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Skillz Announces Preliminary Second Quarter 2025 Results

LAS VEGAS--(BUSINESS WIRE)-- Skillz Inc. (NYSE: SKLZ) (鈥淪killz鈥� or the 鈥淐ompany鈥�), the leading mobile games platform provider bringing fair competition to players worldwide, today reported unaudited preliminary financial results for the second quarter ended June 30, 2025.

Preliminary Second Quarter Financial Update (Unaudited):

• Revenue of $27.4 million.
• Gross profit of $24.2 million.
• Net loss of $8.9 million.
• Adjusted EBITDA¹ loss of $10.4 million.
• Paying monthly active users (PMAU)² of 146,000.
• Average Revenue Per Paying Monthly Active User (ARPPU)³ of $62.8.
• Total costs and expenses excluding cost of revenue of $30.7 million.

鈥淪killz鈥檚 second quarter results build on the first quarter鈥檚 progress towards our goal of delivering consistent top line growth and positive Adjusted EBITDA. This quarter we delivered 8% year-over-year revenue growth,鈥� said Andrew Paradise, Chief Executive Officer of Skillz. 鈥淲e also saw 18% quarterly sequential and 20% year-over-year growth in paying monthly active users, the highest since the third quarter of 2023, reflecting our efforts to improve player engagement and retention. With our $75 million Developer Accelerator developer program well underway, we are identifying and investing in a variety of genres to broaden the scope of our offerings. Additionally, we remain committed to delivering across the four key pillars that we believe will generate significant long-term value for our shareholders.鈥�

Gaetano Franceschi, Chief Financial Officer of Skillz, added, 鈥淥ur focus on disciplined operating expense management continues to drive year-over-year improvements in our Adjusted EBITDA loss. Our stable balance sheet, which included cash and restricted cash of more than $238 million as of quarter end, provides significant financial flexibility to continue investing in our strategic initiatives that we expect will help generate profitable revenue growth.鈥�

Investor Conference Call

Skillz will host a live conference call at 4:30 p.m. ET today. To listen in to the audio-only webcast, please use the following link: . If you would like to participate and ask questions during the call, please register here: . 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鈥檚 investor relations website. An audio replay of the conference call will be available through Thursday, August 14, 2025, and can be accessed by dialing (866) 813-9403 (US) or (929) 458-6194 (international) and entering the passcode 258281.

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鈥檚 Best Workplaces for Innovators, CNBC鈥檚 Disruptor 50, Forbes鈥� Next Billion-Dollar Startups, Fast Company鈥檚 Most Innovative Companies, and the number-one fastest-growing company in America on the Inc. 5000.

Use of Non-GAAP Financial Measures

In this press release, the Company includes Adjusted EBITDA loss, which is a non-GAAP performance measure that the Company uses to supplement its results presented in accordance with U.S. GAAP. The Company鈥檚 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鈥檚 management intends to provide investors with a meaningful, consistent comparison of the Company鈥檚 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鈥檚 management believes non-GAAP operating expenses are 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 expenses internally to facilitate period-to-period comparisons and analysis in order to make operating decisions. As required by the rules of the SEC, the Company has provided herein a reconciliation of Adjusted EBITDA loss and non-GAAP operating expenses to the most directly comparable measures under GAAP. Adjusted EBITDA loss 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) before interest income (expense), net; (benefit from) provision for income taxes; depreciation and amortization, and other income (expense), net; as further adjusted for stock-based compensation and other special items determined by management, including, but not limited to, change in fair value of common stock warrant liabilities, impairment charges, loss contingency accruals, gain from litigation settlements, insurance recoveries and other one-time nonrecurring expenses. The Company defines and calculates non-GAAP operating expense as GAAP operating expenses adjusted for stock-based compensation, one-time transaction expenses and other special items determined by management, including, but not limited to certain loss contingency accruals and restructuring charges, as they are not indicative of business operations.

The Company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis as it is unable to provide a meaningful calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing or amount of various items that would impact the most directly comparable forward-looking U.S. GAAP financial measures that have not yet occurred, are out of the Company鈥檚 control and/or cannot be reasonably predicted. Forward-looking non-GAAP financial measures provided without the most directly comparable U.S. GAAP financial measures may vary materially from the corresponding U.S. GAAP financial measures.

