v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 691,418 $ 709,443
Restricted cash 260,553 307,593
Short-term investments 9,478 62,483
Accounts receivable, net 50,950 41,422
Network incentives receivable 33,005 61,059
Settlements receivable, net 18,311 18,037
Prepaid expenses and other current assets 38,395 35,278
Total current assets 1,102,110 1,235,315
Property and equipment, net 67,056 59,910
Operating lease right-of-use assets, net 6,812 8,275
Intangible assets, net 45,915 51,388
Goodwill 153,760 154,706
Other assets 16,573 15,439
Total assets 1,392,226 1,525,033
Current liabilities:    
Accounts payable 1,162 1,847
Revenue share payable 222,257 224,526
Funds payable and amounts due to customers 260,353 306,891
Accrued expenses and other current liabilities 178,526 215,793
Total current liabilities 662,298 749,057
Operating lease liabilities, net of current portion 4,142 5,535
Other liabilities 10,229 8,484
Total liabilities 676,669 763,076
Commitments and contingencies (Note 9)
Stockholders’ equity: (1)    
Preferred stock, $0.0001 par value; 25,000 and 25,000 shares authorized, no shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively [1] 0 0
Common stock, $0.0001 par value: 375,000 and 375,000 Class A shares authorized, 95,916 and 99,848 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively. 150,000 and 150,000 Class B shares authorized, 8,187 and 8,216 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively [1] 10 11
Additional paid-in capital [1] 1,512,587 1,572,270
Accumulated other comprehensive (loss) income [1] (608) 1,509
Accumulated deficit [1] (796,432) (811,833)
Total stockholders’ equity [1] 715,557 761,957
Total liabilities and stockholders’ equity $ 1,392,226 $ 1,525,033
[1] Reflects the one-for-four reverse stock split that was effective June 30, 2026, which has been applied retrospectively to all periods presented. Refer to Note 1, “Business Overview and Basis of Presentation”, for further information.