VENU · Venu Holding Corp

Venu Holding Corporation, an entertainment and hospitality company, designs, develops, owns, and operates up-scale music venues, multi-season amphitheaters, and full-service restaurants and bars in the United States. The company owns and operates indoor music hall venues under the Bourbon Brothers Presents name; multi-seasonal amphitheaters under The Sunset Amphitheater name; restaurants under the Bourbon Brothers Smokehouse & Tavern, Notes Eatery, Roth's Seafood & Chophouse, and Notes Hospitality Collection names; and bars under the Brohan's name. It also hosts events; and operates outdoor amphitheaters; and rents event space. The company was formerly known as Notes Live, Inc. and changed its name to Venu Holding Corporation in September 2024. Venu Holding Corporation was incorporated in 2017 and is based in Colorado Springs, Colorado.

Cap structure and valuation

Cap structure
SP	$2.68
SO	59.4M
Options	—
Warrants	—
FD SO	59.4M
MC	$159.3M

Cash	$56.6M
Total debt	$66.5M
EV	$169.2M

TTM Multiples
EV / Revenue	9.2x
EV / EBITDA	—
MC / Net Income	—
EV / FCF	—
MC / FCF	—

Ownership & coverage
Institutional	34.7%
Insiders	23.1%
# Institutions	68
Analysts	1
Consensus	—
Avg target	$9.80

Short % float	7.0%
Days to cover	3.34

MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-05-15. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-07-13 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-06-29; the float denominator can be unreliable on tiny floats.

This filer tags no option or warrant count, so FD SO counts it as zero and understates dilution — treat FD SO, MC and EV as a floor. (XBRL reports nothing both for a filer that has none and for one that simply doesn't tag them.)

Financial statements

	3/31/26	12/31/25	9/30/25	6/30/25
Total Revenue	3.90	4.53	5.38	4.49
Revenue YoY %	442.7%	6.1%	(1.2%)	7.5%

SG&A	7.69	11.93	9.82	8.46

Operating Income	(11.49)	(7.31)	(9.97)	(10.31)
Operating Income YoY %	38.1%	(14.6%)	(171.2%)	(136.8%)
Operating Margin %	(294.5%)	(161.6%)	(185.2%)	(229.7%)
EBITDA	(9.13)	(5.23)	(8.66)	(8.95)
EBITDA Margin %	(234.0%)	(115.6%)	(160.8%)	(199.4%)

Interest Expense	0.13	4.24	0.34	2.01
Other Income / (Expense)	(2.83)	1.81	1.02	—
Pretax Income	(14.44)	(9.75)	(9.29)	(12.30)
Net Income	(14.44)	(9.75)	(9.29)	(12.30)
Net Income to Common	(13.76)	(8.25)	(6.36)	—
Net Margin %	(370.3%)	(215.5%)	(172.6%)	(274.2%)

Diluted EPS	-$0.29	-$0.19	-$0.15	-$0.30
Basic EPS	-$0.29	-$0.19	-$0.15	$0.30
Diluted Avg Shares	47.1	—	41.4	38.0
Basic Avg Shares	47.1	—	41.4	—

	LTM	12/31/25	12/31/24	12/31/23
Total Revenue	18.30	17.90	17.83	12.60
Revenue YoY %	2.2%	0.4%	41.6%	—
Gross Profit	—	—	—	1.34
Gross Margin %	—	—	—	10.6%

SG&A	37.91	36.95	18.83	12.47

Operating Income	(39.08)	(46.13)	(27.38)	(11.13)
Operating Income YoY %	15.3%	(68.5%)	(145.9%)	—
Operating Margin %	(213.6%)	(257.8%)	(153.5%)	(88.4%)
EBITDA	(31.97)	(40.02)	(23.79)	(9.32)
EBITDA Margin %	(174.7%)	(223.6%)	(133.4%)	(74.0%)

Interest Expense	6.72	4.58	3.91	0.33
Other Income / (Expense)	—	—	(1.66)	—
Pretax Income	(45.79)	(50.78)	(32.95)	(11.39)
Net Income	(45.79)	(50.78)	(32.95)	(11.39)
Net Income to Common	(39.79)	(44.09)	(30.34)	(10.52)
Net Margin %	(250.3%)	(283.7%)	(184.7%)	(90.4%)

Diluted EPS	-$0.93	-$1.10	-$0.86	—
Basic EPS	-$0.33	-$1.10	-$0.86	—
Diluted Avg Shares	47.1	40.0	11.6	—
Basic Avg Shares	47.1	40.0	11.6	—

