Firy (NYSE: SKLZ) rebrand details, segment growth and $652M jury award
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Skillz Inc., now renamed Firy Inc., used an investor presentation to explain its strategy as a three-part business: real-money skill-based gaming, AI-powered ad technology (RZR), and backend/live-ops infrastructure (Beamable). The company highlights a turnaround built on cost discipline, with gross margins consistently between 82% and 88%.
For the quarter ended Q1 2026, revenue reached $29 million, up 33% year over year, and last-twelve-month revenue rose to $112 million, up 25%, while sales and marketing spending declined by 4%. The RZR ad-tech segment delivered LTM revenue of $32 million with 157% growth and positive Adjusted EBITDA of $4 million, while the core Skillz gaming segment generated LTM revenue of $80 million with modest growth and near break-even segment Adjusted EBITDA.
The presentation also notes a favorable federal jury verdict in the case Skillz Inc. v. Papaya Gaming, with $652 million of actual damages awarded and a stated potential total recovery range from $420 million to more than $1.4 billion. Management projects that total revenue could more than double between 2025 and 2028 and expects increasing annual cash generation over that period, framing Firy as a rebuilt platform aiming to scale within large mobile gaming and performance advertising markets.
Positive
- Operating turnaround with strong margins: Gross margins have held between 82% and 88%, and Adjusted EBITDA improved from roughly ($188M) in 2021 to a ($46M) LTM loss, indicating substantially leaner operations.
- High-growth, profitable ad-tech segment: The RZR advertising technology unit reported LTM revenue of $32M with 157% growth and $4M of segment Adjusted EBITDA, providing a fast-growing, profitable engine alongside the core gaming business.
- Large litigation award and potential recovery: In Skillz Inc. v. Papaya Gaming, a federal jury awarded $652M in actual damages, and the company cites a potential total recovery range from $420M to over $1.4B, which could materially strengthen the balance sheet if realized.
Negative
- None.
Insights
Rebrand, operating turnaround, and litigation award reshape Firy’s profile.
Firy, formerly Skillz, is repositioning as a full-stack gaming and ad-tech platform spanning real-money gaming, AI-driven advertising (RZR), and backend services (Beamable). The deck shows Q1 2026 revenue of $29M, up 33% year over year, and LTM revenue of $112M, up 25%, while keeping sales and marketing down slightly.
Profitability metrics are central. Gross margins of 82–88% and an improvement in Adjusted EBITDA from about ($188M) in 2021 to a ($46M) LTM loss indicate a much leaner model. The RZR segment, with LTM revenue of $32M and $4M of segment Adjusted EBITDA, appears to be the current growth and earnings engine.
The litigation outcome in Skillz Inc. v. Papaya Gaming adds a notable financial dimension, with actual damages of $652M awarded and a stated potential recovery range up to more than $1.4B, though ultimate collection and timing are not detailed here. Management’s forecast that total revenue could more than double from 2025 to 2028, alongside increasing cash generation, signals an ambitions turnaround story, but actual impact will depend on execution across segments and the realization of any additional litigation-related recoveries.
8-K Event Classification
2 items: 7.01, 9.01
2 items
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q1 2026 Revenue: $29M
LTM Revenue: $112M
Gross Margin Range: 82–88%
+5 more
8 metrics
Q1 2026 Revenue
$29M
Quarter ended Q1 2026; up 33% year over year
LTM Revenue
$112M
Last twelve months ended 3/31/2026; up 25%
Gross Margin Range
82–88%
Gross margins across recent quarters
RZR LTM Revenue
$32M
Ad-tech segment revenue LTM with 157% growth
RZR LTM Adjusted EBITDA
$4M
Segment-level AEBITDA before corporate and litigation costs
Skillz LTM Revenue
$80M
Real-money gaming segment revenue LTM; +4% growth
Adjusted EBITDA Improvement
($188M) to ($46M)
From 2021 to last twelve months, consolidated
Litigation Actual Damages
$652M
Federal jury award in Skillz Inc. v. Papaya Gaming
Key Terms
Adjusted EBITDA, non-GAAP financial measures, real-money skill-based mobile gaming, programmatic ad spend, +2 more
6 terms
Adjusted EBITDA financial
"Adjusted EBITDA improved from approximately ($188M) in 2021 to a ($46M) LTM loss"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
non-GAAP financial measures financial
"This presentation includes non-GAAP financial measures. FIRY believes that these non-GAAP measures are useful to investors"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
real-money skill-based mobile gaming financial
"SKILLZ - THE INVENTOR OF REAL-MONEY SKILL-BASED MOBILE GAMING"
programmatic ad spend financial
"Global Programmatic Ad Spend(1) North America Skill Based Gaming(2)"
litigation expense financial
"Adjusted EBITDA excluding litigation expense adds back litigation expense to reported Adjusted EBITDA"
last twelve months (LTM) financial
"Revenue (LTM)1 $80 Growth3 +4% Revenue (LQA)1 $78"
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): June 18, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code: (415 ) 762-0511
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01. Regulation FD Disclosure.
