Key Highlights

  • Firy reported second-quarter 2026 Revenue of $31.0m, up 23 per cent from $25.2m, and a net loss of $24.5m.
  • A court entered a $719m disgorgement judgment against Papaya Gaming in July, though collection remains uncertain.
  • Cash was $164.0m at 30 June 2026, and $80m of Debt was redeemed in August, leaving about $50m outstanding.

A rebrand and a busy quarter

Firy Inc. (NYSE:FIRY), formerly Skillz Inc., reported second-quarter 2026 results on 13 August 2026 for the quarter ended 30 June. The company, which operates the Skillz mobile gaming platform and the RZR performance-marketing business, completed its rebrand to Firy. The release did not state a reason for the change. The figures were unaudited.

Revenue was $31.0m, up 23 per cent from $25.2m a year earlier and up 6 per cent sequentially. RZR passed $10m of quarterly revenue for the first time. Gross Profit was $27.1m. The release names Skillz, RZR and Beamable as portfolio companies but does not provide a segment revenue breakdown.

Chief executive Andrew Paradise described the second quarter as "the most consequential period in the Company's recent history." Chief financial officer Alex Walsh said the results showed the Business advancing, driven by RZR's revenue growth and operating leverage.

Losses, litigation and cash

The net loss was $24.5m, or $1.52 per share, compared with a $17.9m loss a year earlier. Adjusted EBITDA showed a loss of $13.6m, or $2.7m excluding litigation expense. The ex-litigation figure compares with a loss of $6.9m a year earlier and $7.1m in the first quarter, according to the company. Adjusted EBITDA is a non-GAAP measure.

Cash stood at $164.0m at 30 June 2026, down from $194.5m at the end of 2025. The chief financial officer said $80m of debt was redeemed in August, leaving about $50m outstanding. The company made no share repurchases in the first half of 2026, against $7.7m in the same period of 2025, and the release announced no new buyback.

The Papaya Gaming judgment

The most unusual item in the release is legal. In July the court entered a $719m disgorgement judgment against Papaya Gaming, plus about $10m in fees and costs. Papaya has sought a court-supervised payment arrangement in Israel and filed a Chapter 15 petition in Delaware, according to the company.

A judgment is not cash. How much, if anything, is ultimately collected, and when, remains uncertain, and the release does not provide a collection forecast. The company also cited about $702m of federal and $280m of state net operating losses, which may help future tax bills if it becomes profitable, although such Assets carry usage conditions.

What to watch

The next Earnings date is estimated at 5 November 2026, which the company should confirm. The release gave no third-quarter guidance. Useful markers include RZR's revenue trajectory, the gap between reported and litigation-adjusted losses, the rate of cash use after the August debt redemption, and any developments in Papaya's payment proposals.

Operating leverage, which management highlighted, will be tested if costs outside litigation stay controlled in coming quarters. Recoverability of the judgment will also matter.