If You Invested in Falcons Beyond G (FBYD)

Falcon's Beyond Global, Inc. (NASDAQ: FBYD) is a publicly traded company that describes itself as a visionary innovator in immersive storytelling. According to the company’s disclosures and press releases, Falcon’s Beyond operates at the intersection of three business areas it identifies as potential high growth opportunities: content, technology, and experiences. The company’s Class A common stock trades on The Nasdaq Stock Market under the symbol FBYD, and its warrants trade under the symbol FBYDW, as reflected in its SEC filings. Falcon’s Beyond is headquartered in Orlando, Florida.

Business Structure and Core Segments

Falcon’s Beyond organizes its operations into three core business units that appear consistently across its official communications:

• Falcon’s Creative Group (FCG) – This division creates master plans, designs attractions and experiential entertainment, and produces content, interactives, and software. Company materials describe FCG as responsible for master planning and design for themed experiences and destination projects, and for delivering experiential entertainment and related digital content.
• Falcon’s Beyond Destinations (FBD) – This unit develops a range of entertainment experiences using both Falcon’s Beyond owned and third-party licensed intellectual property. According to the company, these experiences span location-based entertainment, dining, and retail, often tied to destination and resort environments.
• Falcon’s Beyond Brands (FBB) – This division focuses on bringing brands and intellectual property to life through animation, movies, licensing and merchandising, gaming, as well as ride and technology sales. Company descriptions state that FBB is involved in extending IP across media and commercial channels.

Across these units, Falcon’s Beyond states that it propels intellectual property activations concurrently across physical and digital experiences. The company also notes that it invents immersive rides, attractions, and technologies for entertainment destinations around the world.

Immersive Storytelling and Technology Focus

Falcon’s Beyond emphasizes technology as a key part of its approach to immersive storytelling. In its announcement of a newly created Chief Technology Officer role, the company highlighted initiatives in areas such as real-time rendering, robotics, ride systems, extended reality (XR), generative AI, AI-driven personalization, and connected experiences. The company characterizes technology as central to enabling unique themed entertainment and interactive attractions.

Falcon’s Beyond has also referenced an internal platform called ÄEONXP, described as a loyalty and engagement ecosystem. In its own statements, the company links this platform to its broader effort to align technology with its global strategy for immersive entertainment and engagement.

Falcon’s Attractions and Advanced Ride Systems

Through its Falcon’s Beyond Brands division and related operations, the company has expanded into attraction services and advanced ride and show systems. In 2025, Falcon’s Beyond announced that it acquired key assets of Oceaneering Entertainment Systems (OES), a division of Oceaneering International Inc. The company reports that this transaction 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.

Falcon’s Beyond describes OES as having a long history as a provider to major theme park developers and operators, with a legacy in complex rides, show systems, equipment, and custom engineering solutions. Following the acquisition, Falcon’s Beyond states that it will support legacy OES products and that the acquisition enhances the Falcon’s Attractions business as a vertically integrated provider of entertainment systems, technologies, custom engineering, and turn-key attraction solutions.

Content and IP Partnerships

The company positions itself as working with both its own and third-party intellectual property. In one announced agreement, Falcon’s Beyond and CD PROJEKT RED disclosed a worldwide arrangement for Falcon’s to create defined concepts for Cyberpunk 2077-themed venues in the themed experience market. Falcon’s Beyond states that it has been appointed as CD PROJEKT RED’s worldwide partner for all location-based entertainment activations related to this IP and is developing themed entertainment concepts while exploring potential locations and partnerships.

Falcon’s Beyond also highlights its role as a creative advisor on large-scale destination projects. For example, company communications reference collaborations with New Murabba Development Company as Creative Lead Advisor for The Mukaab and its surrounding district, and master planning and design projects with Qiddiya Investment Company focused on creating an entertainment destination for Qiddiya City near Riyadh, Saudi Arabia.

Joint Ventures and Destination Operations

Falcon’s Beyond’s financial disclosures describe relationships with equity method investees and joint ventures that connect its creative and destination-focused activities. One key joint venture referenced in multiple filings and press releases is Producciones de Parques, S.L. (PDP), a 50:50 joint venture with Melia Hotels International. PDP has been associated with properties such as Sol Katmandu Park and Resort and the Sol Tenerife hotel. The company reports that PDP generated revenue from these properties and that Falcon’s Beyond recognizes its share of PDP’s income or loss under the equity method.