On June 18, 2026, Skillz Inc. (the “Company”) changed its corporate name from Skillz Inc. to Firy Inc. (the “Name Change”). In connection with the Name Change, the Company plans to present certain information at the Company’s 2026 annual meeting of the stockholders (the “Investor Presentation”). The Investor Presentation will also be posted to the investor site before the start of the annual meeting on its website at investors.firy.com.
The Investor Presentation is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated into this Item 7.01 by reference.
The information furnished pursuant to Item 7.01 of this Current Report on Form 8-K and Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), or incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
| Item 9.01. | Financial Statements and Exhibits. | ||||
| (d) | Exhibits. | ||||||||||||||||
| Exhibit Number | Description | |||||||||||||||||||||||||
| 99.1 | Investor Presentation dated June 18, 2026. | |||||||||||||||||||||||||
| 104 | Cover Page Interactive Data File (embedded within the XBRL document) | |||||||||||||||||||||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SKILLZ INC. | ||||||||
| By: | /s/ Todd A. Valli | |||||||
| Name: | Todd A. Valli | |||||||
| Title: | Chief Accounting Officer | |||||||
Date: June 18, 2026 | ||||||||
Confidential - Property of FIRY GUIDING BELIEF THE FUTURE IS BUILT ON SYSTEMS
Confidential - Property of FIRY 2
Confidential - Property of FIRY Disclaimer The information contained herein does not purport to be all-inclusive. The data contained herein is derived from various internal and external sources and is based on information available as of the date hereof. No representation is made as to the reasonableness of the assumptions made within or the accuracy or completeness of any projections or modeling or any other information contained herein. Any data on past performance or modeling contained herein is not an indication as to future performance. FIRY assumes no obligation to update any information in this Investor Presentation, except as required by law. Industry and Market Data This presentation includes information and statistics regarding market participants in the sectors in which FIRY competes and other industry data which was obtained from third-party sources, including reports by market research firms and company filings. Trademarks This presentation may contain trademarks, service marks, trade names and copyrights of other companies, which are the property of their respective owners. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this presentation may be listed without the TM, SM © or ® symbols, but FIRY will assert, to the fullest extent under applicable law, the rights of the applicable owners, if any, to these trademarks, service marks, trade names and copyrights. Use of Non-GAAP Financial Measures This presentation includes non-GAAP financial measures. FIRY believes that these non-GAAP measures are useful to investors for two principal reasons. First, they believe these measures may assist investors in comparing performance over various reporting periods on a consistent basis by removing from operating results the impact of items that do not reflect core operating performance. Second, these measures are used by FIRY’s management to assess its performance. FIRY believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends. These non-GAAP measures should not be considered in isolation from, or as an alternative to, financial measures determined in accordance with GAAP. Other companies may calculate these non-GAAP financial measures differently, and therefore such financial measures may not be directly comparable to similarly titled measures of other companies. A reconciliation of those non-GAAP measures to the nearest GAAP equivalents is included in an annex to