Venu Holding Corporation

Good afternoon and welcome to Venue Holding Corporation's third quarter 2025 financial results and business update. Earlier today, Venue Trading under the ticker symbol Venue issued a press release summarizing the company's third quarter 2025 performance following the filing of its quarterly report on Form 10Q for the period ending September 30, 2025. This conference call is being recorded and will be available online along with the earnings press release at venue.live in accordance with the company's retention policies. All participants on today's call are in listen-only mode. Following our prepared remarks, we will open the line for the Q&A session. At this time, I'd like to turn the call over to Heather Atkinson, Chief Financial Officer of Venue Holding Corporation. Heather, please go ahead.

Thank you all for joining Venue Holding Corporation's November 14th, 2025 third quarter earnings call and business update. On the call today, we have our senior leadership team, myself, founder, chairman, and CEO, J.W. Roth, President Will Hodgson, President Tom Ashley, and President Terry Lee Blair. Following the safe harbor statement, we will begin with a review from across the business and key highlights from the quarter. I will then present a summary of our quarterly financial results. After that, we will provide some operational insights. Finally, as our operator mentioned, we'll open the call for questions. We'd like to remind everyone that various remarks about future expectations, plans, and prospects constitute forward-looking statements for purposes of safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Venue cautions that these forward-looking statements are subject to risks and uncertainties that may cause our actual results to differ materially from those indicated, including risks described in the company's quarterly report on Form 10-Q for the quarter ended September 30, 2025, and our other filings from the SEC, all of which can be reviewed on the company's website at venue.live, spelled V-E-N-U dot L-A-V-E, or on the SEC's website at SEC.gov. Any forward-looking statements made on this conference call speak only as of today's date, Friday, November 14, 2025. A venue does not intend to update any of these forward-looking statements to reflect events or circumstances that would occur after today's date, except as may be required by federal securities laws. With that, I'd like to turn the call over to our founder, chairman, and CEO, J.W. Ross.

Heather, thank you, and good afternoon, everyone. I appreciate you joining us today. I'm going to begin by walking you through key updates from the quarter. The third quarter was another milestone for Venue. Our mission remains clear to build world-class, artist-centric, fan-focused, and experience-driven destinations that redefine live entertainment. This quarter demonstrated once again that our disruptive model continues to deliver measurable performance and meaningful value. As I've said many times before, every decision that we make is tied directly to long-term profitability and disciplined national expansion. Our work remains guided by four clear strategic priorities. Number one, expanding markets nationwide and advancing our current developments. Our municipal development pipeline has increased to 48 municipalities exploring projects with Venue. Through our partnership with Ryan and the leadership of Tom Ashley, our President of Real Estate and Development, we remain on track to deliver two new public-private partnerships every quarter, each expected to add between $150 and $300 million to our balance sheet upon completion. We anticipate opening three new facilities in 2026, followed by another in early 2027. As our President of Venues will discuss later, we continue preparing for operational readiness, including content programming, premium food and beverage activation, and hospitality integration. Number two, optimizing program and content. We continue to secure and develop some of the most compelling live programming in the country, driven by our expanding network of partners and our relentless focus on content that separates venue from other operators. For instance, Our partnership with Primary Wave Music, a global music catalog powerhouse, represents a major unlocking moment for us. The relationship will bring immersive, year-round, multi-configurational, omni-content to our venues and redefine what a live experience can be. And the results of our content and relationships are showing up in big ways. One year ago, we had just four holes at the Ford Amphitheater as we prepared for the 2025 season. Today, we sit at more than 25 holes for the 2026 season. Content at the Ford Amphitheater is roaring. Number three, growing fire suite sales. Fire suites remain a cornerstone of our economic engine, driving both upfront and long-term value. Year-to-date, we have generated more than $91 million in suite and Aikman Club sales, up more than $33 million, or 58%, from this time last year. Our newly introduced triple net real estate leaseback structure as a pathway to suite ownership has exceeded initial expectations and is emerging as a flagship ownership pathway. Importantly, under this model, we retain premium tickets in our inventory, unlocking a new stream of reoccurring revenue. And finally, number four, unlocking strategic value. This quarter, we made significant progress in high-value opportunities such as naming rights, strategic alliances, and sale leasebacks, all areas that drive meaningful development profit and enhance our capital positions. Our business model was intentionally designed to allow us to unlock and monetize our real estate when appropriate. Recently, we announced and executed a sale leaseback, generating $6.2 million in development profit, which we will realize in this current quarter. all while retaining operational control, preserving ongoing revenue, and maintaining the option to repurchase the property in the future. A lot of the expense we have had has been directly associated with developing our balance sheet. It's important to note that a significant portion of our expense in this quarter can be contributed to depreciation and non-cash compensation. Before I turn it over to Terry, I want to pause on one major theme this quarter, partnerships. As our footprint grows, so does our influence, and the partners choose to align with us with Venue, our powerful proof point. They validate our model in real time, amplify our brand, unlock new audiences, and accelerate our ability to innovate. When world-class artists, global brands, and major industry leaders stand with us, it signals something unmistakable. Venue is a force, and the people shaping the culture recognize it. This quarter, that momentum accelerated in meaningful ways, but there's nobody better positioned to speak to that than our president of growth and strategy, Terry Liebler, who will walk us through the partnerships we formed and why they're so critical to our nationwide growth. With that, Terry, I'm going to hand it over to you.