2017 Report Meow Wolf

Filed on May 01, 2018

Dear investors,

We are pleased to share this Meow Wolf financial report year in review. We are legally required to send this to all our great Crowdfunders, and we are making it available to the rest of our investors and partners, as well.

2017 was a GIANT year for Meow Wolf! The company realized $9.2M in revenues, with nearly 500,000 visits at the Santa Fe location. Profit Margins increased over the year to exceed 40% on annualized basis. This eclipses 2016’s strong showing of $5.5M in revenue. And, 2018’s numbers continue to climb.

There are many milestones and ACCOMPLISHMENTS; a few accolades to share include:

  • Thea Award for Outstanding Achievement in Connected Immersion from the Themed Entertainment Association
  • Trip Advisor Certificate of Excellence for sustained high ratings from customers over a year
  • Yelp Top 10 Music Venue in the U.S. to see a show

Investors were central to our success and fueled our growth. We raised $17M in equity capital over the year. This included the explosive WeFunder summer Crowdfunding Campaign. More than 600 people across New Mexico, throughout the U.S. and in dozens of countries own shares in our company.

Your INVESTMENT enabled us to advance our business plan at light speed. We nearly tripled in size, adding scores of more creatives to our team and ending the year with a staff of 289. Locally in Santa Fe, we acquired a HQ to house our Creative Studios. Company cohesion and culture has never been better. We have started making the next generation of the coolest things you’ve ever seen for our future locations in Denver and Las Vegas. These projects will blow your mind.

We launched MEOW WOLF ENTERTAINMENT, shaping our future from ‘just’ location based entertainment to a trans-media, digital, technology enterprise. Exciting entertainment projects began development - a documentary film, animated shorts, virtual reality/augmented reality, digital media content, and more.

MERCHANDISE!!! Just before Black Friday, we launched our online store, https://shop.meowwolf.com/, where folks can purchase Meow Wolf merchandise no matter where they are. Gift shop sales increased over the year and reached $181K in December sales, $1.38M on the year. This supports more than 50 artists, whose works we carry.

We’ve expanded FOOD AND BEVERAGE service, too. We have coffee and pastries by day and a full range of adult beverages in the evening and during special events. Trinity Kitchen, Meow Wolf’s food truck, brings customers yummy eats, along with our other onsite food partners.

We certified as a ‘B-Corp’, in recognition of our efforts to the triple bottom line. This is in addition to our existing legal status as a Delaware registered public benefit corporation. Our community activities supported other artists with our DIY (Do It Yourself) Fund, donations made to dozens of local charities, and provided 1,000s of free tickets. We also made environmental strides. Solar panels installed now account for 40% of House of Eternal Return energy and energy efficiency upgrades including waterless urinals cut water usage 25%.

Look for even more in 2018. Come visit Santa Fe and say hi. We hope to see you soon and often.

We need your help!

Investors can help by spreading the good word of Meow Wolf and our expansion plans to friends and family. Inviting folks to visit Santa Fe to experience the exhibit first-hand is invaluable. We know its a place you have to see to believe. 

Friends can buy tickets now to the future openings in Denver and Vegas. We are selling a limited run of Lifetime Passes. Visit https://meowwolf.com/ and select each city for purchasing details.

Visit our social media platforms, post about your visit, and share what you see with others:  Facebook and Instagram. Leave a review on sites like Trip Advisor and Yelp. 

Meow Wolf Merchandise is going nation-wide: get your cool stuff. https://shop.meowwolf.com/.


How did we do this year?

Report Card

☺ The Good

  • Meow Wolf tripled our number of creative employees, ending the year at nearly 300 people.

  • Our Santa Fe location hosted nearly 500,000 visits in 2017, generating nearly $9 million in revenue.

  • WeFunder campaign: more than $1 million raised in 2 days; fastest equity crowdfunding on their platform in their history.

☹ The Bad

  • Can’t meet demand: the Santa Fe location is so popular, we had lines literally to the street over Christmas.

  • We intended to secure permanent financing on our new HQ and manufacturing building. This took longer than planned; scheduled in 2018.

  • We are growing so fast, we need our systems to keep growing with us.

2017 At a Glance

January 1 to December 31

cash register full of money

$14,620,986 +58%


money on fire


Net Loss

i owe you note

$19,694,231 +412%

Short Term Debt

whiteboard of nonsense


Raised in 2017

money in wallet


Cash on Hand

  • Net Margin: -113%
  • Gross Margin: 89%
  • Return on Assets: -56%
  • Earnings per Share: -$10.34
  • Revenue per Employee: $36,371
  • Cash to Assets: 25%
  • Revenue to Receivables: ~
  • Debt Ratio: 106%

We Our 622 Investors

Thank You For Believing In Us

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Thank You!

