Here are 1-3 brief analogies for Venu (VENU):

• Venu is like Shopify for event organizers.
• Venu is a modern alternative to Eventbrite.
• Venu is like Ticketmaster for local and independent events.

• Event Registration & Ticketing: Provides online tools for attendees to register, purchase tickets, and manage their participation.
• Venue Management Software: Offers solutions for booking, scheduling, and managing event spaces and resources.
• Attendee Engagement & Communication: Enables event organizers to communicate with attendees, manage interactions, and foster engagement.
• Event Analytics & Reporting: Delivers insights into event performance through data collection, analysis, and customizable reports.
• Sponsor & Exhibitor Management: Facilitates the coordination and management of sponsors and exhibitors for events.

The public company Venu (symbol: VENU) was formerly known as Venus Acquisition Corp., a Special Purpose Acquisition Company (SPAC). A SPAC's primary business is to raise capital through an initial public offering (IPO) with the intention of acquiring or merging with a private company, thereby bringing that company public. As such, Venus Acquisition Corp. (VENU) did not have "major customers" in the traditional sense of selling goods or services.

On December 14, 2022, Venus Acquisition Corp. completed its business combination with Pono Capital Corp. and Baozun Inc.'s branded apparel and accessories business. The combined company operates as Baozun Inc., and its shares now trade on the NASDAQ under the symbol BZUN. Therefore, the entity "Venu (symbol: VENU)" no longer exists as an independent, operating public company with its own customer base.

The operating business that was brought to the public market through the VENU SPAC merger is now part of Baozun Inc.'s Brand Management division. This business primarily sells its services to other companies – specifically, international and domestic brands seeking to establish, manage, and grow their presence, particularly in the Chinese market, through e-commerce and brand management solutions.

The major customers of this operating business (now part of Baozun Inc., BZUN) are other companies, primarily global and domestic brands across various sectors. While Baozun does not typically disclose a ranked list of its "major customers" by revenue contribution, it has partnered with a wide array of well-known brands. Examples of such customer companies, many of which are publicly traded, include:

• Nike (NYSE: NKE)
• Microsoft (NASDAQ: MSFT)
• The Estee Lauder Companies Inc. (NYSE: EL)
• PVH Corp. (NYSE: PVH) (parent company of brands like Calvin Klein and Tommy Hilfiger)
• Levi Strauss & Co. (NYSE: LEVI)

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JW Roth, Founder, Chairman, and CEO

Mr. Roth, a fifth-generation Colorado native, is the Founder, Chairman, and CEO of VENU, a role he has held since the company's inception in March 2017. He also serves as the Founder and Chairman of Roth Industries, LLC, a prepared foods plant, and is the sole manager and 50 percent shareholder of Centennial Standard Real Estate Company. Additionally, he is a co-manager of Touch 4 Partners, LLC, a venture capital investment fund. Mr. Roth transitioned from Roth Premium Foods, which he still owns and which is a major prepared food manufacturer, to establish Venu Holdings. He has been recognized as a VenuesNow All-Star in 2022 and 2025 and has been featured in prominent publications and on financial news channels.

Heather Atkinson, Chief Financial Officer, Secretary, and Treasurer

Ms. Atkinson is a seasoned finance executive with over 25 years of experience and has been with VENU since its inception, serving as CFO, Secretary, and Treasurer. She plays a crucial role in the company's financial stewardship, leveraging her extensive background in accounting, finance, SEC reporting, mergers and acquisitions, and international accounting. Ms. Atkinson is a licensed CPA and holds a Bachelor of Science degree in Accounting from Evangel University.

Will Hodgson, President of Entertainment & Operations

Mr. Hodgson spent 15 years at Live Nation, a leading entertainment company, where he served as Head of House of Blues Entertainment. In that role, he was instrumental in driving significant revenue growth and establishing strategic direction for numerous iconic venues.

Terri Liebler, President of Growth & Strategy

Ms. Liebler brings over 30 years of experience within the sports and entertainment industry to her role as President of Growth & Strategy at VENU.

Tom Ashley, President of Real Estate & Development

Mr. Ashley leads VENU's nationwide expansion efforts. His background includes serving as CEO of High-Altitude Equipment in Colorado Springs and holding executive leadership positions at two regional banking institutions in Colorado and Kansas. He contributes expertise in commercial financing, real estate transactions, relationship building, and leadership to the company.

