Total revenue increased by 13% to $104.5 million in 2025 from $92.9 million in 2024. The RZR segment's revenue significantly grew by 153% to $26.3 million in 2025 from $10.4 million in 2024, driven by higher advertising technology demand. The core Skillz segment's revenue decreased by 5% to $78.2 million in 2025 from $82.4 million in 2024, primarily due to reduced tournament play and lower average entry fees, partially offset by reduced marketing spend. Net loss widened by 50% to $70.4 million in 2025 from $46.8 million in 2024. Loss from operations increased by 37% to $63.9 million in 2025 from $46.5 million in 2024. Adjusted EBITDA improved to a loss of $50.5 million in 2025 from a loss of $60.8 million in 2024. Gross Marketplace Volume (GMV) decreased to $541.9 million in 2025 from $608.2 million in 2024. Monthly Active Users (MAUs) decreased to 658,000 in 2025 from 816,000 in 2024, while Paying Monthly Active Users (PMAUs) increased to 141,000 from 118,000. Cash and cash equivalents decreased to $194.5 million as of December 31, 2025, from $271.9 million in 2024. The company has $129.7 million in senior secured notes outstanding, which mature in December 2026. Skillz is engaged in significant litigation, including ongoing disputes with Tether Studios, LLC (a developer accounting for 51% of 2025 revenue), Papaya Gaming, and Voodoo SAS regarding alleged bot misuse and contract termination. Material weaknesses in internal control over financial reporting persist as of December 31, 2025, with remediation efforts ongoing and expected to complete in fiscal year 2026. The company repurchased 1.7 million shares of Class A Common Stock for $9.3 million in 2025.