Annual report [Section 13 and 15(d), not S-K Item 405]

REVENUE FROM CONTRACTS WITH CUSTOMERS

v3.26.1
REVENUE FROM CONTRACTS WITH CUSTOMERS
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE FROM CONTRACTS WITH CUSTOMERS
NOTE 15—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:
Years Ended December 31,
2025 2024
Virtual currency (over time)
 $ 189,367  $ 228,930 
Advertising (point in time) 45,708  60,197 
Other revenue (point in time) 22  302 
Total net revenue $ 235,097  $ 289,429 
The following table summarizes the Company’s virtual currency revenue disaggregated by platform:
Years Ended December 31,
2025 2024
Third-party platforms
 $ 161,737  $ 213,466 
Direct-to-consumer platforms
 27,630  15,464 
Total virtual currency
 $ 189,367  $ 228,930 
The following table summarizes the Company’s revenue disaggregated by geography:
Years Ended December 31,
2025 2024
United States $ 196,381  $ 244,184 
All other countries 38,716  45,245 
Total net revenue $ 235,097  $ 289,429 
Contract Balances
Contract assets represent the Company’s ability to bill customers for performance obligations completed under a contract. As of December 31, 2025 and December 31, 2024, contract assets recorded in the Company’s Consolidated Balance Sheets were immaterial. The deferred revenue balance related to the purchase of virtual currency was $0.4 million as of December 31, 2025 and $0.1 million as of December 31, 2024. The opening and closing balance of trade receivables is further described in Note 6—Receivables, net.