FAIR VALUE MEASUREMENT (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Financial Instruments Measured at Fair Value

The following table presents the fair value of the Company's financial instruments that are measured or disclosed at fair value on a recurring basis (in thousands):


	March 31, 2026
	Level 1		Level 2		Level 3
Assets:
Cash equivalents
Treasury bills	$	40,322	$	—	$	—
Money market funds	61,484		—		—
Other non-current assets
Derivative	—		—		2,295
Total assets	$	101,806	$	—	$	2,295
Liabilities:
Contingent acquisition liabilities (Current)
Contingent earnout consideration	$	—	$	—	$	—
Contingent acquisition liabilities (Non-current)
Contingent earnout consideration	—		—		87,334
Total liabilities	$	—	$	—	$	87,334


	December 31, 2025
	Level 1		Level 2		Level 3
Assets:
Cash equivalents
Treasury bills	$	39,920	$	—	$	—
Money market funds	21,334		—		—
Other non-current assets
Derivative	—		—		4,786
Total assets	$	61,254	$	—	$	4,786
Liabilities:
Contingent acquisition liabilities (Current)
Contingent earnout consideration	$	—	$	—	$	4,400
Contingent acquisition liabilities (Non-current)
Contingent earnout consideration	—		—		129,227
Total liabilities	$	—	$	—	$	133,627

Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The reconciliation of the Company's derivative measured at fair value on a recurring basis using unobservable inputs (Level 3) is as follows:


Balance as of December 31, 2025	$	4,786
Change in the fair value of derivative	(2,491)
Balance as of March 31, 2026	$	2,295


Balance as of December 31, 2024	$	110
Change in the fair value of derivative	1,289
Balance as of March 31, 2025	$	1,399

The reconciliation of the Company's Contingent SYNQ3 Holdback Consideration measured at fair value, including the effect of measurement period adjustments, on a recurring basis using unobservable inputs (Level 3) is as follows:


Balance as of December 31, 2024	$	4,076
Change in the fair value of liability	(2,349)

Balance as of March 31, 2025	$	1,727



Balance as of March 31, 2026	$	—

The reconciliation of the Company's contingent earnout consideration measured at fair value on a recurring basis using unobservable inputs (Level 3) is as follows:


Balance as of December 31, 2024	$	286,898
Change in the fair value of liability	(173,751)
Balance as of March 31, 2025	$	113,147


Balance as of December 31, 2025	$	133,627
Change in the fair value of liability	(39,392)
Settlement	(6,901)
Balance as of March 31, 2026	$	87,334

Schedule of Fair Value Measurement Technique

The fair value of the Contingent SYNQ3 Holdback Consideration has been estimated as of the Closing Date and March 31, 2025, under the following assumptions:


	January 3, 2024		March 31, 2025
Risk-free interest rate	4.6	%	3.9	%
Holdback period	1.25 years		0.00 years

The fair value of the Contingent SYNQ3 Earnout Consideration acquired from the SYNQ3 Acquisition has been estimated as of the Closing Date, March 31, 2025 and March 31, 2026, with the following assumptions for the unobservable inputs:


	January 3, 2024		March 31, 2025		March 31, 2026
Discount rate	12.6	%	13.0	%	14.6	%
Expected stock price volatility	115.3	%	120.0	%	115.0	%
Risk-free interest rate	4.2	%	3.9	%	3.7	%
Expected dividend yield	0.0	%	0.0	%	0.0	%
Expected life	0.5 - 2.5 years		0.38 - 1.25 years		0.75 years

The fair value of the Contingent Amelia Earnout Consideration acquired from the Amelia Acquisition has been estimated as of the Closing Date, March 31, 2025 and March 31, 2026, with the following assumptions for the unobservable inputs:


	August 6, 2024		March 31, 2025		March 31, 2026
Metric specific discount rate	8.0	%	7.5	%	8.5	%
Earnout payment discount rate	3.8	%	3.9	%	3.7	%
Expected stock price volatility	73.0	%	118.0	%	80.0	%
Expected metric volatility	11.0	%	13.0	%	15.0	%
Risk-free interest rate for target revenue	4.0	%	3.9	%	3.7	%
Risk-free interest rate for stock price	3.8	%	3.9	%	3.7	%
Expected dividend yield	0.0	%	0.0	%	0.0	%
Expected life	1.4 - 2.4 years		0.75 - 1.75 years		0.75 years

The fair value of the Contingent Interactions Earnout Consideration acquired from the Interactions Acquisition has been estimated as of the Closing Date and March 31, 2026, with the following assumptions for the unobservable inputs:


	September 3, 2025		March 31, 2026
Metric specific discount rate	8.0	%	9.0	%
Risk-free interest rate for target revenue	3.5	%	3.7	%
Expected metric volatility	15.0	%	20.0	%
Earnout payment discount rate	6.8	%	7.0	%
Expected life	1.3 - 2.3 years		0.75 - 1.75 years