Red Flags Detected
- Material Weakness (improved) — Material weaknesses in risk assessment, ITGCs, and control documentation persisted through FY2024 but were remediated by FY2025; no adverse ICFR opinion in current filing.
- Auditor Change (new) — Deloitte replaced Grant Thornton as auditor for fiscal 2025, representing a change in external audit relationship.
Skillz revenue up 13% on RZR ad-tech surge; core platform declines, loss widens to $70M
Filed March 30, 2026 · Period ending December 31, 2025 · Compared to 10-K Nov 5, 2025 · ~2 min read
Key Changes
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high
Total revenue rose 13% to $104.5M in FY2025, driven by RZR (formerly Aarki) ad-tech segment revenue surging 153% to $26.3M, while core Skillz platform revenue fell 5% to $78.2M amid reduced tournament play and lower entry fees.
MD&A: Revenue verify on EDGAR → -
high
Net loss widened 50% to $70.4M from $46.8M, reflecting lower litigation settlement gains ($7.5M vs $46M), higher interest expense ($5.8M vs $0.3M income), and a $14M lease termination payment, despite revenue growth.
MD&A: Net Loss verify on EDGAR → -
high
Operating cash burn increased nearly tenfold to $68.9M from $7.1M; cash declined to $194.5M from $271.9M. Company states existing liquidity sufficient for at least one year but burn rate is a concern.
MD&A: Cash Flow verify on EDGAR →
2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Generated by AI · Jun 9, 2026 2:26 PM