Firy Q2 Revenue Jumps 23% to $31M, Loss Narrows; RZR Segment Tops $10M
FIRY has more than doubled off its 52-week low of $2.23 on light trading volume (0.3× avg).
Summary
Firy reported Q2 2026 revenue of $31.0 million, up 23% year over year, with adjusted EBITDA loss narrowing to $2.7 million excluding litigation expense. The RZR segment passed $10 million in quarterly revenue for the first time.
Key Events · Earnings and Guidance · FIRY
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Revenue Up 23% to $31.0M
Q2 2026 revenue rose 23% year over year to $31.0 million, driven by the RZR segment which passed $10 million in quarterly revenue for the first time.
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Adjusted EBITDA Loss Narrows 63%
Adjusted EBITDA loss excluding litigation expense improved to $2.7 million from $7.1 million in Q1 2026, a 63% sequential improvement.
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Net Loss of $24.5M
GAAP net loss was $24.5 million for Q2 2026, compared to $17.9 million in Q2 2025, reflecting higher litigation and G&A expenses.
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Paying Users Decline 20%
Paying monthly active users fell to 117 thousand from 146 thousand a year ago, though average revenue per paying user rose to $59.1 from $62.8.
Analysis · FIRY · Technology
Firy's second-quarter results show meaningful progress: revenue grew 23% year over year to $31.0 million, and the RZR segment crossed $10 million in quarterly revenue for the first time while posting its fourth consecutive profitable quarter. The adjusted EBITDA loss excluding litigation expense narrowed to $2.7 million from $7.1 million in Q1, a 63% sequential improvement. However, the company still posted a GAAP net loss of $24.5 million, and paying monthly active users fell 20% year over year to 117 thousand, indicating the user base continues to shrink even as monetization per user improves. The balance sheet remains solid with $164 million in cash, and management highlighted $702 million in federal NOL carryforwards as unrecognized value. This earnings report comes just weeks after the $719 million Papaya Gaming judgment and the $80 million debt redemption, reinforcing the narrative of a company transitioning from turnaround to growth.
At the time of this filing, FIRY was trading at $9.71 on NYSE in the Technology sector, with a market capitalization of approximately $157.9M. The 52-week trading range was $2.23 to $20.00. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.