Quarterly report [Sections 13 or 15(d)]

REVENUE FROM CONTRACTS WITH CUSTOMERS

v3.25.3
REVENUE FROM CONTRACTS WITH CUSTOMERS
 9 Months Ended
Sep. 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
September 30,		 Nine Months Ended
September 30,
2025 2024 2025 2024
Virtual currency (over time)
 $ 46,381  $ 57,564  $ 145,430  $ 174,288 
Advertising (point in time) 11,257  13,613  34,248  47,061 
Other revenue (point in time or over time) 10  52  17  298 
Total net revenue $ 57,648  $ 71,229  $ 179,695  $ 221,647 
The following table summarizes the Company’s virtual currency revenue disaggregated by platform:
Three Months Ended
September 30,		 Nine Months Ended
September 30,
2025 2024 2025 2024
Third-party platforms 38,703  52,363  126,098  163,531 
Direct-to-consumer platforms 7,678  5,201  19,332  10,757 
Total virtual currency $ 46,381  $ 57,564  $ 145,430  $ 174,288 
The following table summarizes the Company’s revenue disaggregated by geography:
Three Months Ended
September 30,		 Nine Months Ended
September 30,
2025 2024 2025 2024
United States $ 47,734  $ 60,088  $ 150,730  $ 186,946 
All other countries 9,914  11,141  28,965  34,701 
Total net revenue $ 57,648  $ 71,229  $ 179,695  $ 221,647 
Contract Balances
Contract assets represent the Company’s ability to bill customers for performance obligations completed under a contract. As of September 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 September 30, 2025 and December 31, 2024. Trade receivables are described in Note 6—Receivables, net.