v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net loss $ (7,087) $ (5,913)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 8,376 6,066
(Gain) on extinguishment of debt 0 (2,391)
Gain on asset disposition (342) 0
Amortization of capitalized promotions 142 302
Other non-cash, net (40) (11)
Change in assets and liabilities:    
Net (increase) decrease in prepaid expenses and other assets (68) (1,059)
Net increase (decrease) in accounts payable and accrued expenses (3,026) (3,927)
Net increase (decrease) in other liabilities (690) 254
Net (increase) decrease in due from affiliates (2,738) 398
Net cash used in operating activities (5,473) (6,281)
Cash flows from investing activities    
Capitalized internal-use software development costs 0 (3,841)
Proceeds from payoff of notes receivable 13,069 0
Other, net (98) (73)
Net cash provided by (used in) investing activities 12,971 (3,914)
Cash flows from financing activities    
Distribution of Member’s Equity of NCI (13,162) (53)
Proceeds from the issuance of Class B Common Stock, net of offering costs 5,162 4,536
Redemptions of Class B Common Stock (123) (3,622)
Exercise of Class A Common Stock 0 13
Payment of principal on loan payable 0 (374)
Proceeds from settling subscriptions 155 75
Net cash (used in) provided by financing activities (7,968) 575
Net decrease in cash and cash equivalents (470) (9,620)
Cash, restricted cash and cash equivalents, beginning of period 9,379 21,155
Cash, restricted cash and cash equivalents, end of period 8,909 11,535
Supplemental disclosures of cash flow information    
Cash paid for interest 0 0
Cash paid for income taxes 0 0
Supplemental disclosures of non-cash financing activity    
Distribution of equity shares in Sponsored Programs to NCI $ (722) $ 0