Falcon's Beyond: $1.94M cash, going-concern warning

A $28.0 million contracted pipeline accompanied $1.941 million in cash and a going-concern warning.

Available on EDGAR 11/12/2026 - 07:35 AM EST Accepted by SEC EDGAR 11/12/2026 - 07:35 AM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Falcon’s Beyond Global, Inc. (FBYD) reported third-quarter 2026 consolidated revenue of $7.3 million, up 80% from the prior-year quarter, and a consolidated net loss of $7.7 million, a $2.7 million improvement.

Adjusted EBITDA loss was $7.4 million, improving by $0.3 million year over year. Equity-method results included a $5.9 million share of Falcon’s Creative Group’s net loss after Qiddiya Investment Company’s preferred return and amortization of basis difference. Producciones de Parques reported $11.8 million in revenue and $3.5 million in net income; Falcon’s share of its net gain was $1.7 million. Falcon’s Attractions and Falcon’s Beyond Creative ended the quarter with contracted pipelines totaling $28.0 million.

Cash and cash equivalents were $1.941 million as of September 30, 2026, and net cash provided by operating activities was $2.114 million for the nine months ended that date. The company said its current liquidity resources raise substantial doubt about its ability to continue as a going concern.

3 points · 0 major

NegativeiHow this balance works

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It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

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2 major · 3 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointConsolidated revenue increased 80% to $7.3 million in Q3 2026.
• Moderate pointQuarterly net loss improved by $2.7 million year over year.
• Moderate pointNine-month operating cash flow was $2.114 million provided, versus $20.280 million used.

Negative

• Major pointCurrent liquidity resources raise substantial doubt about the company’s ability to continue as a going concern.
• Major point. Forward-looking: it has not happened yet and may not happen.The company cites its ability to remediate identified material weaknesses in internal controls over financial reporting as a risk.
• Moderate pointNine-month results moved from $6.608 million net income to a $1.860 million net loss.

Filing Explained

This 8-K reports third-quarter results; at September 30, 2026, Falcon’s had $29,012 thousand in current liabilities and $19,734 thousand in current assets, so current liabilities exceeded current assets.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Consolidated revenue: $7.3 million Consolidated net loss: $7.7 million Adjusted EBITDA loss: $7.4 million +4 more

7 metrics

Consolidated revenue $7.3 million Third quarter 2026; 80% increase over the prior-year quarter.

Consolidated net loss $7.7 million Third quarter 2026; $2.7 million improvement over the prior year.

Adjusted EBITDA loss $7.4 million Third quarter 2026; $0.3 million improvement over the prior year.

Cash and cash equivalents $1.941 million As of September 30, 2026.

Net cash provided by operating activities $2.114 million Nine months ended September 30, 2026; $20.280 million used in the prior-year period.

Net loss $1.860 million Nine months ended September 30, 2026; compared with $6.608 million net income in the prior-year period.

Contracted pipelines $28.0 million Falcon’s Attractions and Falcon’s Beyond Creative at the end of Q3 2026.

Key Terms

Equity Method Investments, Adjusted EBITDA, contracted pipeline, contract assets, +1 more

5 terms

Equity Method Investments financial

"Equity Method Investments"

An equity method investment is an accounting approach used when a company owns a significant share of another company and can influence its decisions but does not fully control it; instead of listing the investment at cost, the investor records its share of the other company's profits or losses on its own income statement and adjusts the investment value on the balance sheet. For investors, this matters because it links the investor’s reported earnings and asset values directly to the financial performance of that partly-owned business, similar to how a partner’s gains affect a small business owner’s books.

Adjusted EBITDA financial

"Adjusted EBITDA loss of $7.4 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

contracted pipeline financial

"contracted pipelines totaling $28.0 million"

contract assets financial

"Contract assets"

Contract assets are amounts a company has earned by doing work or delivering goods under a customer agreement but has not yet billed or collected because certain contract conditions remain. Think of it as completed work sitting in a company’s toolbox waiting for an invoice trigger. For investors, growing contract assets signal future cash and revenue potential but also raise questions about timing, cash collection risk and the real strength of reported sales.

noncontrolling interest financial

"Net income (loss) attributable to noncontrolling interest"

The portion of a business owned by investors other than the controlling owner when one company has control of another; it represents outside shareholders’ share of the subsidiary’s assets and profits. For investors, it matters because those outside claims reduce the amount of profit and net assets attributable to the parent owner — similar to saying part of a pizza belongs to someone else — and thus affects earnings, book value and valuation.

