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• Location-Based Entertainment (LBE) Development and Operation: Designing, developing, and operating immersive entertainment destinations, theme parks, attractions, and resorts globally.
• Content Production: Creating and producing original and licensed intellectual property for film, television, animation, and video games.

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Major Customers of Falcons Beyond Global (FBYD)

Falcons Beyond Global (FBYD) is a global entertainment development company that specializes in the design, development, and production of location-based entertainment (LBE). This includes creating immersive theme park rides, attractions, resorts, and other entertainment experiences. Given the nature of its business, Falcons Beyond Global primarily sells its services to other companies, rather than directly to individuals.

The company's major customers are typically large enterprises that own, operate, or develop entertainment venues and intellectual properties. While specific client relationships are often confidential, the types of companies that engage Falcons Beyond Global for its specialized services include:

• Major Entertainment Companies & Theme Park Operators: These are entities that own and operate large-scale theme parks, resorts, and entertainment complexes globally, constantly seeking to develop new and innovative attractions. Examples of such public companies that would be potential or past clients include:
  • The Walt Disney Company (symbol: DIS)
  • Comcast Corporation (symbol: CMCSA), for its Universal Parks & Resorts division
  • Six Flags Entertainment Corporation (symbol: SIX)
  • Cedar Fair, L.P. (symbol: FUN)
• Intellectual Property (IP) Holders & Brands: Companies that own valuable intellectual property (e.g., film studios, gaming companies, media conglomerates) and wish to expand their brand presence into physical, immersive experiences. They contract Falcons Beyond to design and build attractions based on their IPs. Examples of such public companies include:
  • Warner Bros. Discovery (symbol: WBD)
  • Sony Group Corporation (symbol: SONY)
  • Paramount Global (symbol: PARA)
• Real Estate & Hospitality Developers: Developers of large-scale mixed-use properties, integrated resorts, or retail destinations that incorporate entertainment venues as key anchors to attract visitors and enhance property value. These can range from regional developers to large international hospitality groups.

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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. He co-founded Falcon's Beyond Global in April 2021. Previously, he co-founded Falcon's Treehouse in 2000 with his spouse, Marty Magpuri. This company later rebranded as Falcon's Creative Group and expanded to include Falcon's Digital Media and Falcon's Licensing, where he served as President and Chief Creative Officer. Before co-founding Falcon's Treehouse, Mr. Magpuri was a Creative Director at Universal Studios, where he directed projects such as Apollo 13: The Ride and Twister...Ride It Out! He also worked as a senior project designer at Iwerks Entertainment in the early 1990s. Mr. Magpuri has been recognized as a Top CEO in Orlando Business Journal's 2023 C-Suite Awards and was featured on the Blooloop 50 Theme Park Influencers list from 2018-2020. He received the Asian Heritage Award for Innovation and Technology in 2010.

Joanne Merrill Chief Financial Officer

Joanne Merrill serves as the Chief Financial Officer for Falcon's Beyond. She has been responsible for the financial health and economic forecasting of the company. Prior to joining Falcon's Beyond, Ms. Merrill was the CFO at Entertainment Technology Partners from May 2017 to July 2021. From April 2007 to May 2017, she held the position of Vice President of Finance and Corporate Controller at Hard Rock International, where she was responsible for overseeing worldwide financial accounting, reporting, and integrating all Hard Rock global businesses. In this role, she supported capital raises and contributed to the expansion of hotels, casinos, and restaurants into more than 70 countries. Her career also includes time as a senior manager at PwC, providing specialized audit and consulting services to multi-national public companies across four continents, and as a member of 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 and a co-founder of Falcon's Beyond Global, which he co-founded in April 2021. In his role, he oversees corporate structure and finance, strategic business expansion, and stakeholder value creation. His career in family entertainment started in 1985 when he co-founded Fantasy Golf Development Company with his wife, Julia Demerau, which developed and operated Mountasia Family Fun Centers. This multi-attraction chain with 24 locations went public in 1993 as Mountasia Entertainment International (MEI). Mr. Demerau guided MEI through a successful IPO and later acquired Malibu Grand Prix, effectively doubling MEI's portfolio and establishing it as the largest LBE operator chain in the U.S. before its sale to a private venture group. He previously served as Chairman and CEO of Katmandu Group, which he co-founded in 2013, and oversaw its growth. He also co-founded the first Katmandu Park in Mallorca, Spain, in 2007, and was instrumental in forming a 50/50 joint venture with Meliá Hotels International in 2012. In 2021, he spearheaded the merger between Katmandu and Falcon's Creative Group to form Falcon's Beyond.

