v3.26.1
Revenue
 6 Months Ended
Jun. 30, 2026
Revenue Recognition [Abstract]  
Revenue

3. Revenue

The following table presents our revenue disaggregated by channel (in thousands):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Direct channel revenue

 

$

116,486

 

 

$

50,439

 

 

$

262,499

 

 

$

112,183

 

Third-party channel revenue

 

 

73,076

 

 

 

38,410

 

 

 

120,162

 

 

 

71,554

 

Total revenue

 

$

189,562

 

 

$

88,849

 

 

$

382,661

 

 

$

183,737

 

 

Accounts Receivable, Net

Accounts Receivable balances are summarized as follows (in thousands):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Beginning balance

 

$

53,337

 

 

$

34,230

 

 

$

36,498

 

 

$

30,303

 

Additions from commissions receivable

 

 

154,826

 

 

 

73,211

 

 

 

306,904

 

 

 

149,127

 

Other additions (1)

 

 

2,686

 

 

 

3,196

 

 

 

6,731

 

 

 

6,753

 

Collections

 

 

(153,680

)

 

 

(76,869

)

 

 

(292,957

)

 

 

(152,413

)

Change in allowance for doubtful accounts

 

 

42

 

 

 

(300

)

 

 

35

 

 

 

(302

)

Ending balance

 

$

57,211

 

 

$

33,468

 

 

$

57,211

 

 

$

33,468

 

 

(1)
Other additions are primarily comprised of amounts arising from revenue that does not flow through commission receivable along with other partnership-related amounts.

Contract Balances

After a policy is sold, the Company has no material additional or recurring obligations to the policyholder or the insurance carrier. As such, there are no contract liabilities recorded in the condensed consolidated balance sheets.