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Sep 30, 2022
Skillz Q3 2022 Earnings Report
Announced Q3 2022 results with revenue meeting expectations but net loss increased due to non-cash impairment of intangible assets. Adjusted EBITDA improved as the company drives towards profitability.
Key Takeaways
Skillz Inc. reported Q3 2022 financial results with revenue of $60.255 million, which met expectations. However, the net loss increased by 30% sequentially due to a $47.6 million non-cash impairment of intangible assets. Adjusted EBITDA showed a $16 million improvement as the company works towards profitability.
Revenue of $60 million met expectations.
Net loss increased 30% sequentially due to non-cash impairment of intangible assets.
Adjusted EBITDA showed a $16 million improvement.
Executed a $10.5 million debt buyback equal to 69.5% of the aggregate principal amount redeemed plus accrued and unpaid interest.
Skillz
Skillz
Forward Guidance
For the full year 2022, Skillz maintains its guidance of $275 Million revenue and -56% Adjusted EBITDA Margin.