BACKBLAZE, INC., 10-K filed on 3/10/2026
Annual Report
v3.25.4
Cover - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
Mar. 03, 2026
Jun. 30, 2025
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-41026    
Entity Registrant Name BACKBLAZE, INC.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 20-8893125    
Entity Address, Address Line One 2261 Market Street STE 81006    
Entity Address, City or Town San Francisco    
Entity Address, State or Province CA    
Entity Address, Postal Zip Code 94114    
City Area Code 650    
Local Phone Number 352-3738    
Title of 12(b) Security Class A Common Stock, $0.0001 par value per share    
Trading Symbol BLZE    
Security Exchange Name NASDAQ    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company true    
Entity Ex Transition Period false    
ICFR Auditor Attestation Flag false    
Document Financial Statement Error Correction false    
Entity Shell Company false    
Entity Public Float     $ 240.3
Entity Common Stock, Shares Outstanding   60.1  
Documents Incorporated by Reference
Portions of the information called for by Part III of this Annual Report on Form 10-K is hereby incorporated by reference from the definitive proxy statement for the registrant’s 2026 annual meeting of stockholders, which will be filed with the Securities and Exchange Commission not later than 120 days after the registrant’s fiscal year ended December 31, 2025.
    
Entity Central Index Key 0001462056    
Amendment Flag false    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Firm ID 34
Auditor Name Deloitte & Touche LLP
Auditor Location Los Angeles, California
v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 29,182 $ 45,776
Marketable securities 22,199 9,139
Accounts receivable, net 3,482 1,831
Prepaid expenses 4,195 3,457
Other current assets 6,630 5,545
Total current assets 65,688 65,748
Property and equipment, net 57,310 42,949
Operating lease right-of-use assets, net 22,713 15,873
Capitalized internal-use software, net 40,825 41,801
Other assets 5,290 2,187
Total assets 191,826 168,558
Current liabilities:    
Accounts payable 1,588 1,459
Accrued expenses and other current liabilities 9,406 7,584
Finance lease liabilities and lease financing obligations, current 14,873 16,327
Operating lease liabilities, current 5,253 4,026
Deferred revenue, current 30,498 30,407
Total current liabilities 61,618 59,803
Finance lease liabilities and lease financing obligations, non-current 21,292 13,142
Operating lease liabilities, non-current 20,166 12,844
Deferred revenue and other liabilities, non-current 5,529 5,147
Total liabilities 108,605 90,936
Commitments and contingencies (Note 11)
Stockholders’ Equity    
Preferred stock, 0.0001 par value; 10,000,000 shares authorized as of December 31, 2025 and 2024; zero shares issued and outstanding as of December 31, 2025 and 2024. 0 0
Treasury stock, at cost; 256,549 and zero shares as of December 31, 2025 and 2024, respectively (1,983) 0
Additional paid-in capital 306,795 273,602
Accumulated deficit (221,597) (195,985)
Total stockholders’ equity 83,221 77,622
Total liabilities and stockholders’ equity 191,826 168,558
Class A common stock    
Stockholders’ Equity    
Common stock, value, issued 6 5
Class B common stock    
Stockholders’ Equity    
Common stock, value, issued $ 0 $ 0
v3.25.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Dec. 31, 2025
Dec. 31, 2024
Preferred stock, par value (in USD per share) $ 0.0001 $ 0.0001
Preferred stock, shares authorized (in shares) 10,000,000 10,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Treasury stock (in shares) 256,549 0
Class A common stock    
Common stock, par value (in USD per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 113,000,000 113,000,000
Common stock, shares issued (in shares) 58,962,339 53,375,770
Common stock, shares outstanding (in shares) 58,705,790 53,375,770
Class B common stock    
Common stock, par value (in USD per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 295,986 295,986
Common stock, shares issued (in shares) 0 0
Common stock, shares outstanding (in shares) 0 0
v3.25.4
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]      
Revenue $ 145,835 $ 127,628 $ 102,019
Cost of revenue 57,042 58,285 52,162
Gross profit 88,793 69,343 49,857
Operating expenses:      
Research and development 46,109 42,098 39,527
Sales and marketing 37,397 44,440 41,270
General and administrative 28,910 29,094 26,965
Total operating expenses 112,416 115,632 107,762
Loss from operations (23,623) (46,289) (57,905)
Investment income 1,961 1,422 1,984
Interest expense (3,866) (3,658) (3,792)
Loss before provision for income taxes (25,528) (48,525) (59,713)
Income tax provision 84 6 0
Net loss and comprehensive loss $ (25,612) $ (48,531) $ (59,713)
Net loss per share, basic (USD per share) [1] $ (0.46) $ (1.11) $ (1.66)
Net loss per share, diluted (USD per share) [1] $ (0.46) $ (1.11) $ (1.66)
Weighted-average shares of Class A common stock outstanding – basic (in shares) 56,209,667 43,543,023 36,011,446
Weighted average Class A common shares outstanding, diluted (in shares) 56,209,667 43,543,023 36,011,446
[1]
(1) On July 6, 2023, all shares of the Company’s then outstanding Class B common stock were automatically converted into the same number of Class A common stock, pursuant to the terms of the Company’s Amended and Restated Certificate of Incorporation. No additional shares of Class B common stock will be issued following such conversion. See Note 13 for further details.
v3.25.4
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($)
$ in Thousands
Total
Bonus Plan
Class A Common Stock
Class A Common Stock
Bonus Plan
Treasury Stock
Additional Paid-in Capital
Additional Paid-in Capital
Bonus Plan
Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2022 [1]     33,393,737          
Treasury Stock, Beginning balance (in shares) at Dec. 31, 2022         0      
Beginning balance at Dec. 31, 2022 $ 68,748   $ 4 [1]   $ 0 $ 156,485   $ (87,741)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net loss (59,713)             (59,713)
Issuance of Class A common stock upon exercise of stock options (in shares) [1]     2,446,846          
Issuance of common stock upon exercise of stock options 4,613         4,613    
Issuance of common stock related to the 2021 Equity Incentive Plan (in shares) [1]     2,327,073          
Issuance of common stock related to the 2021 Employee Stock Purchase Plan (in shares) [1]     695,046          
Issuance of common stock related to the 2021 Employee Stock Purchase Plan 2,339         2,339    
Issuance of restricted stock units related to bonus plans (in shares) [1]       287,908        
Issuance of restricted stock units related to bonus plans   $ 1,848         $ 1,848  
Stock-based compensation 27,103         27,103    
Ending balance (in shares) at Dec. 31, 2023 [1]     39,150,610          
Treasury Stock, Ending balance (in shares) at Dec. 31, 2023         0      
Ending balance at Dec. 31, 2023 44,938   $ 4 [1]   $ 0 192,388   (147,454)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net loss (48,531)             (48,531)
Issuance of Class A common stock upon exercise of stock options (in shares) [1]     2,526,902          
Issuance of common stock upon exercise of stock options 7,537         7,537    
Issuance of shares of common stock upon public offering, net of underwriting discounts and commissions and other offering costs (in shares) [1]     7,187,500          
Issuance of shares of common stock upon public offering, net of underwriting discounts and commissions and other offering costs 36,981   $ 1 [1]     36,980    
Issuance of common stock related to the 2021 Equity Incentive Plan (in shares) [1]     3,434,104          
Issuance of common stock related to the 2021 Employee Stock Purchase Plan (in shares) [1]     780,206          
Issuance of common stock related to the 2021 Employee Stock Purchase Plan 2,768         2,768    
Issuance of restricted stock units related to bonus plans (in shares) [1]       296,448        
Issuance of restricted stock units related to bonus plans   3,507         3,507  
Stock-based compensation $ 30,422         30,422    
Ending balance (in shares) at Dec. 31, 2024 [1]     53,375,770          
Treasury Stock, Ending balance (in shares) at Dec. 31, 2024 0       0      
Ending balance at Dec. 31, 2024 $ 77,622   $ 5 [1]   $ 0 273,602   (195,985)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net loss $ (25,612)             (25,612)
Issuance of Class A common stock upon exercise of stock options (in shares) 1,580,237   1,580,237 [1]          
Issuance of common stock upon exercise of stock options $ 5,268         5,268    
Purchase of treasury stock (in shares)         (256,549)      
Purchase of treasury stock (1,983)       $ (1,983)      
Issuance of common stock related to the 2021 Equity Incentive Plan (in shares) [1]     3,085,157          
Issuance of common stock related to the 2021 Equity Incentive Plan (1,917)   $ 1 [1]     (1,918)    
Issuance of common stock related to the 2021 Employee Stock Purchase Plan (in shares) [1]     619,604          
Issuance of common stock related to the 2021 Employee Stock Purchase Plan 2,550         2,550    
Issuance of restricted stock units related to bonus plans (in shares) [1]       301,571        
Issuance of restricted stock units related to bonus plans   $ 2,014         $ 2,014  
Stock-based compensation $ 25,279         25,279    
Ending balance (in shares) at Dec. 31, 2025 [1]     58,962,339          
Treasury Stock, Ending balance (in shares) at Dec. 31, 2025 256,549       256,549      
Ending balance at Dec. 31, 2025 $ 83,221   $ 6 [1]   $ (1,983) $ 306,795   $ (221,597)
[1]
(1) On July 6, 2023, all shares of the Company’s then outstanding Class B common stock were automatically converted into the same number of Class A common stock, pursuant to the terms of the Company’s Amended and Restated Certificate of Incorporation. No additional shares of Class B common stock will be issued following such conversion. See Note 13 for further details.
v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES      
Net loss $ (25,612,000) $ (48,531,000) $ (59,713,000)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Noncash lease expense on operating leases 4,944,000 2,727,000 2,350,000
Depreciation and amortization 25,591,000 28,328,000 24,912,000
Impairment loss on long-lived assets 1,159,000 898,000 232,000
Stock-based compensation 26,436,000 28,628,000 25,177,000
Gain on disposal of property and equipment (347,000) (154,000) (292,000)
Other, net 686,000 409,000 417,000
Changes in operating assets and liabilities:      
Accounts receivable (1,651,000) (1,031,000) 56,000
Prepaid expenses and other current assets (1,527,000) (741,000) (445,000)
Other assets (2,673,000) (1,346,000) (389,000)
Accounts payable 402,000 (547,000) (295,000)
Accrued expenses and other current liabilities 130,000 948,000 (1,422,000)
Deferred revenue and other liabilities, non-current 473,000 5,505,000 4,526,000
Operating lease liabilities (4,467,000) (2,588,000) (2,464,000)
Net cash provided by (used in) operating activities 23,544,000 12,505,000 (7,350,000)
CASH FLOWS FROM INVESTING ACTIVITIES      
Purchases of marketable securities (39,530,000) (38,097,000) (26,358,000)
Maturities of marketable securities 26,281,000 45,693,000 67,874,000
Proceeds from disposal of property and equipment 167,000 455,000 369,000
Purchases of property and equipment (4,694,000) (1,711,000) (5,512,000)
Capitalized internal-use software costs (7,564,000) (12,471,000) (14,716,000)
Net cash (used in) provided by investing activities (25,340,000) (6,131,000) 21,657,000
CASH FLOWS FROM FINANCING ACTIVITIES      
Principal payments on finance lease and lease financing obligations (18,164,000) (19,503,000) (19,510,000)
Proceeds from issuance of common stock upon public offering, net of underwriting discounts and commission and other offering costs 0 37,434,000 0
Payments of offering costs (20,000) (383,000) 0
Proceeds from debt facility 2,454,000 554,000 4,273,000
Repayment of debt facility (2,454,000) (4,682,000) (4,450,000)
Payment of debt issuance costs (602,000) 0 0
Proceeds from insurance premium financing 0 0 893,000
Principal payments on insurance premium financing 0 (893,000) (1,545,000)
Proceeds from lease financing obligations 0 0 4,450,000
Purchase of treasury stock (1,983,000) 0 0
Proceeds from exercises of stock options 5,338,000 7,477,000 4,708,000
Taxes paid for net share settlement of equity awards (1,917,000) 0 0
Proceeds from ESPP 2,550,000 2,768,000 2,339,000
Net cash (used in) provided by financing activities (14,798,000) 22,772,000 (8,842,000)
Net (decrease) increase in cash and cash equivalents and restricted cash (16,594,000) 29,146,000 5,465,000
Cash and cash equivalents and restricted cash, beginning of period 45,776,000 16,630,000 11,165,000
Cash and cash equivalents and restricted cash, end of period 29,182,000 45,776,000 16,630,000
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH      
Cash and cash equivalents 29,182,000 45,776,000 12,502,000
Restricted cash, non-current 0 0 4,128,000
Total cash and cash equivalents and restricted cash, non-current 29,182,000 45,776,000 16,630,000
SUPPLEMENTAL INFORMATION:      
Cash paid for interest 3,738,000 3,579,000 3,733,000
NON-CASH INVESTING AND FINANCING ACTIVITIES:      
Accrued bonus settled in restricted stock units $ 2,014,000 $ 3,507,000 $ 1,848,000
v3.25.4
Organization and Description of Business
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Description of Business Organization and Description of Business
Description of Business
Backblaze, Inc. and its subsidiaries (collectively, “Backblaze” or the “Company”) is a high-performance storage cloud platform, designed to help businesses and consumers store, use, and protect their data. The Company delivers its services through the Backblaze Storage Cloud platform, a purpose-built, web-scale software architecture operating on commodity hardware. Backblaze’s offerings include B2 Cloud Storage, an Infrastructure-as-a-Service (“IaaS”) solution, and Computer Backup, a Software-as-a-Service (“SaaS”) solution. The Company was incorporated in the state of Delaware on April 20, 2007.

