# EDGAR Filing Document

**Accession Number:** 0001770501
**File Stem:** 0001493152-25-023784
**Filing Date:** 2025-11
**Character Count:** 35832
**Document Hash:** 53e1a936bfe02323ac896d86e764c574
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-023784.hdr.sgml**: 20251117

**ACCESSION NUMBER**: 0001493152-25-023784

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20251114

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251117

**DATE AS OF CHANGE**: 20251117

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Venu Holding Corp
- **CENTRAL INDEX KEY:** 0001770501
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-AMUSEMENT & RECREATION SERVICES [7900]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 820890721
- **STATE OF INCORPORATION:** CO
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42422
- **FILM NUMBER:** 251489511

**BUSINESS ADDRESS:**
- **STREET 1:** 1755 TELSTAR DR
- **STREET 2:** STE 501
- **CITY:** COLORADO SPRINGS
- **STATE:** CO
- **ZIP:** 80920
- **BUSINESS PHONE:** 719-895-5483

**MAIL ADDRESS:**
- **STREET 1:** 1755 TELSTAR DR
- **STREET 2:** STE 501
- **CITY:** COLORADO SPRINGS
- **STATE:** CO
- **ZIP:** 80920

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NOTES LIVE, INC.
- **DATE OF NAME CHANGE:** 20220523

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** B ENTERTAINMENT LLC
- **DATE OF NAME CHANGE:** 20210818

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Bourbon Brothers Entertainment, LLC
- **DATE OF NAME CHANGE:** 20190313

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934**

Date of report (Date of earliest event reported): November 14, 2025

**VENU HOLDING CORPORATION**

(Exact Name of Registrant as Specified in Its Charter)

---

| | | |
|:---|:---|:---|
| **Colorado** | **001-42422** | **82-0890721** |
| (State or Other Jurisdiction<br> of Incorporation) | (Commission<br> File Number) | (IRS Employer<br> Identification No.) |

---

---

| | |
|:---|:---|
| **1755 Telstar Drive, Suite 501**<br> **Colorado Springs, Colorado** | **80920** |
| (Address of Principal Executive Offices) | (Zip Code) |

---

Registrant's telephone number, including area code: (719) 895-5483

**Not Applicable**

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered |
| Common Stock, par value $.001 per share | VENU | NYSE AMERICAN |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 2.02 Results of Operations and Financial Condition.**

On November 14, 2025, Venu Holding Corporation (the "Company") issued a press release summarizing its third-quarter and nine-month financial and operating results and announcing a conference call to discuss those results. A copy of that press release is furnished with this report as Exhibit 99.1. Any materials accompanying the earnings call, together with a webcast replay, have been posted on the Company's website. The information furnished under this Item 2.02, including the referenced exhibit, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by reference to such filing.

**Item 9.01. Financial Statements and Exhibits.**

(d) Exhibits.

---

| | |
|:---|:---|
| Exhibit No. | Description |
| 99.1 | [Press Release dated November 14, 2025](ex99-1.htm) |
| 104 | Cover page Interactive Data File (embedded within the Inline XBRL document) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | VENU HOLDING CORPORATION | VENU HOLDING CORPORATION |
|  | (Registrant) | (Registrant) |
| Dated: November 17, 2025 | By: | */s/ J.W. Roth* |
|  |  | J.W. Roth |
|  |  | Chief Executive Officer and Chairman |

---

## Exhibit 99.1

**Exhibit 99.1**

![](ex99-1_001.jpg)

**Venu Holding Corporation Reports Third Quarter 2025 Financial Results**

 

*Total assets increased to $314.8 million, up 76% or $136.3 million, from year-end 2024*

**Colorado Springs, CO–November 14, 2025– (BUSINESS WIRE)** – Venu Holding Corporation ("VENU" or the "Company") (NYSE American: VENU), the visionary owner, operator and builder of upscale live music venues and premium hospitality destinations, announced today results for its third quarter and the nine-month period ended September 30, 2025.

"This quarter marks a defining moment for VENU," said J.W. Roth, Founder, Chairman, and Chief Executive Officer of VENU. "From day one, we said we would do things differently and that we would dream bigger, move faster, and build smarter. Now we're watching that vision take shape across every part of the business. Fans, investors, artists, creators, and peers across the industry have shown unwavering confidence in what we're building. We've welcomed globally recognized artists as shareholders and advisors, strengthened relationships with municipalities across the nation, and watched ownership in VENU grow beyond expectations. This quarter shows the strength of our model, and the market is ready for the new era we're ushering in.

