Firy Inc. Class A (FIRY)
Market Price (10/10/2026): $12.06 | Market Cap: $193.9 MilSector: Communication Services | Industry: Interactive Home Entertainment
Firy Inc. Class A (FIRY)
Market Price (10/10/2026): $12.06Market Cap: $193.9 MilSector: Communication ServicesIndustry: Interactive Home Entertainment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -16% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 31% Megatrend and thematic driversMegatrends include Cybersecurity. Themes include Network Security, Software Security, and Cloud Security. | Weak multi-year price returns2Y Excs Rtn is -3.5%, 3Y Excs Rtn is -51% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -70 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -60% Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -10% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 17% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -53%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -57% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -42% Significant short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 17.46 Key risksFIRY key risks include [1] its reliance on third-party developers to provide engaging games for its platform, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -16% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 31% |
| Megatrend and thematic driversMegatrends include Cybersecurity. Themes include Network Security, Software Security, and Cloud Security. |
| Weak multi-year price returns2Y Excs Rtn is -3.5%, 3Y Excs Rtn is -51% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -70 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -60% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -10% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 17% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -53%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -57% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -42% |
| Significant short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 17.46 |
| Key risksFIRY key risks include [1] its reliance on third-party developers to provide engaging games for its platform, Show more. |
Qualitative Assessment
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Firy Inc. Class A (FIRY) stock has gained about 20% since 6/30/2026 because of the following key factors:
1. Firy Inc. secured a significant legal victory, with a federal court ordering Papaya Gaming to pay $719 million to its subsidiary, Skillz Platform Inc., on July 28, 2026, for unjust profits from false advertising. This was further bolstered on August 31, 2026, when an Israeli court mandated Papaya Gaming improve its debt settlement proposal to repay $730 million to Skillz, rejecting their initial offer.
2. The company demonstrated operational improvements, particularly within its RZR advertising unit, which achieved over $10 million in quarterly revenue for the first time during fiscal Q2 2026 and marked its fourth consecutive profitable quarter. Overall, Firy reported a 6% sequential and 23% year-over-year revenue increase to $31.0 million in fiscal Q2 2026, and its adjusted EBITDA loss, excluding litigation expenses, improved by 63% sequentially from fiscal Q1 2026 to $2.7 million.
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Firy Inc. Class A (FIRY) stock has gained about 20% since 6/30/2026 because of the following key factors:
1. Firy Inc. secured a significant legal victory, with a federal court ordering Papaya Gaming to pay $719 million to its subsidiary, Skillz Platform Inc., on July 28, 2026, for unjust profits from false advertising. This was further bolstered on August 31, 2026, when an Israeli court mandated Papaya Gaming improve its debt settlement proposal to repay $730 million to Skillz, rejecting their initial offer.
2. The company demonstrated operational improvements, particularly within its RZR advertising unit, which achieved over $10 million in quarterly revenue for the first time during fiscal Q2 2026 and marked its fourth consecutive profitable quarter. Overall, Firy reported a 6% sequential and 23% year-over-year revenue increase to $31.0 million in fiscal Q2 2026, and its adjusted EBITDA loss, excluding litigation expenses, improved by 63% sequentially from fiscal Q1 2026 to $2.7 million.
3. Firy Inc. strengthened its balance sheet through significant debt reduction, announcing on August 14, 2026, a partial redemption of $80 million of its 10.250% Secured Notes due 2026, leaving approximately $50 million outstanding.
4. The appointment of Marc Lasry, Chairman and CEO of Avenue Capital Group, to Firy Inc.'s Board of Directors on September 15, 2026, brought significant financial expertise and credibility to the company's leadership.
