FIRY Investment Overview: Gaming, AdTech & Infrastructure

FIRY

Portfolio of Gaming, Advertising & Infrastructure Assets

Investor Presentation | February 2026

FIRY — Portfolio Overview

<strong style='color:#4A90E2; font-size:1.4rem;'>Razor (Aarki)</strong><br><span style='color:#888; font-size:0.9rem;'>Fully Owned Subsidiary</span><p>Integrated mobile advertising and monetization platform generating cash flow and funding new growth initiatives.</p><br><strong style='color:#4A90E2; font-size:1.4rem;'>Skillz (B2C)</strong><br><span style='color:#888; font-size:0.9rem;'>Core Legacy Business</span><p>Skill-based gaming platform offering competitive real-money gameplay through owned and operated titles.</p>

<strong style='color:#4A90E2; font-size:1.4rem;'>Skillz B2B + Beamable</strong><br><span style='color:#888; font-size:0.9rem;'>Infrastructure Platform</span><p>Gaming and monetization infrastructure providing multiplayer, backend services, and advertising tools.</p><br><strong style='color:#4A90E2; font-size:1.4rem;'>Exit Games (Photon)</strong><br><span style='color:#888; font-size:0.9rem;'>Minority Investment</span><p>Real-time multiplayer networking technology used by enterprise game developers.</p>

<strong style='color:#4A90E2; font-size:1.4rem;'>Yayz</strong><br><span style='color:#888; font-size:0.9rem;'>Social Sweeps Platform</span><p>Social and creator-driven commerce platform with a capital-light growth model.</p><br><strong style='color:#4A90E2; font-size:1.4rem;'>Legal & Payments Assets</strong><br><span style='color:#888; font-size:0.9rem;'>Non-Operating Assets</span><p>Exposure to Voodoo lawsuit, Payaya lawsuit, and Avia payments-related matters.</p>

Razor (Aarki) — Fully Owned Subsidiary

Integrated mobile advertising and monetization platform leveraging machine learning, proprietary data, and creative optimization at global scale. Funding internal growth initiatives including AIN Influencers, Connected TV (CTV), and AI Creative tools.

$50M+ Revenue Run Rate (Est)

15% EBITDA Margin Potential

Legal & Payments Assets

<ul><li style='margin-bottom:20px;'><strong>Voodoo Lawsuit:</strong> Intellectual property dispute with high probability of settlement.</li><li style='margin-bottom:20px;'><strong>Payaya Lawsuit:</strong> B2B contract enforcement.</li><li style='margin-bottom:20px;'><strong>Avia Exposure:</strong> Outstanding payments recovery.</li></ul><p style='color:#888; margin-top:30px;'>*Non-operating assets providing potential non-dilutive cash inflows independent of core operations.</p>

Non-operating assets providing potential non-dilutive cash inflows independent of core operations. Portfolio includes legal claims and exposure to payment recoveries.

Voodoo Lawsuit: Settlement Probable

Payaya & Avia: Payment Recovery

Skillz (B2C) — Core Legacy Business

Skill-based gaming platform connecting players and developers through competitive real-money gameplay. Strategy focuses on owned & operated titles (Skillz Arcade) and expanding SDK content supply.

Paying Users: Stabilizing

Gross Margins: >90%

Skill-based gaming platform connecting players and developers through competitive real-money gameplay. Strategy focuses on owned & operated titles (Skillz Arcade) and expanding SDK content supply.

Paying Users: Stabilizing

Gross Margins: >90%

Skillz B2B + Beamable Infrastructure

<h3 style='color:#ccc;'>Business Model</h3><p><strong>1. Free + Upside:</strong> Ads, Gamification, and Right of First Refusal (ROFR) accumulation.</p><p><strong>2. SaaS:</strong> Free trial converting to paid recurring contracts for backend services.</p><h3 style='color:#ccc; margin-top:30px;'>Strategic Value</h3><p>Provides critical infrastructure for multiplayer services, creating a sticky ecosystem for developers.</p>

Gaming and monetization infrastructure providing multiplayer services, backend tools, and advertising solutions for developers. Creating a sticky ecosystem for game studios.

Model: Free + Upside (Ads/ROFR)

Model: SaaS (Recurring Contracts)

Exit Games (Photon) — Minority Investment

Exit Games is the provider of Photon, the world's leading real-time multiplayer networking engine. Used by thousands of enterprise game developers globally.

<div style='display:grid; grid-template-columns: 1fr 1fr; gap:20px; margin-top:30px;'><div style='background:#222; padding:15px;'><div style='color:#888; font-size:0.9rem;'>Global Reach</div><div style='font-size:1.5rem; font-weight:bold;'>Top 3 Engine</div></div><div style='background:#222; padding:15px;'><div style='color:#888; font-size:0.9rem;'>FIRY Ownership</div><div style='font-size:1.5rem; font-weight:bold;'>Minority Stake</div></div></div>

Exit Games is the provider of Photon, the world's leading real-time multiplayer networking engine. Used by thousands of enterprise game developers globally.

Global Reach: Top 3 Engine

FIRY Ownership: Minority Stake

Yayz — Social Sweeps Platform

Social and creator-driven commerce platform designed for viral distribution. Capital-light expansion model relying on organic user growth and creator partnerships rather than paid UA.

Valuation Framework: Early-stage VC Method (Growth + Optionality)

Social and creator-driven commerce platform designed for viral distribution. Capital-light expansion model relying on organic user growth and creator partnerships.

Strategy: Viral Loops

Valuation: Growth + Optionality

FIRY — Sum-of-the-Parts (SOTP) Valuation

Conservative valuation framework applying appropriate multiples to each asset class (AdTech, SaaS, Gaming, Venture Inv).

Consolidated Financial Projections

<ul style='list-style:none; padding:0; margin-bottom:30px;'><li style='margin-bottom:15px; border-left:3px solid #4A90E2; padding-left:15px;'><strong>Path to Profitability:</strong> Focus on high-margin Infrastructure and AdTech revenue.</li><li style='margin-bottom:15px; border-left:3px solid #D4AF37; padding-left:15px;'><strong>Capital Allocation:</strong> Reinvestment in B2B growth engines while maintaining B2C stability.</li></ul>