v3.25.2
BALANCE SHEET COMPONENTS
 6 Months Ended
Jun. 30, 2025
Balance Sheet Related Disclosures [Abstract]  
BALANCE SHEET COMPONENTS BALANCE SHEET COMPONENTS
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND INVESTMENTS
A reconciliation of the Company’s cash and cash equivalents in the consolidated balance sheets to cash, cash equivalents and restricted cash in the consolidated statements of cash flows is as follows:
 (in thousands)
June 30,
2025		December 31,
2024
Cash and cash equivalents$6,943 $7,826 
Restricted cash1
60 125 
Cash and cash equivalents and restricted cash$7,003 $7,951 
1 Restricted cash included cash deposits required by a bank as collateral related to corporate credit card agreements.
The Company’s investments in debt securities at fair value based on unadjusted quoted market prices (Level 1) and quoted prices for comparable assets (Level 2) were as follows as of June 30, 2025, and December 31, 2024:
 As of June 30, 2025
 (in thousands)
Cash and
Cash
Equivalents
Short-Term
Investments

Investments (Non-Current)
Total
Level 1 securities:
Money market funds$3,082 $— $— $3,082 
Certificate of deposit— 2,000 — 2,000 
U.S. government securities— 1,000 — 1,000 
Total Level 1 securities$3,082 $3,000 $— $6,082 
Level 2 securities:
Corporate and municipal debt securities— 18,187 2,482 20,669 
Total Level 2 securities— 18,187 2,482 20,669 
Total$3,082 $21,187 $2,482 $26,751 

 As of December 31, 2024
 (in thousands)
Cash and
Cash
Equivalents
Short-Term
Investments

Investments (Non-Current)
Total
Level 1 securities:
Money market funds$3,512 $— $— $3,512 
Certificate of deposit— 9,000 — 9,000 
U.S. government securities— 1,495 — 1,495 
Total Level 1 securities$3,512 $10,495 $— $14,007 
Level 2 securities:
Corporate and municipal debt securities649 13,736 7,459 21,844 
Total Level 2 securities649 13,736 7,459 21,844 
Total$4,161 $24,231 $7,459 $35,851 
The following table provides the amortized cost and estimated fair value of investments with fixed maturities as of June 30, 2025:
As of June 30, 2025
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Fixed maturities:
Certificate of deposit$2,000 $— $— $2,000 
Corporate and municipal debt securities20,674 2 (7)20,669 
U.S. government securities1,000 — — 1,000 
Total$23,674 $2 $(7)$23,669 
The Company recorded no material realized gains or losses during the three and six months ended June 30, 2025, and 2024.
The following table provides the amortized cost and estimated fair value of investments with fixed maturities as of June 30, 2025:
As of June 30, 2025
(in thousands)Amortized CostEstimated Fair Value
Due in one year or less$21,190 $21,187 
Due after one year through five years2,484 2,482 
Total$23,674 $23,669 
CONTENT ASSETS
Content assets consisted of the following as of June 30, 2025, and December 31, 2024:
(in thousands)
June 30,
2025		December 31,
2024
Licensed content, net:
Released, less amortization and impairment
$9,054 $10,190 
Prepaid and unreleased4,701 3,139 
Total Licensed content, net13,755 13,329 
Produced content, net:
Released, less amortization and impairment
14,481 17,717 
In production341 465 
Total produced content, net
14,822 18,182 
Total content assets
$28,577 $31,511 
Of the $9.1 million unamortized cost of licensed content that had been released as of June 30, 2025, the Company expects that $5.1 million, $2.5 million and $0.6 million will be amortized in each of the next three years. Of the $14.5 million unamortized cost of produced content that had been released as of June 30, 2025, the Company expects that $6.4 million, $4.8 million and $2.4 million will be amortized in each of the next three years.
Impairment Assessment
The Company’s primary business model is subscription-based as opposed to a model based on generating revenues at a specific title level. Content assets are predominantly monetized as a group and therefore are reviewed in aggregate at a group level when an event or change in circumstances indicates a change in the expected usefulness of the content or that the fair value may be less than unamortized cost. If such changes are identified, the aggregated content library will be stated at the lower of unamortized cost or fair value. In addition, unamortized costs are written off for content assets that have been, or are expected to be abandoned.
Amortization
In accordance with its accounting policy for content assets, the Company amortizes licensed content costs and produced content costs, which are included within cost of revenues in the Company’s unaudited consolidated statements of operations. For the three and six months ended June 30, 2025, and 2024, content amortization was as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2025202420252024
Licensed content$1,855 $1,983 $3,549 $3,682 
Produced content1,745 2,702 3,564 6,219 
Total$3,600 $4,685 $7,113 $9,901 
ACCRUED EXPENSES AND OTHER LIABILITIES
Accrued expenses and other liabilities consisted of the following as of June 30, 2025, and December 31, 2024:
(in thousands)June 30,
2025		December 31,
2024
Accrued payroll and benefits$1,212 $2,540 
Dividends payable— 1,415 
Sales and income tax liabilities912 946 
Operating lease liabilities412 396 
Accrued royalties437 53 
Accrued revenue share5,896 956 
Other622 697 
Total$9,491 $7,003 
WARRANT LIABILITY
As described in Note 6 - Stockholders' Equity, the Private Placement Warrants are classified as a non-current liability and reported at fair value at each reporting period. As of June 30, 2025, and December 31, 2024, the fair value of the Private Placement Warrants, as determined using Level 3 inputs, was as follows:
(in thousands)
June 30,
2025		December 31,
2024
Private Placement Warrants$174 $88