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Skillz (NYSE: SKLZ) Q1 2026 results and $420M Papaya jury award

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Skillz Inc. reported stronger first quarter 2026 results, with revenue rising to $29.1 million from $21.9 million a year earlier and net loss narrowing to $10.9 million from $17.1 million. Gross profit reached $25.5 million and loss from operations improved to $8.8 million.

Adjusted EBITDA loss was $12.8 million, or $7.1 million when excluding litigation expense, reflecting better underlying performance. A federal jury awarded Skillz $420 million in actual damages in its false advertising case against Papaya Gaming, with a potential total award ranging from $420 million to over $1.2 billion depending on the court’s final determinations. Skillz ended the quarter with $185.4 million in cash and cash equivalents.

Positive

  • None.

Negative

  • None.

Insights

Revenue growth, narrowed losses, and a large jury award make this a meaningfully positive quarter for Skillz.

Skillz grew Q1 2026 revenue to $29.1 million from $21.9 million while cutting net loss to $10.9 million from $17.1 million. Loss from operations improved to $8.8 million, and Adjusted EBITDA loss narrowed to $12.8 million, or $7.1 million excluding litigation expense.

A unanimous federal jury awarded Skillz $420 million in actual damages in its false advertising case against Papaya Gaming, with a potential total award up to over $1.2 billion subject to the court’s final determinations. Separately, Skillz recognized a $7.5 million gain from a litigation settlement with AviaGames. These outcomes, alongside $185.4 million of cash and improving profitability metrics, could materially affect future financial flexibility, though ultimate cash realization depends on court rulings and any settlements.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Revenue $29.1 million Three months ended March 31, 2026; up from $21.9 million in 2025
Net loss $10.9 million Three months ended March 31, 2026; improved from $17.1 million in 2025
Adjusted EBITDA loss $12.8 million Three months ended March 31, 2026; $17.3 million in 2025
Adjusted EBITDA loss excl. litigation $7.1 million Three months ended March 31, 2026; $11.6 million in 2025
Papaya Gaming jury actual damages $420 million Unanimous federal jury award under Lanham Act; potential total $420M–$1.2B+
Cash and cash equivalents $185.4 million Balance at March 31, 2026
Gross marketplace volume (GMV) $142.1 million Three months ended March 31, 2026; $126.5 million in 2025
Average revenue per PMAU (ARPPU) $76.0 Three months ended March 31, 2026; $59.1 in 2025
Adjusted EBITDA financial
"Adjusted EBITDA1 loss of $12.8 million"
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.
Gross marketplace volume financial
"Gross marketplace volume (“GMV”) (000s) (1) $ 142,088"
Paying monthly active users financial
"Paying monthly active users (“PMAUs”) (000s) (2) 128"
Paying monthly active users is the count of distinct users who both used a service during a given month and made a payment that month, whether a subscription fee, in-app purchase, or one-time transaction. Investors use this metric to judge how effectively a business turns casual users into revenue-generating customers and to gauge revenue stability and growth—similar to tracking how many club members paid dues each month to keep the operation funded.
Average revenue per PMAU financial
"Average revenue per PMAU (“ARPPU”) (6) $ 76.0"
Average revenue per PMAU measures how much money, on average, a company earns from each paying monthly active user over a given period. It’s calculated by dividing the revenue tied to users who pay that month by the number of those paying users, and it matters to investors because it shows how deeply the business is monetizing its active customer base—similar to sales per shopper in a store—so changes signal pricing power, product value, or shifts in user mix.
non-GAAP operating expense financial
"Non-GAAP operating expense is also included in this press release"
Non-GAAP operating expense is a company-reported measure of running costs that has been adjusted away from standard accounting rules to exclude items management considers unusual, nonrecurring, or not tied to core operations (for example, stock-based pay, one-time restructuring charges, or acquisition costs). Investors use it like a cleaned-up view of the business’s ongoing cost structure to judge profitability trends, but it can vary by company and hide real cash costs if not reviewed alongside standard GAAP figures.
Lanham Act regulatory
"the largest such verdict in U.S. history under the Lanham Act"
A federal law that sets the rules for protecting trademarks, preventing false advertising, and stopping unfair competition in the U.S.; think of it as the legal lock and guard that helps businesses keep exclusive use of their brand names, logos and product claims. Investors care because Lanham Act cases can affect a company’s brand value, sales and reputation, and they can trigger costly lawsuits or settlements that change future revenue and risk.
Revenue $29.1 million up from $21.9 million in Q1 2025
Net loss $10.9 million improved from $17.1 million in Q1 2025
Adjusted EBITDA loss $12.8 million improved from $17.3 million in Q1 2025
Adjusted EBITDA loss excl. litigation $7.1 million improved from $11.6 million in Q1 2025
Understanding 8-K Material Events →
FALSE000180166100018016612026-05-152026-05-15

