Falcon's Beyond Global, Inc.（股票代碼：FBYD）提交了截至2026年3月31日止季度的10-Q季報。

10-Q
 
 
 
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 

  
 
UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION 
WASHINGTON, D.C. 20549
 
FORM 10-Q
 
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
 
For the quarterly period ended March 31, 2026
 
OR
 
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
 
For the transition period from __________ to __________
 
Commission file number 001-41833
 
Falcon’s Beyond Global, Inc.
(Exact name of registrant as specified in its charter)
 

 
 
 
 
 
 

 
 Delaware

 

 92-0261853

 

 
 (State or other jurisdiction of
incorporation or organization)

 

 (I.R.S. Employer
Identification No.)

 

 
 

 

 

 

 
 1768 Park Center Drive

 

 

 

 
 Orlando, FL

 

 32835

 

 
 (Address of principal executive offices)

 

 (Zip Code)

 

 
Registrant’s telephone number, including area code: (407) 909-9350
 
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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 

 
 
 
 
 
 
 
 
 

 
 Large accelerated filer

 ☐

 

 Accelerated filer

 ☐

 

 

 
 Non-accelerated filer

 ☒

 

 Smaller reporting company

 ☒

 

 

 
 

 

 

 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. ☐
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ 
 
As of May 14, 2026, a total of 49,012,162 shares of the Registrant’s Class A common stock, par value $0.0001 per share, and 72,230,050 shares of the Registrant’s Class B common stock, par value $0.0001 per share, was issued and outstanding.
 
 

 

 
  

 FALCON’S BEYOND GLOBAL, INC.
TABLE OF CONTENTS 
 

 
 
 
 
 
 

 
 

 

 Page No.

 

 
 PART I. FINANCIAL INFORMATION

 1

 

 
 Item 1.

 Financial Statements

 1

 

 
 

 Condensed Consolidated Balance Sheets as of March 31, 2026 (Unaudited) and December 31, 2025

 2

 

 
 

 Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the Three Months Ended March 31, 2026 and 2025 (Unaudited)

 3

 

 
 

 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025 (Unaudited)

 4

 

 
 

 Condensed Consolidated Statements of Stockholders’ Equity (Deficit) for the Three Months Ended March 31, 2026 and 2025 (Unaudited)

 5

 

 
 

 Notes to the Condensed Consolidated Financial Statements (Unaudited)

 6

 

 
 Item 2.

 Management’s Discussion and Analysis of Financial Condition and Results of Operations

 20

 

 
 Item 3.

 Quantitative and Qualitative Disclosures About Market Risk

 28

 

 
 Item 4.

 Disclosure Controls and Procedures

 28

 

 
 PART II. OTHER INFORMATION

 29

 

 
 Item 1.

 Legal Proceedings

 29

 

 
 Item 1A.

 Risk Factors

 29

 

 
 Item 2.

 Unregistered Sales of Equity Securities and Use of Proceeds

 29

 

 
 Item 3.

 Defaults Upon Senior Securities

 29

 

 
 Item 4.

 Mine Safety Disclosures

 29

 

 
 Item 5.

 Other Information

 29

 

 
 Item 6.

 Exhibits

 31

 

 
 SIGNATURES

 32

 

  

 i

 
  

 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS 
This Quarterly Report on Form 10-Q (this “Quarterly Report”) contains statements that the Company believes are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements relating to expectations for future financial performance, business strategies or expectations for our business. These statements are based on the beliefs and assumptions of the management of the Company. Although the Company believes that its plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, it cannot provide assurance that it will achieve or realize these plans, intentions or expectations. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of future performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this Quarterly Report, words such as “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “seek,” “should,” “strive,” “target,” “will,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.
You should not place undue reliance on these forward-looking statements. Should one or more of a number of known and unknown risks and uncertainties materialize, or should any of our assumptions prove incorrect, the Company’s actual results or performance may be materially different from those expressed or implied by these forward-looking statements. The following important factors, risks, and uncertainties could cause actual results to differ materially from those indicated by the forward-looking statements in this Quarterly Report: 
•We may not be able to sustain our growth, effectively manage our anticipated future growth, implement our business strategies or achieve the results we anticipate.

