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Falcon's Beyond Global, Inc.
FBYDCIK 0001937987NasdaqEmerging GrowthServices-Miscellaneous Amusement & RecreationDelawareFY ends Dec 31
Period
FY 2025
Revenue
$14.90M
Net Income
$6.31M
Total Assets
$66.70M
Equity
$11.93M
Shares Out
10
Op. Cash Flow
$-24.60M
Business
Falcon’s Beyond Global, Inc. creates immersive entertainment experiences that blend content, technology and physical environments through master planning, attraction design, content production and experiential technology. It offers services and products including master plans, attraction and themed entertainment design, media and interactive content, proprietary ride and theater systems, licensing and merchandising, gaming, and location-based entertainment concepts. The company operates through three business divisions—Falcon’s Creative Group, Falcon’s Beyond Destinations and Falcon’s Beyond Brands—executed across four operating segments. Falcon’s distributes its offerings via joint ventures, licensing, B2B client engagements, owned and partner-operated venues, and digital channels across multiple international markets.
Summary from filing dated 2025-04-03
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|
| Revenue | 15 | 7 | 18 | 16 | |
| Project design and build expense | 2 | 0 | 10 | — | |
| Cost of product sales | 2 | 0 | — | — | |
| Selling, general and administrative expense ($141 and $126 related party for the years ended December 31, 2025 and 2024, respectively) | 25 | 22 | 28 | 18 | |
| Transaction (credit) expenses | −2 | 7,000 | — | — | |
| Credit loss expense ($12 related party for the year ended December 31, 2024) | 0 | 12,000 | 6 | — | |
| Research and development expense ($184 and $171 related party for the years ended December 31, 2025 and 2024, respectively) | 199,000 | 179,000 | — | — | |
| Depreciation and amortization expense | 349,000 | 6,000 | 2 | 737,000 | |
| Total operating expenses | 28 | 23 | 75 | 33 | |
| Loss from operations | −13 | −16 | −57 | −17 | |
| Share of gain (loss) from equity method investments | 17 | −3 | −52 | 2 | |
| Interest expense ($(1,712) and $(1,133) related party for the years ended ,December 31, 2025 and 2024, respectively) | −3 | −2 | −1 | −1 | |
| Interest income | 12,000 | 12,000 | 95,000 | — | |
| Change in fair value of warrant liabilities | 3 | −836,000 | −3 | — | |
| Change in fair value of earnout liabilities | 0 | 172 | −345 | — | |
| Foreign exchange transaction gain (loss) | 2 | −1 | 367,000 | −478,000 | |
| Gain on bargain purchase of OES Acquisition | 1 | 0 | — | — | |
| Net income before taxes | 6 | 149 | −431 | −17 | |
| Income tax benefit (expense) | 2,000 | −2,000 | 325,000 | — | |
| Net income | 6 | 149 | −431 | −17 | |
| Net income attributable to noncontrolling interest | 3 | 127 | −383 | — | |
| Net income attributable to common stockholders | 3 | 22 | −48 | — | |
| Net income per share, basic | 0.06 | 1.76 | −5.59 | — | |
| Net income per share, diluted | 0.03 | 1.41 | −5.59 | — | |
| Weighted average shares outstanding, basic (in Shares) | 39 | 13 | 9 | — | |
| Weighted average shares outstanding, diluted (in Shares) | 39 | 13 | 9 | — | |
| Foreign currency translation income | 1 | −148,000 | −348,000 | −429,000 | |
| Total comprehensive income | 8 | 149 | −431 | −18 | |
| Comprehensive income attributable to noncontrolling interest | 4 | 127 | −384 | — | |
| Total comprehensive income attributable to common stockholders | 3 | 22 | −48 | −18 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents ($532 and $282 restricted cash as of December 31, 2025 and December 31, 2024, respectively) | 2 | 825,000 | 672,000 | 8 | — | |
| Accounts receivable ($2,533 and $1,713 related party as of December 31, 2025 and December 31, 2024, respectively) | 4 | 2 | 696,000 | 3 | — | |
| Contract assets | 3 | 0 | — | 3 | — | |
| Other current assets ($983 related party as of December 31, 2025) | 2 | 2 | 1 | 842,000 | — | |
| Total current assets | 10 | 4 | 2 | 17 | — | |
| Investments and advances to equity method investments | 51 | 57 | 61 | 72 | — | |
| Operating lease right-of-use assets | 3 | 0 | — | 1 | — | |
| Property and equipment, net | 1 | 24,000 | 23,000 | 802,000 | — | |
| Intangible assets, net | 1 | 0 | — | — | — | |
| Other non-current assets | 341,000 | 513,000 | 264,000 | 671,000 | — | |
| Total assets | 67 | 61 | 63 | 112 | — | |
| Accounts payable ($215 and $1,669 related party as of December 31, 2025 and December 31, 2024, respectively) | 8 | 10 | 4 | 5 | — | |
| Accrued expenses and other current liabilities ($501 and $660 related party as of December 31, 2025 and December 31, 2024, respectively) | 16 | 26 | 21 | 4 | — | |
| Contract liabilities | 19,000 | 0 | — | — | — | |
