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Firy
(NYSE:FIRY)
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Rating:52Neutral
Price Target:
$13.00
▲(32.11% Upside)
Action:Reiterated
Date:09/24/26
FIRY’s score is held back primarily by weak financial performance—deep ongoing losses, sustained cash burn, and rising leverage—despite strong gross margins and some revenue rebound. Technicals are supportive with a clear uptrend, but momentum is overbought and the stock is high-volatility. Earnings-call signals are constructive around RZR’s rapid growth/profitability and longer-term targets, but near-term execution risk remains high due to litigation costs, rising OpEx, and continued weakness in Skillz user metrics.
Positive Factors
RZR growth and profitability
RZR’s combination of rapid sales expansion and four consecutive profitable quarters provides evidence of a business line with improving operating economics. Its more than $10M quarterly revenue base and expected near-doubling support a potentially durable growth engine within Firy.
Negative Factors
Persistent cash burn
Persistent negative operating and free cash flow means the core business is not self-funding, and roughly $57M of TTM free-cash-flow burn limits resources available for investment. Continued cash consumption can increase reliance on financing or asset proceeds before planned cash-flow improvements arrive.
Read all positive and negative factors
Positive Factors
Negative Factors
RZR growth and profitability
RZR’s combination of rapid sales expansion and four consecutive profitable quarters provides evidence of a business line with improving operating economics. Its more than $10M quarterly revenue base and expected near-doubling support a potentially durable growth engine within Firy.
Read all positive factors
Firy Key Performance Indicators (KPIs)
Any
Monthly Active Users
Measures the number of unique users engaging with Skillz's platform each month, indicating the platform's popularity and user retention capabilities.
Measures the number of unique users engaging with Skillz's platform each month, indicating the platform's popularity and user retention capabilities.
Data provided by:
The Fly
The FlyFiry (FIRY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$206.45M
Dividend YieldN/A
Average Volume (3M)155.49K
Price to Earnings (P/E)―
Beta (1Y)2.53
Revenue Growth27.63%
EPS Growth9.93%
CountryUS
Employees370
SectorCommunication Services
Sector Strength97
IndustryElectronic Gaming & Multimedia
Share Statistics
EPS (TTM)-5.22
Shares Outstanding13,192,194
10 Day Avg. Volume221,668
30 Day Avg. Volume155,488
Financial Highlights & Ratios
PEG Ratio-0.01
Price to Book (P/B)0.60
Price to Sales (P/S)0.64
P/FCF Ratio-0.96
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-3.7
Revenue Forecast (FY)$130.00M
Firy Business Overview & Revenue Model
Company Description
Firy Inc. operates a mobile game platform. The company's platform helps developers create franchises by enabling social competition in their games. It hosts casual eSports tournaments for mobile players....
Firy Earnings Call Summary
Earnings Call Date:Aug 13, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Neutral
The call presents a mix of meaningful strategic and operational positives — notably strong RZR growth and profitability, a significant legal judgment in the company's favor, a solid cash position, and corporate restructuring that clarifies assets — alongside material near-term headwinds including large litigation expenses, higher G&A and R&D, a wider GAAP net loss, and operational weakness at Skillz. Management communicated clear pathways to improve Skillz, reduce litigation expense impact over time, and deploy capital prudently, but several financial and execution risks remain in the short term.Positive Updates
Revenue Growth
GAAP revenue of $31.0M in Q2 2026, up 6% quarter-over-quarter (from $29.1M) and up 23% year-over-year (from $25.2M).
Negative Updates
Higher Net Loss
Net loss of $24.5M in Q2 2026 compared to $17.9M in Q2 2025, reflecting continued operating losses despite progress in some segments.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue Growth
GAAP revenue of $31.0M in Q2 2026, up 6% quarter-over-quarter (from $29.1M) and up 23% year-over-year (from $25.2M).
