Quarterly report [Sections 13 or 15(d)]

REVENUE FROM CONTRACTS WITH CUSTOMERS

v3.25.2
REVENUE FROM CONTRACTS WITH CUSTOMERS
 6 Months Ended
Jun. 30, 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
June 30,		 Six Months Ended
June 30,
2025 2024 2025 2024
Virtual currency (over time)
 $ 48,208  $ 56,477  $ 99,049  $ 116,724 
Advertising (point in time) 11,128  16,006  22,991  33,448 
Other revenue (point in time or over time) 2  107  7  246 
Total net revenue $ 59,338  $ 72,590  $ 122,047  $ 150,418 

The following table summarizes the Company’s virtual currency revenue disaggregated by platform:
Three Months Ended
June 30,		 Six Months Ended
June 30,
2025 2024 2025 2024
Third-party platforms 41,525  53,245  87,395  111,168 
Direct-to-consumer platforms 6,683  3,232  11,654  5,556 
Total virtual currency $ 48,208  $ 56,477  $ 99,049  $ 116,724 
The following table summarizes the Company’s revenue disaggregated by geography:
Three Months Ended
June 30,		 Six Months Ended
June 30,
2025 2024 2025 2024
United States $ 49,936  $ 61,494  $ 102,996  $ 126,858 
All other countries 9,402  11,096  19,051  23,560 
Total net revenue $ 59,338  $ 72,590  $ 122,047  $ 150,418 
Contract Balances
Contract assets represent the Company’s ability to bill customers for performance obligations completed under a contract. As of June 30, 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 currencies was immaterial as of June 30, 2025 and December 31, 2024. Trade receivables are described in Note 6—Receivables, net.