# EDGAR Filing Document

**Accession Number:** 0001937987
**File Stem:** 0001193125-26-131940
**Filing Date:** 2026-3
**Character Count:** 31269
**Document Hash:** 536ad7da2a0c11423fa6c6022d1ddd90
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-131940.hdr.sgml**: 20260330

**ACCESSION NUMBER**: 0001193125-26-131940

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20260330

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260330

**DATE AS OF CHANGE**: 20260330

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Falcon's Beyond Global, Inc.
- **CENTRAL INDEX KEY:** 0001937987
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION [7990]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41833
- **FILM NUMBER:** 26813504

**BUSINESS ADDRESS:**
- **STREET 1:** 1768 PARK CENTER DRIVE
- **CITY:** ORLANDO
- **STATE:** FL
- **ZIP:** 32835
- **BUSINESS PHONE:** 407-909-9350

**MAIL ADDRESS:**
- **STREET 1:** 1768 PARK CENTER DRIVE
- **CITY:** ORLANDO
- **STATE:** FL
- **ZIP:** 32835

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Falcons Beyond Global, Inc.
- **DATE OF NAME CHANGE:** 20220713

?xml version='1.0' encoding='ASCII'? 8-K

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549**

**FORM** 8-K

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): March 30, 2026

FALCON'S BEYOND GLOBAL, INC.

(Exact name of registrant as specified in its charter)

<u>Delaware</u>   <u>001-41833</u>   <u>92-0261853</u> <br> (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)

1768 Park Center Drive

Orlando**,** FL 32835

(Address of principal executive offices, including zip code)

Registrant's telephone number, including area code: **(**407**)** 909-9350

**N/A**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) 

Securities registered pursuant to Section 12(b) of the Act

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Class A common stock, par value $0.0001 per share | FBYD | The Nasdaq Stock Market LLC |
| Warrants exchangeable for 0.25 shares of Class A common stock, on October 6, 2028 | FBYDW | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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## Item 2.02. Results of Operations and Financial Condition.
On March 30, 2026, Falcon's Beyond Global, Inc. (the "Company") issued a press release announcing its financial results for the fiscal year ended December 31, 2025. The full text of the Company's press release is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K (this "Current Report") and is incorporated herein by reference.

The information furnished in this Current Report (including Exhibit 99.1) shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section, nor shall it be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

**Item 9.01. Financial Statements and Exhibits.**

(d)Exhibits

---

| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description** |
| 99.1 | [<u>Press Release dated March 30, 2026.</u>](fbyd-ex99_1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

# SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Date: March 30, 2026 | **FALCON'S BEYOND GLOBAL, INC.** | **FALCON'S BEYOND GLOBAL, INC.** |
|  | By: | /s/ Bruce A. Brown |
|  | Name: | Bruce A. Brown |
|  | Title: | Chief Legal Officer and Corporate Secretary |

---

------

## Exhibit 99.1

**Exhibit 99.1**

![img204658238_0.gif](img204658238_0.gif)

**Falcon's Beyond Reports Fourth Quarter and Full Year 2025** 

**Financial Results**

*Company Reports Consolidated Revenue of* ***$6.6 Million*** *for Q4 and* ***$14.9 Million*** 

*for the full year*

*Company's Unconsolidated Subsidiary, Falcon's Creative Group, generated Q4 revenue of* ***$14.4 Million*** *and* ***$38.7 Million*** *for the full year* 

*Company's Unconsolidated Joint Venture, Producciones de Parques ("PDP"), generated Q4 revenue of* ***$2.1 Million*** *and full year revenue of* ***$31.4 Million***

**Orlando, FL** (March 30, 2026) — Falcon's Beyond Global, Inc. (Nasdaq: FBYD) ("Falcon's Beyond", "Falcon's" or the "Company"), a visionary entertainment and technology enterprise through its divisions Falcon's Creative Group ("FCG"), Falcon's Beyond Destinations ("FBD"), and Falcon's Beyond Brands ("FBB") today reported its financial results for the fourth quarter 2025 and fiscal year ended December 31, 2025.

**<u>Fourth Quarter 2025 Financial Results</u>**

**Revenue:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Falcon's Beyond reported fourth quarter revenue of $6.6 million from attraction services and product sales generated from its Falcon's Attractions business, and from shared services and management fees earned from its FCG and PDP joint ventures.

