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• A Disney for next-generation immersive attractions.
• Imagine a Marvel Studios, but focused on building and operating physical, immersive entertainment destinations instead of making movies.

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• Immersive Entertainment Experiences: Designs, develops, and operates themed attractions and location-based entertainment leveraging storytelling and technology.
• Content Production: Produces original animated series, films, and other digital media content for various platforms.
• Intellectual Property (IP) Development: Creates and expands original character-driven universes and storylines for global audiences.
• Consumer Products & Licensing: Develops and licenses merchandise and consumer products based on their proprietary and licensed intellectual properties.

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Falcons Beyond Global (symbol: FBYD) sells primarily to other companies, particularly through its Falcon's Creative Group segment, which provides design, development, and production services for themed entertainment attractions and experiences. Additionally, its IP licensing and destination development segments often involve significant partnerships with other companies.

Based on recent financial reporting and project announcements, the major customers and strategic partners include:

• Qiddiya Investment Company: A developer of giga-projects in Saudi Arabia. Falcons Beyond Global is a key partner in developing immersive entertainment experiences, including the "Kingdom of Wakanda" area within Qiddiya's entertainment destination. Qiddiya Investment Company is not a public company.
• Meliá Hotels International (symbol: MEL.MC): A global hotel and resort operator. Meliá is a strategic partner in the development and operation of Falcons Beyond Global's Katmandu Park resorts, where Falcons Beyond Global provides IP, creative services, and destination development expertise.

While specific revenue concentration with individual clients is not publicly disclosed, Falcon's Creative Group generally serves a diverse range of clients, including major entertainment companies, real estate developers, and hospitality groups worldwide, for their themed entertainment projects.

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Cecil D. Magpuri, Chief Executive Officer
Cecil D. Magpuri is the Chief Executive Officer and co-founder of Falcon's Beyond Global. He co-founded Falcon's Treehouse in 2000, which was later rebranded as Falcon's Creative Group, expanding to include Falcon's Digital Media and Falcon's Licensing. Before founding Falcon's Treehouse, he worked as a Creative Director at Universal Studios from 1995 to 1998 and as a Senior Project Designer/Theater Designer at Iwerks Entertainment from 1992 to 1995. He was named to the Blooloop 50 Theme Park Influencers list for three consecutive years and received the Asian Heritage Award for Innovation and Technology in 2010.

Jo Merrill, Chief Financial Officer
Jo Merrill serves as the Chief Financial Officer for Falcon's Beyond, where she is responsible for economic forecasting, the company's financial health, capital structure, and financial performance. Before joining Falcon's Beyond, she was the CFO at Entertainment Technology Partners, an event services company. She also held the position of Vice President of Finance and Corporate Controller at Hard Rock International, where she oversaw worldwide financial accounting, reporting, and integration following the business's purchase by the Seminole Tribe of Florida. Merrill also worked as a senior manager at PwC, providing specialized audit and consulting services to multinational public companies across four continents, including with PwC's Global Capital Markets Group. She began her career as a senior auditor at KPMG UK, where she became a chartered accountant.

Scott Demerau, Executive Chairman
Scott Demerau is the Executive Chairman of Falcon's Beyond, which he co-founded in April 2021. He oversees corporate structure, finance, strategic business expansion, and value creation. Prior to this role, Demerau was the Chairman and CEO of Katmandu Group, where he led the growth of Katmandu Parks and established a 50/50 joint venture with Meliá Hotels International. In 1985, Scott and his wife Juli co-founded Fantasy Golf Development Company, which developed and operated Mountasia Family Fun Centers across 24 locations, taking it public in 1993 as Mountasia Entertainment International (MEI). MEI acquired the Malibu Grand Prix IP, significantly expanding its portfolio, before it was sold to a private venture group.

Yvette Whittaker, Chief Corporate Officer
Yvette Whittaker is the Chief Corporate Officer of Falcon's Beyond Global, Inc. She possesses extensive knowledge of the company's clients, vendors, and projects, and is recognized as an accomplished ambassador for Falcon's Beyond.