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Stock Movement Drivers
Fundamental Drivers
The 18.6% change in FIRY stock from 6/30/2026 to 10/9/2026 was primarily driven by a 14.5% change in the company's P/S Multiple.| (LTM values as of) | 6302026 | 10092026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.18 | 12.07 | 18.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 112 | 117 | 5.2% |
| P/S Multiple | 1.4 | 1.7 | 14.5% |
| Shares Outstanding (Mil) | 16 | 16 | -1.5% |
| Cumulative Contribution | 18.6% |
Market Drivers
6/30/2026 to 10/9/2026| Return | Correlation | |
|---|---|---|
| FIRY | 18.6% | |
| Market (SPY) | 4.3% | 3.7% |
| Sector (XLC) | 3.0% | -0.3% |
Fundamental Drivers
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Market Drivers
3/31/2026 to 10/9/2026| Return | Correlation | |
|---|---|---|
| FIRY | ||
| Market (SPY) | 20.0% | 3.5% |
| Sector (XLC) | -0.2% | 5.7% |
Fundamental Drivers
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Market Drivers
9/30/2025 to 10/9/2026| Return | Correlation | |
|---|---|---|
| FIRY | ||
| Market (SPY) | 17.8% | 3.5% |
| Sector (XLC) | -5.9% | 5.7% |
Fundamental Drivers
nullnull
Market Drivers
9/30/2023 to 10/9/2026| Return | Correlation | |
|---|---|---|
| FIRY | ||
| Market (SPY) | 88.4% | 3.5% |
| Sector (XLC) | 73.7% | 5.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| FIRY Return | - | - | - | - | - | 32% | 32% |
| Peers Return | 6% | -68% | 129% | 143% | 55% | -32% | 99% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 107% |
Monthly Win Rates [3] | |||||||
| FIRY Win Rate | - | - | - | - | - | 60% | |
| Peers Win Rate | 43% | 25% | 67% | 55% | 62% | 44% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| FIRY Max Drawdown | - | - | - | - | - | - | |
| Peers Max Drawdown | -48% | -73% | -31% | -36% | -40% | -52% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: U, APP, RBLX, TTWO, DKNG.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/9/2026 (YTD)
How Low Can It Go
FIRY has limited trading history. Below is the Communication Services sector ETF (XLC) in its place.
| Event | XLC | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -17.7% | -18.8% |
| % Gain to Breakeven | 21.5% | 23.1% |
| Time to Breakeven | 63 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -38.7% | -24.5% |
| % Gain to Breakeven | 63.1% | 32.4% |
| Time to Breakeven | 470 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -30.1% | -33.7% |
| % Gain to Breakeven | 43.2% | 50.9% |
| Time to Breakeven | 112 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -20.2% | -19.2% |
| % Gain to Breakeven | 25.3% | 23.8% |
| Time to Breakeven | 109 days | 105 days |
In The Past
State Street Communication Services Select Sector SPDR ETF's stock fell -17.7% during the 2025 US Tariff Shock. Such a loss loss requires a 21.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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FIRY has limited trading history. Below is the Communication Services sector ETF (XLC) in its place.
| Event | XLC | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -38.7% | -24.5% |
| % Gain to Breakeven | 63.1% | 32.4% |
| Time to Breakeven | 470 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -30.1% | -33.7% |
| % Gain to Breakeven | 43.2% | 50.9% |
| Time to Breakeven | 112 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -20.2% | -19.2% |
| % Gain to Breakeven | 25.3% | 23.8% |
| Time to Breakeven | 109 days | 105 days |
In The Past
State Street Communication Services Select Sector SPDR ETF's stock fell -17.7% during the 2025 US Tariff Shock. Such a loss loss requires a 21.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Firy Inc. Class A (FIRY)
Firy Inc. Class A (symbol: FIRY) operates a leading mobile games platform designed to connect players in fair, fun, and competitive environments. The company develops and maintains a proprietary online-hosted technology platform that forms the backbone for competitive mobile gaming activities.
Its primary service involves enabling independent game developers to host various tournaments and provide competitive gaming to their global user base. Firy also directly facilitates casual esports tournaments for a wide range of mobile players. The platform empowers developers to integrate skill-based competitions into their games, enhancing player engagement and offering monetization opportunities.
Firy serves a dual customer base: independent game developers who leverage its platform to build competitive features, and millions of end-users worldwide who participate in these mobile tournaments. The company's platform supports games distributed through its own website and various third-party application platforms, reaching a broad audience within the global mobile gaming market.
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1. DraftKings for skill-based mobile games.
2. An esports league for mobile games.
3. FanDuel for mobile game tournaments.
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- Amazon.com, Inc. (NASDAQ: AMZN)
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Andrew C. Paradise co-founded Skillz Inc. in 2012, which later rebranded to Firy Inc.. He previously founded Double Picture, an advertising technology firm, which he sold to MPA, Inc. in 2010. In 2010, he also founded AisleBuyer LLC, a mobile self-checkout company, which was sold to Intuit in 2012. Paradise began his professional career in private equity, working for The Watermill Group, a leveraged buyout firm, and later in venture capital at Fort Washington Capital Partners.