From the Meow Wolf Team

Vince Kadlubek

Vince Kadlubek

President & CEO

Director for all major Meow Wolf projects since 2010. Leads organization.

Sean Di Ianni

Sean Di Ianni

Secretary & COO

Sean leads construction of the exhibition and oversees operations and adminstration.

Drew Tulchin

Drew Tulchin

Treasurer & CFO

Greg Crowell

Greg Crowell

Financial Analyst

Chris Scharrer

Chris Scharrer

Financial Analyst


The Board of Directors

Director Occupation Joined
Stewart Alsop Venture Investor @ Alsop Louie Partners 2017
Vince Kadlubek President & CEO @ Meow Wolf 2016
Sean Di Ianni Secretary & COO @ Meow Wolf 2016
Winston Fisher Director of Finance and Investments @ Fisher Brothers 2017
Peter Zandan Global Vice Chairman @ Hill and Knowlton Strategies 2017


Officer Title Joined
Vince Kadlubek President, CEO 2016
Sean Di Ianni Secretary, COO 2016
Carl Christensen CFO   2018
Voting Power
No one has over 20% voting power.

Past Equity Fundraises

Date Amount Security Exemption
03/2017 $4,000,000 Common Stock Regulation D, Rule 506(b)
06/2017 $3,500,000 Preferred Stock Regulation D, Rule 506(b)
07/2017 $1,069,938 4(a)(6)
08/2017 $252,067 506(c)
11/2017 $723,709 Common Stock Regulation D, Rule 506(c)
12/2017 $7,500,000 Common Stock Section 4(a)(2)
02/2019 $19,446,400 Section 4(a)(2)
02/2019 $19,368,411 Section 4(a)(2)
05/2019 $158,613,855
The use of proceeds is to fund general operations.

Convertible Note Outstanding

Issued Amount Interest Discount Valuation Cap Maturity
02/28/2019 $19,446,400
6.0% 19.0% None 10/02/2019
02/28/2019 $19,368,411
6.0% 19.0% None 10/02/2019

Outstanding Debts


Related Party Transactions


Capital Structure

Class of Security Securities
(or Amount)
(or Amount)
Common 10,000,000 1,592,496 Yes
Preferred 1,000,000 0 No
Securities Reserved for
Issuance upon Exercise or Conversion
Warrants: 15
Options: 355

Form C Risks:

Benefit Corporation. The Company is organized as a public benefit corporation. Unlike a corporation that is not a public benefit corporation, whose purpose is to maximize shareholder value, a public benefit corporation’s purpose includes societal benefit, which may conflict with maximization of shareholder value.

No Assurance of Profit or Distributions; Long-Term Investment. There can be no assurance that the investments of the Company will be profitable or that any dividends or other distributions will be paid to the investors. An investment in the Company is a long-term commitment and there is no assurance of any distribution to the investors prior to or upon liquidation of the Company.

Power of Attorney. For the Crowdfunding and related 506c offering to accredited investors from that time - and only those two offerings, if an investor holds fewer than 1,000 shares of the Company’s common stock, the Company’s CEO will hold an irrevocable proxy and power of attorney to vote the holder’s stock in the manner voted by a majority of the holders of the Company’s common stock. This applies to common stock issued pursuant to Crowdfunding.

Unequal Dissemination of Information. In the normal course of business, it is anticipated that the Company’s management team conduct meetings, provide reports or otherwise share information with investors and potential investors with varying degrees of frequency and specificity or at various points in time. As a result, certain investors may receive a greater depth of information than others regarding the Company’s activities.

Reliance on Management Team. The Company is dependent upon the efforts of the members of its management team, none of whom has a contract with the Company. If the services of those members cease to be available to the Company, or become available to competitors, this could have a material adverse effect on the business, financial results and prospects of the Company. Employees, officers and directors of the Company are a group of highly qualified professionals and are integral to the success of the Company. The Company’s ability to attract and retain qualified, motivated and talented staff contributes to the Company’s success and failure to recruit and retain such persons might have a material adverse effect on the performance of the Company. The members of the management team have limited operating experience in a project of this nature, such as opening new locations in other cities and other qualities from the Company’s business plan. Vince Kadlubek, the Company’s Chief Executive Officer, was arrested for shoplifting in 2012, pleaded no contest to a misdemeanor charge and paid a fine.

Illiquidity. No market in the Company's stock is expected to develop. In light of the fact that the Company's common stock is not tradable, an investment in the Company is an illiquid investment. Investments in the Company's common stock should therefore be considered only by investors financially able to maintain their investment for an extended period of time and who can afford a loss of all or a substantial part of their investment. Investment in the Company's common stock is a long-term commitment, and there is no assurance of any distribution to the investors. The Company has no current plans to be acquired or to sell its securities in a public offering. The Company's common stock has not been registered under federal or state securities laws and is subject to restrictions on transfer contained in such laws.

