Quarterly report [Sections 13 or 15(d)]

REVENUE FROM CONTRACTS WITH CUSTOMERS

v3.25.1
REVENUE FROM CONTRACTS WITH CUSTOMERS
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE FROM CONTRACTS WITH CUSTOMERS
NOTE 14—REVENUE FROM CONTRACTS WITH CUSTOMERS
Disaggregation of Revenue
The following table summarizes the Company’s revenue disaggregated by type, and by over time or point in time recognition:
Three Months Ended
March 31,
2025 2024
Virtual currency (over time)
 $ 50,840  $ 60,247 
Advertising (point in time) 11,863  17,442 
Other revenue (point in time or over time) 6  139 
Total net revenue $ 62,709  $ 77,828 

The following table summarizes the Company’s virtual currency revenue disaggregated by platform:
Three Months Ended
March 31,
2025 2024
Third-party platforms 45,870  57,923 
Direct-to-consumer platforms 4,970  2,324 
Total virtual currency $ 50,840  $ 60,247 
The following table summarizes the Company’s revenue disaggregated by geography:
Three Months Ended
March 31,
2025 2024
United States $ 53,060  $ 65,364 
All other countries 9,649  12,464 
Total net revenue $ 62,709  $ 77,828 
Contract Balances
Contract assets represent the Company’s ability to bill customers for performance obligations completed under a contract. As of March 31, 2025 and December 31, 2024, there were no contract assets recorded in the Company’s Condensed Consolidated Balance Sheets. The deferred revenue balance related to the purchase of virtual currency was immaterial as of March 31, 2025 and December 31, 2024. Trade receivables are described in Note 6—Receivables, net.