Skillz Announces Third Quarter 2024 Results

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LAS VEGAS, November 07, 2024--(BUSINESS WIRE)--Skillz Inc. (NYSE: SKLZ) ("Skillz" or the "Company"), the leading mobile games platform bringing fair competition to players worldwide, today reported unaudited financial results for the third quarter ended September 30, 2024.

Third Quarter Financial Update (Unaudited):

  • Revenue of $24.6 million.

  • Net loss of $21.1 million.

  • Adjusted EBITDA1 of $(13.9) million.

  • Paying monthly active users (PMAU)2 of 121,000.

  • Average Revenue Per Paying Monthly Active User (ARPPU)3 of $67.6.

  • Total operating expenses excluding cost of revenue of $42.2 million.

"Our third quarter operating performance was marked by continued execution on our strategic operating priorities as we further position Skillz to generate sustainable top-line growth and positive cash flow," said Andrew Paradise, Skillz’ CEO. "Paying Monthly Average Users (pMAU) in the quarter was stable on a quarterly sequential basis. By focusing our customer acquisition spend on targeted channels we again achieved system-wide payback approaching six months. We are optimistic that continued execution on our strategic initiatives will position Skillz to generate positive Adjusted EBITDA on a run-rate basis in 2025."

Gaetano Franceschi, Skillz’ CFO, added, "Our focus on disciplined operating expense management, including on user acquisition spend to ensure we achieve expected system-wide payback, continues to drive year over year improvements in our Adjusted EBITDA loss and our quarterly cash burn. Our strong balance sheet, including more than $300 million in cash and restricted cash as of September 30, 2024, provides us with the flexibility to deploy capital on our turnaround initiatives such as the development and introduction of new product features, as well as to begin to transition toward increasing our user acquisition spend to generate profitable growth."

Investor Conference Call

Skillz will host a live conference call at 4:30 p.m. ET today. To access the call, please register using the following link: https://www.netroadshow.com/events/login?show=4fd50b1c&confId=71853. After registering, an email will be sent, including dial-in details and a unique conference call access code and PIN required to join the live call. Access to the live audio webcast of the discussion in listen-only mode will also be available at investors.skillz.com

A replay of the webcast will be archived on the Company’s investor relations website. An audio replay of the conference call will be available through Thursday, November 14, 2024, and can be accessed by dialing (866) 813-9403 (US) or (929) 458-6194 (international) and entering the passcode 413242.

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