Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2026

The following table summarizes our contract assets and certain contract liabilities (in thousands):


	March 31, 2026		December 31, 2025		December 31, 2024
Accounts receivable	$	3,678	$	4,120	$	7,271
Contract Balances:
Contract assets, current portion	$	2,787	$	1,733	$	1,531
Contract assets, net of current portion	7,767		7,467		7,848
Contract liabilities, current portion	(8,027)		(11,015)		(9,693)
Contract liabilities, net of current portion	(12,532)		(14,252)		(5,762)
Contract liabilities, net	$	(10,005)	$	(16,067)	$	(6,076)

The following tables provide a roll-forward of our netted contract assets and contract liabilities (in thousands):


	Contract Liabilities, Net
Balance at December 31, 2025	$	(16,067)
Revenues recognized that were included in gross contract liabilities at December 31, 2025	13,297
Contract assets reclassified to accounts receivable in the three months ended March 31, 2026	(6,755)
Cash received in advance and remained in net contract liabilities at March 31, 2026	(319)
Contract terminations in the three months ended March 31, 2026	90
Other	(251)
Balance at March 31, 2026	$	(10,005)


	Contract Liabilities, Net
Balance at December 31, 2024	$	(6,076)
Revenues recognized that were included in gross contract liabilities at December 31, 2024	8,683
Contract assets reclassified to accounts receivable in the three months ended March 31, 2025	(2,242)
Cash received in advance and remained in net contract liabilities at March 31, 2025	(557)
Contract modifications and terminations in the three months ended March 31, 2025	50
Balance at March 31, 2025	$	(142)

The following table disaggregates revenue by type (in thousands):


	Three Months Ended March 31, 2026
	Direct-to-Consumer		Licensing		Corporate		All Other		Total
Consumer products	$	18,847	$	—	$	51	$	—	$	18,898
Trademark licensing	—		10,932		—		—		10,932
Digital subscriptions and products	—		—		81		319		400
Events and sponsorships	—		—		6		—		6
Total revenues	$	18,847	$	10,932	$	138	$	319	$	30,236


	Three Months Ended March 31, 2025
	Direct-to-Consumer		Licensing		Corporate		All Other		Total
Consumer products	$	16,331	$	—	$	33	$	—	$	16,364
Trademark licensing	—		11,451		—		—		11,451
Digital subscriptions and products	—		—		63		846		909
Events and sponsorships	—		—		151		—		151

Total revenues	$	16,331	$	11,451	$	247	$	846	$	28,875

The following table disaggregates revenue by point in time versus over time (in thousands):