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