Company: SKLZ
Filing Date: 2025-12-11
Form Type: 10-Q
Source: 0001801661-25-000071
Chunk: 11

Company: Skillz Inc.
Filing Date: 2025-12-11
Form: 10-Q
Item: Item 2
Chunk 11
---
ants specified in the indentures. After giving effect to 2023 and other previous open market repurchases of our senior secured notes, as of June 30, 2025, $129.7 million of the senior secured notes remained outstanding. 

Other than as described below with respect to the Company’s noncompliance with certain reporting covenants under the indenture governing its senior secured notes, the Company has complied with debt covenant requirements that could have a material impact on debt classification in the event of non-compliance. In light of delays in the filing of our annual financial statements on our Form 10-K and the interim financial statements on Form 10-Q for the quarters ended March 31, 2025 and June 30, 2025, the Company fell out of compliance with the reporting covenants under the indenture governing its senior secured notes that require the Company provide to the trustee and holders of the senior secured notes all quarterly and annual reports required to be filed with the SEC within the time periods specified under  the Exchange Act. As such, on September 30, 2025, the Company received a notice of default from the trustee of the senior secured notes. The filing of the Company’s Annual Report on Form 10-K on November 6, 2025, the quarterly report for the quarter ending March 31, 2025 and this quarterly report for the quarter ending June 30, 2025 helped the Company restore compliance with a portion of this requirement. When filed, the filing of the quarterly report for the quarter ending September 30, 2025 on Form 10-Q will complete the necessary steps in order to regain compliance with the terms of the indenture governing the Company’s senior secured notes

Our existing liquidity resources are sufficient to continue operating activities for at least one year past the issuance date of the condensed consolidated financial statements. Our future cash requirements will depend on many factors, including our rate of revenue growth and the expansion of our sales and marketing activities. We also may invest in or acquire complementary businesses, applications or technologies.

The following table provides a summary of cash flow data (in thousands):

Six Months Ended June 30,20252024Net cash (used in) provided by operating activities$(31,741)$23,406 Net cash (used in) provided by investing activities$(3,428)$2,210 Net cash used in financing activities$(8,097)$(11,225)

Net Cash (Used In) Provided By Operating Activities

Our cash flows