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

Note 2. Revenues

Disaggregation of Revenue

The following table depicts the Company's disaggregated revenue for the periods presented:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Subscription

 

$

18,800

 

 

$

21,380

 

 

$

37,853

 

 

$

46,612

 

Advisory

 

 

201

 

 

 

313

 

 

 

530

 

 

 

1,376

 

Advertising

 

 

335

 

 

 

500

 

 

 

589

 

 

 

955

 

Other revenue

 

 

245

 

 

 

1,071

 

 

 

634

 

 

 

1,832

 

Total

 

$

19,581

 

 

$

23,264

 

 

$

39,606

 

 

$

50,775

 

Revenue by Geographic Locations

The following table depicts the Company’s revenue by geographic operations for the periods presented:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

North America

 

$

18,348

 

 

$

21,699

 

 

$

37,123

 

 

$

43,609

 

Rest of the world

 

 

1,233

 

 

 

1,565

 

 

 

2,483

 

 

 

7,166

 

Total

 

$

19,581

 

 

$

23,264

 

 

$

39,606

 

 

$

50,775

 

Revenues by geography are determined based on the region of the Company's contracting entity, which may be different than the region of the customer. North America revenue consists solely of revenue attributed to the United States. For the three months ended June 30, 2026 and 2025, revenue attributed to Belgium (presented within the Rest of the world in the above table) represented approximately 6% and 5% of total revenues, respectively. For the six months ended June 30, 2026 and 2025, revenue attributed to the Belgium (presented within the Rest of the world in the above table) represented approximately 6% and 5% of total revenues, respectively. For the six months ended June 30, 2025, revenue attributed to the United Kingdom represented approximately 8% of total revenues. No other foreign country represented more than 5% of total revenue during the three and six months ended June 30, 2026 and 2025.

Contract Assets

The Company had contract assets of $365, $590, and $1,240 as of June 30, 2026, December 31, 2025, and December 31, 2024, respectively. Contract assets are generated when contractual billing schedules differ from the timing of revenue recognition or cash collections. They represent a conditional right to consideration for satisfied performance obligations that becomes a receivable when the conditions are satisfied. They are recorded as part of other current assets on the condensed consolidated balance sheets.

Deferred Revenue

Details of the Company’s deferred revenue for the periods presented are as follows:

Balance at December 31, 2024

 

$

35,475

 

Sale of Dragonfly and Oxford Analytica

 

 

(7,342

)

Revenue recognized in the current period from amounts in the prior balance

 

 

(25,871

)

New deferrals, net of amounts recognized in the current period

 

 

30,453

 

Effects of foreign currency

 

 

468

 

Balance at June 30, 2025

 

$

33,183

 

 

 

 

 

Balance at December 31, 2025

 

$

30,044

 

Revenue recognized in the current period from amounts in the prior balance

 

 

(22,037

)

New deferrals, net of amounts recognized in the current period

 

 

22,887

 

Effects of foreign currency

 

 

(68

)

Balance at June 30, 2026

 

$

30,826

 

Costs to Obtain

During the six months ended June 30, 2026 and 2025, the Company capitalized $472 and $1,124 of costs to obtain revenue contracts. The Company amortized costs capitalized to obtain revenue contracts in the amount of $623 and $804 to sales and marketing expense during the three months ended June 30, 2026 and 2025, respectively, and $1,317 and $1,688 during the six months ended June 30, 2026 and 2025, respectively. There were no impairments of costs capitalized to obtain revenue contracts for the three and six months ended June 30, 2026 and 2025.

Unsatisfied Performance Obligations

At June 30, 2026, the Company had $62,338 of remaining contract consideration for which revenue has not been recognized due to unsatisfied performance obligations. The Company expects to recognize this over the next five years.