The large EPS miss overshadows revenue growth and improved Adjusted EBITDA, especially given the company's history of delayed filings and material weaknesses in internal controls. Traders should monitor the upcoming 10-K filing for restatements and assess whether the $194.5M cash balance can sustain operations through 2026 without dilution.
Price Chart
Executive Summary
Skillz reported Q4 2025 revenue of $30.0 million and a net loss of $17.9 million, missing consensus EPS of -$0.58 with actual EPS of -$1.07. Full-year revenue grew 13% YoY to $104.5 million, driven by sequential improvements and AI ad-tech segment RZR's positive Adjusted EBITDA, but the significant EPS miss and ongoing financial reporting delays signal persistent operational challenges.
Key Financial Metrics
Key Facts
- Q4 2025 revenue: $30.0 million (vs. consensus $30.5M), representing 69% YoY growth from $17.8M in Q4 2024
- Q4 2025 net loss: $17.9 million, with EPS of -$1.07 (vs. consensus -$0.58), a 84.5% miss
- Full-year 2025 revenue: $104.5 million (13% YoY growth from $92.9M), net loss: $70.4 million
- Adjusted EBITDA loss for full-year 2025: $50.5 million, a 16% YoY improvement from $60.8M loss
- Cash and cash equivalents: $194.5 million as of December 31, 2025, down from $271.9M in 2024
- Company is still delayed in filing its 2024 10-K and Q1 2025 10-Q, with a prior NYSE non-compliance notice
Financial Impact
EPS miss of $0.49 per share (-84.5% vs. consensus) on revenue that was $0.5M below estimates, with full-year cash burn of $86.4M
Risk Factors
- Continued delay in filing 2024 10-K risks NYSE delisting
- Significant cash burn ($86.4M in 2025) could lead to dilutive financing
- Net loss widened in Q4 2025 despite revenue growth, indicating margin pressures
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001801661-26-000019 |
| Document: sklz-20260331.htm | 0001801661-26-000019 |
| Document: 0001801661-26-000019-index-headers.html | 0001801661-26-000019 |
| Document: 0001801661-26-000019-index.html | 0001801661-26-000019 |
| Document: 0001801661-26-000019.txt | 0001801661-26-000019 |
| 8-K Data (Synthetic) | 0001801661-26-000019 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 6, 2026 20d ago | 8-K | — | awaiting T+60 | — | — |
Jun 17, 2026 18w ago | 8-K | $8.31 | awaiting T+60 | — | — |
Jun 5, 2026 20w ago | 8-K | $9.00 | awaiting T+60 | — | — |
May 15, 2026 23w ago | 8-K | $6.60 | awaiting T+60 | — | — |
May 1, 2026 25w ago | 8-K | $6.80 | awaiting T+60 | — | — |
Mar 31, 2026 29w ago | 8-K | $2.62 $9.52 | ▼ −263.36% | ▼ −249.98% | — |
US Market Status
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