Follow-On Offering
On November 20, 2024, the Company issued and sold an aggregate of 6,250,000 shares of the Company’s Class A common stock, par value $0.0001 per share at a public offering price of $5.60 per share (the “Follow-On Offering”). The Company also granted the underwriters an option to purchase up to an additional 937,500 shares of Class A common stock at the same per-share price of $5.60 per share. The underwriters exercised their option to purchase the additional shares. The Company received net proceeds of $37.4 million from the Follow-On Offering, after deducting the underwriting discounts and commissions and other offering expenses. Offering costs of $0.5 million, which consisted of direct incremental legal, accounting, and consulting fees were incurred by the Company in connection with the Follow-On Offering. These costs were offset against the proceeds from the Follow-On Offering.
v3.25.4
Basis of Presentation and Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Summary of Significant Accounting Policies
Principles of Consolidation
The accompanying consolidated financial statements and accompanying notes have been prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”) and include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Reclassifications
To conform to the current period’s presentation, certain prior-period amounts have been reclassified as follows:
•Prepaid expenses previously included in “Prepaid and other current assets” have been reclassified to a separate line item in the consolidated balance sheets for the year ended December 31, 2024.
•A reclass of approximately $0.2 million previously classified as prepaid expenses as of December 31, 2024, has been reclassified to “Other” of other current assets in Footnote 6 and the consolidated balance sheet.
•Net accretion of discount on investment securities and net realized investment gains previously presented separately have been reclassified to “Other” in the consolidated statements of cash flows for the years ended December 31, 2024 and December 31, 2023.
•Machinery and equipment, previously presented as a separate major asset class of property and equipment in Note 7, have been reclassified to data center equipment for the year ended December 31, 2024.
These reclassifications had no impact on total assets, liabilities, or stockholders’ equity.
Emerging Growth Company
The Company is an emerging growth company (“EGC”), as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, EGCs can delay adopting new or revised accounting standards issued subsequent
to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (i) is no longer an EGC or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. The Company will maintain its EGC status until the fifth anniversary of the Company’s initial public offering. The Company intends to use the extended transition period for any other new or revised accounting standards during the period in which it remains an EGC. As a result, our Form 10-K for the year ending December 31, 2026 will no longer reflect any reduced disclosure requirements as an emerging growth company.
Segment Information
The Company has a single operating and reportable segment. In reaching this conclusion, management considers the definition of the chief operating decision maker (“CODM”), how the business is defined by the CODM, the nature of the information provided to the CODM and how that information is used to make operating decisions, allocate resources and assess performance. The Company’s chief operating decision maker is its Chief Executive Officer (“CEO”), who reviews financial information presented on an aggregated basis for purposes of making operating decisions, assessing financial performance and allocating resources.
Use of Estimates
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the consolidated financial statements and the accompanying notes. Such estimates and assumptions include the costs to be capitalized as internal-use software, which include determining whether projects will result in new or additional functionality, the useful lives of other long-lived assets, impairment considerations for long-lived assets, the incremental borrowing rate for lease agreements, lease and non-lease component allocation, estimates related to variable consideration, valuation of the Company’s Employee Stock Purchase Plan (“ESPP”) expense, and accounting for income taxes, including estimates for deferred tax assets, valuation allowance, and uncertain tax positions. The Company bases its estimates on historical experience and on assumptions that management considers reasonable. Future actual results could differ materially from these estimates.
During the second quarter of 2025, the Company completed a study of the useful lives of its property and equipment. Effective April 1, 2025, the estimated life of data center equipment, which includes hard drives, servers, and other infrastructure equipment, was extended on a prospective basis from a range of 3 to 5 years to a uniform 6 years. The reassessment was based on historical data and continuous improvements made to the efficiency and durability of the Company’s storage infrastructure.
The change in estimate reduced depreciation expense and increased net income by approximately $5.2 million for the year ended December 31, 2025, resulting in an increase of $0.09 per basic and diluted share for the year ended December 31, 2025.
Comprehensive Loss
The Company does not have any components of other comprehensive income recorded within the consolidated financial statements and therefore does not separately present a statement of comprehensive income in the consolidated financial statements.
Foreign Currency
Foreign currency transaction gains and losses primarily arise from exchange rate fluctuations on monetary transactions denominated in a currency other than the functional currency. Because the functional currency of the Company and its foreign subsidiaries is the United States dollar (“USD”), the Company does not have foreign currency translation adjustments. Transaction gains and losses are included in general and administrative on the Company’s consolidated statements of operations and comprehensive loss.
Foreign exchange loss for the periods indicated was as follows (in thousands):
For the Years Ended December 31,
202520242023
Foreign exchange loss
$451 $32 $123 
Concentrations and Risks and Uncertainties

Credit risk. Financial instruments that potentially subject the Company to credit risk primarily consist of cash, cash equivalents, accounts receivable, marketable securities, and unbilled receivables.

The Company maintains its cash, cash equivalents, and marketable securities with high-quality financial institutions that have investment-grade credit ratings. Although these institutions are considered to be financially sound, deposits may exceed the amounts insured or guaranteed by the Federal Deposit Insurance Corporation, which could subject the Company to risk of loss in the event of the failure of any such financial institution.

The Company is also exposed to credit risk related to accounts receivable and unbilled receivables from customers. The Company does not have separate collateral requirements to support financial instruments subject to credit risk.
Concentration of vendors. The Company acquires infrastructure equipment from third party vendors. Vendors may have limited sources of equipment and supplies, which may expose the Company to potential supply-chain and service disruptions that could harm the Company’s business.

The following table presents concentrations of vendors and customers that accounted for more than 10% related to the Company’s cash disbursements, accounts payable, and accounts receivable.

