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VH

Venu Holding Corp (VENU)·Q2 2025 Earnings Summary

Executive Summary

  • Q2 2025 revenue rose 7% year over year to $4.49M, driven by Ford Amphitheater’s first full-season operations, but profitability remained pressured with a net loss to common stockholders of $11.40M and loss from operations of $10.31M .
  • Results missed S&P Global consensus: revenue $4.49M vs $5.84M*, EPS -$0.30 vs -$0.18*, and EBITDA -$8.93M vs -$3.71M*, reflecting higher operating costs and continued development-phase investment; amphitheater net revenue to VENU totaled $0.60M for the quarter .
  • Management emphasized expansion and financing: engaged Texas Capital Securities for approximately $200M in private debt financing and launched triple-net (NNN) FireSuite leases projected to deliver >$100M in annual capital .
  • Operational momentum: 10 Ford shows generated $4.7M in gross receipts and >35,000 attendees at a $135 average ticket; Luxe FireSuite/Aikman Club sales reached $61.3M YTD through June 30 (+34% YoY) .
  • Path to profitability unchanged: management reiterated expectation for a development profit in 2025 from sale-leaseback and operational profitability in 2026 as more venues open .

What Went Well and What Went Wrong

What Went Well

  • Amphitheater ramp: Ford Amphitheater’s first 10 shows generated $4.7M gross receipts with >35,000 attendees at a $135 average ticket, supporting top-line growth .
  • FireSuite demand: Luxe FireSuite and Aikman Club sales reached $61.3M YTD through June (+34% YoY), aided by financing options and NNN lease program launch .
  • Capital access and partnerships: Texas Capital Securities engagement (~$200M private debt) and Aramark multi-venue partnership to enhance F&B/retail operations; alliance with Billboard drives brand positioning .

What Went Wrong

  • Estimates miss: Revenue, EPS, and EBITDA all missed consensus (revenue $4.49M vs $5.84M*, EPS -$0.30 vs -$0.18*, EBITDA -$8.93M vs -$3.71M*) amid elevated operating costs and development spend .
  • Cost pressure: General & administrative expenses surged to $8.46M in Q2 vs $0.33M in Q2 2024; depreciation rose to $1.37M vs $0.61M YoY, compressing margins .
  • Profitability timing unchanged: Continued net losses (to common stockholders -$11.40M) reflect the build-out phase; operational profitability remains targeted for 2026, requiring execution and financing discipline .

Financial Results

Quarterly Comparison vs Prior Year and Prior Quarter

MetricQ2 2024Q1 2025Q2 2025
Revenue ($USD)$4,175,238 $3,499,159 $4,487,307
Net Loss to Common ($USD)$(4,521,099) $(18,063,730) $(11,400,358)
EPS (per share)$(0.13) (Class B) $(0.48) (Common) $(0.30) (Common)
EBITDA ($USD)$(3,742,894)*$(17,167,000)*$(8,932,288)*
Gross Margin %30.44%*26.12%*31.54%*

Values marked with * are retrieved from S&P Global.

Margins and Operating Metrics Detail (Selected)

MetricQ2 2024Q2 2025
Loss from Operations ($USD)$(4,352,223) $(10,306,700)
General & Administrative ($USD)$325,473 $8,463,946
Equity Compensation ($USD)$4,688,372 $1,883,762
Depreciation & Amortization ($USD)$609,329 $1,374,412
Interest Expense ($USD)$(1,150,221) $(2,008,284)

Segment/Category Revenue Breakdown

Revenue CategoryQ2 2024Q1 2025Q2 2025
Restaurant (net)$2,824,092 $2,044,916 $2,545,178
Event Center (net)$1,335,761 $980,439 $1,274,312
Rental & Sponsorship (net)$15,385 $473,804 $667,817

KPIs

KPIQ2 2025
Amphitheater net revenue to VENU ($USD)$597,712
Ford Amphitheater gross receipts ($USD)$4,700,000
Ford attendees / avg ticket>35,000 / $135
Luxe FireSuite & Aikman Club sales YTD ($USD)$61,300,000
Total Assets ($USD)$242,045,523
Property & Equipment, net ($USD)$199,201,653
Cash & Cash Equivalents ($USD)$37,431,978

Estimates vs Actuals (S&P Global)

MetricQ2 2025 ConsensusQ2 2025 ActualBeat/Miss
Revenue ($USD)$5,835,000*$4,487,307 Miss
EPS (Primary)-$0.18*-$0.30 Miss
EBITDA ($USD)-$3,710,000*-$8,932,288*Miss

Values marked with * are retrieved from S&P Global.

