# EDGAR Filing Document

**Accession Number:** 0001770501
**File Stem:** 0001493152-26-023375
**Filing Date:** 2026-5
**Character Count:** 28359
**Document Hash:** 6763248dc5eef896b77d4a6707d72e38
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-26-023375.hdr.sgml**: 20260515

**ACCESSION NUMBER**: 0001493152-26-023375

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20260515

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260515

**DATE AS OF CHANGE**: 20260515

**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:** 26982572

**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): May 15, 2026

**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 May 15, 2026, Venu Holding Corporation issued a press release summarizing its first-quarter 2026 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. 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, as amended (the "Exchange Act"), nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, 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 May 15, 2026](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 <br> (Registrant)

---

| | | |
|:---|:---|:---|
| Dated: May 15, 2026 | 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 First Quarter**

**Fiscal 2026 Financial Results**

*Total Assets Increased to $461.3 Million, Up 25% from Year-End 2025*

 

**COLORADO SPRINGS, CO – May 15, 2026** - (BUSINESS WIRE) – Venu Holding Corporation ("VENU" or the "Company") (NYSE American: VENU), owner, operator, and developer of premium live entertainment destinations, today announced results for its fiscal first quarter ended March 31, 2026

"We had a busy start to fiscal 2026, with significant progress executing on our strategy to bring a new asset class to live entertainment," said J.W. Roth, Founder, Chairman, and Chief Executive Officer of VENU. "Conversations with municipalities continue to gain momentum, with more than 45 municipalities currently in active discussion about bringing a VENU concept into their city limits. And subsequent to quarter end we announced a new planned development at the Bend in Chattanooga, Tennessee, which we believe represents a tremendous opportunity for the VENU brand.

As we look back on the fiscal first quarter, we are proud of the progress we have made. Our total assets increased to $461.3 million, up 25% from year-end, as we continue to get closer to completing our new state-of-the-art immersive venues. On the sponsorship front, we announced a new multi-year partnership with PepsiCo as our official beverage partner across our portfolio of Sunset Amphitheater venues, as well as an expanded partnership with Aramark Sports and Entertainment.

On the capital front we closed an $86.25 million equity capital raise in one of the most volatile market stretches in recent history. We also launched several new product offerings for our Luxe FireSuites, to meet demand at all levels and support continued development of our venues.

Looking ahead, our model is working. The conviction has never been stronger. And the plan is being executed at every level. We are excited for what is next."

**Financial Highlights for the First Quarter Fiscal 2026 Ended March 31, 2026**

● Total assets increased to $461.3 million as of March 31, 2026,
up $90.8 million or 25% from $370.5 million at December 31, 2025.

○ It is worth noting that our municipality contributed real estate sit at zero cost basis on our balance sheet rather than mark to market value as they are contributed assets. An as-completed basis appraisal of $1.24 billion reflects a more complete picture of what this portfolio will be worth once completed<sup>(1).</sup>

● Property and equipment increased to $381.6 million as of March
31, 2026, up $75.7 million or 25% from $305.9 million at December 31, 2025.

● The Company completed a capital raise of its common stock together
with warrants during the three months ended March 31, 2026, which resulted in gross proceeds of $86.25 million, which generated net proceeds
to the Company of $80.1 million.

● Luxe FireSuite and Aikman Club sales reached more than $260
million in sales since launching the program. Demand for the product, and for our newly launched NNN model prompted the recent launch
of a $300+ million NNN portfolio available to both venue patrons and real estate investors across the nation, with Troy Aikman as the
Company's spokesperson. Luxe FireSuite sales through the Company's NNN model accounted for approximately 47% of total Luxe
FireSuite sales for the quarter ended March 31, 2026.

● Total revenue was $3.9 million for the three months ended March
31, 2026, compared to $3.5 million for the three months ended March 31, 2025, an increase of 11%.