•The impairments of our intangible assets and equity method investments in our joint ventures have materially and adversely impacted our business and results of operations and may do so again in the future.

•Our current liquidity resources raise substantial doubt about our ability to continue as a going concern and holders of our securities could suffer a total loss of their investment.

•We will require additional capital to support the growth of our business. This capital might not be available on acceptable terms, if at all, or if available may result in restrictions on our operations or substantial dilution to our stockholders.

•Our FBD business is in transition, and the repositioning and rebranding of FBD projects will be subject to timing, budgeting and other risks which could have a material adverse effect on us. 

•Our growth plans in FCG and FBB may take longer than anticipated or may not be successful.

•Our ability to execute on our strategy and business model is dependent on the quality of our services, and our failure to offer high quality services could have a material adverse effect on our sales and results of operations.

•Anticipated synergies across our three business lines may not create the diversified revenue streams that we believe they will.

•A significant portion of FCG’s and our revenue is derived from two large clients of FCG and any loss of, or decrease in services to, those clients could harm FCG’s and our results of operations.

•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.

•Following the completion of the Strategic Investment (as defined below), the Company, Falcon’s Opco and FCG LLC are subject to contractual restrictions that may affect our ability to access the public markets and expand our business.

•Our development of new sources of revenue depends on development activities that expose us to project cost and completion risks.

•We operate in certain international regions that experience varying degrees of social, political, military, and economic instability. These conditions may include civil unrest, geopolitical tensions, armed conflicts, acts of terrorism, or other disruptions that could adversely affect our operations, supply chain, workforce, or the ability of customers and partners to conduct business with us. Any escalation of these risks in the countries where we operate could negatively impact our financial results, business continuity, and long term strategic objectives.

•We are exposed to risks related to operating in the Kingdom of Saudi Arabia.

•Changes in foreign trade policies and tariff structures, as well as the potential impacts of legal challenges related to such policies, could adversely affect our business, financial condition, and results of operations.

 

 ii

 
  

 •Our indebtedness and liabilities could limit the cash flow available for our operations, which may adversely affect our financial condition and future financial results. The principal, premium, if any, and interest payment obligations of such debt may restrict our future operations and impair our ability to invest in our businesses.

•The growth of our business depends upon our ability to source projects with new and existing customers and take such projects to completion. 

•We may expand into new lines of business in our FBB and FBD divisions and may face risks associated with such expansion.

•We have entered and expect to continue to enter into joint venture, strategic collaborations, teaming and other business arrangements, and these activities involve risks and uncertainties. A failure of any such relationship could have a material adverse effect on our business and results of operations.

•If we are unable to hire, retain, train and motivate qualified personnel and senior management for our businesses and deploy our personnel and resources to meet customer demand around the world, our business could suffer.

•We are dependent on the continued contributions of our senior management and other key employees, and the loss of any of whom could adversely affect our business, operating results, and financial condition.

•Failures in, material damage to, or interruptions in our information technology systems, software or websites, and difficulties in updating our systems or software or implementing new systems or software could adversely affect our businesses or operations.

•Protection of electronically stored data and other cybersecurity is costly, and if our data or systems are materially compromised in spite of this protection, we may incur additional costs, lost opportunities, damage to our reputation, disruption of services or theft of our assets.

•Exchange rate fluctuations could result in significant foreign currency gains and losses and may adversely affect our business and operating results and financial condition.

•Our insurance may not be adequate to cover potential losses, liabilities and damages, the cost of insurance may continue to increase materially and we may not be able to secure insurance to cover all of our risks, all of which could have a material adverse effect on us.

•Theft of our intellectual property, including unauthorized exhibition of our content, may decrease our licensing, franchising and programming revenue which may adversely affect our business and profitability.

•We are a holding company and our only material assets are our interests in Falcon’s Opco and our other equity method investments. Accordingly, we are generally dependent upon distributions from Falcon’s Opco and our other equity method investments to pay taxes, make payments under the Tax Receivable Agreement and pay dividends.

