Falcon's Beyond (FBYD) - 2025 Q4 - Annual Results

Financial Performance - Falcon's Beyond reported Q4 2025 consolidated revenue of $6.6 million, with full year revenue of $14.9 million, an increase of $8.2 million over the prior year[1][6]. - Falcon's Creative Group (FCG) generated Q4 revenue of $14.4 million, a 53.5% increase from Q4 2024, with operating income of $3.7 million and net income of $3.9 million[3]. - Producciones de Parques (PDP) generated Q4 revenue of $2.1 million, with a net loss of $0.2 million, reflecting seasonal business impacts[3]. - Falcon's Beyond reported a consolidated net loss of $0.3 million in Q4 2025, significantly reduced from a net loss of $11.9 million in Q4 2024[4]. - Adjusted EBITDA for Q4 2025 was $0.2 million, a substantial improvement from a loss of $12.0 million in Q4 2024, driven by better performance in FCG and the new Falcon's Attractions segment[5]. - For the full year 2025, Falcon's Beyond reported a consolidated net income of $6.3 million, primarily due to a gain on the sale of PDP's Tenerife property[8]. - FCG's full year revenue was $38.7 million, a decrease of $14.5 million from 2024, attributed to project timing[10]. - PDP's full year revenue reached $31.4 million, with a net income of $64.8 million, including a $60.0 million gain from the sale of Tenerife[10]. - Total revenue for the year ended December 31, 2025, was $14,896,000, a significant increase from $6,745,000 in 2024, representing a growth of 121%[29]. - Service revenue for the three months ended December 31, 2025, reached $4,737,000, compared to $1,361,000 in the same period of 2024, marking a year-over-year increase of 348%[29]. - Operating expenses for the year ended December 31, 2025, totaled $28,304,000, up from $22,612,000 in 2024, reflecting a rise of 25%[29]. - The net loss attributable to common stockholders for the year ended December 31, 2025, was $2,839,000, a decrease from a net income of $22,057,000 in 2024[29]. - Adjusted EBITDA for the year ended December 31, 2025, was $(17,327,000), compared to $(20,040,000) in 2024, indicating an improvement in operational performance[33]. Cash Flow and Financing - Cash flows from operating activities for the year ended December 31, 2025, showed a net cash used of $24,603,000, compared to $12,552,000 in 2024, highlighting increased cash outflows[31]. - The company raised $11,833,000 from the issuance of Series B preferred stock during the year ended December 31, 2025[31]. Foreign Exchange and Other Gains - The company experienced a foreign exchange transaction gain of $2,147,000 for the year ended December 31, 2025, compared to a loss of $1,077,000 in 2024[29]. - The company reported a gain on bargain purchase of $1,098,000 from the OES Acquisition during the year ended December 31, 2025[29]. Future Outlook - The company aims for disciplined scalable growth in 2026, focusing on enhancing capabilities and expanding presence in immersive destinations[12][13]. - In November 2025, Falcon's Beyond entered a settlement agreement involving a $2.5 million upfront payment and a deferred payment of up to $7.0 million[16]. Share Information - The weighted average shares outstanding for the year ended December 31, 2025, were 39,209,147 for basic shares and 39,255,885 for diluted shares[29].