this presentation. Forward Looking Statements This presentation also contains forward-looking statements, which may be identified by such words as “may”, “plans”, “expects”, “believes”, “anticipates” and similar expressions, or by their context. These statements, which includes statements about future projected financial results and profitability, are made on the basis of current knowledge and, by their nature, involve numerous assumptions and uncertainties. Nothing set forth herein should be regarded as a representation, warranty, or prediction that FIRY will achieve or is likely to achieve any particular future result. Various factors could cause actual future results, performance or events to differ materially from those described herein. Some of the factors that may impact future results and performance may include, without limitation, the ability of FIRY to: effectively compete in the global entertainment and gaming industries; attract and retain successful relationships with the third party developers that develop and update all of the games hosted on FIRY’s platform; comply with laws and regulations applicable to its business; as well as other risks and uncertainties indicated from time to time in the Company’s SEC filings, including those under “Risk Factors” therein, which are available on the SEC’s website at www.sec.gov. No Offer This presentation does not constitute an offer to sell or a solicitation of an offer to buy any securities. 3
CONFIDENTIAL PROPERTY OF FIRY JOURNEY TO TODAY Skillz Inc. founded Mobile Gaming Infancy Developer Accelerator Program First quarterly sequential increase in GMV since 2021 2012 2017 2020 2021 Q1 2026 Prior to 2012 Q1 2025 Q2 2025 Skillz Inc. rebrands to “FIRY” Acquired #1 Public Company NYSE: SKLZ Confidential - Property of FIRY 4 Acquired Skillz GMV grew 12% YoY; RZR was AEBITDA positive with 120% revenue growth YoY Q2 2026 Enter the Market 2017 Lawsuit Won; $80M Settlement Favorable Federal Jury Verdict in Litigation & 2026 Lawsuit Filed 2021 Lawsuit Filed 2024 Enters the Market Litigation continues through the legal process Lawsuit Filed $420M - $1.4B+ Potential Recovery Formerly
CONFIDENTIAL PROPERTY OF FIRY THE COMPANY THAT WAS ATTACKED FOUGHT BACK, AND WON. IS THE ONE HERE TODAY. 5Confidential - Property of FIRY
Confidential - Property of FIRY Skill-based Real Money Gaming AI-Powered Ad Tech Backend and Liveops FIRY PLATFORM IS THREE COMPLEMENTARY BUSINESSES 6 10T Monthly Auctions 90M+ Lifetime Users 4,000 Lifetime Game Developers
Confidential - Property of FIRY FIRY - SERVING GAME DEVELOPERS 7 Game Developers
Confidential - Property of FIRY FIRY - AN UNBEATABLE END-TO-END FLYWHEEL Developer Platform Real Money Gaming Ad Tech DATA CENTER Ad Inventory Marketing and UA Product Enhancement Content & Monetization Player Data Default Acquisition Engine 8
Confidential - Property of FIRY WHY FIRY, WHY NOW 9 Revenue expected to More Than Double From 2025 to 2028. 2X Increasing Cash Generation Annually. 1. Forecasted values are approximate. Illustrative Chart $130M $188M $258M $(41M) $(1M) $29M $(69M) $(7M) $(72M) (1) $104M$93M $152M Total Revenue Cash Flow From Operations 2023A 2024A 2025A 2026F (1)2027F (1)2028F
Confidential - Property of FIRY VISION FOR FIRY AI-Powered Full Stack Ad-tech Complete Lifecycle Backend Social Network for Games Acquisition & Re-Targeting Backend & CRM Marketplace DistributionPlayer Database Customer validation & learnings Additional Ad monetization infrastructure
Confidential - Property of FIRY 11
Confidential - Property of FIRY SKILLZ - THE INVENTOR OF REAL-MONEY SKILL-BASED MOBILE GAMING PLATFORM CAPABILITIES PROPRIETARY RATING & MATCHING TECHNOLOGY ISSUED PATENTS90+ 110+ PATENTS PENDING 12 BACKEND INFRASTRUCTURE IDENTITY AND PAYMENTS TOURNAMENT INFRASTRUCTURE FRAUD AND INTEGRITY PLAYER MARKETING Historically a developer platform to enable skill-based gaming
