v3.26.3
Segments (Tables)
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Schedule of Segment Reporting
The following table sets forth financial information by reportable segment and attributable to corporate and certain other activities (in thousands):
Three Months Ended September 30,
20262025
Direct-to-ConsumerLicensingCorporate
All Other
TotalDirect-to-ConsumerLicensingCorporate
All Other
Total
Net revenues$18,368 $12,635 $458 $253 $31,714 $16,388 $11,995 $98 $513 $28,994 
Cost of sales(1)
(6,952)(459)— — (7,411)(6,428)(525)— (1)(6,954)
Gross profit11,416 12,176 458 253 24,303 9,960 11,470 98 512 22,040 
Personnel(5,099)(369)(5,630)— (11,098)(4,561)(996)(3,740)— (9,297)
Rent(1,893)— (368)— (2,261)(1,759)— (126)— (1,885)
Marketing(1,804)— (70)— (1,874)(1,352)(106)(287)— (1,745)
Other segment items(2)
(1,964)(933)(2,170)— (5,067)(2,509)(2,663)(2,575)— (7,747)
Operating income (loss)656 10,874 (7,780)253 4,003 (221)7,705 (6,630)512 1,366 
Interest expense, net(2,565)(1,926)
Other income, net628 460 
Income (loss) before income taxes $2,066 $(100)
_________________
(1) Direct-to-consumer cost of sales includes an immaterial amount of personnel and rent for the three months ended September 30, 2026 and 2025.
(2) Includes intercompany expense allocations from our corporate segment to our direct-to-consumer segment of $1.0 million and $0.9 million for the three months ended September 30, 2026 and 2025, respectively, which eliminate in consolidation.
Nine Months Ended September 30,
20262025
Direct-to-ConsumerLicensingCorporateAll OtherTotalDirect-to-ConsumerLicensingCorporate
All Other(3)
Total
Net revenues$56,702 $34,736 $903 $827 $93,168 $49,212 $34,378 $480 $1,947 $86,017 
Cost of sales (1)
(21,813)(2,425)(1,113)— (25,351)(20,170)(3,624)— (1,952)(25,746)
Gross profit34,889 32,311 (210)827 67,817 29,042 30,754 480 (5)60,271 
Personnel(14,697)(1,060)(15,403)— (31,160)(13,714)(2,780)(14,276)(3,308)(34,078)
Rent(5,584)— (864)— (6,448)(5,180)(12)(1,245)— (6,437)
Marketing(5,261)(26)(390)— (5,677)(4,150)(135)(894)(34)(5,213)
Transaction expenses— — (3,364)— (3,364)— — — — — 
Other segment items (2)
(7,109)(2,877)(5,845)— (15,831)(7,499)(5,613)(10,981)(1,227)(25,320)
Operating income (loss)2,238 28,348 (26,076)827 5,337 (1,501)22,214 (26,916)(4,574)(10,777)
Interest expense, net(7,282)(5,721)
Other income, net2,155 1,662 
Income (loss) before income taxes $210 $(14,836)
_________________
(1) Direct-to-consumer cost of sales includes an immaterial amount of personnel and rent for the nine months ended September 30, 2026 and 2025.
(2) Includes intercompany expense allocations from our corporate segment to our direct-to-consumer segment of $3.1 million and $2.7 million for the nine months ended September 30, 2026 and 2025, respectively, which eliminate in consolidation.
(3) For the nine months ended September 30, 2025, transition expenses associated with the digital businesses licensed to Byborg, which we are responsible for during the transition period pursuant to the TSA, reached the $5.0 million threshold, with $1.7 million recorded as cost of sales and $3.3 million recorded as selling and administrative expenses in the condensed consolidated statements of operations for the nine months ended September 30, 2025.
Schedule of Geographic Information The following table sets forth revenue by geographic area (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
Net revenues:
United States$9,596 $9,267 $30,062 $28,087 
Australia7,731 6,901 22,860 20,379 
Luxembourg5,000 5,000 15,000 15,000 
China4,356 3,125 10,386 9,501 
United Kingdom3,067 2,754 9,416 8,344 
Other1,964 1,947 5,444 4,706 
Total$31,714 $28,994 $93,168 $86,017