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The Company and Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 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 September 30,

 

 

2025

 

 

2024

 

Cash and cash equivalents

$

61,755

 

 

$

90,258

 

Restricted cash

 

795

 

 

 

783

 

Total as presented in the Condensed Consolidated Statements of Cash Flows

$

62,550

 

 

$

91,041

 
Summary of Non-Vested RSUs Activity

During the nine-month period ended September 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

 

 

(219

)

 

 

4.51

 

Nonvested balance at September 30, 2025

 

 

7,960

 

 

 

3.55

 
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 nine-month period ended September 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 September 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

 

 

Nine-Month Period

 

 

 

Ended September 30,

 

 

Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) from continuing operations

 

$

(9,659

)

 

$

(10,841

)

 

$

(60,934

)

 

$

(14,619

)

Net income (loss) from discontinued operations, net of tax

 

 

-

 

 

 

(1,139

)

 

 

(28

)

 

 

(77,931

)

Net income (loss) attributable to common stockholders

 

$

(9,659

)

 

$

(11,980

)

 

$

(60,962

)

 

$

(92,550

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

 

90,976,288

 

 

 

89,987,110

 

 

 

90,976,288

 

 

 

89,776,075

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per share:

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) per share from continuing operations

 

$

(0.11

)

 

$

(0.12

)

 

$

(0.67

)

 

$

(0.16

)

Income (loss) per share from discontinued operations, net of tax

 

 

-

 

 

 

(0.01

)

 

 

(0.00

)

 

 

(0.87

)

Net income (loss) per share attributable to common stockholders

 

$

(0.11

)

 

$

(0.13

)

 

$

(0.67

)

 

$

(1.03

)

 

 

 

 

 

 

 

 

 

 

 

 

 
For the three- and nine-month periods ended
Summary of Activity in Restructuring Liability

The following table rolls forward the activity in the restructuring liability:

(in thousands)

 

 

 

 

Beginning balance at December 31, 2024

 

$

-

 

 

Additional restructuring and related costs

 

 

3,188

 

 

Non-cash charge (included above)

 

 

(2,352

)

 

Cash payments

 

 

(37

)

 

Ending balance September 30, 2025

 

$

799

 

 
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):

September 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

 

$

0.3

 

 

$

0.3

 

 

 

—

 

 

 

—

 

 

 

 

Corporate bonds and notes

 

$

4.7

 

 

 

—

 

 

$

4.7

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonrecurring fair value measurements:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets held for sale

 

$

3.0

 

 

 

—

 

 

$

3.0

 

 

 

—

 

$

(29.2

)

 

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 September 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

 

$

582

 

 

$

2

 

Due after one year

 

 

4,064

 

 

 

35

 

Total

 

$

4,646

 

 

$

37

 
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

)

Other comprehensive income (loss)

 

 

-

 

 

 

4

 

 

 

4

 

Income tax (expense) benefit

 

 

-

 

 

 

(1

)

 

 

(1

)

Amounts reclassified from AOCI

 

 

-

 

 

 

(1

)

 

 

(1

)

Income tax (expense) benefit

 

 

-

 

 

 

-

 

 

 

-

 

Other comprehensive income (loss), net of tax

 

 

-

 

 

 

2

 

 

 

2

 

Accumulated other comprehensive income (loss) as of September 30, 2025

 

$

(1,249

)

 

$

489

 

 

$

(760

)