Aramark Sports + Entertainment, Tixr, Niall Horan, and Dierks Bentley. VENU continues to shape the future of the entertainment landscape. For more information, visit VENU's website, Instagram, LinkedIn, or X.
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 Colorado Springs campus includes a 5.5-acre parking lot that was later sold through a sale-leaseback transaction in November 2025 for $14 million. At the time of the original appraisal, that parcel was valued at $9.2 million. It is important to understand that the appraisal of VENU's properties takes into account, among other factors, the valuation of the Company's real estate and developments at a specific point in time, and the appraised value is subject to (and likely to) change at any time, whether it increases or decreases, and such changes could be caused by macro and micro factors over which we have no control. The appraisal of the property portfolio is only an estimate of its value as to the date of the appraisal and based only on the specific appraisal methodologies and should not be relied upon as a measure of its realized value or the value at which any property could be sold to a third party. Other appraisal methodologies may yield materially different appraised value. Furthermore, the appraised value of the properties differs from the values assigned to it under generally accepted accounting principles in the United Stated ("GAAP"), which require the values of the properties to be valued at their cost basis for financial presentation purposes, and therefore the appraised values represent an unaudited measure that may not represent fair value, as defined under GAAP, and such values and appraisals are not, and will not be, subject to audit or other review procedures by our outside independent accountants.
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
CONSOLIDATED BALANCE SHEETS
(in US Dollars)
As of
December 31, December 31,
2025 2024
----------- -----------
ASSETS
Current assets
Cash and cash equivalents $ 41,306,358 $ 37,969,454
Inventories 474,467 225,283
Prepaid expenses and other current
assets 2,546,523 850,951
----------- -----------
Total current assets 44,327,348 39,045,688
Other assets
Property and equipment, net 305,947,277 137,215,936
Intangible assets, net 144,558 211,276
Operating lease right-of-use
assets, net 17,397,009 1,351,600
Investment in EIGHT Brewing 1,999,999 -
Investment in related parties 555,262 550,000
Security and other deposits 183,582 43,015
----------- -----------
Total other assets 326,227,687 139,371,827
----------- -----------
Total assets $ 370,555,035 $ 178,417,515
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $ 25,129,485 $ 7,283,033
Accrued expenses 27,847,751 3,556,819
Accrued payroll and payroll taxes 577,360 262,387
Deferred revenue 1,542,564 1,528,159
Current portion of convertible
debt - 9,433,313
Current portion of operating lease
liabilities 605,261 364,244
Current portion licensing
liability 223,333 -
Current portion NNN firesuite
liability 1,026,300 -
Current portion of long-term debt 400,108 2,101,501
----------- -----------
Total current liabilities 57,352,162 24,529,456
Long-term portion of operating lease
liabilities 16,886,027 1,020,604
Long-term licensing liability and
other liabilities 8,951,600 7,950,000
Long-term convertible debt 1,907,530 -
Long-term NNN firesuite liability 30,038,214 -
Long-term debt, net of current
portion 56,568,151 14,100,217
----------- -----------
Total liabilities $ 171,703,684 $ 47,600,277
Commitments and contingencies - See
Note 16
Mezzanine Equity
Contingently Redeemable
Convertible Cumulative Series B
Preferred Stock, $0.001 par -
1,342 authorized,
675 issued and outstanding at
December 31, 2025 and 0
authorized, issued and
outstanding at December 31,
2024 $ 10,125,000 $ -
Stockholders' Equity
Common stock, $0.001 par -
144,000,000 authorized,
42,860,764 issued and outstanding
at December 31, 2025
and 37,471,465 issued and
outstanding at December 31,
2024 42,961 37,472
Class B common stock, $0.001 par -
1,000,000 authorized, 304,990
issued and outstanding at
December 31, 2025
and 379,990 issued and
outstanding at December 31,
2024 304 379
Additional paid-in capital 222,052,687 144,546,368
Accumulated deficit (91,454,930) (47,361,208)
----------- -----------
$ 130,641,022 $ 97,223,011
Treasury Stock, at cost - 752,435
shares at December 31, 2025 and
276,245 shares at December 31,
2024 (7,899,600) (1,500,076)
----------- -----------
Total Venu Holding Corporation and
subsidiaries equity $ 122,741,422 $ 95,722,935
Non-controlling interest 65,984,929 35,094,303
----------- -----------
Total stockholders' equity $ 188,726,351 $ 130,817,238
----------- -----------
Total liabilities and
stockholders' equity $ 370,555,035 $ 178,417,515
=========== ===========
VENU HOLDING CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in US Dollars)
For the years ended
------------------------------
December 31,
------------------------------
2025 2024
----------- -----------
Revenues
Restaurant including food and
beverage revenue, net $ 9,773,696 $ 10,828,972
Event center ticket and fees
revenue, net 6,045,286 4,648,478
Rental and sponsorship revenue, net 2,078,064 2,356,933
----------- -----------
Total revenues, net $ 17,897,046 $ 17,834,383
Operating costs
Food and beverage 2,379,204 2,409,133
Event center 3,575,159 2,554,606
Labor 4,658,088 4,383,505
Rent 1,838,238 1,361,787
