Concentration Risks and Significant Customers |
6 Months Ended |
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Jun. 30, 2026 | |
| Risks and Uncertainties [Abstract] | |
| Concentration Risks and Significant Customers | Concentration Risks and Significant Customers Financial instruments that potentially expose the Company to concentration of credit risk consist of cash and cash equivalents, short-term investments, and accounts receivable. Cash and cash equivalents held with financial institutions may exceed federally insured limits, posing potential credit risk. As of June 30, 2026 and December 31, 2025, short-term investments were $9.5 million and $62.5 million, respectively, and there was no concentration of securities of the same issuer with an aggregate fair value greater than 5% of the total balance, except for U.S. treasury securities, which amounted to $8.0 million, or 84%, at June 30, 2026 and $56.1 million, or 90%, at December 31, 2025, respectively. A significant portion of the Company's payment transactions are settled through one Issuing Bank, Sutton Bank. For the three months ended June 30, 2026 and 2025, 58% and 65%, respectively, of Total Processing Volume, which is the total dollar amount of payments processed through the Company’s platform, net of returns and chargebacks, was settled through Sutton Bank. For the six months ended June 30, 2026 and 2025, 60% and 66%, respectively, of Total Processing Volume, which is the total dollar amount of payments processed through the Company’s platform, net of returns and chargebacks, was settled through Sutton Bank. The Company derives a significant portion of its revenue from one customer. This customer accounted for 41% and 46% of net revenue for the three months ended June 30, 2026 and 2025, respectively, and 42% and 45% of net revenue for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, two separate customers accounted for 21% and 12% of the Company’s accounts receivable balance. As of December 31, 2025, no customers exceeded 10% of the Company’s accounts receivable balance.
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