Venu Holding Corp(VENU) - 2025 Q1 - Quarterly Results

Financial Performance - Total revenues for Q1 2025 were $3,499,159, a decrease of 11.2$3,939,743 in Q1 2024[15] - Net loss for Q1 2025 was $19,432,750, compared to a net loss of$15,816,019 in Q1 2024, representing a 23.5% increase in losses[17] - Operating costs increased significantly to $22,041,523 in Q1 2025, up from$16,906,528 in Q1 2024, marking a 30.5% rise[15] - Equity-based compensation for Q1 2025 was $11,340,620, compared to$9,565,554 in Q1 2024, reflecting an increase of 18.6%[17] - Cash used in operating activities for Q1 2025 was $9,036,985, significantly higher than$2,711,868 in Q1 2024[17] - Cash and cash equivalents at the end of Q1 2025 were $24,663,106, down from$38,806,976 at the end of Q1 2024, indicating a decrease of 36.4%[17] - The company reported a basic and diluted net loss per share of Class B common stock of $0.48 in Q1 2025, compared to$0.47 in Q1 2024[15] - Net cash provided by financing activities in Q1 2025 was $19,779,579, a decrease from$30,264,576 in Q1 2024[17] Assets and Liabilities - Total assets increased by $34,464,672, or 19$212,882,187 as of March 31, 2025, compared to $178,417,515 at December 31, 2024[5] - Property and equipment rose by 33$182,906,195 as of March 31, 2025, up from $137,215,936 at December 31, 2024[5] - The total liabilities increased to$73,550,166 as of March 31, 2025, compared to $47,600,277 at December 31, 2024[13] - Stockholders' equity totaled$139,332,021 as of March 31, 2025, up from $130,817,238 at December 31, 2024[13] - Total operating lease liabilities decreased by$92,350 in Q1 2025, compared to a decrease of $114,848 in Q1 2024[17] Sales and Investments - Luxe FireSuite and Aikman Club sales reached$38.7 million for the three months ended March 31, 2025, with $12.5 million generated from the Luxe FireSuites fractional ownership model since its launch[5] - The company invested$1,999,999 in EIGHT Brewing during Q1 2025 as part of its growth strategy[17] Strategic Initiatives - The company is under contract to acquire a strategic site in Centennial, Colorado, to develop a $40 million entertainment campus[7] - VENU expanded its partnership with the City of El Paso, committing a minimum investment of$100 million for the future Sunset Amphitheater projected to open in 2026[7] - A new structured financing model for Luxe FireSuites was introduced to enhance ownership opportunities and drive sales[7] - The company filed an Offering Statement under Regulation A to provide investment opportunities to institutional and retail investors[7] Management Changes - Vic Sutter, a Live Nation veteran, was appointed as Executive Vice President of Operations to enhance operational excellence and guest experiences[7]