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Skillz revenue up 92% in 2020 following public listing

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Mobile multi-player gaming platform Skillz has released its fourth quarter and full year 2020 financial results, showing revenue of $230.1m for the year, up 92% from $119.9m in 2019.

Gross marketplace volume, meaning the total entry fees paid by users for contests hosted on Skillz’s platform, grew 80% to $1.59bn during 2020.

Total costs for the year came to $329.7m, with sales and marketing, general and administrative, and research and development costs accounting for $251.9m, $42.3m and $23.2m respectively.

This led to a loss from operations of $99.6m.

After a further $1.3m was lost in interest expenses and $21.4m in other expenses, net loss stood at $122.5m for 2020, compared to a net loss of $23.6m during 2019.

The fourth quarter saw the business bring in $67.7m in revenue, up 95% on the $34.7m earned in 2019, and 8% higher than expectations.

Gross profit for Q4 was $64.0m, up 95%. Net loss for the quarter was $44m following total costs and expenses of $111.0m, compared to a $9m net loss in Q4 2019.

Read the full story on iGB North America.

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