v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 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 June 30,Six Months Ended June 30,
2026202520262025
Net revenue$175,995 $150,392 $341,793 $289,465 
Cost of revenue54,122 46,331 102,328 86,725 
Gross profit121,873 104,061 239,465 202,740 
Significant expenses:
Employee compensation and benefits55,906 54,339 113,907 114,474 
Share based compensation22,356 27,070 42,373 52,985 
Technology18,393 16,102 36,483 30,913 
Depreciation and amortization9,696 6,653 18,550 11,984 
Professional services5,620 4,219 10,251 9,914 
Marketing and advertising1,232 711 2,392 1,180 
Occupancy
540 843 1,719 1,760 
Other operating expenses4,494 3,352 8,060 7,296 
Income (loss) from operations
3,636 (9,228)5,730 (27,766)
Interest income4,896 8,370 10,262 18,859 
Other income
(460)417 107 441 
Income tax expense
505 206 698 441 
Segment and consolidated net income (loss)(1)
$7,567 $(647)$15,401 $(8,907)
(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 15% and 13%, for the three months ended June 30, 2026 and 2025, respectively, and was 15% and 12%, for the six months ended June 30, 2026 and 2025, respectively.
As of June 30, 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.