Earnings Snapshot

Consolidated revenue: $7.3 million

Three months ended September 30, 2026

Consolidated revenue $7.3 million 80% increase over the prior-year quarter

Consolidated net loss $7.7 million loss $2.7 million improvement over the prior year

Adjusted EBITDA loss $7.4 million loss $0.3 million improvement over the prior year

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much revenue did FBYD report for Q3 2026?

FBYD reported $7.3 million in consolidated revenue for the third quarter of 2026, an 80% increase over the prior-year quarter. Revenue included attraction services and product sales, creative services, management fees from Producciones de Parques, and corporate and shared-services fees from Falcon’s Creative Group.

What was FBYD’s net loss in Q3 2026?

FBYD reported a $7.7 million consolidated net loss for Q3 2026, a $2.7 million improvement from the prior year. Its Adjusted EBITDA loss was $7.4 million, a $0.3 million improvement year over year.

How did FBYD’s equity-method businesses perform in Q3 2026?

Falcon’s Creative Group recorded $5.2 million in revenue, a $0.5 million decrease from the prior-year quarter. After Qiddiya Investment Company’s preferred return and amortization of basis difference, Falcon’s share of its net loss was $5.9 million. Producciones de Parques reported $11.8 million in revenue and $3.5 million in net income; Falcon’s share of its net gain was $1.7 million.

What is the status of FBYD’s VAI project?

The VAI project was underway, bringing together Falcon’s Creative and Falcon’s Attractions to work across creative design, engineering and attraction delivery.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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4

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): November 12, 2026

FALCON’S BEYOND GLOBAL, INC.

(Exact name of registrant as specified in its charter)

Delaware		001-41833		92-0261853
(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
Series B Preferred Stock, par value $0.0001 per share		FBYDP		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. ☐

Item 2.02. Results of Operations and Financial Condition.

On November 12, 2026, Falcon’s Beyond Global, Inc. (the “Company”) issued a press release announcing its financial results for the fiscal quarter ended September 30, 2026. 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 Number		Description
99.1		Press Release dated November 12, 2026.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

2

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: November 12, 2026	FALCON’S BEYOND GLOBAL, INC.
	By:		/s/ Bruce A. Brown
	Name:		Bruce A. Brown
	Title:		Chief Legal Officer and Corporate Secretary

3

Exhibit 99.1

Falcon’s Beyond Reports Third Quarter 2026

Financial Results

Company Reports Consolidated Revenue of $7.3 Million for Q3 , an 80% increase over prior year.

Company's Unconsolidated Subsidiary, Falcon's Creative Group, generated Q3 revenue of $5.2 Million

Company's Unconsolidated Joint Venture, Producciones de Parques, generated Q3 revenue of $11.8 Million

Orlando, FL (November 12, 2026) — Falcon’s Beyond Global, Inc. (Nasdaq: FBYD) (“Falcon’s Beyond”, “Falcon’s” or the “Company”), a visionary entertainment and technology enterprise through its three complementary business divisions Falcon’s Creative (“FC”), Falcon’s Beyond Brands (“FBB”), and Falcon’s Beyond Destinations (“FBD”) reported financial results for the third quarter 2026.

Third Quarter 2026 Highlights

Revenue

Falcon's generated consolidated revenue of $7.3 million for the three months ended September 30, 2026, an 80% increase over the prior period. Revenue for the quarter consisted of attraction services and product sales, creative services, management fees earned from Producciones de Parques, S.L. (“PDP”), the Company's 50:50 joint venture with Meliá Hotels International, and corporate and shared services fees earned from Falcon's Creative Group. Falcon's Attractions and Falcon's Beyond Creative, ended the quarter with contracted pipelines totaling $28.0 million.

Equity Method Investments

Falcon's Creative Group (“FCG”)

•FCG recorded revenue of $5.2 million for the three month period ended September 30, 2026, representing a $0.5 million decrease over the same period of the prior year. FCG recorded operating loss of $4.0 million and net loss was $4.2 million. After the Qiddiya Investment Company's (“QIC”) preferred return and amortization of basis difference, Falcon’s share of net loss from FCG was $5.9 million. FCG had a contracted pipeline of $13.0 million as it closed out Q3 2026.

Producciones de Parques (“PDP”)

•PDP recognized $11.8 million in revenues for the three month period ended September 30, 2026, representing a $0.6 million increase over same period of the prior year. Operating income was $3.7 million and net income was $3.5 million. Falcon's share of net gain from PDP was $1.7 million.

Net Loss

Falcon's recorded a consolidated net loss of $7.7 million for the three month period ended September 30, 2026, a $2.7 million improvement over the prior year, due to careful oversight of operating expenses as the business continues to scale.

