Venu Holding Corp(VENU) - 2024 Q3 - Quarterly Results

Financial Performance - Year-over-year revenue for the nine months ended September 30, 2024, was $13.6 million, reflecting a 56$8.7 million for the same period in 2023[6] - Total revenues for Q3 2024 reached $5,451,975, a 39.4$3,911,379 in Q3 2023[20] - Event center ticket and fees revenue increased significantly to $2,002,572, up 108.5$961,222 in the same quarter last year[20] - VENU's net profit from amphitheater operations was $1,606,573, representing 30$25.61 million compared to a net loss of $8.24 million in the same period of 2023, representing a significant increase of 211$4,527,472, compared to a net loss of $2,807,913 in Q3 2023, reflecting a 61.2$(0.13) for Q3 2024[21] Assets and Liabilities - Total assets increased to $166.6 million as of September 30, 2024, a 100$83.2 million as of December 31, 2023[6] - Total assets as of September 30, 2024, were $166,597,802, compared to$83,223,707 at the end of 2023, indicating a 100.5% growth[18] - Total liabilities increased to $52,560,403 from$21,244,022, representing a 147.5% rise[18] - Total stockholders' equity rose to $114,037,399 from$61,979,685, reflecting a 83.5% increase[18] Cash Flow and Investments - Cash reserves improved to $35,796,857, up from$20,201,104 at the end of 2023, marking a 77.1% increase[18] - Net cash provided by operating activities was $13.34 million, a turnaround from a net cash used of$6.52 million in the prior year[23] - Cash flows from investing activities showed a net cash outflow of $61.54 million, compared to$19.19 million in the previous year, indicating increased investment activity[23] - The ending cash balance increased to $35.80 million from$22.61 million year-over-year, marking a growth of 58%[23] Operational Highlights - The Ford Amphitheater generated gross receipts of $12,739,599 from 17 shows, selling over 83,000 tickets at an average price of$152 per ticket[6] - The Ford Amphitheater welcomed over 96,000 music fans from over 5,500 different zip codes during its limited first season[3] - The restaurant operations contributed $2,740,411, or 50$2 billion in real assets to the balance sheet and increase seat inventory to approximately 150,000 seats[5] - The company is set to unveil a $35 million dining and entertainment collection in 2025, designed for year-round service[4] - VENU's annual gross receipts could exceed$1.5 billion with an expected average gross sales price of $150 per seat across its venues[5] Debt and Equity Management - Principal payments on long-term debt increased to$232,327 from $144,431, reflecting a focus on debt management[23] - The company raised$29.90 million from the sale of non-controlling interest equity, up from $10.95 million in the prior year, reflecting strong financing efforts[23] - The company issued equity for services amounting to$7.00 million, significantly higher than $1.74 million in the previous year, indicating increased reliance on equity compensation[23] - The acquisition of Treasury Stock amounted to$1.50 million, a notable increase from $76 in the previous year, suggesting a strategic move to manage equity[23] - The company reported a significant increase in accrued expenses to$12.44 million from $54,576, indicating potential growth in operational costs[23] - The company reported a non-cash operating expense of$3.00 million related to debt discounts from warrants, indicating ongoing financing activities[23]