Skillz Inc SEC Filings

Skillz Inc. will hold its 2025 Annual Meeting of Stockholders as a virtual-only event on December 29, 2025, where stockholders will vote on electing seven directors, ratifying Deloitte & Touche LLP as auditor for 2025, and approving a non‑binding advisory vote on executive compensation, along with any other proper business.

Chief Executive Officer and Chairman Andrew Paradise beneficially owns 100% of the Class B common stock and about 87.02% of total voting power, so he can determine the outcome of all proposals, including the director slate. The company qualifies as a New York Stock Exchange “controlled company” and uses the exemption allowing non‑independent members on its nominating committee, while maintaining audit and compensation committees composed of independent directors.

In governance and capital allocation, Skillz repurchased 979,848 Class A shares from Wildcat entities in December 2024 at $7.00 per share, for roughly $6.8 million, eliminating their more‑than‑6% holding. For 2024, named executive officers received base salaries (including $525,000 for the CEO), equity awards for the Chief Financial Officer, and no annual cash bonuses, and the company reported a 2024 net loss of about $46.8 million.

Skillz Inc. reported a planned CFO transition. Gaetano Franceschi’s employment as Chief Financial Officer will end without cause on January 12, 2026, with continued employment through January 31, 2026 to provide transition services. The company states his departure is not related to its financial or operating results or to any disagreements about financial reporting.

Under a transition and separation agreement, Franceschi will continue to receive his $400,000 annual base salary through the termination date and is scheduled to receive 2025 time-based and performance-based RSU awards, each with a grant date value of $400,000, plus severance benefits under the non‑change‑in‑control severance plan and eligibility for an earned 2025 bonus. Effective January 12, 2026, Skillz will appoint Michael Darwal as its new CFO, with a $400,000 base salary, a $400,000 target annual incentive, and 2026 equity awards totaling $400,000 in RSUs and performance stock units that vest over a three-year period.

Skillz Inc. filed an amended current report to correct a missing Item 4.01 tag, without changing any underlying disclosures. Effective December 11, 2025, the Audit Committee dismissed Grant Thornton LLP as the independent registered public accounting firm and approved Deloitte & Touche LLP as the new independent auditor for the fiscal year ending December 31, 2025.

Grant Thornton’s audit reports for fiscal 2024 and 2023 contained no adverse or qualified opinions, apart from an explanatory note on adoption of ASU 2023-07 on segment reporting. Skillz describes ongoing material weaknesses in internal control over financial reporting relating to risk assessment, information technology general controls, and design and documentation of key financial reporting and complex accounting processes. These issues were discussed between the Audit Committee and Grant Thornton, and Grant Thornton has been authorized to discuss them with Deloitte.

Skillz Inc. disclosed that its audit committee dismissed Grant Thornton LLP as its independent registered public accounting firm effective December 11, 2025, and approved Deloitte & Touche LLP as the new auditor for the fiscal year ending December 31, 2025.

Grant Thornton’s audit reports on the company’s 2023 and 2024 financial statements were unqualified, apart from an explanatory note about the adoption of Accounting Standards Update 2023-07 on segment reporting, and there were no disagreements on accounting principles, disclosures, or audit procedures. The company continues to report material weaknesses in internal control over financial reporting, including risk assessment, information technology general controls, and the design, documentation, and review of key reconciliations and complex accounting judgments.

These control issues were discussed between the audit committee and Grant Thornton, which has been authorized to cooperate fully with Deloitte. Skillz obtained a letter from Grant Thornton to the SEC confirming its agreement with the company’s description of the auditor change and related matters.

Skillz Inc. reported third-quarter 2025 revenue of $27.4 million, up from $24.6 million a year earlier, driven mainly by its Aarki advertising segment, while core Skillz entry fee revenue declined. For the first nine months of 2025, revenue was $74.5 million, roughly flat with 2024.

The company posted a Q3 2025 net loss of $17.4 million, improving from a $21.1 million loss a year ago as sales and marketing and general and administrative expenses decreased. However, the nine‑month net loss widened to $52.5 million, partly because 2024 included a one‑time $46 million gain from a litigation settlement that did not recur at the same scale in 2025.

Skillz used $56.2 million of cash in operating activities in the first nine months of 2025 and ended September 30, 2025 with $212.8 million in cash, cash equivalents and restricted cash. The company has $129.7 million of 10.25% senior secured notes maturing in 2026. It received a notice of default in September 2025 related to delayed SEC filings but regained compliance by filing its outstanding reports within the allowed cure period.

Skillz Inc. (SKLZ) reported another quarterly loss and continued cash burn while dealing with debt covenant timing issues. For the quarter ended June 30, 2025, revenue was $25.2 million, essentially flat versus $25.3 million a year ago, as core entry fee revenue declined but Aarki advertising revenue grew. The company posted a net loss of $17.9 million compared with net income of $26.0 million in the prior-year quarter, which had been boosted by a $46.0 million litigation settlement gain. For the first six months of 2025, revenue fell to $47.1 million from $50.5 million and the net loss widened to $35.1 million.

Skillz used $31.7 million of cash in operating activities in the first half of 2025, turning from $23.4 million of operating cash inflow a year earlier. Cash, cash equivalents and restricted cash declined to $238.7 million at June 30, 2025 from $281.9 million at year-end 2024, while long-term debt remained $129.7 million of 10.25% 2021 Senior Secured Notes maturing in 2026. The company also spent $7.7 million repurchasing 1.4 million shares under its buyback program. Skillz received a September 2025 notice of default under the notes indenture tied to delayed SEC filings; the filing states that curing requires bringing all reports current within 120 days, and notes that filing this 10‑Q and the remaining quarterly report will complete the steps to regain compliance.

Skillz Inc. reported a smaller loss but lower revenue for the quarter ended March 31, 2025. Revenue fell to $21.9 million from $25.2 million a year earlier as the core Skillz segment declined while Aarki advertising revenue grew. A $7.5 million gain from a litigation settlement helped reduce the operating loss to $15.5 million, improving the net loss to $17.1 million from $26.7 million, or $1.05 per share versus $1.45.

Cash, cash equivalents and restricted cash totaled $264.3 million, with $126.1 million of long-term debt outstanding under 2021 senior secured notes and stockholders’ equity of $156.8 million$10.9 million of cash in the quarter, and the company repurchased 0.8 million shares for $4.7 million. Skillz also describes multiple legal matters, including an $80 million AviaGames settlement with future royalty payments, vendor and lease settlements, and a notice of default on its senior notes tied to delayed SEC filings that the company is working to cure through bringing reports current.