Falcon’s Beyond Global, Inc. has reported its financial results for the second quarter of fiscal year 2024, ending June 30, 2024, indicating positive growth and promising developments. The company's consolidated revenue for this period was $1.8 million, with notable increases in revenue for its subsidiary and joint venture.
Falcon’s Creative Group (FCG), the company’s unconsolidated subsidiary, saw a substantial increase in revenue, reaching $15.7 million in the second quarter of 2024. This represents a remarkable 202% increase compared to the corresponding period in 2023. FCG also recorded operating income of $2.3 million and net income of $2.5 million during the same period.
The company’s unconsolidated joint venture, Producciones de Parques, reported revenue of $11.3 million in the second quarter of 2024, reflecting a $0.9 million increase over the corresponding period in 2023. Additionally, Falcon’s Beyond's consolidated net income surged to $8.0 million for the three months ended June 30, 2024, compared with a loss of ($8.8) million for the same period in 2023.
Furthermore, adjusted EBITDA1 increased to ($1.9) million for the three months ended June 30, 2024, from ($8.4) million for the same period in 2023. This improvement was primarily driven by lower selling, general, and administrative expenses due to a reduction in third-party accounting, audit, and legal fees, as well as positive returns from the company’s equity method investments.
The company's executive leadership expressed satisfaction with the second quarter performance, emphasizing the strategic focus on differentiated products and services. Falcon’s Beyond is optimistic about the future opportunities and the expansion of its business, building momentum for continued growth.
Falcon’s Beyond is a visionary leader in innovative and immersive storytelling, operating at the intersection of content, technology, and experiences. The company’s core business units include Falcon’s Creative Group, Falcon’s Beyond Destinations, and Falcon’s Beyond Brands, all of which contribute to the company's growth and success.
The company's positive financial results and strategic initiatives suggest a promising outlook for Falcon’s Beyond as it continues to deliver exceptional experiences for its guests, customers, and partners.
For the full details of Falcon’s Beyond Global, Inc.'s financial results and activities, please refer to the press release dated August 13, 2024. Following these announcements, the company's shares moved 2.0%, and are now trading at a price of $10.38. For more information, read the company's full 8-K submission here.