Confidential - Property of FIRY THE FUTURE - A SOCIAL NETWORK CONNECTED THROUGH GAMING 13 Community & Belonging Communication & Participation Intelligence & Personalization
Confidential - Property of FIRY 14
Confidential - Property of FIRY RZR’S NEXT GEN TECHNOLOGY STACK ▶ The Brain Scaled Gaming Signals to train on POWERS PERFORMANCE LTV prediction at impression Player acquisition at lower CPI Retention modeling at churn ◄ CHEAPER PLAYERS · HIGHER LTV · MORE TOURNAMENTS ► ▶ FEEDS THE BRAIN First Party Data Payments CONSUMER BEHAVIOR Identity
Confidential - Property of FIRY RZR - BUILT TO WIN ON EVERY SIDE OF THE ECOSYSTEM 16 AGENT-NATIVE · SINGLE-SIDED No players DASHBOARD ERA · SINGLE-SIDED Pick a side. Built for dashboards. DASHBOARD ERA · BOTH SIDES 50%+ mediation share Legacy leaders. Not built for agents. DASHBOARD ERA AGENT-NATIVE AGENT-NATIVE · BOTH SIDES Both sides + agent-native ◀ SINGLE-SIDED BOTH SIDES ▶
Confidential - Property of FIRY 1717
Confidential - Property of FIRY CONFIDENTIAL PROPERTY OF FIRY ≈ LiveOps Portal Live Services SDK Serverless Game Backend BEAMABLE - STRATEGIC RATIONALE FOR THE 2026 ACQUISITION 200+ Lifetime Studios The Three Products Platform Features Player CRM Analytics Live Events Identity 18
Confidential - Property of FIRY CONFIDENTIAL PROPERTY OF FIRY BEAMABLE - HOW THE PLATFORM WILL FIT TOGETHER 19 CRM: Agentic LiveOps for Modern Games
Confidential - Property of FIRY 20 FIRY HAS ALREADY CREATED A MULTI-BILLION DOLLAR CATEGORY, SURVIVED ATTACK, QUIETLY REBUILT, AND IS NOW EMERGING TO BUILD A 100-YEAR COMPANY.
Confidential - Property of FIRY Experienced, Founder-Led Management Team 21 Supporting Financials & Information FIRY- Turnaround Through Financial Discipline 2 Skillz: Segment Level Overview4 RZR - Segment Level Overview5 6 Skillz Platform Inc. V. Papaya Gaming, Ltd 3 Unit Economics by Business1 Adjusted EBITDA Reconciliation 7
Appendix - Supporting Financials & Information 22Confidential - Property of FIRY
Confidential - Property of FIRY UNIT ECONOMICS BY BUSINESS Indexed Gross Revenue Indexed Publisher Fees Indexed Net Revenue¹ Media Margin¹ 100 65% of GR 65 35 35% of GR Publisher Inventory Programmatic Buying Engine Data & Optimization Media Cost / Exchange Rebates Goal: UA & Retargeting Advertiser’s Budget 50 Indexed Entry Fee 50 Indexed Entry Fee 100 82% of GMV 16 Indexed Gross Marketplace Volume Indexed Revenue Take-rate 2% of GMV 82Indexed Prizes 2 Indexed Incentives & Dev Profit Share 16% of GMV Real Money Gaming Advertising Technology Indexed Unit Economics FY 2025Indexed Unit Economics FY 2025 23
Confidential - Property of FIRY Margin: 87% 86% 82% 88% $22 Q1'24 $22 Q2'24 $21 Q3'24 Q4'24 Q1'25 $22 Q2'25 Q3'25 $27 86% 86% 87% 88% 88% $14 $19 $24 Q4'25 Q1'2 6 FIRY - TURNAROUND THROUGH FINANCIAL DISCIPLINE Q1'26 $26 Gross margins remained consistently strong at 82%–88%, reflecting a materially leaner and more efficient operating model. Gross Profit and Margin⁽¹⁾ 24 Notes: 1. Gross margin is calculated as gross profit divided by revenue. Gross profit reflects revenue less cost of revenue, Dollars in millions; Rounding may cause variances
Confidential - Property of FIRY Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 ($18) ($10) ($10) ($3) ($14) ($10) ($7) ($17) ($5) ($4) ($12) ($8) ($4) ($18) ($13) ($6) ($11) ($10)($3) ($12) ($7) ($7) ($7) ($6) ($17) ($2) ($13) Adj. EBITDA (Excl. Litigation Expense) Litigation expenses Adjusted EBITDA improved from approximately ($188M) in 2021 to a ($46M) LTM loss, with annual expenses reduced to roughly 1/4 of peak levels. FIRY: TURNAROUND THROUGH FINANCIAL DISCIPLINE (CONTD.) 25 Note: Dollars in millions; Adjusted EBITDA excluding litigation expense adds back litigation expense to reported Adjusted EBITDA; Rounding may cause variances.
