Skillz Inc. Reports 2024 Financial Results

Skillz Inc. ( (SKLZ) ) has released its Q4 earnings. Here is a breakdown of the information Skillz Inc. presented to its investors.

Skillz Inc., a leading mobile games platform, is renowned for hosting competitive eSports tournaments for millions of players worldwide, leveraging its patented technology to foster social competition in mobile gaming.

In its latest financial report, Skillz Inc. revealed its performance for the fourth quarter and the full year of 2024. The company reported a revenue of $20.4 million for the fourth quarter and $95.5 million for the full year, alongside a net loss of $26.4 million and $48.2 million, respectively. Despite the losses, the company maintained a strong cash position with $281.9 million in cash, cash equivalents, and restricted cash by the end of the year.

Key financial metrics highlighted in the report include a gross profit of $17.1 million for the fourth quarter and $82.1 million for the year. The company also reported an adjusted EBITDA of $(18.5) million for the fourth quarter and $(63.0) million for the year. Skillz’s paying monthly active users (PMAU) stood at 110,000 for the fourth quarter, with an average revenue per paying monthly active user (ARPPU) of $68.1.

Looking ahead, Skillz’s management remains optimistic about the company’s strategic initiatives aimed at achieving consistent top-line growth and positive adjusted EBITDA. The company has launched a $75 million developer accelerator program to enhance game innovation and expand its platform offerings, which is expected to drive future growth and shareholder value.