FIRY

Firy Inc.

NYSE · TECHNOLOGY · SERVICES-COMPUTER PROCESSING & DATA PREPARATION

12.79

−0.63 −4.69%

USD · close Oct 30

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WATCH · shorts 44

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Big money

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Calls on record

nobody we score has called it yet

MKT CAP $4.7BP/E —DIV YIELD —FCF YIELD -1.30%REV TTM $117.5M +31.3%NET INCOME −$70.8MNET CASH $35.3M52W 2.28 – 13.42SEC XBRL · TTM TO Invalid Date

How FIRY rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

Text kept

63%

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187

new sentences

Dropped

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Length

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words, now 28,127

New in FY2025

BASIS OF PRESENTATION We are a smaller reporting company as defined in the Securities and Securities Exchange Act of 1934, as amended.
Accordingly, we have utilized certain accommodations provided for scaled disclosures in its Annual Report and proxy statement.
In March 2026, Aarki, our performance marketing platform business, rebranded as “RZR.” The rebrand reflects an evolution of the platform’s capabilities and market positioning and does not represent a change in ownership or legal structure.
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.
We are increasingly focused on expanding into emerging performance channels such as connected television, as well as enhancing cross-channel measurement and optimization capabilities.
As Skillz onboards new developers, RZR’s platform is designed to power game title growth through user acquisition and monetization, continuously enhancing its machine learning engine, which in turn delivers improved outcomes for developers and greater efficiency for the Skillz platform.
We believe there are competitors that may not be following similar fairness practices and may utilize bots instead of matching their users against real human opponents.
In 2024, following a jury verdict finding AviaGames, Inc.
(“AviaGames”) willfully infringed one of Skillz’s patents, the Company entered into a settlement.
We intend to continue to pursue our right to take action to help stop dishonest practices.
Our goal is not to reduce competition, but rather to ensure that all organizations in our industry maintain the same level of commitment as we do to provide a transparent and fair player experience.
For additional information, refer to Note 9, Commitments and Contingencies , in Part II, Item 8 of this Annual Report.
As our businesses scale and we continue to execute on our path to profitability, we are focused on launching additional growth initiatives that leverage our proven capability to pioneer new markets.
Our founder and Chief Executive Officer (“CEO”), Andrew Paradise, has a demonstrated history of innovation, including the mobile self-checkout industry and the mobile skill-gaming market.
Our platform capability highlights include: • Monetize Through Competitions : Developers may earn revenue by hosting skill-based competitions where players pay entry fees, and Skillz takes a percentage of the pool. • Player Matching : Automatically match players based on skill levels, ensuring fair and engaging gameplay experiences. • Cross-Platform Support : The Skillz platform is compatible with Android, iOS, and some Unity-based games, allowing developers to reach a broad audience. • Comprehensive Analytics : Developers have access to performance metrics, player insights, and revenue data through the Skillz dashboard. • Focus on Game Development : With Skillz managing tournaments, payments, and player matching, developers can focus on building their games’ core mechanics and experiences.
In addition to using its platform to partner with game developers, Skillz publishes select game titles, which are shared with the broader ecosystem.
RZR (formerly Aarki) 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.
The platform processes large-scale data inputs in real time and applies predictive models to optimize bidding, targeting, and campaign performance across channels.
While historically focused on mobile gaming, RZR now serves a broader set of industries, including consumer applications, retail, food and beverage, and entertainment.
At the center of this long-term vision is RZR’s strategic integration with our Skillz platform.
Together, we believe our Skillz platform and RZR form an ecosystem in which content creation, audience, and performance continuously reinforce one another.
For our developers, RZR enables monetization through user acquisition and re-targeting, which we believe drives growth.
The more Skillz developers use RZR, the better RZR’s machine learning engine becomes, which we believe in turn drives better outcomes for the developers and drives more spend on the RZR platform.
Skillz Platform Overview We continue to work towards evolving our multi-player competitive gaming platform and thereby expanding the gaming market.
With our system, the more gamers enjoy playing in contests for prizes and the longer they play, the more revenue we generate for our business.
We believe this dynamic generates significantly stronger monetization for our business compared to traditional mobile game monetization.
Payment Infrastructure We offer a payments infrastructure that includes ACH instant and fast withdrawals.
We believe our technology capabilities are critical to building and maintaining trusted relationships with our developers and players.
Key features of our proprietary data science technologies include anti-cheat, anti-fraud, player rating and matching, and a segmentation engine.
Our Developer Community Smartphones have made video games more accessible, portable, and social.
Meanwhile, traditional methods used by game developers to monetize their content (e.g., primarily through advertisements or in-game purchases) have not kept pace.
However, we may use some of the capital allocated to the Program to support other opportunities that our management determines will better support the effort to monetize our mobile game ecosystem such as published and owned and operated game content.
Players can earn trophies as awards for performing certain actions or achieving milestones in games, for which they receive Ticketz or credits in the form of promotional incentive that cannot be withdrawn and may only be used by end-users to enter paid-entry fee contests (“Bonus Cash”).
Ticketz earned through the loyalty rewards and awards programs can be redeemed in our in-app Ticketz Store for various prizes ranging from Skillz-branded apparel to luxury goods and vehicles.
Approximately 73% and 93% of Ticketz were issued as a result of customers participating in paid tournaments in the years ending December 31, 2025 and 2024, respectively.
For the year ended December 31, 2025 , our customer support team achieved a high player customer satisfaction score (CSAT) for cash players.
We are a multinational technology company with offices in Las Vegas, San Francisco and Bangalore, India, with 370 employees as of December 31, 2025.
Culture and Engagement Skillz was founded on strong ethical principles, and we have intentionally grown and continue to grow values-first – scaling our workforce, services, customer portfolio, and investment partners purposefully.

