FLL earnings analysis
What we found in FLL's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Full House Resorts reported Q1 2026 revenues of $74.4 million, slightly missing expectations of $76.9 million, but improved EPS to -$0.23 from -$0.27 last year, indicating a positive trend despite a nominal revenue decline. Adjusted EBITDA surged by 14.7% to $13.2 million, largely driven by operational improvements at key casinos amid ongoing construction efforts for the permanent American Place facility.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Performance
- Revenue reached $74.4M, only down 0.8% from $75.1M in the prior year.
- Improved EPS
- Diluted EPS of -$0.23 improved from -$0.27 year-over-year.
- Record Adjusted EBITDA
- Adjusted EBITDA increased by 14.7% to $13.2 million, up from $11.5 million.
- Growth in Midwest & South Segment
- Midwest & South segment revenues increased by 3.8% to $59.4 million.
- Reduced Operating Expenses
- Operating expenses dropped by 3.0%, helping to boost operating income by 218.4%.
- Strong Slot Revenue Growth
- Slot revenue rose by 8.5% to $46.2 million, contributing to overall revenue stability.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Operating Loss Still Present
- Net loss for the quarter was $8.15 million, though improved from $9.77 million year-on-year.
- Segment Revenue Declines in West
- West segment revenues fell by 13.0% to $13.6 million, impacted by the sale of Stockman's Casino.
- Exposure to Regulatory Delays
- Potential delays in the development of the permanent American Place facility could impact future revenues.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.23
- Operating margin
- 3.2%
- Segment
- Midwest & South
- Segment
- West
- Segment
- Contracted Sports Wagering
What they said about what is next.
Outlook noted regulatory uncertainties regarding the permanent American Place facility construction.
The filing reads better than the one before it.
What came before.
- 10-K · March 16, 2026
- Full House Resorts (FLL) reports modest top-line growth in FY2025 (≈$302.0M vs $292.0M in FY2024) and a material improvement in free cash flow (from -$38.0M in 2024 to -$2.0M in 2025). The company continues to execute…
- 10-K · March 11, 2025
- Full House Resorts emphasizes growth through regional property development (notably the permanent American Place project projected for 2027) and incremental revenue from newly opened Chamonix (phased opening completed…
- 10-Q · August 8, 2022
- For Q2 2022, Full House Resorts, Inc. reported revenues of $44.4 million, down 6% from Q2 2021's $47.4 million. Operating income decreased by 32% to $8.2 million, while the net loss was $4.4 million, leading to a…
- 10-Q · November 12, 2021
- Full House Resorts reported Q3 revenue of $47,238,000 (three months ended September 30, 2021), up from $41,956,000 in Q3 2020, with operating income rising to $11,119,000 from $10,409,000. Diluted EPS declined to $0.13…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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