In January 2026, the Company announced a reduction of its global workforce by approximately 350 employees to reduce operating expenses and optimize the organizational structure in support of long-term growth. The reduction in workforce is expected to be substantially complete during 2026, subject to local law and consultation requirements.

As a result of the reduction in workforce, the Company estimates that it will incur approximately $30.0 million in total restructuring charges, of which $12.8 million was recorded in the fourth quarter of 2025, $14.9 million was recorded in the first quarter of 2026, $0.8 million was recorded in the second quarter of 2026 and $0.7 million was recorded in the third quarter of 2026, for a cumulative total of $29.2 million. The $6.1 million remaining restructuring liability is included within accrued expenses and other current liabilities within the Company’s consolidated balance sheet and the restructuring charges are recorded to restructuring within the consolidated statement of operations for the three and nine months ended September 30, 2026. The restructuring charges consist primarily of severance payments, employee benefits and related costs.

On November 3, 2026, we announced a reduction of our global workforce by approximately 300 roles, mostly in middle management and support functions, to increase focus and organizational velocity.

As a result of the reduction in workforce, we estimate restructuring charges primarily split between the fourth quarter of 2026 and the first half of 2027 of approximately $18.0 million to $30.0 million in total, primarily consisting of severance payments, employee benefits and related costs, all of which are anticipated to result in cash expenditures. The reduction in workforce is expected to be substantially complete during the first half of 2027.