 
 
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): May 15, 2026
 
SKILLZ INC.
(Exact name of registrant as specified in its charter)
Delaware 001-39243 84-4478274
(State or other jurisdiction
of incorporation)		 (Commission
File Number)		 (IRS Employer
Identification No.)
6625 Badura Avenue
Las Vegas, Nevada 89118
(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
Class A common stock, par value $0.0001 per share
 SKLZ NYSE
 
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 2.02.Results of Operations and Financial Condition.
 
On May 15, 2026, Skillz Inc. (the "Company") issued a press release announcing its financial results for the first quarter ended March 31, 2026. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated by reference herein.

The Company makes reference to non-GAAP financial information in the press release. The Company's non-GAAP financial measures should be viewed in addition to and not as a substitute for or superior to the Company's reported results prepared in accordance with GAAP. Reconciliation of these non-GAAP financial measures to the nearest comparable GAAP financial measures are contained in the press release. The information contained in this Item 2.02 of this Form 8-K and the Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, or incorporated by reference in any filing under the Securities Act of 1933, as amended, 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
Press Release, dated May 15, 2026
104Cover Page Interactive Data File (embedded within the Inline 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: May 15, 2026
  


Skillz Reports First Quarter 2026 Results

LAS VEGAS, May 15, 2026 -- Skillz Inc. (NYSE: SKLZ) (“Skillz” or the “Company”), the leading mobile games platform bringing fair competition to players worldwide, today reported unaudited financial results for the first quarter ended March 31, 2026.

First Quarter 2026 Financial Highlights (Unaudited):
•Revenue of $29.1 million
•Gross profit of $25.5 million
•Net loss of $10.9 million
•Adjusted EBITDA1 loss of $12.8 million
•Paying monthly active users (PMAUs)2 of 128 thousand
•Average revenue per PMAU (ARPPU)3 of $76.0
•Total operating expenses (which does not include cost of revenue) of $41.8 million

"Our plan was to improve our operating businesses and to stop fraud in our core industry. In Q1, we made progress in both," Skillz CEO Andrew Paradise said. "In April, a unanimous federal jury in the Southern District of New York found Papaya Gaming liable for false advertising and awarded Skillz $420 million in actual damages, the largest such verdict in U.S. history under the Lanham Act, with a total potential award ranging from $420 million to over $1.2 billion depending on the Court's final determinations. The parties have been ordered to engage in settlement discussions, and we expect the Court to rule on the final award in June. We will update our shareholders when we know more."

Gaetano Franceschi, Skillz’ CFO, added, "Our Q1 results reflect stronger fundamentals across both the Skillz and RZR businesses. Excluding litigation-related expenses, adjusted EBITDA improved 15% quarter-over-quarter on a normalized basis, and RZR delivered its third consecutive quarter of profitability. We ended the quarter with $185 million in cash and continue to evaluate strategic alternatives to optimize our capital structure as we progress toward sustained profitability."


