Skillz reports preliminary Q2 revenue $27.4M, one estimate $22.8M

Reports preliminary Q2 adjusted EBITDA1 loss of ($10.4M). The company said, “Skillz’s (SKLZ) second quarter results build on the first quarter’s progress towards our goal of delivering consistent top line growth and positive Adjusted EBITDA. This quarter we delivered 8% year-over-year revenue growth. We also saw 18% quarterly sequential and 20% year-over-year growth in paying monthly active users, the highest since the third quarter of 2023, reflecting our efforts to improve player engagement and retention. With our $75 million Developer Accelerator developer program well underway, we are identifying and investing in a variety of genres to broaden the scope of our offerings. Additionally, we remain committed to delivering across the four key pillars that we believe will generate significant long-term value for our shareholders. Our focus on disciplined operating expense management continues to drive year-over-year improvements in our Adjusted EBITDA loss. Our stable balance sheet, which included cash and restricted cash of more than $238 million as of quarter end, provides significant financial flexibility to continue investing in our strategic initiatives that we expect will help generate profitable revenue growth.”