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Skillz's Q1 FY21 revenues jumps 92% to $84 million

Raises full year guidance
Skillz's Q1 FY21 revenues jumps 92% to $84 million

San Francisco-based mobile competition platform Skillz announced its revenue increased by 92 per cent to $83.7 million in the first quarter of FY21.

The quarter also witnessed Skillz's gross profit growing 95% to $79.4 million.

Net loss for the quarter was $53.6 million.

However adjusted EBITDA was $31 million.

"We are proud to report record-breaking first quarter results, giving us 21 consecutive quarters of revenue growth,” said Skillz CEO Andrew Paradise.

“Our performance and strong growth trajectory gave us the confidence to increase investment in Q1 and raise full year revenue guidance to $375 million.”

Metrics rising

During its financials, Skillz also revealed it's growing twice as fast on Android as iOS.

The company, which floated via a SPAC is debt-free with $613 million cash on its balance sheet.

Paying monthly active users experienced growth of 81% year-over-year.

The company's gross marketplace volume - that is the total amount of money players wagered - increased 85% over the prior year to $567 million.