For the Years Ended December 31,
202520242023
Cash disbursement concentration
Number of vendors232
Total cash disbursements represented by vendors listed above26%36%21%

December 31,
20252024
Accounts payable concentration
Number of vendors21
Total accounts payable balance represented by vendors listed above23%14%
Accounts receivable concentration
Number of customers
22
Total accounts receivable balance represented by customers listed above
38%35%
Revenue. The Company derives substantially all of its revenue from the services operating on its Backblaze Storage Cloud platform: its B2 Cloud Storage and Computer Backup offerings. No customer accounted for more than 10% of the Company’s revenues during the years ended December 31, 2025, 2024 and 2023.

Restructuring

The Company classifies certain costs as restructuring charges when they are incurred and considered direct and incremental in connection with management-approved programs that result in significant changes to the scope of the business or the manner in which the business is conducted. Restructuring charges include employee severance and related costs associated with workforce reductions, facility-related costs incurred to exit or consolidate office space, costs associated with strategic transformation initiatives, and other costs directly attributable to restructuring and transforming the Company’s operations.
Restructuring costs associated with strategic transformation initiatives are generally recognized as expense as the related services are performed or costs are otherwise incurred, while other restructuring-related costs, including asset impairments, are recognized in accordance with the applicable accounting policies for those costs. Employee severance and related costs are recognized when the Company has committed to a plan of termination, the plan identifies the employees affected and the expected completion date, the actions required to complete the plan indicate that it is unlikely that significant changes will be made to the plan or that the plan will be withdrawn. For involuntary terminations, a liability is recognized in accordance with the applicable guidance based on whether employees are required to render future service to receive the benefits.
Revenue Recognition
The Backblaze Storage Cloud provides the core platform for the Company’s B2 Cloud Storage and its Computer Backup offerings. The Company derives its revenue primarily from fees earned from customers accessing these offerings through its platform.
•B2 Cloud Storage is provided as an IaaS solution and is offered predominantly on a consumption-based model, with fees billed monthly in arrears, and to a lesser extent through capacity-based subscription plans with terms ranging from one to five years.
•The Computer Backup is provided as a SaaS solution under subscription arrangements with one month, one-year, and two-year terms, all of which are billed upfront and automatically renew at the end of their respective terms. In addition, customers may incur usage-based fees related to extended version history retention, which are recognized as revenue as the related services are provided.
While the majority of the Company’s customers pay via credit card, certain customers’ accounts are invoiced and recorded in accounts receivable and in revenue, or deferred revenue, depending on whether appropriate revenue recognition criteria have been met. As the Company provides its offerings as a hosted service, it does not provide customers the contractual right to take possession of the software at any time, does not incur set up costs, and does not charge an installation fee for its new customers.
The Company determines revenue recognition through the following five steps:
1. Identify the contract with a customer. The Company considers the terms and conditions of the contracts and its customary business practices in identifying its contracts under Accounting Standards Codification (“ASC”) 606. The Company determines it has a contract with a customer when:

•the contract has been approved by both parties;
•it can identify each party’s rights regarding the services to be transferred and the payment terms for the services;
•it has determined the customer to have the ability and intent to pay;
•the contract has commercial substance; and
•it is probable the Company will collect substantially all of the consideration in the contract.

The Company applies judgment in determining a customer’s ability and intent to pay based on a variety of factors, including historical payment experience for existing customers and customer profile considerations for new customers.
2. Identify the performance obligations in the contract. Performance obligations promised in a contract are identified based on the services and products that will be transferred to the customer that are both capable of being distinct and are distinct in the context of the contract. The Company’s contracts typically contain a single distinct performance obligation representing one of its Backblaze Storage Cloud platform offerings, which includes either B2 Cloud Storage or Computer Backup services and related customer support.
3. Determine the transaction price. The transaction price is determined based on the consideration the Company expects to receive in exchange for transferring services and products to the customer. Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue recognized under the contract will not occur. The Company’s variable consideration includes consumption-based revenue and revenue arrangements that offer the right of return. The Company offers a 30 day right of return for its one to five-year subscription-based arrangements and records a refund liability based on historical return data. Certain fees that are considered consideration payable to a customer are accounted for as a reduction of the transaction price. None of the
Company’s contracts contain a significant financing component. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental entities (e.g., sales and other indirect taxes).
4. Allocate the transaction price to performance obligations in the contract. Contracts that contain multiple distinct performance obligations require an allocation of the transaction price to each performance obligation based on a relative standalone selling price (“SSP”). The Company determines SSP for performance obligations based on the price it sells a service or product separately.
5. Recognize revenue when or as the Company satisfies a performance obligation. Revenue is recognized when or as the Company satisfies its performance obligations. The Company’s cloud service arrangements generally represent a single performance obligation that is satisfied over time as a series of distinct services that are substantially the same. The Company measures progress using an output method based on the value of services transferred to the customer and applies the “right to invoice” practical expedient for arrangements in which invoiced amounts correspond directly with the value transferred. Subscription-based arrangements are recognized on a straight-line basis over the contractual term beginning on the service commencement date. Consumption-based arrangements are recognized based on actual usage as services are delivered.
The Company also offers a 14-day free trial period for its Computer Backup subscription-based arrangements and it does not enter into a contract with the customer during this trial period. Separately, under its consumption-based arrangements, the Company does not charge customers until at least 10 gigabytes of data have been stored.
The non-current deferred revenue balance of $5.4 million included in the Company’s consolidated balance sheet as of December 31, 2025 will be recognized starting in 2027 and thereafter. As of December 31, 2024, the Company’s non-current deferred revenue balance was $5.1 million, which will be recognized in 2026 and thereafter.
For revenue generated from arrangements that involve third-parties, the Company evaluates whether it is the principal or the agent based on maintaining control over the services being provided and maintaining the relationship with the end-customer. The Company’s revenue is reported on a gross basis, as the Company is the principal.
Cost of Revenue
Cost of revenue includes costs directly associated with the delivery of services and products, which consists of expenses for providing Backblaze’s platform to its customers. These expenses include rent and utilities for operating in data center spaces, personnel costs, network and bandwidth costs, depreciation of the Company’s equipment and finance lease assets in data center spaces and other infrastructure expenses incurred in connection with its customers’ use of its services. The Company periodically receives discounts from third-party vendors that are recorded as a reduction to cost of revenue on its consolidated statements of operations and comprehensive loss. Personnel-related costs associated with customer support and maintaining service availability include salaries, benefits, bonuses and stock-based compensation. Cost of revenue also includes credit card processing fees, amortization of capitalized internal-use software development costs and allocated overhead costs.
Research and Development Costs
Research and development costs consist primarily of personnel-related expenses associated with the Company’s research and development staff, including salaries, benefits, bonuses and stock-based compensation. Research and development costs also include consultants or professional services fees, costs related to the support and maintenance of systems used in product development, subscription services for use by its research and development organization and an allocation of its overhead costs. Research and development costs are generally expensed as incurred, unless they qualify as capitalized internal-use software.
Advertising Costs
Advertising costs are expensed as incurred and are included in sales and marketing expenses in the consolidated statements of operations and comprehensive loss. Prior-year amounts have been updated to conform to current year presentation and had no impact on the Company’s previously reported consolidated financial statements. These costs were $2.5 million, $3.0 million, and $2.6 million for the years ended December 31, 2025, 2024, and 2023, respectively.
Income Taxes
The Company accounts for income taxes using the asset and liability method. Deferred income taxes are recognized by applying the enacted statutory tax rates applicable to future years to differences between the carrying amounts of existing assets and liabilities and their respective tax bases and net operating loss and tax credit carryforwards. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. The measurement of deferred tax assets is reduced, if necessary, by a valuation allowance to amounts that are more likely than not to be realized.
Where interpretation of the tax law may be uncertain, the Company recognizes, measures and discloses income tax uncertainties. The Company accounts for interest expense and penalties related to unrecognized tax benefits as income tax expense in its consolidated statements of operations and comprehensive loss. The Company is subject to periodic audits by the Internal Revenue Service and other taxing authorities, which may challenge tax positions taken by the Company.
Stock-based Compensation
All stock-based compensation to employees is measured on the grant date, based on the fair value of the awards on the date of grant. The Company recognizes compensation cost for equity-classified awards on a straight-line basis over the requisite service period, which is generally a vesting period of one to four years.

Awards granted under the Company’s bonus plans are accounted for as liability-classified share-based payment awards because the bonus payout represents a fixed monetary amount that is settled in a variable number of shares. For such awards, the Company recognizes compensation cost over the requisite service period based on the fair value of the liability, which is remeasured at each reporting date until settlement. Upon settlement and issuance of restricted stock units (“RSUs”), the awards are reclassified to equity.

Stock-based compensation includes RSUs, stock option grants and stock purchase rights under the ESPP.
The Company uses the Black-Scholes option pricing model to measure the fair value of its stock options and the stock purchase rights under the ESPP. The Black-Scholes option pricing model requires the use of complex assumptions, which determine the fair value of stock-based awards. Forfeitures are accounted for in the period in which they occur.
Cash and Cash Equivalents
Cash and cash equivalents include cash and certain highly liquid investments with maturities of 90 days or less at the date of purchase. Cash equivalents are primarily recorded at cost, which approximates fair value.
Restricted Cash

The Company had restricted cash of $4.1 million related to the line of credit agreement with City National Bank as of December 31, 2023. The Company did not have a restricted cash balance as of December 31, 2025 and 2024.
Marketable Securities

The Company classifies marketable debt securities with original maturities greater than 90 days as held-to-maturity and reports them at amortized cost, with realized gains and losses recognized in earnings. Marketable securities with original maturities of 90 days or less are classified as cash equivalents. The Company determines the appropriate classification of its debt securities at the time of purchase and re-evaluates such determination at each balance sheet date.

