v3.26.1
Segment and Geographic Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment and Geographic Information Segment and Geographic Information
Segment Information
The Company operates as one reportable segment, which derives its revenue from paid content, advertising, and IP adaptations revenue streams. Our chief operating decision maker (“CODM”) is the Chief Executive Officer. The CODM reviews financial information presented on a consolidated basis for the purposes of allocating resources and evaluating financial performance. The CODM manages the Company as a consolidated ecosystem because the revenue streams are interrelated, and resources are shared.
The CODM uses net income (loss) as reported in our Condensed Consolidated Statements of Operations and Comprehensive Loss to assess performance and allocate resources such as employees and capital expenditures. Additionally, the net income (loss) is used to monitor trends in year-over-year or quarter-over-quarter performance comparisons and to compare actual results to forecasts.
The CODM receives and reviews expenses included in segment operating performance regularly. However, the CODM reviews general and administrative expenses on a more disaggregated basis to ensure the resources are in line with its business and operating needs.
The measure of segment revenue and assets are reported on the Condensed Consolidated Statements of Operations and Comprehensive Loss as total sales and the Condensed Consolidated Balance Sheets as total assets, respectively.
All intercompany and intra-entity transactions and balances have been eliminated.
The following table presents reportable segment profit and loss, including significant expense categories, attributable to the Company's reportable segment for the periods presented:
Three Months EndedSix Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
(in thousands of USD)(in thousands of USD)
Revenue$338,465 $348,271 $659,337 $673,978 
Cost of revenue250,329 260,992 488,153 515,088 
Marketing38,336 31,070 68,856 62,613 
General and administrative expenses - labor related26,956 25,569 53,470 48,942 
General and administrative expenses - non-labor related38,412 39,403 72,457 82,732 
Interest income(4,485)(4,910)(8,859)(10,023)
Interest expense17 2 34 4 
Loss(income) on equity method investment, net(988)(507)(542)62 
Other loss (income), net(2,472)1,367 (467)(1,303)
Income tax (benefit) expense6,937 (832)9,609 1,715 
Net Income (Loss)$(14,577)$(3,883)$(23,374)$(25,852)
The following non-cash expense items are also included in the measure of segment profit or loss reviewed by the CODM:
Stock-based compensation1
$11,737 $6,740 $19,340 $22,927 
Depreciation and amortization$7,343 $8,407 $15,341 $16,844 
1The measure of stock-based compensation excludes expenses related to Phantom Units.

Geographic Information
Refer to Note 2. Revenue for revenues by location. The Company’s long-lived tangible assets as well as the Company’s operating lease right-of-use assets recognized on the Consolidated Balance Sheets as of June 30, 2026, and December 31, 2025, were located as follows:
As of
June 30,
2026		December 31,
2025
(in thousands of USD)
Korea$11,782 $14,131 
Japan13,277 15,620 
Rest of World1
10,005 2,294 
Total long-lived tangible assets and operating lease right-of-use assets$35,064 $32,045 
1Rest of the World includes long-lived tangible assets and operating lease right-of-use assets located in the United States, of 8.9 million and $1.1 million as of June 30, 2026 and December 31, 2025, respectively.