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Mar 31, 2024
Skillz Q1 2024 Earnings Report
Skillz's first quarter results for 2024 were announced, revealing a mix of strategic execution challenges and ongoing efforts to improve financial performance.
Key Takeaways
Skillz reported a revenue of $25.2 million and a net loss of $26.7 million for Q1 2024. The company is focused on resolving onboarding issues, improving customer acquisition cost payback, and managing operating expenses to achieve top-line growth and positive Adjusted EBITDA.
Revenue was reported at $25.2 million.
Gross profit reached $21.8 million.
Net loss amounted to $26.7 million.
Paying monthly active users (PMAU) totaled 121,000 with an ARPPU of $69.8.
Forward Guidance
Skillz is focused on improving customer acquisition, increasing user engagement, and managing operating expenses to drive profitable growth and achieve positive Adjusted EBITDA on a run-rate basis by late this year.
Positive Outlook
- Transitioning efforts toward increasing spend to facilitate growth in paying users.
- Focusing on driving value from user acquisition spend.
- Introducing new features to drive higher player retention and engagement.
- Aiming to generate positive Adjusted EBITDA on a run-rate basis by late this year.
- Maintaining a strong balance sheet with over $300 million in cash and restricted cash.
Challenges Ahead
- Experienced short-term setbacks with new customer onboarding in the period.
- Preliminary results are subject to revision as management completes its internal review.
- Independent registered public accounting firm has not finalized its review of these preliminary financial results.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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