10-Q · May 15, 2026
Venu Holding Corporation reported Q1 2026 results showing an 11% increase in revenue to $3.90 million, with an improved EPS loss of -$0.17, up from -$0.30 a year ago. The company indicated stronger performance in the…
Earnings analysis · 10-Q
VENU earnings analysis
Filed August 13, 2026 · Our reading of the company's report
The latest report
Q2 2026 revenue was approximately $4 million, unchanged from both Q1 2026 and Q2 2025, while operating margin remained deeply negative at -229.7% and diluted EPS was -$0.30. Free cash flow improved to negative $18…
Read full summary
Q2 2026 revenue was approximately $4 million, unchanged from both Q1 2026 and Q2 2025, while operating margin remained deeply negative at -229.7% and diluted EPS was -$0.30. Free cash flow improved to negative $18 million from negative $74 million in Q1, but liquidity and funding risks increased with additional indebtedness, including a July 2026 Bridge Loan and July 31, 2026 Debentures. The most material filing concern is that disclosure controls remained ineffective as of June 30, 2026, with remediation expected to continue through December 31, 2026.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.3
What stood out
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Revenue stable; gross margin flat year over year
Q2 2026 revenue was approximately $4 million, flat versus Q1 2026 and Q2 2025. Gross margin was 65.6%, up from 65.1% in Q1 2026 but essentially flat versus 65.6% in Q2 2025.
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Operating losses remain substantial
Operating margin improved to -229.7% from -294.5% in Q1 2026, a 64.8 percentage-point improvement, but remained deeply negative and was slightly worse than -229.7%? No—Q2 2025 was also -229.7%, indicating no year-over-year improvement.
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EPS deteriorated sequentially
Diluted EPS was -$0.30 versus -$0.29 in Q1 2026 and -$0.30 in Q2 2025, indicating sequential deterioration and no year-over-year improvement.
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Free cash flow improved but stayed negative
Free cash flow was approximately negative $18 million, improving from negative $74 million in Q1 2026 but remaining materially negative.
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Internal-control remediation progressing
Management added 4 qualified accounting personnel since February 2025 and expects significant remediation efforts to be finalized by December 31, 2026.
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Interest settled through equity issuance
On August 3, 2026, the company issued 76,234 common shares, valued at approximately $174,577, to satisfy accrued interest under the Old Mill Note.
What to watch
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Material weaknesses remain unresolved
Disclosure controls were not effective as of June 30, 2026 because of material weaknesses in internal control over financial reporting. Management stated that significant remediation efforts are expected to continue through December 31, 2026 and warned that additional weaknesses may be identified.
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Additional debt raises liquidity risk
The company disclosed additional indebtedness related to NNN FireSuite promissory note receivables, a Bridge Loan that closed in July 2026, and Debentures issued on July 31, 2026. The filing specifically identifies debt obligations as a risk to cash flow and operating flexibility.
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Ford Amphitheater litigation exposure
Certain subsidiaries were named in a noise-pollution lawsuit filed on January 21, 2026 regarding Ford Amphitheater. The court denied the defendants’ motion to dismiss on March 2, 2026, and the company filed its answer on June 23, 2026.
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Related-party transaction risk increased
The June 6, 2026 sale-leaseback for land underlying Ford Amphitheater involved a related party, adding related-party transaction risk to the additional indebtedness disclosed in the quarter.
Management's outlook
No quantitative revenue or EPS outlook was provided in the 10-Q. The filing discusses remediation expected to be finalized by December 31, 2026, but does not provide operating guidance.
Earlier filings 4
10-K · March 31, 2026
The 2025 Form 10-K shows Venu continuing aggressive venue expansion (new openings in 2025 and pipeline into 2026–2027) while remaining a growth-stage, loss-making operator that says it will require additional capital…
10-Q · November 14, 2025
Venu Holding Corporation's Q3 2025 results reflect a decline in revenue and an increase in losses compared to the previous quarter and year. Revenues totaled $5.39 million, down 1.23% sequentially and 1.23%…
10-Q · May 15, 2025
Venu reported quarterly revenue of $3,499,159 for the three months ended March 31, 2025, down from $3,939,743 a year earlier, while net loss widened to $19,432,750 (vs. $15,816,019). The quarter shows heavy investment…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.