Quarterly report [Sections 13 or 15(d)]

REVENUE FROM CONTRACTS WITH CUSTOMERS

v3.26.3
REVENUE FROM CONTRACTS WITH CUSTOMERS
 9 Months Ended
Sep. 30, 2026
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,
2026 2025 2026 2025
Virtual currency (point in time or over time)
 $ 38,335  $ 46,381  $ 126,251  $ 145,430 
Advertising (point in time) 10,571  11,257  36,045  34,248 
Other revenue (point in time or over time) 15  10  27  17 
Total net revenue $ 48,921  $ 57,648  $ 162,323  $ 179,695 
The following table summarizes the Company’s virtual currency revenue disaggregated by platform:
Three Months Ended
September 30,		 Nine Months Ended
September 30,
2026 2025 2026 2025
Third-party platforms $ 22,331  $ 38,703  $ 83,152  $ 126,098 
Direct-to-consumer platforms 16,004  7,678  43,099  19,332 
Total virtual currency $ 38,335  $ 46,381  $ 126,251  $ 145,430 
The following table summarizes the Company’s revenue disaggregated by geography:
Three Months Ended
September 30,		 Nine Months Ended
September 30,
2026 2025 2026 2025
United States $ 39,896  $ 47,734  $ 132,528  $ 150,730 
All other countries 9,025  9,914  29,795  28,965 
Total net revenue $ 48,921  $ 57,648  $ 162,323  $ 179,695 
Contract Balances
Contract assets represent the Company’s ability to bill customers for performance obligations completed under a contract. As of September 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 $0.5 million and $0.4 million as of September 30, 2026 and December 31, 2025, respectively. Trade receivables are described in Note 5—Receivables, net.