Skillz Inc. · NYSE:SKLZ
Skillz — Investor Presentation (June 2026)
34 slides from Skillz's investor presentation, Jun 18, 2026
Slide 1: Guiding Belief: The Future Is Built on Systems
Confidential - Property of FIRY GUIDING BELIEF THE FUTURE IS BUILT ON SYSTEMS
Slide 2: Confidential - Property of FIRY 2
Confidential - Property of FIRY 2
Slide 3: Disclaimer
Confidential - Property of FIRY Disclaimer The information contained herein does not purport to be all-inclusive. The data contained herein is derived from various internal and external sources and is based on information available as of the date hereof. No representation is made as to the reasonabl
Slide 4: Journey to Today
CONFIDENTIAL PROPERTY OF FIRY JOURNEY TO TODAY Skillz Inc. founded Mobile Gaming Infancy Developer Accelerator Program First quarterly sequential increase in GMV since 2021 2012 2017 2020 2021 Q1 2026 Prior to 2012 Q1 2025 Q2 2025 Skillz Inc. rebrands to “FIRY” Acquired #1 Public Company NYSE: SKLZ
Slide 5: The Company That Was Attacked Fought Back, and Won
CONFIDENTIAL PROPERTY OF FIRY THE COMPANY THAT WAS ATTACKED FOUGHT BACK, AND WON. IS THE ONE HERE TODAY. 5Confidential - Property of FIRY
Slide 6: FIRY Platform Is Three Complementary Businesses
Confidential - Property of FIRY Skill-based Real Money Gaming AI-Powered Ad Tech Backend and Liveops FIRY PLATFORM IS THREE COMPLEMENTARY BUSINESSES 6 10T Monthly Auctions 90M+ Lifetime Users 4,000 Lifetime Game Developers
Slide 7: FIRY - Serving Game Developers
Confidential - Property of FIRY FIRY - SERVING GAME DEVELOPERS 7 Game Developers
Slide 8: FIRY - An Unbeatable End-to-End Flywheel
Confidential - Property of FIRY FIRY - AN UNBEATABLE END-TO-END FLYWHEEL Developer Platform Real Money Gaming Ad Tech DATA CENTER Ad Inventory Marketing and UA Product Enhancement Content & Monetization Player Data Default Acquisition Engine 8
Slide 9: Why FIRY, Why Now
Confidential - Property of FIRY WHY FIRY, WHY NOW 9 Revenue expected to More Than Double From 2025 to 2028. 2X Increasing Cash Generation Annually. 1. Forecasted values are approximate. Illustrative Chart $130M $188M $258M $(41M) $(1M) $29M $(69M) $(7M) $(72M) (1) $104M$93M $152M Total Revenue Cash
Slide 10: Vision for FIRY
Confidential - Property of FIRY VISION FOR FIRY AI-Powered Full Stack Ad-tech Complete Lifecycle Backend Social Network for Games Acquisition & Re-Targeting Backend & CRM Marketplace DistributionPlayer Database Customer validation & learnings Additional Ad monetization infrastructure
Slide 11: Confidential - Property of FIRY 11
Confidential - Property of FIRY 11
Slide 12: Skillz - The Inventor of Real-Money Skill-Based Mobile Gaming
Confidential - Property of FIRY SKILLZ - THE INVENTOR OF REAL-MONEY SKILL-BASED MOBILE GAMING PLATFORM CAPABILITIES PROPRIETARY RATING & MATCHING TECHNOLOGY ISSUED PATENTS90+ 110+ PATENTS PENDING 12 BACKEND INFRASTRUCTURE IDENTITY AND PAYMENTS TOURNAMENT INFRASTRUCTURE FRAUD AND INTEGRITY PLAYER MAR
Slide 13: The Future - A Social Network Connected Through Gaming