Robert Alex Walsh, Chief Financial Officer
Robert Alex Walsh is appointed as the Chief Financial Officer, effective July 13, 2026. Prior to joining Firy Inc. (formerly Skillz Inc.), he served as the Chief Financial Officer of Aristocrat Gaming, a business segment of Aristocrat Leisure Limited, starting in December 2024. His earlier experience includes senior finance positions at Aristocrat, The LEGO Group, and The Procter & Gamble Company.
Casey Chafkin, Co-Founder, Advisor, Chief Strategy Officer, Chief Revenue Officer & Director
Casey Chafkin co-founded Skillz Inc. (now Firy Inc.) with Andrew Paradise in 2012. Before co-founding Skillz, he was the Vice President of Business Development for AisleBuyer, which was sold to Intuit in 2012.
Nicole Singleton, Chief Human Resources Officer
Nicole Singleton serves as the Chief Human Resources Officer for Firy Inc.
Todd Valli, Chief Accounting Officer
Todd Valli holds the position of Chief Accounting Officer at Firy Inc.
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The key risks for Firy Inc. Class A (symbol: FIRY), formerly known as Skillz Inc., primarily stem from its core business as a mobile games platform that connects players in competitive skill-based tournaments.
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Reliance on Third-Party Platforms and Game Developers: Firy's Skillz segment heavily depends on third-party mobile app stores, such as Apple's App Store and Google Play, for the distribution of its games and platform. Changes in these platforms' policies, terms of service, or commission structures could significantly impact Firy's ability to acquire users, distribute content, and generate revenue. Additionally, the company relies on independent game developers to consistently provide engaging and popular games for its platform. A failure to attract, retain, or incentivize these developers could lead to a lack of compelling content, diminishing player engagement and growth.
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Intense Competition in the Mobile Gaming Market: The mobile gaming industry is highly competitive and rapidly evolving, with numerous companies vying for players' attention and spending. Firy faces competition from a wide array of mobile game developers, publishers, and other gaming platforms. This intense competition could make it challenging for Firy to acquire new users and retain existing ones, potentially leading to increased marketing expenses, pressure on pricing, and reduced market share.
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Regulatory and Legal Risks Related to Skill-Based Gaming and Real-Money Competition: As a platform that facilitates real-money, skill-based mobile gaming, Firy is subject to complex and evolving legal and regulatory frameworks across various jurisdictions. The classification of games as "skill-based" versus "chance-based" can have significant legal implications, including compliance with gambling laws. Adverse changes in these regulations, or unfavorable legal interpretations and rulings, could restrict Firy's operations in certain regions, increase its compliance costs, or expose it to legal liabilities, thereby impacting its business model.
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Firy Inc. Class A (symbol: FIRY), formerly known as Skillz Inc., operates in the significant and expanding mobile gaming and esports markets. The company's main products and services revolve around its mobile games platform, which facilitates competitive gaming and casual esports tournaments globally. Firy Inc. also includes RZR, an AI-powered performance marketing platform, and Beamable, a developer backend and LiveOps infrastructure layer, as part of its portfolio.
The global addressable markets for Firy Inc.'s primary offerings are substantial:
- Mobile Gaming Market:
- The global mobile gaming market was valued at approximately USD 139.38 billion in 2024. Projections indicate growth to around USD 256.19 billion by 2030, at a compound annual growth rate (CAGR) of 10.2% from 2025 to 2030. Other estimates for the global mobile gaming market size include USD 102.7 billion in 2024, with an expected CAGR of 10.4% during 2024–2030, and a valuation of USD 121 billion in 2025, projected to reach USD 289.21 billion by 2034. Another source estimates the global mobile gaming market at USD 143.96 billion in 2025, increasing to approximately USD 371.71 billion by 2035.
- Regionally, Asia Pacific held a dominant market share of 47.04% in 2024 and 52.30% in 2024. North America also represents a significant portion, accounting for 55% of the market share in the mobile gaming industry in 2024, and is projected to reach USD 149.8 billion by 2026. Asia-Pacific's market share was 58.9% in 2025.
