v3.26.1
SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
SEGMENT INFORMATION

NOTE 13 — SEGMENT INFORMATION

 

During the six months ended June 30, 2026, we updated our reportable segments that were primarily driven by acquisitions completed during the period (see Note 3 — Business Combinations). We now operate three reportable segments: Media & Information Services, Asset Management and Bitcoin Operations.

 

  ● Media & Information Services: Consists of events, digital, advisory, print, and other revenue streams
  ● Asset Management: Identifies, invests in, and manages investments in a range of opportunities including early-stage technology companies and other blockchain-related ventures.
  ● Bitcoin Operations: Manages our digital asset treasury strategy, including acquiring and holding Bitcoin and other digital assets, as well as related investment activities.

 

We evaluate segment performance based on operating income (loss), which represents operating revenues less operating expenses attributable to each segment.

 

 

The following table represents segment results for the three months ended June 30, 2026 (in thousands):

 

   Media & Information Services   Asset Management   Bitcoin Operations   Other (1)   Eliminations   Total 
Operating revenues:                              
Media  $24,428   $-   $-   $-   $(373)  $24,055 
Advisory   714    -    -    216    -    930 
Asset management   -    466    -    -    -    466 
Derivative   -    -    10,418    -    -    10,418 
Total operating revenues   25,142    466    10,418    216    (373)   35,869 
                               
Operating expenses:                              
Cost of revenue   14,643    -    486    -    -    15,129 
Compensation   5,721    433    86    3,348    -    9,588 
General and administrative   1,157    321    171    3,421    (373)   4,697 
Depreciation and amortization   1,669    763    -    -    -    2,432 
Impairment of goodwill   80,595    24,581    -    -    -    105,176 
Loss on change in fair value of digital assets   104    -    48,607    -    -    48,711 
(Gain) loss on investments   (2,947)   -    2,162    -    -    (785)
Total operating expenses   100,942    26,098    51,512    6,769    (373)   184,948 
                               
Segment operating loss  $(75,800)  $(25,632)  $(41,094)  $(6,553)  $-   $(149,079)

 

(1)We included revenue and operating expenses allocated to Other to show the rollup to the condensed consolidated statement of comprehensive loss for the three months ended June 30, 2026.

 

The following table represents segment results for the six months ended June 30, 2026 (in thousands):

 

   Media & Information Services   Asset Management   Bitcoin Operations   Other (1)   Eliminations   Total 
Operating revenues:                              
Media  $24,905   $-   $-   $-   $(441)  $24,464 
Advisory   1,070    -    -    370    -    1,440 
Asset management   -    675    -    -    -    675 
Derivative   -    -    11,489    -    -    11,489 
Total operating revenues   25,975    675    11,489    370    (441)   38,068 
                               
Operating expenses:                              
Cost of revenue   14,720    -    641    -    -    15,361 
Compensation   7,813    672    378    7,236    -    16,099 
General and administrative   1,814    417    317    12,141    (441)   14,248 
Depreciation and amortization   2,436    1,093    -    -    -    3,529 
Impairment of goodwill   80,595    24,581    -    -    -    105,176 
Loss on change in fair value of digital assets   104    -    151,092    -    -    151,196 
(Gain) loss on investments   (2,947)   -    10,047    -    -    7,100 
Total operating expenses   104,535    26,763    162,475    19,377    (441)   312,709 
                               
Segment operating loss  $(78,560)  $(26,088)  $(150,986)  $(19,007)  $-   $(274,641)

 

(1)We included revenue and operating expenses allocated to Other to show the rollup to the condensed consolidated statement of comprehensive loss for the six months ended June 30, 2026.

 

 

The following table reconciles our segment operating loss to net loss from continuing operations before benefit from income taxes for the three and six months ended June 30, 2026 (in thousands):

 

  

Three Months Ended

June 30, 2026		  

Six Months Ended

June 30, 2026		 
Total segment operating loss  $(142,526)  $(255,634)
Corporate operating loss   (6,553)   (19,007)
Total operating loss   (149,079)   (274,641)
Other income, net   472    277 
Interest expense   (4,016)   (8,236)
Change in fair value of call option - related party   -    (107,744)
Net loss from continuing operations before benefit from income taxes  $(152,623)  $(390,344)

 

The following table represents assets by segment as of June 30, 2026, and December 31, 2025 (in thousands):

 

   Media & Information Services   Asset Management   Bitcoin Operations   Total 
Segment assets, June 30, 2026  $92,481   $35,257   $281,698   $409,436 
Segment assets, December 31, 2025   -    -    508,407    508,407 

 

The following table reconciles our total assets by reportable segment to total consolidated assets as of June 30, 2026, and December 31, 2025 (in thousands):

 

   June 30, 2026   December 31, 2025 
Total assets for reportable segments  $409,436   $508,407 
Other assets   13,078    220,118 
Assets from discontinued operations   -    2,083 
Consolidated total  $422,514   $730,608