	3/31/26	12/31/25	9/30/25	6/30/25
Cash & Equivalents	56.60	41.31	58.18	37.43
Inventory	0.51	0.47	0.19	0.19
Other Current Assets	2.62	2.55	2.38	1.24
Total Current Assets	59.74	44.33	60.75	38.87

Net PPE	381.61	305.95	250.19	199.20
Operating Lease ROU	17.16	17.40	1.08	1.17
Intangible Assets	0.13	0.14	0.16	0.18
Other Assets	2.71	2.74	2.62	2.62
Total Assets	461.35	370.56	314.81	242.05

Accounts Payable	43.42	25.13	24.04	4.50
Current Debt	8.17	0.40	0.35	0.34
Current Lease Liabilities	0.59	0.61	0.34	0.36
Other Current Liabilities	13.95	31.22	5.32	9.08
Total Current Liabilities	66.12	57.35	30.05	14.28
Long-term Debt	56.45	56.57	58.91	44.81
Long-term Lease Liabilities	16.74	16.89	0.77	0.84
Other Liabilities	47.02	40.90	18.62	8.15
Total Liabilities	186.33	171.70	108.36	68.08

Retained Earnings	(105.21)	(91.45)	(83.20)	(76.84)
Total Equity	275.02	198.85	206.45	173.97

	LTM	12/31/25	12/31/24	12/31/23
Cash & Equivalents	56.60	41.31	37.97	20.20
Receivables	—	—	0.19	—
Inventory	0.51	0.47	0.23	0.19
Other Current Assets	2.62	2.55	0.66	—
Total Current Assets	59.74	44.33	39.05	20.60

Net PPE	381.61	305.95	137.22	57.74
Operating Lease ROU	17.16	17.40	1.35	3.69
Intangible Assets	0.13	0.14	0.21	0.28
Long-term Investments	—	—	0.55	0.55
Other Assets	2.71	2.74	—	—
Total Assets	461.35	370.56	178.42	83.22

Accounts Payable	43.42	25.13	7.28	2.57
Current Debt	8.17	0.40	11.53	0.33
Current Lease Liabilities	0.59	0.61	0.36	0.23
Other Current Liabilities	13.95	31.22	5.35	1.79
Total Current Liabilities	66.12	57.35	24.53	4.92
Long-term Debt	56.45	56.57	14.10	11.18
Long-term Lease Liabilities	16.74	16.89	1.02	3.65
Other Liabilities	47.02	40.90	7.95	1.50
Total Liabilities	186.33	171.70	47.60	21.24

Retained Earnings	(105.21)	(91.45)	(47.36)	(17.02)
Total Equity	275.02	198.85	130.82	61.98

	3/31/26	12/31/25	9/30/25	6/30/25
Net Income	(14.44)	(9.75)	(9.29)	(12.30)
D&A	2.36	2.08	1.31	1.36
Stock-Based Comp	1.96	0.66	1.18	1.88
Δ Working Cap & Other	1.61	19.85	13.09	6.62
Operating Cash Flow	(8.52)	12.84	6.30	(2.45)

CapEx	(65.86)	(65.23)	(39.22)	(15.16)
Other Investing	—	7.60	2.63	—
Investing Cash Flow	(65.86)	(57.63)	(36.59)	(15.17)

Debt Repayment	(0.17)	(0.14)	(0.08)	(0.08)
Stock Issuance	57.36	0.12	—	—
Other Financing	32.48	27.93	51.12	30.47
Financing Cash Flow	89.67	27.92	51.04	30.38

Free Cash Flow	(74.38)	(52.39)	(32.92)	(17.61)

	LTM	12/31/25	12/31/24	12/31/23
Net Income	(45.79)	(50.78)	(32.95)	(11.39)
D&A	7.11	6.11	3.59	1.81
Stock-Based Comp	5.68	15.07	12.02	1.61
Δ Working Cap & Other	41.17	37.25	21.10	3.09
Operating Cash Flow	8.17	7.65	3.76	(4.88)

CapEx	(185.47)	(141.66)	(72.48)	(31.17)
Other Investing	10.22	8.22	—	—
Investing Cash Flow	(175.25)	(133.43)	(72.41)	(31.17)

Debt Repayment	(0.47)	(0.38)	(0.31)	(0.22)
Stock Issuance	—	33.07	31.96	16.70
Other Financing	199.48	96.43	54.77	16.30
Financing Cash Flow	199.02	129.12	86.42	32.77

Free Cash Flow	(177.30)	(134.01)	(68.73)	(36.04)

