Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2026

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


	September 30, 2026		December 31, 2025		December 31, 2024
Accounts receivable	$	10,217	$	4,120	$	7,271
Contract Balances:
Contract assets, current portion	$	1,693	$	1,733	$	1,531
Contract assets, net of current portion	6,850		7,467		7,848
Contract liabilities, current portion	(8,974)		(11,015)		(9,693)
Contract liabilities, net of current portion	(12,405)		(14,252)		(5,762)
Contract liabilities, net	$	(12,836)	$	(16,067)	$	(6,076)

The following tables provide a roll-forward of our contract liabilities, net (in thousands):


	Contract Liabilities, Net
Balance at December 31, 2025	$	(16,067)
Revenues recognized that were included in gross contract liabilities at December 31, 2025	35,657
Contract assets reclassified to accounts receivable in the nine months ended September 30, 2026	(31,481)
Cash received in advance and remained in net contract liabilities at September 30, 2026	(772)
Contract terminations in the nine months ended September 30, 2026	(173)
Balance at September 30, 2026	$	(12,836)


	Contract Liabilities, Net
Balance at December 31, 2024	$	(6,076)
Revenues recognized that were included in gross contract liabilities at December 31, 2024	21,332
Contract assets reclassified to accounts receivable in the nine months ended September 30, 2025	(13,195)
Cash received in advance and remained in net contract liabilities at September 30, 2025	(15,848)
Contract terminations in the nine months ended September 30, 2025	215
Balance at September 30, 2025	$	(13,572)

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


	Three Months Ended September 30, 2026										Nine Months Ended September 30, 2026
	Direct-to-Consumer		Licensing		Corporate		All Other		Total		Direct-to-Consumer		Licensing		Corporate		All Other		Total
Consumer products	$	18,368	$	—	$	131	$	—	$	18,499	$	56,702	$	—	$	375	$	—	$	57,077
Trademark licensing	—		12,635		—		—		12,635		—		34,736		—		—		34,736
Digital subscriptions and products	—		—		73		253		326		—		—		263		827		1,090
Events and sponsorships	—		—		7		—		7		—		—		18		—		18
Total net revenue from contracts with customers	18,368		12,635		211		253		31,467		56,702		34,736		656		827		92,921
Collaborative arrangement revenue	—		—		247		—		247		—		—		247		—		247
Total net revenues	$	18,368	$	12,635	$	458	$	253	$	31,714	$	56,702	$	34,736	$	903	$	827	$	93,168


	Three Months Ended September 30, 2025										Nine Months Ended September 30, 2025
	Direct-to-Consumer		Licensing		Corporate		All Other		Total		Direct-to-Consumer		Licensing		Corporate		All Other		Total
Consumer products	$	16,388	$	—	$	—	$	—	$	16,388	$	49,212	$	—	$	43	$	—	$	49,255
Trademark licensing	—		11,995		—		—		11,995		—		34,378		—		—		34,378
Digital subscriptions and products	—		—		93		513		606		—		—		212		1,947		2,159
Events and sponsorships	—		—		5		—		5		—		—		225		—		225
Total net revenues	$	16,388	$	11,995	$	98	$	513	$	28,994	$	49,212	$	34,378	$	480	$	1,947	$	86,017

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Point in time (1)	$	18,753	$	16,393	$	57,342	$	49,542
Over time	12,961		12,601		35,826		36,475
Total net revenues	$	31,714	$	28,994	$	93,168	$	86,017
_________________ (1) Includes $0.2 million of our share of net profit under a collaborative arrangement related to a paid voting initiative accounted for under ASC 808, Collaborative Arrangements, which is not revenue from contracts with customers.