Skillz Inc (SKLZ)

Skillz Reports First Quarter 2026 ResultsMay 15, 2026 4:05 PM
Business Wire 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 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. 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, ?   2026       2025   Revenue $ 29,105     $ 21,897   Costs and expenses:       Cost of revenue   3,597       2,965   Research and development   5,063       4,817   Sales and marketing   17,283       18,005   General and administrative   19,412       19,083   Gain from litigation settlement   (7,500 )     (7,500 ) Total costs and expenses   37,855       37,370   Loss from operations   (8,750 )     (15,473 ) Interest expense, net of interest income   (2,280 )     (1,071 ) Other income (expense), net   159       (559 ) Loss before income taxes   (10,871 )     (17,103 ) Provision for income taxes   74       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:       Basic   15,832,060       16,289,299   Diluted   15,832,060       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, ?   2026       2025   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, 2025   16,062       14,412   Prepaid expenses and other current assets   7,639       7,553   Total current assets   209,102       216,478   Non-current assets:       Property and equipment, net   20,979       20,776   Operating lease right-of-use assets, net   917       1,082   Non-marketable equity securities   52,768       52,768   Restricted cash, non-current   1,000       1,000   Other non-current assets   2,582       1,351   Total non-current assets   78,246       76,977   Total assets $ 287,348     $ 293,455   Liabilities and stockholders’ equity ?   ? Current liabilities: ?   ? Accounts payable $ 8,609     $ 9,713   Operating lease liabilities, current   417       465   Current portion of long-term debt   128,110       127,589   Other current liabilities   47,192       42,944   Total current liabilities   184,328       180,711   Non-current liabilities:       Operating lease liabilities, non-current   547       665   Other non-current liabilities   260       259   Total non-current liabilities   807       924   Total liabilities   185,135       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, respectively   1       1   Additional paid-in capital   1,247,726       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’ equity   102,213       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, ?     2026       2025   Operating Activities         Net loss   $ (10,945 )   $ (17,142 ) Adjustments to reconcile net loss to net cash used in operating activities:         Depreciation and amortization     716       167   Stock-based compensation     2,757       5,550   Accretion of unamortized debt discount and amortization of debt issuance costs     521       462   Non-cash lease expense     123       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 liabilities     4,243       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 year     195,513       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, ?   2026       2025   Net loss $ (10,945 )   $ (17,142 ) Interest expense, net of interest income   2,280       1,071   Stock-based compensation   2,757       5,550   Depreciation and amortization   716       167   Provision for income taxes   74       39   Gain from litigation settlement(1)   (7,500 )     (7,500 ) Other (income) expense, net   (159 )     559   Adjusted EBITDA loss $ (12,777 )   $ (17,256 )   (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, ?   2026       2025   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,     2026       2025   Gross marketplace volume (“GMV”) (000s)(1) $ 142,088     $ 126,485   Paying monthly active users (“PMAUs”) (000s)(2)   128       124   Monthly active users (“MAUs”) (000s)(3)   393       764   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 ratio   33 %     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.   View source version on businesswire.com: https://www.businesswire.com/news/home/20260515958614/en/ Investors: ir@skillz.com
Media: comms@skillz.com Original: Skillz Reports First Quarter 2026 Results

Skillz to Report 2026 First Quarter Results on May 15, 2026 and Host a Conference Call and Webcast on May 19, 2026May 12, 2026 7:45 AM
Business Wire Skillz Inc. (NYSE: SKLZ) (“Skillz” or the “Company”), the leading competitive mobile gaming platform bringing fair and fun competition to players worldwide, today announced that it will release its 2026 first quarter financial results after the market closes on Friday, May 15, 2026 and host a conference call and webcast on Tuesday, May 19, 2026 at 4:30 p.m. ET. During the call, Skillz management will review the Company’s financial results and provide a business update, followed by a question-and-answer session. Both the call and webcast are open to the public. To listen to the audio-only webcast, please use the following link: webcast link. If you would like to participate and ask questions during the call, please register here: registration link. After registering, you will receive an email with dial-in details along with a unique access code and PIN required to join the live call. 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, access code: 45394. About Skillz Inc. Skillz Inc. is the leading competitive 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. www.skillz.com View source version on businesswire.com: https://www.businesswire.com/news/home/20260512139032/en/ Investors:
ir@skillz.com
or
Joseph Jaffoni, Christin Armacost
JCIR
(212) 835-8500 or sklz@jcir.com Media:
Seth Medvin, Head of Communications
comms@skillz.com Original: Skillz to Report 2026 First Quarter Results on May 15, 2026 and Host a Conference Call and Webcast on May 19, 2026

$50

Took a bunch today. It's just too cheap given the windfall. No worries of dilution now.

