The company's revenue growth is overshadowed by persistent operating losses and a going-concern warning. Monitor for any capital raise announcement or material new contract wins that could alleviate liquidity concerns. The $28.4M pipeline at Falcon's Attractions is a positive signal but does not change the near-term cash burn trajectory.
Price Chart
Executive Summary
Falcon's Beyond reported Q2 2026 consolidated revenue of $5.6M (more than doubled YoY from $2.5M), but generated a GAAP net loss of $0.3M vs a $25.1M net income in Q2 2025 that was driven by a large one-time gain from an equity method investee's sale. Adjusted EBITDA loss widened to -$5.2M from -$1.7M a year ago, and the company's forward-looking statements again flag substantial doubt about its ability to continue as a going concern. The core Falcon's Attractions business shows pipeline growth ($28.4M contracted), but the company remains deeply unprofitable on an operating and cash-flow basis, making this a bearish report despite the headline revenue growth.
Key Financial Metrics
Key Facts
- Consolidated revenue $5.6M in Q2 2026, more than doubled from $2.5M in Q2 2025.
- GAAP net loss of $0.3M in Q2 2026 vs net income of $25.1M in Q2 2025 (which included a $29.8M gain from an equity method investee's sale).
- Adjusted EBITDA loss widened to -$5.2M in Q2 2026 from -$1.7M in Q2 2025.
- Falcon's Attractions ended Q2 with a contracted pipeline of $28.4M.
- Cash and cash equivalents were $3.1M as of June 30, 2026, up from $1.9M at year-end 2025.
- Forward-looking statements again disclose that current liquidity resources raise substantial doubt about ability to continue as a going concern.
- Operating cash flow was -$0.3M for the six months ended June 30, 2026, vs -$7.0M in the prior-year period.
Financial Impact
Q2 2026 GAAP net loss of $0.3M, Adjusted EBITDA loss of $5.2M, cash burn continues with operating cash flow of -$0.3M YTD
Risk Factors
- Going concern risk explicitly flagged in forward-looking statements
- Continued negative Adjusted EBITDA and operating cash flow
- Dependence on equity method investments (FCG, PDP) for growth, with Falcon's share of FCG net loss of $1.2M in Q2
- High customer concentration in FCG
- Material weaknesses in internal controls over financial reporting
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-347883 |
| Document: fbyd-20260813.htm | 0001193125-26-347883 |
| Document: 0001193125-26-347883-index-headers.html | 0001193125-26-347883 |
| Document: 0001193125-26-347883-index.html | 0001193125-26-347883 |
| Document: 0001193125-26-347883.txt | 0001193125-26-347883 |
| 8-K Data (Synthetic) | 0001193125-26-347883 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 19, 2026 7d ago | SC 13D/A | $8.25 $7.81 | ▲ +5.33% | ▲ +5.19% | $7.81 (+5.33%) |
Sep 30, 2026 26d ago | SC 13D/A | $8.52 $8.81 | ▼ −3.40% | ▼ −2.10% | $7.81 (+8.33%) |
Sep 22, 2026 4w ago | Institutional Cluster | $7.00 $8.39 | ▲ +19.86% | ▲ +21.04% | $7.81 (+11.57%) |
Aug 13, 2026 10w ago | 8-K | $10.24 $10.65 | ▼ −4.00% | ▼ −5.97% | $7.81 (+23.73%) |
US Market Status
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