Confidential - Property of FIRY FIRY: TURNAROUND THROUGH FINANCIAL DISCIPLINE (CONTD.) Q1’26 revenue reached $29M, up 33% YoY, while LTM revenue grew to $112M, up 25%, despite a 4% decline in sales & marketing spend. YoY Growth ~0% Skillz RZR +11% +70% +33% 26 Q1’26 $29 Q4’25 $30 $25 Q2’25 $22 Q1’25 Q3’25 $27 $18 Q4’24 $25 Q3’24 $25 Q2’24 $25 Q1’24 Note: Dollars in millions; Rounding may cause variances
CONFIDENTIAL PROPERTY OF FIRY SKILLZ PLATFORM INC. V. PAPAYA GAMING, LTD $420M $719M $652M POST-TRIAL ENHANCED DISGORGEMENT SOUGHT BY SKILLZ JURY RECOMMENDATION PROFIT-BASED DISGORGEMENT JURY RECOMMENDATION COST-SAVINGS-BASED DISGORGEMENT ACTUAL DAMAGES AWARDED $1.4B $4.7B IN ADVERTISED PRIZES NOT PAID TO REAL PEOPLE 27 Potential Recovery
Confidential - Property of FIRY SKILLZ: SEGMENT LEVEL OVERVIEW Revenue (LTM)1 $80.5M Growth3 +4% Revenue (LQA)1 $78.6M Growth3 +2% AEBITDA (LTM)1,2 $(2.8)M Growth3 +65% AEBITDA (LQA)1,2 $(0.9)M Growth3 +89% Source: Company provided materials, company filings and company website. 1. As of 3/31/2026 and represents unaudited financials; Dollars in millions; Skillz excludes Beamable impact 2. Represents segment level Adj. EBITDA and excludes corporate expenses which were $30.6 million in the LTM period, and litigation expense, which was $16.2 million in the LTM period. As part of rebrand, Company will report these corporate costs as a separate segment. 3. LTM growth rates are based on LTM Q1'26 compared to LTM Q1'25. LQA growth rates are based on LQA Q1'26 compared to LTM Q1'25. Real Money Gaming Receive a take rate on total gross marketplace value (GMV or entry fees paid by users) after prize payouts and developer share Revenue Model Competitors 28
Confidential - Property of FIRY RZR - SEGMENT LEVEL OVERVIEW Revenue (LTM)1 $32.1M Growth3 +157% Revenue (LQA)1 $39.0M Growth3 +212% AEBITDA (LTM)1,2 $4.5M Growth3 +167% AEBITDA (LQA)1,2 $8.1M Growth3 +222% Source: Company provided materials, company filings and company website. 1. As of 3/31/2026 and represents unaudited financials; Dollars in millions; Gross revenue excludes Eliminations; AEBITDA is excluding Eliminations 2. Represents segment level Adj. EBITDA and excludes corporate expenses which were $30.6 million in the LTM period, and litigation expense, which was $16.2 million in the LTM period. As part of rebrand, Company will report these corporate costs as a separate segment. 3. LTM growth rates are based on LTM Q1'26 compared to LTM Q1'25. LQA growth rates are based on LQA Q1'26 compared to LTM Q1'25. Advertising Technology Receive a fee for successfully bidding on digital ad inventory and placing ads on behalf of mobile gaming clients Revenue Model Competitors 29
Confidential - Property of FIRY LARGE MOBILE GAMING & PERFORMANCE ADVERTISING MARKET Mobile Performance Advertising Skill Based Gaming $435B+(1) ~$15B(2) Global Programmatic Ad Spend(1) North America Skill Based Gaming(2) 11% CAGR 13% YoY Growth ~$450B+ FIRY’s TAM 1. 2026 Global programmatic ad spend per eMarketer. 2. 2026 North American TAM per Fortune Business Insights. Skill gaming market. 11% CAGR represents 2026 – 2034 global growth.