Current markeylt cap. $120M. Easy math.

Skillz won ~$420M in damages against Papaya Gaming

Jury also supported hundreds of millions more in disgorgement (profits to be returned)

Judge decision on additional damages (disgorgement): expected early June 2026
Judge decides how much extra money Papaya must pay beyond the $420M

Stay tuned

Double bottom

Picked up more SKLZ on the dip this AM, we are poised and ready to fly. ^^^^

10 cometh

I think the bottom was 5.89/sh. Bought in this range, expecting a solid move back up soon.

$SKLZ: Added 6k at 8.75 in PreMarket

Lets do it again babyyyyyyyyyyyyyyyyyyy


GO $SKLZ

Skillz Provides Statement on Jury VerdictApril 23, 2026 2:42 PM
Business Wire
Skillz Inc. (NYSE: SKLZ) (“Skillz” or the “Company”), the leading mobile games platform bringing fair and fun competition to players worldwide, today provided the following statement:


“We’re pleased with the jury’s verdict and appreciate the careful consideration of the facts. We remain committed to fair competition and to providing a trusted, transparent experience for players and developers.”


About Skillz Inc.

Skillz (NYSE: SKLZ) is a 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 tournaments for millions of mobile players worldwide, with the goal of building the home of competition for all. Skillz has been recognized by Fast Company’s Best Workplaces for Innovators, CNBC’s Disruptor 50, Forbes’ Next Billion-Dollar Startups, Fast Company’s Most Innovative Companies, and the Inc. 5000 list of fastest-growing companies in America. For more information, visit www.skillz.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260423258526/en/
Media Contact

Seth Medvin

Head of Communications

smedvin@skillz.com

press@skillz.com


Original: Skillz Provides Statement on Jury Verdict

$SKLZ: Now $18.70.... upside haltinggggggggggggggg

They gonna take this to $30 or something ????


GO $SKLZ

$SKLZ: Wins $420Milly judgement..............


https://gamesbeat.com/skillz-wins-420m-judgment-in-lawsuit-against-papaya-alleging-bot-fraud-in-multiplayer-games/








GO $SKLZ

$SKLZ: What theeeeeeeeee.............. boosted to $12.30

And halted.

Was only $3.5 an hour ago.


What the deally yo ???

GO $SKLZ

Skillz Reports 2025 Fourth Quarter and Full Year 2025 ResultsMarch 31, 2026 4:39 PM
Business Wire
Skillz Inc. (NYSE: SKLZ) (“Skillz” or the “Company”), the leading mobile games platform bringing fair competition to players worldwide, today reported financial results for the fourth quarter and fiscal year ended December 31, 2025.


Fourth Quarter 2025 Financial Highlights:



Revenue of $30.0 million



Gross profit of $26.5 million



Net loss of $17.9 million



Adjusted EBITDA1 loss of $10.0 million



Paying monthly active users (PMAUs)2 of 141 thousand



Average revenue per PMAU (ARPPU)3 of $71.1



Total operating expenses (which does not include cost of revenue) of $42.7 million



Full Year 2025 Financial Highlights:



Revenue of $104.5 million



Gross profit of $91.4 million



Net loss of $70.4 million



Adjusted EBITDA1 loss of $50.5 million



Paying monthly active users (PMAUs)2 of 141 thousand



Average revenue per PMAU (ARPPU)3 of $61.7



Total operating expenses (which does not include cost of revenue) of $162.9 million



Cash and cash equivalents of $194.5 million as of December 31, 2025



Total outstanding debt of $129.7 million as of December 31, 2025



“Throughout 2025, we made meaningful progress executing against our strategic priorities, delivering four consecutive quarters of sequential revenue growth and returning to year-over-year growth in the second half of the year,” said Andrew Paradise, Skillz’ CEO. “Our AI ad-tech segment, RZR, recently rebranded from Aarki, delivered significant growth and achieved positive Adjusted EBITDA for the full year, reflecting the strength of its platform and operating discipline. Paired with continued improvement across the Skillz platform, we are building a more integrated system designed to scale engagement, monetization, and long-term value.”


Gaetano Franceschi, Skillz’ CFO, added, “Our 2025 results reflect improved execution and stronger fundamentals across both the Skillz and RZR businesses. We delivered revenue growth and a 16% year-over-year improvement in Adjusted EBITDA, while continuing to invest in product innovation and marketing with discipline. We ended the year with $195 million in cash and cash equivalents, and remain focused on optimizing our capital structure as we move toward sustained profitability and long-term value creation.”