	3/31/26	12/31/25	9/30/25	6/30/25
Current Ratio	0.90	0.77	2.02	2.72
Quick Ratio	0.90	0.76	2.02	2.71
Debt / Equity	0.68	0.86	0.52	0.39
EBITDA Margin %	(234.0%)	(115.6%)	(160.8%)	(199.4%)
Working Capital	(6.38)	(13.02)	30.70	24.59
Net Debt	(0.15)	15.26	0.73	7.38
ROE %	(5.3%)	(4.9%)	(4.5%)	(7.1%)
ROA %	(3.1%)	(2.6%)	(3.0%)	(5.1%)

	LTM	12/31/25	12/31/24	12/31/23
Current Ratio	0.90	0.77	1.59	4.19
Quick Ratio	0.90	0.76	1.58	4.15
Debt / Equity	0.68	0.86	0.36	0.34
EBITDA Margin %	(174.7%)	(223.6%)	(133.4%)	(74.0%)
Working Capital	(6.38)	(13.02)	14.52	15.68
Net Debt	(0.15)	15.26	(23.87)	(9.02)
ROE %	(16.7%)	(25.5%)	(25.2%)	(18.4%)
ROA %	(9.9%)	(13.7%)	(18.5%)	(13.7%)

Insider activity (last 2 years)