Preliminary Results, Delayed 10-K and 10-Q Extension

The Company is in the process of completing its unaudited interim financial statement and other disclosures for the fiscal quarter ended June 30, 2025. Accordingly, we are announcing preliminary results for the second quarter of 2025, which are based on currently available information and are subject to revision as management completes its internal review. Actual results may differ from these preliminary financial results and other financial information due to the completion of our internal procedures, review by our independent public accounting firm, final adjustments and other developments that may arise between now and the time the results are finalized. In the event the Company determines it will not file its Quarterly Report on Form 10-Q by the prescribed deadline, it will file an extension on Form 12b-25 with the Securities and Exchange Commission (the 鈥淪EC鈥�).

In addition, the Company is still in the process of completing its financial statements and other disclosures for the fiscal year ended December 31, 2024 and quarter ended March 31, 2025. The Company previously filed a Form 12b-25 with the SEC for an extension of its Annual Report on Form 10-K for the year ended December 31, 2024 (the 鈥淔orm 10-K鈥�) on March 17, 2025 and a Form 12b-25 with the SEC for an extension of its quarterly report on Form 10-Q for the quarter ended March 31, 2025 (the Form 10-Q) on May 13, 2025. As a result of the delayed filing of the Form 10-K, the Company announced on April 8, 2025, that it had received a notice (the 鈥淣otice鈥�) from the New York Stock Exchange (鈥淣YSE鈥�) that the Company was not in compliance with Section 802.01E of the NYSE Listed Company Manual because of its failure to timely file the Form 10-K. The Notice has no immediate effect on the listing of the Company鈥檚 common stock on the NYSE. The Notice informed the Company that, under NYSE rules, the Company has six months from March 17, 2025 to regain compliance with the NYSE listing standards by filing the Form 10-K with the SEC. The Company is working diligently to complete the necessary work to file the Form 10-K as soon as practicable and currently expects to file the Form 10-K within the six-month period granted by the NYSE Notice, and intends to take all necessary steps to achieve compliance with applicable NYSE listing standards as soon as practicable. Because our financial statements and other disclosures for the year ended December 31, 2024 are still subject to ongoing management review, actual results may differ from the preliminary results for our fiscal year ended December 31, 2024 as previously reported, and these differences could impact the preliminary results for the fiscal quarter ended June 30, 2025 included in this press release and the preliminary results for the fiscal quarter ended March 31, 2025 previously announced. For additional details, please refer to the Company鈥檚 Forms 12b-25 filed with the SEC on March 17, 2025 and May 13, 2025 and its Form 8-K鈥檚 filed with the SEC on April 8, 2025 and May 8, 2025.

Forward-Looking Statements

This press release includes 鈥渇orward-looking statements鈥� within the meaning of the 鈥渟afe harbor鈥� provisions of the United States Private Securities Litigation Reform Act of 1995. The Company鈥檚 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 鈥渆xpect,鈥� 鈥渆stimate,鈥� 鈥減roject,鈥� 鈥渂udget,鈥� 鈥渇orecast,鈥� 鈥渁nticipate,鈥� 鈥渋ntend,鈥� 鈥減lan,鈥� 鈥渕ay,鈥� 鈥渨ill,鈥� 鈥渃ould,鈥� 鈥渟hould,鈥� 鈥渂elieves,鈥� 鈥減redicts,鈥� 鈥減otential,鈥� 鈥渃ontinue,鈥� 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鈥檚 actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are outside of the Company鈥檚 control and are difficult to predict. Factors that may cause such differences include, but are not limited to, the ability of Skillz to: 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鈥� platform; drive brand awareness with end users; issues in the development and use of artificial intelligence and machine learning; changes in political and economic conditions globally, including the effects of tariffs and other trade measures; invest in growth and development of employees; comply with laws and regulations, including the applicable provisions of the recently pass One Big Beautiful Bill Act, as well as 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 2025 certain non-fully remediated material weaknesses in our internal controls over financial reporting; and effectively resolve uncertainties associated with the resolution of our ongoing litigation with Voodoo SAS, Papaya Gaming, and other litigation matters, and timely file our periodic reports with the SEC, as well as potential changes to our preliminary results that could occur as we finalize our internal review and our independent registered public accounting firm completes its review and audit (as applicable) of such results. Additional factors that may cause such differences include other risks and uncertainties indicated from time to time in the Company鈥檚 SEC filings, including those under 鈥淩isk Factors鈥� therein, which are available on the SEC鈥檚 website at . 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.

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Source: Skillz Inc.