Falcon's Beyond Global, Inc. (FBYD) SEC Filings & Earnings Calls

Insider share delivery reduces stake

“Infinite Acquisitions initiated the delivery of 2,200,000 shares of Class A Common Stock to satisfy an obligation pursuant to the Founder Series Redemption Obligations.” · word for word

PIK dividend structure may indicate cash conservation; no cash outflow but increases share count and future dividend obligations.

“accrued dividends will be paid in the form of shares of Series B Preferred Stock (the 'PIK Dividend Shares'), provided that the Company may pay dividends in cash in certain circumstances” · word for word

Going Concern Substantial Doubt

“These conditions raise substantial doubt about our ability to continue as a going concern.” · word for word

Working Capital Deficit

“As of June 30, 2026, we have a working capital deficit of $8.4 million that was driven by the Deferred Loan Settlement of $6.9 million.” · word for word

Debt Maturity Risk

“We are actively evaluating refinancing and other alternatives with respect to these obligations.” · word for word

Adjusted EBITDA loss of $5.2M indicates ongoing operational losses despite revenue growth.

“Adjusted EBITDA loss $5.2M in Q2 2026.”

Going concern risk mentioned in forward-looking statements; liquidity may be constrained.

“Forward-looking statements include risk about current liquidity resources raising substantial doubt about ability to continue as a going concern.”

Net loss persists, though small; profitability not yet achieved.

“Consolidated net loss $0.3M.”

PDP business seasonal with Mallorca property closed in winter; operating loss of $1.2M.

“The PDP business is seasonal with the first quarters of the fiscal year representing periods in which the Mallorca property remains closed for the winter season. Operating loss was $1.2 million” · word for word

Going Concern Uncertainty

“These conditions, together with our ongoing capital needs to support its growth initiatives and working capital requirements, raise substantial doubt about our ability to continue as a going concern.” · word for word

Working Capital Deficiency

“As of March 31, 2026, we have a working capital deficiency of $12.9 million, including short-term debt obligations of $9.3 million.” · word for word

Recurring Operating Losses

“We have incurred recurring operating losses and negative cash flows from operations.” · word for word

Litigation Liability

“Guggenheim lawsuit with $11.1M claim; reversed accrual but trial pending.”

Related party transaction risk

“On September 8, 2025, the Company issued 307,627 shares of Series B Preferred Stock to Gino P. Lucadamo, a director of the Company, in exchange for $1.5 million in cash.” · word for word

Going concern doubt

“For the year ended December 31, 2025, we have operational losses and negative cash flows from operating activities that raise substantial doubt about our ability to continue as a going concern.” · word for word

Liquidity risk

“Currently, we do not have sufficient cash from operations and unused capacity to settle our outstanding liabilities and meet the needs of our next twelve months of our operations.” · word for word

Litigation risk

“On March 27, 2024, a lawsuit was filed against the Company by Guggenheim Securities, LLC... alleging fees and expenses of $11.1 million.” · word for word

Settlement liability: $2.5M paid, up to $7.0M deferred due Jan 2027; potential cash outflow.

“The Company paid an upfront payment of $2.5 million and is required to pay a deferred settlement payment of up to $7.0 million on or before January 31, 2027.” · word for word

FCG full-year revenue declined 27.2% YoY due to project timing; operating loss for the year.

“FCG generated $38.7 million in revenue in 2025, representing a $14.5 million decrease over 2024, primarily driven by timing of projects. FCG recorded an operating loss of $0.1 million and net loss of $0.8 million in 2025.” · word for word

Adjusted EBITDA loss of $17.3M for FY2025 indicates ongoing cash burn from expansion.

“Falcon's Beyond's generated adjusted EBITDA (1) loss of $17.3 million in 2025 primarily driven by the Company's investment in the integration and expansion of the Falcon's Attractions business and our share of net losses from our FCG equity method investment.” · word for word

Insider selling / dilution risk

“Infinite Acquisitions disposed of 2,350,068 shares and delivered 2,354,610 shares to satisfy obligations, reducing its beneficial ownership.” · word for word

Insider selling / dilution risk

“Infinite Acquisitions disposed of 2,350,068 shares and delivered 2,354,610 shares to satisfy obligations, reducing its beneficial ownership.” · word for word

Going Concern Risk

“substantial doubt exists as to the Company’s ability to continue as a going concern for the twelve-month period following the issuance of these unaudited condensed consolidated financial statements.” · word for word

Liquidity Risk

“The Company does not currently have sufficient cash or liquidity to pay liabilities that are owed or are maturing at this time and to fund ongoing operations.” · word for word

Litigation Risk

“Guggenheim alleges that the Company owes certain fees and expenses of $11.1 million ... FAST alleges that the Company owes FAST payment for principal, interest, and penalties of $9.1 million.” · word for word

Internal Control Weakness

“We have identified material weaknesses in our internal controls over financial reporting.” · word for word

Equity Method Investment Impairment Risk

“The Company recognized an other-than-temporary impairment charge of $5.3 million ... and $3.0 million.” · word for word

Sustained operating losses and negative adjusted EBITDA indicate cash burn

“Adjusted EBITDA loss of $7.7M in Q3 2025 vs $1.6M loss in prior year; net loss of $10.4M.”

FCG revenue volatility due to project timing creates earnings unpredictability

“FCG revenue down 56.3% YoY due to multi-year contract performance obligations; operating loss of $3.5M.”

Joint venture impairment signals execution risk in international projects

“$3.0M impairment of Karnival joint venture due to project termination in Hong Kong.”