The company has also discussed investments and joint ventures related to other destination projects, such as its equity method investment in Karnival TP-AQ Holdings Limited, which was impaired following a decision to terminate a project in Hong Kong and commence a windup of that joint venture. These disclosures illustrate how Falcon’s Beyond participates in destination and resort projects through partnerships and joint ventures, in addition to its own divisions.

Financial Reporting and Public Company Status

Falcon’s Beyond prepares its consolidated financial statements in accordance with U.S. GAAP and reports results through quarterly and annual filings and press releases. The company highlights both GAAP results and a non-GAAP measure it calls Adjusted EBITDA, which it defines in its communications as net income or loss before interest, income taxes, depreciation and amortization, and certain other items such as transaction expenses, credit loss expense, impairments, and changes in fair value of warrant and earnout liabilities. Falcon’s Beyond states that it views Adjusted EBITDA as useful for comparability, while also noting the limitations of this non-GAAP metric.

In its SEC filings, Falcon’s Beyond identifies itself as an emerging growth company and lists its securities on The Nasdaq Stock Market. An 8-K filing confirms that its Class A common stock trades under the symbol FBYD and its warrants, which are exchangeable for 0.25 shares of Class A common stock on a specified future date, trade under FBYDW. The company has also disclosed a business combination with FAST Acquisition Corp. II and an earnout structure tied to the volume-weighted average price of its Class A common stock over a multi-year period.

Capital Structure, Earnouts, and Warrants

Falcon’s Beyond has described several capital structure elements in its public communications. These include:

• Earnout Shares and Units – In connection with its business combination, the company entered into an Earnout Escrow Agreement that provides for earnout shares and units denominated as Class A common stock, Class B common stock, and units. These are released or forfeited based on stock price milestones measured over a five-year period. In an 8-K, Falcon’s Beyond reported that the first stock price-based earnout trigger was met, resulting in the release of a portion of these earnout shares and units from escrow, subject to transfer restrictions for a defined period.
• Warrant Agreement Amendment and Exchange – The company has described an amendment to its warrant agreement that provides for a mandatory exchange of warrants into shares of Class A common stock at a fixed exchange ratio on a future exchange date. Following the effectiveness of this amendment, the warrants are not exercisable, and holders’ rights are limited to receiving shares at the exchange ratio on the specified date.
• Preferred Stock and Credit Facilities – Falcon’s Beyond has disclosed the issuance of Series B Cumulative Convertible Preferred Stock and the establishment of revolving lines of credit, which it associates with strengthening its balance sheet and providing working capital for expansion of certain divisions, including attraction services.

These elements reflect how the company structures equity and debt financing to support its operations and growth plans, as described in its own materials.

Growth Areas and Strategic Emphasis

Across its press releases, Falcon’s Beyond repeatedly characterizes its focus on immersive storytelling, IP-driven experiences, and the broader experience economy. The company emphasizes:

• Developing and delivering themed entertainment, attractions, and destination projects through Falcon’s Creative Group and related entities.
• Expanding entertainment experiences that use both proprietary and licensed IP through Falcon’s Beyond Destinations.
• Extending brands and IP through content creation, licensing, merchandising, gaming, and ride and technology sales via Falcon’s Beyond Brands.
• Enhancing its capabilities in ride systems, show systems, and attraction integration through the acquisition of OES and the growth of Falcon’s Attractions.
• Using technology platforms, including XR, generative AI, and engagement ecosystems such as ÄEONXP, to support interactive and personalized experiences.

Falcon’s Beyond presents these activities as part of a unified strategy to activate intellectual property across physical and digital channels in the entertainment and attractions space.

Headquarters and Sector Classification

The company states that it is headquartered in Orlando, Florida. While external classification sources may list Falcon’s Beyond under sectors such as professional, scientific, and technical services or related categories, the company’s own descriptions consistently center on entertainment, themed attractions, immersive storytelling, and associated technology and content businesses.

Frequently Asked Questions

The following FAQs summarize key points about Falcon’s Beyond Global, Inc. based on its own public disclosures.