FIRY reported financial results for the second quarter ended June 30, 2026, highlighting revenue growth, continued momentum at RZR, the completion of its corporate rebrand, and updates across its capital structure and ongoing litigation.
Second Quarter Financial Results
For the second quarter of 2026, FIRY reported:
- GAAP revenue of $31 million, an increase of 6% quarter over quarter and 23% year over year.
- An Adjusted EBITDA loss of $13.6 million, including litigation-related expenses. Excluding litigation-related expenses, Adjusted EBITDA loss improved to $2.7 million.
The company also announced that it has initiated the redemption of $80 million of outstanding debt, reducing total debt to approximately $50 million while lowering annual interest expense by approximately $2.8 million prior to maturity.
At quarter-end, FIRY held approximately $164 million in cash and cash equivalents.
“Q2 2026 was, without question, the most consequential period in the Company’s recent history,” said FIRY CEO Andrew Paradise.
RZR Continues Growth
RZR delivered its highest quarterly revenue to date, exceeding $10 million for the first time. The business grew 6% sequentially and 75% year over year, while recording its fourth consecutive profitable quarter.
During the quarter, RZR continued expanding its performance advertising platform across Android, iOS and Connected TV while broadening its advertiser mix beyond gaming. Gaming represented approximately 70% of Q2 revenue, down from roughly 80% in the prior quarter as the business added customers across consumer apps, retail and entertainment.
Skillz Update
Skillz reported modest sequential revenue growth, which included a net $1.5 million benefit from two one-time items. Excluding those items, revenue declined approximately 3% sequentially, consistent with an 8% decline in Paying Monthly Active Users.
During the quarter, Skillz continued to evolve its content mix, with games owned and operated by Skillz accounting for 40% of Q2 gross merchandise volume (GMV).
Litigation Update
Following the April jury verdict finding Papaya liable for false advertising, the U.S. District Court for the Southern District of New York denied Papaya’s post-trial motions and entered judgment awarding FIRY approximately $730 million.
The company stated that it intends to pursue available avenues to enforce the judgment while noting that any appeal would be reviewed by the U.S. Court of Appeals for the Second Circuit.
Public trial exhibits show Papaya generated $461 million in revenue and $73 million in net income in 2023, and in recent filings with the Delaware Court, Papaya’s CEO stated the company’s annual revenue is now approximately $500 million, underscoring its capacity to satisfy the judgment.
For additional details, including the full earnings release, financial statements and webcast replay, visit FIRY’s Investor Relations website.