Insufficient Capital. The Company’s capital is limited. Unless future capital is raised in future offerings, the Company may be unable to carry out its business plan. The Company may also be unable to open future locations and carry out its business plan as a result of cost overruns, construction delays or other unforeseen circumstances. If such circumstances occur, there can be no assurance that other funds will be available or available on acceptable terms for the establishment of the Studio and the other expenses that will be incurred in carrying out the business plan.

Dilution. To carry out its business plan, the Company will likely need to raise capital in the future in addition to 2017 offerings. Such additional capital may be raised through the sale of securities with a price less than, and rights superior to, those offered to the investors in the Offering. The Company also plans to convert certain debt of the Company into capital stock, which conversion may be at a conversion price per share less than the current price per share. The investors in the Offering will not have any preemptive rights to invest in future securities offerings of the Company. As a result, the Shares may be diluted, perhaps substantially, by other investments in the Company.

Superior Securities. The Company incurred debt to purchase the building that will house the Studio. That debt is secured by the building and the real property on which the building sits. While the Company expects the debt to be refinanced by more conventional financing in 2018, the debt was not borrowed from a conventional commercial lender and bears a high interest rate. The Company has also issued preferred stock, which will carry an accrued dividend of 7% per annum and is subject to redemption at the option of the holder in certain circumstances. $1.5 million has been invested in preferred stock to date. The debt and the preferred stock may constitute a drain on the Company’s available cash, and must be paid before any payment is made on the shares in a liquidation of the Company.

Potential Conflicts of Interest. Investors should be aware that there may be occasions when the Company, its principals and their affiliates will encounter potential conflicts of interest in connection with the Company’s activities. There may be, for example, a conflict between the interest of the principals to maximize their income from salary and similar payments from the Company and the interest of stockholders of the Company in maximizing the value of their shares.

Lack of Significant Operating History. The Company has limited operating history. The operating history of the Prior Company is limited to a short period. As a result, potential investors may find it difficult to evaluate likely performance.

Competitive Marketplace; Industry Risks. The Company generates the majority of its revenue from a single industry and, currently, in a single geographic market. An investment in the Company could be considered an undiversified investment with a high concentration of risk. The business of providing immersive experiences of the type contemplated by the Company is competitive. The Company will be competing for market share in that field against other providers, some of whom are more established and better financed than the Company. The market for such experiences may also be subject to negatively impacted by general economic trends, downturns at times of heightened terrorism concerns, and competition from the emergence of new forms of entertainment, among other such risks.

Redemption. For the Crowdfunding and related 506c offering to accredited investors from that time - and only those two offerings, If an investor holds fewer than 1,000 shares of the Company's common stock, the Company may, at any time and from time to time, redeem any or all of the investors' shares of common stock at a price per share equal to the fair market value thereof as determined in good faith by the Company's board of directors.

Description of Securities for Prior Reg CF Raise

Additional issuances of securities. Following the Investor’s investment in the Company, the Company may sell interests to additional investors, which will dilute the percentage interest of the Investor in the Company. The Investor may have the opportunity to increase its investment in the Company in such a transaction, but such opportunity cannot be assured. The amount of additional financing needed by the Company, if any, will depend upon the maturity and objectives of the Company. The declining of an opportunity or the inability of the Investor to make a follow-on investment, or the lack of an opportunity to make such a follow-on investment, may result in substantial dilution of the Investor’s interest in the Company.

Issuer repurchases of securities. The Company may have authority to repurchase its securities from shareholders, which may serve to decrease any liquidity in the market for such securities, decrease the percentage interests held by other similarly situated investors to the Investor, and create pressure on the Investor to sell its securities to the Company concurrently.

A sale of the issuer or of assets of the issuer. As a minority owner of the Company, the Investor will have limited or no ability to influence a potential sale of the Company or a substantial portion of its assets. Thus, the Investor will rely upon the executive management of the Company and the Board of Directors of the Company to manage the Company so as to maximize value for shareholders. Accordingly, the success of the Investor’s investment in the Company will depend in large part upon the skill and expertise of the executive management of the Company and the Board of Directors of the Company. If the Board Of Directors of the Company authorizes a sale of all or a part of the Company, or a disposition of a substantial portion of the Company’s assets, there can be no guarantee that the value received by the Investor, together with the fair market estimate of the value remaining in the Company, will be equal to or exceed the value of the Investor’s initial investment in the Company.