**Equity Method Investments:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•FCG generated $14.4 million in revenue in the fourth quarter of 2025, representing a $5.0 million, or 53.5% increase over the corresponding period of 2024. FCG recorded operating income of $3.7 million and net income of $3.9 million in the fourth quarter of 2025. After the Qiddiya Investment Company's (QIC) preferred return and amortization of basis difference, Falcon's Beyond's share of net income from FCG was $2.1 million. FCG had a contracted pipeline of $41.6 million as it closed out 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•PDP generated revenue of $2.1 million, loss from operations of $0.7 million and net loss of $0.2 million in the fourth quarter of 2025. The PDP business is seasonal with the fourth and first quarters of the fiscal year representing periods in which the Mallorca property closes for the winter season. Falcon's Beyond's share of net loss from PDP was $0.1 million for the fourth quarter of 2025.

------

**Net Loss:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Falcon's Beyond reported a consolidated net loss of $0.3 million in the fourth quarter of 2025 compared with consolidated net loss of $11.9 million for the corresponding quarter of 2024. The reduction in loss was primarily driven by operating profits contributed by newly formed Falcon's Attractions segment in 2025 and an increase in profitability from the FCG segment.

**Adjusted EBITDA:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Falcon's Beyond generated Adjusted EBITDA(1) of $0.2 million compared to $12.0 million Adjusted EBITDA loss for the corresponding 2024 period. The increase in Adjusted EBITDA is primarily due to the improved performance of the FCG segment, the addition of the Falcons's Attractions segment in 2025, and a reduction in interest expense due to the capital restructuring that occurred in the second half of 2025.

**<u>Full Year 2025 Results</u>**

**Revenue:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Falcon's Beyond reported annual revenue of $14.9 million, a $8.2 million increase over the prior year reflecting revenues generated from the newly formed Falcon's Attractions business.

**Equity Method Investments:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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. After the Qiddiya Investment Company's (QIC) preferred return and amortization of basis difference, Falcon's Beyond's share of net loss from FCG was $7.2 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•PDP generated revenue of $31.4 million, income from operations of $7.5 million, a $60.0 million gain from sale of Tenerife, and net income of $64.8 million in 2025. Falcon's Beyond's share of net income from PDP was $27.1 million including a $5.3 million impairment in the carrying value of PDP following the sale of Tenerife.

**Net Income:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Falcon's Beyond reported consolidated net income of $6.3 million in 2025, primarily driven by the share of the gain on sale of PDP's Tenerife property, partially offset by operating losses from the integration and expansion of the Falcon's Attractions business, and non-recurring impairment charges of our investments in Karnival and PDP as we seek to liquidate these non-core assets and investments.

**Adjusted EBITDA:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Falcon's Beyond's generated adjusted EBITDA<sup>(1)</sup> 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.

_____________________________________________________________________________________

<sup>(1)</sup> Adjusted EBITDA is a non-GAAP financial measure. See "Use and Definition of Non-GAAP Financial Measure" below for more information and a reconciliation to the most directly comparable GAAP measure.

------

**<u>Other Business Highlights</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Settlement agreement. In November 2025, the Company entered into a settlement agreement and release with FAST Sponsor II, LLC ("FAST") over actions related the settlement of two term loans. 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. Upon payment of the deferred settlement payment, FAST will forfeit 360,000 Class A shares and 375,000 Class A unvested market price-based earnout shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Stock price-based earnout target. In December 2025, the Company achieved the first stock price-based earnout trigger set forth in Earnout Escrow agreement dated October 6, 2023. As a result 15,000,000 of the outstanding 40,000,000 of the outstanding earnout shares and units were earned and released to the beneficial owners of the shares.

"In 2025, we successfully expanded our physical attractions business, strengthened our balance sheet, divested of non-core assets, and redirected capital resources toward our highest-growth divisions," said Cecil D. Magpuri, Chief Executive Officer of Falcon's Beyond.

"As we move into 2026, our priority is disciplined scalable growth while preserving the creative and engineering excellence that defines our brands. We are actively evaluating complementary investment opportunities that enhance our capabilities and broaden our presence in immersive, media rich destinations and attractions."

