Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Cash Flows

v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash Flows From Operating Activities:    
Net income / (loss) $ 41,347 $ (27,307)
Adjustments to reconcile net income ( loss) to net cash and restricted cash used in operating activities:    
Gain on sale of business (56,996) 0
Depreciation and amortization 8,185 5,962
Stock-based compensation 17,832 19,893
Change in fair value of warrant liabilities (4,278) 850
Change in fair value of assets and other liabilities 1,037 0
Excess of lease liability over operating right-of-use assets 0 (123)
Transaction costs paid related to sale of business (7,381) 0
Gain on lease modification 0 (622)
Acquisition consideration allocated to seller transaction expenses (44,339) 0
Impairment of intangible assets 0 5,759
Impairment of property and equipment 1,673 0
Realized loss from sale of short-term investments 5,195 0
Realized foreign exchange gain (798) 0
Accretion of interest income on held-to-maturity securities (2,214) (3,990)
Deferred tax expense (benefit) 432 (255)
Other 471 323
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (1,686) 6,352
Accounts receivable (12,034) (998)
Other non-current assets 666 (70)
Operating right-of-use assets/lease liabilities (88) 164
Accounts payable and accrued expenses 2,378 (8,338)
Deferred revenue 1,684 (119)
Net cash used in operating activities (48,914) (2,519)
Cash Flows From Investing Activities:    
Acquisitions, net of cash acquired (66,535) (2,230)
Cash transfer from sale of business (2,810) 0
Capitalized software development costs (1,415) (2,119)
Purchase of property and equipment, net of proceeds from disposal (9,595) (30,862)
Purchase of held-to-maturity investments (146,258) (143,255)
Proceeds from maturities of held-to-maturity investments 226,200 177,450
Proceeds from sale of short-term investments 70,163 0
Net cash provided by / (used in) investing activities (includes discontinued operations; see Note 5) 69,750 (1,016)
Cash Flows From Financing Activities:    
Proceeds from the exercise of common stock options 193 168
Taxes paid related to net share settlement of equity awards (9,105) (5,683)
Repurchase and retirement of common stock 0 (244)
Net cash used in financing activities (8,912) (5,759)
Effect of foreign exchange rate changes on cash balances (339) (80)
Net increase (decrease) in cash and cash equivalents and restricted cash 11,585 (9,374)
Cash and cash equivalents and restricted cash - beginning 19,647 29,021
Cash and cash equivalents and restricted cash - ending 31,232 19,647
Reconciliation to consolidated balance sheets    
Cash and cash equivalents 30,968 18,378
Restricted cash 264 1,269
Total cash and cash equivalents and restricted cash 31,232 19,647
Cash paid for:    
Income Taxes paid 87 0
Non-cash investing and financing activities:    
Common stock received for sale of business 75,357 0
Contingent consideration and indemnity holdback receivable from sale of business in prepaids and other current assets and other non-current assets, respectively 36,400 0
New leases under ASC 842 entered into during the period 1,597 8,406
Contingent consideration in accounts payable and accrued expenses and other non-current liabilities 9,072 0
Common stock issued for acquisition 8,414 0
Purchases of property and equipment and capitalized software in accounts payable and accrued expenses 128 375
Modification of existing right-of-use assets ("ROU") and lease liability 0 12,684
Derecognition of ROU assets and lease liability 0 (6,367)
Common stock issued for settlement of earn-out previously in accounts payable and accrued expenses $ 0 $ 3,022