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Skillz CEO: Going public via SPAC is just one step in becoming a 'hundred-year company'

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The deal values Skillz at $3.5 billion -- about 15.5 times its projected 2020 revenue of $225 million -- and would make it the first mobile e-sports platform to go public.

The company generated $103 million in sales during the first six months of the year, with annualized revenue growth of 111% in the second quarter.

The company is not profitable, and projects it will lose $47 million this year on an adjusted EBITDA basis, not including stock-based compensation and one-time expenses. It declined to share more detailed metrics about its profitability, but said it expects adjusted EBITDA to turn positive in 2022.Skillz users spend more minutes per day on the platform on average than Netflix or FacebookThis speaks to the rapid growth of the mobile gaming market.

Paradise emphasized that growth of Skillz, which had seen a consistent uptick even before imposed lockdowns due to the COVID pandemic, is simply an indicator of just how much more the mobile games market can expand. "Mobile gaming is interactive content built for interactive devices, and that's why it's the future of entertainment," he said.

 

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