Revenue growth remains in a contractionary phase, evidenced by a 33.3% year-over-year decline in 2025Q3 and an operating margin of -118.1% that highlights severe structural inefficiencies.
| Sales/Revenue | 17.11M | 21.21M | 24.13M | 15.98M | 10.77M | 7.1M | 7.86M | 6.89M | 5.73M |
| Revenue Growth % | -24.08% | -12.12% | 51.01% | 48.36% | 51.71% | -9.7% | 14.11% | 20.13% | - |
| Cost of Goods Sold | 6.33M | 5.98M | 6.49M | 5.95M | 33.21M | 27.05M | 16.71M | 11.44M | 3.03M |
| COGS % of Revenue | - | 28.21% | 26.9% | 37.23% | 308.34% | 381.05% | 212.53% | 166.01% | 52.92% |
| Gross Profit | 10.77M | 15.22M | 17.64M | 10.03M | -22.44M | -19.95M | -8.85M | -4.55M | 2.7M |
| Gross Margin % | 62.97% | 71.79% | 73.1% | 62.77% | -208.34% | -281.05% | -112.53% | -66.01% | 47.08% |
| Gross Profit Growth % | - | -13.68% | 75.86% | 144.7% | -12.47% | -125.55% | -94.53% | -268.43% | - |
| Operating Expenses | 37.81M | 44.89M | 67.09M | 48.02M | 13.95M | 12.76M | 24.11M | 780.53K | 5.87M |
| OpEx % of Revenue | - | 211.69% | 278.02% | 300.51% | 129.5% | 179.7% | 306.74% | 11.33% | 102.31% |
| Selling, General & Admin | 0 | 0 | 0 | 0 | 1.02M | 1.67M | 1M | 780.53K | 1.31M |
| SG&A % of Revenue | - | - | - | - | 9.48% | 23.55% | 12.76% | 11.33% | 22.83% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 44.89M | 67.09M | 48.02M | 12.93M | 11.09M | 23.11M | 0 | 0 |
| Operating Income | -27.03M | -29.67M | -49.45M | -37.99M | -36.39M | -32.71M | -32.96M | -780.53K | -3.17M |
| Operating Margin % | -158.05% | -139.9% | -204.93% | -237.75% | -337.84% | -460.75% | -419.27% | -11.33% | -55.23% |
| Operating Income Growth % | - | 40% | -30.16% | -4.41% | -11.24% | 0.76% | -4122.78% | 75.36% | - |
| EBITDA | -9.85M | -12.66M | -34.38M | -25.95M | -24.19M | -21.62M | -22.04M | 10.1M | 1.39M |
| EBITDA Margin % | -57.57% | -59.7% | -142.47% | -162.42% | -224.58% | -304.6% | -280.41% | 146.67% | 24.26% |
| EBITDA Growth % | 52.72% | 63.18% | -32.46% | -7.3% | -11.86% | 1.91% | -318.16% | 626.45% | - |
| D&A (Non-Cash Add-back) | 17.19M | 17.01M | 15.07M | 12.04M | 12.2M | 11.09M | 10.92M | 10.89M | 4.56M |
| EBIT | -31.9M | -24.37M | -46.4M | -34.54M | -84.07M | -29.4M | -33.21M | 1.37M | -3.17M |
| Net Interest Income | -30.75M | -31.49M | -22.35M | -11.63M | -8.74M | -16.29M | -22.69M | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.13M | 6.63M |
| Interest Expense | 30.75M | 31.49M | 22.35M | 11.63M | 8.74M | 16.29M | 22.69M | 0 | 0 |
| Other Income/Expense | -35.61M | -26.2M | -19.31M | -8.18M | -56.43M | -12.98M | -22.94M | 2.15M | -6.63M |
| Pretax Income | -62.65M | -55.86M | -68.75M | -46.17M | -92.81M | -45.69M | -55.9M | 1.37M | -9.79M |
| Pretax Margin % | -366.24% | -263.43% | -284.93% | -288.92% | -861.75% | -643.53% | -711.12% | 19.83% | -170.8% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 284.96K | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 20.86% | 0% |
| Net Income | -62.65M | -55.85M | -68.68M | -45.88M | -92.41M | -45.49M | -55.9M | 1.08M | -9.79M |
| Net Margin % | -366.24% | -263.39% | -284.64% | -287.14% | -858.03% | -640.76% | -711.12% | 15.7% | -170.8% |
| Net Income Growth % | -15.1% | 18.68% | -49.69% | 50.35% | -103.16% | 18.63% | -5270.16% | 111.04% | - |
| Net Income (Continuing) | -62.65M | -55.86M | -68.75M | -46.17M | -92.81M | -45.69M | -55.9M | 1.08M | -9.79M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -963.43K | -963.43K | -954.84K | -882.57K | -596.77K | -196.51K | 0 | 0 | 0 |
| EPS (Diluted) | -9.35 | -8.72 | -11.97 | -9.01 | -22.69 | -15.61 | -69.92 | 0.96 | -2.64 |
| EPS Growth % | -11.12% | 27.15% | -32.85% | 60.29% | -45.36% | 77.67% | -7383.33% | 136.37% | - |
