Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2026

The following table summarizes our contract assets and certain contract liabilities (in thousands):


	June 30, 2026		December 31, 2025		December 31, 2024
Accounts receivable	$	6,514	$	4,120	$	7,271
Contract Balances:
Contract assets, current portion	$	2,834	$	1,733	$	1,531
Contract assets, net of current portion	7,806		7,467		7,848
Contract liabilities, current portion	(9,462)		(11,015)		(9,693)
Contract liabilities, net of current portion	(12,026)		(14,252)		(5,762)
Contract assets (liabilities), net	$	(10,848)	$	(16,067)	$	(6,076)

The following tables provide a roll-forward of our netted contract assets and contract liabilities (in thousands):


	Contract (Liabilities) Assets, Net
Balance at December 31, 2025	$	(16,067)
Revenues recognized that were included in gross contract liabilities at December 31, 2025	23,826
Contract assets reclassified to accounts receivable in the six months ended June 30, 2026	(18,165)
Cash received in advance and remained in net contract liabilities at June 30, 2026	(481)
Contract terminations in the six months ended June 30, 2026	39

Balance at June 30, 2026	$	(10,848)


	Contract (Liabilities) Assets, Net
Balance at December 31, 2024	$	(6,076)
Revenues recognized that were included in gross contract liabilities at December 31, 2024	15,082
Contract assets reclassified to accounts receivable in the six months ended June 30, 2025	(6,185)
Cash received in advance and remained in net contract liabilities at June 30, 2025	(508)
Contract terminations in 2025	143
Balance at June 30, 2025	$	2,456

The following table disaggregates revenue by type (in thousands):


	Three Months Ended June 30, 2026										Six Months Ended June 30, 2026
	Direct-to-Consumer		Licensing		Corporate		All Other		Total		Direct-to-Consumer		Licensing		Corporate		All Other		Total
Consumer products	$	19,487	$	—	$	193	$	—	$	19,680	$	38,334	$	—	$	244	$	—	$	38,578
Trademark licensing	—		11,169		—		—		11,169		—		22,101		—		—		22,101
Digital subscriptions and products	—		—		109		255		364		—		—		190		574		764
Events and sponsorships	—		—		5		—		5		—		—		11		—		11
Total revenues	$	19,487	$	11,169	$	307	$	255	$	31,218	$	38,334	$	22,101	$	445	$	574	$	61,454


	Three Months Ended June 30, 2025										Six Months Ended June 30, 2025
	Direct-to-Consumer		Licensing		Corporate		All Other		Total		Direct-to-Consumer		Licensing		Corporate		All Other		Total
Consumer products	$	16,493	$	—	$	10	$	—	$	16,503	$	32,824	$	—	$	43	$	—	$	32,867
Trademark licensing	—		10,932		—		—		10,932		—		22,383		—		—		22,383
Digital subscriptions and products	—		—		56		588		644		—		—		119		1,434		1,553

Events and sponsorships	—		—		69		—		69		—		—		220		—		220
Total revenues	$	16,493	$	10,932	$	135	$	588	$	28,148	$	32,824	$	22,383	$	382	$	1,434	$	57,023

The following table disaggregates revenue by point in time versus over time (in thousands):