- 01
Skillz Inc. reported Q3 2024 revenue of $24.6 million, down from $36.4 million in the same period last year.
- 02
The company narrowed its net loss to $21.1 million from $33.5 million in Q3 2023, while improving its Adjusted EBITDA loss from $18.5 million to $13.9 million.
- 03
Skillz maintains a strong liquidity position with over $300 million in cash and restricted cash to fund ongoing turnaround initiatives.
- 04
Paying monthly active users (PMAU) remained stable sequentially at 121,000, with an average revenue per paying user (ARPPU) of $67.60.
- 05
Operating expenses, excluding cost of revenue, were reduced to $42.2 million through cuts across research and development, sales and marketing, and general and administrative costs.
- 06
Management is targeting a return to positive Adjusted EBITDA on a run-rate basis by 2025.
- 07
The company has shifted to a high-efficiency user acquisition strategy, currently achieving a systemwide payback period of approximately six months.