# FIRY Investment Overview: Gaming, AdTech & Infrastructure
> Explore FIRY's strategic portfolio of growth assets, including Aarki, Skillz, Beamable, and Photon. Insights on mobile advertising and gaming infrastructure.

Tags: investment-portfolio, gaming-industry, adtech, saas, firy, skillz, mobile-advertising, investor-presentation
## FIRY | Portfolio of Gaming, Advertising & Infrastructure Assets
* Investor Presentation (February 2026)
* Focus on integrated mobile advertising, gaming platforms, and infrastructure.

## Portfolio Overview
* **Razor (Aarki):** Integrated mobile advertising and monetization platform.
* **Skillz (B2C):** Core legacy skill-based gaming platform.
* **Skillz B2B + Beamable:** Multi-player gaming and monetization infrastructure.
* **Exit Games (Photon):** Minority investment in real-time multiplayer networking.
* **Yayz:** Social sweeps and creator-driven commerce platform.

## Razor (Aarki) Subsidiary
* $50M+ estimated revenue run rate.
* 15% EBITDA margin potential.
* Focus on machine learning and AI creative tools.

## Legal & Payments Assets
* Non-operating assets including Voodoo lawsuit settlement (Prob-weighted value $30M) and Payaya/Avia recoveries.

## Skillz (B2C) Analysis
* Focus on Skillz Arcade and SDK content.
* High gross margins (>90%) with stabilizing user metrics.

## B2B Infrastructure & Beamable
* Business models include SaaS recurring contracts and 'Free + Upside' (Ads/ROFR).
* Significant revenue growth index projecting 410 index by 2026.

## Exit Games (Photon)
* Top 3 global ranking for networking engines.
* Strong upward trajectory in developer adoption.

## Sum-of-the-Parts (SOTP) Valuation
* Total Net Asset Value Breakdown ($ Millions):
  * Razor (Aarki): 85
  * Skillz B2C: 60
  * Skillz B2B/Infra: 40
  * Photon: 25
  * Yayz: 15
  * Legal/Cash: 30

## Financial Projections
* 2024(A): $150M Revenue
* 2025(E): $185M Revenue / $5M EBITDA
* 2026(E): $230M Revenue / $25M EBITDA
* 2027(E): $290M Revenue / Target profitability
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