Yvette Whittaker Chief Corporate Officer

Yvette Whittaker has served as the Chief Corporate Officer of Falcon's Beyond Global since the closing of the Business Combination, and previously held the same role for Falcon's Beyond Global, LLC since July 2021. Before that, she was the Executive Vice President of Operations for Falcon's Creative Group from July 2011. Ms. Whittaker was named to the Blooloop 50 Theme Park Influencers list in 2022.

Daryl White Executive Vice President of Global Licensing & Business Development

Daryl White is the Executive Vice President of Global Licensing & Business Development at Falcon's Beyond, responsible for identifying licensing opportunities, managing existing relationships, and championing the company's intellectual property portfolio. He previously held the same role for Falcon's Creative Group for nearly four years. Before joining Falcon's, Mr. White was the president of CAVU Designwerks, a company he co-owned that specialized in ride system development. He also served as the Director of Engineering for Dynamic Attractions' parts and services division. Early in his career, he founded Revolutionary Performance and Machine LLC. Mr. White has developed projects for major clients, including SeaWorld, Lionsgate Entertainment World, Warner Bros. World Abu Dhabi, Ferrari World Abu Dhabi, Genting SkyWorlds, and Futuroscope. In 2023, he was recognized as a Blooloop 50 top theme park influencer.

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1. Liquidity and Financial Health: Falcons Beyond Global faces severe liquidity challenges, with negative operating cash flows, a small cash balance, and a high debt-to-equity ratio. Its current and quick ratios suggest potential liquidity issues, and the company's auditor, KPMG, has raised doubt about its "going concern" status. The company is reportedly failing to match long-term profitability with short-term liquidity needs.
2. Volatile and Declining Financial Performance: The company has experienced negative revenue growth over the past three years, with significant operational inefficiencies leading to a substantially negative operating margin. Its stock has shown high volatility, and it recorded a massive impairment-driven loss in 2023.
3. Cyclical Nature of the Entertainment Industry and Project-Based Revenue: Operating in the entertainment and attractions industry, Falcons Beyond Global is susceptible to economic downturns and geopolitical disruptions. Its revenue is characterized as "lumpy" due to the reliance on large, capital-intensive themed entertainment projects that have long sales cycles. An example of this risk manifesting is the closure of Katmandu Park due to financial, operational, and infrastructure challenges.

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Falcons Beyond Global (FBYD) operates within the expansive and growing experiential entertainment sector, leveraging intellectual property (IP) across both physical and digital experiences. The company's main products and services are delivered through three core business units: Falcon's Creative Group (FCG), Falcon's Beyond Destinations (FBD), and Falcon's Beyond Brands (FBB).

• Falcon's Creative Group (FCG): This unit focuses on master planning, designing attractions and experiential entertainment, and producing content, interactives, and software. It also handles media and audio production, project management, experiential technologies, and attraction hardware development, procurement, and sales.
• Falcon's Beyond Destinations (FBD): This segment is responsible for developing, owning, and operating resort hotels, theme parks, attractions, and location-based entertainment venues, including retail and dining experiences.
• Falcons Beyond Brands (FBB): This unit brings brands and IP to life through various platforms, including animation, movies, licensing and merchandising, gaming, and the sale of rides and technology.

Given the diversified nature of Falcons Beyond Global's offerings, their addressable markets encompass several segments of the entertainment and leisure industry. The company explicitly states its operation within the "experiential entertainment sector, which encompasses theme parks, resorts, attractions, and digital entertainment."

