| Metric | Value ($ M) | Q1 FY26 | Q2 FY25 |
|---|---|---|---|
| Revenue | 30.99 | 6.5% | 22.9% |
| Total Income | 30.99 | 6.5% | 22.9% |
| Expenditure | 52.56 | 38.8% | 27.6% |
| PBT | -24.38 | 124.3% | 35.9% |
| Net Profit | -24.48 | 123.6% | 36.6% |
| OPM | -69.59% | 39.52pp | 6.20pp |
| NPM | -78.97% | 41.37pp | 7.89pp |
| EPS | -1.52 | 120.3% | 31.0% |
Firy Reports Q2 2026 Results
14 Aug 2026 · 14 Aug, 2:16 am
Summary
Firy Inc. reported second quarter 2026 revenue of $31.0 million, up 6% sequentially and 23% year-over-year, driven by strong performance in RZR. The company significantly improved its Adjusted EBITDA loss, narrowing it to $2.7 million from $7.1 million in the prior quarter, excluding litigation expenses. Management highlighted the rebrand to FIRY and the transition from turnaround to growth as key achievements. The company also announced progress in strengthening its capital structure through debt redemption.
Key Highlights
- 1
Consolidated revenue for Q2 2026 was $31.0 million, representing a 6% sequential increase and a 23% year-over-year increase.
- 2
RZR, a segment of the company, surpassed $10 million in quarterly revenue for the first time and achieved its fourth consecutive profitable quarter.
- 3
Adjusted EBITDA loss narrowed to $2.7 million in Q2 2026, a 63% sequential improvement from $7.1 million in Q1 2026, excluding litigation expense.
- 4
The company announced the redemption of $80 million of debt in August, reducing outstanding debt to approximately $50 million.
- 5
Net loss for the second quarter ended June 30, 2026, was $24.5 million.
Management Comments
Andrew Paradise
Q2 2026 was, without question, the most consequential period in the Company's recent history. We completed our rebrand to FIRY and advanced the transition from turnaround to growth. Consolidated revenue of $31.0 million rose 6% sequentially and 23% year over year, led by RZR, which passed $10 million in quarterly revenue for the first time and delivered its fourth consecutive profitable quarter. In July, the court rejected each of Papaya Gaming's post-trial challenges and entered judgment of $719 million in disgorgement of unjust profits, plus approximately $10 million in fees and costs. Papaya has since sought a court-supervised payment arrangement in Israel and filed a Chapter 15 petition in Delaware. We intend to pursue the legal rights available to the Company with respect to the Papaya judgment, and will share additional commentary on our call on Friday.
Alex Walsh
Our Q2 results demonstrated that the business is moving forward, fueled by RZR's revenue growth and strong operating leverage. Excluding litigation expense, Adjusted EBITDA loss narrowed to $2.7 million from $7.1 million in the first quarter, a 63% sequential improvement. In August we announced the redemption of $80 million of debt, leaving approximately $50 million outstanding, and we are in active dialogue on alternatives to further strengthen our capital structure. We believe we have significant unrecognized value that should be considered, including federal net operating loss carryforwards of approximately $702 million and state net operating loss carryforwards of approximately $280 million, an additional $15 million still to be collected from the Avia Games settlement, our owned Las Vegas building, and our 10% interest in Exit Games.
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