1. Adjusted EBITDA is a non-GAAP metric; for a reconciliation of each measure against its most comparable GAAP metric, please see the section titled “Use of Non-GAAP Financial Measures” in this press release.
2. “Paying Monthly Active Users” or “PMAUs” means the number of end-users who entered into a paid contest hosted on Skillz’ platform at least once in a month, averaged over each month in the period.
3. “Average Revenue per PMAU” or “ARPPU” means the average revenue in a given month divided by PMAUs in that month, averaged over the period and does not include a deduction for end-user incentives that are included in sales and marketing expense.


Investor Conference Call
Skillz will host a live conference call at 4:30 p.m. ET on May 19, 2026. To access the call, please register using the following link:

https://registrations.events/direct/Q4I45394398

After registering, an email will be sent, including dial-in details and a unique conference call access code and PIN required to join the live call. Access to the live audio webcast of the discussion in listen-only mode will also be available at investors.skillz.com.

A replay of the webcast will be archived on the Company’s investor relations website. An audio replay of the conference call will be available through Tuesday, May 26, 2026, and can be accessed by dialing +1 800-770-2030 and entering the passcode 45394.

About Skillz Inc.
Skillz is the leading mobile games platform dedicated to bringing out the best in everyone through competition. The Skillz platform helps developers create multi-million dollar franchises by enabling social competition in their games. Leveraging its patented technology, Skillz hosts billions of casual eSports tournaments for millions of mobile players worldwide, with the goal of building the home of competition for all. Skillz has earned recognition as one of Fast Company’s Best Workplaces for Innovators, CNBC’s Disruptor 50, Forbes’ Next Billion-Dollar Startups, Fast Company’s Most Innovative Companies, and the number-one fastest-growing company in America on the Inc. 5000. Please visit www.skillz.com to learn more.

Use of Non-GAAP Financial Measures
In this press release, the Company includes Adjusted EBITDA, which is a non-GAAP performance measure that the Company uses to supplement its results presented in accordance with U.S. GAAP. The Company’s management believes Adjusted EBITDA is useful in evaluating its operating performance and is a similar measure reported by publicly-listed U.S. competitors, and regularly used by securities analysts, institutional investors, and other interested parties in analyzing operating performance and prospects. By providing this non-GAAP measure, the Company’s management intends to provide investors with a meaningful, consistent comparison of the Company’s profitability for the periods presented. Non-GAAP operating expense is also included in this press release, which is a non-GAAP financial measure. The Company’s management believes non-GAAP operating expense is useful to investors and analysts as a supplement to its financial information prepared in accordance with GAAP for analyzing operating performance and identifying operating trends in its business. The Company uses non-GAAP operating expense internally to facilitate period-to-period comparisons and analysis in order to make operating decisions. As required by the rules of the Securities and Exchange Commission (the “SEC”), the Company has provided herein a reconciliation of Adjusted EBITDA and non-GAAP operating expense to the most directly comparable measures under GAAP. Adjusted EBITDA and non-GAAP operating expense are not intended to be substitutes for any U.S. GAAP financial measures and, as calculated, may not be comparable to other similarly titled financial measures of other companies in other industries or within the same industry.

The Company defines and calculates Adjusted EBITDA as net income (loss), excluding interest income (expense), net; change in fair value of common stock warrant liabilities; other income (expense), net; provision for (benefit from) income taxes; depreciation and amortization; stock-based compensation expense and related payroll tax expense; and certain other non-cash or non-recurring items impacting net loss from time to time, including, but not limited to charges related to impairment of goodwill and long-lived assets, litigation accruals, loss contingency accruals, gain on extinguishment of debt, gains from litigation settlements, restructuring charges and one-time nonrecurring expenses, as they are not indicative of business operations. The Company defines and calculates Adjusted EBITDA, less litigation expense as Adjusted EBITDA excluding litigation expense.

