v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company's chief operating decision maker (“CODM”) is its Chief Executive Officer, who regularly reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. The Company provides a single, global, cloud-based, open API platform for modern card issuing and transaction processing, and primarily earns revenue from processing card transactions for its customers. As such, the Company operates as a single operating segment and reporting unit.
The CODM assesses performance and decides how to allocate resources based on consolidated net income or loss as the measure of profit and loss and consolidated total assets. The measure of segment assets is reported on the balance sheet as total assets. The CODM uses net income or loss in the annual budgeting process and subsequent monitoring of budget versus actual results as well as in assessing the return on consolidated total assets.
The following is the information used by the CODM in assessing segment performance:
Three Months Ended March 31,
20262025
Net revenue$165,798 $139,073 
Cost of revenue48,206 40,394 
Gross profit117,592 98,679 
Significant expenses:
Employee compensation and benefits58,001 60,135 
Share based compensation20,017 25,915 
Technology18,090 14,811 
Depreciation and amortization8,854 5,331 
Professional services4,631 5,695 
Occupancy
1,179 917 
Marketing and advertising1,160 469 
Other operating expenses3,566 3,944 
Income (loss) from operations
2,094 (18,538)
Interest income5,363 10,487 
Other income
570 26 
Income tax expense
193 235 
Segment and consolidated net income (loss)(1)
$7,834 $(8,260)
(1) The Company operates as a single reportable segment that is managed on a consolidated basis, therefore the Company’s segment net income (loss) is the same as the Company’s consolidated net income (loss).
Net revenue outside of the United States, based on the billing address of the customer, was 17% and 11%, for the three months ended March 31, 2026 and 2025, respectively.
As of March 31, 2026 and December 31, 2025, tangible long lived assets outside of the US were not material and not used by the CODM in assessing and evaluating financial performance and allocating resources.