Date Filed	Reporter	Relationship	Trans. Date	Code	Shares	Price	Total Value
2026-06-22	Finke Thomas M	Director	2026-05-26	P	15,000	$3.74	$56,100
2026-06-09	ROTH JAY W	Director, Officer (CEO & Chairman), 10% Owner	2026-06-05	A	2,500,000	—	$0
2026-05-07	O'Neil Kevin Wayne	10% Owner	2026-05-07	G	(150,000)	—	$-0
2026-03-12	ROTH JAY W	Director, Officer (CEO & Chairman), 10% Owner	2026-03-10	P	62,500	$4.00	$250,000
2026-03-12	ROTH JAY W	Director, Officer (CEO & Chairman), 10% Owner	2026-03-10	P	62,500	$4.00	$250,000
2026-02-23	ROTH JAY W	Director, Officer (CEO & Chairman), 10% Owner	2026-02-20	P	4,000	$5.23	$20,920
2026-02-03	ROTH JAY W	Director, Officer (CEO & Chairman), 10% Owner	2026-01-30	P	5,000	$5.55	$27,750
2026-02-02	Sutter Vic	Officer (Chief Operating Officer)	2026-01-12	A	100,000	—	$0
2026-01-22	ROTH JAY W	Director, Officer (CEO & Chairman), 10% Owner	2026-01-20	A	3,000,000	—	$0
2026-01-05	Finke Thomas M	Director	2025-12-30	P	4,361	$7.80	$34,016
2026-01-02	Craddock Matthew	Director	2025-12-31	P	104	$8.19	$852
2026-01-02	Craddock Matthew	Director	2025-12-31	P	181	$8.12	$1,470
2025-12-30	Finke Thomas M	Director	2025-12-26	P	200	$8.18	$1,636
2025-12-30	Finke Thomas M	Director	2025-12-26	P	200	$8.15	$1,630
2025-12-30	Finke Thomas M	Director	2025-12-26	P	200	$8.13	$1,626
2025-11-19	O'Neil Kevin Wayne	10% Owner	2025-11-18	P	5,000	$8.50	$42,500
2025-11-19	O'Neil Kevin Wayne	10% Owner	2025-11-18	P	1,011	$8.33	$8,422
2025-11-19	O'Neil Kevin Wayne	10% Owner	2025-11-18	P	1,000	$8.31	$8,310
2025-11-19	O'Neil Kevin Wayne	10% Owner	2025-11-18	P	200	$8.27	$1,654
2025-11-19	O'Neil Kevin Wayne	10% Owner	2025-11-18	P	5,000	$8.36	$41,800
2025-11-19	O'Neil Kevin Wayne	10% Owner	2025-11-18	P	1,000	$8.39	$8,390
2025-11-19	O'Neil Kevin Wayne	10% Owner	2025-11-18	P	1,455	$8.50	$12,368
2025-11-19	O'Neil Kevin Wayne	10% Owner	2025-11-18	P	3,545	$8.65	$30,664
2025-11-19	O'Neil Kevin Wayne	10% Owner	2025-11-18	P	200	$8.50	$1,700
2025-11-19	O'Neil Kevin Wayne	10% Owner	2025-11-18	P	1,800	$8.50	$15,300
2025-11-19	O'Neil Kevin Wayne	10% Owner	2025-11-18	P	5,000	$8.65	$43,250
2025-11-19	O'Neil Kevin Wayne	10% Owner	2025-11-18	P	5,000	$8.36	$41,800
2025-11-19	O'Neil Kevin Wayne	10% Owner	2025-11-18	P	1,602	$8.22	$13,168
2025-11-19	O'Neil Kevin Wayne	10% Owner	2025-11-18	P	600	$8.24	$4,944
2025-11-19	O'Neil Kevin Wayne	10% Owner	2025-11-18	P	987	$8.25	$8,143
2025-11-19	O'Neil Kevin Wayne	10% Owner	2025-11-18	P	600	$8.26	$4,956
2025-11-19	O'Neil Kevin Wayne	10% Owner	2025-11-18	P	1,000	$8.29	$8,290
2025-11-19	O'Neil Kevin Wayne	10% Owner	2025-11-18	P	4,800	$8.21	$39,408
2025-11-19	O'Neil Kevin Wayne	10% Owner	2025-11-18	P	5,000	$8.36	$41,800
2025-11-19	O'Neil Kevin Wayne	10% Owner	2025-11-18	P	5,000	$8.36	$41,800
2025-11-19	O'Neil Kevin Wayne	10% Owner	2025-11-18	P	200	$8.27	$1,654
2025-11-19	O'Neil Kevin Wayne	10% Owner	2025-11-18	P	5,000	$8.28	$41,400
2025-11-07	O'Neil Kevin Wayne	10% Owner	2025-11-05	J	(427,000)	$13.44	-$5,738,880
2025-11-07	O'Neil Kevin Wayne	10% Owner	2025-11-05	J	(49,190)	$13.44	-$661,114
2025-10-30	Finke Thomas M	Director	2025-10-28	A	250,000	—	$0
2025-09-02	Finke Thomas M	Director	2025-08-28	J	25,000	$12.00	$300,000
2025-07-14	ROTH JAY W	Director, Officer (CEO & Chairman)	2025-07-11	S	(3,055)	$12.20	-$37,271
2025-07-14	ROTH JAY W	Director, Officer (CEO & Chairman)	2025-07-11	S	(832)	$12.20	-$10,150
2025-07-14	Atkinson Heather	Director, Officer (Chief Financial Officer)	2025-07-11	S	(154)	$12.20	-$1,879
2025-07-14	Cominsky Stephen Joseph	Director	2025-07-11	S	(93)	$12.20	-$1,135
2025-07-14	ROTH JAY W	Director, Officer (CEO & Chairman)	2025-07-10	S	(2,304)	$12.39	-$28,547
2025-07-14	ROTH JAY W	Director, Officer (CEO & Chairman)	2025-07-10	S	(627)	$12.39	-$7,769
2025-07-14	Atkinson Heather	Director, Officer (Chief Financial Officer)	2025-07-10	S	(116)	$12.39	-$1,437
2025-07-10	ROTH JAY W	Director, Officer (CEO & Chairman)	2025-07-09	S	(5,497)	$12.31	-$67,668