The Company defines and calculates non-GAAP operating expense as GAAP operating expense adjusted for stock-based compensation and other special items determined by management, which may



include, but are not limited to acquisition-related expenses for transaction costs, certain loss contingency accruals and restructuring charges, as they are not indicative of business operations.

Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. The Company’s actual results may differ from its expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements.

These forward-looking statements involve significant risks and uncertainties that could cause the Company’s actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are outside of the Company’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to, the ability of Skillz to: sustain profitability if Skillz’ revenue continues to decline; effectively compete in the global entertainment and gaming industries; attract and retain successful relationships with the third party developers who develop and update the games hosted on Skillz’ platform; drive brand awareness with end users; issues in the development and use of artificial intelligence and machine learning; invest in growth and development of employees; comply with laws, regulations and expectations applicable to its business, including with respect to cybersecurity and corporate governance matters; mitigate the commercial, reputational and regulatory risks to our business; remediate during fiscal year 2026 certain non-fully remediated material weaknesses in our internal controls over financial reporting. Additional factors that may cause such differences include 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. Additional information will be made available in other filings that the Company makes from time to time with the SEC. In addition, any forward-looking statements contained in this press release are based on assumptions that the Company believes to be reasonable as of this date. The Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.

Contacts:
Investors: ir@skillz.com
Media: comms@skillz.com




Skillz Inc.
Consolidated Statements of Operations and Comprehensive Loss (Unaudited)
(in thousands, except for number of shares and per share amounts)


Three Months Ended March 31,
20262025
Revenue$29,105 $21,897 
Costs and expenses:
Cost of revenue3,597 2,965 
Research and development5,063 4,817 
Sales and marketing17,283 18,005 
General and administrative19,412 19,083 
Gain from litigation settlement(7,500)(7,500)
Total costs and expenses37,855 37,370 
Loss from operations(8,750)(15,473)
Interest expense, net of interest income(2,280)(1,071)
Other income (expense), net159 (559)
Loss before income taxes(10,871)(17,103)
Provision for income taxes74 39 
Net loss$(10,945)$(17,142)
Loss per share attributable to common stockholders:
Basic
$(0.69)$(1.05)
Diluted$(0.69)$(1.05)
Weighted average shares outstanding:
Basic15,832,060 16,289,299 
Diluted15,832,060 16,289,299 
Other comprehensive loss:
Foreign currency translation loss(926)— 
Total other comprehensive loss(926)— 
Total comprehensive loss$(11,871)$(17,142)

Skillz Inc.
Consolidated Balance Sheets (Unaudited)
(in thousands, except for number of shares and par value per share amounts)
March 31,December 31,
20262025
Assets
Current assets:
Cash and cash equivalents$185,401 $194,513 
Accounts receivable, net of allowance for credit losses of $257 as of March 31, 2026 and December 31, 202516,062 14,412 
Prepaid expenses and other current assets7,639 7,553 
Total current assets209,102 216,478 
Non-current assets:
Property and equipment, net20,979 20,776 
Operating lease right-of-use assets, net917 1,082 
Non-marketable equity securities52,768 52,768 
Restricted cash, non-current1,000 1,000 
Other non-current assets2,582 1,351 
Total non-current assets78,246 76,977 
Total assets$287,348 $293,455 
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable$8,609 $9,713 
Operating lease liabilities, current417 465 
Current portion of long-term debt128,110 127,589 
Other current liabilities47,192 42,944 
Total current liabilities184,328 180,711 
Non-current liabilities:
Operating lease liabilities, non-current547 665 
Other non-current liabilities260 259 
Total non-current liabilities807 924 
Total liabilities185,135 181,635 
Commitments and contingencies (Note 8)
Stockholders’ equity:
Preferred stock $0.0001 par value; 10.0 million shares authorized — no shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively— — 
Common stock $0.0001 par value; 31.3 million shares authorized; Class A common stock – 25.0 million shares authorized; 19.5 million and 19.3 million shares issued; 12.4 million and 12.2 million outstanding as of March 31, 2026 and December 31, 2025, respectively; Class B common stock – 6.3 million shares authorized; 3.4 million shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively1 1 
Additional paid-in capital1,247,726 1,245,462 
Accumulated other comprehensive loss(1,297)(371)
Accumulated deficit(1,102,611)(1,091,666)
Treasury stock at cost, 7.1 million and 7.1 million shares as of March 31, 2026 and December 31, 2025, respectively(41,606)(41,606)
Total stockholders’ equity102,213 111,820 
Total liabilities and stockholders’ equity$287,348 $293,455 