Adjusted EBITDA

Falcon's generated Adjusted EBITDA(1) loss of $7.4 million in the three month period ended September 30, 2026, a $0.3 million improvement over the prior year.

___________

(1) 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.

Other Business Highlights

“Our third-quarter results demonstrate continued progress in our growth strategy as we move from building pipeline to executing and delivering major projects. The VAI project announced earlier this year is now underway, bringing together the integrated capabilities of Falcon's Creative and Falcon's Attractions to work across creative design, engineering and attraction delivery.” said Cecil D. Magpuri, Chief Executive Officer of Falcon’s Beyond. "As we build on this momentum, we remain intensely focused on disciplined execution as we scale the business and capitalize on the significant opportunities ahead"

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, 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:

•Falcon’s Creative, consisting of Falcon’s Creative Group and Falcon’s Beyond Creative, provides creative and advisory services including destination strategy, master planning, experiential and attraction design, digital media, interactive software, intellectual property development, and creative guardianship for entertainment and hospitality destinations.

•Falcon’s Beyond Brands, consisting of Falcon’s Attractions and 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.

•Falcon’s Beyond Destinations, consisting of Producciones de Parques, S.L., a joint venture between Falcon’s and Meliá Hotels International, S.A., and Destinations Operations, 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, FL. 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,” “delivers,” “exceptional,” “expand” 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 U.S. GAAP. In addition to financial measures prepared in accordance with U.S. GAAP, we present Adjusted EBITDA, a non-GAAP financial measure. We define Adjusted EBITDA as net income (loss) before interest expense, interest income, income taxes, depreciation and amortization, transaction-related credits, changes in the fair value of warrant liabilities, impairment charges, and certain gains or losses associated with equity method investments that are not considered indicative of our core operating performance.

Management believes Adjusted EBITDA provides useful supplemental information regarding the operating performance of our business by excluding the effects of financing decisions, capital structure, depreciation and amortization, and other items that may not be representative of ongoing operations. Adjusted EBITDA should not be considered in isolation or as a substitute for net income (loss), operating income (loss), cash flows from operating activities, or other measures prepared in accordance with U.S. GAAP. A reconciliation of net income (loss), the most directly comparable U.S. GAAP measure, to Adjusted EBITDA is included below.

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

Investor Relations: ir@falconsbeyond.com

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)  September 30, 2026				December 31, 2025
Assets
Cash and cash equivalents		$	1,941			$	1,868
Accounts receivable			7,368				3,714
Contract assets			939				3,264
Other current assets			9,486				1,525
Total current assets			19,734				10,371
Investments and advances to equity method investments			36,681				50,717
Operating lease right-of-use assets			2,681				3,188
Property and equipment, net			852				1,022
Intangible assets, net			897				1,063
Other non-current assets			191				341
Total assets		$	61,036			$	66,702
Liabilities and stockholders’ equity
Accounts payable		$	3,989			$	8,453
Accrued expenses and other current liabilities			7,233				16,429
Contract liabilities			8,725				19
Operating lease liability, current			526				460
Short-term debt			636				1,386
Long-term debt, current			7,903				1,769
Total current liabilities			29,012				28,516
Operating lease liability, net of current portion			1,497				1,900
Long-term debt, net of current portion			7,563				12,465
Total liabilities			38,072				42,881
Stockholders’ equity
Equity attributable to common stockholders			11,566				11,926
Noncontrolling interest			11,398				11,895
Total equity			22,964				23,821
Total liabilities and equity		$	61,036			$	66,702

FALCON’S BEYOND GLOBAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

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

		Three months ended								Nine months ended
		September 30, 2026				September 30, 2025				September 30, 2026				September 30, 2025
Revenue:
Services		$	5,760			$	3,219			$	13,436			$	7,319
Product sales			1,529				835				4,847				992
Total revenue			7,289				4,054				18,283				8,311
Operating expenses:
Project design and build expense			2,264				933				4,278				1,388
Cost of product sales			1,014				475				3,172				558
Selling, general and administrative expense			7,249				6,174				22,637				19,114
Transaction credit			—				(10	)			(15,057	)			(1,788	)
Research and development expense			—				(2	)			—				199
Depreciation and amortization expense			126				168				390				212
Total operating expenses			10,653				7,738				15,420				19,683
Income (loss) from operations			(3,364	)			(3,684	)			2,863				(11,372	)
Share of gain (loss) from equity method investments			(4,146	)			(6,840	)			(4,209	)			14,944
Interest expense			(185	)			(930	)			(577	)			(3,104	)
Interest income			6				4				19				9
Change in fair value of warrant liabilities			—				—				—				2,886
Foreign exchange transaction gain (loss)			26				(61	)			44				2,146
Gain on bargain purchase of OES Acquisition			—				1,098				—				1,098
Net income (loss) before taxes		$	(7,663	)		$	(10,413	)		$	(1,860	)		$	6,607
Income tax (expense) benefit			—				1				—				1
Net income (loss)		$	(7,663	)		$	(10,412	)		$	(1,860	)		$	6,608
Net income (loss) attributable to noncontrolling interest			(3,805	)			(6,038	)			(914	)			3,371
Net income (loss) attributable to common stockholders			(3,858	)			(4,374	)			(946	)			3,237
Net income (loss) per share
Net income (loss) per share, basic			(0.09	)			(0.13	)			(0.05	)			0.07
Net income (loss) per share, diluted			(0.09	)			(0.13	)			(0.05	)			0.04
Weighted average shares outstanding, basic			49,400,400				37,529,174				49,313,250				37,458,975
Weighted average shares outstanding, diluted			49,400,400				37,529,174				49,313,250				37,521,292

