v3.26.1
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Jun. 30, 2026
Jun. 28, 2025
Jun. 30, 2026
Jun. 28, 2025
Revenues        
Total revenues $ 1,481,714 $ 1,073,795 $ 4,604,269 $ 3,305,263
Operating expenses        
Broadcasting and transmission 9,141 0 27,293 0
Sales and marketing 59,245 1,184 176,579 5,408
Technology and development 20,900 0 55,291 0
General and administrative 18,111 39,629 66,479 121,243
Depreciation and amortization 36,227 0 96,467 0
Total operating expenses 1,508,311 1,111,814 4,660,287 3,422,783
Operating loss (26,597) (38,019) (56,018) (117,520)
Other income (expense)        
Interest expense, net (2,988) 0 (7,245) 0
Amortization of debt premium, net 4,674 0 12,438 0
Other income (expense) (72) 0 1,282 0
Total other income (expense) 1,614 0 6,475 0
Loss before income taxes (24,983) (38,019) (49,543) (117,520)
Income tax provision (728) 0 (1,438) 0
Net loss (25,711) (38,019) (50,981) (117,520)
Less: net loss attributable to non-controlling interest 17,487 0 34,680 0
Net loss attributable to common shareholders (8,224) (38,019) (16,301) (117,520)
Other comprehensive loss        
Foreign currency translation adjustment 80 0 (100) 0
Comprehensive loss attributable to common shareholders $ (8,144) $ (38,019) $ (16,401) $ (117,520)
Earnings Per Share [Abstract]        
Net loss per share - basic (in usd per share) $ (0.25) $ 0 $ (0.52) $ 0
Net loss per share - diluted (in usd per share) $ (0.25) $ 0 $ (0.52) $ 0
Weighted average shares outstanding:        
Basic (in shares) 32,758,090 0 31,055,542 0
Diluted (in shares) 32,758,090 0 31,055,542 0
Nonrelated Party        
Operating expenses        
Subscriber related expenses $ 816,867 $ 496,221 $ 2,717,088 $ 1,492,313
Related party        
Revenues        
Total revenues 1,067,851 1,071,001 3,349,734 3,296,132
Operating expenses        
Subscriber related expenses 547,820 574,780 1,521,090 1,803,819
Subscription | Nonrelated Party        
Revenues        
Total revenues 300,403 0 939,651 0
Advertising | Nonrelated Party        
Revenues        
Total revenues 108,944 0 302,035 0
Other | Nonrelated Party        
Revenues        
Total revenues $ 4,516 $ 2,794 $ 12,849 $ 9,131