Here are the 10-K annual reports from Falcon's Beyond Global, Inc. (FBYD) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow FBYD and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full FBYD filings page.
Falcon’s Beyond Global, Inc. files its annual report describing a fast-growing but financially stressed experiential entertainment platform spanning creative services, attraction technologies, and destination ventures. The company highlights major 2025 actions, including a pivot toward asset‑light destinations, expansion in Saudi Arabia, and the acquisition of Oceaneering Entertainment Systems.
Liquidity is a central concern. Management and auditors state that current resources and negative operating cash flow raise substantial doubt about Falcon’s ability to continue as a going concern. To bolster its position, the company issued about $32.5 million of 11% Series B Cumulative Convertible Preferred Stock, receiving roughly $12.0 million in cash and exchanging $20.5 million of debt.
The company also realized portfolio gains and impairments. A joint venture sold the Sol Tenerife Hotel for €71 million, distributing approximately $27 million to Falcon’s, while other joint ventures, including PDP and Karnival, triggered impairment charges. Revenue is heavily concentrated: shared services to FCG account for 45% of company revenue, and FCG itself depends on two large clients for most of its own revenue. These factors, combined with high leverage, customer concentration, and internal control weaknesses, underscore significant risk around execution of Falcon’s growth and asset‑efficient strategy.