Firy (FIRY) Investor presentation summary

Company evolution and strategic milestones

• Transitioned from Skillz Inc. to FIRY, expanding from mobile gaming to a multi-business platform.

• Achieved first sequential GMV growth since 2021 and 12% YoY GMV growth.

• Won significant litigation, securing favorable federal jury verdicts and settlements.

• Acquired BEAMABLE to enhance backend and LiveOps capabilities.

• Rebuilt after industry and legal challenges, positioning for long-term growth.

Business model and platform overview

• Operates three complementary businesses: skill-based real money gaming, AI-powered ad tech (RZR), and backend/LiveOps (BEAMABLE).

• Serves over 90 million lifetime users and 4,000 game developers.

• Provides an end-to-end flywheel integrating content, monetization, ad tech, and player data.

• Proprietary technology includes 90+ issued patents and 110+ pending, covering fraud prevention, payments, and tournament infrastructure.

Financial performance and outlook

• Revenue expected to more than double from $130M in 2025 to $258M in 2028.

• Gross margins consistently strong at 82%-88% through 2025.

• Adjusted EBITDA loss improved from ($188M) in 2021 to ($46M) LTM, with expenses cut to a quarter of peak levels.

• Q1 2026 revenue reached $29M, up 33% YoY, with LTM revenue at $112M, up 25%.