2025-07-10	ROTH JAY W	Director, Officer (CEO & Chairman)	2025-07-09	S	(1,497)	$12.31	-$18,428
2025-07-10	Atkinson Heather	Director, Officer (Chief Financial Officer)	2025-07-09	S	(277)	$12.31	-$3,410
2025-07-10	ROTH JAY W	Director, Officer (CEO & Chairman)	2025-07-08	S	(6,149)	$12.88	-$79,199
2025-07-10	ROTH JAY W	Director, Officer (CEO & Chairman)	2025-07-08	S	(1,674)	$12.88	-$21,561
2025-07-10	Atkinson Heather	Director, Officer (Chief Financial Officer)	2025-07-08	S	(310)	$12.88	-$3,993
2025-07-08	ROTH JAY W	Director, Officer (CEO & Chairman)	2025-07-07	S	(3,656)	$12.56	-$45,919
2025-07-08	ROTH JAY W	Director, Officer (CEO & Chairman)	2025-07-07	S	(996)	$12.56	-$12,510
2025-07-08	Atkinson Heather	Director, Officer (Chief Financial Officer)	2025-07-07	S	(184)	$12.56	-$2,311
2025-07-08	ROTH JAY W	Director, Officer (CEO & Chairman)	2025-07-03	S	(2,723)	$12.93	-$35,208
2025-07-08	ROTH JAY W	Director, Officer (CEO & Chairman)	2025-07-03	S	(741)	$12.93	-$9,581
2025-07-08	Atkinson Heather	Director, Officer (Chief Financial Officer)	2025-07-03	S	(137)	$12.93	-$1,771
2025-07-03	Atkinson Heather	Director, Officer (Chief Financial Officer)	2025-07-02	S	(256)	$12.39	-$3,172
2025-07-03	ROTH JAY W	Director, Officer (CEO & Chairman)	2025-07-02	S	(5,073)	$12.39	-$62,854
2025-07-03	ROTH JAY W	Director, Officer (CEO & Chairman)	2025-07-02	S	(1,381)	$12.39	-$17,111
2025-07-03	Atkinson Heather	Director, Officer (Chief Financial Officer)	2025-07-01	S	(414)	$12.22	-$5,059
2025-07-03	ROTH JAY W	Director, Officer (CEO & Chairman)	2025-07-01	S	(8,201)	$12.22	-$100,216
2025-07-03	ROTH JAY W	Director, Officer (CEO & Chairman)	2025-07-01	S	(2,233)	$12.22	-$27,287
2025-07-01	LAVIGNE DAVID	Director	2025-06-30	S	(2,390)	$11.32	-$27,055
2025-07-01	LAVIGNE DAVID	Director	2025-06-27	S	(6,435)	$11.34	-$72,973
2025-07-01	Atkinson Heather	Director, Officer (Chief Financial Officer)	2025-06-27	S	(337)	$12.10	-$4,078
2025-07-01	ROTH JAY W	Director, Officer (CEO & Chairman)	2025-06-27	S	(6,676)	$12.10	-$80,780
2025-07-01	ROTH JAY W	Director, Officer (CEO & Chairman)	2025-06-27	S	(1,818)	$12.10	-$21,998
2025-06-27	Atkinson Heather	Director, Officer (Chief Financial Officer)	2025-06-26	S	(154)	$12.02	-$1,851
2025-06-27	ROTH JAY W	Director, Officer (CEO & Chairman)	2025-06-26	S	(3,049)	$12.02	-$36,649
2025-06-27	ROTH JAY W	Director, Officer (CEO & Chairman)	2025-06-26	S	(830)	$12.02	-$9,977
2025-06-27	LAVIGNE DAVID	Director	2025-06-26	S	(3,263)	$11.92	-$38,895
2025-06-27	Atkinson Heather	Director, Officer (Chief Financial Officer)	2025-06-25	S	(51)	$12.54	-$640
2025-06-27	ROTH JAY W	Director, Officer (CEO & Chairman)	2025-06-25	S	(1,049)	$12.54	-$13,154
2025-06-27	ROTH JAY W	Director, Officer (CEO & Chairman)	2025-06-25	S	(274)	$12.54	-$3,436
2025-06-27	LAVIGNE DAVID	Director	2025-06-25	S	(2,459)	$11.95	-$29,385
2025-06-25	LAVIGNE DAVID	Director	2025-06-24	S	(555)	$13.05	-$7,243
2025-06-25	LAVIGNE DAVID	Director	2025-06-24	S	(221)	$13.05	-$2,884
2025-06-25	Atkinson Heather	Director, Officer (Chief Financial Officer)	2025-06-24	S	(910)	$13.05	-$11,876
2025-06-25	ROTH JAY W	Director, Officer (CEO, Chairman)	2025-06-24	S	(18,046)	$13.05	-$235,500
2025-06-25	ROTH JAY W	Director, Officer (CEO, Chairman)	2025-06-24	S	(4,913)	$13.05	-$64,115
2025-06-25	LAVIGNE DAVID	Director	2025-06-23	S	(724)	$13.44	-$9,731
2025-06-25	LAVIGNE DAVID	Director	2025-06-23	S	(505)	$13.44	-$6,787
2025-06-25	Atkinson Heather	Director, Officer (Chief Financial Officer)	2025-06-23	S	(950)	$13.44	-$12,768
2025-06-25	ROTH JAY W	Director, Officer (CEO, Chairman)	2025-06-23	S	(18,418)	$13.44	-$247,538
2025-06-25	ROTH JAY W	Director, Officer (CEO, Chairman)	2025-06-23	S	(5,129)	$13.44	-$68,934
2025-06-09	LAVIGNE DAVID	Director	2025-06-05	G	(2,340)	—	$-0
2025-01-16	ROTH JAY W	Director, Officer (CEO, Chairman), 10% Owner	2025-01-14	A	1,250,000	—	$0