SeaWorld Entertainment is poised for its worst day on record, down over 25 percent, after it missed estimates on both the top and bottom lines, and forecast a drop in revenue and earnings for this year compared with 2013.
To CNBC's Jim Cramer, though, the biggest concern is the "astounding" decline in the theme park operator's earnings before interest, tax, depreciation and amortization (EBITDA). By the way, EBITDA is simply a measure of a company's operating performance. The measure is down roughly 16 percent, he said.
"This is just an aberration. I've never seen a just, a complete collapse in EBITDA," Cramer said on "Squawk on the Street." "And they've got to do something. I don't know what they're going to do."
Cramer attributes SeaWorld's troubles to the popularity of "Blackfish," a documentary that traces the history of killer whales in captivity leading up to the 2010 killing of a SeaWorld trainer.
"The documentary have to had played a big role," Cramer said.
SeaWorld went public on April 19, 2013 at $27 per share, rising 24 percent on its debut. Yet, the stock has lost roughly 22 percent since its debut.
On Wednesday, SeaWorld hit an intraday low of $19.9, or the lowest level on record. From its all-time high of $39.65 hit on May 20, 2013, the stock is down 47 percent.
—By CNBC's Drew Sandholm. CNBC's Giovanny Moreano contributed to this report.
DISCLOSURE: When this story was published, Cramer's charitable trust did not own SeaWorld Entertainment.