v3.26.1
Significant Balance Sheet Components
 6 Months Ended
Jun. 30, 2026
Supplemental Balance Sheet Information [Abstract]  
Significant Balance Sheet Components Significant Balance Sheet Components
Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted of the following:
June 30, 2026December 31, 2025
(In thousands)
Contract assets$4,155 $5,266 
Deferred contract costs1,818 1,812 
Prepaid software5,302 3,985 
Prepaid insurance477 1,289 
Prepaid other1,926 1,582 
Restricted cash
1,935 1,937 
Other current assets981 1,386 
Total prepaid expenses and other current assets$16,594 $17,257 
Property and Equipment, Net
Property and equipment, net, consisted of the following:
June 30, 2026December 31, 2025
(In thousands)
Computer and software$1,434 $1,367 
Capitalized internal-use software27,770 26,059 
Total property and equipment, gross29,204 27,426 
Accumulated depreciation and amortization(7,268)(4,429)
Total property and equipment, net$21,936 $22,997 
Depreciation expense was immaterial for the three and six months ended June 30, 2026 and 2025.

Amortization of capitalized internal use software development costs for the three and six months ended June 30, 2026 was $1.4 million and $2.7 million, respectively, and for the three and six months ended June 30, 2025 was $0.6 million and $1.0 million, respectively.

Impairment of capitalized internal use software was $0.1 million and $0.4 million for the three and six months ended June 30, 2026, respectively. Impairment of capitalized internal use software was immaterial for the three and six months ended June 30, 2025.
Other Non-Current Assets
Other non-current assets consisted of the following:
June 30, 2026December 31, 2025
(In thousands)
Investments in non-marketable equity securities
$30,380 $30,380 
Equity method investment8,973 9,692 
Other non-current assets
1,225 1,353 
Total non-current assets
$40,578 $41,425 
Investments in Non-Marketable Equity Securities
The Company holds 103,611 shares of Series Growth 1a Preferred Stock received in exchange for an investment of cash in a privately-held company. This investment in the equity securities without readily determinable fair value is measured at cost, less impairment, if any, plus or minus observable price changes in orderly transactions of an identical or similar investment of the same issuer.

As of June 30, 2026 and December 31, 2025, the carrying value of this investment was $26.4 million, inclusive of a cumulative upward adjustment of $23.9 million, of which $16.6 million was recognized as a gain in 2025 to reflect observable price changes.

The gain resulting from the adjustment to the carrying value of the non-marketable security is presented within other income (expense) in the unaudited condensed consolidated statements of operations and comprehensive income (loss). There were no impairments for the three and six months ended June 30, 2026 and 2025.

During the year ended December 31, 2025, the Company made a cash investment in exchange for Series A Preferred Units in a privately-held company. The investment in the equity securities without readily determinable fair value is measured at cost, less impairment, if any, plus or minus observable price changes in orderly transactions of an identical or similar instrument of the same issuer. As of June 30, 2026 and December 31, 2025, the carrying value of this investment was $4.0 million. No observable price changes have been identified for this investment to date. There were no impairments for the three and six months ended June 30, 2026 and 2025.
Equity Method Investment
In 2025, the Company’s previously held promissory note plus all accrued interest was converted into 1,846,153 Class A and 9,230,770 Class B units of the privately-held company. During 2025, subsequent to the conversion, all Class A units were sold to a third party for $2.3 million in cash, and the Company recognized a $9.7 million equity method investment based on the fair value of the retained Class B units. As of June 30, 2026 and December 31, 2025, the Company held a fully-diluted equity interest of 19%.

The carrying value of the equity method investment exceeded the Company’s share of the investee’s underlying net assets by approximately $7.0 million and $6.7 million as of June 30, 2026 and December 31, 2025, respectively. This basis difference is primarily related to goodwill and is not amortized.
Other Current Liabilities
Other current liabilities consisted of the following:
June 30, 2026December 31, 2025
(In thousands)
Accrued expenses$4,083 $5,323 
Accrued professional fees2,5111,734
Accrued connectivity fees2,7973,951
Operating lease liabilities, current portion407254
Other
1,464 261 
Total other current liabilities$11,262 $11,523 
Other Non-Current Liabilities
Other non-current liabilities consisted of the following:
June 30, 2026December 31, 2025
(In thousands)
Operating lease liabilities, non-current
$1,635 $1,223 
Other448346
Total other non-current liabilities
$2,083 $1,569