**About Falcon's Beyond**

**Falcon's Beyond** is a visionary entertainment and technology enterprise at the forefront of the global experience economy. We design, develop, engineer, deliver, and commercialize immersive physical and digital experiences for leading brands, developers, and destination operators worldwide, as well as for our own portfolio of entertainment and technology concepts. Our business is built on an integrated experience platform that brings together creative development, proprietary technologies, advanced engineering, intellectual property ("IP"), and operational execution to enable the repeatable creation, deployment, and scaling of entertainment experiences across multiple formats and locations globally. We operate through three complementary business divisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Falcon's Creative Group** provides creative and advisory services including destination strategy, master planning, experiential and attraction design, digital media, interactive software, IP development, and creative guardianship for entertainment and hospitality destinations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Falcon's Beyond Brands** encompasses a broad portfolio of intellectual property, proprietary technologies, and operating businesses that design, engineer, commercialize, and deploy entertainment systems, products, content, and experiences across physical and digital environments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Falcon's Beyond Destinations** develops, owns, operates, and expands entertainment venues, hospitality experiences, and branded destination concepts across a variety of location-based formats, utilizing proprietary and third-party intellectual property.

FALCON'S BEYOND and its related trademarks are owned by Falcon's Beyond.

Falcon's is headquartered in Orlando, Fla. Learn more at falconsbeyond.com.

------

Falcon's Beyond may use its website as a distribution channel of material Company information. Financial and other important information regarding the Company is routinely accessed through and posted on our website at https://investors.falconsbeyond.com.

In addition, you may automatically receive email alerts and other information about Falcon's when you enroll your email address by visiting the Email Alerts section at https://investors.falconsbeyond.com.

**Cautionary Note Regarding Forward-Looking Statements** 

This press release contains statements that are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, words such as "will," "would", "aim" and similar expressions identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ from those expressed in or implied by the forward-looking statements, including (1) our ability to sustain our growth, effectively manage our anticipated future growth, and implement our business strategies to achieve the results we anticipate, (2) our current liquidity resources raise substantial doubt about our ability to continue as a going concern (3) impairments of our intangible assets and equity method investment in our joint ventures, (4) our ability to raise additional capital, (5) the closure of Katmandu Park DR, sale of our interests in the Sol Tenerife Hotel, winding up of our Karnival joint venture, and the repositioning and rebranding of our FBD business, (6) the success of our growth plans in FCG and FBB, (7) risks associated with acquisitions, dispositions, business combinations, and joint ventures, (8) any failure to realize the anticipated benefits of acquired or proposed to be acquired businesses, including OES, (9) our customer concentration in FCG, (10) the timing of recognition of revenue from our contracted pipeline is difficult to predict with certainty and in some cases may extend over a number of fiscal years, (11) the risk that contractual restrictions relating to the Strategic Investment may affect our ability to access the public markets and expand our business, (12) the risks of doing business internationally, including in the Kingdom of Saudi Arabia, (13) our indebtedness, (14) our dependence on strategic relationships with local partners in order to offer and market our products and services in certain jurisdictions, (15) our reliance on our senior management and key employees, and our ability to hire, train, retain, and motivate qualified personnel, (16) cybersecurity-related risks, (17) our ability to protect our intellectual property, (18) our ability to remediate identified material weaknesses in our internal controls over financial reporting, (19) the concentration of share ownership and the significant influence of the Demerau Family and Cecil D. Magpuri, (20) the outcome of pending, threatened and future legal proceedings, (21) our continued compliance with Nasdaq continued listing standards, (22) risks related to our Up-C entity structure and the fact that we may be required to make substantial payments to certain unitholders under our Tax Receivable Agreement, and (23) the risks disclosed under the caption "Risk Factors" in the Company's most recent Annual Report on Form 10-K, and the Company's other filings with the Securities and Exchange Commission. The forward-looking statements herein speak only as of the date of this press release, and the Company undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

**Use and Definition of Non-GAAP Financial Measure**

We prepare our consolidated financial statements in accordance with US GAAP. In addition to disclosing financial results prepared in accordance with US GAAP, we disclose information regarding Adjusted EBITDA which is a non-GAAP measure. We define Adjusted EBITDA as net (loss) income, determined in accordance with US GAAP, for the period presented, before net interest and expense, income tax expense, depreciation and amortization, transaction (credit) expenses related to the business combination, credit loss expense related to the closure of the Sierra Parima Katmandu Park, share of equity method investee's gain on sale of Tenerife, impairment of equity method investments, change in fair value of

------

warrant liabilities, change in fair value of earnout liabilities, and gain on bargain purchase of OES acquisition.

We believe that Adjusted EBITDA is useful to investors as it eliminates the non-cash depreciation and amortization expense that results from our capital investments and intangible assets recognized in any business combination and improves comparability by eliminating the interest expense associated with our debt facilities, and eliminating the change in fair value of warrant and earnout liabilities, which may not be comparable with other companies based on our structure.

Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for analysis of our results as reported under US GAAP. Some of these limitations are (i) it does not reflect our cash expenditures, or future requirements for capital expenditures or contractual commitments, (ii) it does not reflect changes in, or cash requirements for, our working capital needs, (iii) it does not reflect interest expense, or the cash requirements necessary to service interest or principal payments, on our debt, (iv) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and Adjusted EBITDA does not reflect any cash requirements for such replacements, (v) it does not adjust for all non-cash income or expense items that are reflected in our statements of cash flows, and (vi) other companies in our industry may calculate these measures differently than we do, limiting their usefulness as comparative measures.

**Media Relations: Toni Caracciolo**, Falcon's Beyond: tcaracciolo@falconsbeyond.com

**Investor Relations:** ir@falconsbeyond.com

------

![img204658238_1.gif](img204658238_1.gif)

**FALCON'S BEYOND GLOBAL, INC. AND SUBSIDIARIES**

**CONSOLIDATED BALANCE SHEETS** 

*(in thousands of U.S. dollars, except share and per share data)*

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **December 31,<br>2025** | **December 31,<br>2024** |
| **Assets** |  |  |
| Current assets: |  |  |
| Cash and cash equivalents | $1868 | $825 |
| Accounts receivable | 3714 | 1716 |
| Contract assets | 3264 |  |
| Other current assets | 1525 | 1593 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total current assets** | **10371** | **4134** |
| Investments and advances to equity method investments | 50717 | 56560 |
| Operating lease right-of-use assets | 3188 |  |
| Property and equipment, net | 1022 | 24 |
| Intangible assets, net | 1063 |  |
| Other non-current assets | 341 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**66702** | $**61231** |
| **Liabilities and stockholders' equity (deficit)** |  |  |
| Current liabilities: |  |  |
| Accounts payable | $8453 | $9540 |
| Accrued expenses and other current liabilities | 16429 | 25870 |
| Contract liabilities | 19 |  |
| Operating lease liability, current | 460 |  |
| Short-term debt | 1386 | 8471 |
| Long-term debt, current | 1769 | 1759 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total current liabilities** | **28516** | **45640** |
| Operating lease liability, net of current portion | 1900 |  |
| Long-term debt, net of current portion | 12465 | 30977 |
| Warrant liabilities |  | 4711 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **42881** | **81328** |
| **Stockholders' equity (deficit)** |  |  |
| Equity (deficit) attributable to common stockholders | 11926 | (8965) |
| Non-controlling interest | 11895 | (11132) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total equity (deficit)** | **23821** | **(20097)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and equity** | $**66702** | $**61231** |

---

------

**FALCON'S BEYOND GLOBAL, INC. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF OPERATIONS (LOSS)** 

*(in thousands of U.S. dollars, except share and per share data)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Year ended** | **Year ended** |
|  | **December 31,<br>2025** | **December 31,<br>2024** | **December 31,<br>2025** | **December 31,<br>2024** |
| Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Services | $4737 | $1361 | $12055 | $6745 |
| &nbsp;&nbsp;&nbsp;&nbsp;Product sales | 1848 |  | 2841 |  |
| Total revenue | 6585 | 1361 | 14896 | 6745 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Project design and build expense | 985 |  | 2373 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of product sales | 1021 |  | 1579 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative expense | 6382 | 5817 | 25496 | 22408 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction (credit) expenses | 96 |  | (1692) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit loss expense |  |  |  | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development expense |  | 114 | 199 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 137 | 2 | 349 | 6 |
| Total operating expenses | 8621 | 5933 | 28304 | 22612 |
| **Loss from operations** | **(2036)** | **(4572)** | **(13408)** | **(15867)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Share of gain (loss) from equity method investments | 2016 | (6033) | 16959 | (3121) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (281) | (771) | (3384) | (1898) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 4 | 3 | 12 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of warrant liabilities |  | 879 | 2886 | (836) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of earnout liabilities |  |  |  | 172270 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange transaction gain (loss) | 2 | (1375) | 2147 | (1077) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on bargain purchase of OES Acquisition |  |  | 1098 |  |
| **Net (loss) income before taxes** | $**(295)** | $**(11869)** | $**6310** | $**149483** |
| Income tax (expense) benefit |  | (3) | 2 | (2) |
| **Net (loss) income** | $**(295)** | $**(11872)** | $**6312** | $**149481** |
| Net income (loss) attributable to noncontrolling interest | 103 | (9657) | 3473 | 127424 |
| Net (loss) income attributable to common stockholders | (398) | (2215) | 2839 | 22057 |
| **Net (loss) income per share** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (loss) income per share, basic | (0.01) | (0.15) | 0.06 | 1.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (loss) income per share, diluted | (0.01) | (0.16) | 0.03 | 1.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average shares outstanding, basic | 44389304 | 15216624 | 39209147 | 12539377 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average shares outstanding, diluted | 44389304 | 15872337 | 39255885 | 12726176 |

