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Revenue Recognition
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
Contract Balances
Our contract assets relate to our trademark licensing revenue stream where arrangements are typically long-term and non-cancelable. Contract assets are reclassified to accounts receivable when the right to bill becomes unconditional. Our contract liabilities consist of billings or payments received in advance of revenue recognition and are recognized as revenue when transfer of control to customers has occurred. Contract assets and contract liabilities are netted on a contract-by-contract basis. Contract liabilities are classified as deferred revenue in the condensed consolidated balance sheets as of March 31, 2025 and December 31, 2024.
The following table summarizes our contract assets and certain contract liabilities (in thousands):
March 31,
2025		December 31,
2024		December 31,
2023
Accounts receivable$4,157 $7,271 $7,496 
Contract Balances:
Contract assets, current portion$1,783 $1,531 $1,547 
Contract assets, net of current portion8,044 7,848 8,716 
Contract liabilities, current portion(6,188)(9,693)(9,205)
Contract liabilities, net of current portion(3,781)(5,762)(4,641)
Contract liabilities, net$(142)$(6,076)$(3,583)
The following tables provide a roll-forward of our netted contract assets and contract liabilities (in thousands):
Contract Liabilities, Net
Balance at December 31, 2024$(6,076)
Revenues recognized that were included in gross contract liabilities at December 31, 20248,683 
Contract assets reclassified to accounts receivable in the first quarter of 2025(2,242)
Cash received in advance since prior year and remained in net contract liabilities at period-end(557)
Contract terminations in 202550 
Balance at March 31, 2025$(142)
Contract Liabilities, Net
Balance at December 31, 2023$(3,583)
Revenues recognized that were included in gross contract liabilities at December 31, 20237,186 
Contract assets reclassified to accounts receivable in the first quarter of 2024(4,019)
Cash received in advance since prior year and remained in net contract liabilities at period-end(1,477)
Balance at March 31, 2024$(1,893)
Future Performance Obligations
As of March 31, 2025, unrecognized revenue attributable to unsatisfied and partially unsatisfied performance obligations under our long-term contracts was $373.3 million, of which $368.7 million related to trademark licensing, including minimum guaranteed royalties from licensed digital operations per the LMA, $4.0 million pertained to December 31, 2024 deferred revenue balances from our legacy digital operations and $0.6 million related to direct-to-consumer products.
Unrecognized revenue of the trademark licensing revenue stream will be recognized over the next 15 years, of which 46% will be recognized in the first five years. Such unrecognized revenue does not include variable consideration determined based on the customer’s subsequent sale or usage. Unrecognized revenue of our prior digital operations, which pertains to related deferred revenue balances as of December 31, 2024, will be recognized over the next five years, of which 48% will be recognized in the first year. Effective January 1, 2025, revenues from the licensed digital operations will be remitted to Byborg per the terms of the LMA.
Disaggregation of Revenue
The following table disaggregates revenue by type (in thousands):
Three Months Ended March 31, 2025
Direct-to-ConsumerLicensingCorporateAll OtherTotal
Consumer products$16,331 $— $— $— $16,331 
Trademark licensing— 11,385 — — 11,385 
Digital subscriptions and products— — — 846 846 
Events and sponsorships— — 313 — 313 
Total revenues$16,331 $11,385 $313 $846 $28,875 
Three Months Ended March 31, 2024
Direct-to-ConsumerLicensingCorporateAll OtherTotal
Consumer products$18,740 $— $— $— $18,740 
Trademark licensing— 4,147 — — 4,147 
Digital subscriptions and products— — — 3,742 3,742 
TV and cable programming— — — 1,690 1,690 
Total revenues$18,740 $4,147 $— $5,432 $28,319 
The following table disaggregates revenue by point in time versus over time (in thousands):
Three Months Ended
March 31,
20252024
Point in time$16,706 $20,288 
Over time12,169 8,031 
Total revenues$28,875 $28,319