FIRY
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
No going-concern qualification, the cash covers the December note, and the turnaround is visible in the numbers — but an Altman Z around minus 9, four distress flags, a 51-percent revenue cluster in court and around 10 percent daily swings make the stock a bet on deadlines: the Tether trial in August, the note maturity in December, the control remediation by the end of 2026. If all three go well, the cash discount was a gift; if one goes wrong, the thin float takes the blow. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Firy is more than a renamed stock-market shell: revenue is growing at double-digit rates, the AI adtech segment RZR is booming, the cash burn is falling, and the cash exceeds the market value. But the filings hang three weights on the fresh start: a trial over the partner behind half the revenue (from August 25, 2026), a $129.7 million note due on December 15, 2026 that halves the cash cushion, and accounting control weaknesses unresolved for years — with a founder who decides alone with 87 percent of the votes. Not investment advice.
Business model & growth
The tournament platform is growing again (2025 revenue: +13 percent to $104.5 million; Q1 2026: +33 percent), and paying users rose in 2025 from 118,000 to 141,000 — but the total user count fell from 816,000 to 658,000, and the model hangs on the regulatory sleight of hand that skill is not gambling.
Second pillar RZR
The AI advertising technology segment (formerly Aarki) grew 153 percent in 2025 to $26.3 million and doubled again in the first quarter of 2026 ($9.8 million) — a real growth driver, largely independent of the gaming litigation per the annual report (10-K) for 2025.
Concentration risk Tether
Tether Studios delivered the games behind 51 percent of 2025 revenue (Big Run: another 23 percent) and terminated all agreements on August 29, 2025; the trial before the Delaware Court of Chancery is scheduled for August 25 to 27, 2026, and the contractual game commitment carries only 18 months.
Balance sheet & December 2026 maturity
$185.4 million of cash exceeds the market value (about $131 million, July 8, 2026) — but on December 15, 2026, $129.7 million of notes at 10.25 percent come due; afterwards, arithmetically about $56 million would remain for a business with a $70.4 million loss in 2025. No going-concern qualification; the cash burn fell to $6.7 million in Q1 2026.
Control & reporting quality
Three material weaknesses in internal financial controls remained unresolved as of December 31, 2025, there were restatements, a 10-K for 2024 filed seven months late including an NYSE notice — and co-founder Andrew Paradise controls 87 percent of the voting power (Class B: 20 votes per share, "controlled company").
Worth Noting
Firy operated as Skillz Inc. until June 18, 2026; all SEC filings quoted here were submitted under the name Skillz Inc. (ticker SKLZ). The scanner membership ("Going Concern (Distress-Proxy)", additionally "Beneish M-Score") was verified live on the platform on July 14, 2026.
The 2024 net loss (−$46.8 million) includes a one-off gain of $46.0 million from the AviaGames settlement; 2025 and the first quarter of 2026 each include $7.5 million of annual license payments from the same settlement.