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Gone since FY2024

BASIS OF PRESENTATION The Company is a smaller reporting company as defined in the Securities and Securities Exchange Act, as amended.
Accordingly, it has utilized certain accommodations provided for scaled disclosures in its Annual Report on Form 10-K and proxy statement.
Paired with Aarki, our artificial intelligence (AI) advertising technology segment, Skillz operates a closed-loop ecosystem that combines content, audience, and performance into a unified growth engine.
Aarki delivers advertising solutions that drive revenue growth for mobile app developers by leveraging billions of contextual bidding signals, proprietary machine learning, and behavioral models to engage audiences in a privacy-first world.
As Skillz onboards new developers, Aarki powers game title growth through user acquisition and monetization, continuously enhancing its machine learning engine, which in turn delivers better outcomes for developers and greater efficiency for the Skillz platform.
We believe there are competitors that may not be following similar ethical fairness practices and may utilize bots instead of matching their users against real human opponents.
In 2024, following a jury verdict finding AviaGames willfully infringed one of Skillz’s patents, the Company entered into a settlement.
We intent to continue to pursue our right to take action to help stop dishonest practices.
Our goal is not to reduce competition, but rather to ensure that all organizations in our industry maintain the same level of commitment as we do provide a transparent and fair player experience.
For additional information, refer to Note 10.
We believe Aarki, our advertising technology solution, coupled with our investment in Exit Games, a real-time multiplayer technology provider, provides healthy revenue diversification.
As these businesses scale and as Skillz continues to execute on its path to profitability, we are focused on launching additional growth initiatives that leverage our proven capability to pioneer new markets.
Our founder and CEO, Andrew Paradise, has a demonstrated history of innovation, including the mobile self-checkout industry and the mobile skill-gaming market.
Our platform capability highlights include: Monetize Through Competitions : Developers may earn revenue by hosting skill-based competitions where players pay entry fees, and Skillz takes a percentage of the pool.
Player Matching : Automatically match players based on skill levels, ensuring fair and engaging gameplay experiences.
Cross-Platform Support : The Skillz platform is compatible with Android, iOS, and some Unity-based games, allowing developers to reach a broad audience.
Comprehensive Analytics : Developers have access to performance metrics, player insights, and revenue data through the Skillz dashboard.
Focus on Game Development : With Skillz managing tournaments, payments, and player matching, developers can focus on building their games’ core mechanics and experiences.
Aarki Aarki is an artificial intelligence (“AI”) company that delivers advertising solutions to drive revenue growth for mobile app developers.
Aarki enables brands to effectively engage audiences in a privacy-first world by using billions of contextual bidding signals coupled with proprietary machine learning and behavioral models.
The Company works with advertisers globally and manages millions of mobile ad requests per second from over 10 billion devices.
Aarki’s strategic plan includes becoming a full-funnel growth marketing platform, extending beyond mobile performance into connected TV (CTV), influencer marketing and other forms of media to service advertisers.
We envision Aarki serving advertisers across the entire customer journey—from awareness and engagement to conversion and retention—through a unified, AI-driven platform.
At the center of this long-term vision is Aarki’s strategic relationship with our Skillz platform.
Together, we believe our Skillz platform and Aarki form an ecosystem in which content creation, audience, and performance continuously reinforce one another.
For our developers, Aarki enables monetization through user acquisition and re-targeting that which we believe drives growth.
The more Skillz SDK-enabled developers use Aarki, the better Aarki’s machine learning engine becomes, which we believe in turn drives better outcomes for the developers and drives more spend on the Aarki platform.
Our Platform Overview We continue to work towards evolving our multi-player competitive gaming platform and thereby expanding the gaming market.
With our system, the more gamers enjoy playing in contests for prizes and the longer they play, the more revenue we generate for developers.
We believe this dynamic generates significantly stronger monetization for developers compared to traditional mobile game monetization.
Payment Infrastructure Our payments infrastructure that, we believe, is reliable and generates up uptime that meets or exceeds industry standards.
We believe our technology capabilities are critical to building and maintaining trusted relationships with our developers and users.
Key features of our proprietary data science technologies include anti-cheat, anti-fraud, player rating and matching, and segmentation engine.
Our Developer Community The global video game market size was estimated at $221.2 billion in 2024 and is expected to grow at a compound annual growth rate (CAGR) of 6.5% from 2025 to 2033.
Smartphones have also made video games more accessible, portable, and social.
Meanwhile, traditional methods used by game developers to monetize their content (e.g., via advertisements or in-game purchases) have not kept pace.
However, we may use some of the capital allocated to the Program to support other opportunities that our management determines will better support the effort to monetize our mobile game ecosystem.
Players can earn trophies as awards for performing certain actions or achieving milestones in games, for which they receive Ticketz or credits, to be used towards future paid-entry tournaments.
Tickets earned through the loyalty rewards and awards programs can be redeemed in our in-app Ticketz Store for various prizes ranging from Skillz-branded apparel to luxury goods and vehicles.
Approximately 93% and 96% of Ticketz were issued as a result of customers participating in paid tournaments in the years ending December 31, 2024 and 2023, respectively.

and 160 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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