**Operational and Strategic Highlights for the First Quarter Fiscal 2026:**

*Venue Development* 

 

● The 134,000 square foot canopy roof at Sunset Amphitheater
Broken Arrow, OK reached full installation in February 2026, a significant construction milestone for the 12,500-capacity venue as it
advances toward its targeted fall 2026 opening.

● Construction continues as planned at Sunset Amphitheater McKinney,
TX, where the team recently broke ground on the canopy roof structure of the 20,000-seat venue, which remains on track to open in Q1
2027. ● Took ownership of a property in Centennial, Colorado in February
2026, where VENU plans to develop a premium indoor concert hall and restaurant. The project will introduce VENU's first ever indoor
Luxe FireSuite model to the portfolio.

*Team & Leadership* 

 

● Strengthened the executive team with the addition of Sarah
Rothschild, as Senior Vice President of Strategic Finance and Investor Relations, bringing experience from two of the most iconic names
in premium live entertainment, MSG Entertainment and Sphere.

*Market Recognition & Brand*

 

● Presented the Billboard Disruptor Award at Billboard's
Power 100 to PlaqueBoy Max, one of the most influential creator voices in music today, continuing VENU's role at the center of
the live entertainment conversation.

● Aramark Sports + Entertainment deepened its commitment to VENU
in early 2026, expanding its partnership to cover five premium venues and making an additional equity investment, reinforcing its long-term
alignment with the Company's growth trajectory.

● J.W. Roth represented VENU on NYSE TV and Schwab Network, sharing
the Company's $6 billion growth vision and the investor's conviction driving its $86.25 million capital raise.

*Subsequent Events: April 1, 2026, through May 15, 2026*

 

● Launched a landmark nationwide Luxe FireSuite campaign across
several national broadcast networks, and major digital and social platforms, opening $300+ million in triple net real estate inventory
to investors across the country, with longtime VENU shareholder, FireSuite owner, and partner Troy Aikman serving as national spokesperson.

● Announced active discussions with several Northern Colorado
municipalities for a potential $350 million multi-seasonal, omni-content entertainment destination with a capacity of 12,500, designed
to set a new standard for live entertainment in the American West.

● Launched the FireSuite Income Offering, a fractional ownership
offering delivering an 11% preferred annual return backed by real estate assets, with a minimum investment of $20,000, bringing Luxe
FireSuite ownership to a broader range of accredited investors nationwide.

● Announced planned expansion into Tennessee with a projected
$300 million landmark amphitheater at the Bend in Chattanooga, developed in partnership with Urban Story Ventures, featuring approximately
12,500 seats and a canopied multi seasonal design that will make it one of the largest live entertainment venues in the state.

**<u>Conference Call Details</u>**

---

| | |
|:---|:---|
| Friday, May 15, 2026, at 11:00 a.m. Eastern Time | Friday, May 15, 2026, at 11:00 a.m. Eastern Time |
| North America Toll Free Dial-In Number | +1 833-461-5787 |
| International Toll Dial-In Number | +1 585-542-9983 |
| Conference ID | 966483815 |
| Webcast Link | https://events.q4inc.com/attendee/966483815 |
| Conference Call Replay | https://investors.venu.live |

---

*Source: Venu Holding Corporation*

 

**About Venu Holding Corporation**

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

**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**

Investor Relations<br> Sarah Rothschild, srothschild@venu.live

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

**VENU HOLDING CORPORATION AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

(in US Dollars)

