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Skillz Inc. (Symbol: SKLZ) is a leader in the mobile esports industry. Founded in 2012, Skillz has revolutionized the way mobile gamers compete, offering a comprehensive tournament management system that can be integrated into any mobile game. This system enables developers to offer competitive esports experiences to users of all skill levels, from amateurs to professionals.
As of today, Skillz has hosted more than 40 million mobile tournaments with players in over 180 countries participating. The platform has become a trusted partner for over 1,100 game studios, awarding over $1 million in cash prizes to players every two weeks. This impressive reach and engagement have positioned Skillz as a significant player in the mobile gaming industry.
Skillz's focus is on fostering a competitive yet fair environment that benefits both players and developers. The company has raised over $28 million in funding from prominent investors, including the owners of the New England Patriots, Milwaukee Bucks, and New York Mets. Skillz operates out of its offices in San Francisco and Boston and continues to expand its team, inviting professionals passionate about shaping the future of esports to join their dynamic workforce.
The company's recent achievements and current projects underscore its commitment to innovation and growth. With ongoing partnerships and a strong financial standing, Skillz is well-poised to continue leading the mobile esports sector, providing lucrative opportunities for its investors and exciting experiences for its users.
Skillz reported a Q4 2022 revenue of $46.9 million, a decline of 57% year-over-year, with a net loss of $143.5 million. The Adjusted EBITDA was $(9.5) million. For the full year, revenue reached $269.7 million, down 29%, with a net loss totaling $438.9 million. Skillz had 235,000 Paying Monthly Active Users (PMAU) in Q4, with an Average Revenue Per Paying Monthly Active User (ARPPU) of $66.6. The company also announced a restatement of previously issued financial statements due to material misstatements. Strong liquidity was noted, with cash and equivalents at $546.5 million as of December 31, 2022.
Skillz Inc. (NYSE: SKLZ) announces a change in the timing for reporting its fourth quarter and full year 2022 financial results, now scheduled for 4:30 PM ET on March 30, 2023. This new date replaces the previously set time of March 14, 2023. Following the release, a live Q&A conference call will be conducted with analysts and investors. The call will include an audio webcast accessible here. A replay of the call will be available until April 6, 2023. Skillz is recognized for its innovative mobile gaming platform, hosting millions of casual esports tournaments worldwide.
Skillz Inc. (NYSE: SKLZ) has announced that it will release its fourth quarter and full year 2022 results on March 14, 2023, post-market close. Investors can access the earnings release on the company's investor relations website. Following the release, a live conference call and Q&A session will occur at 4:30 PM ET. Participants can register online to receive dial-in details. The Q&A session will also be available for replay until March 21, 2023. Skillz is recognized as a leading mobile games platform focused on fair competition, hosting various esports tournaments worldwide.
Skillz (NYSE: SKLZ) has appointed Alvin Lobo as its new Chief Financial Officer, bringing extensive experience in the esports and gaming sectors. Previously the CFO of Score Media and Gaming, Lobo played a vital role in the company's IPO and sale to Penn Entertainment. He will oversee finance functions, including accounting and investor relations, reporting directly to CEO Andrew Paradise. This leadership change aims to enhance financial performance and foster growth for Skillz, which is positioned as a leader in mobile gaming competition.
Skillz (NYSE: SKLZ) welcomes Kevin Chessen, co-founder of BTIG, to its Board of Directors. Chessen, who will also serve on the Audit Committee, brings decades of financial expertise. His past roles include Head of Listed Trading at Banc of America Securities and Head of Asian Equity Trading at Merrill Lynch. Chessen expressed enthusiasm about joining Skillz, highlighting its innovative approach in the mobile gaming industry. CEO Andrew Paradise emphasized Chessen's experience as crucial for Skillz's future growth. Skillz is recognized for its competitive mobile gaming platform, hosting numerous casual esports tournaments.
Skillz (NYSE: SKLZ) announces the appointment of Alex Mandel, former CFO of The Influential Network Inc., to its Board of Directors. He replaces Vanna Mehta-Krantz, who is stepping down for other commitments. Mandel brings extensive financial experience, having previously held CFO positions at Fluent, Inc. (NASDAQ: FLNT) and LendingTree, Inc. (NASDAQ: TREE). His expertise is expected to support Skillz's growth strategy and enhance operations. CEO Andrew Paradise has expressed excitement about Mandel’s role in accelerating the company's trajectory toward profitability.
Skillz Inc. (NYSE: SKLZ) has received a compliance notice from the NYSE due to its Class A common stock average closing price being below $1.00 for 30 consecutive trading days. While this notice does not lead to immediate delisting, Skillz intends to notify the NYSE by January 3, 2023, of its plan to regain compliance. The Company has six months to achieve an average closing price of at least $1.00. Options to remedy this include a potential reverse stock split, contingent on stockholder approval. The stock remains listed on the NYSE during this period.
Skillz reported Q3 2022 revenues of $60 million, aligning with expectations but reflecting a 41% year-over-year decline. The net loss increased by 30% sequentially, primarily due to a $47.6 million non-cash impairment of intangible assets. Adjusted EBITDA improved by $16 million, showcasing a 63% improvement year-over-year. Monthly Active Users decreased 37% to 320,000, while Monthly Average Revenue Per Paying User rose by 8% to $62.8. The company maintains its FY2022 revenue guidance at $275 million.
Skillz Inc. (NYSE: SKLZ) will release its third quarter results on November 2, 2022, after market close. The earnings announcement will be available on its investor relations website. A live conference call and Q&A session for analysts and investors will occur at 5:30 PM ET, accessible through online registration. An audio replay will be available until November 9, 2022. Skillz is recognized as a leader in mobile gaming, focusing on social competition and casual esports tournaments, powered by patented technology.
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