FIRY Gaming & Ad-Tech Investor Presentation February 2026

FIRY

Portfolio of Gaming, Advertising & Infrastructure Assets

Investor Presentation | February 2026

FIRY — Portfolio Overview

Razor (Aarki)

Integrated mobile advertising and monetization platform. (Fully Owned Subsidiary)

Skillz (B2C)

Skill-based real-money gaming platform. (Core Legacy Business)

Skillz B2B + Beamable

Infrastructure providing multiplayer backend and ad tools. (Platform Asset)

Exit Games (Photon)

Real-time multiplayer networking technology for enterprise. (Minority Investment)

Yayz

Social and creator-driven commerce platform. (Capital-light Growth)

Legal & Payments

Exposure to Voodoo, Payaya lawsuits, and Avia payments. (Non-Operating)

Razor (Aarki) — Fully Owned Subsidiary

Integrated mobile advertising platform leveraging ML, proprietary data, and creative optimization.

Investments: AIN Influencers, Connected TV (CTV), and AI Creative (internally funded).

Legal & Payments Assets

Non-Operating Assets

Assets providing potential non-dilutive cash inflows independent of core operations. Portfolio includes Voodoo lawsuit, Payaya lawsuit, and Avia payments exposure.

Skillz (B2C) — Core Legacy Business

Skill-based gaming platform connecting players through competitive real-money gameplay. Operates Skillz Arcade and SDK.

Monthly Active Users

1.2M+

Paying User Share

16%

Skillz B2B Platform & Infrastructure

Gaming and monetization infrastructure offering multiplayer services, backend tools, and advertising solutions.

■ Free + Upside (Ads, Gamification, ROFR)

■ SaaS (Free Trial → Paid Contracts)

Exit Games (Photon) — Minority Investment

Provider of real-time, synchronous multiplayer networking technology used by enterprise game developers globally. The standard for low-latency multiplayer gaming.

Yayz — Social Sweeps Platform

Social and creator-driven commerce platform designed for viral distribution and capital-efficient growth.

Capital Light Model

Viral Distribution

Sum-of-the-Parts Valuation

Aggregate value of operating + non-operating assets implies significant upside to current market capitalization.

Total Implied NAV:

~$390M

Consolidated Financial Projections

Accelerating revenue growth driven by Razor ad-tech optimization.

Margin expansion as high-margin SaaS revenue (B2B) contributes more to mix.

Non-operating legal recoveries excluded from base EBITDA projections.