Firy, formerly Skillz, is a holding company at the intersection of real-money game competitions and AI-powered advertising. The inflection underway is the shift in the center of gravity from the legacy Skillz competition platform, which is growing modestly, to the newly branded RZR performance-marketing business, which more than doubled in the first half of 2026 and now supplies roughly a third of total revenue.
The load-bearing tension is that this mix shift is colliding with a cost structure that has not been resized to it. First-half revenue rose 28 percent to $60.1 million, yet the operating loss stayed essentially flat at a loss of about $30.3 million, because general and administrative costs climbed 33 percent, largely on legal fees from the two live litigation matters, while the company still burns roughly $25 million of cash per half to run.
The second-quarter evidence: revenue of $31.0 million, up 23 percent year over year, a net loss of $24.5 million, and a subsequent partial redemption of $80 million of the senior secured notes that cut the balance to about $49.7 million. The question the next two quarters resolve is whether RZR's demand-driven growth can outpace the administrative cost base before the December 2026 note maturity arrives.