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 as of December 31, 2025, and 2024 is as follows:


	Year Ended December 31,
(in thousands)	2025		2024

Cash and cash equivalents	$	18,318	$	7,826
Restricted cash	60		125
Cash, cash equivalents and restricted cash	$	18,378	$	7,951

As of December 31, 2025, and 2024, the Company held $0.1 million in restricted cash. These funds serve as collateral required by a financial institution in connection with the Company's corporate credit card agreements.

To determine the fair value of its investments in money market funds, certificate of deposit, mutual funds, U.S. Government and corporate debt securities, the Company uses unadjusted quoted market prices (Level 1 inputs), and quoted prices for comparable assets (Level 2 inputs), respectively. As of December 31, 2025, and December 31, 2024, the fair value of the Company’s securities investments was as follows:


	December 31, 2025								December 31, 2024
(in thousands)	Cash and Cash Equivalents		Short-term Investments		Investments (non-current)		Total		Cash and Cash Equivalents		Short-term Investments		Investments (non-current)		Total

Level 1 Securities
Money market funds	$	10,842	$	—	$	—	$	10,842	$	3,512	$	—	$	—	$	3,512
Certificate of deposit	—		—		—		—		—		9,000		—		—
Mutual funds	—		—		76		76		—		—		—		—
U.S. government securities	250		—		—		250		—		1,495		—		1,495
Total Level 1 Securities	11,092		—		76		11,168		3,512		10,495		—		14,007
Level 2 Securities
Corporate debt securities	4,234		8,964		—		13,198		649		13,736		7,459		21,844

Total Level 2 Securities	4,234		8,964		—		13,198		649		13,736		7,459		21,844
Total	$	15,326	$	8,964	$	76	$	24,366	$	4,161	$	24,231	$	7,459	$	35,851


	December 31, 2025
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

Debt Securities:
Corporate Debt Securities	$	13,200	$	—	$	(2)	$	13,198
U.S. Government Debt Securities	250		—		—		250
	$	13,450	$	—	$	(2)	$	13,448

For the year ended December 31, 2025, the Company recorded a nominal amount of net investment income and an unrealized loss related to the mutual funds held in the Rabbi Trust related to the NQDC plan, which is included in Interest and other income, net in the Consolidated Statements of Operations.

Accrued interest on held-to-maturity securities is excluded from the amortized cost basis. As of December 31, 2025, the total accrued interest receivable excluded from the disclosed amortized cost basis was $0.1 million, net of any allowance for credit losses.

The Company’s held-to-maturity investments as of December 31, 2025, consist of short term, investment-grade debt securities, primarily corporate bonds and U.S. Treasury securities. Based on external credit ratings and economic forecasts, the Company determined that the expected credit losses over the lifetime of these

Our investment in the private AI technology company is an equity security without a readily determinable fair value and is measured using the measurement alternative under ASC 321; accordingly, it is not categorized within the fair value hierarchy.

The following table summarizes the activity in the allowance for credit losses for the years ended December 31, 2025 and 2024, which reflects management’s estimate of expected credit losses over the contractual life of the Company's accounts receivable.


(in thousands)	2025		2024

Balance at beginning of period	$	243	$	458
Provisions for credit losses	12		240
Write-offs charged against the allowance	(77)		(241)
Recoveries of amounts previously written off	(171)		(214)
Balance at end of period	$	7	$	243


	Year Ended December 31,
(in thousands)	2025		2024

Licensed content, net
Released, less amortization and impairment	$	9,307	$	10,190
Prepaid and unreleased	11,209		3,139
Total licensed content, net	20,516		13,329

Produced content, net
Released, less amortization and impairment	10,292		17,717
In production	192		465
Total produced content, net	10,484		18,182
Total content assets, net	$	31,000	$	31,511

Of the $9.3 million unamortized cost of licensed content that had been released as of December 31, 2025, the Company expects that $5.9 million, $2.0 million, and $0.5 million will be amortized in each of the next three years. Of the $10.3 million unamortized cost of produced content that had been released as of December 31, 2025, the Company expects that $4.7 million, $3.5 million, and $1.5 million will be amortized in each of the next three years.

As of December 31, 2025, the Company has licensed content that is contractually completed but not yet released. The timing of the release for this content is uncertain, and therefore, the Company cannot reasonably

estimate the portion of costs that will be amortized in the next 12 months. The Company will recognize amortization once the content is published and available for monetization.

Content assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. No impairment charges were recognized during the years ended December 31, 2025 and 2024.

In accordance with its accounting policy for content assets, the Company amortizes licensed content costs and produced content costs, which is included within cost of revenues in the Company’s consolidated statements of operations. For the years ended December 31, 2025, and 2024, content amortization was as follows:


	Year Ended December 31,
(in thousands)	2025		2024

Accrued payroll and benefits	$	4,964	$	2,540
Accrued revenue share	3,846		956
Sales & Income Tax liabilities	935		946
Accrued royalties	452		53
Operating lease liabilities	428		396
Dividends payable	408		1,415
Other accrued expenses	1,061		697
Total	$	12,094	$	7,003


	Estimated Useful Life (in Years)	Year Ended December 31,
(in thousands)		2025		2024

Furniture and fixtures	10 to 15	$	98	$	101
Equipment	5	942		1,040
Computer and software	3 to 5	379		470
Website and application development	3	—		37
Leasehold improvements	Lesser of lease term or lives	703		703
Work-in-progress	—	—		77
Property and equipment, gross		2,122		2,428
Less accumulated depreciation and amortization		1,718		1,908
Property and equipment, net		$	404	$	520

Depreciation and amortization expense related to property and equipment, including the amortization of internal-use software and leasehold improvements, was $0.1 million and $0.3 million for the years ended December 31, 2025, and 2024, respectively.

As described in Note 6 - Stockholders' Equity, the Private Placement Warrants were classified as a non-current liability and reported at fair value at each reporting period. All such warrants expired unexercised on October 14, 2025. As of December 31, 2025, there was no outstanding warrant liability on the consolidated balance sheet.