v3.26.1

Segment and Geographic Information | 6 Months Ended
--- | ---
Jun. 30, 2026
Segment and Geographic Information [Abstract] |
Segment and Geographic Information | 23. Segment and Geographic Information As discussed in Note 3, the Company closed the acquisition of NDAG on June 17, 2026. Since the acquisition recently closed, the Company’s chief operating decision maker (“CODM”) is still in the process of determining the information that will be reviewed on a regular basis in order to make resource allocation decisions. As a result, the Company currently operates as a single segment entity. The Company’s CODM is its chief executive officer, who reviews financial information presented on a consolidated basis to make decisions regarding how to allocate resources and assess performance. The CODM assesses performance and decides how to allocate resources based on net loss and is reported on the consolidated statements of operations as consolidated net loss. Net loss is used to monitor budget versus actual results in an effort to refine forecasts, control costs, and pricing strategies. The CODM does not evaluate operating segments using asset information. 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 | )
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 |
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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