•Under the Tax Receivable Agreement, the Company is required to make payments to the Company’s initial or current unitholders for certain tax benefits to which the Company may become entitled, and those payments may be substantial. Moreover, in certain cases, payments under the Tax Receivable Agreement may be accelerated and/or significantly exceed the actual benefits the Company realizes in respect of the tax attributes subject to the Tax Receivable Agreement.

•If Falcon’s Opco were to become a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes, the Company and Falcon’s Opco might be subject to potentially significant tax inefficiencies, and the Company would not be able to recover payments previously made by it under the Tax Receivable Agreement even if the corresponding tax benefits were subsequently determined to have been unavailable due to such status.

•Adverse litigation judgments or settlements resulting from legal proceedings in which we may be involved in the normal course of our business could adversely affect our financial condition or results of operations.

•As a public reporting company, we are subject to rules and regulations established from time to time by the SEC and Public Company Accounting Oversight Board regarding our internal control over financial reporting. If we fail to establish and maintain effective internal control over financial reporting and disclosure controls and procedures, we may not be able to accurately report our financial results or report them in a timely manner.

•We have identified material weaknesses in our internal controls over financial reporting. If we are unable to remediate these material weaknesses, if management identifies additional material weaknesses in the future or if we otherwise fail to maintain effective internal controls over financial reporting, we may not be able to accurately or timely report our financial position or results of operations, which may adversely affect our business and stock price or cause our access to the capital markets to be impaired.

•There can be no assurance that we will be able to comply with the continued listing standards of Nasdaq.

 iii

 
  

 •Our Warrants may be delisted from Nasdaq.

•The Demerau family controls over 45% of our voting power and is able to exert significant influence over stockholder decisions because of its share ownership.

•Cecil D. Magpuri, our Chief Executive Officer, controls over twenty percent of our voting power and is able to exert significant influence over the direction of our business.

•We may not be able to realize the anticipated benefits of the acquisition of Oceaneering Engineering Services (“OES”) and our efforts to integrate OES and grow Falcon’s Attractions may disrupt our other operations.

•We may not be able to mitigate the risks related to legacy OES products and our ability to service such products and we may not be able to grow current and future potential customer relationships for OES products.

In addition, this Quarterly Report includes important information as to risks, uncertainties, and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. See “Note 7 – Commitments and contingencies” within Item 1 of this Quarterly Report and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” within Item 2 of this Quarterly Report. Additional important information as to these factors is included in our Annual Report on Form 10-K for the year ended December 31, 2025 (“Annual Report”) in the sections titled Item 1, “Business”, Item 1A, “Risk Factors,” Item 3, “Legal Proceedings,” and Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations”. The forward-looking statements speak only as of the date of this Quarterly Report or, in the case of any document incorporated by reference, the date of that document. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Additional information as to factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements is disclosed from time to time in our other filings with the Securities and Exchange Commission (“SEC”).

 iv

 
  

 PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.

 1

 
  

 FALCON’S BEYOND GLOBAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands of U.S. dollars, except share and per share data) 
 

 
 
 
 
 
 
 
 
 
 
 
 

 
 

  

 As of

  

 

 
  

  

 (UNAUDITED)
 March 31,
2026

  

  

 December 31,
2025

  

 

 
 Assets

  

  

  

  

  

  

 

 
 Current assets:

  

  

  

  

  

  

 

 
 Cash and cash equivalents ($525 and $532 restricted cash as of March 31, 2026
    and December 31, 2025, respectively)

  

 $

 1,176

  

  

 $

 1,868

  

 

 
 Accounts receivable ($3,247 and $2,533 related party as of March 31, 2026
    and December 31, 2025, respectively)

  

  

 5,456

  

  

  

 3,714

  

 

 
 Contract assets

  

  

 1,535

  

  

  

 3,264

  

 

 
 Other current assets ($1,053 and $983 related party as of March 31, 2026 
    and December 31, 2025, respectively)

  

  

 2,331

  

  

  

 1,525

  

 

 
 Total current assets

  

  

 10,498

  

  