The Company will recognize an allowance for estimated credit losses on its held-to-maturity securities, using a forward-looking expected loss model, which reflects losses that are expected to be incurred over the life of the financial instrument. The Company uses a roll-rate method to determine the estimated credit losses using factors including historical global average default rates and expected recovery rates on similar credit quality, bond maturity and duration, along with historical experience, current conditions, and forecasts of future economic conditions, if available. The Company monitors the credit profile of its held-to-maturity securities on a periodic basis, using third party data to assess their credit ratings as well as any adverse conditions specifically related to the security. The allowance for credit losses was a nominal amount for the years ended December 31, 2025 and 2024.
Fair Value of Financial Instruments
The Company measures financial assets and liabilities at fair value at each reporting date. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are reported under a three-level valuation hierarchy. The classification of the Company’s financial assets within the hierarchy is as follows:
Level 1 — Inputs to the valuation methodology are unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2 — Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.
Level 3 — Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date.
The carrying amounts reflected in the consolidated balance sheets for accounts receivable, prepaid expenses, other current assets, accounts payable, and accrued expenses and other current liabilities approximate their respective fair values due to the short maturities of those instruments.
Accounts Receivable, Net

Accounts receivable are carried at the original invoiced amount less an estimated allowance for expected credit losses based on the probability of future collection. The allowance is estimated based on the Company’s assessment of its ability to collect on customer accounts receivable. The allowance was a nominal amount as of December 31, 2025 and 2024. The provision, direct write-offs, and recoveries were also nominal for the years ended December 31, 2025 and 2024. The Company regularly reviews the allowance by considering certain factors such as historical experience, credit quality, age of accounts receivable balances and other known conditions that may affect a customer’s ability to pay.
Unbilled Accounts Receivable
Unbilled accounts receivable represents recognized and unbilled revenue for consumption-based contracts that is billed monthly in arrears. Substantially all of the Company’s unbilled accounts receivable is charged via a credit card upon billing. Unbilled accounts receivable is included in other current assets on the consolidated balance sheets. The balance of unbilled accounts receivable as of December 31, 2025 and 2024 is presented in Note 6.
Deferred Contract Costs

The Company’s deferred contract costs are composed of third-party affiliate commissions and, starting in 2024, a commission structure for its sales team. Sales commissions and related taxes and benefits earned by our sales force as well as sales commission earned by marketing affiliates are considered incremental and recoverable costs of obtaining a contract with a customer. Sales commissions for new contracts are deferred and then amortized on a straight-line basis over a period of benefit that we have estimated to be five years. We determined the period of benefit by taking into consideration the duration of our customer contracts, our customer retention rate and the technology development life cycle. Sales commissions for renewal contracts are deferred and then amortized on a straight-line basis over the related contractual renewal period. Amortization expense is included in sales and marketing expenses on the consolidated statements of operations and comprehensive loss. Deferred contract costs are included within other current assets and other assets in the consolidated balance sheets.
Property and Equipment, Net
Property and equipment, both owned and under finance leases, are stated at cost, less accumulated depreciation, which is computed on a straight-line basis over the asset’s estimated useful life. Leasehold improvements are amortized over the shorter of the useful life of the asset or expected lease term. Improvements that increase functionality of the asset are capitalized and depreciated over the asset’s remaining useful life. Construction-in-progress is not depreciated. Fully depreciated assets are retained in property and equipment until removed from service.
The following table presents the estimated useful lives of property and equipment:
Property and EquipmentUseful life
Data center equipment(1)
6 years
Computer equipment
3 - 5 years
Leasehold improvements
Shorter of useful life or expected lease term
________________
(1) During the second quarter of 2025, the estimated lives of data center equipment were extended from a range of 3 to 5 years to a uniform 6 years. See “Use of Estimates” above for further details.
Capitalized Internal-Use Software, Net
The Company capitalizes qualifying software development costs related to new features and enhancements to the functionality of its platform and related products. The costs consist of personnel costs (including related taxes and benefits and stock-based compensation) that are incurred during the application development stage. Capitalization of costs begins when two criteria are met: (i) the preliminary project stage is completed, and (ii) it is probable that the software will be completed and used for its intended function. Capitalization ceases when the software is substantially complete and ready for its intended use, including the completion of all significant testing. Costs related to preliminary project activities and post-implementation operating activities are expensed as incurred.
The Company reviews its capitalization criteria for each project individually. Capitalized costs are amortized over the estimated useful life of the software, which is generally five years, on a straight-line basis, and represents the manner in which the expected benefit will be derived. The Company determines the useful lives of identifiable project assets after considering the specific facts and circumstances related to each project. Amortization of capitalized software costs is substantially included in cost of revenue in the consolidated statements of operations and comprehensive loss.
Impairment of Long-lived Assets
Long-lived assets with finite lives include property and equipment, capitalized internal-use software, certain implementation costs incurred for cloud computing arrangements, and right-of-use assets. The Company evaluates these long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets held and used is measured by comparison of the carrying amount of an asset or an asset group to estimated undiscounted future net cash flows expected to be generated by the asset or asset group. If the carrying amount of an asset exceeds these estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the assets exceeds the fair value of the asset or asset group during the quarter in which the determination is made.
Deferred Revenue
The Company records deferred revenue when customer payments are received in advance of satisfying the performance obligations on the Company’s contracts. Subscription-based arrangements are generally billed and paid in advance of satisfaction of these performance obligations. Deferred revenue relating to the Company’s subscription-based arrangements that have a contractual expiration date of less than 12 months are classified as current. The Company classifies deferred revenue from services that will be provided in more than 12 months as non-current on its consolidated balance sheets.
Leases
The Company generally enters into finance lease arrangements for hard drives and related equipment for its data center operations, and operating leases for rental of data center spaces and office space. The Company determines if an arrangement is or contains a lease at inception by evaluating various factors, including if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration and other facts and circumstances. As a majority of the Company’s operating leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available as of the commencement date for each lease component. The discount rate used is the rate of interest that a lessee would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term in a similar economic environment.
For finance leases, the lease term generally begins on the date of initial possession of the leased asset, and for operating leases, the term begins when the Company has the right to use the leased space and obtain the economic benefits. The Company does not assume renewals in its determination of the lease term unless the renewals are deemed to be reasonably assured at lease inception. Lease classification is determined at the lease commencement date. The Company records an asset and lease liability on its consolidated balance sheets for leases that have yet to commence when it has the ability to control the underlying asset as that creates a significant right and obligation to the Company. The underlying assets of finance leases are included in property and equipment, net, on the Company’s consolidated balance sheets. Variable lease payments are expensed as incurred and include certain non-lease components, such as maintenance and other services provided by the lessor to the extent the charges are variable.
The Company has elected the short-term lease practical expedient for all asset classes, which allows the lessee to not apply the recognition requirements of ASC 842 to short-term leases (leases with original terms of 12 months or less and that do not include a purchase option that the lessee is reasonably certain to exercise).

The Company has elected the practical expedient to combine lease and non-lease components for all of its leases, with the exception of leases related to the co-location lease agreement asset class. For co-location lease agreements, the Company only recognizes fixed minimum payments for tangible components as right-of-use assets and operating lease liabilities, as these arrangements may include significant intangible components.
Regulatory Developments
On July 4, 2025, the One Big Beautiful Bill Act (the “OBBB Act”) was enacted, introducing amendments to U.S. tax laws with various effective dates from 2025 to 2027. The OBBB Act includes significant provisions, such as the permanent extension of certain expiring provisions of the 2017 Tax Cuts and Jobs Act, international tax framework, and the restoration of favorable tax treatment for certain business provisions including the immediate expensing of the US research and development expenditure. The Company has completed its assessment of the tax law changes enacted under the OBBB Act. Based on this assessment, the OBBB Act did not have a material impact on the Company’s consolidated financial statements for the year ended December 31, 2025, and the Company does not expect these changes to have a material impact on future periods.

In January 2024, the European Union (“EU”) enacted the EU Data Act, which became effective in September 2025. The legislation establishes statutory rights for EU and European Economic Area (“EEA”) customers, including the ability to terminate contracts with no more than two months’ notice, reimbursement of unused prepaid service, and limitations on early termination penalties, among other changes. These provisions primarily affect the Company’s subscription arrangements with EU and EEA customers by shortening the enforceable contract term and requiring consideration of expanded refund rights. The Company evaluated the implications of the EU Data Act on its customer arrangements, including remaining performance obligations, and determined that it did not have a material impact on the Company’s consolidated financial statements for the current reporting period. The Company has incorporated the provisions of the EU Data Act into its revenue recognition policies and contract assessments and expects to reflect any impact prospectively as customer arrangements are modified or renewed under the new requirements.
Recently Issued Accounting Pronouncements
In December 2025, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2025-11,“Interim Reporting (Topic 270): Narrow-Scope Improvements” This standard improves the navigability of the required interim disclosures and clarifies when the guidance is applicable, as well as provides additional guidance on what disclosures should be provided in interim reporting periods. The amendments in this ASU are effective for fiscal years beginning after December 15, 2027, and interim reporting periods beginning after December 15, 2028. The Company is evaluating the impact this the new standard may have, but does not expect it to have a significant impact on its consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software.” This standard updates the recognition model for internal-use software by eliminating the project stage framework and requiring capitalization once projects are approved and completion is probable, and also clarifies related disclosure requirements. This ASU is effective for interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of the adoption of this standard.
In July 2025, the FASB issued ASU 2025-05, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets.” This standard allows entities to apply a practical expedient when estimating expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers. The standard is effective for all entities for fiscal years beginning after December 15, 2025, including interim periods within those fiscal years. Early adoption is permitted, and the standard is to be applied prospectively. The Company is currently evaluating the impact of the adoption of this standard.
In November 2024, the FASB issued ASU 2024-03, “Income Statement (Subtopic 220-40) - Reporting Comprehensive Income - Expense Disaggregation Disclosures.” The ASU requires disclosure of specified information about certain costs and expenses, including (i) certain amounts already required to be disclosed in the same disclosure as the other disaggregation requirements, (ii) a qualitative description of amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, and (iii) the total amount of selling expenses and an entity’s definition of such expenses. For public companies, this ASU is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027 on either a prospective or retrospective basis. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this standard.
In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740) - Improvements to Income Tax Disclosures” requiring enhancements and further transparency to certain income tax disclosures, most notably the tax rate reconciliation and income taxes paid. This ASU is effective for fiscal years beginning after December 15, 2024 for public companies and is effective for fiscal years beginning after December 15, 2025 for non-public business entities. In accordance with our EGC status, the Company will implement the standard beginning with its annual reporting period ending December 31, 2026. This amendment should be applied on a prospective basis and retrospective application is permitted. The Company is currently evaluating the impact of the adoption of this standard.
v3.25.4
Revenues
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenues Revenues
Disaggregation of Total Revenue
The following table presents the Company’s revenue disaggregated by solution (in thousands):