- Esports Market:
- The global esports market reached USD 1.3 billion in 2022 and is projected to reach USD 3 billion by 2027, growing at a CAGR of 17.5% from 2022-2027. More recent figures show the market was valued at approximately USD 2.4 billion in 2025 and is estimated to reach USD 10.3 billion by 2034, with a CAGR of 16.87% during 2026-2034. Other data points indicate a global esports market size of USD 2.6 billion in 2025, projected to grow to USD 12.0 billion by 2033.
- North America held the largest share of the esports market, accounting for over 30.0% in 2025. In 2025, North America's share was 31.10%, with the U.S. accounting for 86.80% of the North American market. Asia Pacific also represented a substantial share, holding 30.0% of the global market in 2025.
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Firy Inc. (NYSE: FIRY), formerly known as Skillz Inc., has strategically repositioned itself as a global holding company, encompassing three distinct business segments: Skillz (mobile gaming platform), RZR (AI-powered performance marketing platform), and Beamable (developer backend and LiveOps infrastructure). Over the next 2-3 years, several key drivers are expected to fuel the company's revenue growth:
- Accelerated Growth of the RZR Ad-Tech Segment: The RZR segment, Firy's AI-powered performance marketing platform, is a significant growth engine for the company. It has demonstrated substantial revenue growth (157% LTM revenue as of Q1 2026) and has achieved positive Adjusted EBITDA. This growth is driven by continuous innovation in machine learning systems and the strategic use of Skillz's first-party data, leading to more efficient player acquisition, retention, and monetization for advertisers.
- Strategic Turnaround and Optimization of the Skillz Gaming Platform: The core Skillz mobile gaming platform, while showing modest recent growth (4% YoY LTM revenue as of Q1 2026), is undergoing a strategic transformation. The company is focusing on disciplined monetization, attracting high-value users, and enhancing profitability metrics within the large mobile gaming market. The evolution of Skillz into a social network centered on competition, further supported by the functionalities of Beamable and RZR, is anticipated to deepen player engagement and optimize user acquisition, contributing to future revenue.
- Expansion and Integration of the Beamable Developer Platform: The acquisition and ongoing expansion of Beamable, the developer backend and LiveOps infrastructure layer, are crucial for Firy's ecosystem. Beamable provides essential tools and services for game developers, with Skillz serving as an initial customer to validate its technology. This integration is expected to foster "ecosystem lock-in" and drive revenue growth by offering comprehensive solutions to game developers, thereby supporting the overall platform's expansion.
- Leveraging a Three-Sided Network Effect and Proprietary Data: Firy's strategy revolves around a synergistic three-sided network effect among Skillz, RZR, and Beamable. RZR attracts players, Skillz connects developers with competitive gaming, and Beamable captures and operationalizes critical data. This interconnected model is designed to create a flywheel where more players attract more developers, leading to more games, generating more data, and ultimately resulting in better products, improved monetization, and enhanced player retention. The unique advantage of scaled first-party data from real customer behavior and transactions is a differentiating factor for RZR, contributing to the overall growth of the portfolio.
- Potential for Future Expansion into Adjacent Markets: Firy Inc.'s rebrand signifies its broader vision as a holding company "built to fuel business potential," with stated intentions to expand into "adjacent categories such as payments, identity and e-commerce" in the future. While these ventures may not yield significant revenue within the immediate 2-3 year timeframe, this strategic optionality lays the groundwork for diversification and new revenue streams, supporting the management's projection that total revenue could more than double from 2025 to 2028.
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Share Repurchases
- In December 2024, Firy Inc. (then Skillz Inc.) reauthorized a share repurchase program, allowing the company to buy back up to $41.1 million of its Class A common stock with no set expiration date.
- As of December 5, 2025, the company had repurchased 2,916,171 shares for approximately $17.37 million under the December 2024 program.
- By December 31, 2025, the cumulative repurchases under the December 2024 buyback plan amounted to 2,981,016 shares for $17.69 million.
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Share Issuance
- In June 2023, the company executed a one-for-twenty reverse stock split, which combined every 20 shares of issued and outstanding common stock into one share and proportionally reduced the number of authorized shares.
- The number of issued Class A common shares increased from 18.7 million as of December 31, 2024, to 19.3 million as of December 31, 2025.
- In May and June 2026, small amounts of Class A common stock (a total of 5,583 shares) were issued due to conversions of performance stock units and restricted stock units for executives and directors.