  

 10,371

  

 

 
 Investments and advances to equity method investments

  

  

 46,621

  

  

  

 50,717

  

 

 
 Operating lease right-of-use assets

  

  

 3,023

  

  

  

 3,188

  

 

 
 Property and equipment, net

  

  

 957

  

  

  

 1,022

  

 

 
 Intangible assets, net

  

  

 1,006

  

  

  

 1,063

  

 

 
 Other non-current assets

  

  

 254

  

  

  

 341

  

 

 
 Total assets

  

 $

 62,359

  

  

 $

 66,702

  

 

 
  

  

  

  

  

  

  

 

 
 Liabilities and stockholders’ equity

  

  

  

  

  

  

 

 
 Current liabilities:

  

  

  

  

  

  

 

 
 Accounts payable ($117 and $215 related party as of March 31, 2026
    and December 31, 2025, respectively)

  

 $

 7,616

  

  

 $

 8,453

  

 

 
 Accrued expenses and other current liabilities ($228 and $501 related party as of March 31, 2026
    and December 31, 2025, respectively)

  

  

 5,957

  

  

  

 16,429

  

 

 
 Contract liabilities

  

  

 96

  

  

  

 19

  

 

 
 Operating lease liability, current

  

  

 481

  

  

  

 460

  

 

 
 Short-term debt ($736 and $1,386 related party as of March 31, 2026
    and December 31, 2025, respectively)

  

  

 736

  

  

  

 1,386

  

 

 
 Long-term debt, current

  

  

 8,522

  

  

  

 1,769

  

 

 
 Total current liabilities

  

  

 23,408

  

  

  

 28,516

  

 

 
 Operating lease liability, net of current portion

  

  

 1,773

  

  

  

 1,900

  

 

 
 Long-term debt, net of current portion ($7,349 and $5,024 related party as of March 31, 2026 
    and December 31, 2025 respectively)

  

  

 7,484

  

  

  

 12,465

  

 

 
 Total liabilities

  

  

 32,665

  

  

  

 42,881

  

 

 
  

  

  

  

  

  

  

 

 
 Commitments and contingencies – Note 7

  

  

  

  

  

  

 

 
  

  

  

  

  

  

  

 

 
 Stockholders’ equity

  

  

  

  

  

  

 

 
 Series B preferred stock ($0.0001 par value, 8,000,000 shares authorized; 
    6,897,869 and 6,715,721 issued and outstanding as of March 31, 2026
    and December 31, 2025, respectively; Liquidation preference of $34.5 million
    and $33.6 million as of March 31, 2026 and December 31, 2025, respectively)

  

  

 1

  

  

  

 1

  

 

 
 Class A common stock ($0.0001 par value, 500,000,000 shares authorized; 
    48,324,742 and 48,155,017 issued and outstanding as of March 31, 2026
    and December 31, 2025, respectively)

  

  

 4

  

  

  

 4

  

 

 
 Class B common stock ($0.0001 par value, 150,000,000 shares authorized; 
    47,917,470 and 47,917,820 issued and outstanding as of March 31, 2026
    and December 31, 2025, respectively)

  

  

 6

  

  

  

 6

  

 

 
 Additional paid-in capital

  

  

 56,462

  

  

  

 55,767

  

 

 
 Accumulated deficit

  

  

 (41,624

 )

  

  

 (44,239

 )

 

 
 Accumulated other comprehensive income (loss)

  

  

 66

  

  

  

 387

  

 

 
 Total equity attributable to common stockholders

  

  

 14,915

  

  

  

 11,926

  

 

 
 Non-controlling interest

  

  

 14,779

  

  

  

 11,895

  

 

 
 Total equity

  

  

 29,694

  

  

  

 23,821

  

 

 
 Total liabilities and equity

  

 $

 62,359

  

  

 $

 66,702

  

 

  
See accompanying notes to unaudited condensed consolidated financial statements.

