Fully realized cash exit from a 2021 vintage where the average U.S. venture fund has returned five cents on the dollar

Firy Inc. (NYSE:FIRY) ("FIRY" or the "Company") today announced that it completed the sale of its entire equity stake in Exit Games, representing approximately 10.5% of Exit Games' outstanding share capital, back to Exit Games for total cash consideration of $55 million. The transaction closed on Friday, October 2, 2026, and FIRY received the proceeds in full.

The sale represents a fully realized cash return of approximately 1.1x FIRY's original investment, which was made in July 2021 near the peak of private technology valuations. By comparison, 2021-vintage US venture capital funds had distributed an average of 0.05x of paid-in capital at their five-year mark, the lowest of any vintage after five years since 1997. FIRY's realized return is approximately 22 times that average.

FIRY acquired its minority stake in Exit Games, the Hamburg-based developer of the Photon multiplayer networking technology, for a purchase price of $50 million in July 2021 under an agreement entered into by the Company under its former name, Skillz Inc.