FALCON’S BEYOND GLOBAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(in thousands of U.S. dollars)

		Nine months ended
		September 30, 2026				September 30, 2025
Cash flows from operating activities
Net income (loss)		$	(1,860	)		$	6,608
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization			390				212
Foreign exchange transaction gain (loss)			(64	)			—
Share of gain (loss) from equity method investments			4,209				(14,944	)
Interest converted to preferred stock			—				441
Change in fair value of warrants			—				(2,886	)
Share based compensation expense			1,871				1,214
Distribution from equity method investment PDP			3,451				—
Gain on bargain purchase of OES Acquisition			—				(1,098	)
Changes in assets and liabilities:
Accounts receivable			(3,659	)			(1,068	)
Contract assets			2,325				(1,464	)
Deferred transaction costs			—				588
Other current assets			(6	)			(319	)
Other non-current assets			155				(1	)
Accounts payable			(4,463	)			(2,495	)
Accrued expenses and other current liabilities			(9,111	)			(5,389	)
Contract liabilities			8,706				228
Operating lease assets and liabilities			170				93
Net cash provided by (used in) operating activities			2,114				(20,280	)
Cash flows from investing activities
Purchase of property and equipment			(56	)			(133	)
Proceeds from sale of equipment			—				2
Short-term advances to affiliate			(7,956	)			(2,003	)
Issuance of short-term loan			(200	)			—
Repayment of short-term loan			200				—
Distribution from equity method investment PDP			—				26,955
Distribution from equity method investment Karnival			5,450				—
OES Acquisition			—				(1,632	)
Net cash provided by (used in) investing activities			(2,562	)			23,189
Cash flows from financing activities
Proceeds from issuance of Series B preferred stock			—				8,033
Repayment of debt			(2,065	)			(1,759	)
Proceeds from related party credit facilities			4,370				1,769
Repayment of related party credit facilities			(1,831	)			(5,384	)
Proceeds from RSUs issued to affiliates			799				529
Settlement of RSUs			(736	)			(420	)
Net cash provided by (used in) financing activities			537				2,768
Net increase (decrease) in cash and cash equivalents			89				5,677
Foreign exchange impact on cash			(16	)			(2,245	)
Cash and cash equivalents at beginning of year			1,868				825
Cash and cash equivalents at end of period		$	1,941			$	4,257

Reconciliation of Non-GAAP Financial Measure (Unaudited)

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

		Three months ended								Nine months ended
		September 30, 2026				September 30, 2025				September 30, 2026				September 30, 2025
Net income (loss)		$	(7,663	)		$	(10,412	)		$	(1,860	)		$	6,608
Interest expense			185				930				577				3,104
Interest income			(6	)			(4	)			(19	)			(9	)
Income tax expense (benefit)			—				(1	)			—				(1	)
Depreciation and amortization expense			126				168				390				212
EBITDA			(7,358	)			(9,319	)			(912	)			9,914
Transaction credit			—				(10	)			(15,057	)			(1,788	)
Share of equity method investee's gain on sale of land			—				—				(1,623	)			—
Share of equity method investee's gain on Tenerife Sale			—				(264	)			—				(30,019	)
Impairment of PDP			—				—				—				5,332
Gain on excess distributions over investment of Karnival			—				—				(1,201	)			—
Impairment of Karnival			—				3,005				—				3,005
Change in fair value of warrant liabilities			—				—				—				(2,886	)
Gain on bargain purchase of OES Acquisition			—				(1,098	)			—				(1,098	)
Adjusted EBITDA		$	(7,358	)		$	(7,686	)		$	(18,793	)		$	(17,540	)

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