Transactions with related parties. The Investor should be aware that there will be occasions when the Company may encounter potential conflicts of interest in its operations. On any issue involving conflicts of interest, the executive management and Board of Directors of the Company will be guided by their good faith judgement as to the Company’s best interests. The Company may engage in transactions with affiliates, subsidiaries or other related parties, which may be on terms which are not arm’s-length, but will be in all cases consistent with the duties of the management of the Company to its shareholders. By acquiring an interest in the Company, the Investor will be deemed to have acknowledged the existence of any such actual or potential conflicts of interest and to have waived any claim with respect to any liability arising from the existence of any such conflict of interest.

Minority Ownership

An Investor in the Company will likely hold a minority position in the Company, and thus be limited as to its ability to control or influence the governance and operations of the Company.

The marketability and value of the Investor’s interest in the Company will depend upon many factors outside the control of the Investor. The Company will be managed by its officers and be governed in accordance with the strategic direction and decision-making of its Board Of Directors, and the Investor will have no independent right to name or remove an officer or member of the Board Of Directors of the Company.

Following the Investor’s investment in the Company, the Company may sell interests to additional investors, which will dilute the percentage interest of the Investor in the Company. The Investor may have the opportunity to increase its investment in the Company in such a transaction, but such opportunity cannot be assured.

The amount of additional financing needed by the Company, if any, will depend upon the maturity and objectives of the Company. The declining of an opportunity or the inability of the Investor to make a follow-on investment, or the lack of an opportunity to make such a follow-on investment, may result in substantial dilution of the Investor’s interest in the Company.

Exercise of Rights Held by Principal Shareholders


Restrictions on Transfer

The securities offered via Regulation Crowdfunding may not be transferred by any purchaser of such securities during the one year period beginning when the securities were issued, unless such securities are transferred:

  • to the issuer;
  • to an accredited investor
  • as part of an offering registered with the U.S. Securities and Exchange Commission; or
  • to a member of the family of the purchaser or the equivalent, to a trust controlled by the purchaser, to a trust created for the benefit of a member of the family of the purchaser or the equivalent, or in connection with the death or divorce of the purchaser or other similar circumstance.

Valuation Methodology for Prior Reg CF Raise

The offering price for the securities offered pursuant to this Form C has been determined arbitrarily by the Company, and does not necessarily bear any relationship to the Company’s book value, assets, earnings or other generally accepted valuation criteria. In determining the offering price, the Company did not employ investment banking firms or other outside organizations to make an independent appraisal or evaluation. Accordingly, the offering price should not be considered to be indicative of the actual value of the securities offered hereby. Because there is no public market for our securities, $24.86 has been determined by our board of directors. Among the factors we have considered in determining the $24.86 are prevailing market conditions, our financial information, market valuations of other companies that we believe to be comparable to us, estimates of our business potential, the present state of our development and other factors deemed relevant. In the future, we will perform valuations of our common stock that take into account factors such as the following:

  • unrelated third party valuations of our common stock;
  • the price at which we sell other securities, such as convertible debt or preferred stock, in light of the rights, preferences and privileges of our those securities relative to those of our common stock;
  • our results of operations, financial position and capital resources;
  • current business conditions and projections;
  • the lack of marketability of our common stock;
  • the hiring of key personnel and the experience of our management;
  • the introduction of new products;
  • the risk inherent in the development and expansion of our products;
  • our stage of development and material risks related to our business;
  • the likelihood of achieving a liquidity event, such as an initial public offering or a sale of our company given the prevailing market conditions and the nature and history of our business;
  • industry trends and competitive environment;
  • trends in consumer spending, including consumer confidence;
  • overall economic indicators, including gross domestic product, employment, inflation and interest rates; and
  • the general economic outlook.
We will analyze factors such as those described above using a combination of financial and market-based methodologies to determine our business enterprise value. For example, we may use methodologies that assume that businesses operating in the same industry will share similar characteristics and that the Company’s value will correlate to those characteristics, and/or methodologies that compare transactions in similar securities issued by us that were conducted in the market.


Meow Wolf, Inc.
  • Delaware Public Benefit Corporation
  • Organized November 2016
  • 402 employees
1352 Rufina Cir
Santa Fe NM 87507 https://meowwolf.com

Business Description

Refer to the Meow Wolf profile.

EDGAR Filing

The Securities and Exchange Commission hosts the official version of this annual report on their EDGAR web site. It looks like it was built in 1989.

Compliance with Prior Annual Reports

Meow Wolf has previously not complied with the reporting requirements under Rule 202 of Regulation Crowdfunding.

In 2018, Meow Wolf had a change of CFOs. During the changeover, the Rule 202 requirement was not fully communicated. Consequently, Meow Wolf is filing this report in order to fulfill the firm's Rule 202 requirement.

All prior investor updates

You can refer to the company's updates page to view all updates to date. Updates are for investors only and will require you to log in to the Wefunder account used to make the investment.

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