Falcon's Beyond Global (FBYD) Q3 2025 earnings summary

Executive summary

• Revenue increased to $4.1M for Q3 2025, driven by new attractions contracts and services, with nine-month revenue at $8.3M.

• Net loss for Q3 2025 was $10.4M, compared to net income of $39.3M in Q3 2024, due to absence of prior year non-cash gains and higher equity investment losses.

• Adjusted EBITDA loss increased to $7.7M for Q3 2025, mainly due to higher operating losses and lower equity method gains.

Financial highlights

• Cash and cash equivalents were $4.3M as of September 30, 2025, with $16.1M in total debt and $10.0M available under credit lines.

• Working capital deficiency stood at $27.0M, including $8.2M of debt matured and $1.9M coming due.

• Accrued expenses and other current liabilities totaled $21.1M, with $16.0M related to transaction and professional fees.

• $28.7M of Series B Preferred Stock was issued in September 2025, raising $8.0M in cash and converting $20.7M of debt.

• Net cash provided by financing activities was $8.9M for the nine months ended September 30, 2025.

Outlook and guidance

• Management highlights substantial doubt about the ability to continue as a going concern due to insufficient liquidity to meet obligations over the next twelve months.

• Additional capital raises, asset sales, or further financing are required to fund operations and settle liabilities.

• FCG division is expected to double revenues over the next twelve months, with workforce and infrastructure scaling to meet demand.