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  "documentTitle": "Skillz, Inc. (SKLZ)",
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  "authorName": "Wolfpack Research",
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  "presentationDate": "2021-03-08 00:00:00",
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  "notes": "This is a short-seller research note exposing a contradiction between company projections and underlying developer performance data.",
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      "text": "We believe Skillz did not disclose these issues because they render the company's lofty revenue projections farcical.",
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      "text": "revenue concentration: 88%",
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      "text": "Based on a careful reading of SKLZ's prospectuses, we estimate that revenue from Solitaire Cube and 21 Blitz, the top two games from Tether Studios, shrank -5.9% in Q3 2020. We believe Skillz did not disclose these issues because they render the company's lofty revenue projections farcical.",
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      "text": "5 Skillz S-4 dated September 4, 2020, p. F-61\n6 Skillz S-4 dated November 17, 2020, p. F-66\n7 Ibid., p. 56\n8 Skillz S-4 dated October 14, 2020, p. 56; Skillz S-4 dated November 17, 2020, p. 56",
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      "text": "Skillz Total Revenues ($millions)",
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      "text": "SKLZ Percentage of Revenue Breakdown",
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      "text": "2. Skillz relies heavily on three games made by two developers, Tether Studios and Big Run Studios, for 88% of its revenues. We conclude that revenue from Tether's top two games began contracting in Q3 2020, just as Skillz was preparing to go public via SPAC:",
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