Skillz Inc.
Consolidated Statement of Cash Flows (Unaudited)
(in thousands)

Three Months Ended March 31,
20262025
Operating Activities
Net loss$(10,945)$(17,142)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization716 167 
Stock-based compensation2,757 5,550 
Accretion of unamortized debt discount and amortization of debt issuance costs521 462 
Non-cash lease expense123 42 
Recoveries of bad debt— (16)
Changes in operating assets and liabilities:
Accounts receivable, net(1,651)(3,219)
Prepaid expenses and other assets(1,318)1,235 
Accounts payable(1,058)(736)
Operating lease liabilities(124)(42)
Other accruals and liabilities4,243 2,768 
Net cash used in operating activities(6,736)(10,931)
Investing Activities
Purchases of property and equipment(363)(1,192)
Capitalization of software development costs(602)(535)
Net cash used in investing activities(965)(1,727)
Financing Activities
Principal payments on finance leases obligations— (192)
Repurchase of common stock— (4,732)
Restricted stock vesting, net of shares withheld(485)— 
Net cash used in financing activities(485)(4,924)
Effect of exchange rates on cash and cash equivalents(926)— 
Net change in cash, cash equivalents and restricted cash(9,112)(17,582)
Cash, cash equivalents and restricted cash – beginning of year195,513 281,923 
Cash, cash equivalents and restricted cash – end of period$186,401 $264,341 
Supplemental cash disclosures
Cash paid for interest$— $11 
Cash paid for taxes, net of refunds received$11 $34 
Supplemental non-cash disclosures
Purchases of property and equipment included in accounts payable$12 $67 
Stock-based compensation capitalized in software development costs$— $96 


Skillz Inc.
Reconciliation of GAAP Net Loss to Adjusted EBITDA Loss (Unaudited)
(in thousands)

Three Months Ended March 31,
20262025
Net loss$(10,945)$(17,142)
Interest expense, net of interest income2,280 1,071 
Stock-based compensation2,757 5,550 
Depreciation and amortization716 167 
Provision for income taxes74 39 
Gain from litigation settlement(1)
(7,500)(7,500)
Other (income) expense, net(159)559 
Adjusted EBITDA loss$(12,777)$(17,256)
Litigation expense5,633 5,655 
Adjusted EBITDA loss, less litigation expense$(7,144)$(11,601)
(1) For the three months ended March 31, 2026 and 2025, amount includes gain on litigation settlement with AviaGames.





Skillz Inc.
Reconciliation of GAAP to Non-GAAP Operating Expenses (Unaudited)
(in thousands)
Three Months Ended March 31,
20262025
Research and development$5,063 $4,817 
Less: stock-based compensation(138)(249)
Non-GAAP research and development$4,925 $4,568 
Sales and marketing$17,283 $18,005 
Less: stock-based compensation(361)(1,183)
Non-GAAP sales and marketing$16,922 $16,822 
General and administrative$19,412 $19,083 
Less: stock-based compensation(2,257)(4,115)
Non-GAAP general and administrative$17,155 $14,968 




Skillz Inc.
Supplemental Financial Information (Unaudited)

