Quarterly report [Sections 13 or 15(d)]

REVENUE FROM CONTRACTS WITH CUSTOMERS

v3.26.1
REVENUE FROM CONTRACTS WITH CUSTOMERS
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
REVENUE FROM CONTRACTS WITH CUSTOMERS
NOTE 13—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,
2026 2025 2026 2025
Virtual currency (point in time or over time)
 $ 42,667  $ 48,208  $ 87,915  $ 99,049 
Advertising (point in time) 12,316  11,128  25,474  22,991 
Other revenue (point in time or over time) 9  2  13  7 
Total net revenue $ 54,992  $ 59,338  $ 113,402  $ 122,047 
The following table summarizes the Company’s virtual currency revenue disaggregated by platform:
Three Months Ended
June 30,		 Six Months Ended
June 30,
2026 2025 2026 2025
Third-party platforms 27,976  41,525  60,821  87,395 
Direct-to-consumer platforms 14,691  6,683  27,094  11,654 
Total virtual currency $ 42,667  $ 48,208  $ 87,915  $ 99,049 
The following table summarizes the Company’s revenue disaggregated by geography:
Three Months Ended
June 30,		 Six Months Ended
June 30,
2026 2025 2026 2025
United States $ 44,839  $ 49,936  $ 92,632  $ 102,996 
All other countries 10,153  9,402  20,770  19,051 
Total net revenue $ 54,992  $ 59,338  $ 113,402  $ 122,047 
Contract Balances
Contract assets represent the Company’s ability to bill customers for performance obligations completed under a contract. As of June 30, 2026 and December 31, 2025, 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 $0.4 million and $0.4 million as of June 30, 2026 and December 31, 2025, respectively. Trade receivables are described in Note 5—Receivables, net.