Venu Holding Corporation

Good morning and welcome to Venue Holding Corporation's first quarter fiscal 2026 financial results and business update. This morning Venue Holding Corporation issued a press release summarizing the company's 2026 first quarter performance. Following the filing of its quarterly report on form 10Q for the period ending March 31st, 2026. All participants on today's call are in listen only mode. Following our prepared remarks, we will open the line for a Q&A session. At this time, I would like to turn the call over to Heather Atkinson, Chief Financial Officer of Venue Holding Corporation. Heather, please go ahead.

Thank you, and good morning, everyone. Welcome to Venue Holding Corporation's first quarter fiscal 2026 earnings call and business update. On the call today, we have our founder, chairman, and CEO, J.W. Roth, President Will Hodgins, Chief Operating Officer Vic Sutter and President of Growth and Strategy Terry Leibler. Following the Safe Harbor Statement, JW will open with highlights from across the business. Will, Vic, and Terry will each provide updates from their areas. I will then walk through our financial results. After that, we will open the line for questions. Before we begin, I want to remind everyone that various remarks about future expectations Plans and prospects constitute forward-looking statements for purposes of the 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 actual results to differ materially from those indicated, including risks described in the company's report on Form 10-Q for the quarter ended March 31, 2026 in our other SEC filings, all of which can be reviewed at venue.live or sec.gov. Any forward-looking statements made on this call speak only as of today, May 15th, 2026. Venue does not intend to update any forward-looking statements except as required by federal securities laws. With that, I would like to turn the call over to our founder, chairman, and CEO, JW Roth.

Thank you, Heather, and thanks a million. to everybody that's joining us today. We had a busy start to fiscal year 2026 as we continue to execute on our strategy to bring a new asset class to live entertainment. Our venues are designed as multi-seasonal, multi-configurational spaces with unparalleled omni-content capabilities, intentionally built to maximize utilization and deliver the elevated immersive experience today's concert goer expects. As I've mentioned before, the average amphitheater in the United States is approximately 40 years old and falls well short of modern premium standards. Beyond filling this market gap, we've developed a capital-efficient model for financing venue construction. We build these premium live entertainment venues through three avenues, public-private partnerships with municipalities, presale of fractional ownerships in the venues, and the sale-leaseback transactions. Roughly 40% of the project construction comes from municipalities in the form of real estate, tax incentives, and cash. Another 40% comes through the presale of fractional ownership, and 20% from the sale-leaseback of the contributed real estate, which typically generates development profit. We believe this model aligns all parties around the long-term success of every venue we build. The first pillar of our development model involves partnerships with forward-looking municipalities that recognize the economic value our venues bring to their local markets. Through these partnerships, we negotiate incentive packages that contribute meaningfully to the funding of each venue's development. We believe there is one aspect of this model which is not fully reflected in our financials. Under standard GAAP accounting rules, any real estate contributed by a municipality sits at basis or zero on our balance sheet. So while we reported total assets of $461 million today, that number does not include any value for the real estate the municipalities contribute to us. In addition, earlier this year, we received an independent appraisal that valued our real estate portfolio at $1.24 billion on an as-completed basis. In 24 months, we doubled our total assets, and today we are having ongoing discussions with more than 45 municipalities about bringing a venue concept to their city. The second avenue of our model is the presale of Lux Fire Suites, in the venues we are developing. This allows investors to grow alongside us while providing a sustainable source of funding for our new venues. Since launch, our pre-sales have generated over $260 million in sales. And as we have grown, we've expanded our range of offerings to meet demand and give investors at all levels the opportunity to participate. Last month, we launched our $300 million triple net inventory with Troy Aikman, a shareholder, a fire pit suite owner, and a partner. Since then, we have seen a significant increase in investor leads. And earlier this week, we launched our fire suite income offering, opening the door to investors seeking a lower entry point into the fractional ownership of our fire suites. The final avenue of our model is the sale-leaseback of contributed real estate, which typically generates a development profit while allowing us to retain operational control of the venue. This component rounds out the capital stack for developing a venue and reinforces the long-term economics of every project that we build. As it relates to capital, we are currently in a capital-intensive phase as we build what we expect to be the foundation of our platform and entertainment model. In March, we closed out an $86.25 million capital raise in the middle of one of the most volatile market stretches in region history, demonstrating that investors believe in our vision. As we move closer to our venue opening dates, we expect that conviction to continue to build. In summary, Venue is building a new asset class of live entertainment venues to fill a clear gap in the market, and we're doing so in a capital-efficient way. We're excited and we can't wait to see what comes next. All right. Now, I'm going to turn this over to Will, Vic, and Terry to talk more about what this past quarter has delivered and what we expect on the horizon.