FLL Misses Revenue, Loses Money Again

Full House Resorts (FLL) reported fiscal 2025 Q4 earnings on March 16, 2026, with revenue rising 3.4% year-over-year to $75.42 million but missing expectations as the net loss widened slightly. The stock’s post-earnings performance and analyst price targets highlight mixed investor sentiment amid operational challenges.

Revenue

Full House Resorts reported total revenue of $75.42 million in Q4 2025, reflecting a 3.4% year-over-year increase from $72.96 million in Q4 2024. This growth was driven by improved performance at the American Place property in Illinois, though the company missed revenue forecasts by $800,000.

Earnings/Net Income

The company narrowed its per-share loss to $0.34 in Q4 2025 from $0.34 in Q4 2024, representing a marginal 0.8% improvement. However, the net loss expanded to $12.37 million, a 0.6% increase from $12.30 million in the prior-year period. The EPS miss of 47.83% and widening net loss underscore persistent profitability challenges.

Price Action

Full House Resorts’ stock price declined 2.64% on the latest trading day and 2.27% over the past week. Month-to-date, shares gained 13.16%, though the stock remains near its 52-week low of $2.15.

Post-Earnings Price Action Review

The strategy of buying Full House Resorts shares after a revenue decline quarter-over-quarter on the earnings release date and holding for 30 days underperformed significantly. This approach yielded a compound annual growth rate (CAGR) of -29.09%, an excess return of -126.29%, a maximum drawdown of 80.88%, and a Sharpe ratio of -0.51, signaling a high-risk, low-reward profile.

CEO Commentary

CEO Lee highlighted the company’s strong liquidity position as a strategic advantage for future development, particularly for the permanent casino project at American Place. He acknowledged ongoing operational challenges at the Colorado property and industry-wide competitive pressures but emphasized confidence in leveraging current resources to drive long-term growth despite short-term profitability concerns.

Guidance

The company did not provide explicit forward-looking guidance during the Q4 2025 earnings call.

Additional News

Analyst activity dominated recent coverage of Full House Resorts. Craig-Hallum and Citizens both maintained “Buy” ratings with a $53.26 price target on March 6, 2026, while CBRE downgraded its stance to “Hold” with a $14.94 target on November 11, 2025. Earlier in 2025, multiple firms including Craig-Hallum and Texas Capital Securities reiterated or introduced “Buy” ratings with price targets ranging from $53.26 to $168.20, reflecting divergent views on the company’s recovery potential.