For the Years Ended December 31,
202520242023
B2 Cloud Storage
$79,897 $63,335 $46,427 
Computer Backup
65,938 64,293 55,592 
Total revenue
$145,835 $127,628 $102,019 
The following table presents the Company’s total revenue disaggregated by timing of revenue recognition (in thousands):
For the Years Ended December 31,
202520242023
Consumption-based arrangements
$77,187 $61,459 $45,771 
Subscription-based arrangements
68,236 65,658 55,679 
Point in time arrangements
412 511 569 
Total revenue
$145,835 $127,628 $102,019 

Total revenue by geographic area, based on the location of the Company’s customers, was as follows (in thousands):
For the Years Ended December 31,
202520242023
United States
$104,567 $94,323 $73,262 
United Kingdom7,513 6,703 5,463 
Canada6,609 5,757 5,027 
Other
27,146 20,845 18,267 
Total revenue
$145,835 $127,628 $102,019 
Deferred Revenue

The following table presents information regarding the Company’s deferred revenue (in thousands):

December 31,
20252024
Deferred revenue
$35,897 $35,554 
For the Years Ended December 31,
202520242023
Total revenue recognized, included in each deferred revenue balance at the beginning of each respective period
$30,640 $26,076 $22,983 
Deferred revenue represents the invoiced portion of the Company’s contract liabilities for which the related performance obligations are still outstanding. The Company’s remaining performance obligations (“RPOs”) include deferred revenue as well as future committed revenue under existing customer contracts.

The following tables presents the Company’s RPOs (in millions):
Within 1 Year
Over 1 Year(1)
Total
As of December 31, 2025$35.5 $30.7 $66.2 
As of December 31, 2024$34.3 $7.0 $41.3 
________________
(1) The increase in remaining performance obligations as of December 31, 2025 was primarily driven by a new multi-year customer contract executed during the fourth quarter of 2025.

Deferred Contract Costs

The following tables presents the Company’s amortization of deferred contract costs (in thousands):
December 31,
20252024
Deferred contract costs for marketing affiliates$335 $542 
Deferred contract costs for sales commission
$2,639 $972 
December 31,
202520242023
Amortization of deferred contract costs related to marketing affiliates$852 $1,142 $978 
Amortization of deferred contract costs related to sales commissions
$480 $126 $— 
v3.25.4
Marketable Securities
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities Marketable Securities
Fair Values and Gross Unrealized Gains and Losses on Held-to-Maturity Investments
The amortized cost, gross unrealized gains and losses, and fair values of interest-bearing securities, by type of security, were as follows (in thousands):
Amortized CostGross UnrealizedFair ValueNet Carrying Value
As of December 31, 2025
GainsLosses
Cash equivalents
Money market funds$8,729 $— $— $8,729 $8,729 
Total cash equivalents$8,729 $— $— $8,729 $8,729 
Investments
U.S. treasury securities$9,461 $12 $— $9,473 $9,461 
Corporate debt securities12,740 4 — 12,744 12,738 
Total investments$22,201 $16 $— $22,217 $22,199 
Amortized CostGross UnrealizedFair ValueNet Carrying Value
As of December 31, 2024
GainsLosses
Investments
Commercial paper$9,139 $— $(2)$9,137 $9,139 
Total investments$9,139 $— $(2)$9,137 $9,139 
Scheduled Maturities
The amortized cost and fair value of held-to-maturity securities as of December 31, 2025 by contractual maturity are shown below.
Amortized CostFair Value
(In Thousands)
Within one year$22,201 $22,217 
After one year through five years— — 
After 5 years through 10 years— — 
After 10 years— — 
Total investments$22,201 $22,217 
Aging of Unrealized Losses
There were no securities in an unrealized loss position as of December 31, 2025. As of December 31, 2024, certain securities were in an immaterial unrealized loss position for less than twelve months.
v3.25.4
Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following table presents the level within the fair value hierarchy at which the Company’s held-to-maturity investments are measured (in thousands):
As of December 31, 2025
Level 1Level 2
Other(1)
Total
Cash equivalents
Money market funds$— $— $8,729 $8,729 
Investments
U.S. treasury securities9,473 — — 9,473 
Corporate debt securities— 12,744 — 12,744 
Total $9,473 $12,744 $8,729 $30,946 
________________
(1) Investments in money market funds measured at fair value using the net asset value per share practical expedient are not subject to hierarchy level classification disclosure. The Company invests in money market funds that seek to maintain a stable net asset value. These investments include commingled funds that comprise high-quality short-term securities representing liquid debt and monetary instruments where the redemption value is likely to be the fair value. Redemption is permitted daily without written notice.

As of December 31, 2024
Level 1Level 2Total
Investments
Commercial paper$— $9,137 $9,137 
Total$— $9,137 $9,137 
There were no transfers between levels of the fair value hierarchy for the years ended December 31, 2025 and 2024.
During the years ended December 31, 2025 and 2024, the only significant assets measured at fair value on a non-recurring basis were right-of-use assets related to the Company’s corporate headquarters lease. In 2024, the Company recognized an impairment related to a partial exit from its headquarters building, and in 2025, the Company recognized an additional impairment upon its complete exit from the same building. These impairments were measured using discounted cash flow models with Level 3 inputs, informed by market data and valuation information obtained from third-party specialists, including assumptions related to expected sublease cash flows and market participant discount rates.
v3.25.4
Other Current Assets
 12 Months Ended
Dec. 31, 2025
Prepaid Expense and Other Assets, Current [Abstract]  
Other Current Assets Other Current Assets
Other current assets consisted of the following (in thousands):
December 31,
20252024
Unbilled accounts receivable, net$3,746 $2,864 
Receivable from payment processor615 1,347 
Other2,269 1,334 
Total other current assets
$6,630 $5,545 
v3.25.4
Property and Equipment, Net
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net Property and Equipment, Net
Property and equipment, net consisted of the following (in thousands):
December 31,
20252024
Data center equipment
$95,958 $71,424 
Leased and financed data center equipment(1)
66,569 65,037 
Computer equipment
2,286 2,239 
Leasehold improvements
181 244 
Construction-in-process
89 311 
Total property and equipment
165,083 139,255 
Less: accumulated depreciation and amortization
(107,773)(96,306)
Total property and equipment, net
$57,310 $42,949 
________________
(1) The net book value of the Company’s equipment under finance lease agreements and lease financing obligations was $45.7 million and $35.7 million as of December 31, 2025 and 2024, respectively.

The following table presents property and equipment, net and operating lease right-of-use assets by geographic region (in thousands):
December 31,
20252024
United States$67,193 $47,930 
Canada2,871 3,309 
The Netherlands9,959 7,583 
Total property and equipment, net and operating lease right-of-use assets$80,023 $58,822 
v3.25.4
Capitalized Internal-Use Software, Net
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Capitalized Internal-Use Software, Net Capitalized Internal-Use Software, Net
Capitalized internal-use software, net consisted of the following (in thousands):
December 31,
20252024
Developed software
$68,837 $59,435 
General and administrative software
144 144 
Total capitalized internal-use software
68,981 59,579 
Less: accumulated amortization
(28,156)(17,778)
Total capitalized internal-use software, net
$40,825 $41,801 
Amortization expense of capitalized internal-use software included in the consolidated statements of operations and comprehensive loss is as follows (in thousands):

For the Years Ended December 31,
202520242023
Cost of revenue(1)
$10,398 $6,989 $3,598 
General and administrative
10 10 28 
Total amortization expense of capitalized internal-use software$10,408 $6,999 $3,626 
________________
(1) Includes $0.1 million of restructuring charges for the year ended December 31, 2025. See Note 16 for additional information.
As of December 31, 2025, future amortization expense is expected to be as follows (in thousands):
Year Ending December 31,
2026$11,936 
202710,935 
20289,290 
20296,358 
20302,153 
Thereafter
153 
Total
$40,825 
v3.25.4
Accrued Expenses and Other Current Liabilities
 12 Months Ended
Dec. 31, 2025
Payables and Accruals [Abstract]  
Accrued Expenses and Other Current Liabilities Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following (in thousands):
December 31,
20252024
Accrued compensation$5,436 $3,620 
ESPP withholding371 485 
Accrued expenses1,815 1,457 
Accrued value-added tax1,225 1,139 
Other559 883 
Accrued expenses and other current liabilities$9,406 $7,584 
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases Leases
Finance Leases

The Company generally enters into finance lease arrangements to obtain hard drives and other infrastructure equipment for its data center operations. The term of these agreements primarily range from three to five years and certain of these arrangements have optional renewals to extend the term of the lease generally at a fixed price. Finance leases are generally secured by the underlying leased equipment. The Company’s finance leases have original lease periods expiring between 2026 and 2030. Finance lease right-of-use assets are included in property and equipment, net on the Company’s consolidated balance sheets.