Confidential - Property of FIRY Andrew Paradise | Founder & CEO EXPERIENCED, FOUNDER-LED MANAGEMENT TEAM Gaurav Verma | General Manager, Skillz Aman Sareen | CEO, RZR • CTV monetization pioneer • Programmatic ads leader • Successful strategic exit 1. Gaetano Franceschi is set to continue as CFO until July 13, 2026, per 8-K filed on 3/23/2026. 2. R. Alex Walsh is the incoming CFO, effective July 13, 2026. Select Experience: Gaetano Franceschi Outgoing Chief Financial Officer(1) Todd Valli Chief Accounting Officer Select Experience: Nicole Singleton Chief HR Officer Head Of HR Select Experience: AisleBuyer • Exits in AdTech / Payments • Serial entrepreneur • 90+ patents • Scaled gaming franchise • Operational growth leader • Built subscription engine R. Alex Walsh Incoming Chief Financial Officer(2) Select Experience: Founder
Confidential - Property of FIRY Adjusted EBITDA Reconciliation Note: Rounding may cause variances Key Definitions 1 Interest expense (income), net: Net interest on existing indebtedness offset by interest income on cash balances 2 Stock-based compensation: Non-cash expense from equity compensation granted to employees and directors 3 Depreciation and amortization: Non-cash charges primarily related to capitalized internal-use software and platform infrastructure 4 Provision (benefit) for income taxes: Income tax expense recorded for the period, including both current and deferred taxes 5 Gain from litigation settlement: Non-recurring income from AviaGames settlement 6 Other (income) expense, net: Residual non-operating items (e.g., warrant fair value changes, FX, insurance recoveries) 7 Litigation expense: Discrete legal costs associated with major cases (e.g., AviaGames, Papaya, Tether) 8 Segment allocations: Costs reclassified to present segment results on a consistent allocation basis; no impact on consolidated Adjusted EBITDA 9 Eliminations: Intercompany balances and transactions eliminated in consolidation; no impact on consolidated Adjusted EBITDA 1 2 3 4 5 6 7 8 9
Confidential - Property of FIRY 33 Note: Dollars in millions; Adjusted EBITDA excluding litigation expense adds back litigation expense to reported Adjusted EBITDA; Rounding may cause variances. 1 2 3 4 5 6 7 Quarterly Adjusted EBITDA Reconciliation Note: Rounding may cause variances Key Definitions 1 Interest expense (income), net: Net interest on existing indebtedness offset by interest income on cash balances 2 Stock-based compensation: Non-cash expense from equity compensation granted to employees and directors 3 Depreciation and amortization: Non-cash charges primarily related to capitalized internal-use software and platform infrastructure 4 Provision (benefit) for income taxes: Income tax expense recorded for the period, including both current and deferred taxes 5 Gain from litigation settlement: Non-recurring income from AviaGames settlement 6 Other (income) expense, net: Residual non-operating items (e.g., warrant fair value changes, FX, insurance recoveries) 7 Litigation expense: Discrete legal costs associated with major cases (e.g., AviaGames, Papaya, Tether)
Confidential - Property of FIRY
FAQ
What major change did Skillz (SKLZ) announce regarding its corporate identity?
Skillz Inc. changed its corporate name to Firy Inc. The company is rebranding around a broader vision that combines real-money gaming, AI-powered ad technology, and backend/live-ops infrastructure, and is using the new Firy identity in its 2026 investor presentation and strategic materials.
How is Firy (SKLZ) performing financially as of Q1 2026?
Firy reported Q1 2026 revenue of $29 million, up 33% year over year. Last-twelve-month revenue reached $112 million, a 25% increase, while sales and marketing spending fell 4%, suggesting growth is coming with improved efficiency and tighter cost control across the business.
What are the key segments of Firy’s business after the Skillz rebrand?
Firy highlights three complementary businesses: Skillz, RZR, and Beamable. Skillz focuses on real-money skill-based gaming, RZR provides AI-driven advertising services, and Beamable supplies backend and live-ops infrastructure, together forming an integrated platform serving mobile game developers and advertisers.
How did the RZR ad-tech segment perform for Firy (SKLZ)?
RZR delivered strong growth and positive profitability. For the last twelve months ended March 31, 2026, RZR generated $32 million of revenue with 157% growth and $4 million of segment-level Adjusted EBITDA, before corporate and litigation costs, positioning it as a key profit contributor.
What is Firy’s long-term financial outlook according to the investor presentation?
Management projects that total revenue could more than double from 2025 to 2028. The presentation also indicates expectations for increasing annual cash generation over that period, assuming continued execution across the gaming, ad-tech, and backend segments.