olivLaw · US equity research
Firy Inc. FIRY
Services-Computer Processing & Data Preparation · SIC 7374 · Vertical: Services-Computer Processing & Data Preparation (SIC 7374)
Firy Inc. (also known as Skillz, which has become FIRY) is a global holding company that runs a multiplayer competition platform for mobile games, alongside its AI advertising unit RZR, formerly Aarki. The company's shift from turnaround to growth is the reason it draws attention, with second-quarter 2026 revenue reaching 31.0 million USD, up 23% from a year earlier. It still depends on litigation and debt reduction.
At the close of 04 Nov 2026, Firy Inc. (FIRY) stock was 11.59 USD (−7.21% on the day), with market capitalisation 4.3 bn USD, beta 1.33, 52-week range 2.28–13.42 USD. Latest reported quarter (Q2 2026): revenue of 31.0 m USD (+22.9% YoY), net income of -24.5 m USD, diluted EPS -1.52 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 47.3
- neutral
- Bollinger (20, 2)
- 10.61 – 13.24
- in the lower half of the band · %B 0.37 · band width 22.1%
- SMA 50 / 200
- 11.37 / 7.62
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.25 / 0.24
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −7.8% | −1.1% | −6.7 pp | — |
| 3 months | +17.3% | −0.5% | +17.8 pp | — |
| 6 months | +82.5% | +4.4% | +78.1 pp | — |
| Year to date | +168.9% | +12.3% | +156.6 pp | — |
| 1 year | +88.1% | +13.5% | +74.6 pp | −24.8% |
| 3 years | +93.2% | +76.4% | +16.8 pp | −26.9% |
| 5 years | −94.9% | +63.7% | −158.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 24.6 m | 17.8 m | 21.9 m | 25.2 m | 27.4 m | 30.0 m | 29.1 m | 31.0 m |
| Cost of revenue | 3.4 m | 3.2 m | 3.0 m | 3.2 m | 3.4 m | 3.5 m | 3.6 m | 3.9 m |
| Research & development | 4.7 m | 3.1 m | 4.8 m | 4.8 m | 5.4 m | 5.5 m | 5.1 m | 6.9 m |
| Operating income | -21.0 m | -24.2 m | -15.5 m | -16.0 m | -16.3 m | -16.2 m | -8.8 m | -21.6 m |
| Depreciation & amortisation | 389.0 k | 477.0 k | 167.0 k | 194.0 k | 224.0 k | 796.0 k | 716.0 k | 995.0 k ≈ |
| Interest expense | 3.8 m | 3.8 m | 3.8 m | 3.8 m | 3.8 m | 3.8 m | 3.8 m | 3.9 m |
| Pre-tax income | -21.1 m | -25.1 m | -17.1 m | -17.9 m | -17.4 m | -17.9 m | -10.9 m | -24.4 m |
| Income tax | 32.0 k | -76.0 k | 39.0 k | -19.0 k | 40.0 k | 49.0 k | 74.0 k | 96.0 k |
| Net income | -21.1 m | -25.0 m | -17.1 m | -17.9 m | -17.4 m | -17.9 m | -10.9 m | -24.5 m |
| Diluted EPS | -1.20 | -1.42 ≈ | -1.05 | -1.16 | -1.14 | -1.17 ≈ | -0.69 | -1.52 |
| Operating cash flow | -11.0 m ≈ | -19.5 m | -10.9 m | -20.8 m ≈ | -24.5 m ≈ | -12.7 m | -6.7 m | -17.9 m ≈ |
| Capex | 388.0 k ≈ | -634.0 k | 1.2 m | 648.0 k ≈ | 268.0 k ≈ | -705.0 k | 363.0 k | -281.0 k ≈ |
| Share repurchases | 135.0 k ≈ | 8.4 m | 4.7 m | 3.0 m ≈ | 15.0 k ≈ | 1.5 m | 0 | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | ⚠ 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 50.8 m | 119.9 m | 229.0 m | 380.2 m | 269.7 m | 152.1 m | 92.9 m | 104.5 m |
| Revenue YoY | unavailable | +136.1% | — | +66.0% | −29.1% | −43.6% | −38.9% | +12.5% |