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Inbound Investments
- Firy Inc. (as Skillz Inc.) received a $50 million payment in April 2024 and a $7.5 million payment in the first quarter of 2025 as part of a patent infringement settlement with AviaGames.
- In June 2026, a federal jury found Papaya Gaming liable for false advertising, awarding Skillz $420 million in actual damages, with a potential total award ranging from $420 million to over $1.2 billion, pending a court decision.
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Outbound Investments
- In June 2021, the company acquired Aarki, a technology-driven marketing platform, for $150 million.
- In August 2021, Skillz Inc. invested $50 million to acquire a minority stake in Exit Games, a multiplayer technology company.
- In February 2025, the company launched the $75 million Skillz Developer Program, intending to deploy the funds over three years to provide working capital and operational support to game developers.
- In January 2026, Firy Inc. (as Skillz Inc.) acquired Beamable, a backend services platform for games.
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Capital Expenditures
- The company consistently reports research and development (R&D) expenses as ongoing investments in its Skillz and RZR businesses; for instance, R&D expenses were $5 million in Q1 2026.
- The $75 million Skillz Developer Program, launched in February 2025, represents a significant strategic allocation of capital over three years to support developers and expand the platform's offerings.
Peer Outperformance in Interactive Home Entertainment
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Wireless Telecommunication Services | 3 | -19.8% | 9.7% | 28.9% | ECHO 271% · TMUS 29% · SHEN -66% |
| Publishing | 5 | 21.4% | 21.5% | 18.7% | NYT 32% · NWSA 26% · SCHL 19% |
| Integrated Telecommunication Services | 21 | -15.6% | 0.2% | -24.3% | IQST 1572% · GSAT 275% · AD 133% |
| Movies & Entertainment | 25 | 11.0% | 57.6% | -36.9% | IMAX 139% · MSGS 125% · BATRA 115% |
| Alternative Carriers | 4 | -4.6% | 5.7% | -54.2% | IRDM 38% · LUMN -54% · UNIT -54% |
| Advertising | 19 | -22.4% | -5.2% | -60.9% | APP 221% · EVC 23% · OMC 22% |
| Interactive Home Entertainment ← | 8 | -33.7% | -25.2% | -70.8% | TTWO 23% · MYPS -8% · RBLX -32% |
| Interactive Media & Services | 31 | -32.0% | -32.1% | -72.7% | GOOGL 154% · META 120% · EVER 11% |
| Broadcasting | 13 | -15.9% | -30.9% | -75.3% | FOXA 57% · NXST 24% · SGA -34% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 47.47 |
| Mkt Cap | 27.5 |
| Rev LTM | 5,954 |
| Op Inc LTM | -172 |
| FCF LTM | 516 |
| FCF 3Y Avg | 340 |
| CFO LTM | 612 |
| CFO 3Y Avg | 428 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 23.3% |
| Rev Chg 3Y Avg | 17.4% |
| Rev Chg Q | 23.4% |
| QoQ Delta Rev Chg LTM | 5.3% |
| Op Inc Chg LTM | 30.9% |
| Op Inc Chg 3Y Avg | 29.9% |
| Op Mgn LTM | -11.8% |
| Op Mgn 3Y Avg | -19.7% |
| QoQ Delta Op Mgn LTM | -0.2% |
| CFO/Rev LTM | 19.0% |
| CFO/Rev 3Y Avg | 14.4% |
| FCF/Rev LTM | 17.2% |
| FCF/Rev 3Y Avg | 12.2% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Skillz | 78 | 82 | 139 | 249 | |
| RZR | 27 | 11 | 13 | 22 | |
| Eliminations | -0 | -0 | -0 | -1 | |
| Single Segment | 380 | ||||
| Total | 104 | 93 | 152 | 270 | 380 |
| $ Mil | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Gain from litigation settlement | 8 | 46 | ||
| RZR | 2 | -8 | -4 | 4 |
| Depreciation and amortization | -1 | -2 | -2 | -18 |