Due to the broad and integrated nature of Falcons Beyond Global's business model, which involves creating, operating, and leveraging IP across multiple entertainment formats, obtaining singular, precise addressable market sizes for each specific product or service line (e.g., "attraction hardware sales" or "content interactives") is challenging with publicly available data. However, we can identify the market sizes of the overarching segments in which they primarily operate:

• The global theme parks and amusement rides market size was valued at approximately USD 50.9 billion in 2023 and is projected to grow to about USD 90.7 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.6% from 2024 to 2032. This growth is driven by increasing tourism and consumer spending on leisure activities.
• The global market for location-based entertainment (LBE) was estimated at USD 34.6 billion in 2023 and is expected to reach USD 131.6 billion by 2030, with a CAGR of 21.6% during the forecast period of 2024-2030.

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Falcons Beyond Global (FBYD) is anticipated to drive future revenue growth over the next 2-3 years through a combination of new developments, strategic integrations, and expanding its core intellectual property offerings. The company operates in experiential entertainment, leveraging its Falcon's Creative Group (FCG), Falcon's Beyond Destinations (FBD), and Falcon's Beyond Brands (FBB) segments.

Here are 5 expected drivers of future revenue growth:

1. Expansion and Opening of New Themed Entertainment Destinations and Attractions: A significant driver will be the development and completion of major projects, particularly those under Falcon's Creative Group and Falcon's Beyond Destinations. This includes the anticipated opening and finalization of deliveries for Qiddiya parks, such as Aquarabia, a Qiddiya City theme park where FBYD is a designer, expected to open in 2026. These large-scale projects represent a substantial portion of FCG's revenue.
2. Growth in High-Margin Intellectual Property (IP) Activations and Licensing: Falcons Beyond Brands focuses on extending IP across various media and commercial channels, including animation, movies, licensing, and merchandising. The company actively licenses its proprietary IPs to third-party partners. Evidence from 2024 suggests a strategic shift towards higher-margin IP licensing activities, which could significantly bolster revenue.
3. Strategic Acquisitions and Seamless Integration: The full-year consolidation of recently acquired entities, such as Oceaneering Entertainment Systems, is expected to contribute to revenue growth. The acquisition, which occurred in May, will have a full year of revenue contribution in 2026, providing a modest but consistent boost to the top line.
4. Leveraging Advanced Technology and Digital Experiences: Falcons Beyond emphasizes technology to create immersive storytelling, including real-time rendering, robotics, ride systems, extended reality (XR), generative AI, AI-driven personalization, and connected experiences. The development of its internal loyalty and engagement ecosystem, ÄEONXP, is also aimed at enhancing guest engagement and monetization across its offerings.
5. Increased Utilization and Performance of Existing Destination Properties: Organic growth from existing assets, particularly under Falcon's Beyond Destinations, will also contribute to revenue. For instance, Producciones de Parques (PDP), part of FBD, experienced increased revenues in 2024 due to improved occupancy rates and pricing at its Tenerife and Mallorca properties. Continued positive trends in these operational metrics will drive further revenue growth.

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Capital Allocation Decisions for Falcons Beyond Global (FBYD)

Share Issuance

• Falcons Beyond Global went public on March 18, 2021, through an Initial Public Offering (IPO).
• On September 8, 2025, the company issued approximately $28.7 million in Series B Preferred Stock, which included converting $20.5 million in debt into equity and receiving about $8.2 million in cash.
• The number of shares outstanding for FBYD increased by 164.50% in one year, leading up to March 2026.

Inbound Investments

• Falcons Beyond Global received approximately $8.2 million in cash as part of the Series B Preferred Stock issuance on September 8, 2025, which also involved converting $20.5 million of debt into equity.

Outbound Investments

• In 2025, Falcon's Beyond acquired key assets from Oceaneering Entertainment Systems (OES), a division of Oceaneering International Inc. This acquisition included OES's portfolio of patented technologies, proprietary engineering and manufacturing processes, and the assumption of a large facility lease to support research, development, testing, manufacturing, and attraction integration services.

Capital Expenditures

• Capital expenditures for Falcon's Beyond Global in the last 12 months (prior to March 2026) amounted to -$135,000.
• Annual capital expenditures were (0.1) million USD in December 2021, (0.3) million USD in December 2022, (0.3) million USD in December 2023, and (0.0) million USD in December 2024.