"We expanded our national footprint by welcoming two globally recognized artists, Niall Horan and Dierks Bentley into our shareholder family and advisory council. We further elevated our presence on the global stage by presenting the inaugural 'Billboard Disruptor Award' in Los Angeles to Khalid, celebrating his vision, which like VENU's continues to push the industry forward.

"We also demonstrated the financial strength of our model through key real estate milestones. The independent appraisal of our Colorado Springs campus came in at $186 million <sup>(1)</sup>, a 46% increase over cost, reinforcing the underlying value of the platform we're building. In addition, we executed a sale-leaseback on our primary parking structure, generating over $6.2 million in development profit while maintaining full operational control. These achievements underscore the discipline and scalability of our growth strategy.

"Luxe FireSuite sales are stronger than ever. Since launching our triple-net structure earlier this year, momentum has surged with a $33.5 million year-over-year increase. The program continues to attract investors and music fans nationwide who see the value in our model.

"As we move toward our goal of 40 total locations by 2030, we are equally energized by our municipal pipeline, holding conversations with 48 municipalities across the country interested in making VENU part of their community.

"This was a defining quarter, one that showed VENU is agile, strong, and built for what comes next," Roth continued. "Our balance sheet is strong and largely unencumbered. We are building a legacy one venue, one artist, one partnership, and one fan at a time. The future is here. We are playing to win. And we are just getting started."

**Financial Highlights for the Third Quarter of 2025 and the Nine-Month Period Ended September 30, 2025**

● Total assets increased to $314.8 million, up $136.3 million or 76%, as of September 30, 2025, from $178.4 million at December 31, 2024.

● Property and equipment increased to $250.2 million, up $113.0 million or 82%, as of September 30, 2025, from $137.2 million at December 31, 2024.

● Luxe FireSuite and Aikman Club sales reached $91.1 million through September 30, 2025, up $33.5 million or 58%, from $57.6 million from September 30, 2024. This included sales of Luxe FireSuites through traditional cash sales, fractional financing, and triple-net lease interests in FireSuites.

● The Company generated **net** revenue (defined as **profit** after Venu's split with AEG Presents Rocky Mountains ("AEG"), the operator of the amphitheater), with receipts from the Company's naming rights agreements (which are outside of VENU's AEG partnership agreement), of $1,999,169 compared to $1,606,573 for the three months ended September 30, 2025 and 2024, representing an increase of $392,596 or approximately 24% year over year for the same period.

● The Company generated **net** revenue (defined as **profit** after Venu's split with AEG, the operator of the amphitheater), with receipts from the Company's naming rights agreements (which are outside of VENU's AEG partnership agreement), of $2,768,463 compared to $1,606,573 for the nine months ended September 30, 2025 and 2024, representing an increase of $1,161,890 or approximately 72% year over year for the same period.

**Recent Performance Highlights and Announcements.**

 

&nbsp;&nbsp;&nbsp;&nbsp;*1.* *November* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. VENU
 opened Sunset Hospitality Collection in Colorado Springs, the premium destination is anchored
 by Roth's Sea & Steak which features fine dining, luxury private event spaces,
 and Brohan's cocktail lounge. The new 58,700 sq. ft. complex overlooks the Pollstar-nominated
 Ford Amphitheater and operates year-round as the company's largest hospitality destination
 to date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The
 Company completed a $14 million sale-leaseback of its Colorado Springs parking property,
 generating $6.2 million in development profit. The agreement keeps the asset under VENU's
 operational control and includes a fixed price repurchase option within three years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Global
 superstar and multi-platinum artist Niall Horan joined VENU as a strategic partner, shareholder,
 and founding advisory council member, an endorsement that signals powerful validation of
 VENU's disruptive, fan-first vision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. J.W.
 Roth was named to Billboard's 2025 Touring Power Players List, recognizing his influence
 in shaping the future of live entertainment. The honor highlights Mr. Roth's leadership
 as he drives VENU's fan-centric vision and expanding footprint.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Billboard
 and VENU honored Khalid with the inaugural Billboard 'Disruptor Award' at the
 Live Music Summit in Los Angeles. The award, presented by VENU Founder J.W. Roth, recognizes
 trailblazing artists shaping the future of the music industry.