 


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 April 1, 2026. To access the call, please register using the following link:


https://www.netroadshow.com/events/login/LE9zwo3hxjkv5wLcwh6x2dljPbWhXgMVsA4


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 Thursday, April 7, 2026, and can be accessed by dialing (866) 813-9403 (US) or (929) 458-6194 (international) and entering the passcode 575328.


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 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.




Skillz Inc.








Consolidated Statements of Operations and Comprehensive Loss








(in thousands, except for number of shares and per share amounts)










 



?






Three Months Ended

December 31,






 






Twelve Months Ended

December 31,








?






2025






 






2024






 






2025






 






2024








Revenue






$






30,011






 






 






$






17,771






 






 






$






104,496






 






 






$






92,865






 








Costs and expenses:






 






 






 






 






?






 






?








Cost of revenue






 






3,511






 






 






 






3,234






 






 






 






13,050






 






 






 






13,405






 








Research and development






 






5,519






 






 






 






3,109






 






 






 






20,621






 






 






 






16,747






 








Sales and marketing






 






19,321






 






 






 






15,222






 






 






 






71,125






 






 






 






76,360






 








General and administrative






 






17,849






 






 






 






20,437






 






 






 






71,118






 






 






 






78,856






 








Gain from litigation settlement






 






—






 






 






 






—






 






 






 






(7,500






)






 






 






(46,000






)








Total costs and expenses






 






46,200






 






 






 






42,002






 






 






 






168,414






 






 






 






139,368






 








Loss from operations






 






(16,189






)






 






 






(24,231






)






 






 






(63,918






)






 






 






(46,503






)








Interest (expense) income, net






 






(1,863






)






 






 






(390






)






 






 






(5,815






)






 






 






298






 








Change in fair value of common stock warrant liabilities






 






—






 






 






 






—






 






 






 






—






 






 






 






11






 








Other income (expense), net






 






199






 






 






 






(452






)






 






 






(567






)






 






 






(530






)








Loss before income taxes






 






(17,853






)






 






 






(25,073






)






 






 






(70,300






)






 






 






(46,724






)








Provision for income taxes






 






49






 






 






 






(76






)






 






 






108






 






 






 






66






 








Net loss






$






(17,902






)






 






$






(24,997






)






 






$






(70,408






)






 






$






(46,790






)








 






 






 






 






 






 






 






 








Net loss per share attributable to common stockholders:






 






 






 






 






 






 






 








Basic and diluted






$






(1.07






)






 






$






(1.42






)






 






$






(4.51






)






 






$






(2.62






)








Weighted average common shares outstanding:






 






 






 






 






 






 






 








Basic and diluted






 






16,683,099






 






 






 






17,614,979






 






 






 






15,605,220






 






 






 






17,845,771






 








 






 






 






 






 






 






 






 








Other comprehensive loss:






 






 






 






 






 






 






 








Change in unrealized gain on available-for-sale investments, net of tax






$






—






 






 






$






—






 






 






$






—






 






 






$






7






 








Foreign currency translation loss






 






(371






)






 






 






—






 






 






 






(371






)






 






 






—






 








Total other comprehensive loss






 






(371






)






 






 






—






 






 






 






(371






)






 






 






7






 








Total comprehensive loss






$






(18,273






)






 






$






(24,997






)






 






$






(70,779






)






 






$






(46,783






)









Skillz Inc.








Consolidated Balance Sheets








(in thousands, except for number of shares and par value per share amounts)










 


?

December 31,






 






December 31,








?






2025






 






2024








Assets






 






 






 








Current assets:






 






 






 








Cash and cash equivalents






$






194,513






 






 






$






271,923






 








Restricted cash






 






—






 






 






 






9,000






 








Accounts receivable, net






 






14,412






 






 






 






4,890






 








Prepaid expenses and other current assets






 






7,553






 






 






 






17,342






 








Total current assets






 






216,478






 






 






 






303,155






 








Property and equipment, net






 






20,776






 






 






 






16,282






 








Operating lease right-of-use assets, net






 






1,082






 






 






 






308






 








Non-marketable equity securities






 






52,768






 






 






 






52,768






 








Restricted cash, non-current






 






1,000






 






 






 






1,000






 








Other non-current assets






 






1,351






 






 






 






755






 








Total non-current assets






 






76,977






 






 






 






71,113






 








Total assets






$






293,455






 






 






$






374,268






 








Liabilities and stockholders’ equity






?