| Stock-based compensation | -20 | -30 | -44 | -108 |
| Skillz | -52 | -53 | -65 | -127 |
| Impairment charges | -3 | -168 | ||
| Loss contingency accrual | 4 | 0 | ||
| One-time nonrecurring expenses | -0 | |||
| Restructuring charges | -5 | |||
| Total | -64 | -47 | -114 | -421 |
Price Behavior
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.51 | 0.11 | 0.18 | -0.43 | 0.16 | 0.75 |
| Up Beta | 3.03 | 0.24 | -1.52 | -0.24 | 3.19 | 1.92 |
| Down Beta | 6.74 | 1.06 | 0.63 | -3.57 | 1.01 | -2.48 |
| Up Capture | 77% | 86% | 105% | 50% | 22% | 2% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 14 | 25 | 33 | 35 | 35 | 35 |
| Down Capture | -332% | -190% | -3% | -18% | -9% | -5% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 8 | 17 | 30 | 32 | 32 | 32 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FIRY | |
|---|---|---|---|---|
| FIRY | 32.5% | 73.0% | 1.55 | - |
| Sector ETF (XLC) | -3.6% | 16.0% | -0.42 | 5.7% |
| Equity (SPY) | 16.7% | 13.0% | 0.91 | 3.5% |
| Gold (GLD) | 3.3% | 29.5% | 0.11 | 9.2% |
| Commodities (DBC) | 44.8% | 20.9% | 1.67 | -9.6% |
| Real Estate (VNQ) | 4.8% | 13.8% | 0.09 | 3.8% |
| Bitcoin (BTCUSD) | -33.8% | 44.2% | -0.81 | 7.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FIRY | |
|---|---|---|---|---|
| FIRY | 5.8% | 73.0% | 1.55 | - |
| Sector ETF (XLC) | 7.3% | 21.0% | 0.26 | 5.7% |
| Equity (SPY) | 13.9% | 17.1% | 0.62 | 3.5% |
| Gold (GLD) | 18.5% | 18.9% | 0.79 | 9.2% |
| Commodities (DBC) | 10.0% | 19.6% | 0.39 | -9.6% |
| Real Estate (VNQ) | 1.3% | 18.8% | -0.04 | 3.8% |
| Bitcoin (BTCUSD) | 11.2% | 52.0% | 0.39 | 7.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FIRY | |
|---|---|---|---|---|
| FIRY | 2.8% | 73.0% | 1.55 | - |
| Sector ETF (XLC) | 9.1% | 22.1% | 0.45 | 5.7% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 3.5% |
| Gold (GLD) | 11.8% | 16.4% | 0.59 | 9.2% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | -9.6% |
| Real Estate (VNQ) | 4.5% | 20.7% | 0.18 | 3.8% |
| Bitcoin (BTCUSD) | 63.3% | 66.2% | 1.03 | 7.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/19/2026 | 10-Q |
| 03/31/2026 | 05/15/2026 | 10-Q |
| 12/31/2025 | 03/31/2026 | 10-K |
| 09/30/2025 | 12/11/2025 | 10-Q |
| 06/30/2025 | 12/11/2025 | 10-Q |
| 03/31/2025 | 12/11/2025 | 10-Q |
| 12/31/2024 | 11/06/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/29/2024 | 10-Q |
| 03/31/2024 | 08/29/2024 | 10-Q |
| 12/31/2023 | 08/29/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/31/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/19/2026 | 10-Q |
| 03/31/2026 | 05/15/2026 | 10-Q |
| 12/31/2025 | 03/31/2026 | 10-K |
| 09/30/2025 | 12/11/2025 | 10-Q |
| 06/30/2025 | 12/11/2025 | 10-Q |
| 03/31/2025 | 12/11/2025 | 10-Q |
| 12/31/2024 | 11/06/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/29/2024 | 10-Q |
| 03/31/2024 | 08/29/2024 | 10-Q |
| 12/31/2023 | 08/29/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/31/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
| 12/31/2021 | 03/01/2022 | 10-K |
| 09/30/2021 | 11/09/2021 | 10-Q |
| 06/30/2021 | 08/10/2021 | 10-Q |
| 03/31/2021 | 05/14/2021 | 10-Q |
| 12/31/2020 | 03/12/2021 | 10-K |
| 12/31/2018 | 05/13/2021 | 10-K/A |
Industry Resources
| Communication Services Resources |
| Variety |
| The Hollywood Reporter |
| Adweek |
| Interactive Home Entertainment Resources |
| GamesIndustry.biz |
| IGN |
| Polygon |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.