 

&nbsp;&nbsp;&nbsp;&nbsp;*2.* *October* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Primary
 Wave Music and VENU took its first steps toward a strategic partnership to bring legendary
 music catalogs and artist-inspired experiences to VENU's venues nationwide. With Primary
 Wave's catalog of 200+ iconic artists and hundreds of #1 hits, the collaboration unlocks
 a powerful pipeline of timeless, high-demand content that will shape VENU's premium
 entertainment experiences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. VENU
 announced the first results of its nationwide real estate appraisal, with its Colorado Springs
 campus valued at $186 million <sup>(1)</sup>, a 46% increase over cost.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Country
 superstar Dierks Bentley became a shareholder in VENU and a founding member of its advisory
 council, lending his artist perspective to the Company's growth model. Underscoring
 VENU's rising influence in live entertainment, and reflects Bentley's belief
 in its fan-first, artist-inspired model.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Terri
 Liebler, VENU's President of Growth and Strategy, was selected to join the exclusive
 Rolling Stone Culture Council, recognizing her leadership and innovation in entertainment
 and brand strategy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. VENU
 added industry veteran Tommy Ginoza to its live entertainment programming team, bringing
 nearly 30 years of expertise in concert promotion, talent buying, and marketing. His leadership
 and entrepreneurial background strengthen VENU's momentum as the company enters its
 next phase of growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. VENU
 launched its new "Artist 280" travel services, offering first-class private air
 and travel options for top touring artists through an FAA-certified charter partner.

 

&nbsp;&nbsp;&nbsp;&nbsp;*3.* *September* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. VENU
 announced it will host the official groundbreaking ceremony for the new 12,500-seat Sunset
 Amphitheater in El Paso, marking a major milestone in both the company's national expansion
 and the city's cultural growth. The venue, backed by a public-private partnership is
 expected to become a flagship entertainment destination for the region.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. J.W.
 Roth was named to the 2025 VenuesNow All-Stars list, recognizing his leadership, innovation,
 and impact in the venue industry. This marks his second time receiving the honor, underscoring
 his continued influence in shaping the future of live entertainment. Mr. Roth was also accepted
 into the Forbes Business Council, recognizing his leadership and impact in the live entertainment
 and consumer sectors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. A
 strategic partnership with Tixr and VENU was formed to power ticketing and unified commerce
 across four of its premium music halls nationwide. The collaboration gives fans a modern,
 customizable buying experience while supporting VENU's long-term growth and expanded
 venue network.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. VENU
 announced plans to launch a digital platform in the coming months, creating new memberships
 and rewards intended to extend its entertainment ecosystem far beyond its venues. The initiative
 is expected to redefine digital fan engagement as VENU scales to new locations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Miranda
 Lambert delivered a landmark benefit performance at VENU's Ford Amphitheater, drawing
 one of the venue's largest crowds to date. The concert raised funds for the Air Force
 Academy Athletic Corporation and the VENU Arts and Culture Foundation, creating a night of
 major community impact.

**Conference Call Details**

---

| | |
|:---|:---|
| Friday, November 14, 2025, at 4:30 p.m. Eastern Time | Friday, November 14, 2025, 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 ID: 9521412 |
| Conference Call Replay - available through November 14, 2026, at https://investors.venu.live | Conference Call Replay - available through November 14, 2026, at https://investors.venu.live |

---

*Source: Venu Holding Corporation*

**About Venu Holding Corporation**

<u>Venu Holding Corporation</u> ("VENU") (NYSE American: VENU) is a premier owner, developer, and operator of luxury, experience-driven entertainment destinations. Founded by Colorado Springs entrepreneur <u>J.W. Roth</u>, 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 <u>website</u>, <u>Instagram</u>, <u>LinkedIn</u>, or <u>X</u>.

**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.

**Contacts**

VENU Media and Investor Relations<br> Chloe Polhamus, cpolhamus@venu.live

**VENU HOLDING CORPORATION AND SUBSIDIARIES**

**UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS**

(in US Dollars)