 






?








Current liabilities:






?






 






?








Accounts payable






$






9,713






 






 






$






9,799






 








Operating lease liabilities, current






 






465






 






 






 






1,544






 








Current portion of long-term debt






 






127,589






 






 






 






—






 








Other current liabilities






 






42,944






 






 






 






54,564






 








Total current liabilities






 






180,711






 






 






 






65,907






 








Non-current liabilities:






 






 






 








Operating lease liabilities, non-current






 






665






 






 






 






9,338






 








Long-term debt, net






 






—






 






 






 






125,654






 








Other non-current liabilities






 






259






 






 






 






333






 








Total non-current liabilities






 






924






 






 






 






135,325






 








Total liabilities






 






181,635






 






 






 






201,232






 








Stockholders’ equity:






?






 






?








Preferred stock $0.0001 par value; 10 million shares authorized — no shares issued and outstanding as of December 31, 2025 and 2024, respectively






 






—






 






 






 






—






 








Common stock $0.0001 par value; 31.3 million shares authorized; Class A common stock?–?25.0 million shares authorized; 19.3 million and 18.7 million shares issued; 12.2 million and 13.3 million shares outstanding as of December 31, 2025 and 2024, respectively; Class B common stock - 6.3 million shares authorized; 3.4 million shares issued and outstanding as of December 31, 2025 and 2024, respectively






 






1






 






 






 






1






 








Additional paid-in capital






 






1,245,462






 






 






 






1,226,642






 








Accumulated other comprehensive loss






 






(371






)






 






 






—






 








Accumulated deficit






 






(1,091,666






)






 






 






(1,021,258






)








Treasury shares, at cost, 7.1 million and 5.4 million shares as of December 31, 2025 and 2024, respectively






 






(41,606






)






 






 






(32,349






)








Total stockholders’ equity






 






111,820






 






 






 






173,036






 








Total liabilities and stockholders’ equity






$






293,455






 






 






$






374,268






 









Skillz Inc.








Consolidated Statement of Cash Flows








(in thousands)








 


?

Twelve Months Ended

December 31,








?






2025






 






2024








Operating Activities






?






 






?








Net loss






$






(70,408






)






 






$






(46,790






)








Adjustment to reconcile net loss to net cash used in operating activities:






 






 






?








Depreciation and amortization






 






1,381






 






 






 






1,665






 








Stock-based compensation






 






19,580






 






 






 






30,015






 








Accretion of unamortized debt discount and amortization of debt issuance costs






 






1,935






 






 






 






1,719






 








Non-cash lease expense






 






306






 






 






 






—






 








Change in fair value of common stock warrant liabilities






 






—






 






 






 






(11






)








(Recoveries of) provision for bad debt






 






(16






)






 






 






221






 








Changes in operating assets and liabilities:






 






 






?








Accounts receivable






 






(9,506






)






 






 






831






 








Prepaid expenses and other assets






 






9,193






 






 






 






(8,683






)








Accounts payable






 






411






 






 






 






7,022






 








Operating lease liabilities






 






(10,369






)






 






 






(298






)








Other accruals and liabilities






 






(11,434






)






 






 






7,235






 








Net cash used in operating activities






 






(68,927






)






 






 






(7,074






)








Investing Activities






?






 






?








Purchases of property and equipment






 






(1,403






)






 






 






(668






)








Capitalization of software development costs






 






(4,734






)






 






 






(1,841






)








Purchases of marketable securities






 






—






 






 






 






(5






)








Proceeds from sales of marketable securities






 






—






 






 






 






1,137






 








Net cash used in investing activities






 






(6,137






)






 






 






(1,377






)








Financing Activities






?






 






?








Principal payments on finance leases obligations






 






(462






)






 






 






(869






)








Repurchase of common stock






 






(9,257






)






 






 






(19,349






)








Issuance of common stock, net of proceeds from exercise of stock options






 






(1,256






)






 






 






(1,436






)








Net cash used in financing activities






 






(10,975






)






 






 






(21,654






)








Effect of exchange rates on cash and cash equivalents






 






(371






)






 






 






—






 








Net change in cash, cash equivalents and restricted cash






 






(86,410






)






 






 






(30,105






)








Cash, cash equivalents and restricted cash?–?beginning of year






 






281,923






 






 






 






312,028






 








Cash, cash equivalents and restricted cash?–?end of year






$






195,513






 






 






$






281,923






 









Skillz Inc.