Jason Ambler, Chief Content Officer
Jason Ambler was promoted to the newly created position of Chief Content Officer in October 2025. In this role, he supports the company's global content strategy and oversees the development, creation, integration, and distribution of content across physical destinations and digital platforms. Ambler has held previous senior executive positions within Falcon's Beyond and also supports the exploration of potential acquisitions, partnerships, and innovation initiatives.

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Key Risks to Falcons Beyond Global (FBYD)

1. Financial Health and Liquidity Concerns: Falcons Beyond Global faces significant challenges with its financial health, marked by high debt levels, negative revenue growth, and persistent operating losses. The company's debt-to-equity ratio of 2.02 indicates substantial leverage, while a current ratio and quick ratio of 0.31 suggest potential liquidity issues, raising substantial doubt about its ability to meet short-term obligations. Additionally, a concerning Beneish M-Score of 11.95 has been noted, which may indicate possible financial manipulation. The company reported a consolidated net loss of $10.4 million for the three months ended September 30, 2025, and a 3-year revenue growth of -5.8%.
2. Sensitivity to Economic Cycles and Capital-Intensive Operations: Operating within the Industrials sector, specifically in theme park design and experiential technologies, Falcons Beyond Global is highly susceptible to broader economic cycles. The nature of its business, which involves capital-intensive projects, exposes it to risks associated with economic downturns that can impact consumer discretionary spending and the willingness of clients to invest in large-scale entertainment attractions.
3. Operational and Execution Risks: The company faces risks related to the effective integration of acquisitions, such as the OES acquisition in May 2025, which has already contributed to increased net operating losses and potential disruptions to other operations. Its ability to grow and maintain customer relationships and successfully implement its business strategies to achieve anticipated results are also significant concerns. Furthermore, the company has recently settled litigation involving a $9.5 million payment plan, with a deferred payment of $7 million due by January 31, 2027, which, if not met, could lead to further legal reassertion of claims and strain its already challenged liquidity. The impairment of a joint venture in Hong Kong also highlights existing execution risks.

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• The increasing sophistication and mainstream adoption of at-home and localized immersive entertainment technologies. Companies like Meta (Quest headsets), Apple (Vision Pro), and Sony (PS VR) are investing heavily in virtual and augmented reality hardware and content. While Falcons Beyond Global focuses on large-scale physical attractions, these technologies offer increasingly high-fidelity, interactive, and personalized immersive experiences that can be accessed from home or smaller, local venues. As these platforms improve in quality, content libraries grow, and accessibility increases, they present a compelling alternative for entertainment dollars, potentially siphoning off a segment of consumers who might otherwise seek out larger, more expensive, and less convenient location-based experiences for their immersive entertainment needs. This is analogous to how streaming services offered a convenient alternative to physical video rentals, gradually eroding Blockbuster's market.
• Intense competition for high-value intellectual property (IP) and direct entry into location-based entertainment by major media conglomerates. Large media companies (e.g., Disney, Universal, Warner Bros., Comcast, Netflix, Amazon) are increasingly vertically integrating, developing their own vast libraries of compelling IP, and directly investing in large-scale location-based entertainment (theme parks, resorts, experiential retail) or highly immersive digital experiences tied to their brands. This trend makes it significantly more challenging and expensive for independent entertainment developers like Falcons Beyond Global to acquire, license, or independently develop universally appealing IP that can compete with globally recognized franchises. Furthermore, these conglomerates possess massive marketing budgets and existing fan bases, posing direct competition to Falcons Beyond Global's ability to attract and retain audiences for their own IP and attractions.

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Falcons Beyond Global (symbol: FBYD) operates within the expansive experiential entertainment sector, bringing stories to life through various products and services, including theme parks, resorts, animation, consumer products, gaming, and movies. The addressable markets for their main products and services are identified as follows:

• Immersive Entertainment: The global immersive entertainment market was estimated at USD 114.37 billion in 2024 and is projected to reach USD 442.11 billion by 2030, growing at a CAGR of 26.3% from 2025 to 2030. North America accounted for a revenue share of more than 42% of the immersive entertainment market in 2024. Another estimate placed the global market size at USD 92.61 billion in 2023, expected to reach USD 661.10 billion by 2032.
• Location-Based Entertainment (LBE): The global location-based entertainment market was valued at USD 5.84 billion in 2024 and is projected to reach USD 73.5 billion by 2034, growing at a CAGR of 28.82% from 2025 to 2034. North America dominated this market with a 36% share in 2024. The U.S. LBE market was exhibited at USD 1.58 billion in 2024 and is projected to be worth around USD 20.25 billion by 2034.
• Themed Entertainment (including Theme Parks and Attractions): The global theme park market size was valued at USD 55.90 billion in 2024 and is projected to grow to USD 124.71 billion by 2032. The U.S. market for theme parks is poised to grow with a value of USD 13.02 billion in 2025. The themed entertainment design market globally is estimated to be valued at USD 9.8 billion in 2025 and is expected to reach USD 15.6 billion by 2032.
• Character and Brand Licensing: The global character licensing market size reached USD 130.4 billion in 2024 and is expected to attain USD 224.5 billion by 2033. North America remains the dominant region in character licensing, accounting for USD 54.2 billion in 2024, or approximately 41.6% of the global market. The overall brand licensing market size grew from USD 295.26 billion in 2024 to USD 314.44 billion in 2025 globally.

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Falcons Beyond Global (FBYD) is anticipated to drive future revenue growth over the next 2-3 years through several key strategies:

1. Expansion of Immersive Entertainment Divisions: The company plans to expand its Falcon's Creative Group and Falcon's Beyond Brands divisions. This growth is expected to be fueled by leveraging existing partnerships and developing new intellectual property (IP) to create innovative themed experiences and destination projects worldwide.
2. Development of Global Entertainment Destinations: Falcon's Beyond Destinations, a core business unit, focuses on the development, ownership, and operation of diverse entertainment experiences, including resorts, theme parks, and attractions. Significant ongoing projects, such as the master planning and design work for the Qiddiya Investment Company in Saudi Arabia's Qiddiya City, are expected to be substantial revenue drivers.
3. Strategic Acquisitions to Enhance Offerings: The acquisition of Oceaneering Entertainment Systems (OES) is poised to strengthen Falcon's Beyond's capabilities in advanced ride and show systems and attraction integration services. This move is intended to bolster long-term expansion and growth in its specialized offerings.
4. Leveraging Intellectual Property (IP) Across Multiple Platforms: Falcons Beyond aims to bring both proprietary and third-party licensed intellectual property to life through various activations. This includes animation, movies, licensing and merchandising, gaming, and the sale of rides and technology. A recent partnership with CD Projekt Red to create Cyberpunk 2077 concepts for the themed experience market exemplifies this strategy.

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Share Issuance

• On September 8, 2025, Falcons Beyond Global issued approximately $28.7 million in Series B Preferred Stock, which included converting $20.5 million in debts into equity and receiving around $8.2 million in cash.
• The company authorized the issuance of up to 8,000,000 shares of Series B Preferred Stock on September 8, 2025.
• In the first quarter of 2025, the company eliminated $118.6 million in warrant liabilities by converting warrants into Class A shares at a fixed rate of 0.25 shares per warrant.

Inbound Investments

• In connection with the Series B Preferred Stock issuance on September 8, 2025, Falcons Beyond Global received approximately $8.2 million in cash from investors and exchanged/forgave $20.5 million of outstanding indebtedness.
• Total assets increased to $89.2 million at June 30, 2025, from $61.2 million at December 31, 2024, partly due to a $26.96 million cash distribution from its PDP equity investment.
• Wealth Enhancement Advisory Services LLC significantly increased its stake in the company during the first quarter of 2025, purchasing an additional 24,816 shares valued at $363,000.

Outbound Investments

• In the first quarter of 2025, Falcons Beyond acquired Oceaneering Entertainment Systems (OES) to achieve vertical integration in its Falcon's Beyond Brands division, securing OES's intellectual property, manufacturing capabilities, and talent.

Capital Expenditures

• Capital expenditures were reported as -$0.03 million in 2022, $0.30 million in 2023, and $0.01 million in 2024.
• In the trailing 12 months leading up to November 2025, capital expenditures amounted to -$98,000.
• The company anticipates a material increase in capital expenditures in the near future, specifically for the development of its Falcon's Beyond Destinations (FBD) business.