v3.26.3
Significant Balance Sheet Components
 9 Months Ended
Sep. 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:
September 30, 2026December 31, 2025
(In thousands)
Contract assets$6,723 $5,266 
Deferred contract costs2,210 1,812 
Prepaid software6,578 3,985 
Prepaid insurance1,188 1,289 
Prepaid other2,026 1,582 
Restricted cash
1,935 1,937 
Other current assets737 1,386 
Total prepaid expenses and other current assets$21,397 $17,257 
Property and Equipment, Net
Property and equipment, net, consisted of the following:
September 30, 2026December 31, 2025
(In thousands)
Computer and software$1,601 $1,367 
Capitalized internal-use software28,540 26,059 
Total property and equipment, gross30,141 27,426 
Accumulated depreciation and amortization(8,829)(4,429)
Total property and equipment, net$21,312 $22,997 
Depreciation expense was immaterial for the three and nine months ended September 30, 2026 and 2025.

Amortization of capitalized internal use software development costs for the three and nine months ended September 30, 2026 was $1.5 million and $4.2 million, respectively, and for the three and nine months ended September 30, 2025 was $1.0 million and $2.0 million, respectively.

There was no impairment of capitalized internal use software for the three months ended September 30, 2026. Impairment of capitalized internal use software was $0.4 million for the nine months ended September 30, 2026 and was immaterial for the three and nine months ended September 30, 2025.
Other Non-Current Assets
Other non-current assets consisted of the following:
September 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
1,122 1,353 
Total other non-current assets$40,475 $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 September 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 during the three months ended September 30, 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 nine months ended September 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 September 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 nine months ended September 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 September 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 $7.8 million and $6.7 million as of September 30, 2026 and December 31, 2025, respectively. This basis difference is primarily related to goodwill and is not amortized.

In October 2026, the Company sold approximately half of its holding in the privately-held company for a cash consideration of $6.0 million.
Other Current Liabilities
Other current liabilities consisted of the following:
September 30, 2026December 31, 2025
(In thousands)
Accrued expenses$4,250 $5,323 
Accrued professional fees2,0011,734
Accrued connectivity fees2,7493,951
Operating lease liabilities, current portion420254
Other839 261 
Total other current liabilities$10,259 $11,523 
Other Non-Current Liabilities
Other non-current liabilities consisted of the following:
September 30, 2026December 31, 2025
(In thousands)
Operating lease liabilities, non-current
$1,501 $1,223 
Other395346
Total other non-current liabilities
$1,896 $1,569