Venu (NYSEAMERICAN:VENU) reported higher assets, property and equipment, and FireSuite sales during its fiscal second quarter, as the live-entertainment venue developer continued construction on projects in Oklahoma and Texas and outlined its expected path toward profitability in 2027.
The company said total assets reached $511.8 million as of June 30, up $141.2 million, or 38%, from $370.5 million at the end of 2025. Property and equipment increased 46% to $446.2 million.
Venue development and expansion pipeline
Founder, Chairman and CEO J.W. Roth said the company made progress across its development portfolio during the quarter, including an announced expansion into Chattanooga, Tennessee, at The Bend, a site located along the Tennessee River. Venu is also in discussions regarding a potential destination in Northern Colorado.
Roth said the company is in conversations with more than 45 municipalities regarding potential Venu developments, though he noted that the company does not expect to advance every discussion.
Venu also announced Regent Bank as naming-rights partner for its amphitheater outside Tulsa, Oklahoma. Roth described the agreement as a multiyear, multimillion-dollar partnership expected to add high-margin revenue. The company also engaged Legends Global to operate Regent Bank Amphitheater and added Ron Bension as a strategic advisor.
The company joined the Russell 3000 and Russell 2000 indexes during the quarter, a move Roth said expands its visibility among institutional investors.
Financing plans for Broken Arrow and McKinney
Since the end of the quarter, Venu identified a potential path to more than $150 million in C-PACE financing for its Broken Arrow, Oklahoma, and McKinney, Texas, projects. Roth said the financing is expected to cover the remaining construction balances for both developments.
He described C-PACE as non-dilutive, long-term, fixed-rate capital secured through a property-tax assessment rather than a lien on corporate assets. The financing is expected to be funded in tranches, with the timing tied to the projects’ openings.
Venu also arranged two bridge loans, including one from Ryan LLC, which Roth said would allow construction to continue before permanent C-PACE financing closes. The bridge loans are structured to be repaid with C-PACE proceeds, according to Roth.
“Together, this gives us a financing stack that is projected to carry both venues through completion,” Roth said.
FireSuite sales and asset measures
Chief Financial Officer Heather Atkinson said Luxe FireSuite and Aikman Club sales exceeded $278 million cumulatively as of June 30 across existing and in-development venues. The company recorded approximately $30 million in Luxe FireSuite sales during the quarter, with its triple-net model accounting for about 76% of those sales.
Roth said FireSuite sales had surpassed $285 million as of the earnings call date. He also cited outside coverage pointing to consumers’ increased spending on experiences and recurring access, which he said supported the company’s FireSuite model.
Atkinson said net tangible assets equaled $4.44 per common share under the company’s reported balance-sheet basis. She said contributed municipal real estate is carried at a zero cost basis rather than market value. On a mark-to-market basis, the company estimated net tangible assets at $9.58 per share as of June 30, while estimating an as-completed portfolio value of $1.24 billion, or $17.44 per share in net tangible assets.
Expected openings and profitability timeline
Roth said Venu expects Broken Arrow to open in roughly 90 days. The company has begun booking the venue, with more than 25 holds and available dates on the calendar, he said. Roth projected approximately $22 million in first-year EBITDA for the venue, rising to roughly $25 million at stabilization.
McKinney is anticipated to be completed in March, according to Roth. He said the venue has roughly 20 to 25 holds and available dates and is projected to generate $38 million to $39 million in EBITDA in its first year, increasing to approximately $45 million to $46 million at stabilization.
Roth said Venu expects its first six venues, including Ford Amphitheater in Colorado Springs, to generate total operating EBITDA of approximately $125 million to $130 million once fully developed. He projected that the company could reach profitability during the second or early third quarter of 2027 and said Venu may be able to provide financial guidance around March 2027 based on its bookings.
The CEO acknowledged that losses through the current period and the next several quarters are expected as Venu funds construction and pre-opening expenses. He said the company expects to bring approximately $600 million in assets online between now and the first quarter of 2027.
For The Hall at Centennial, Roth said Venu still targets 80 to 100 events annually. The venue is expected to host approximately 2,500-capacity programming as well as comedy, theater and other events.
About Venu (NYSEAMERICAN:VENU)
Venu Holding Corporation is a premier hospitality and live music company dedicated to crafting luxury, experience-driven entertainment destinations. Venu Holding Corporation is based in COLORADO SPRINGS, Colo.