| Net income | -27.8 m | -23.6 m | -149.1 m | -187.9 m | -438.9 m | -101.4 m | -46.8 m | -70.4 m |
| Net income YoY | unavailable | unavailable | — | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | -0.09 | -0.51 | -0.71 | -21.41 | -4.85 | -2.62 | -4.51 |
| Diluted EPS YoY | unavailable | unavailable | — | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -54.7% | -19.7% | -65.1% | -49.4% | -162.7% | -66.6% | -50.4% | -67.4% |
| Free cash flow | -17.8 m | -25.2 m | -59.5 m | -183.4 m | -181.5 m | -85.0 m | -7.7 m | -70.3 m |
The series breaks before 2020: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 194.5 m USD
- Financial debt
- 127.6 m USD
- Net debt
- -66.9 m USD
- Equity
- 111.8 m USD
- Total assets
- 293.5 m USD
- Debt / equity
- 1.14x
- Current ratio
- 1.20x
- ROE
- -49.4%
- ROA
- -21.1%
- FCF margin
- -67.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 229.0 m | 380.2 m | 269.7 m | 152.1 m | 92.9 m | 104.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Cost of revenue | 12.3 m | 25.2 m | 30.7 m | 15.4 m | 13.4 m | 13.1 m | SEC (XBRL)· 31 Mar 2026verified |
| Gross profit | 216.8 m ≈ | 354.9 m ≈ | 239.0 m ≈ | 136.7 m ≈ | 79.5 m ≈ | 91.4 m ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Research & development | 23.2 m | 46.2 m | 52.3 m | 28.1 m | 16.7 m | 20.6 m | SEC (XBRL)· 31 Mar 2026verified |
| Operating income | -103.2 m | -293.8 m | -421.4 m | -114.3 m | -46.5 m | -63.9 m | SEC (XBRL)· 31 Mar 2026verified |
| Depreciation & amortisation | 1.6 m | 11.7 m | 17.9 m | 2.0 m | 1.7 m | 1.4 m | SEC (XBRL)· 31 Mar 2026verified |
| EBITDA | -101.6 m ≈ | -282.1 m ≈ | -403.5 m ≈ | -112.3 m ≈ | -44.8 m ≈ | -62.5 m ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Interest expense | 1.3 m | 1.2 m | 40.6 m | 21.5 m | 15.1 m | 15.2 m | SEC (XBRL)· 31 Mar 2026verified |
| Pre-tax income | -149.0 m | -207.1 m | -439.2 m | -101.1 m | -46.7 m | -70.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Income tax | 115.0 k | -19.1 m | -345.0 k | 239.0 k | 66.0 k | 108.0 k | SEC (XBRL)· 31 Mar 2026verified |
| Net income | -149.1 m | -187.9 m | -438.9 m | -101.4 m | -46.8 m | -70.4 m | SEC (XBRL)· 31 Mar 2026verified |
| Diluted EPS | -0.51 | -0.71 | -21.41 | -4.85 | -2.62 | -4.51 | SEC (XBRL)· 31 Mar 2026verified |
| Weighted average diluted shares | 294.5 m | 388.5 m | 20.5 m | 20.9 m | 17.8 m | 15.6 m | SEC (XBRL)· 31 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 262.7 m | 241.3 m | 362.5 m | 302.0 m | 271.9 m | 194.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Receivables | 0 | 12.8 m | 7.2 m | 5.9 m | 4.9 m | 14.4 m | SEC (XBRL)· 31 Mar 2026verified |
| Current assets | 273.2 m | 589.9 m | 501.7 m | 314.7 m | 303.2 m | 216.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Property, plant & equipment, net | 5.3 m | — | — | 14.5 m | 16.3 m | 20.8 m | SEC (XBRL)· 31 Mar 2026verified |
| Goodwill | 0 | 85.9 m | 0 | — | — | — | SEC (XBRL)· 31 Mar 2023verified |
| Intangibles (excl. goodwill) | 0 | 79.1 m | 0 | — | — | 0 | SEC (XBRL)· 19 Aug 2026verified |
