FLL FULL HOUSE RESORTS INC

Overview and Growth

Fiscal 2025 results for FULL HOUSE RESORTS INC combined $302.38M of revenue with net loss of $40.20M and an operating cash inflow of $9.97M. Revenue of $302.38M sets the scale for evaluating how effectively sales translated into profit and cash during the year. Compared with $292.06M in fiscal 2024, revenue recorded a 3.5% year-over-year increase. The company reported diluted EPS of -$1.12, adding a shareholder-level measure to the absolute income figures considered below. Revenue equaled 0.47x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

Gross profit was $282.18M, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. The gross-profit relationship equaled 93.3% of revenue, quantifying the portion retained before operating expenses were recognized. Operations produced $3.12M of income after the reported operating expense base, before the remaining non-operating and tax effects. Operating margin measured 1.0%, showing the portion of revenue preserved after the full set of operating costs. After all below-operating-line items, the company recorded a net loss of $40.20M for the fiscal year. The net loss equaled 13.3% of revenue, showing the bottom-line deficit relative to the company’s sales base. Before income taxes, the company recorded a loss of $39.67M, bridging the operating result to the final net loss. Pretax margin was -13.1%, reflecting a pre-tax loss equal to 13.1% of revenue. The company recognized $530.00K of income tax for the period, completing the transition from pretax income to net income. The loss-to-assets relationship was 6.2%, placing the bottom-line deficit against the company’s resource base.

Liquidity and Capital Structure

At period end, the $649.81M asset base was financed through $647.27M of liabilities and $2.54M of equity. The near-term balance sheet paired $53.00M of current assets with $73.54M of current liabilities at the reporting date. Current assets covered only 0.72x of current liabilities, so current liabilities exceeded current assets at period end. The company held $40.67M in cash and equivalents, a narrower liquidity measure than total current assets. Cash and equivalents represented 55.3% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. The company carried $473.65M of total debt at period end, which frames its leverage and debt-service burden. The debt-to-equity relationship was 186.62x, showing how much debt the company carried for each unit of book equity. Relative to total assets, debt measured 72.9%, showing how much of the asset base was matched by borrowing. Relative to total assets, liabilities measured 99.6%, complementing the separate equity-based view of the company’s capital structure. The cash-to-assets relationship was 6.3%, comparing reported cash and equivalents with the full positive asset balance. The asset base changed 3.5% from $673.33M in fiscal 2024, leaving current total assets lower year over year. Reported equity changed 93.7% from $40.50M in fiscal 2024, placing the current capital base lower year over year.

Cash Flow and Earnings Quality

The company reported $9.97M of operating cash flow, a cash inflow that shows the cash generated by operations. Capital expenditures used $12.65M, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Relative to operating cash flow, capital expenditures measured 126.9%, connecting investment intensity with the company’s cash-generation base. The company recorded a $2.68M cash deficit after capital spending for the period. Free-cash-flow margin was -0.9%, reflecting a cash deficit equal to 0.9% of revenue after capital spending. The free-cash-flow deficit equaled 0.4% of total assets, placing the cash shortfall against the company’s resource base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.