# FIRY Gaming & Ad-Tech Investor Presentation February 2026
> Explore FIRY's portfolio of gaming, advertising, and infrastructure assets including Razor (Aarki), Skillz, and Exit Games with 2026 growth projections.

Tags: investor-presentation, gaming-industry, ad-tech, mobile-advertising, skill-based-gaming, financial-projections, multiplayer-infrastructure
## FIRY Portfolio Overview
* **Portfolio Assets**: Razor (Aarki), Skillz (B2C), Skillz B2B + Beamable, Exit Games (Photon), and Yayz.
* **Non-Operating Assets**: Legal and payment exposure involving Voodoo, Payaya, and Avia.

## Razor (Aarki) — Fully Owned Subsidiary
* Integrated mobile advertising platform using ML and AI creative.
* **Financials**: Revenue projected to grow from $45M (2024) to $65M (2026); EBITDA projected at $22M for 2026.

## Legal & Payments Assets
* Non-operating assets providing non-dilutive cash inflows.
* **Valuation Estimates**: Voodoo Lawsuit ($15M-$45M), Payaya Lawsuit ($5M-$12M), Avia Exposure ($8M-$18M).

## Skillz (B2C) — Core Legacy Business
* Skill-based gaming platform.
* **Metrics**: 1.2M+ Monthly Active Users; 16% Paying User Share.
* **ARPPU Trends**: Growing from $58 (Q1) to $65 (Q4).

## Skillz B2B Platform & Infrastructure
* Offers multiplayer services and SaaS advertising tools.
* **SaaS Tier Mix**: Projected ARR contribution of $9.2M for Enterprise tier with 30 contracts.

## Exit Games (Photon) — Minority Investment
* Real-time multiplayer networking for enterprise developers.
* **Global Adoption**: Growing from 1.2M Concurrent Users (CCU) in 2022 to 3.1M in 2025.

## Sum-of-the-Parts Valuation
* **Total Implied NAV**: ~$390M.
* **Asset Breakdown**: Razor ($150M), Skillz B2C ($85M), Skillz B2B ($60M), Photon ($40M), Legal Assets ($35M), Yayz ($20M).

## Consolidated Financial Projections
* **Revenue**: Projected growth from $180M (2024) to $265M (2026).
* **Adj. EBITDA**: Projected expansion from $25M (2024) to $68M (2026).
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