| Total assets | 282.4 m | 1.0 bn | 621.3 m | 395.8 m | 374.3 m | 293.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Accounts payable | 22.0 m | 19.8 m | 1.7 m | 1.7 m | 9.8 m | 9.7 m | SEC (XBRL)· 31 Mar 2026verified |
| Short-term debt | — | 0 | — | — | 0 | 127.6 m | SEC (XBRL)· 31 Mar 2026verified |
| Long-term debt | 0 | 278.9 m | 272.8 m | 123.9 m | 125.7 m | 0 | SEC (XBRL)· 31 Mar 2026verified |
| Current liabilities | 55.3 m | 99.8 m | 49.5 m | 49.9 m | 65.9 m | 180.7 m | SEC (XBRL)· 31 Mar 2026verified |
| Total liabilities | 233.6 m | 412.0 m | 342.9 m | 185.3 m | 201.2 m | 181.6 m | SEC (XBRL)· 31 Mar 2026verified |
| Equity | 48.8 m † | 609.2 m † | 278.4 m † | 210.5 m † | 173.0 m † | 111.8 m † | SEC (XBRL)· 31 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -56.2 m | -180.2 m | -179.6 m | -71.8 m | -7.1 m | -68.9 m | SEC (XBRL)· 31 Mar 2026verified |
| Capex | 3.2 m | 3.2 m | 1.9 m | 13.2 m | 668.0 k | 1.4 m | SEC (XBRL)· 31 Mar 2026verified |
| Free cash flow | -59.5 m ≈ | -183.4 m ≈ | -181.5 m ≈ | -85.0 m ≈ | -7.7 m ≈ | -70.3 m ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Investing cash flow | -3.2 m | -643.9 m | 311.4 m | 168.3 m | -1.4 m | -6.1 m | SEC (XBRL)· 31 Mar 2026verified |
| Financing cash flow | 296.6 m | 802.7 m | -10.6 m | -150.0 m | -21.7 m | -11.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Share repurchases | 1.3 m | 0 | 0 | 13.0 m | 19.3 m | 9.3 m | SEC (XBRL)· 31 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 22 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 4.3 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation4
- Returns34
- Quality44
- Balance sheet13
- Growth21
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.36 – 0.82 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/Sales0.36 – 0.82 (Mid 0.56)12 companies used · median multiple 1.5x · quartiles 0.8x – 2.3xADP, CARS, CLVT, EGHT, FA, GMHS, IBEX, OOMA, PLTK, UPWK, WDAY, YEXT
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 22/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 87.8% | 100 (on a fixed band) | 11% |
| EBIT margin · Quality | -53.4% | 19 (vs peers) | 9% |
| FCF margin · Quality | -52.9% | 0 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | -27.1% | 0 (on a fixed band) | 18% |
| Revenue growth (YoY) · Growth | 12.5% | 64 (vs peers) | 9% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.0x | 13 (on a fixed band) | 7% |
| EV/Sales · Valuation | 36.2x | 6 (vs peers) | 18% |
| FCF yield · Valuation | -1.5% | 0 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | 0.0% | 34 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial13/100 · 1/2 factors with a value
- Growth21/100 · 2/2 factors with a value
- Quality44/100 · 3/3 factors with a value
- Returns34/100 · 1/1 factors with a value
- Valuation4/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
FIRY INC. (FIRY). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 104.5 m USD in 2025; YoY growth 12.5%; net margin -60.2%; ROE -63.0%.