Three Months Ended March 31,
20262025
Gross marketplace volume (“GMV”) (000s)(1)
$142,088$126,485
Paying monthly active users (“PMAUs”) (000s)(2)
128124
Monthly active users (“MAUs”) (000s)(3)
393764
Average GMV per PMAU(4)
$371.2 $341.3 
Average GMV per MAU(5)
$120.7 $55.2 
Average revenue per PMAU (“ARPPU”)(6)
$76.0 $59.1 
Average revenue per MAU (“ARPU”)(7)
$24.7 $9.6 
PMAU to MAU ratio33 %16 %
Average end-user incentives, included as sales and marketing expense, per PMAU(8)
$21 $22 
Average end-user incentives, included as sales and marketing expenses, per MAU(9)
$7 $4 

(1) “Gross Marketplace Volume” or “GMV” means the total entry fees paid by users for contests hosted on Skillz’ platform. Total entry fees include entry fees paid by end-users using cash deposits, prior winnings from end-users’ accounts that have not been withdrawn, and end-user incentives used to enter paid entry fee contests.
(2) “Paying Monthly Active Users” or “PMAUs” means the number of end-users who entered into a paid contest hosted on Skillz’ platform at least once in a month, averaged over each month in the period.
(3) “Monthly Active Users” or “MAUs” means the number of playing end-users who entered into a paid or free contest hosted on Skillz’ platform at least once in a month, averaged over each month in the period.
(4) “Average GMV per PMAU” means the average GMV in a given month divided by PMAUs in that month, averaged over the period.
(5) “Average GMV per MAU” means the average GMV in a given month divided by MAUs in that month, averaged over the period.
(6) “Average Revenue per PMAU” or “ARPPU” means the average revenue in a given month divided by PMAUs in that month, averaged over the period and does not include a deduction for end-user incentives that are included in sales and marketing expense.
(7) “Average Revenue per MAU” or “ARPU” means the average revenue in a given month divided by MAUs in that month, averaged over the period and does not include a deduction for end-user incentives that are included in sales and marketing expense.
(8) Amount reflects the average end-user incentives included in sales and marketing expense in a given month divided by PMAUs in that month, averaged over the period.
(9) Amount reflects the average end-user incentives included in sales and marketing expense in a given month divided by MAUs in that month, averaged over the period.

Source: View Original Filing on SEC EDGAR

FAQ

How did Skillz (SKLZ) perform financially in Q1 2026?

Skillz grew Q1 2026 revenue to $29.1 million from $21.9 million a year earlier and cut net loss to $10.9 million from $17.1 million. Loss from operations improved to $8.8 million, showing better underlying performance despite continued losses.

What is the status of Skillz’s litigation against Papaya Gaming?

A unanimous federal jury in New York found Papaya Gaming liable for false advertising and awarded Skillz $420 million in actual damages, with potential total awards from $420 million to over $1.2 billion. The court ordered settlement discussions and will set the final award.

What were Skillz’s Q1 2026 non-GAAP results, including Adjusted EBITDA?

Skillz reported Q1 2026 Adjusted EBITDA loss of $12.8 million, improving from $17.3 million in 2025. Excluding litigation expense, Adjusted EBITDA loss was $7.1 million versus $11.6 million a year earlier, indicating progress in the core operating businesses.

What was Skillz’s cash position and debt at March 31, 2026?

At March 31, 2026, Skillz held $185.4 million in cash and cash equivalents and total assets of $287.3 million. Current liabilities were $184.3 million, including $128.1 million of current long-term debt, highlighting the importance of managing its capital structure.

What non-GAAP operating metrics does Skillz highlight for Q1 2026?

Skillz emphasizes non-GAAP metrics including Adjusted EBITDA and non-GAAP operating expenses. In Q1 2026, non-GAAP research and development was $4.9 million, non-GAAP sales and marketing $16.9 million, and non-GAAP general and administrative $17.2 million, excluding stock-based compensation and certain special items.

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