Falcon's Beyond Global is a themed entertainment design, engineering, and development company that serves clients building large-scale theme parks and destination resorts. The business operates across two core areas: creative and design services through its Falcon's Creative Group (FCG) division, and attraction hardware and ride systems through its Falcon's Attractions division. FCG covers master planning, attraction design, media production, and on-site creative oversight for third-party clients, earning professional services fees tied to project milestones, retainers, and time-and-materials billings. Falcon's Attractions designs, engineers, fabricates, and sells ride systems and attraction hardware to theme park operators globally — a business expanded in May 2025 through the acquisition of Oceaneering Entertainment Systems. The company also has a destinations division (FBD) that operates and develops location-based entertainment venues, though FBD is being repositioned toward an asset-light, fee- and royalty-driven model. Falcon's Beyond holds a portfolio of over 200 issued and pending patents covering ride systems and experiential technologies, which it argues differentiates its attraction hardware. The business carries significant customer concentration risk: nearly all of FCG's revenue comes from two Saudi government-backed entities — Qiddiya Investment Company and New Murabba Development Company — both tied to Saudi Arabia's Vision 2030 infrastructure buildout. Each engagement is governed by a separate contract with short termination notice periods, with no master services agreement in place.