Venu Holding stock slipped 3.4% to US$1.98 after the Q2 release, extending a rough three month stretch for existing shareholders. The market focused on another quarterly loss, with basic earnings per share at US$0.30 in the red, even as revenue reached US$4.8m from just two restaurants.

The short term tape suggests this is still a high risk story. The longer term question is whether that revenue base can eventually support Venu Holding’s high P/S multiple and a balance sheet that relies on fresh capital rather than cash generation. The full earnings detail matters more than today’s price move.

Is Venu Holding’s rich P/S multiple a justified bet on high revenue growth, or is it stretching the story too far given deepening losses…