Venu Holding Corporation operates as an enterprise within the entertainment and hospitality sectors. The company specializes in the conceptualization, development, ownership, and ...
Venu Holding Corporation, trading as VENU on the NYSE American, is a vertically integrated hospitality and entertainment enterprise that specializes in the conceptualization, development, ownership, and management of premium live entertainment destinations. The company operates a portfolio of brands, including indoor music venues under 'Bourbon Brothers Presents,' outdoor amphitheaters such ...Venu Holding Corporation, trading as VENU on the NYSE American, is a vertically integrated hospitality and entertainment enterprise that specializes in the conceptualization, development, ownership, and management of premium live entertainment destinations. The company operates a portfolio of brands, including indoor music venues under 'Bourbon Brothers Presents,' outdoor amphitheaters such as 'The Sunset Amphitheater,' and restaurants like 'Bourbon Brothers Smokehouse & Tavern,' 'Notes Eatery,' 'Roth's Seafood & Chophouse,' and 'Notes Hospitality Collection.' Additionally, it manages bars under the 'Brohan's' brand and offers event hosting and venue rentals. Founded by Colorado Springs entrepreneur J.W. Roth in 2017 (as Notes Live), the company came public in November 2024. With a focus on fan-owned, artist-inspired experiences, VENU aims to build a network of 8,000-20,000 seat amphitheaters across the U.S. The company has faced financial challenges, with negative profitability metrics and high capital expenditures, but strong revenue per share of $0.498 and a market cap of approximately $122 million. Key partners include Aramark for venue services. As of the latest data, VENU employs 94 full-time staff, though its LinkedIn page reports 201-500 employees. The company is strategically expanding its footprint, with venues in Colorado Springs and other locations.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$17.9M
+0.4%
+22.9%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$-44.1M
-45.3%
-30.0%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+30.4%
-23.8%
+123.0%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
-296.3%
-93.0%
-8.6%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
-246.4%
-44.8%
-5.8%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$-134.0M
-95.0%
+8.7%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
-748.8%
-94.3%
+25.7%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
80.9%
+186.5%
+76.4%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
0.77x
-51.4%
-72.8%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: This morning, Venu Holding Corporation issued a press release summarizing the company's 2026 first quarter performance. Following the filing of its quarterly report on Form 10-Q for the period ending March 31, 2026. All participants on today's call are in listen-only mode. Following our prepared remarks, we will open the line for a Q&A session. At this time, I would like to turn the call over to Heather Atkinson, Chief Financial Officer of Venu Holding Corporation. Heather, please go ahead.
Heather Atkinson: Thank you, and good morning, everyone. Welcome to Venu Holding Corporation's first quarter fiscal 2026 earnings call and business update. On the call today, we have our Founder, Chairman, and CEO, J.W. Roth, President Will Hodgson, Chief Operating Officer Vic Sutter, and President of Growth & Strategy, Terri Liebler. Following the safe harbor statement, J.W. will open with highlights from across the business. Will, Vic, and Terri will each provide updates from their areas. I will then walk through our financial results. After that, we will open the line for questions. Before we begin, I want to remind everyone that various remarks about future expectations, plans, and prospects constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Venu cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated, including risks described in the company's report on Form 10-Q for the quarter ended March 31, 2026, and our other SEC filings, all of which can be reviewed at venu.live or sec.gov. Any forward-looking statements made on this call speak only as of today, May 15, 2026. Venu does not intend to update any forward-looking statements except as required by federal securities laws. With that, I would like to turn the call over to our Founder, Chairman, and CEO, J.W. Roth.
J.W. Roth: Thank you, Heather, and thanks a million to everybody that's joining us today. We had a busy start to fiscal year 2026 as we continued to execute on our strategy to bring a new asset class to live entertainment. Our venues are designed as multi-seasonal, multi-configurational spaces with unparalleled omni-content capabilities, intentionally built to maximize utilization and deliver the elevated immersive experience today's concertgoer expects. As I've mentioned before, the average amphitheater in the U.S. is approximately 40 years old and falls well short of modern premium standards. Beyond filling this market gap, we've developed a capital-efficient model for financing venue construction. We build these premium live entertainment venues through three avenues: public-private partnerships with municipalities, pre-sale of fractional ownerships in the venues, and the sale leaseback transactions. Roughly 40% of the project construction comes from municipalities in the form of real estate, …