Price and valuation figures dated July 8, 2026 (about $8.40, about 15.6 million Class A and B shares); analyses are evergreen, daily prices are not a buy argument.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at FIRY since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 2.30 $ to 12.50 $ · Last price: 10.30 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Electronic Gaming & Multimedia
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| FIRY FIRY | 0.2 | – | -0.2 | 87.8 | – | -31.3 | 42.3 |
| NetEase Inc NTES | 74.7 | 14.9 | 7.8 | 67.2 | 41.4 | 7.0 | -23.2 |
| Electronic Arts Inc EA | 52.4 | 59.9 | 28.7 | 79.9 | 24.0 | 0.9 | 25.6 |
| Take-Two Interactive Software Inc TTWO | 38.6 | – | 34.2 | 57.1 | 2.3 | 18.2 | -14.5 |
| Roblox Corp RBLX | 34.1 | – | -24.8 | 25.7 | -16.4 | 35.8 | -65.1 |
| Playtika Holding Corp PLTK | 0.8 | – | 35.6 | 73.5 | – | 8.1 | -29.5 |
| Doubledown Interactive Co Ltd DDI | 0.6 | 5.6 | 0.7 | 73.4 | 37.6 | 5.5 | 36.3 |
| Gravity Co Ltd GRVY | 0.5 | 8.0 | 0.0 | 32.0 | 15.1 | 11.9 | 13.5 |
| Sohu.Com Inc SOHU | 0.4 | 1.8 | 6.5 | 78.5 | -4.8 | -2.4 | -13.1 |
| Median of companies shown | 0.8 | 8.0 | 6.5 | 73.4 | 15.1 | 7.0 | -13.1 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2018 | 51 | -26 | -28 | -4.18 | -17 | 1 | 26 |
| 2019 | 120 | -25 | -24 | -1.63 | -22 | 19 | 39 |
| 2020 | 229 | -103 | -149 | -8.06 | -56 | 57 | 282 |
| 2021 | 380 | -294 | -188 | -9.67 | -180 | 609 | 1,021 |
| 2022 | 270 | -421 | -439 | -21.41 | -180 | 278 | 621 |
| 2023 | 152 | -111 | -101 | -5.28 | -72 | 210 | 396 |
| 2024 | 152 | -114 | -101 | -4.85 | -72 | 210 | 396 |
| 2025 | 105 | -71 | -70 | -4.51 | -69 | 112 | 293 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2025: Q1 | -1.05 | – | 22 | – | -78.30 | -11 | -13 |
| 2025: Q2 | -1.16 | – | 25 | – | -71.10 | -21 | -23 |
| 2025: Q3 | -1.14 | – | 27 | – | -63.70 | -25 | -26 |
| 2025: Q4 | -1.16 | – | 30 | – | -106.50 | -12 | -9 |
| 2026: Q1 | -0.69 | – | 29 | 32.90 | -37.60 | -7 | -7 |
| 2026: Q2 | -1.52 | -31.00 | 31 | 23.00 | -79.00 | -18 | -18 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 4 of our scanner strategies — each hit links to the scanner.
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -2.97 | -4.06 – -1.32 | 114 | – | 3 |
| 12/31/2027 | -2.24 | -2.24 – -2.24 | 0 | – | 1 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Firy (bis Juni 2026: Skillz) betreibt neben der Gaming-Plattform das Segment RZR (ehemals Aarki), das im Geschäftsbericht ausdrücklich als „AI-powered advertising technology segment“ beschrieben wird: eine Werbeplattform auf Basis von proprietärem Machine Learning und neuronalen Netzen. RZR ist eine dokumentierte Umsatzquelle — 26,3 Millionen US-Dollar Umsatz 2025 (plus 153 Prozent), laut 10-K getrieben von höherer Nachfrage nach der Advertising-Technologie. KI-Produkte erzeugen damit nachweislich Umsatz.
View the full file — quotes, sources, reviewed filings
„Paired with RZR (formerly Aarki), our AI-powered advertising technology segment, Skillz operates an ecosystem that combines content, audience, and performance into a unified growth engine. RZR delivers advertising solutions that drive revenue growth for brands and mobile apps by leveraging billions of contextual bidding signals, proprietary machine learning, and behavioral models to engage audiences in a privacy-first world."
Gemeinsam mit RZR (ehemals Aarki), unserem KI-gestützten Werbetechnologie-Segment, betreibt Skillz ein Ökosystem, das Inhalte, Publikum und Performance zu einem einheitlichen Wachstumsmotor verbindet. RZR liefert Werbelösungen, die das Umsatzwachstum von Marken und Mobile-Apps antreiben — auf Basis von Milliarden kontextbezogener Gebotssignale, proprietärem maschinellem Lernen und Verhaltensmodellen, um Zielgruppen in einer datenschutzorientierten Welt zu erreichen.
10-K · 2026-03-31 · View SEC filing
„RZR is a performance marketing platform that enables advertisers to acquire, retain, and monetize users across mobile, connected television (“CTV”), and other digital channels. The platform utilizes proprietary machine learning and neural network-based architecture to optimize campaigns across user acquisition, retargeting, and brand performance objectives within a unified system."