Operating Leases
The Company leases data center spaces and office space under non-cancelable operating leases with various expiration dates. Certain lease agreements include renewal options to extend the lease term at a price to be determined upon exercise. These options are not reasonably certain to be exercised and therefore are not factored into the determination of lease payments. Contingent rental payments are generally not included in the Company’s lease agreements. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company's leases have original lease periods expiring between 2026 and 2033.

Summary of Lease Information
The weighted average remaining lease terms and discount rates as of December 31, 2025 and 2024 were as follows:

December 31, 2025December 31, 2024
Operating leases
Finance Leases(1)
Operating leases
Finance Leases(1)
Remaining lease term5.4 years2.5 years4.4 years1.9 years
Discount rate6.9 %12.6 %7.2 %11.9 %
________________
(1) Includes lease financing obligation costs.
The following table presents the components of lease expense (in thousands):

For the Years Ended December 31,
2025
2024(1)
2023(1)
Finance lease costs
Depreciation expense(2)
$9,131 $12,674 $14,059 
Interest expense$3,407 $2,444 $2,827 
Lease financing obligation costs
Depreciation expense(2)
$1,307 $2,664 $1,366 
Interest expense$229 $675 $409 
Operating lease costs
Rental expense related to lease components$5,920 $3,397 $3,128 
Rental expense related to non-lease components(3)
4,340 5,010 4,999 
Variable lease costs4,358 4,086 1,798 
Short term lease costs— — 716 
Total operating lease costs$14,618 $12,493 $10,641 
Total included in cost of revenue$13,879 $11,384 $9,063 
Total included in general and administrative$739 $1,109 $1,578 
________________
(1) The presentation of prior period data has been revised to conform to current year presentation. There have been no changes to the reported amounts, rather certain amounts have been disaggregated to further improve clarity and transparency.
(2) Substantially all of the depreciation expense on assets acquired through the Company’s finance leases and lease financing obligations is included in cost of revenue in its consolidated statements of operations and comprehensive loss.
(3) Non-lease components are related to non-tangible utilities and services used in the Company’s co-location lease agreements, which are not recorded on the Company’s consolidated balance sheets. The Company used judgment and third-party data in determining the stand-alone price for allocating consideration to lease and non-lease components under these lease agreements, such as the price of utilities as compared to its tangible data center footprint within each facility.
The following table presents supplemental cash flow information relating to the Company’s leases (in thousands):

For the Years Ended December 31,
202520242023
Operating cash flows
Cash paid for interest on finance lease and lease financing obligations$3,734 $3,119 $3,236 
Cash paid for operating lease liabilities$5,636 $4,012 $2,801 
Non-cash items
Equipment acquired through finance leases$24,864 $17,105 $13,094 
Right-of-use assets obtained in exchange for operating lease obligations$12,674 $9,206 $5,448 
During the year ended December 31, 2023, the Company entered into two sale-leaseback arrangements with vendors to provide an aggregate of $4.5 million in cash proceeds for previously purchased hard drives and related equipment. The Company concluded the related lease arrangements would be classified as a lease financing obligation as the Company was reasonably certain to exercise the purchase option within the arrangement. Therefore, the transaction was deemed a failed sale-leaseback and was accounted for as a financing arrangement. The assets continue to be depreciated over their useful lives, and payments are allocated between interest expense and repayment of the financing liability. The Company did not enter into any sale-leaseback arrangements during the years ended December 31, 2025 and 2024.
The future minimum commitments for finance leases and lease financing obligations as of December 31, 2025 were as follows (in thousands):
Year Ending December 31,
Finance leasesLease financing obligationsTotal
2026$17,986 $487 $18,473 
202713,672 — 13,672 
20285,856 — 5,856 
20294,997 — 4,997 
203084 — 84 
Total future minimum commitments42,595 487 43,082 
Less imputed interest(6,893)(24)(6,917)
Total$35,702 $463 $36,165 
As of December 31, 2025, the Company's future minimum obligations for operating leases and non-cancellable contractual commitments related to non-lease components were as follows (in thousands):
Year Ending December 31,
Operating leasesNon-lease componentsTotal
2026$6,780 $3,886 $10,666 
20275,604 3,075 8,679 
20285,265 3,081 8,346 
20294,162 2,559 6,721 
20303,163 1,352 4,515 
Thereafter5,525 109 5,634 
Total future minimum commitments30,499 $14,062 $44,561 
Less imputed interest(5,080)
Total$25,419 
In June 2025, the Company amended an existing lease for a data center facility to (i) extend the non-cancellable term of the original lease and (ii) expand into additional infrastructure designed to support multiple-storage offerings. This expansion is expected to commence in the second quarter of 2026 and includes a non-cancellable lease term of approximately 7 years. The original lease term was also extended to align with this period.
The Company concluded that the multi-storage data center space represents a separate asset class from the Company’s existing co-location data center space. As a result, the lease and non-lease components related to this expanded space are combined in accordance with the Company’s established lease accounting policy.
The Company accounted for the lease amendment as a modification under ASC 842. The amendment consists of two components: (i) an extension of the original lease term, which was remeasured as of the modification date, and (ii) a lease for additional, distinct space, which will be accounted for as a separate lease component and measured at its commencement date in the second quarter of 2026. The Company applied an incremental borrowing rate (“IBR”) of 6.8% to remeasure the lease liability. The IBR was estimated based on current market rates for secured borrowings with similar terms and adjusted for the Company’s credit profile. As of December 31, 2025, the Company had approximately $17.5 million of future minimum undiscounted lease payments related to the expanded lease space, which has not yet commenced and, accordingly, is not included in the operating lease commitments table above.
Leases Leases
Finance Leases

The Company generally enters into finance lease arrangements to obtain hard drives and other infrastructure equipment for its data center operations. The term of these agreements primarily range from three to five years and certain of these arrangements have optional renewals to extend the term of the lease generally at a fixed price. Finance leases are generally secured by the underlying leased equipment. The Company’s finance leases have original lease periods expiring between 2026 and 2030. Finance lease right-of-use assets are included in property and equipment, net on the Company’s consolidated balance sheets.

Operating Leases
The Company leases data center spaces and office space under non-cancelable operating leases with various expiration dates. Certain lease agreements include renewal options to extend the lease term at a price to be determined upon exercise. These options are not reasonably certain to be exercised and therefore are not factored into the determination of lease payments. Contingent rental payments are generally not included in the Company’s lease agreements. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company's leases have original lease periods expiring between 2026 and 2033.

Summary of Lease Information
The weighted average remaining lease terms and discount rates as of December 31, 2025 and 2024 were as follows:

December 31, 2025December 31, 2024
Operating leases
Finance Leases(1)
Operating leases
Finance Leases(1)
Remaining lease term5.4 years2.5 years4.4 years1.9 years
Discount rate6.9 %12.6 %7.2 %11.9 %
________________
(1) Includes lease financing obligation costs.
The following table presents the components of lease expense (in thousands):

For the Years Ended December 31,
2025
2024(1)
2023(1)
Finance lease costs
Depreciation expense(2)
$9,131 $12,674 $14,059 
Interest expense$3,407 $2,444 $2,827 
Lease financing obligation costs
Depreciation expense(2)
$1,307 $2,664 $1,366 
Interest expense$229 $675 $409 
Operating lease costs
Rental expense related to lease components$5,920 $3,397 $3,128 
Rental expense related to non-lease components(3)
4,340 5,010 4,999 
Variable lease costs4,358 4,086 1,798 
Short term lease costs— — 716 
Total operating lease costs$14,618 $12,493 $10,641 
Total included in cost of revenue$13,879 $11,384 $9,063 
Total included in general and administrative$739 $1,109 $1,578 
________________
(1) The presentation of prior period data has been revised to conform to current year presentation. There have been no changes to the reported amounts, rather certain amounts have been disaggregated to further improve clarity and transparency.
(2) Substantially all of the depreciation expense on assets acquired through the Company’s finance leases and lease financing obligations is included in cost of revenue in its consolidated statements of operations and comprehensive loss.
(3) Non-lease components are related to non-tangible utilities and services used in the Company’s co-location lease agreements, which are not recorded on the Company’s consolidated balance sheets. The Company used judgment and third-party data in determining the stand-alone price for allocating consideration to lease and non-lease components under these lease agreements, such as the price of utilities as compared to its tangible data center footprint within each facility.
The following table presents supplemental cash flow information relating to the Company’s leases (in thousands):

