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The Company and Significant Accounting Policies (Tables) | 6 Months Ended
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Jun. 30, 2025
Accounting Policies [Line Items] |
Summary of Cash and Cash Equivalents and Restricted Cash | The Company's cash and cash equivalents and restricted cash, as presented in the Condensed Consolidated Statements of Cash Flows, was as follows (in thousands):
| As of June 30, |
| 2025 |  |  | 2024 |
Cash and cash equivalents | $ | 64,508 |  |  | $ | 85,136 |
Restricted cash |  | 791 |  |  |  | 779 |
Total as presented in the Condensed Consolidated Statements of Cash Flows | $ | 65,299 |  |  | $ | 85,915 |
Summary of Non-Vested RSUs Activity | During the six-month period ended June 30, 2025, the Company had the following non-vested RSUs activity (in thousands, except grant date fair value data):
|  | Number of RSUs |  |  | Weighted-Average Grant Date Fair Value |
Nonvested balance at December 31, 2024 |  |  | 4,585 |  |  | $ | 4.62 |
Granted |  |  | 3,594 |  |  |  | 2.25 |
Vested |  |  | - |  |  |  | - |
Forfeited or cancelled |  |  | (176 | ) |  |  | 4.27 |
Nonvested balance at June 30, 2025 |  |  | 8,003 |  |  |  | 3.56 |
Summary of Valuation Model at Time of Award Issuance | The unobservable significant inputs to the valuation model at the time of award issuance were as follows:
|  | 2025 PSUs |
Stock price at issuance |  | $ | 2.28 |
Expected volatility |  |  | 66.0 | %
Risk-free interest rate |  |  | 4.40 | %
Expected term |  |  | 5.0 |
Expected dividend yield |  |  | 0 | %
Summary of Non-Vested PSUs Activity | During the six-month period ended June 30, 2025, the Company had the following non-vested PSUs activity (in thousands, except grant date fair value data):
|  | Number of PSUs |  |  | Weighted-Average Grant Date Fair Value |
Nonvested balance at December 31, 2024 |  |  | 1,200 |  |  | $ | 3.37 |
Granted |  |  | 1,390 |  |  |  | 1.88 |
Vested |  |  | - |  |  |  | - |
Forfeited or cancelled |  |  | - |  |  |  | - |
Nonvested balance at June 30, 2025 |  |  | 2,590 |  |  |  | 2.57 |
Reconciliation of Basic and Diluted Income (Loss) Per Share | The following table illustrates the reconciliation of the basic and diluted income (loss) per share (in thousands, except share and per share data):
|  | Three-Month Period |  |  | Six-Month Period |
|  | Ended June 30, |  |  | Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) from continuing operations |  | $ | (3,500 | ) |  | $ | 3,732 |  |  | $ | (51,275 | ) |  | $ | (3,778 | )
Net income (loss) from discontinued operations |  |  | 163 |  |  |  | (35,412 | ) |  |  | (28 | ) |  |  | (76,792 | )
Net income (loss) attributable to common stockholders |  | $ | (3,337 | ) |  | $ | (31,680 | ) |  | $ | (51,303 | ) |  | $ | (80,570 | )
Basic and diluted earnings per share: |  |  |  |  |  |  |  |  |  |  |  |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding |  |  | 90,976,288 |  |  |  | 89,820,737 |  |  |  | 90,976,288 |  |  |  | 89,669,397 |
Per share: |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) per share from continuing operations |  | $ | (0.04 | ) |  | $ | 0.04 |  |  | $ | (0.56 | ) |  | $ | (0.04 | )
Income (loss) per share from discontinued operations |  |  | 0.00 |  |  |  | (0.39 | ) |  |  | (0.00 | ) |  |  | (0.86 | )
Net income (loss) per share attributable to common stockholders |  | $ | (0.04 | ) |  | $ | (0.35 | ) |  | $ | (0.56 | ) |  | $ | (0.90 | )
Diluted earnings per share: |  |  |  |  |  |  |  |  |  |  |  |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding |  |  | 90,976,288 |  |  |  | 89,820,737 |  |  |  | 90,976,288 |  |  |  | 89,669,397 |
Dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |
Restricted stock units |  |  | - |  |  |  | 900,543 |  |  |  | - |  |  |  | - |
Diluted shares outstanding |  |  | 90,976,288 |  |  |  | 90,721,280 |  |  |  | 90,976,288 |  |  |  | 89,669,397 |
Per share: |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) per share from continuing operations |  | $ | (0.04 | ) |  | $ | 0.04 |  |  | $ | (0.56 | ) |  | $ | (0.04 | )
Income (loss) per share from discontinued operations |  |  | 0.00 |  |  |  | (0.39 | ) |  |  | (0.00 | ) |  |  | (0.86 | )
Net income (loss) per share attributable to common stockholders |  | $ | (0.04 | ) |  | $ | (0.35 | ) |  | $ | (0.56 | ) |  | $ | (0.90 | )
Financial Assets and Liabilities Measured at Fair Value on Recurring and Nonrecurring Basis | The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring and nonrecurring basis in the condensed consolidated balance sheets (in millions):
|  | June 30, 2025 |
|  | Total Fair Value and Carrying Value on Balance Sheet |  |  | Fair Value Measurement Category |  |  |  |
Recurring fair value measurements |  |  |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total Gains (Losses) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market account |  | $ | 0.1 |  |  | $ | 0.1 |  |  |  | — |  |  |  | — |  |  |  |
Corporate bonds and notes |  | $ | 4.8 |  |  |  | — |  |  | $ | 4.8 |  |  |  | — |  |  |  |
Nonrecurring fair value measurements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets held for sale |  | $ | 4.7 |  |  |  | — |  |  | $ | 4.7 |  |  |  | — |  | $ | (23.7 | )
|  | December 31, 2024 |
|  | Total Fair Value and Carrying Value on Balance Sheet |  |  | Fair Value Measurement Category |  |  |  |
Recurring fair value measurements |  |  |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total Gains (Losses) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds and notes |  | $ | 4.7 |  |  |  | — |  |  | $ | 4.7 |  |  |  | — |  |  |  |
Nonrecurring fair value measurements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FCC licenses |  | $ | 93.5 |  |  |  | — |  |  |  | — |  |  | $ | 93.5 |  | $ | (17.9 | )
Summary of Amortized Cost and Unrealized Gains (Losses) of Available for Sale Securities | As of June 30, 2025, the following table summarizes the amortized cost and the unrealized gains (losses) of the available for sale securities (in thousands):
|  | Corporate Bonds and Notes |
|  | Amortized Cost |  |  | Unrealized gains (losses) |
Due within a year |  | $ | 1,206 |  |  | $ | 1 |
Due after one year |  |  | 3,529 |  |  |  | 34 |
Total |  | $ | 4,735 |  |  | $ | 35 |
Summary of Components of AOCI | The following table provides a roll-forward of accumulated other comprehensive income (loss) (in thousands):
|  | Foreign Currency Translation |  |  | Marketable Securities |  |  | Total |
Accumulated other comprehensive income (loss) as of December 31, 2024 |  | $ | (1,249 | ) |  | $ | 448 |  |  | $ | (801 | )
Other comprehensive income (loss) |  |  | - |  |  |  | 9 |  |  |  | 9 |
Income tax (expense) benefit |  |  | - |  |  |  | (2 | ) |  |  | (2 | )
Amounts reclassified from AOCI |  |  | - |  |  |  | (1 | ) |  |  | (1 | )
Other comprehensive income (loss), net of tax |  |  | - |  |  |  | 6 |  |  |  | 6 |
Accumulated other comprehensive income (loss) as of March 31, 2025 |  |  | (1,249 | ) |  |  | 454 |  |  |  | (795 | )
Other comprehensive income (loss) |  |  | - |  |  |  | 49 |  |  |  | 49 |
Income tax (expense) benefit |  |  | - |  |  |  | (12 | ) |  |  | (12 | )
Amounts reclassified from AOCI |  |  | - |  |  |  | (4 | ) |  |  | (4 | )
Other comprehensive income (loss), net of tax |  |  | - |  |  |  | 33 |  |  |  | 33 |
Accumulated other comprehensive income (loss) as of June 30, 2025 |  | $ | (1,249 | ) |  | $ | 487 |  |  | $ | (762 | )

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