v3.26.1
Revenue and Related Contract Liabilities
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue and Related Contract Liabilities

NOTE 2. REVENUE AND RELATED CONTRACT LIABILITIES

Contract Liabilities

A contract liability represents an entity’s obligation to transfer goods or services to a customer for which the entity has received consideration from the customer before transferring control of those goods or services. The Company periodically receives customer deposits prior to transferring the related product(s) or service(s) to the customer, which are recorded as “Contract liabilities” in the Condensed Consolidated Balance Sheets. The contract liabilities are recognized as revenue upon satisfaction of the related contract performance obligation(s). The Company’s performance obligations are short-term in nature. The contract liabilities as of December 31, 2025, will be primarily recognized in revenue during the year ending December 31, 2026.

Disaggregation of Revenue

The following tables disaggregate revenue by major service and product lines, timing of revenue recognition, and geographical regions served for the three and six months ended June 30, 2026 and 2025:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(in thousands)

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Services:

 

 

 

 

 

 

 

 

 

 

 

 

Ticket revenue

 

$

54,668

 

 

$

53,200

 

 

$

77,814

 

 

$

72,152

 

Rooms revenue

 

 

32,973

 

 

 

25,952

 

 

 

46,063

 

 

 

33,291

 

Other

 

 

10,874

 

 

 

5,234

 

 

 

13,785

 

 

 

6,842

 

Transportation

 

 

3,696

 

 

 

3,677

 

 

 

5,778

 

 

 

5,512

 

Total services revenue

 

 

102,211

 

 

 

88,063

 

 

 

143,440

 

 

 

117,797

 

Products:

 

 

 

 

 

 

 

 

 

 

 

 

Food and beverage

 

 

19,718

 

 

 

17,324

 

 

 

28,248

 

 

 

23,447

 

Retail operations

 

 

11,564

 

 

 

11,356

 

 

 

13,447

 

 

 

13,078

 

Total products revenue

 

 

31,282

 

 

 

28,680

 

 

 

41,695

 

 

 

36,525

 

Total revenue

 

$

133,493

 

 

$

116,743

 

 

$

185,135

 

 

$

154,322

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Timing of revenue recognition:

 

 

 

 

 

 

 

 

 

 

 

 

Services transferred over time

 

$

102,211

 

 

$

88,063

 

 

$

143,440

 

 

$

117,797

 

Products transferred at a point in time

 

 

31,282

 

 

 

28,680

 

 

 

41,695

 

 

 

36,525

 

Total revenue

 

$

133,493

 

 

$

116,743

 

 

$

185,135

 

 

$

154,322

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Geographical regions:

 

 

 

 

 

 

 

 

 

 

 

 

Canada

 

$

68,296

 

 

$

66,850

 

 

$

89,544

 

 

$

86,365

 

U.S.

 

 

39,422

 

 

 

35,530

 

 

 

45,791

 

 

 

41,012

 

Iceland

 

 

17,395

 

 

 

14,363

 

 

 

31,460

 

 

 

26,945

 

Costa Rica ⁽¹⁾

 

 

8,380

 

 

 

—

 

 

 

18,340

 

 

 

—

 

Total revenue

 

$

133,493

 

 

$

116,743

 

 

$

185,135

 

 

$

154,322

 

 

(1) Tabacón was acquired by Pursuit on July 1, 2025. Accordingly, the revenue of Tabacón is included in the Company’s results of operations prospectively from the date of acquisition.