---

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**FALCON'S BEYOND GLOBAL, INC. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF CASH FLOWS** 

*(in thousands of U.S. dollars)*

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **December 31,<br>2025** | **December 31,<br>2024** |
| **Cash flows from operating activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $6312 | $149481 |
| Adjustments to reconcile net income to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 349 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange transaction gain |  | 1077 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share of (gain) loss from equity method investments | (16959) | 3121 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest converted to preferred stock | 441 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit loss expense |  | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of earnouts |  | (172270) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of warrants | (2886) | 836 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share based compensation expense | 1661 | 1495 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on sale of equipment | 1 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on bargain purchase of OES Acquisition | (1098) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (2091) | (1056) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract assets | (3264) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred transaction costs | 588 | (588) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 530 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets | 241 | (249) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (1491) | 7204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | (7108) | 3822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract liabilities | 19 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease assets and liabilities | 152 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other long-term payables |  | (5500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | **(24603)** | **(12552)** |
| **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of property and equipment | (153) | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of equipment | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term advances to affiliate | (983) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution from equity method investment PDP | 26955 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;OES Acquisition | (1632) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used) in investing activities | **24189** | **(9)** |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of Series B preferred stock | 11833 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from debt – related party | 750 | 7221 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from debt – third party |  | 1250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of debt – related party | (268) | (2297) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of debt – third party | (2677) | (1678) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from related party credit facilities | 1769 | 12547 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of related party credit facilities | (5384) | (5392) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of excise tax on FAST sponsor share redemptions | (2483) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from exercised warrants |  | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from RSUs issued to affiliates | 712 | 837 |
| &nbsp;&nbsp;&nbsp;&nbsp;Settlement of RSUs | (545) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | **3707** | **12853** |
| **Net increase in cash and cash equivalents** | **3293** | **292** |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange impact on cash | (2250) | (139) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents at beginning of year | 825 | 672 |
| **Cash and cash equivalents at end of year** | $**1868** | $**825** |

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**Reconciliation of Non-GAAP Financial Measure**

The following table sets forth reconciliations of net loss under US GAAP to Adjusted EBITDA for the following periods:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Year ended** | **Year ended** |
|  | **December 31,<br>2025** | **December 31,<br>2024** | **December 31,<br>2025** | **December 31,<br>2024** |
| &nbsp;&nbsp;**Net (loss) income** | $**(295)** | $**(11872)** | $**6312** | $**149481** |
| &nbsp;&nbsp;Interest expense | 281 | 771 | 3384 | 1898 |
| &nbsp;&nbsp;Interest income | (4) | (3) | (12) | (12) |
| &nbsp;&nbsp;Income tax benefit |  | 3 | (2) | 2 |
| &nbsp;&nbsp;Depreciation and amortization expense | 137 | 2 | 349 | 6 |
| &nbsp;&nbsp;**EBITDA** | **119** | **(11099)** | **10031** | **151375** |
| &nbsp;&nbsp;Transaction (credit) expenses | 96 |  | (1692) | 7 |
| &nbsp;&nbsp;Credit loss expense related to the closure of the Sierra Parima Katmandu Park |  |  |  | 12 |
| &nbsp;&nbsp;Share of equity method investee's gain on Tenerife Sale |  |  | (30019) |  |
| &nbsp;&nbsp;Impairment of PDP |  |  | 5332 |  |
| &nbsp;&nbsp;Impairment of Karnival |  |  | 3005 |  |
| &nbsp;&nbsp;Change in fair value of warrant liabilities |  | (879) | (2886) | 836 |
| &nbsp;&nbsp;Change in fair value of earnout liabilities |  |  |  | (172270) |
| &nbsp;&nbsp;Gain on bargain purchase of OES Acquisition |  |  | (1098) |  |
| &nbsp;&nbsp;**Adjusted EBITDA** | $**215** | $**(11978)** | $**(17327)** | $**(20040)** |

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