v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net income (loss) $ (146,860) $ 30,716
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Deferred taxes 2,864 1,617
Depreciation and amortization 2,919 2,743
Non-cash interest expense 1,278 1,619
Amortization of discounts and premium, investments (532) (639)
Stock-based compensation expense 208,197 10,292
Operating lease right-of-use asset amortization 548 412
Unrealized foreign currency translation (161) (134)
Changes in operating assets and liabilities:    
Prepaid and other assets 1,886 (10,866)
Accounts payable 25,408 22,634
Accounts receivable (20,713) (8,165)
Commissions receivable (2,100) (8,926)
Long-term commissions receivable (69,175) (22,204)
Accrued expenses 23,781 6,070
Other current liabilities 39,529 (385)
Other long-term liabilities 0 (750)
Net cash provided by operating activities 66,869 24,034
Cash flows from investing activities    
Purchase of property and equipment (678) (578)
Purchase of investments (122,388) (22,210)
Proceeds from maturity of investments 47,315 45,800
Investment in software development costs (3,337) (1,797)
Net cash provided by (used in) investing activities (79,088) 21,215
Cash flows from financing activities    
Proceeds from issuance of Class A common stock in initial public offering, net of underwriting discounts and commissions 91,580 0
Proceeds from liabilities related to sale of commissions receivable 0 5,000
Taxes paid related to net share settlement of restricted stock units (49,085) 0
Repayment of liabilities related to sale of commissions receivable (6,978) (4,711)
Proceeds from exercise of stock options and warrants 701 790
Payment of deferred offering costs (2,843) (1,118)
Net cash provided by (used in) financing activities 33,375 (39)
Net increase in cash and cash equivalents 21,156 45,210
Effect of exchange rates on cash (89) (1)
Cash and cash equivalents, beginning of period 91,091 35,075
Cash and cash equivalents, end of period 112,158 80,284
Supplemental disclosure of non-cash items:    
Conversion of convertible preferred stock into common stock upon initial public offering 403,997 0
Reclassification of Deferred Offering Costs to Additional Paid-in Capital Upon Initial Public Offering 8,998 0
Deemed dividend on the conversion of Series D and D-1 redeemable convertible preferred stock 5,642 0
Capitalized property and equipment costs in accounts payable at period end 26 69
Cash paid for income taxes 0 1,418
Operating lease liabilities arising from obtaining operating lease right-of-use assets 0 190
Stock-based compensation capitalized as software development costs 1,622 283
Deferred offering costs in accounts payable and accrued expenses $ 0 $ 1,946