| Operating lease liability, current | 460,000 | 0 | — | — | — | |
| Short term debt ($1,386 related party as of December 31, 2025) | 1 | 8 | — | — | — | |
| Long-term debt, current ($904 related party as of December 31, 2024) | 2 | 2 | 7 | 7 | — | |
| Total current liabilities | 29 | 46 | 214 | 17 | — | |
| Operating lease liability, net of current portion | 2 | 0 | — | 849,000 | — | |
| Long-term debt, net of current portion ($5,024 and $28,904 related party as of December 31, 2025 and December 31, 2024, respectively) | 12 | 31 | 23 | 26 | — | |
| Warrant liabilities | 0 | 5 | 4 | — | — | |
| Total liabilities | 43 | 81 | 552 | 44 | — | |
| Commitments and contingencies - Note 12 | — | — | — | — | — | |
| Series B preferred stock ($0.0001 par value, 8,000,000 shares authorized; 6,715,721 issued and outstanding as of December 31, 2025. Liquidation preference of $33.6 million as of December 31, 2025) | 1,000 | 0 | — | — | — | |
| Additional paid-in capital | 56 | 38 | 12 | — | — | |
| Accumulated deficit | −44 | −47 | −69 | −24 | — | |
| Accumulated other comprehensive income (loss) | 387,000 | −243,000 | −216,000 | −2 | — | |
| Total equity (deficit) attributable to common stockholders | 12 | −9 | −57 | 68 | — | |
| Non-controlling interest | 12 | −11 | −432 | — | — | |
| Total equity (deficit) | 24 | −20 | −489 | 68 | 28 | |
| Total liabilities and equity | 67 | 61 | 63 | 112 | — |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|
| Depreciation and amortization | 349,000 | 6,000 | 2 | 737,000 | |
| Foreign exchange transaction gain | 0 | 1 | −367,000 | — | |
| Interest converted to preferred stock | 441,000 | 0 | — | — | |
| Change in fair value of earnouts | 0 | −172 | 345 | — | |
| Share based compensation expense | 2 | 1 | 68,000 | — | |
| Loss on sale of equipment | 1,000 | 2,000 | 0 | — | |
| Accounts receivable ($(820) and $(1,093) related party for the years ended December 31, 2025 and 2024, respectively) | −2 | −1 | −4 | −392,000 | |
| Contract assets | −3 | 0 | 466,000 | −2 | |
| Deferred transaction costs | 588,000 | −588,000 | 2 | −2 | |
| Other current assets | 530,000 | 55,000 | −904,000 | −453,000 | |
| Other non-current assets | 241,000 | −249,000 | −1 | −126,000 | |
| Accounts payable ($1,454 and $312 related party for the years ended December 31, 2025 and 2024, respectively) | −1 | 7 | 4 | 4 | |
| Accrued expenses and other current liabilities ($158 and $456 related party for the years ended December 31, 2025 and 2024, respectively) | −7 | 4 | 19 | 2 | |
| Contract liabilities | 19,000 | 0 | — | — | |
| Operating lease assets and liabilities | 152,000 | 0 | −23,000 | — | |
| Other long-term payables | 0 | −6 | 6 | −70,000 | |
| Net cash used in operating activities | −25 | −13 | −23 | −19 | |
| Purchase of property and equipment | −153,000 | −11,000 | −308,000 | −320,000 | |
| Proceeds from sale of equipment | 2,000 | 2,000 | 4,000 | — | |
| Short-term advances to affiliate ($(983) related party for the year ended December 31, 2025) | −983,000 | 0 | — | — | |
| Distribution from equity method investment PDP | 27 | 0 | — | — | |
| OES Acquisition | −2 | 0 | — | — | |
| Net cash provided by (used) in investing activities | 24 | −9,000 | 282,000 | −26 | |
| Proceeds from issuance of Series B preferred stock ($1,500 related party for the year ended December 31, 2025) | 12 | 0 | — | — | |
| Proceeds from debt related party | 750,000 | 7 | 0 | 7 | |
| Proceeds from debt - third party | 0 | 1 | 0 | — | |
| Repayment of debt related party | −268,000 | −2 | −3 | −138,000 | |
| Repayment of debt third party | −3 | −2 | −2 | −1 | |
| Proceeds from related party credit facilities | 2 | 13 | 18 | 7 | |
| Repayment of related party credit facilities | −5 | −5 | −4 | — | |
| Payment of excise tax on FAST sponsor share redemptions | −2 | — | — | — | |
| Proceeds from exercised warrants | 0 | 365,000 | 4 | — | |
| Proceeds from RSUs issued to affiliates | 712,000 | 837,000 | 0 | — | |
| Settlement of RSUs | −545,000 | 0 | — | — | |
| Net cash provided by financing activities | 4 | 13 | 15 | 51 | |
| Net increase (decrease) in cash and cash equivalents | 3 | 292,000 | −8 | 5 | |
| Foreign exchange impact on cash | −2 | −139,000 | 314,000 | −55,000 | |
| Cash paid for interest | 3 | 518,000 | 1 | 606,000 | |
| Debt to series B preferred stock conversion - principal | 20 | 0 | — | — | |
| Accrued interest capitalized as debt principal | 0 | 273,000 | 0 | — | |
| Conversion of warrants to common shares, Class A | 2 | 7 | 7 | — | |
| Conversion of Class B Common Stock to Class A Common Stock | 691,000 | 20 | 0 | — | |
| Release of earnout Common shares from escrow | 0 | 66 | 0 | — | |
| Reclassification of earnout shares to equity | 0 | 250 | 0 | — |
Filings
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