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
|  | Unaudited | Audited |
| **ASSETS** |  |  |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $58181816 | $37969454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 188898 | 225283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 2378293 | 850951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 60749007 | 39045688 |
| Other assets |  |  |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 250191115 | 137215936 |
| &nbsp;&nbsp;&nbsp;Intangible assets, net | 161238 | 211276 |
| &nbsp;&nbsp;&nbsp;Operating lease right-of-use assets, net | 1082434 | 1351600 |
| &nbsp;&nbsp;&nbsp;Investment in EIGHT Brewing | 1999999 |  |
| &nbsp;&nbsp;&nbsp;Investment in related parties | 555262 | 550000 |
| &nbsp;&nbsp;&nbsp;Security and other deposits | 68265 | 43015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other assets | 254058313 | 139371827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**314807320** | $**178417515** |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $24035687 | $7283033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 1573016 | 3556819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued payroll and payroll taxes | 848172 | 262387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 2016391 | 1528159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current portion of convertible debt |  | 9433313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current portion of operating lease liabilities | 344992 | 364244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current portion licensing liability | 223333 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current portion NNN firesuite liability | 656700 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current portion of long-term debt | 352367 | 2101501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 30050658 | 24529456 |
| Long-term portion of operating lease liabilities | 768894 | 1020604 |
| Long-term licensing liability and other liabilities | 8826856 | 7950000 |
| Long-term convertible debt | 1865115 |  |
| Long-term NNN firesuite liability | 10150217 |  |
| Long-term debt, net of current portion | 56694690 | 14100217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | $**108356430** | $**47600277** |
| Commitments and contingencies - See Note 14 |  |  |
| Mezzanine Equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contingently Redeemable Convertible Cumulative Series B Preferred Stock, $0.001 par-675 authorized, 675 issued and outstanding at September 30, 2025 | $10125000 | $- |
| Stockholders' Equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $0.001 par - 5,000,000 authorized, none issued or outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.001 par - 144,000,000 authorized, 43,248,732 issued and outstanding at September 30, 2025 and 37,471,465 issued and outstanding at December 31, 2024 | 43249 | 37472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class B common stock, $0.001 par - 1,000,000 authorized, 379,990 issued and outstanding at September 30, 2025 and December 31, 2024 | 379 | 379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 205812053 | 144546368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (83203658) | (47361208) |
|  | $122652023 | $97223011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury Stock, at cost - 276,245 shares at September 30, 2025 and December 31, 2024 | (1500076) | (1500076) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Venu Holding Corporation and subsidiaries equity | $121151947 | $95722935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interest | 75173943 | 35094303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total stockholders' equity** | $**196325890** | $**130817238** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and stockholders' equity** | $**314807320** | $**178417515** |

---

**VENU HOLDING CORPORATION AND SUBSIDIARIES**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

(in US Dollars)

Unaudited

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended** | **For the three months ended** | **For the nine months ended** | **For the nine months ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Restaurant including food and beverage revenue, net | $2269005 | $2740411 | $6859098 | $8144605 |
| &nbsp;&nbsp;&nbsp;Event center ticket and fees revenue, net | 2764796 | 2002572 | 5019548 | 4663228 |
| &nbsp;&nbsp;&nbsp;Rental and sponsorship revenue, net | 350953 | 708992 | 1492573 | 759123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenues, net** | $**5384754** | $**5451975** | $**13371219** | $**13566956** |
| **Operating costs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Food and beverage | 546672 | 653178 | 1658058 | 1901590 |
| &nbsp;&nbsp;&nbsp;Event center | 924061 | 435841 | 2577623 | 1727311 |
| &nbsp;&nbsp;&nbsp;Labor | 1157747 | 1152909 | 3275576 | 3358871 |
| &nbsp;&nbsp;&nbsp;Rent | 399704 | 333192 | 1174038 | 975756 |
| &nbsp;&nbsp;&nbsp;General and administrative | 9815684 | 4777577 | 25019942 | 20351859 |
| &nbsp;&nbsp;&nbsp;Equity compensation | 1181841 | 671819 | 14406223 | 3927325 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 1330893 | 1103720 | 4080668 | 2319513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total operating costs** | $**15356602** | $**9128236** | $**52192128** | $**34562225** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Loss from operations** | $**(9971848)** | $**(3676261)** | $**(38820909)** | $**(20995269)** |
| **Other income (expense), net** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest income (expense) | 338935 | (886211) | (2567947) | (2214887) |
| &nbsp;&nbsp;&nbsp;Other expense | (156362) |  | (202087) | (2500000) |
| &nbsp;&nbsp;&nbsp;Other income | 497082 | 35000 | 562406 | 97500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income (expense), net | 679655 | (851211) | (2207628) | (4617387) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss | $**(9292193)** | $**(4527472)** | $**(41028537)** | $**(25612656)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to non-controlling interests | (2930706) | (595251) | (5186085) | (1560398) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to Venu | (6361487) | (3932221) | (35842452) | (24052258) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock dividend | 103500 | - | 120375 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to common stockholders | $**(6464987)** | $**(3932221)** | $**(35962827)** | $**(24052258)** |
| Weighted average number of shares of Class B common stock, outstanding, basic and diluted | **379990** | **383656** | **379990** | **839116** |
| Basic and diluted net loss per share of Class B common stock | $**(0.15)** | $**(0.13)** | $**(0.91)** | $**(0.58)** |
| Weighted average number of shares of Class C common stock, outstanding, basic and diluted | **-** | **20997** | **-** | **9027155** |
| Basic and diluted net loss per share of Class C common stock | $**-** | $**(0.13)** | $**-** | $**(0.58)** |
| Weighted average number of shares of Class D common stock, outstanding, basic and diluted | **-** | **25879401** | **-** | **21805264** |
| Basic and diluted net loss per share of Class D common stock | $**-** | $**(0.13)** | $**-** | $**(0.58)** |
| Weighted average number of shares of Common stock, outstanding, basic and diluted | **41355312** | **3282150** | **38957034** | **9775099** |
| Basic and diluted net loss per share of Common stock | $**(0.15)** | $**(0.13)** | $**(0.91)** | $**(0.58)** |