Confidential - Property of FIRY THE FUTURE - A SOCIAL NETWORK CONNECTED THROUGH GAMING 13 Community & Belonging Communication & Participation Intelligence & Personalization
Slide 14: Confidential - Property of FIRY 14
Confidential - Property of FIRY 14
Slide 15: RZR's Next Gen Technology Stack
Confidential - Property of FIRY RZR’S NEXT GEN TECHNOLOGY STACK ▶ The Brain Scaled Gaming Signals to train on POWERS PERFORMANCE LTV prediction at impression Player acquisition at lower CPI Retention modeling at churn ◄ CHEAPER PLAYERS · HIGHER LTV · MORE TOURNAMENTS ► ▶ FEEDS THE BRAIN First Party
Slide 16: RZR - Built to Win on Every Side of the Ecosystem
Confidential - Property of FIRY RZR - BUILT TO WIN ON EVERY SIDE OF THE ECOSYSTEM 16 AGENT-NATIVE · SINGLE-SIDED No players DASHBOARD ERA · SINGLE-SIDED Pick a side. Built for dashboards. DASHBOARD ERA · BOTH SIDES 50%+ mediation share Legacy leaders. Not built for agents. DASHBOARD ERA AGENT-NATIVE
Slide 17: 1717
Confidential - Property of FIRY 1717
Slide 18: Beamable - Strategic Rationale for the 2026 Acquisition
Confidential - Property of FIRY CONFIDENTIAL PROPERTY OF FIRY ≈ LiveOps Portal Live Services SDK Serverless Game Backend BEAMABLE - STRATEGIC RATIONALE FOR THE 2026 ACQUISITION 200+ Lifetime Studios The Three Products Platform Features Player CRM Analytics Live Events Identity 18
Slide 19: Beamable - How the Platform Will Fit Together
Confidential - Property of FIRY CONFIDENTIAL PROPERTY OF FIRY BEAMABLE - HOW THE PLATFORM WILL FIT TOGETHER 19 CRM: Agentic LiveOps for Modern Games
Slide 20: FIRY Has Already Created a Multi-Billion Dollar Category
Confidential - Property of FIRY 20 FIRY HAS ALREADY CREATED A MULTI-BILLION DOLLAR CATEGORY, SURVIVED ATTACK, QUIETLY REBUILT, AND IS NOW EMERGING TO BUILD A 100-YEAR COMPANY.
Slide 21: Experienced, Founder-Led Management Team / Supporting Financials & Information
Confidential - Property of FIRY Experienced, Founder-Led Management Team 21 Supporting Financials & Information FIRY- Turnaround Through Financial Discipline 2 Skillz: Segment Level Overview4 RZR - Segment Level Overview5 6 Skillz Platform Inc. V. Papaya Gaming, Ltd 3 Unit Economics by Business1 Adj
Slide 22: Appendix - Supporting Financials & Information
Appendix - Supporting Financials & Information 22Confidential - Property of FIRY
Slide 23: Unit Economics by Business
Confidential - Property of FIRY UNIT ECONOMICS BY BUSINESS Indexed Gross Revenue Indexed Publisher Fees Indexed Net Revenue¹ Media Margin¹ 100 65% of GR 65 35 35% of GR Publisher Inventory Programmatic Buying Engine Data & Optimization Media Cost / Exchange Rebates Goal: UA & Retargeting Advertiser’
Slide 24: FIRY - Turnaround Through Financial Discipline
Confidential - Property of FIRY Margin: 87% 86% 82% 88% $22 Q1'24 $22 Q2'24 $21 Q3'24 Q4'24 Q1'25 $22 Q2'25 Q3'25 $27 86% 86% 87% 88% 88% $14 $19 $24 Q4'25 Q1'2 6 FIRY - TURNAROUND THROUGH FINANCIAL DISCIPLINE Q1'26 $26 Gross margins remained consistently strong at 82%–88%, reflecting a materially l
Slide 25: FIRY: Turnaround Through Financial Discipline (Contd.)
