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Revenue Recognition
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
Contract Balances
Our contract assets relate to our trademark licensing revenue stream, which 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 June 30, 2025 and December 31, 2024.
The following table summarizes our contract assets and certain contract liabilities (in thousands):
June 30,
2025		December 31,
2024		December 31,
2023
Accounts receivable$2,707 $7,271 $7,496 
Contract Balances:
Contract assets, current portion$1,936 $1,531 $1,547 
Contract assets, net of current portion8,631 7,848 8,716 
Contract liabilities, current portion(5,016)(9,693)(9,205)
Contract liabilities, net of current portion(3,095)(5,762)(4,641)
Contract assets (liabilities), net$2,456 $(6,076)$(3,583)
The following tables provide a roll-forward of our netted contract assets and contract liabilities (in thousands):
Contract (Liabilities) Assets, Net
Balance at December 31, 2024$(6,076)
Revenues recognized that were included in gross contract liabilities at December 31, 202415,082 
Contract assets reclassified to accounts receivable in the six months ended June 30, 2025
(6,185)
Cash received in advance since prior year and remained in net contract liabilities at period-end(508)
Contract terminations in 2025143 
Balance at June 30, 2025$2,456 
Contract Liabilities, Net
Balance at December 31, 2023$(3,583)
Revenues recognized that were included in gross contract liabilities at December 31, 2023
13,195 
Contract assets reclassified to accounts receivable in the six months ended June 30, 2024
(11,882)
Cash received in advance since prior year and remained in net contract liabilities at period-end(1,934)
Balance at June 30, 2024$(4,204)
Future Performance Obligations
As of June 30, 2025, unrecognized revenue attributable to unsatisfied and partially unsatisfied performance obligations under our long-term contracts was $360.8 million, of which $357.0 million related to trademark licensing, including minimum guaranteed royalties from licensed digital operations per the LMA, $3.3 million pertained to December 31, 2024 deferred revenue balances from our legacy digital subscriptions and products operations and $0.5 million related to direct-to-consumer products.
Unrecognized revenue of the trademark licensing revenue stream is expected to be recognized over the next 15 years, of which 46% is expected to 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 subscriptions and products operations, which pertains to related deferred revenue balances as of December 31, 2024, will be recognized over the next five years, of which 51% is expected to be recognized in the first year. Effective January 1, 2025, revenues from the licensed digital operations are remitted to Byborg per the terms of the LMA.
Disaggregation of Revenue
The following table disaggregates revenue by type (in thousands):
Three Months Ended June 30, 2025Six Months Ended June 30, 2025
Direct-to-ConsumerLicensing
Corporate
All Other
TotalDirect-to-ConsumerLicensing
Corporate
All Other
Total
Consumer products$16,493 $— $— $— $16,493 $32,824 $— $— $— $32,824 
Trademark licensing— 10,932 — — 10,932 — 22,317 — — 22,317 
Digital subscriptions and products— — — 588 588 — — — 1,434 1,434 
Events and sponsorships
— — 135 — 135 — — 448 — 448 
Total revenues$16,493 $10,932 $135 $588 $28,148 $32,824 $22,317 $448 $1,434 $57,023 
Three Months Ended June 30, 2024Six Months Ended June 30, 2024
Direct-to-ConsumerLicensing
Corporate
All Other
TotalDirect-to-ConsumerLicensing
Corporate
All Other
Total
Consumer products$14,504 $— $— $— $14,504 $33,244 $— $— $— $33,244 
Trademark licensing— 5,335 — — 5,335 — 9,482 — — 9,482 
Digital subscriptions and products
— — — 3,416 3,416 — — — 7,158 7,158 
TV and cable programming— — — 1,630 1,630 — — — 3,320 3,320 
Total revenues$14,504 $5,335 $— $5,046 $24,885 $33,244 $9,482 $— $10,478 $53,204 
The following table disaggregates revenue by point in time versus over time (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Point in time$16,628 $15,837 $33,334 $36,125 
Over time11,520 9,048 23,689 17,079 
Total revenues$28,148 $24,885 $57,023 $53,204