| EPS (Basic) | - | -8.72 | -11.97 | -9.01 | -22.69 | -15.61 | -69.92 | 0.96 | -2.64 |
| Diluted Shares Outstanding | 6.7M | 6.53M | 5.83M | 5.21M | 4.1M | 2.91M | 1.12M | 1.12M | 3.71M |
| Basic Shares Outstanding | 6.7M | 6.53M | 5.83M | 5.21M | 4.1M | 2.91M | 1.12M | 1.12M | 3.71M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Imminent liquidity and solvency crisis
As indicated by the most recent quarterly financial data, HOFV experienced a 33.3% year-over-year revenue decline in 2025Q3, signaling that the company's core destination assets are failing to generate the necessary volume to sustain growth or offset the inherent seasonality of the Canton-based entertainment model.
The consistent downward trend in quarterly revenue suggests that the company's transition from development to operational status has not yielded the expected market traction. Investors should monitor whether this contraction reflects a structural inability to attract consistent footfall or merely a temporary lull in event-driven tourism.
Based on reported income statements, HOFV maintains a gross margin of 62.7% as of 2025Q3, yet this figure appears disconnected from the underlying operating reality where the company struggles to convert top-line performance into positive operating income due to high fixed infrastructure costs.
While the gross margin remains relatively high, it may be masking significant operational inefficiencies or the capitalization of costs that would otherwise weigh on the bottom line. The lack of operating leverage suggests that incremental revenue gains are insufficient to cover the heavy depreciation and maintenance burden of the resort.
According to the latest quarterly filings, HOFV reported an operating margin of -118.1%, illustrating that the company's current cost structure is fundamentally misaligned with its revenue generation capacity, leaving little room for error in managing its substantial fixed-cost base and debt-related obligations.
The persistent negative operating income indicates that the business model has yet to reach the critical mass required for self-sustainability. This suggests that the company remains trapped in a cycle of high overheads that continue to outpace the revenue generated by its physical and media assets.
Financial statements reveal a critically low cash position of $432,174, which, when contrasted with the ongoing quarterly operating losses, suggests that the company may face an imminent liquidity crisis that could necessitate further dilutive financing or a comprehensive restructuring of its existing debt obligations.
Short-sellers would likely focus on the widening gap between the company's capital-intensive development requirements and its inability to generate positive cash flow from operations. The reliance on external funding to cover basic operating expenses warrants extreme caution regarding the long-term solvency of the current business model.
Quick answers to the most common questions about buying HOFV stock.
For fiscal year 2024, Hall of Fame Resort & Entertainment Company (HOFV) reported total revenue of $21.2M. This represents a 269.8% increase compared to $5.7M in 2017.
Hall of Fame Resort & Entertainment Company (HOFV) reported a net loss of $55.9M for the fiscal year ending 2024.
Hall of Fame Resort & Entertainment Company (HOFV) reported an operating income of $-29.7M, resulting in an operating profit margin of -139.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Hall of Fame Resort & Entertainment Company (HOFV) generated $15.2M in gross profit for the year, representing a gross profit margin of 71.8%. This demonstrates the company's core pricing power and production efficiency.