v3.26.1
Segment Reporting
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company leverages its Platform to build content verticals powered by anchor brands. The Company’s strategy is to focus on key subject matter verticals where audiences are passionate about a topic category where it can leverage the strength of its core brands to grow its audience and monetize editorially focused online content through various display and video advertisements that are viewed by internet users of the content.
The Company’s CODM is the Chief Executive Officer. The Company’s CODM reviews segment gross profit by vertical when evaluating performance and making resource allocation decisions. This segment profit measure is defined as segment revenue less segment cost of revenue, consisting of costs and expenses directly attributable to the segment. The Company
has four reportable segments: Sports & Leisure, Finance, Lifestyle, and Platform & Other. The Company’s reportable segments are organized in subject matter verticals that offer content on the respective topic.
Each of the reportable segments derives its revenue from digital advertising, digital subscriptions, publisher revenue, performance marketing, and other digital revenue.
The following tables summarize key financial information by segment:
Three Months Ended March 31, 2026
Sports & LeisureFinanceLifestylePlatform & OtherTotal
Digital advertising$3,145 $3,088 $4,244 $884 
Digital subscriptions— 750 — 67 
Publisher revenue2,116 566 1,019 550 
Performance Marketing711 776 1,024 (1)
Other digital revenue195 36 21 954 
Total digital revenue6,167 5,216 6,308 2,454 
Print revenue59 — 201 1 
Total revenue6,226 5,216 6,509 2,455 $20,406 
Less: (1)
External Cost of Content899 753 1,110 930 
Internal Cost of Content1,558 1,011 1,378 296 
Technology costs744 151 238 147 
Print, distribution and fulfillment costs1 — 151 — 
Other segment items (2)12 — — 625 
Segment gross profit$3,012 $3,301 $3,632 $457 10,402 
Reconciliation of Segment Gross Profit to Loss Before Income Taxes:
Less unallocated cost of revenue amounts:
Internal cost of content479 
Technology costs1,792 
Amortization of developed technology and platform development1,050 
Selling and marketing1,851 
General and administrative4,641 
Depreciation and amortization893 
Interest expense, net2,421 
Loss on impairment of assets— 
Change in valuation of contingent consideration— 
Liquidated damages75 
Total unallocated costs13,202 
Loss before income taxes$(2,800)
(1)The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker.
(2)Other segment items primarily consist of sponsored content costs.
Three Months Ended March 31, 2025
Sports & LeisureFinanceLifestylePlatform & OtherTotal
Digital advertising$9,716 $3,959 $5,164 $2,978 
Digital subscriptions— 1,649 — 22 
Publisher revenue1,611 454 862 157 
Performance Marketing1,108 2,036 1,646 — 
Other digital revenue28 — — 218 
Total digital revenue12,463 8,098 7,672 3,375 
Print revenue— — 207 — 
Total revenue12,463 8,098 7,879 3,375 $31,815 
Less: (1)
External Cost of Content1,972 85 127 1,911 
Internal Cost of Content1,996 2,250 2,381 8 
Technology costs958 537 508 351 
Print, distribution and fulfillment costs1 — 176 — 
Other segment items— 2 — — 
Segment gross profit$7,536 $5,224 $4,687 $1,105 18,552 
Reconciliation of Segment Gross Profit to Income Before Income Taxes:
Less unallocated cost of revenue amounts:
Internal cost of content360 
Technology costs1,247 
Amortization of developed technology and platform development1,276 
Selling and marketing2,134 
General and administrative5,283 
Depreciation and amortization890 
Interest expense, net3,004 
Loss on impairment of assets— 
Change in valuation of contingent consideration— 
Liquidated damages75 
Total unallocated costs14,269 
Income before income taxes$4,283 
(1)The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker.
The Company’s long-lived assets, consisting of property and equipment, and operating leases, are located in the United States. No asset information is provided to the CODM.