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **March 31,**<br>**2026** | **December 31,**<br>**2025** |
|  | *Unaudited* | *Audited* |
| **ASSETS** |  |  |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $56601278 | $41306358 |
| &nbsp;&nbsp;&nbsp;Inventories | 512228 | 474467 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 2624672 | 2546523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 59738178 | 44327348 |
| Other assets |  |  |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 381609228 | 305947277 |
| &nbsp;&nbsp;&nbsp;Intangible assets, net | 127878 | 144558 |
| &nbsp;&nbsp;&nbsp;Operating lease right-of-use assets, net | 17164052 | 17397009 |
| &nbsp;&nbsp;&nbsp;Investment in EIGHT Brewing | 1999999 | 1999999 |
| &nbsp;&nbsp;&nbsp;Investment in related parties | 555262 | 555262 |
| &nbsp;&nbsp;&nbsp;Security and other deposits | 153358 | 183582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other assets | 401609777 | 326227687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**461347955** | $**370555035** |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $43415266 | $25129485 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 10141490 | 27847751 |
| &nbsp;&nbsp;&nbsp;Accrued payroll and payroll taxes | 475467 | 577360 |
| &nbsp;&nbsp;&nbsp;Deferred revenue | 1906770 | 1542564 |
| &nbsp;&nbsp;&nbsp;Current portion of operating lease liabilities | 591976 | 605261 |
| &nbsp;&nbsp;&nbsp;Current portion licensing liability | 223333 | 223333 |
| &nbsp;&nbsp;&nbsp;Current portion NNN firesuite liability | 1198400 | 1026300 |
| &nbsp;&nbsp;&nbsp;Current portion of long-term debt | 8168147 | 400108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 66120849 | 57352162 |
| Long-term portion of operating lease liabilities | 16737525 | 16886027 |
| Long-term licensing liability and other liabilities | 9493702 | 8951600 |
| Long-term convertible debt | 1917629 | 1907530 |
| Long-term NNN firesuite liability | 35607861 | 30038214 |
| Long-term debt, net of current portion | 56450476 | 56568151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | $**186328042** | $**171703684** |
| Commitments and contingencies - See Note 16 |  |  |
| Mezzanine Equity |  |  |
| &nbsp;&nbsp;&nbsp;Contingently Redeemable Convertible Cumulative Series B Preferred Stock, $0.001 par - 1,342 authorized, 1,008 issued and outstanding at March 31, 2026 and 675 issued and outstanding at December 31, 2025 | $15120000 | $10125000 |
| Stockholders' Equity |  |  |
| &nbsp;&nbsp;&nbsp;Common stock, $0.001 par - 144,000,000 authorized, 57,937,346 issued and 57,261,156 outstanding at March 31, 2026 and 43,536,954 issued and 42,860,764 outstanding at December 31, 2025 | 58037 | 42961 |
| &nbsp;&nbsp;&nbsp;Class B common stock, $0.001 par - 1,000,000 authorized, 381,235 issued and 304,990 outstanding at March 31, 2026 and December 31, 2025 | 380 | 304 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 273159150 | 201188680 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (105211275) | (91454930) |
|  | $168006292 | $109777015 |
| &nbsp;&nbsp;&nbsp;Treasury Stock, at cost - 752,435 shares at March 31, 2026 and December 31, 2025 | (7900352) | (7899600) |
| &nbsp;&nbsp;&nbsp;Total Venu Holding Corporation and subsidiaries equity | $160105940 | $101877415 |
| &nbsp;&nbsp;&nbsp;Non-controlling interest | 99793973 | 86848936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total stockholders' equity** | $**259899913** | $**188726351** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and stockholders' equity** | $**461347955** | $**370555035** |

---

**VENU HOLDING CORPORATION AND SUBSIDIARIES**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

(in US Dollars)

