Firy Inc

skillz.com

What Do They Do?

Runs a competitive mobile gaming platform for game developers and provides digital advertising campaigns for brands and mobile apps.

How Do They Make Money?

Game developers share paid contest entry fees with Firy after player prizes and service costs; Firy collects the fees and settles developers’ shares monthly. Advertisers pay within 30 days after each month’s advertising order is completed.

revenue

Segment	Share	How money arrives
Entry fee revenue Usage-based	74% FY2022: 90%	Usage-based
Advertising revenue	26% FY2022: 7.7%
Maintenance fee revenue	1.2% FY2022: 2.8%

Who Are Their Customers?

Game developers integrate Skillz’s SDK into their games through a self-serve platform; advertisers use RZR for user-acquisition, retargeting and brand campaigns.

Customers above 10% of revenue, FY2025

of revenue from two customers (51%, 23%)

Do Revenues Turn Into Profits?

No. It lost $70.4M in FY2025.

Operating income, FY2025

−61% of revenue

▲ +37% (Loss) vs FY2024 (−$46.5M, −50%)

Net income, FY2025

−67% of revenue

▲ +50% (Loss) vs FY2024 (−$46.8M, −50%)

Free cash flow, FY2025

−67% of revenue

▲ +808% (Loss) vs FY2024 (−$7.7M, −8%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +23%; vs $25.2M in Q2 FY2025
Net income: ▲ +37% (Loss); vs −$17.9M in Q2 FY2025

Entry Fee Revenue share of revenue vs 75.6% in Q2 FY2025

May 20, 2026 Robert Alex Walsh appointed chief financial officer Walsh succeeds Gaetano Franceschi; Franceschi will provide advisory services during the transition through September 30, 2026.

Shrinking. Revenue fell 73% in 4 years, from $380.2M in FY2021 to $104.5M in FY2025, about 28% a year.

A second business line The older business description focuses on competitive mobile gaming; the latest also describes RZR, an advertising platform serving advertisers across mobile, connected television and other digital channels.

Revenue over time

Entry fee revenue Advertising revenue Maintenance fee revenue

$500M$250M$0

FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with AviaGames, Papaya Gaming, and Voodoo

Comments