 2

 
  

 FALCON’S BEYOND GLOBAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
(in thousands of U.S. dollars, except share and per share data)
 

 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Three months ended

  

 

 
  

  

 March 31,
2026

  

  

 March 31,
2025

  

 

 
 Revenue:

  

  

  

  

  

  

 

 
 Services ($1,940 and $1,623 related party for the 
    three months ended March 31, 2026 and 2025, respectively)

  

 $

 3,674

  

  

 $

 1,708

  

 

 
 Product sales

  

  

 1,702

  

  

  

 —

  

 

 
 Total revenue

  

  

 5,376

  

  

  

 1,708

  

 

 
 Operating expenses:

  

  

  

  

  

  

 

 
 Project design and build expense

  

  

 945

  

  

  

 106

  

 

 
 Cost of product sales

  

  

 1,129

  

  

  

 —

  

 

 
 Selling, general and administrative expense ($31 and $25 related party for the 
    three months ended March 31, 2026 and 2025, respectively)

  

  

 7,736

  

  

  

 6,298

  

 

 
 Transaction expense (credit)

  

  

 (11,057

 )

  

  

 1,521

  

 

 
 Research and development expense ($0 and $118 related party for the 
    three months ended March 31, 2026 and 2025, respectively)

  

  

 —

  

  

  

 118

  

 

 
 Depreciation and amortization expense

  

  

 134

  

  

  

 4

  

 

 
 Total operating expenses

  

  

 (1,113

 )

  

  

 8,047

  

 

 
 Income (loss) from operations

  

  

 6,489

  

  

  

 (6,339

 )

 

 
 Share of gain (loss) from equity method investments

  

  

 (216

 )

  

  

 (4,063

 )

 

 
 Interest expense ($(149) and $(569) related party for the 
    three months ended March 31, 2026 and 2025, respectively)

  

  

 (174

 )

  

  

 (1,332

 )

 

 
 Interest income

  

  

 6

  

  

  

 3

  

 

 
 Change in fair value of warrant liabilities

  

  

 —

  

  

  

 2,886

  

 

 
 Foreign exchange transaction gain (loss)

  

  

 16

  

  

  

 752

  

 

 
 Net income (loss) before taxes

  

 $

 6,121

  

  

 $

 (8,093

 )

 

 
 Income tax (expense) benefit

  

  

 —

  

  

  

 1

  

 

 
 Net income (loss)

  

 $

 6,121

  

  

 $

 (8,092

 )

 

 
 Net income (loss) attributable to noncontrolling interest

  

  

 3,049

  

  

  

 (4,477

 )

 

 
 Net income (loss) attributable to common stockholders

  

  

 3,072

  

  

  

 (3,615

 )

 

 
  

  

  

  

  

  

  

 

 
 Net income (loss) per share

  

  

  

  

  

  

 

 
 Net income (loss) per share, basic

  

  

 0.05

  

  

  

 (0.10

 )

 

 
 Net income (loss) per share, diluted

  

  

 0.05

  

  

  

 (0.13

 )

 

 
 Weighted average shares outstanding, basic

  

  

 49,210,697

  

  

  

 37,322,177

  

 

 
 Weighted average shares outstanding, diluted

  

  

 49,210,697

  

  

  

 37,509,127

  

 

 
  

  

  

  

  

  

  

 

 
 Other Comprehensive income (loss):

  

  

  

  

  

  

 

 
 Net income (loss)

  

 $

 6,121

  

  

 $

 (8,092

 )

 

 
 Foreign currency translation income (loss)

  

  

 (640

 )

  

  

 85

  

 

 
 Total comprehensive income (loss)

  

 $

 5,481

  

  

 $

 (8,007

 )

 

 
 Comprehensive income (loss) attributable to noncontrolling interest

  

  

 2,730

  

  

  

 (4,430

 )

 

 
 Total comprehensive income (loss) attributable to common stockholders

  

 $

 2,751

  

  

 $

 (3,577

 )

 

  
See accompanying notes to unaudited condensed consolidated financial statements.
 

 3

 
  

 FALCON’S BEYOND GLOBAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands of U.S. dollars)
 

 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Three months ended

  

 

 
 

  

 March 31,
2026

  

  

 March 31,
2025

  

 

 
 Cash flows from