v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company operates in one operating and reportable segment, which derives revenue from the services operating on its storage platform. The Company’s chief operating decision maker (the “CODM”) is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance and allocating resources.
Measure of Segment Assets
The CODM reviews asset information on a consolidated basis; accordingly, the measure of segment assets is total consolidated assets as reported on the consolidated balance sheet.
Measure of Segment Profit or Loss
The key GAAP measure of segment profit or loss utilized by the CODM is consolidated net income (loss), which is presented on the consolidated statements of operations and comprehensive loss, and is used to monitor budget versus actual results.
Significant Segment Expenses
The CODM also evaluates operating performance using adjusted research and development, adjusted sales and marketing, and adjusted general and administrative (collectively, “adjusted operating expenses”) and adjusted cost of revenue that the Company defines as each respective GAAP expense category excluding stock-based compensation expense, depreciation and amortization, restructuring costs, and other non-recurring charges. These adjusted operating expense measures provide the CODM with greater transparency into the underlying trends in the Company’s business by facilitating period-to-period comparisons of its ongoing cost structure, excluding the impact of certain non-cash or non-recurring items that may not be indicative of the Company’s operating performance. These measures are intended to assist in forecasting and budgeting, in order to inform resource-allocation decisions. The table below presents adjusted cost of revenue and each adjusted operating expense as well as the items excluded from each adjusted measure for the three and six months ended June 30, 2026 and 2025 (in thousands):

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(dollars in thousands)
Revenue$42,713 $36,298 $81,379 $70,911 
Adjusted cost of revenue8,414 7,454 16,343 14,747 
Adjusted research and development(1)
7,518 8,565 15,728 16,895 
Adjusted sales and marketing7,781 8,325 15,063 15,751 
Adjusted general and administrative(1)
6,202 5,310 11,304 10,522 
Depreciation4,033 3,102 7,783 8,353 
Amortization(2)
2,859 2,372 5,702 4,885 
Stock-based compensation(3)
8,759 7,304 15,471 14,663 
Restructuring costs(4)
1,321 (66)3,512 (66)
Other segment items(1)(5)
915 1,029 1,709 1,582 
Net loss and comprehensive loss$(5,089)$(7,097)$(11,236)$(16,421)
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(1) To conform to the current period’s presentation, $0.1 million of litigation settlement costs that were previously presented within “Adjusted general and administrative” expense, and a nominal amount of impairment of long-lived assets that were previously presented within “Adjusted research and development” expense, have each been reclassified to “Other segment items” for both the three and six months ended June 30, 2025.
(2) $0.1 million and $0.3 million of amortization expense for the three and six months ended June 30, 2026, respectively, are classified as restructuring charges in the table above.
(3) $0.4 million and $0.6 million of stock-based compensation expense for the three and six months ended June 30, 2026, respectively, are classified as restructuring charges in the table above.
(4) To conform to current period presentation, nominal amounts of restructuring charges that were previously included in adjusted cost of revenue and adjusted operating expenses are presented in "Restructuring costs" for the three and six months ended June 30, 2025.
(5) Other segment items include investment income, interest expense, foreign exchange (gain) loss, impairment of long-lived assets, litigation settlement costs, and income tax provision.