RZR ist eine Performance-Marketing-Plattform, mit der Werbetreibende Nutzer über Mobile, Connected TV („CTV“) und andere digitale Kanäle gewinnen, binden und monetarisieren können. Die Plattform nutzt proprietäres maschinelles Lernen und eine auf neuronalen Netzen basierende Architektur, um Kampagnen über Nutzergewinnung, Retargeting und Marken-Performance-Ziele hinweg in einem einheitlichen System zu optimieren.
10-K · 2026-03-31 · View SEC filing
„RZR revenue increased by $15.9 million, or 153%, to $26.3 million in 2025 from $10.4 million in 2024. This was primarily due to higher advertising technology revenue from greater demand."
Der RZR-Umsatz stieg um 15,9 Millionen US-Dollar oder 153 Prozent auf 26,3 Millionen US-Dollar im Jahr 2025, von 10,4 Millionen im Jahr 2024. Dies lag vor allem an höheren Erlösen der Werbetechnologie infolge größerer Nachfrage.
10-K · 2026-03-31 · View SEC filing
„Presently, we employ AI, machine learning technologies, and automated decision-making technologies, including proprietary AI and machine learning algorithms and models (collectively, “AI Technologies”) throughout our business, and are making significant investments in this area."
Gegenwärtig setzen wir KI, Machine-Learning-Technologien und Technologien zur automatisierten Entscheidungsfindung — einschließlich proprietärer KI- und Machine-Learning-Algorithmen und -Modelle (zusammen „KI-Technologien“) — in unserem gesamten Geschäft ein und investieren erheblich in diesen Bereich.
10-K · 2026-03-31 · View SEC filing
Filings Reviewed: 10-Q 2026-05-15 · 10-Q 2025-12-11 · 10-Q 2025-12-11 · 10-Q 2025-12-11 · 10-K 2026-03-31 · 10-K 2025-11-06
Rated on July 14, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -27.1%
- More than 10% revenue growth is expected for the coming year 8.0%
- Share count grows by less than 3% a year -8.7%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -98.6%
- Gross margin at 40% or higher and without meaningful erosion 87.5%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 66 m net cash
- Operating cash flow covers the profits of the last three years 61 m
- Return on capital at 15% or higher, or up versus two years ago -63.4%
- Insiders hold at least 10% or are net buyers 23.0%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
2/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 10.9%
- Exp. sales growth 3Y > 5% -100.0%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% -100.0%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 0
- Max. EBIT decline < 50% –
- Return on equity > 15% -63.0%
- ROCE > 15% -63.3%
- Expected return > 10% -100.0%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Aug 3, 2026 | Hoffman Henry M. | Director | Other | 3,511 | 0.00 | – |
| Jul 31, 2026 | Wakeford Kent | Director | Other | 16,129 | 0.00 | – |
| Jul 14, 2026 | Valli Todd A. | Chief Accounting Officer | Other | 2,958 | 8.44 | 24,966 |
| Jul 14, 2026 | Valli Todd A. | Chief Accounting Officer | Other | 12,610 | 0.00 | – |
The company
About the Company
- Employees
- 370
- Headquarters
- Las Vegas, NV
- Address
- 6625 Badura Avenue, 89118 Las Vegas, United States
- Phone
- 415 762 0511
- Website
- firy.com
- IPO Date
- 06/22/2026
- ISIN
- US83067L2088
- Stock Split
- 1:20 on 06/26/2023
Management
| Name | Title | Birth Year |
|---|---|---|
| Andrew C. Paradise | Co-Founder, CEO & Chairman | 1983 |
| Casey Chafkin | Co-Founder, Advisor & Director | 1985 |
| Gaetano Franceschi | Advisor | 1973 |
| Robert Alex Walsh | Chief Financial Officer | 1985 |
| Todd A. Valli | Chief Accounting Officer | 1974 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 09/15/2026 Firy Inc. (FIRY): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Financial Statements and Exhibits SEC ↗
- 08/17/2026 Firy Inc. (FIRY): Other Events; Financial Statements and Exhibits SEC ↗
- 08/13/2026 Firy Inc. (FIRY): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
- 08/04/2026 Firy Inc. (FIRY): Other Events; Financial Statements and Exhibits SEC ↗
- 07/28/2026 Firy Inc. (FIRY): Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.