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Development profit (sale-leaseback Ford)FY 2025Indicated for 2025 Reiterated for 2025 Maintained
Operational profitabilityFY 20262026 target 2026 target Maintained
FireSuite sales goalFY 2025$200M goal $200M goal Maintained
Private debt financingMulti-yearN/AEngaged Texas Capital Securities to arrange ≈$200M New/Expanded
NNN triple-net program capitalAnnualN/AProjected >$100M annual capital New

No formal numerical guidance on revenue, margins, OpEx, OI&E, or tax rate was issued in Q2.

Earnings Call Themes & Trends

TopicPrevious Mentions (Q4 2024 and Q1 2025)Current Period (Q2 2025)Trend
Path to profitabilityDevelopment profit in 2025; operational profitability in 2026 Reiterated timing; expansion continues Stable, execution-focused
Financing / fractional ownershipLaunch of financing; strong FireSuite momentum $61.3M YTD sales; Texas Capital ~ $200M; NNN program scaling Expanding
Multi-season amphitheater modelDetailed design/benefits to content and margins First full season at Ford; groundwork for McKinney/Broken Arrow Scaling
Partnerships (AEG, Aramark, Billboard)AEG operating Ford; brand/sponsorship traction Aramark multi-venue partnership; Billboard alliance Broader ecosystem
Expansion pipelineAggressive municipal P3 pipeline 38 municipalities in conversations; groundbreaking at McKinney Accelerating
Dwell time / premium experienceFocus on clubs/food/beverage to extend dwell Reinforced via Aramark partnership and hospitality upgrades Enhancing

Note: Q2 2025 call replay posted at investors site with transcript coverage on external outlets .

Management Commentary

  • “This quarter was about execution and acceleration… Our pipeline is roaring… We’re well on our way to opening three new outdoor amphitheaters in 2026 and one new indoor entertainment campus, with potentially four more in 2027.” — J.W. Roth (CEO) .
  • “We’ve engaged Texas Capital Securities on private debt financing options intended to accelerate amphitheater construction, with expected total commitments of approximately $200 million.” — J.W. Roth (CEO) .
  • “Our triple-net real estate lease program… has exceeded our expectations… projected to deliver more than $100 million in additional annual capital.” — J.W. Roth (CEO) .
  • Prior quarters reinforced the profitability path: development profit in 2025 (sale-leaseback) and operational profitability in 2026 as venues come online .

Q&A Highlights

  • Financing and fractional ownership: Management discussed banks financing fractional ownership similar to condos, broadening buyer base and increasing demand; expansion into triple-net investor pool highlighted .
  • Multi-season configuration: Detailed how flexible capacity and climate-controlled modules expand content windows and profitability across cap tiers .
  • Sponsorship/brand interest: Brands see value in premium experiences; Connect Partnership Group engaged to enhance sponsorship pipeline .
  • Expansion cadence: With municipal partnerships and Ryan, Company targets adding multiple developments per quarter, emphasizing economic impact and demographics .

Estimates Context

  • Q2 2025 missed across revenue, EPS, and EBITDA versus S&P Global consensus (revenue $4.49M vs $5.84M*, EPS -$0.30 vs -$0.18*, EBITDA -$8.93M vs -$3.71M*), driven by higher G&A and D&A and ongoing development-phase investment .
  • Models likely need higher OpEx/D&A run-rate assumptions and a more conservative near-term margin trajectory until additional venues open and hospitality upgrades/NNN capital scaling translate into operating leverage.
    Values marked with * are retrieved from S&P Global.

Key Takeaways for Investors

  • Near-term execution risk: Continued losses and an estimates miss reflect elevated operating costs while the asset base scales; watch G&A and D&A run-rate .
  • Growth levers: FireSuite demand (+34% YTD) and NNN program (> $100M projected annual capital) support funding velocity and balance-sheet expansion .
  • Financing ramp: Engagement for ≈$200M private debt is a key catalyst to accelerate Texas/Oklahoma builds; monitor timing and terms .
  • Operating traction: Ford’s full season metrics (gross receipts, attendees, pricing) validate demand and pricing power; expansion to McKinney/Broken Arrow should enhance scale .
  • Profitability roadmap intact: Development profit targeted in 2025; operational profitability in 2026 contingent on venue openings and multi-season utilization .
  • Estimate resetting: Street likely reduces near-term EBITDA/EPS and raises OpEx/D&A until operating venues scale; upside if cost discipline and partnership efficiencies materialize .
  • Trade setup: Stock reaction will hinge on financing execution and visible construction milestones; catalysts include additional P3 agreements, NNN capital inflows, and venue opening timelines .

Additional Source Documents

  • Q2 2025 Earnings Press Release and 8-K: financial statements and operational highlights .
  • Q1 2025 Earnings 8-K and Call Transcript: financials and strategic commentary .
  • 2024 Annual Results 8-K and Q4 2024 Call Transcript: baseline metrics and expansion roadmap .
  • Q2 2025 call details and press coverage: investor event page and transcript references .

Values marked with * are retrieved from S&P Global.