v3.26.1
REVENUE FROM CONTRACTS WITH CUSTOMERS
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
REVENUE FROM CONTRACTS WITH CUSTOMERS

NOTE 10 — REVENUE FROM CONTRACTS WITH CUSTOMERS

 

Our revenues are disaggregated based on revenue type, including (i) media, (ii) advisory services, (iii) asset management, and (iv) derivatives.

 

 

Our net revenues for the three and six months ended June 30, 2026, are disaggregated as follows (in thousands):

 

   Three Months Ended
June 30, 2026		   Six Months Ended
June 30, 2026		 
Revenue from contracts with customers (ASC 606):          
Media:          
Events  $23,199   $23,199 
Digital   115    442 
Print   55    94 
Other   686    729 
Total media   24,055    24,464 
Advisory   930    1,440 
Asset management:          
Management fees   466    675 
Performance fees   -    - 
Total asset management   466    675 
Total revenue from contracts with customers   25,451    26,579 
Revenue outside the scope of ASC 606:          
Derivative (accounted for under ASC 815)   10,418    11,489 
Total revenue  $35,869   $38,068 

 

The disaggregation of revenue from contracts with customers presented above reflects revenue from continuing operations. Revenue from the legacy Healthcare Operations segment, which has been presented as a discontinued operation for all periods presented, is excluded from the tables above. For additional information on discontinued operations, see Note 11 — Discontinued Operations.

 

Contract Liabilities

 

Contract liabilities represent consideration received from customers in advance of our satisfaction of performance obligations and are recognized as revenue when control of the promised goods or services is transferred to customers.

 

The following table presents the changes in contract liabilities for the six months ended June 30, 2026 (in thousands):

 

   Amount 
Balance as of December 31, 2025  $- 
Add: contract liabilities assumed in BTC Merger (see Note 3) (1)   20,070 
Measurement period adjustments (Note 3)   189 
Additions   11,183 
Revenue recognized   (24,036)
Other   (180)
Balance as of June 30, 2026  $7,226 

 

(1) Includes $0.3 million of intercompany contract liabilities that were eliminated upon consolidation.

 

Contract liabilities in the acquisition represent deferred revenue from the acquired business and were recorded in connection with the acquisition of BTC Inc. See Note 3 — Business Combinations for further details. Approximately $18.0 million of the total $24.0 million of revenue recognized during the six months ended June 30, 2026, related to contract liabilities assumed in the BTC Merger.

 

Remaining Performance Obligations

 

As of June 30, 2026, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $7.2 million. We expect to recognize approximately $3.4 million of this revenue over the next 12 months and the remainder thereafter over the contractual terms of the underlying arrangements, which generally range from 1 – 2 years.