The estimated value range is 0.36–0.82 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.56 USD, the price of 11.59 USD leaves a potential of -95.2% (value / price − 1) and a margin of safety of -1,983.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 22/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Gross margin: 87.8%
What contradicts it
- EBIT margin: -53.4%
- FCF margin: -52.9%
- Revenue CAGR 3Y: -27.1%
- Current ratio: 1.0x
- EV/Sales: 36.2x
- FCF yield: -1.5%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA.
Versus the vertical median
Services-Computer Processing & Data Preparation (SIC 7374) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ADPAutomatic Data Processing, Inc. | 119.8 bn | 27.7 | 77.0% | 20.1% | +6.7% | +19% / +32% |
| WDAYWorkday, Inc. | 44.4 bn | 40.9 | 16.0% | 12.3% | +13.1% | −6% / −25% |
| VRSKVerisk Analytics, Inc. | 25.9 bn | 30.1 | — | 29.3% | +6.6% | −12% / −18% |
| FIRYFiry Inc. | 4.3 bn | — | -63.0% | -60.2% | +12.5% | +88% / +93% |
| FAFirst Advantage Corp | 3.9 bn | 160.5 | 1.9% | 1.5% | +83.0% | +62% / +45% |
| FIVNFive9, Inc. | 2.7 bn | 52.7 | 7.9% | 4.9% | +10.3% | +86% / −52% |
| RAMPLiveRamp Holdings, Inc. | 2.3 bn | 15.8 | 16.2% | 18.7% | +9.0% | +41% / +39% |
| INFQInfleqtion, Inc. | 1.9 bn | — | -70.8% | — | unavailable | unavailable / unavailable |
| INODInnodata Inc | 1.5 bn | 32.8 | 37.7% | 14.7% | +47.6% | −25% / +541% |
| CLVTClarivate PLC | 1.4 bn | — | -8.2% | -15.1% | −4.0% | −44% / −73% |
| UPWKUpwork Inc. | 1.3 bn | 12.9 | 16.3% | 13.5% | +2.4% | −48% / −27% |
| LZLegalZoom.com, Inc. | 1.1 bn | 56.0 | 12.1% | 2.6% | +10.9% | −26% / −40% |
| PLTKPlaytika Holding Corp. | 808.6 m | — | — | -9.9% | +8.1% | −48% / −76% |
| YEXTYext, Inc. | 775.0 m | 40.6 | 27.8% | 5.9% | +6.1% | −7% / +18% |
| NRDSNerdWallet, Inc. | 754.4 m | 13.3 | 18.2% | 7.6% | +21.7% | −21% / +1% |
| NXTTNext Technology Holding Inc. | 736.5 m | — | -59.4% | -2,356.0% | +545.3% | −99% / −100% |
| CARSCars.com Inc. | 682.5 m | 22.4 | 7.4% | 4.7% | +0.6% | +10% / −32% |
| IBEXIBEX Limited | 593.6 m | 14.3 | 30.4% | 7.2% | +15.4% | +27% / +152% |
| OOMAOoma, Inc. | 524.7 m | 49.8 | 11.7% | 3.6% | +6.5% | +69% / +64% |
| GRVYGravity Co., Ltd. | 475.7 m | 0.0 | 16.5% | 17.0% | −31.0% | +19% / −6% |
| EGHT8x8, Inc. | 326.4 m | 55.5 | 3.5% | 0.6% | +2.9% | +16% / −27% |
| TCXTucows Inc | 140.3 m | — | — | -21.2% | +7.7% | −42% / −41% |
| TRAKRepositrak, Inc. | 132.7 m | 18.7 | 14.9% | 32.5% | +3.0% | −46% / −29% |
| BIRDSmartbird, Inc. | 92.1 m | — | -164.0% | -72.8% | −19.7% | −68% / −91% |
| VERIVeritone, Inc. | 56.7 m | — | -517.7% | -117.5% | −0.5% | −87% / −73% |
1- and 3-year price returns: for FIRY from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Firy Inc. (also known as Skillz, which has become FIRY) is a global holding company that runs a multiplayer competition platform for mobile games, alongside its AI advertising unit RZR, formerly Aarki. The company's shift from turnaround to growth is the reason it draws attention, with second-quarter 2026 revenue reaching 31.0 million USD, up 23% from a year earlier 3. It still depends on litigation and debt reduction.
