v3.26.1

Segment and Geographic Information (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2026
Segment and Geographic Information [Abstract] |
Schedule of Company’s Single Operating Segment | The following presents selected financial information with respect to the Company’s single operating segment:
|  | Three months ended June 30, |  |  | Six months ended June 30, |
|  | 2026 |  |  | 2025 |  |  | 2026 |  |  | 2025 |
Revenues |  | $ | 40,366,736 |  |  | $ | 25,084,631 |  |  | $ | 65,826,532 |  |  | $ | 48,791,421 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Programming and content |  | $ | 23,219,979 |  |  | $ | 21,072,163 |  |  | $ | 45,732,134 |  |  | $ | 45,824,817 |
Other cost of services |  |  | 7,387,088 |  |  |  | 5,470,144 |  |  |  | 11,872,116 |  |  |  | 10,753,664 |
General and administrative |  |  | 16,327,551 |  |  |  | 11,666,331 |  |  |  | 26,724,111 |  |  |  | 28,300,054 |
Research and development |  |  | 6,795,275 |  |  |  | 4,825,884 |  |  |  | 12,535,189 |  |  |  | 9,614,995 |
Sales and marketing |  |  | 10,379,335 |  |  |  | 7,891,526 |  |  |  | 18,911,816 |  |  |  | 11,530,452 |
Acquisition-related transaction costs |  |  | 28,314,638 |  |  |  | 2,388,105 |  |  |  | 33,161,645 |  |  |  | 2,388,105 |
Amortization and depreciation |  |  | 16,289,896 |  |  |  | 3,602,160 |  |  |  | 20,267,766 |  |  |  | 6,894,869 |
Changes in fair value of digital assets |  |  | 2,435,937 |  |  |  | (5,192,441 | ) |  |  | 6,501,540 |  |  |  | (3,493,025 | )
Total expenses |  |  | 111,149,699 |  |  |  | 51,723,872 |  |  |  | 175,706,317 |  |  |  | 111,813,931 |
Loss from operations |  |  | (70,782,963 | ) |  |  | (26,639,241 | ) |  |  | (109,879,785 | ) |  |  | (63,022,510 | )
Interest income |  |  | 742,622 |  |  |  | 2,898,945 |  |  |  | 2,628,065 |  |  |  | 5,083,231 |
Other expense |  |  | (4,831,299 | ) |  |  | (22,773 | ) |  |  | (4,867,685 | ) |  |  | (47,377 | )
Changes in fair value of contingent consideration |  |  | (486,931 | ) |  |  | - |  |  |  | (486,931 | ) |  |  | - |
Changes in fair value of warrant liability |  |  | (5,672,458 | ) |  |  | (6,461,861 | ) |  |  | 1,327,928 |  |  |  | 15,442,843 |
Changes in fair value of derivative |  |  | 283,991 |  |  |  | - |  |  |  | 283,991 |  |  |  | 9,700,000 |
Loss before income taxes |  |  | (80,747,038 | ) |  |  | (30,224,930 | ) |  |  | (110,994,417 | ) |  |  | (32,843,813 | )
Income tax expense |  |  | (184,149 | ) |  |  | - |  |  |  | (207,140 | ) |  |  | (31,310 | )
Deferred tax expense |  |  | (3,998 | ) |  |  | - |  |  |  | (3,998 | ) |  |  | - |
Net loss |  | $ | (80,935,185 | ) |  | $ | (30,224,930 | ) |  | $ | (111,205,555 | ) |  |  | (32,875,123 | )
Schedule of Revenue by Geographic Region | The following presents revenue by geographic region:
|  | Three months ended |  |  | Six months ended |
|  | June 30 |  |  | June 30 |
|  | 2026 |  |  | 2025 |  |  | 2026 |  |  | 2025 |
United States |  | $ | 28,615,977 |  |  | $ | 22,039,133 |  |  | $ | 51,525,976 |  |  | $ | 44,305,508 |
Canada |  |  | 288,255 |  |  |  | 346,063 |  |  |  | 633,221 |  |  |  | 764,638 |
El Salvador |  |  | 5,408,202 |  |  |  | 740,482 |  |  |  | 6,800,913 |  |  |  | 740,482 |
Other |  |  | 6,054,302 |  |  |  | 1,958,953 |  |  |  | 6,866,422 |  |  |  | 2,980,793 |
|  | $ | 40,366,736 |  |  | $ | 25,084,631 |  |  | $ | 65,826,532 |  |  | $ | 48,791,421 |
Schedule of Long Lived Assets | The Company tracks assets by physical location. Long-lived assets consists of property and equipment, net, and right-of-use assets, net, are shown below:
|  | As of June 30, 2026 |  |  | As of December 31, 2025 |
Sweden |  | $ | 247,750,141 |  |  | $ | - |
Norway |  |  | 214,666,167 |  |  |  | - |
United Kingdom |  |  | 145,919,790 |  |  |  | - |
United States |  |  | 143,508,069 |  |  |  | 16,611,488 |
Portugal |  |  | 121,132,736 |  |  |  | - |
Other |  |  | 40,850,758 |  |  |  | 1,435,911 |
|  | $ | 913,827,661 |  |  | $ | 18,047,399 |

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