Six Flags Entertainment Corp ( FUN ) shares are trading lower in premarket on Thursday after the first-quarter FY25 earnings.

The merger of legacy Cedar Fair and legacy Six Flags occurred on July 1, 2024, after the second-quarter close.

Accordingly, the reported results presented in this earnings release reflect the financial results for the Combined Company from Jan. 1, 2025, through March 30, 2025.

First-quarter results are expected to represent approximately 7% of the combined company’s full-year attendance and net revenues, as approximately two-thirds of the parks in the combined portfolio are closed during the period, and most parks in operation are primarily only open on weekends.

The company reported first-quarter revenue growth of 98.8% year-on-year to $202.06 million, missing the analyst consensus estimate of $233.09 million.

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Out of the revenue, $111 million relates to the legacy Six Flags operations added in the Merger.

The operating loss for the quarter widened to $321 million. Adjusted EBITDA loss for the quarter totaled $171 million, $62 million of which relates to the legacy Six Flags operations added in the Merger.

Attendance totaled 2.8 million guests, 1.6 million of whom attended legacy Six Flags parks added in the Merger. In-park per capita spending was $65.40.

The combined company reported net loss of $2.20 per share in the fourth quarter, beating the consensus estimate of $(2.25).

The company exited the quarter with cash and equivalents worth $61.5 million.

“While our start to 2025 was largely shaped by calendar timing shifts, weather variability, and near-term economic uncertainty, these are precisely the types of challenges our merger positioned us to more effectively navigate,” said CEO Richard Zimmerman.

“We remain focused on what we can control – integrating the combined company, optimizing our cost structure, driving demand by enhancing the guest experience across our properties, and laying the foundation for future growth and long-term value creation.”

Outlook: For 2025, Six Flags reiterated Adjusted EBITDA outlook of $1.08 billion to $1.12 billion.

Price Action: FUN shares traded lower by 3.07% at $35.00 in premarket at last check Thursday.

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