Read all positive updates
Company Guidance
Management guided that Q2 GAAP revenue was $31.0M (up 6% QoQ, 23% YoY) and reiterated that RZR—now >$10M of quarterly revenue—grew 6% QoQ and 75% YoY, processed >6M queries/sec across >10B devices, achieved four consecutive profitable quarters (168% net retention; grew from $11M to $27M last year) and is expected to nearly double revenue year‑over‑year with profitability building through H2 (CTV and iOS upside). At the corporate level they expect consolidated revenue to more than double from 2025 to 2028, modest positive operating cash flow in 2027 with acceleration in 2028, and declining litigation expenses (Q2 litigation costs neared $11M; Papaya judgment ≈ $730M, collectible only when realized). Balance‑sheet guidance: cash ≈ $164M, redeemed $80M of debt leaving ~$50M outstanding due Dec. 15 (to be paid/refinanced), federal NOLs ≈ $702M and state NOLs ≈ $280M, plus $15M remaining AviaGames proceeds (two $7.5M payments in spring ’27 and ’28). Skillz was guided to face slight Q3 headwinds but has a line‑of‑sight to sequential growth in Q4 (paying MAU down ~8%; Skillz revenue excluding $1.5M of one‑time items down ~3% QoQ).Firy Financial Statement Overview
Summary
Income Statement
26
Negative
Balance Sheet
34
Negative
Cash Flow
18
Very Negative
| Breakdown | TTM | Mar 2026 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 114.81M | 104.50M | 95.47M | 152.08M | 269.71M | 380.15M |
| Gross Profit | 100.44M | 91.45M | 82.06M | 136.70M | 238.99M | 354.91M |
| EBITDA | -61.57M | -53.67M | -92.78M | -96.31M | -394.80M | -194.18M |
| Net Income | -81.98M | -70.41M | -48.23M | -101.36M | -438.88M | -187.93M |
Balance Sheet | ||||||
| Total Assets | 271.69M | 293.45M | 374.27M | 395.83M | 621.29M | 1.02B |
| Cash, Cash Equivalents and Short-Term Investments | 163.99M | 194.51M | 271.92M | 302.03M | 489.78M | 560.39M |
| Total Debt | 132.59M | 128.72M | 137.00M | 136.70M | 288.38M | 297.01M |
| Total Liabilities | 190.27M | 181.63M | 201.23M | 185.34M | 342.89M | 411.96M |
| Stockholders Equity | 81.42M | 111.82M | 173.04M | 210.49M | 278.40M | 609.16M |
Cash Flow | ||||||
| Free Cash Flow | -59.90M | -70.33M | -9.58M | -84.99M | -181.49M | -183.39M |
| Operating Cash Flow | -61.55M | -68.93M | -7.07M | -71.76M | -179.60M | -180.15M |
| Investing Cash Flow | -7.21M | -6.14M | -1.63M | 168.30M | 311.39M | -643.92M |
| Financing Cash Flow | -5.12M | -10.97M | -21.29M | -149.95M | -10.61M | 802.68M |
Firy Technical Analysis
Positive
9.84
Price Trends
9.93
Positive
9.18
Positive
6.62
Positive
Market Momentum
0.71
Negative
68.94
Neutral
71.58
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FIRY, the sentiment is Positive. The current price of 9.84 is below the 20-day moving average (MA) of 10.59, below the 50-day MA of 9.93, and above the 200-day MA of 6.62, indicating a bullish trend. The MACD of 0.71 indicates Negative momentum. The RSI at 68.94 is Neutral, neither overbought nor oversold. The STOCH value of 71.58 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FIRY.
Firy Risk Analysis
Firy disclosed 48 risk factors in its most recent earnings report. Firy reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Firy Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
85 Outperform | $644.19M | 5.15 | 12.93% | 2.48% | 13.89% | 18.17% | |
62 Neutral | $203.12M | 2.63 | -88.88% | 21.33% | ― | ― | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
52 Neutral | $206.45M | -2.38 | -77.59% | ― | 27.63% | 9.93% | |
49 Neutral | $812.42M | -2.92 | 82.92% | 18.78% | 5.84% | -421.33% | |
48 Neutral | $57.21M | -1.31 | -20.93% | ― | -13.26% | -46.97% | |
44 Neutral | $22.39M | -2.01 | 66.84% | ― | -5.65% | 46.36% |
* Communication Services Sector Average
FIRY
Firy
12.42
4.23
51.65%
DDI
Doubledown Interactive Co
13.00
3.69
39.63%
GDEV
Nexters
11.18
-17.06
-60.43%
MYPS
PLAYSTUDIOS
0.48
-0.49
-50.67%
PLTK
Playtika Holding
2.13
-1.68
-44.14%
SNAL
Snail, Inc. Class A
2.50
-3.20
-56.14%
Firy Corporate Events
Executive/Board Changes
Firy Announces Board Changes and New Independent Director
Neutral
Sep 15, 2026
On September 11, 2026, Firy Inc. director Gary Vecchiarelli notified the board of his decision to resign, including his roles on the audit and compensation committees, with the departure effective October 1, 2026 and not arising from any disagreem...
Business Operations and StrategyPrivate Placements and Financing
Firy Cuts Secured Debt to Enhance Financial Flexibility
Positive
Aug 17, 2026
On August 14, 2026, Firy Inc. redeemed $80.0 million in aggregate principal amount of its outstanding 10.250% secured notes due 2026, paying a redemption price equal to 100 percent of principal plus accrued and unpaid interest. Following this debt...
Business Operations and StrategyPrivate Placements and Financing
Firy Announces Partial Redemption of Secured Notes
Positive
Aug 4, 2026
On August 4, 2026, Firy Inc. announced a partial redemption of its 10.250% Secured Notes due 2026, targeting $80.0 million in aggregate principal at par, plus accrued and unpaid interest. The redemption, scheduled for August 14, 2026, reduces the ...
Business Operations and StrategyLegal Proceedings
Firy Secures Landmark False Advertising Judgment Against Papaya
Positive
Jul 28, 2026
On July 27, 2026, a federal judge in the U.S. District Court for the Southern District of New York said she will enter judgment requiring Papaya Gaming to disgorge $719 million in unjust profits to Firy’s wholly owned subsidiary Skillz Platf...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.