FIRY (FIRY)
🔔 Watch stock
On June 18, 2026, Skillz renamed itself Firy — the mobile-gaming platform's stock has more than doubled since the start of 2026, and there is $185.4 million of cash in the till against a market value of only about $131 million. Sounds like a fresh start at a bargain price? We read the annual report (10-K) for 2025 and the quarterly report (10-Q) as of March 31, 2026: the partner behind 51 percent of revenue has terminated and meets Firy in court in August 2026, a $129.7 million note at 10.25 percent comes due in December 2026, and the internal accounting controls have been demonstrably leaky for years. Not investment advice — just the question of what a new name is worth when the old numbers move in with it.
Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Quality & Screener
AI Rating
–Not yet rated — we only show a category once an SEC-backed file with at least two cited passages is available. How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2025: Q1 | -1.41 | – | 22 | – | -78.30 | -11 | -13 |
| 2025: Q2 | -1.47 | – | 25 | – | -71.10 | -21 | -23 |
| 2025: Q3 | -1.43 | – | 27 | – | -63.70 | -25 | -26 |
| 2025: Q4 | -2.39 | – | 27 | – | -106.50 | -12 | -9 |
| 2026: Q1 | -0.90 | – | 29 | 32.90 | -37.60 | -7 | -7 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
The tournament platform is growing again (2025 revenue: +13 percent to $104.5 million; Q1 2026: +33 percent), and paying users rose in 2025 from 118,000 to 141,000 — but the total user count fell from 816,000 to 658,000, and the model hangs on the regulatory sleight of hand that skill is not gambling.
The AI advertising technology segment (formerly Aarki) grew 153 percent in 2025 to $26.3 million and doubled again in the first quarter of 2026 ($9.8 million) — a real growth driver, largely independent of the gaming litigation per the annual report (10-K) for 2025.
Tether Studios delivered the games behind 51 percent of 2025 revenue (Big Run: another 23 percent) and terminated all agreements on August 29, 2025; the trial before the Delaware Court of Chancery is scheduled for August 25 to 27, 2026, and the contractual game commitment carries only 18 months.
$185.4 million of cash exceeds the market value (about $131 million, July 8, 2026) — but on December 15, 2026, $129.7 million of notes at 10.25 percent come due; afterwards, arithmetically about $56 million would remain for a business with a $70.4 million loss in 2025. No going-concern qualification; the cash burn fell to $6.7 million in Q1 2026.
Three material weaknesses in internal financial controls remained unresolved as of December 31, 2025, there were restatements, a 10-K for 2024 filed seven months late including an NYSE notice — and co-founder Andrew Paradise controls 87 percent of the voting power (Class B: 20 votes per share, "controlled company").
Firy is more than a renamed stock-market shell: revenue is growing at double-digit rates, the AI adtech segment RZR is booming, the cash burn is falling, and the cash exceeds the market value. But the filings hang three weights on the fresh start: a trial over the partner behind half the revenue (from August 25, 2026), a $129.7 million note due on December 15, 2026 that halves the cash cushion, and accounting control weaknesses unresolved for years — with a founder who decides alone with 87 percent of the votes. Not investment advice.
- Firy operated as Skillz Inc. until June 18, 2026; all SEC filings quoted here were submitted under the name Skillz Inc. (ticker SKLZ). The scanner membership ("Going Concern (Distress-Proxy)", additionally "Beneish M-Score") was verified live on the platform on July 14, 2026.
- The 2024 net loss (−$46.8 million) includes a one-off gain of $46.0 million from the AviaGames settlement; 2025 and the first quarter of 2026 each include $7.5 million of annual license payments from the same settlement.
- Price and valuation figures dated July 8, 2026 (about $8.40, about 15.6 million Class A and B shares); analyses are evergreen, daily prices are not a buy argument.
Chart
Data as of: July 2, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.