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**VENU HOLDING CORPORATION AND SUBSIDIARIES**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

(in US Dollars)

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| | | |
|:---|:---|:---|
|  | For the nine months ended September 30, | For the nine months ended September 30, |
|  | 2025 | 2024 |
| Net loss | $(41028537) | $(25612656) |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash (used in) provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of 13141 BP | (288668) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity issued for interest on debt | 291680 | 448150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity based compensation | 14377550 | 3927325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity issued for services | 277900 | 7000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt discount | 2092367 | 1985568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non cash lease expense | 276967 | 268635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 4080668 | 2319513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncash financing expense |  | 2500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project abandonment loss |  | 579981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non cash interest and debt discount | (294523) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 36385 | (41125) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | (1527342) | (2332721) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security and other deposits | (25250) | 325026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 16752654 | 3233914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | (2104178) | 12439542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued payroll and payroll taxes | 585785 | (14530) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 488232 | 1445026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (278763) | (235641) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Licensing liability | 1100189 | 5100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash (used in) provided by operating activities** | (5186884) | 13336007 |
| **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase of property and equipment | (76428062) | (61615767) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment in EIGHT Brewing | (1999999) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment in related party | (5262) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of 13141 BP | 2627990 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash acquired in acquisition of 13141 BP | - | 74085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in investing activities** | (75805333) | (61541682) |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Receipt of convertible promissory note | 18000000 |  |
| &nbsp;&nbsp;&nbsp;Proceeds from NNN firesuite liability | 10757500 |  |
| &nbsp;&nbsp;&nbsp;Proceeds from municipality promissory note |  | 6200000 |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of Contingently Redeemable Convertible Cumulative Series B Preferred Stock | 10125000 |  |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of shares | 32949101 | 30426503 |
| &nbsp;&nbsp;&nbsp;Proceeds from exercise of warrants | 345100 | 52 |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of non-controlling interest equity | 33730750 | 29900282 |
| &nbsp;&nbsp;&nbsp;Acquisition of Treasury Stock |  | (1500000) |
| &nbsp;&nbsp;&nbsp;Principal payments on long-term debt | (245966) | (232327) |
| &nbsp;&nbsp;&nbsp;Payment of promissory note | (2000000) |  |
| &nbsp;&nbsp;&nbsp;Payment for personal guarantee on convertible debt |  | (100000) |
| &nbsp;&nbsp;&nbsp;Distributions to non-controlling shareholders | (2456906) | (893082) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by financing activities** | 101204579 | 63801428 |
| **Net increase in cash and cash equivalents** | 20212362 | 15595753 |
| **Cash and cash equivalents, beginning** | 37969454 | 20201104 |
| **Cash and cash equivalents, ending** | $58181816 | $35796857 |
| **Supplemental disclosure of non-cash operating, investing and financing activities:** |  |  |
| Cash paid for interest | $390690 | $296593 |
| Property acquired via promissory note | $37000000 | $- |
| Conversion of convertible debt and interest to common equity | $25928296 | $- |
| Debt discounts - warrants | $1486329 | $3000140 |
| Accrued preferred stock dividends | $120375 | $- |
| Property acquired via convertible debt | $- | $10000000 |
| Land returned in exchange for termination of promissory note payable | $- | $3267000 |
| Right of Use Assets obtained in exchange for operating lease liabilities | $- | $471476 |
| Debt discount - suite granted to lender | $- | $200000 |
| Equity issued for origination fee | $- | $100000 |

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