SWOT
Strengths
- The company has an integrated competition platform and an advertising unit that is growing and has turned profitable.
- Management has won important lawsuits over bot use, which could strengthen the company's fair-play position.
- Reported tax loss carryforwards and assets such as a building and stakes in other companies could carry value.
Weaknesses
- Net and operating losses persist, and litigation costs weigh on results.
- Revenue depends to a large degree on a few developers, and losing them could seriously affect revenue.
- Internal control weaknesses have not yet been fully remediated.
Opportunities
- Extending RZR into connected television could open new advertising revenue sources.
- Collecting court judgments and other outstanding sums could strengthen the balance sheet.
- Developers that avoid bots could move to the platform if its fair-play reputation strengthens.
Threats
- Losing key games from major developers could abruptly reduce platform revenue.
- Lawsuits have uncertain outcomes, and appeals or a debtor's insolvency could delay or reduce collections.
- Dependence on mobile operating systems and app stores could change distribution terms.
Risks
- Dependence on a few developershigh
Revenue has been concentrated in a few developers, and the end of an agreement with one of them has created uncertainty over future revenue 1.
- Operating losses and debtmedium
The company still reports net losses, and remaining debt could limit financial flexibility 3.
- Competition and botsmedium
Competitors that use bots could attract players and developers at lower cost, which could pressure the company's position 1.
- Dependence on third-party platformsmedium
Distribution depends on mobile operating systems and app stores, which can change their terms without the company's control 1.
Investment thesis
What would need to be true (bull case)
- If RZR sustains its growth and profitability, the unit could become a larger engine of revenue, reducing dependence on a few major developers 3.
- If the court judgments are collected, the company could strengthen its balance sheet and reduce debt pressure 23.
- A fair-play reputation reinforced by won lawsuits could attract developers who want a transparent platform 1.
What would break the thesis
- If a major developer withdraws its games, platform revenue could fall quickly, and the company could struggle to replace them 1.
- Persistent net losses and litigation costs could prolong the period of negative results if expected savings are not reached 3.
- If the decline in user acquisition spending continues, the number of paying players could drop, affecting revenue 2.
What to watch
- Collection progress on the Papaya judgment and the outcome of any appeals2026-2027
- Revenue and Adjusted EBITDA results of RZR and the Skillz platformQ3 2026
- Stability of agreements with major developers, including Tether and Big Runnext 10-K
- Outcome of the capital structure alternatives and remaining debt2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Firy Inc. presents itself as a global holding company that brings together the Skillz and RZR businesses, operating at the intersection of content, identity, commerce and performance marketing 2. Skillz runs a proprietary, online-hosted multiplayer platform where players compete in games, and developers integrate a software development kit (SDK) that handles end-user registration, player matching, fair-play monitoring and billing and settlement 2. Revenue is based on a percentage of entry fees paid in prize contests, after deducting prizes, incentives and the profit share paid to developers 1. RZR, an artificial-intelligence advertising business, offers user acquisition, retargeting and campaign optimization across mobile and other digital channels 2.
The company was founded on the belief that competition can unlock people's potential, and its stated mission is to bring out the best in everyone through competition 1. A central part of the positioning is fair play: the platform matches real players against each other, and management says some competitors use bots without informing users 1. This position underpins lawsuits against certain competitors, some settled and others still ongoing 12. The company also describes an ecosystem in which content, audience and performance reinforce one another, a mechanism through which more RZR use by developers could improve Skillz platform outcomes 1.
