v3.26.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities    
Net loss $ (9,380) $ (8,829)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 12,119 9,085
(Gain) on extinguishment of debt 0 (2,391)
Gain on asset disposition (342) 0
Amortization of capitalized promotions 209 407
Other non-cash, net (47) (31)
Change in assets and liabilities:    
Net (increase) decrease in prepaid expenses and other assets (1,291) (1,535)
Net increase (decrease) in accounts payable and accrued expenses (1,544) (2,543)
Net increase (decrease) in other liabilities (1,356) (197)
Net (increase) decrease in due from affiliates (602) 632
Net cash used in operating activities (2,234) (5,402)
Cash flows from investing activities    
Capitalized internal-use software development costs 0 (5,227)
Issuance of notes receivable (6,500) 0
Proceeds from payoff of notes receivable 16,069 0
Other, net (124) (105)
Net cash provided by (used in) investing activities 9,445 (5,332)
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 5,366 6,753
Redemptions of Class B Common Stock (186) (5,645)
Exercise of Class A Common Stock 0 13
Payment of principal on loan payable 0 (374)
Net cash (used in) provided by financing activities (7,982) 694
Net decrease in cash and cash equivalents (771) (10,040)
Cash, restricted cash and cash equivalents, beginning of period 9,379 21,155
Cash, restricted cash and cash equivalents, end of period 8,608 11,115
Supplemental disclosures of cash flow information    
Cash paid for interest 0 0
Cash paid for income taxes 1 0
Supplemental disclosures of non-cash investing and financing activity    
Distribution of equity shares in Sponsored Programs to NCI (722) 0
Capitalization of interest receivable to notes receivable $ 0 $ 569