v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating activities    
Net loss $ (125,919) $ (68,037)
Adjustments to reconcile net loss to net cash used in operating activities    
Stock-based compensation 52,706 22,974
Loss on marketable equity securities 32,309 31,805
Loss on disposal of property and equipment 334 0
Deferred income taxes 0 (46,216)
Losses from equity-method investments 3,086 1,883
Amortization of original issue discount 1,448 560
Amortization of deferred financing fees 86 157
Change in fair value of holdback liability (1,167) 46
Depreciation and amortization 26,175 20,353
Provision for bad debt expense 636 316
Provision for obsolete inventory 225 0
Non-cash operating lease costs 3,502 2,089
Minimum accretion expense 57 248
PIK interest added to principal 1,674 3,274
Change in assets and liabilities    
Accounts receivable [1] 1,990 (45,175)
Inventory (332) (911)
Prepaid expenses and other current assets (2,032) (5,798)
Investments and other assets 433 (3,358)
Accounts payable (50,553) 23,572
Deferred revenue [2] (19,297) (12,377)
Deferred other income (3,989) (3,988)
Accrued data licensing fees (6) (250)
Accrued expenses & other 5,257 (27,606)
Interest payable 3,677 3,508
Operating lease liabilities (3,577) (2,693)
Net cash used in operating activities (73,277) (105,624)
Investing activities    
Purchases of property and equipment (8,202) (2,074)
Proceeds from sale of marketable equity securities 0 8,316
Business combinations, net of cash acquired 0 (380,762)
Capitalized software costs (1,865) (1,298)
Net cash used in investing activities (10,067) (375,818)
Financing activities    
Payment of deferred offering costs (45) 0
Proceeds from revolving credit facility, net of original issue discount 0 98,000
Proceeds from long-term debt, net of original issue discount 0 196,000
Payment of deferred financing fees (226) (958)
Net cash provided by financing activities (271) 293,042
Effect of foreign exchange rates on cash 28 (109)
Net increase (decrease) in Cash, Cash Equivalents and Restricted Cash (83,587) (188,509)
Cash, cash equivalents and restricted cash, beginning of period 609,451 341,835
Cash, cash equivalents and restricted cash, end of period 525,864 153,326
Cash, Cash Equivalents and Restricted Cash are Comprised of:    
Cash and cash equivalents 521,170 151,603
Restricted cash and cash equivalents 4,694 1,723
Total cash, cash equivalents and restricted cash 525,864 153,326
Supplemental disclosure of cash flow information    
Cash paid during the year for interest 9,322 10,849
Cash (received from) paid for income taxes (56) 0
Supplemental disclosure of noncash investing and financing activities    
Purchases of property and equipment, accrued but not paid 4,592 7,003
Redemption of convertible promissory note 9,393 7,060
Capitalized software costs, accrued but not yet paid 2,129 0
Deferred offering costs, accrued but not yet paid 100 0
Class A Common Stock issued in connection with business combinations 0 310,320
Convertible promissory note principal reset due to amendment $ 0 $ 72,488
[1] Includes increase in related party accounts receivable of $9,262 for the three months ended March 31, 2026
[2] Includes decrease in related party deferred revenue of $3,535 for the three months ended March 31, 2026. Includes increase in related party deferred revenue of $300 for the three months ended March 31, 2025.