v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company leverages its Platform to build content verticals powered by anchor brands. The Company’s strategy is to focus on key subject matter verticals where audiences are passionate about a topic category where it can leverage the
strength of its core brands to grow its audience and monetize editorially focused online content through various display and video advertisements that are viewed by internet users of the content.
The Company’s CODM is the Chief Executive Officer. The Company’s CODM reviews segment gross profit by vertical when evaluating performance and making resource allocation decisions. This segment profit measure is defined as segment revenue less segment cost of revenue, consisting of costs and expenses directly attributable to the segment. The Company has four reportable segments: Sports & Leisure, Finance, Lifestyle, and Platform & Other. The Company’s reportable segments are organized in subject matter verticals that offer content on the respective topic.
Each of the reportable segments derives its revenue from digital advertising, digital subscriptions, publisher revenue, performance marketing, and other digital revenue.
The following tables summarize key financial information by segment:
Three Months Ended June 30, 2026
Sports & LeisureFinanceLifestylePlatform & OtherTotal
Digital advertising$3,492 $3,827 $5,557 $461 
Digital subscriptions— 751 — 54 
Publisher revenue1,553 648 938 365 
Performance Marketing722 639 1,452 75 
Other digital revenue260 35 35 1,108 
Total digital revenue6,027 5,900 7,982 2,063 
Print revenue60 10 141 — 
Total revenue6,087 5,910 8,123 2,063 $22,183 
Less: (1)
External Cost of Content940 947 1,367 548 
Internal Cost of Content1,517 850 1,300 308 
Technology costs654 290 456 227 
Print, distribution and fulfillment costs2 — 79 — 
Other segment items (2)17 — 27 785 
Segment gross profit$2,957 $3,823 $4,894 $195 11,869 
Reconciliation of Segment Gross Profit to Loss Before Income Taxes:
Less unallocated cost of revenue amounts:
Internal cost of content513 
Technology costs1,610 
Amortization of developed technology and platform development1,078 
Selling and marketing1,825 
General and administrative3,655 
Depreciation and amortization908 
Interest expense, net2,450 
Liquidated damages76 
Total unallocated costs12,115 
Loss before income taxes$(246)
(1)The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker.
(2)Other segment items primarily consist of sponsored content costs.
Three Months Ended June 30, 2025
Sports & LeisureFinanceLifestylePlatform & OtherTotal
Digital advertising$12,513 $8,254 $8,812 $2,114 
Digital subscriptions— 1,479 — — 
Publisher revenue2,619 646 1,757 599 
Performance Marketing1,499 2,715 1,516 — 
Other digital revenue39 — 1 204 
Total digital revenue16,670 13,094 12,086 2,917 
Print revenue53 3 189 — 
Total revenue16,723 13,097 12,275 2,917 $45,012 
Less: (1)
External Cost of Content3,176 1,869 2,055 1,527 
Internal Cost of Content1,736 1,636 2,025 53 
Technology costs964 524 557 333 
Print, distribution and fulfillment costs(47)— 120 (286)
Other segment items4 — — — 
Segment gross profit$10,890 $9,068 $7,518 $1,290 28,766 
Reconciliation of Segment Gross Profit to Income Before Income Taxes:
Less unallocated cost of revenue amounts:
Internal cost of content825 
Technology costs1,398 
Amortization of developed technology and platform development1,108 
Selling and marketing1,942 
General and administrative6,200 
Depreciation and amortization881 
Interest expense, net2,945 
Liquidated damages76 
Total unallocated costs15,375 
Income before income taxes$13,391 
(1)The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker.