State of Play posts 19% revenue growth and raises $10 million for expansion

State of Play Hospitality said fiscal 2026 revenue rose 19% to $72 million as Flight Club USA kept outperforming the market and expanded the company’s North American footprint. The operator also secured $10 million in growth capital to fund new venues in major U.S. cities in fiscal 2027.

Why it matters: - State of Play is leaning harder into North America, where U.S. operations now generate most of the company’s revenue. - The latest capital raise gives the company more room to keep expanding Flight Club, its main growth engine, in a competitive social-entertainment market. - Flight Club’s performance suggests demand is holding up for high-end, experience-driven dining and gameplay concepts.

What happened: - State of Play Hospitality reported fiscal 2026 results for the year ended March 29, 2026. - Group revenue increased 19% year over year to $72 million. - Venue EBITDA rose 28% to $18 million. - Group EBITDA climbed 45% to $7.7 million. - The company completed a $10 million growth capital raise from existing investors. - State of Play said the new capital will primarily fund Flight Club expansion in North America. - Upcoming Flight Club venues are planned for New York, Dallas, Minneapolis and Nashville.

The details: - Flight Club USA posted 8.3% same-store sales growth in fiscal 2026. - Group same-store sales increased 4.2%. - State of Play opened new Flight Club venues in Philadelphia, Cincinnati and Seattle during fiscal 2026. - Those openings expanded Flight Club’s U.S. footprint to 11 venues. - U.S. operations accounted for more than 80% of group revenue, up from 72% in fiscal 2025. - State of Play operates three concepts in the U.S. and U.K.: Flight Club, AceBounce and Hijingo. - Flight Club runs in North America under license. - The company said Flight Club’s growth was supported by corporate events, celebrations and social occasions. - The brand’s chef-driven food and beverage program and tech-enabled Social Darts experience remain part of its positioning.

Between the lines: - The results show State of Play’s business is becoming more concentrated in the U.S., especially around Flight Club. - Strong same-store sales suggest the concept is driving growth not just through new venues, but also through better performance at existing locations. - Toby Harris, State of Play’s president and CEO, said the company has started fiscal 2027 with positive same-store sales and profit growth through the first half. - Harris also said the capital raise reinforces confidence in Flight Club and the company’s ability to scale efficiently.

What’s next: - State of Play expects to open Flight Club venues in New York, Dallas, Minneapolis and Nashville in fiscal 2027. - Those additions would bring the Flight Club portfolio to 15 venues. - The company’s near-term focus appears centered on expanding its U.S. platform while sustaining same-store sales growth.

The bottom line: - State of Play is pairing stronger financial performance with fresh capital, and both are aimed at accelerating Flight Club’s U.S. expansion.