Skillz Inc. (SKLZ), a technology company, has plunged 31.02% in aftermarket trading session. As a result, the stock is trading at $2.49 at the time of the writing. The stock closed Wednesday’s regular trading session at $3.61. The stock has slid in aftermarket owing to the announcement of financial results.
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Q4 2021 Results
On Wednesday, SKLZ reported the results for Q4 2021 and FY 2021. The total revenue for Q4 2021 was $108.8 million, an increase of 61% on a year-over-year basis. The net loss for the quarter stood at $99 million compared to $67 million in Q4 2020. During FY 2021, the company generated revenue of $384 million, an increase of 67% on a year-over-year basis. The net loss for the full year 2021 was $181.4 million compared to $145.5 million for the full year 2020.
Outlook for FY 2022
Meanwhile, SKLZ also announced the financial outlook for the full year 2022. The company expects to achieve a revenue target of $400 million during 2022. The expected adjusted EBITDA improvement margin for the full year 2022 stands at 10 percentage points as compared to the adjusted EBITDA margin of (47 %) in the full year 2021. The company expects to end 2022 with a RAEM growth rate above 30 percentage points for Q4 2022 compared to Q4 2021.
Comments From SKLZ CEO
Andrew Paradise, CEO of SKLZ, commented that during the fiscal year 2021, the company has made tremendous achievements in its infrastructure. The company is on a verge of a new phase in its journey in which it would aim to increase profitability via bringing enhancements in its marketing efficiency.
What’s Ahead for SKLZ?
Looking forward, analysts hold a negative evaluation of the stock because of the expectations that it is expected to perform weakly in the next couple of weeks. Hence, investors should take this view into consideration while investing in SKLZ stock.