General and administrative 36,954,414 18,832,115
Equity compensation 15,345,687 12,015,133
Depreciation and amortization 6,177,692 3,656,229
----------- -----------
Total operating costs $ 70,928,482 $ 45,212,508
Gain on sale of property
($6,608,315 gain from related
party transaction) 6,896,983 -
Loss from operations $(46,134,453) $(27,378,125)
Other income (expense), net
Interest expense, net (4,582,602) (3,201,230)
Other expense (199,168) (2,500,006)
Other income 135,000 130,387
----------- -----------
Total other income (expense), net (4,646,770) (5,570,849)
Net loss $(50,781,223) $(32,948,974)
=========== ===========
Net loss attributable to
non-controlling interests (6,687,501) (2,609,219)
Net loss attributable to Venu (44,093,722) (30,339,755)
Preferred stock dividend 223,875 -
----------- -----------
Net loss attributable to common
stockholders $(44,317,597) $(30,339,755)
=========== ===========
Weighted average number of shares of
Class B common stock, outstanding,
basic and diluted 363,552 724,629
=========== ===========
Basic and diluted net loss per share
of Class B common stock $ (1.10) $ (0.86)
=========== ===========
Weighted average number of shares of
Class C common stock, outstanding,
basic and diluted - 6,758,034
=========== ===========
Basic and diluted net loss per share
of Class C common stock $ - $ (0.86)
=========== ===========
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 39,981,214 11,642,944
=========== ===========
Basic and diluted net loss per share
of Common stock $ (1.10) $ (0.86)
=========== ===========
VENU HOLDING CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in US Dollars)
For the years ended December 31,
--------------------------------------
2025 2024
------------------- -----------------
Net loss $ (50,781,223 ) $ (32,948,974 )
Adjustments to reconcile net
loss to net cash provided by
operating activities:
Gain on sale of property
($6,608,315 gain from
related party transaction) (6,896,983 ) -
Equity issued for interest
on debt 1,168,304 766,920
Equity based compensation 15,067,787 12,015,133
Equity issued for services 277,900 -
Amortization of debt
discount 916,681 2,917,989
Noncash lease expense 532,187 498,808
Depreciation and
amortization 6,177,692 3,656,229
Noncash financing expense - 2,500,000
Project abandonment loss - 668,403
Noncash interest and debt
discount 275,514 -
Changes in operating assets
and liabilities:
Inventories (249,184 ) (39,537 )
Prepaid expenses and other
current assets (1,695,572 ) (641,736 )
Security and other
deposits (140,567 ) 332,889
Accounts payable 17,846,452 4,694,025
Accrued expenses 24,067,057 2,858,450
Accrued payroll and
payroll taxes 314,973 (69,070 )
Deferred revenue 14,405 764,078
Operating lease
liabilities (471,156 ) (465,890 )
Licensing liability 1,224,933 6,250,000
-------------- -------------
Net cash provided by
operating activities 7,649,200 3,757,717
-------------- -------------
Cash flows from investing
activities
Purchase of property and
equipment (141,655,251) (72,483,650)
Investment in EIGHT Brewing (1,999,999) -
Investment in related party (5,262) -
Proceeds from sale of 13141 BP 2,627,990 -
Proceeds from gain on sale of
property - related party 7,600,000 -
Net cash acquired from
acquisition of 13141 BP - 74,085
-------------- -------------
Net cash used in
investing activities (133,432,522) (72,409,565)
-------------- -------------
Cash flows from financing
activities
Receipt of convertible
promissory note 18,000,000 -
Receipt of short-term
promissory note - (10,000)
Proceeds from NNN firesuite
liability 30,789,000 -
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 33,074,101 31,960,250
IPO issued - 12,654,100
Proceeds from exercise of
warrants 345,100 52
Proceeds from sale of
non-controlling interest
equity 42,046,443 38,463,367
Acquisition of treasury stock - (1,500,000)
Principal payments on
long-term debt (382,750) (313,136)
Payment of promissory note (2,000,000) -
Payment for personal guarantee
on convertible debt - (100,000)
Distributions to
non-controlling shareholders (2,876,668) (934,435)
-------------- -------------
Net cash provided by
financing activities 129,120,226 86,420,198
-------------- -------------
Net increase in cash and cash
equivalents 3,336,904 17,768,350
Cash and cash equivalents,
beginning 37,969,454 20,201,104
-------------- -------------
Cash and cash equivalents,
ending $ 41,306,358 $ 37,969,454
============== =============
Supplemental disclosure of
non-cash operating, investing
and financing activities:
Cash paid for interest $ 621,391 $ 406,483
Cash paid for income taxes $ - $ -
Property acquired via promissory
note $ 42,918,071 $ -
Right-of-Use Assets obtained in
exchange for operating lease
liabilities $ 16,498,944 $ 471,476
Conversion of convertible debt
and interest to common equity $ 25,000,318 $ -
Debt discounts - warrants $ 1,210,926 $ 3,000,140
Accrued preferred stock
dividends $ 223,875 $ -
Acquisition of treasury stock
from sale of property - related
party $ 6,400,000 $ -
Property acquired via
convertible debt $ - $ 10,000,000
Property acquired via short-term
promissory note $ - $ 2,000,000
Land returned in exchange for
termination of promissory note
payable $ - $ 3,267,000
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/20260331841417/en/
CONTACT: VENU Media and Investor Relations
Chloe Polhamus, cpolhamus@venu.live
(END) Dow Jones Newswires
March 31, 2026 16:36 ET (20:36 GMT)