FIRYNYSEServices-Computer Processing & Data PreparationUS GAAP · USD

Firy Inc.

Firy Inc. is a U.S.-based digital services company built around two software-driven businesses: a mobile gaming platform and an advertising technology platform. Its operations center on programmatic advertising, real-time auction-based ad sourcing, and interactive game content delivered through proprietary online platforms.

Kysy yhtiöstä
Liikevaihto104milj. USD
+12,5 %v/v
Liikevoitto (EBIT)−63,9milj. USD
−37,4 %v/v
EBIT-marginaali−61,2%
−11,1 %-yks.v/v
Nettotulos−70,4milj. USD
−50,5 %v/v
Vapaa kassavirta−70,3milj. USD
−808,4 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−600−400−2000200400milj. USD2020: 230 milj. USD2020: EBIT −103 milj. USD20202021: 384 milj. USD2021: EBIT −287 milj. USD20212022: 270 milj. USD2022: EBIT −421 milj. USD20222023: 152 milj. USD2023: EBIT −114 milj. USD20232024: 93 milj. USD2024: EBIT −47 milj. USD20242025: 104 milj. USD2025: EBIT −64 milj. USD2025104−64
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: Firy Inc.

Liiketoiminta

Osuus liikevaihdosta
Skillz gaming platform68 %

Interactive mobile gaming platform that monetizes through tournaments, entry fees, and related services.

RZR advertising technology32 %

Programmatic advertising platform that sources and places digital ads through real-time auctions.

Tuotteet

Raportoitu · osuus liikevaihdosta
73,3%25,5%FY2025100 %
  • Entry Fee73,3 %
  • Advertising25,5 %
  • Maintenance Fee Revenue1,2 %

Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

The company serves mobile game developers, players, and advertisers through two distinct platforms. On the gaming side, customers include developers and end users participating in competitive mobile game experiences; on the advertising side, customers are brands and mobile app advertisers buying programmatic inventory through the DSP. The business depends on continued user activity, advertiser demand, and developer adoption of its platform tools.

Mobile game developers

Developers use the platform to launch and monetize competitive mobile games and to reach paying users.

End users / players

Players participate in contests and gameplay that drive engagement marketing and platform liquidity.

Brands and mobile app advertisers

Advertisers buy programmatic inventory and performance marketing solutions through RZR.

Third-party publishers and suppliers

Publishers and supply partners provide ad inventory that the DSP sources in real time.

Strategia

The company is focused on combining gaming content, audience engagement, and advertising technology into a single growth engine. Its priorities include expanding the RZR platform, improving machine-learning-driven ad performance, and broadening into channels such as connected television. It also depends on maintaining user acquisition and engagement in the gaming business, since platform liquidity and player activity directly affect monetization.

Grow the advertising technology platformKeskipitkä aikaväli

Higher advertiser demand and better targeting can expand monetization across the ad stack.

Improve gaming platform engagement and liquidityLyhyt aikaväli

Player activity and developer adoption drive the economics of the multiplayer platform.

Enhance AI and data-driven ad performanceKeskipitkä aikaväli

Machine learning and contextual signals are central to competitive ad targeting.

Maantiede

Q3/2025

Firy Inc. is headquartered in the United States and operates digitally, so its market reach is broader than any single physical location. The business is exposed to global developer, player, and advertiser demand, with its advertising platform described as serving customers worldwide. Because the company’s products are delivered online, geography mainly affects customer acquisition, regulatory exposure, and the availability of advertising supply rather than manufacturing or distribution.

USA76 %
Other countries (US filing)24 %

Osuus liikevaihdosta, jonka yhtiö raportoi maantieteellisesti.

Riskit

The business is exposed to demand volatility in both gaming and advertising, since user acquisition, engagement, and advertiser spend can change quickly. It also faces legal and counterparty risk, including litigation and contract disputes, as well as dependence on third-party publishers, suppliers, and platform partners. As a software and digital media business, it is also sensitive to competition, privacy rules, and changes in ad-tech or mobile gaming economics.

Järjestetty vakavuuden mukaan
User acquisition and engagement spend volatilityKorkea

Gaming revenue depends on attracting and retaining paying users; lower spend can reduce activity.

Kohdistuu: Skillz platform

Advertising demand cyclicalityKorkea

RZR revenue depends on advertiser budgets and auction demand for digital inventory.

Kohdistuu: RZR segment

Litigation and contractual disputesKorkea

The company disclosed disputes and termination notices that can affect operations and cash flow.

Kohdistuu: Tether litigation and vendor disputes

Dependence on third-party supply and platform partnersKeskitaso

The DSP sources inventory from third-party publishers and suppliers, limiting direct control.

Kohdistuu: Programmatic advertising supply chain

Kysy Clarifolta: Firy Inc.

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition for advertising impressions

Revenue is recognized over time as impressions are served, which affects timing and comparability.

Vaikutus: Affects reported revenue timing in the RZR business

Gaming revenue recognition and player activity

Tournament and services revenue depends on user engagement and entry-fee activity.

Vaikutus: Can create quarter-to-quarter volatility

Litigation settlement accounting

Settlement gains and payments can materially affect operating results in a given period.

Vaikutus: One-time items can distort underlying performance

Capitalized software development costs

Software capitalization affects operating cash flow and amortization over time.

Vaikutus: Impacts both investing cash flow and future expense recognition

Lease and debt obligations

Operating leases and senior secured notes affect leverage, liquidity, and interest expense.

Vaikutus: Important for balance sheet and cash flow analysis

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Päivitetty: 2.7.2026