Key Risks to Venu (VENU)

1. Financial Health and Profitability: Venu Holding faces significant financial challenges, reporting substantial losses with operating margins at -256.29% and net margins at -238.85%. The company has shown no revenue growth over the past three years, and its revenue per share has declined. An Altman Z-Score of 1.38 places the company in a "distress zone," indicating a potential risk of bankruptcy within two years. These heavy and increasing operating losses highlight a critical need for additional capital. Furthermore, the company experienced a negative market reaction after reporting declining revenue and missing consensus estimates for Q3 2025.
2. Execution and Operational Risks of Ambitious Expansion: Venu is pursuing an aggressive expansion strategy involving the development of new amphitheaters and venues. This strategy carries inherent risks such as potential construction delays, which could impact future revenue generation. The company's future success is highly dependent on its ability to effectively manage this expansion and maintain operational efficiency, especially given its current financial state. There are also termination rights tied to milestone openings, which can risk operational dependency on development timing.
3. Sector-Specific and Economic Downturn Risks: Operating within the consumer cyclical sector, Venu Holding is highly susceptible to economic downturns. Any decrease in discretionary spending on entertainment and dining by consumers could significantly impact the company's revenue and profitability. Additionally, the music venue and hospitality industry is characterized by intense competition.

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Venu Holding Corp. (symbol: VENU) operates primarily in the live entertainment and full-service restaurant and bar sectors in the United States.

Addressable Markets:

• Live Music and Entertainment Venues (U.S. Market): The United States live music market is valued at approximately USD 18.51 billion in 2025 and is projected to reach USD 25.81 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 6.87% during this period. Another estimate indicates the U.S. live music market is projected to reach USD 14.37 billion in 2025. Globally, the live entertainment market is anticipated to grow from USD 202.90 billion in 2025 to USD 270.29 billion by 2030, with a CAGR of 5.9%. North America held over 35% of the global live entertainment market revenue in 2023, and the United States is expected to lead this market in terms of size by 2033.
• Full-Service Restaurants and Bars (U.S. Market): The United States full-service restaurant market size is approximately USD 360.91 billion in 2025 and is forecast to increase to USD 617.47 billion by 2030, demonstrating an 11.33% CAGR. Another projection shows the U.S. full-service restaurant sector expanding from USD 336.22 billion in 2024 to USD 807.83 billion by 2033, with a CAGR of 10.23% from 2025 to 2033. The market size for single-location full-service restaurants in the U.S. is estimated at USD 260.1 billion in 2025. In 2023, full-service restaurants accounted for 48.98% of the global foodservice revenue.

Share Issuance

• Venu (VENU) completed a public offering in August 2025, issuing 2,875,000 shares of common stock at $12.00 per share, resulting in gross proceeds of $34.5 million, which included the full exercise of the underwriter's option for additional shares.
• In July 2025, Venu closed its Regulation A Preferred Offering, enabling investors to purchase preferred stock at $15.00 per share with an 8.0% dividend and convertibility to common stock.
• The company's liquidity and capital resources have been bolstered by a private offering of common stock and its initial public offering (IPO), which saw its common stock approved for listing on the NYSE American LLC.

Inbound Investments

• Venu raised $31,693,410 through private equity offerings during the first nine months of 2024, utilized for marketing, staff development, and venue expansion.
• Aramark Sports + Entertainment made a $10.125 million equity investment in the company.
• Sales from "Luxe FireSuites" and a fractional ownership model generated $77.7 million in 2024 and are projected to exceed $200 million in 2025.

Capital Expenditures

• Property and equipment increased by 33% to $182.9 million as of March 31, 2025, from $137.2 million at December 31, 2024, and further to $199.2 million as of June 30, 2025, reflecting significant investment in physical assets.
• Net cash used in investing activities amounted to $61,541,682 for the nine months ended September 30, 2024, primarily allocated to the purchase of property and equipment for new venue developments.
• Capital expenditures are primarily focused on venue development and expansion, including projects like the Sunset McKinney and Sunset Broken Arrow amphitheaters, and the transformation of a strategic site in Centennial, Colorado, into a $40 million entertainment campus.