Falcon's Beyond Global, Inc.

Experience-economy developer with explicit going-concern doubt and near-zero cash runway.

Strengths

• Strong revenue growth (+121%, 89th pct) and marquee Saudi PIF relationships (QIC, NMDC)
• One-off $27M cash distribution from Tenerife sale aided liquidity

Risks

• Going concern, $18.1M working-capital deficiency and cash runway of ~0.3 quarters (5th pct)
• High leverage (D/E 1.31, 92nd pct), negative FCF (-$24.8M) and operating margin -90%
• Severe customer concentration (QIC+NMDC ~99% of FCG revenue) on terminable-at-will contracts

Notable findings

• No interest coverageInterest coverage -3.96 (cannot cover interest)
• Cash burnNegative free cash flow (-24.8M)
• Weak liquidityCurrent ratio 0.36 (<1)
• Exec changeRecent 8-K item 5.02 8-K ↗
• Customer concentration~60% of revenue from one customer/distributor — For the year ended December 31, 2025, FCG had two significant customers, QIC and NMDC, which generated an aggregate of approximately 60% and 39% of FCG's revenues respectively
• Chronic dilutionShare count +34%/yr over 2y (dilution)
• Revenue declineRevenue -18.4% YoY