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Firy Inc. reported unaudited second quarter 2026 results with revenue of $31.0 million, up 23% year over year, and gross profit of $27.1 million. The company recorded a net loss of $24.5 million and an Adjusted EBITDA loss of $13.6 million, or $2.7 million when excluding litigation expense. Total operating expenses were $48.6 million, driven largely by general and administrative costs of $28.2 million, which include substantial litigation-related items.
Management highlighted segment RZR surpassing $10 million in quarterly revenue with a fourth consecutive profitable quarter, and noted a court judgment of $719 million in disgorgement plus approximately $10 million in fees and costs against Papaya Gaming, which Papaya is challenging through payment arrangements and a Chapter 15 petition. After quarter-end, Firy announced redemption of $80 million of debt, leaving approximately $50 million outstanding, supported by $164.991 million in cash, cash equivalents and restricted cash and significant tax assets, including federal net operating loss carryforwards of $702 million and state NOLs of $280 million. User metrics show 117 thousand paying monthly active users and 349 thousand monthly active users, with ARPPU of $59.1 and ARPU of $19.9.
Firy Inc. director Henry M. Hoffman reported the vesting and settlement of 3,511 restricted stock units into 3,511 shares of Class A common stock on August 3, 2026. The restricted stock unit grant vests over four years from August 3, 2022, and Hoffman now directly holds 14,043 Class A shares.
Firy Inc. director Kent Wakeford reported the settlement of 16,129 restricted stock units into 16,129 shares of Class A common stock on July 31, 2026 at $0.0000 per share. After this vesting event, he directly holds 34,431 Class A shares and 32,258 restricted stock units from a grant vesting over four years from July 31, 2024.
Firy Inc. stated that on August 4, 2026 it delivered a notice of partial redemption for $80.0 million aggregate principal amount of its 10.250% Secured Notes due 2026. The notes selected for redemption will be redeemed on August 14, 2026 at 100.000% of principal, plus any accrued and unpaid interest.
As of August 4, 2026, there was $129,671,000 aggregate principal amount of these notes outstanding. UMB Bank, N.A. is serving as trustee for the notes and as paying agent in connection with the partial redemption.
Firy Inc., through its wholly owned subsidiary Skillz Platform Inc., obtained a federal court order stating that judgment will be entered against Papaya Gaming for $719 million in disgorgement of unjust profits, plus certain attorney’s fees and costs, arising from a 2024 false advertising lawsuit under the federal Lanham Act and New York General Business Law.
The $719 million disgorgement, identified by both the jury and the court as the appropriate measure of recovery, is in lieu of the $420 million in actual damages awarded by a unanimous jury in April 2026. The court denied all of Papaya’s post-trial motions and awarded approximately $10 million in attorney’s fees for 2024 and 2025, with additional litigation costs tied to Papaya executives’ invocation of the Fifth Amendment. Firy plans to vigorously pursue collection of the judgment, while noting there is no assurance regarding the timing or amount of any ultimate recovery, including in light of any appeal or further proceedings.
Firy Inc. identified Robert A. Walsh, its Chief Financial Officer, as a reporting insider through an initial statement of beneficial ownership on Form 3. The record lists no buy, sell, exercise, gift, tax-withholding, or restructuring transactions and shows no derivative positions in this report.
Firy Inc. Chief Accounting Officer Todd A. Valli had restricted stock units fully vest on July 14, 2026, converting 12,610 units into Class A common stock. 2,958 shares were withheld to cover tax obligations, leaving him with 11,203 shares held directly after the withholding transaction.
Firy Inc.’s Chief Human Resources Officer, Nicole Marie Singleton, reported routine equity compensation activity involving restricted stock units. On July 1, 2026, restricted stock units settled into 4,665 shares of Class A common stock, reflecting vesting of previously granted awards.
To cover withholding taxes tied to these vesting events, 1,137 shares of Class A common stock were disposed of at an indicated price of $10.18 per share, characterized as tax-withholding dispositions rather than open-market sales. After the transactions, Singleton directly held about 50,151 shares of Class A common stock, indicating she retained the vast majority of the vested shares.
Firy Inc. Chief Executive Officer Andrew Paradise reported routine equity compensation activity involving restricted stock units and related tax withholding. On July 1, 2026, restricted stock units settled into Class A common stock, with multiple "M" transactions reflecting derivative exercises or conversions into shares.
The filing’s transaction summary shows 134,911 shares acquired through exercises and 53,089 shares disposed of to cover withholding taxes at a reference price of $10.18 per share. Footnotes explain that each restricted stock unit represents one share of Class A common stock and that several grants vest over three years in quarterly installments, subject to continued service.
The dispositions are characterized as payment of tax liabilities rather than open-market sales, and Paradise remains a large direct holder of Firy’s Class A common stock after these compensation-related transactions.