---

| | | |
|:---|:---|:---|
|  | **For the three months ended** | **For the three months ended** |
|  | **March 31,** | **March 31,** |
|  | **2026** | **2025** |
| **Revenues** |  |  |
| &nbsp;&nbsp;&nbsp;Restaurant including food and beverage revenue, net | $2424386 | $2044916 |
| &nbsp;&nbsp;&nbsp;Event center ticket and fees revenue, net | 854811 | 980439 |
| &nbsp;&nbsp;&nbsp;Rental and sponsorship revenue, net | 621406 | 473804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenues, net** | $**3900603** | $**3499159** |
| **Operating costs** |  |  |
| &nbsp;&nbsp;&nbsp;Food and beverage | 643691 | 497840 |
| &nbsp;&nbsp;&nbsp;Event center | 717715 | 724064 |
| &nbsp;&nbsp;&nbsp;Labor | 1518745 | 998947 |
| &nbsp;&nbsp;&nbsp;Rent | 481712 | 364377 |
| &nbsp;&nbsp;&nbsp;General and administrative | 7693271 | 6740311 |
| &nbsp;&nbsp;&nbsp;Equity compensation | 1955932 | 11340620 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 2375792 | 1375364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total operating costs** | $**15386858** | $**22041523** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Loss from operations** | $**(11486255)** | $**(18542364)** |
| **Other income (expense), net** |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense, net | (2978733) | (922886) |
| &nbsp;&nbsp;&nbsp;Other income | 20795 | 32500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other expense, net | (2957938) | (890386) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss | $**(14444193)** | $**(19432750)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to non-controlling interests | (687848) | (1369020) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to Venu | (13756345) | (18063730) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock dividend | (147870) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to common stockholders | $**(13904215)** | $**(18063730)** |
| Weighted average number of shares of Class B common stock, outstanding, basic and diluted | **304990** | **379990** |
| Basic and diluted net loss per share of Class B common stock | $**(0.29)** | $**(0.48)** |
| Weighted average number of shares of Common stock, outstanding, basic and diluted | **47074491** | **37488778** |
| Basic and diluted net loss per share of Common stock | $**(0.29)** | $**(0.48)** |

---

**VENU HOLDING CORPORATION AND SUBSIDIARIES**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

(in US Dollars)

---

| | | |
|:---|:---|:---|
|  | **For the three months ended March 31,** | **For the three months ended March 31,** |
|  | **2026** | **2025** |
| Net loss | $(14444193) | $(19432750) |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on sale of property and equipment | 55957 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity issued for interest on debt |  | 218760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity compensation | 1560099 | 11240620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity issued for services | 312500 | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncash interest and debt discount | 400314 | 641609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncash lease expense | 428271 | 92107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 2375792 | 1375364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (37761) | 24256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | (78149) | (66616) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security and other deposits | 30224 | (141756) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 18285781 | (1491784) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | (17854131) | (2855792) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued payroll and payroll taxes | (101893) | 24900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 364206 | 476447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (357101) | (92350) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Licensing liability | 542102 | 850000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in operating activities** | (8517982) | (9036985) |
| **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase of property and equipment | (65861545) | (22048943) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment in EIGHT Brewing | - | (1999999) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in investing activities** | (65861545) | (24048942) |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Receipt of convertible promissory note |  | 6000000 |
| &nbsp;&nbsp;&nbsp;Proceeds from NNN firesuite liability | 5453000 |  |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of Contingently Redeemable Convertible Cumulative Series B Preferred Stock | 4995000 |  |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of common warrants and pre-funded warrants | 21796023 |  |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of common shares, net of $7,093,977 issuance costs | 57360000 |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Subsidiary issuance of shares, net of Venu purchase of Subsidiary shares | 5315902 | 15967250 |
| &nbsp;&nbsp;&nbsp;Principal payments on long-term debt | (166579) | (82245) |
| &nbsp;&nbsp;&nbsp;Payment of promissory note | (4500000) | (2000000) |
| &nbsp;&nbsp;&nbsp;Distributions to non-controlling shareholders | (578899) | (105426) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by financing activities** | 89674447 | 19779579 |
| **Net increase (decrease) in cash and cash equivalents** | 15294920 | (13306348) |
| **Cash and cash equivalents, beginning** | 41306358 | 37969454 |
| **Cash and cash equivalents, ending** | $56601278 | $24663106 |
| **Supplemental disclosure of non-cash operating, investing and financing activities:** |  |  |
| Cash paid for interest | $241111 | $139119 |
| Cash paid for income taxes | $- | $- |
| Property acquired via promissory note | $12215475 | $25000000 |
| Accrued preferred stock dividends | $147870 | $- |
| Debt discounts - warrants | $- | $526329 |

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