Confidential - Property of FIRY Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 ($18) ($10) ($10) ($3) ($14) ($10) ($7) ($17) ($5) ($4) ($12) ($8) ($4) ($18) ($13) ($6) ($11) ($10)($3) ($12) ($7) ($7) ($7) ($6) ($17) ($2) ($13) Adj. EBITDA (Excl. Litigation Expense) Litigation expenses Adjuste
Slide 26: FIRY: Turnaround Through Financial Discipline (Contd.)
Confidential - Property of FIRY FIRY: TURNAROUND THROUGH FINANCIAL DISCIPLINE (CONTD.) Q1’26 revenue reached $29M, up 33% YoY, while LTM revenue grew to $112M, up 25%, despite a 4% decline in sales & marketing spend. YoY Growth ~0% Skillz RZR +11% +70% +33% 26 Q1’26 $29 Q4’25 $30 $25 Q2’25 $22 Q1’25
Slide 27: Skillz Platform Inc. v. Papaya Gaming, Ltd
CONFIDENTIAL PROPERTY OF FIRY SKILLZ PLATFORM INC. V. PAPAYA GAMING, LTD $420M $719M $652M POST-TRIAL ENHANCED DISGORGEMENT SOUGHT BY SKILLZ JURY RECOMMENDATION PROFIT-BASED DISGORGEMENT JURY RECOMMENDATION COST-SAVINGS-BASED DISGORGEMENT ACTUAL DAMAGES AWARDED $1.4B $4.7B IN ADVERTISED PRIZES NOT P
Slide 28: Skillz: Segment Level Overview
Confidential - Property of FIRY SKILLZ: SEGMENT LEVEL OVERVIEW Revenue (LTM)1 $80.5M Growth3 +4% Revenue (LQA)1 $78.6M Growth3 +2% AEBITDA (LTM)1,2 $(2.8)M Growth3 +65% AEBITDA (LQA)1,2 $(0.9)M Growth3 +89% Source: Company provided materials, company filings and company website. 1. As of 3/31/2026 a
Slide 29: RZR - Segment Level Overview
Confidential - Property of FIRY RZR - SEGMENT LEVEL OVERVIEW Revenue (LTM)1 $32.1M Growth3 +157% Revenue (LQA)1 $39.0M Growth3 +212% AEBITDA (LTM)1,2 $4.5M Growth3 +167% AEBITDA (LQA)1,2 $8.1M Growth3 +222% Source: Company provided materials, company filings and company website. 1. As of 3/31/2026 a
Slide 30: Large Mobile Gaming & Performance Advertising Market
Confidential - Property of FIRY LARGE MOBILE GAMING & PERFORMANCE ADVERTISING MARKET Mobile Performance Advertising Skill Based Gaming $435B+(1) ~$15B(2) Global Programmatic Ad Spend(1) North America Skill Based Gaming(2) 11% CAGR 13% YoY Growth ~$450B+ FIRY’s TAM 1. 2026 Global programmatic ad spen
Slide 31: Experienced, Founder-Led Management Team
Confidential - Property of FIRY Andrew Paradise | Founder & CEO EXPERIENCED, FOUNDER-LED MANAGEMENT TEAM Gaurav Verma | General Manager, Skillz Aman Sareen | CEO, RZR • CTV monetization pioneer • Programmatic ads leader • Successful strategic exit 1. Gaetano Franceschi is set to continue as CFO unti
Slide 32: Adjusted EBITDA Reconciliation
Confidential - Property of FIRY Adjusted EBITDA Reconciliation Note: Rounding may cause variances Key Definitions 1 Interest expense (income), net: Net interest on existing indebtedness offset by interest income on cash balances 2 Stock-based compensation: Non-cash expense from equity compensation g
Slide 33: Quarterly Adjusted EBITDA Reconciliation
Confidential - Property of FIRY 33 Note: Dollars in millions; Adjusted EBITDA excluding litigation expense adds back litigation expense to reported Adjusted EBITDA; Rounding may cause variances. 1 2 3 4 5 6 7 Quarterly Adjusted EBITDA Reconciliation Note: Rounding may cause variances Key Definitions
Slide 34: Confidential - Property of FIRY
Confidential - Property of FIRY