For the Years Ended December 31,
202520242023
Operating cash flows
Cash paid for interest on finance lease and lease financing obligations$3,734 $3,119 $3,236 
Cash paid for operating lease liabilities$5,636 $4,012 $2,801 
Non-cash items
Equipment acquired through finance leases$24,864 $17,105 $13,094 
Right-of-use assets obtained in exchange for operating lease obligations$12,674 $9,206 $5,448 
During the year ended December 31, 2023, the Company entered into two sale-leaseback arrangements with vendors to provide an aggregate of $4.5 million in cash proceeds for previously purchased hard drives and related equipment. The Company concluded the related lease arrangements would be classified as a lease financing obligation as the Company was reasonably certain to exercise the purchase option within the arrangement. Therefore, the transaction was deemed a failed sale-leaseback and was accounted for as a financing arrangement. The assets continue to be depreciated over their useful lives, and payments are allocated between interest expense and repayment of the financing liability. The Company did not enter into any sale-leaseback arrangements during the years ended December 31, 2025 and 2024.
The future minimum commitments for finance leases and lease financing obligations as of December 31, 2025 were as follows (in thousands):
Year Ending December 31,
Finance leasesLease financing obligationsTotal
2026$17,986 $487 $18,473 
202713,672 — 13,672 
20285,856 — 5,856 
20294,997 — 4,997 
203084 — 84 
Total future minimum commitments42,595 487 43,082 
Less imputed interest(6,893)(24)(6,917)
Total$35,702 $463 $36,165 
As of December 31, 2025, the Company's future minimum obligations for operating leases and non-cancellable contractual commitments related to non-lease components were as follows (in thousands):
Year Ending December 31,
Operating leasesNon-lease componentsTotal
2026$6,780 $3,886 $10,666 
20275,604 3,075 8,679 
20285,265 3,081 8,346 
20294,162 2,559 6,721 
20303,163 1,352 4,515 
Thereafter5,525 109 5,634 
Total future minimum commitments30,499 $14,062 $44,561 
Less imputed interest(5,080)
Total$25,419 
In June 2025, the Company amended an existing lease for a data center facility to (i) extend the non-cancellable term of the original lease and (ii) expand into additional infrastructure designed to support multiple-storage offerings. This expansion is expected to commence in the second quarter of 2026 and includes a non-cancellable lease term of approximately 7 years. The original lease term was also extended to align with this period.
The Company concluded that the multi-storage data center space represents a separate asset class from the Company’s existing co-location data center space. As a result, the lease and non-lease components related to this expanded space are combined in accordance with the Company’s established lease accounting policy.
The Company accounted for the lease amendment as a modification under ASC 842. The amendment consists of two components: (i) an extension of the original lease term, which was remeasured as of the modification date, and (ii) a lease for additional, distinct space, which will be accounted for as a separate lease component and measured at its commencement date in the second quarter of 2026. The Company applied an incremental borrowing rate (“IBR”) of 6.8% to remeasure the lease liability. The IBR was estimated based on current market rates for secured borrowings with similar terms and adjusted for the Company’s credit profile. As of December 31, 2025, the Company had approximately $17.5 million of future minimum undiscounted lease payments related to the expanded lease space, which has not yet commenced and, accordingly, is not included in the operating lease commitments table above.
v3.25.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Contractual Commitments
Other non-cancellable commitments relate mainly to service agreements to support the Company’s operations. As of December 31, 2025, the Company had non-cancelable purchase commitments of $2.5 million, $2.2 million, and $0.8 million payable during the years ending December 31, 2026, 2027, and 2028, respectively.
During 2024, the Company made payments of $0.2 million to a related party, Meaningful Works, for marketing services per terms of an agreement. An executive officer of Meaningful Works is an immediate family member of the Company’s CEO. As of December 31, 2024, the scope of services has been completed per terms of the agreement.
401(k) Plan
The Company sponsors a 401(k) defined contribution plan covering all eligible U.S. employees. Contributions to the 401(k) plan are discretionary. The Company contributed $1.9 million, $2.0 million, and $1.9 million to the 401(k) plan for the years ended December 31, 2025, 2024, and 2023, respectively.
Legal Matters
The Company is involved from time to time in various claims and legal actions arising in the ordinary course of business. Where appropriate, the Company establishes accruals for matters that are both probable and reasonably estimable and generally maintains insurance to cover certain types of litigation claims, subject to policy limits, retentions and deductibles, and other factors. As of December 31, 2025, the Company was not subject to any claims that are expected to have a material adverse effect on its financial position, results of operations, or cash flows. Nonetheless, the outcome of litigation is inherently uncertain, any such matters, individually or in the aggregate, could result in adverse impacts on the Company, including defense and settlement costs, diversion of management resources, and other factors.
Indemnification
The Company enters into indemnification provisions under agreements with other parties from time to time in the ordinary course of business. These agreements may require the Company to indemnify and defend the indemnified party against third-party claims arising from the Company’s activities or from any breaches of representations or warranties made by the Company. To date, the Company has not incurred any material costs or losses in connection with such indemnification obligations. However, it is not possible to reasonably estimate the maximum potential amount under these indemnification agreements due to the unique facts and circumstances of each arrangement. As a result, the Company has not recorded any liabilities related to these obligations in its consolidated financial statements as of the periods presented.
v3.25.4
Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
Revolving Credit Facility
On June 4, 2025, the Company entered into a credit agreement (the “Credit Agreement”) with Citizens Bank, N.A. (the “Lender”), establishing a senior secured revolving credit facility with a total borrowing capacity of up to $20.0 million (the “Revolving Credit Facility”) to be used for general corporate purposes and working capital needs. The Revolving Credit Facility allows for borrowings, repayments, and re-borrowings up to the total capacity, subject to compliance with the terms of the Credit Agreement. The Revolving Credit Facility includes a sub-limit of up to $3.0 million for the issuance of letters of credit. The Credit Agreement is scheduled to mature on June 4, 2027, at which point all obligations become due. The Credit Agreement includes an option that allows the Company to extend the maturity date by one year, subject to certain conditions. The Company incurred $0.6 million of deferred financing costs related to the Revolving Credit Facility, which are amortized on a straight-line basis over the facility’s two-year term and recorded in other assets on the consolidated balance sheet as of December 31, 2025.
The Revolving Credit Facility is secured by a first-priority lien on substantially all assets of the Company and its consolidated subsidiaries, each of which also guarantees the obligations under the facility. Borrowings under the facility bear interest at a variable rate, at the Company’s discretion, equal to either (a) the average Secured Overnight Financing Rate (“SOFR”) plus 3.25% or (b) a base rate, as defined in the Credit Agreement, plus 2.25%. Additionally, the Credit Agreement requires the payment of a commitment fee of 0.35% on the unused portion of the Revolving Credit Facility and a letter of credit availability fee of 0.125% on outstanding letters of credit.
As of December 31, 2025, the Company had no outstanding borrowings under the Revolving Credit Facility. As of December 31, 2025, no letters of credit were outstanding and $20.0 million was available for borrowing under the Revolving Credit Facility. The fair value (level 2 of the fair value hierarchy described in Note 2) of this debt instrument
approximates the carrying value as borrowings under this debt instrument are based on a current variable market interest rate.
Debt Covenants under the Credit Agreement
The Credit Agreement contains customary restrictive financial and operating covenants, including limitations on our ability to incur additional indebtedness, pay dividends, make certain investments, sell assets, and engage in other specified transactions. In August 2025, in connection with the establishment of a new share repurchase program (see Note 11 for further information), the Company amended the Credit Agreement to permit share repurchases of up to $10.0 million, thereby excluding such repurchases from the covenant restrictions. The Credit Agreement also requires the Company to comply with the following financial covenants on a quarterly basis: (i) a minimum liquidity of $10.0 million held on deposit with the Lender, over which the Company retains control and considers as cash and cash equivalents, (ii) a minimum consolidated earnings before interest, taxes, depreciation and amortization (“EBITDA”) (as defined below) threshold, and (iii) a maximum total leverage ratio of 2.75 to 1.00, which is calculated based on consolidated EBITDA.
The Credit Agreement defines consolidated EBITDA on a trailing four fiscal quarter basis and includes specified adjustments and exclusions. As a result, EBITDA as defined under the Credit Agreement may differ materially from Adjusted EBITDA as presented elsewhere in this report. For example, the calculation of EBITDA under the Credit Agreement includes exceptions and caps related to adjustments for (i) restructuring and other strategic initiatives, (ii) legal settlements, (iii) completed acquisitions, and (iv) all other non-cash and non-specified non-recurring charges. As of December 31, 2025, the Company was in compliance with the covenants under the Credit Agreement.

RCA Debt Facility
In December 2023, the Company entered into a fourth amendment related to the revolving credit agreement (as amended, the “RCA”) with City National Bank. Under this amendment, the maximum borrowing available was reduced from $30.0 million to $20.0 million.

On December 10, 2024, the Company voluntarily terminated the RCA agreement. At the time of termination, no amounts were outstanding under the RCA, as the Company had fully paid down the revolving credit amount following the closing of the Follow-On Offering in November 2024.

Total interest expense and amortization of debt issuance costs related to the RCA was $0.7 million and $0.6 million for the years ended December 31, 2024 and 2023.
Insurance Premium Financing Agreement

In November 2023, the Company entered into an insurance policy with annual premiums totaling $1.2 million. The Company executed a finance agreement with AFCO Premium Credit LLC over a term of twelve months to finance the payment of the total premiums owed. The finance agreement required a $0.3 million down payment, with the remaining $0.9 million plus interest paid over three quarterly installments. As of December 31, 2024, the balance was paid in full. Total interest expense related to this agreement was a nominal amount for the year ended December 31, 2024.
v3.25.4
Stockholders’ Equity
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Stockholders’ Equity Stockholders’ Equity
Common Stock

From the time of its initial public offering through July 5, 2023, the Company had two outstanding classes of common stock, Class A common stock and Class B common stock. The rights of the holders of Class A common stock and Class B common stock were identical, except for voting, transfer, and conversion rights. On July 6, 2023, all of the Company’s then-outstanding shares of the Company’s Class B common stock were automatically converted (the “Conversion”) into the same number of shares of Class A common stock pursuant to the terms of the Company’s Amended and Restated Certificate of Incorporation. No additional shares of Class B common stock will be issued following the Conversion. In addition, on July 7, 2023, the Company filed a Certificate of Retirement with the Secretary of State of the State of Delaware effecting the retirement of the shares of Class B common stock that were issued but no longer outstanding following the Conversion.
Equity Incentive Plans

