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Segment Information (Tables)
9 Months Ended 12 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Segment Reporting [Abstract]    
Schedule of Information by Segment
Revenue by business segment is as follows (in thousands):
Three Months Ended
September 30,
Nine Months Ended
September 30,
2025202420252024
Sell-side advertising$641 $2,202 $5,153 $33,001 
Buy-side advertising7,343 6,873 21,133 20,204 
Total revenues$7,984 $9,075 $26,286 $53,205 
Operating (loss) income by business segment reconciled to (loss) income before income taxes is as follows (in thousands):
Three Months Ended
September 30,
Nine Months Ended
September 30,
2025202420252024
Sell-side advertising (1)
$(1,105)$(873)$(2,800)$536 
Buy-side advertising (2)
1,066 1,349 3,773 3,490 
(Loss) income from reportable segment operations(39)476 973 4,026 
Corporate office expenses(4,961)(247)(16,109)(11,232)
(Loss) income before income taxes$(5,000)$229 $(15,136)$(7,206)
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(1)For the three months ended September 30, 2025, sell-side segment contained less than $0.1 million in depreciation and amortization of property, equipment and software, $0 in amortization of intangible assets and $0 in amortization of deferred financing cost and debt discount (premium), net. For the three months ended September 30, 2024, sell-side segment contained less than $0.1 million in depreciation and amortization of property, equipment and software, $0 in amortization of intangible assets and $0 in amortization of deferred financing cost and debt discount (premium), net. For the nine months ended September 30, 2025, sell-side segment contained $0.1 million in depreciation and amortization of property, equipment and software, $0 in amortization of intangible assets and $0 in amortization of deferred financing cost and debt discount (premium), net. For the nine months ended September 30, 2024, sell-side segment contained $0.1 million in depreciation and amortization of property, equipment and software, $0 in amortization of intangible assets and $0 in amortization of deferred financing cost and debt discount (premium), net.
(2)For the three months ended September 30, 2025, buy-side segment contained less than $0.1 million in depreciation and amortization of property, equipment and software, $0.5 million in amortization of intangible assets and $0 in amortization of deferred financing cost and debt discount (premium), net. For the three months ended September 30, 2024, buy-side segment contained less than $0.1 million in depreciation and amortization of property, equipment and software, $0.5 million in amortization of intangible assets and $0 in amortization of deferred financing cost and debt discount (premium), net. For the nine months ended September 30, 2025, buy-side segment contained less than $0.1 million in depreciation and amortization of property, equipment and software, $1.5 million in amortization of intangible assets and $0 in amortization of deferred financing cost and debt discount (premium), net. For the nine months ended September 30, 2024, buy-side segment contained $0.1 million in depreciation and amortization of property, equipment and software, $1.5 million in amortization of intangible assets and $0 in amortization of deferred financing cost and debt discount (premium), net.
Total assets by business segment are as follows (in thousands):
September 30, 2025December 31, 2024
Sell-side advertising$2,454 $3,755 
Buy-side advertising17,195 18,664 
Assets from reportable segment operations19,649 22,419 
Corporate office 2,886 3,587 
Total assets$22,535 $26,006 
Revenue by business segment is as follows (in thousands):
Year Ended December 31,
20242023
Sell-side advertising$35,660 $122,434 
Buy-side advertising26,628 34,676 
Total revenues$62,288 $157,110 
Operating loss by business segment reconciled to loss before income taxes is as follows (in thousands):
Year Ended December 31,
20242023
Sell-side advertising$(579)$4,874 
Buy-side advertising4,001 7,792 
Corporate office expenses (16,655)(14,851)
Total operating loss(13,233)(2,185)
Corporate other expense(542)(4,091)
Loss before income taxes$(13,775)$(6,276)
Total assets by business segment are as follows (in thousands):
December 31,
20242023
Sell-side advertising$3,755 $34,354 
Buy-side advertising 18,664 22,539 
Corporate office 3,587 12,042 
Total assets$26,006 $68,935