The financial structure calls for attention because operating results remain negative. In the second quarter of 2026 the company reported a net loss of 24.5 million USD and an Adjusted EBITDA loss of 2.7 million USD, excluding litigation expense 3. From August 2026 management announced the redemption of 80 million USD of debt and said it is in active dialogue on alternatives to further strengthen the capital structure 3.
Segments
Skillz
Skillz gives mobile game developers a software development kit and infrastructure for prize competitions, covering player matching through to payments and anti-fraud 12. Revenue depends on a percentage of entry fees, and a small number of games have historically accounted for a substantial part of revenue 1. The company also publishes its own games, which represent a meaningful share of platform activity 2.
RZR (formerly Aarki)
RZR is the AI-powered advertising unit, rebranded in March 2026, which uses machine learning models for user acquisition and retargeting campaigns 12. In the second quarter of 2026, RZR revenue passed 10 million USD in a quarter for the first time, and the unit reported its fourth consecutive profitable quarter 3. The company intends to expand into connected television (CTV) 1.
Market context
The market for competitive mobile games depends on continued growth in mobile device use, and the company's success depends on that growth continuing and on compatibility with operating systems and app stores 1. User acquisition marketing has declined in recent periods: spending was 8.1 million USD in the first six months of 2025 and 4.4 million USD in the same period of 2026 2. Management says the market is affected by bots, which could raise acquisition costs and reduce retention of genuine players 1.
Trends
- Lower user acquisition spendingmixed
User acquisition spending has fallen significantly, and management cannot yet estimate the effect on future revenue 2. If the decline continues, revenue could be affected, although the efficiency of RZR campaigns could partly offset it.
- Growth in RZR revenuetailwind
The RZR unit reached a record quarterly revenue level and reported consecutive profitability, a sign that the advertising segment can sustain its growth 3. If this trend holds, RZR's share of revenue could increase.
- Litigation affecting revenuemixed
Lawsuits against competitors have already produced gains, and the July 2026 judgment against Papaya could bring significant sums if enforced 23. Collection remains uncertain, however, depending on appeals and the insolvency proceedings the debtor has invoked 3.
- Dependence on large developersheadwind
A small number of games and developers has generated a large share of revenue, and the end of an agreement with a major developer has created uncertainty 1. If relations with developers deteriorate, revenue could fall.
Competitive position
Competition comes from digital games and entertainment, from other prize-competition game companies and from mobile advertising platforms. The company says some competitors use bots to gain an advantage, which could complicate a direct comparison with its platform 1. Prize competitions and mobile advertising are both crowded fields, with some players holding greater resources 1.
- AviaGames
Privately held prize-game company against which Firy brought a bot-misuse lawsuit, resolved through a settlement that requires payments to the company.
- Papaya Gaming
Mobile game company against which Firy won a false advertising case, with a judgment that is still in the enforcement phase.
- Voodoo
Mobile game company targeted by a company-initiated lawsuit over bot use in games.
- Big Run Studios
Game developer that is both a partner of the company and co-plaintiff in certain actions against other competitors.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report16 Oct 2026Other events
- Current report06 Oct 2026Other events · Financial statements and exhibits
- Current report05 Oct 2026Material agreement · Acquisition or disposition of assets · Regulation FD disclosure · Financial statements and exhibits
- Current report15 Sept 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report19 Aug 2026
- Current report17 Aug 2026Other events · Financial statements and exhibits
- Current report13 Aug 2026Results of operations · Financial statements and exhibits
- Current report04 Aug 2026Other events · Financial statements and exhibits
- Current report28 Jul 2026Regulation FD disclosure · Financial statements and exhibits
- Current report23 Jun 2026Shareholder vote
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Firy Inc. · 31 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Firy Inc. · 19 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Firy Inc. · 13 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.