Friday, November 06, 2026
Jacob Mutchler, Research Analyst, Noble Capital Markets, Inc.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
A modest top-line beat. Fiscal Q1 revenue increased 3.5% to $302.6 million, modestly above our $299.0 million estimate. Adj. EBITDA of $72.1 million was in line with our $72.5 million estimate and roughly flat with the prior-year period. Acquired water parks and entertainment centers drove revenue growth, while same-store revenue was down 2.6%.
Core trends improve. Acquired water parks generated $27.6 million of revenue, up from $6.5 million in the prior-year period, lifting amusement and other revenue 15.8% to $82.1 million. Meanwhile, same-store sales improved from a 4% decline in July to 2% growth in September. Event revenue matched or exceeded prior-year levels for six consecutive months through October, led by corporate events.
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