Reconciliation of GAAP Net Loss to Adjusted EBITDA Loss








(in thousands)










 


?

Three Months Ended

December 31,






 






Twelve Months Ended

December 31,








?






2025






 






2024






 






2025






 






2024








Net loss






$






(17,902






)






 






$






(24,997






)






 






$






(70,408






)






?






$






(46,790






)








Interest expense (income), net






 






1,863






 






 






 






390






 






 






 






5,815






 






?






 






(298






)








Provision (benefit) for income taxes






 






49






 






 






 






(76






)






 






 






108






 






?






 






66






 








Depreciation and amortization






 






796






 






 






 






477






 






 






 






1,381






 






?






 






1,665






 








Stock-based compensation






 






5,359






 






 






 






7,121






 






 






 






19,580






 






 






 






30,015






 








Change in fair value of common stock warrant liabilities






 






—






 






 






 






—






 






 






 






—






 






 






 






(11






)








Gain from litigation settlement(1)






 






—






 






 






 






—






 






 






 






(7,500






)






 






 






(46,000






)








Other (income) expense, net






 






(199






)






 






 






452






 






 






 






567






 






?






 






530






 








Adjusted EBITDA loss






$






(10,034






)






 






$






(16,633






)






 






$






(50,457






)






?






$






(60,823






)






















 



(1) For the twelve months ended December 31, 2025 and 2024, amount includes gain on litigation settlement with AviaGames.









Skillz Inc.








Reconciliation of GAAP to Non-GAAP Operating Expenses








(in thousands)










 



?






Three Months Ended December 31,






 






Twelve Months Ended December 31,








?






 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 








Research and development






$






5,519






 






 






$






3,109






 






 






$






20,621






 






 






$






16,747






 








Less: stock-based compensation






 






(624






)






 






 






(190






)






?






 






(1,173






)






 






 






(841






)








Non-GAAP research and development






$






4,895






 






 






$






2,919






 






 






$






19,448






 






 






$






15,906






 








 






 






 






 






 






 






 






 








Sales and marketing






$






19,321






 






 






$






15,222






 






 






$






71,125






 






 






$






76,360






 








Less: stock-based compensation






 






(660






)






 






 






(1,582






)






?






 






(3,189






)






 






 






(6,467






)








Non-GAAP sales and marketing






$






18,661






 






 






$






13,640






 






 






$






67,936






 






 






$






69,893






 








 






 






 






 






 






 






 






 








General and administrative






$






17,849






 






 






$






20,437






 






 






$






71,118






 






 






$






78,856






 








Less: stock-based compensation






 






(4,075






)






 






 






(5,346






)






 






 






(15,214






)






 






 






(22,697






)








Non-GAAP general and administrative






$






13,774






 






 






$






15,091






 






 






$






55,904






 






 






$






56,159






 









Skillz Inc.








Supplemental Financial Information










 




Three Months Ended

December 31,






 






Twelve Months Ended

December 31,








 






2025






 






2024






 






2025






 






2024








Gross marketplace volume (“GMV”) (000s)(1)






$






139,326






 






 






$






127,079






 






 






$






541,853






 






 






$






608,248






 








Paying monthly active users (“PMAUs”) (000s)(2)






 






141






 






 






 






110






 






 






 






141






 






 






 






118






 








Monthly active users (“MAUs”) (000s)(3)






 






506






 






 






 






753






 






 






 






658






 






 






 






816






 








Average GMV per PMAU(4)






$






330.3






 






 






$






385.1






 






 






$






319.8






 






 






$






429.6






 








Average GMV per MAU(5)






$






91.9






 






 






$






56.3






 






 






$






68.7






 






 






$






62.1






 








Average revenue per PMAU (“ARPPU”)(6)






$






71.1






 






 






$






53.9






 






 






$






61.7






 






 






$






66.6






 








Average revenue per MAU (“ARPU”)(7)






$






19.8






 






 






$






7.9






 






 






$






13.2






 






 






$






9.6






 








PMAU to MAU ratio






 






28






%






 






 






15






%






 






 






21






%






 






 






14






%








Average end-user incentives, included as sales and marketing expense, per PMAU(8)






$






18






 






 






$






19






 






 






$






20






 






 






$






26






 








Average end-user incentives, included as sales and marketing expenses, per MAU(9)






$






5






 






 






$






3






 






 






$






4






 






 






$






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.







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260331578872/en/
Investors: ir@skillz.com


Media: comms@skillz.com


Original: Skillz Reports 2025 Fourth Quarter and Full Year 2025 Results