Prepaid Expenses and Other Assets, net

3 Months Ended

Mar. 31, 2026

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Current Assets, net


	As of
	March 31, 2026		December 31, 2025
	(in thousands of USD)
Advance payments, net	$	40,530	$	38,138
Prepaid expenses	13,856		14,635
Term deposits	11,137		10,774
Other current assets, net	7,846		9,100
Total other current assets, net	$	73,369	$	72,647

Advance payments are primarily comprised of the advance payments for production of film contents and the payment of minimum guarantees to creators or publishers for their provision of content, such as web-comics, on the Company’s platform.

The advance payments for production of film contents are directly related to the contract that will be used to satisfy a future performance obligation and are expected to be recovered. These costs are amortized on a systematic basis consistent with the transfer of services to the customer to which the asset relates. The Company recorded amortization expense of $6.4 million and $11.6 million during the three months ended March 31, 2026, and 2025, respectively. The Company's balance of advance payments, net due to film production contracts was $31.9 million and $29.0 million as of March 31, 2026, and December 31, 2025, respectively.

The advance payments for minimum guarantees are amortized as associated commission expenses payable to creators or publishers are incurred. When the Company determines the estimated future commission expenses payable are less than the carrying amount of such advance payments, the remaining portion of that advance payment is charged to expense in the period in which such determination is made.

As of March 31, 2026, and December 31, 2025, $8.5 million and $8.7 million, respectively, of the term deposit balance was pledged to Sumitomo Mitsui Banking Corporation as a compensating balance deposit on contract liabilities of the Company’s subsidiary in accordance with the Payment Services Act in Japan.

Other Non-Current Assets, net


	As of
	March 31, 2026		December 31, 2025
	(in thousands of USD)
Advance payments, net	$	27,753	$	25,486
Long-term loans, net	29,292		30,890
Other non-current assets, net	8,636		8,818
Total other non-current assets, net	$	65,681	$	65,194

Long-term advance payments represent the portion of advance payments expected to remain on the balance sheet beyond one year. When the Company determines the estimated future commission expenses payable are less than the carrying amount of the long-term advance payments, the remaining portion of that long-term advance payment is charged to expense in the period in which such determination is made. The Company's balance of advance payments, net due to film production contracts was $9.8 million and $7.3 million as of March 31, 2026, and December 31, 2025, respectively.