2011 Equity Incentive Plan (the “2011 Plan”)
The Company adopted the 2011 Plan to provide stock-based awards to employees, directors, and service providers. The 2011 Plan expired in September 2021, and no new awards may be granted under it. Awards granted before expiration remain outstanding and continue to be governed by the terms of the 2011 Plan until they are exercised, forfeited, or expire. Shares that are forfeited, canceled, or expire become available for issuance under the Company’s 2021 Equity Incentive Plan.
2021 Equity Incentive Plan (the “2021 Plan”)
Under the 2021 Plan, the Company may grant options, stock appreciation rights, RSUs, restricted stock awards, other equity-based awards and incentive bonuses to employees, officers, non-employee directors and other service providers of the Company and its affiliates.
The number of shares available for issuance under the 2021 Plan automatically increases on January 1 of each year from 2022 through 2031 by an amount equal to the lesser of: (i) 4,784,100 shares, (ii) 5% of the total number of shares of Class A common stock outstanding on the preceding December 31, or (iii) a smaller number of shares determined by the Company’s Board of Directors.
2021 Employee Stock Purchase Plan (the “2021 ESPP”)
The number of shares available for issuance under the 2021 ESPP automatically increases on January 1 of each year from 2022 through 2041 in an amount equal to the lesser of: (i) 1,913,630 shares, (ii) 2% of the total number of shares of Class A common stock outstanding on the preceding December 31, or (iii) a smaller number of shares determined by the Company’s Board of Directors.
2024 New Employee Equity Incentive Plan (the “Inducement Plan”)
On August 2, 2024, the Company adopted the Inducement Plan, pursuant to which the Company reserved 414,740 shares of its Class A common stock to be used exclusively for grants of equity-based awards to individuals who were not previously employees or directors of the Company.
Reserved Shares for Future Issuance
The Company had reserved shares of common stock for future issuance as follows:
December 31, 2025
2011 Equity Incentive Plan
Shares subject to options outstanding3,501,410 
2021 Equity Incentive Plan
Shares subject to options outstanding996,615 
Restricted stock units outstanding4,325,318 
Shares available for future grants6,625,371 
2021 Employee Stock Purchase Plan
Shares available for future purchases1,413,677 
2024 Inducement Plan
Restricted stock units outstanding283,759 
Shares available for future grants48,148 
Total
17,194,298 
Share Repurchase Program
In August 2025, the Company’s Board of Directors approved a share repurchase program authorizing the Company to repurchase up to $10.0 million of its Class A common stock through August 1, 2026. The program is intended to offset dilution resulting from stock-based compensation. Repurchases are to be funded from the proceeds of employee stock option exercises and from employee contributions under the 2021 ESPP.
Repurchases may be made from time to time in open market transactions, pursuant to Rule 10b5-1 trading plans, or through other means, in accordance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The timing, number of shares repurchased, and prices paid for the shares under this program will depend on general business and market conditions as well as corporate and regulatory limitations, prevailing stock prices, and other considerations. The share repurchase program may be suspended, modified, or discontinued at any time and does not obligate the Company to acquire any amount of Class A common stock.
During the year ended December 31, 2025, the Company repurchased a total of 256,549 shares of its Class A common stock for $2.0 million. As of December 31, 2025, approximately $8.0 million remained available for repurchases under the program.
v3.25.4
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Restricted Stock Units
RSUs granted under the 2021 Plan and the Inducement Plan generally vest based on continued service up to a four-year period for employees, and over a one-year period for non-employee directors.

RSU activity for the year ended December 31, 2025 was as follows:

SharesWeighted-average grant date fair value per share
RSUs unvested as of December 31, 2024
4,764,133 $6.18 
Granted4,303,690 $6.65 
Vested(3,388,866)$6.30 
Forfeited(1,069,880)$6.56 
RSUs unvested as of December 31, 2025
4,609,077$6.44 

The weighted-average grant date fair values per unit of RSUs granted during the years ended December 31, 2025, 2024 and 2023, were $6.65, $6.97 and $5.06, respectively. The total grant date fair values of RSUs that vested during the years ended December 31, 2025, 2024 and 2023, were $21.3 million, $23.3 million and $15.8 million, respectively.

As of December 31, 2025, total unrecognized compensation cost related to RSUs was $26.9 million, which will be recognized over a weighted-average period of 2.02 years.

In February 2026, the Company’s Compensation Committee approved the issuance of RSUs totaling 2,036,670. These RSUs have service-based vesting periods that are satisfied over three years. The Company expects to recognize $8.9 million in stock-based compensation on a straight-line basis over the vesting period of these awards.
Bonus Plan
The Company maintains an annual bonus program under which bonus awards are contingent upon the achievement of corporate performance targets and are settled in RSUs issued under the Company’s 2021 Plan. Bonus amounts represent fixed monetary values that are settled in a variable number of RSUs based on the Company’s stock price at the date of settlement. Participants must remain employed with the Company through the payout date to maintain eligibility for bonus awards. The requisite service period for these awards begins on the date the Compensation Committee approves the bonus plan and ends on the payout date.

In February 2025, the Compensation Committee approved the issuance of 301,571 RSUs, which vested upon issuance, related to bonus awards earned based on actual corporate performance for the year ended December 31, 2024. In January 2025, the Compensation Committee approved the bonus plan for the year ended December 31, 2025. While the bonus program for 2025 initially contemplated settlement in a combination of cash and RSUs, the Compensation Committee subsequently determined that bonus awards for the period would be settled entirely in RSUs. In February 2026, the Compensation Committee approved the issuance of RSUs with an aggregate grant-date fair value of approximately $4.1 million in settlement of bonus awards earned based on actual corporate performance for the year ended December 31, 2025. Upon issuance, 689,790 RSUs vested and were settled on a net share basis.
Pursuant to the bonus plans, the Company recognized $3.8 million, $2.2 million, and $3.0 million in stock-based compensation during the years ended December 31, 2025, 2024, and 2023, respectively, of which the Company capitalized $0.3 million of stock-based compensation expense during the years ended December 31, 2025 and 2024, and $0.5 million during the year ended December 31, 2023 for the development of internal-use software.

Stock Options

Stock options granted under the equity plans generally vest based on continued service over four years and expire ten years from the date of grant.

A summary of stock option award activity under the Company’s equity plans and related information is as follows (in thousands, except share, price and year data):
Outstanding stock options
Weighted-
average
exercise
Price		Weighted-
average
remaining
contractual
life (years)		Aggregate
intrinsic
value
Balance as of December 31, 2024
6,378,753 $7.28 4.95$12,136 
Options granted— — 
Options exercised(1,580,237)3.33 
Options cancelled(300,491)11.13 
Balance as of December 31, 2025
4,498,025 $8.42 4.19$3,818 
Vested and exercisable as of December 31, 2025
4,498,025 $8.42 4.19$3,818 
The intrinsic value of options exercised was $5.4 million, $13.9 million, and $8.8 million for the years ended December 31, 2025, 2024, and 2023, respectively. There was no unrecognized compensation cost as of December 31, 2025.
ESPP
The Company maintains an ESPP under which eligible employees may purchase shares of the Company’s Class A common stock through payroll deductions, subject to IRS and plan limitations. Offering periods last 24 months and include purchase dates at six-month intervals. Shares are purchased at 85% of the lower of the fair market value of the stock at the beginning of the offering period or on the applicable purchase date. If the fair market value of the Company’s Class A common stock on a purchase date is lower than the fair market value at the beginning of the offering period, the offering period is automatically reset and participants are enrolled in a new offering period, resulting in incremental modification expense recognized in stock-based compensation expense on a straight-line basis over the new offering period. The reset provision under the ESPP was triggered on November 20, 2025, May 20, 2025, and November 20, 2024 each resulting in incremental modification expense of $0.8 million, $1.0 million, and $0.2 million. The ESPP will terminate in November 2041, unless extended by the Board of Directors in accordance with its terms.

The Company recorded stock-based compensation expense under this plan of $2.2 million, $1.6 million, and $4.2 million for the years ended December 31, 2025, 2024, and 2023, respectively, of which $0.3 million, $0.5 million, and $0.8 million, respectively, was capitalized for the development of capitalized internal-use software.

As of December 31, 2025, the total unrecognized stock-based compensation expense related to the ESPP was $2.8 million, which is expected to be recognized over a weighted average period of 0.79 years.
The following table summarizes the Black-Scholes option pricing model weighted-average assumptions used to estimate the fair value of the ESPP stock purchase rights for the years ended December 31, 2025 and 2024:
For the Years Ended December 31,
202520242023
Expected term (in years)
0.5 - 2.0
0.5 - 2.0
0.5 - 2.0
Expected volatility
61% - 85%
48% - 74%
46% - 64%
Risk-free interest rate
3.55% - 4.32%
4.31% - 5.43%
4.29% - 5.43%
Expected dividend yield—%—%—%
Total Stock-Based Compensation Expense
Stock-based compensation expense included in the consolidated statements of operations and comprehensive loss was as follows (in thousands):

For the Years Ended December 31,
202520242023
Cost of revenue
$1,557 $1,907 $1,986 
Research and development
12,094 11,277 9,218 
Sales and marketing
6,130 9,505 8,801 
General and administrative
6,655 5,939 5,172 
Total stock-based compensation expense(1)
$26,436 $28,628 $25,177 
________________
(1) Stock-based compensation expense includes restructuring charges of $2.5 million incurred during the year ended December 31, 2024, including $0.3 million related to cost of revenue, $0.9 million related to research and development costs, $1.2 million related to sales and marketing costs, and $0.1 million related to general and administrative costs. Stock-based compensation expense includes restructuring charges of $0.1 million incurred during the year ended December 31, 2023, which were related to sales and marketing and general and administrative costs. Nominal stock-based compensation expense related to restructuring was recognized during the year ended December 31, 2025. See Note 16 for additional information.
During the years ended December 31, 2025, 2024, and 2023 the Company capitalized $2.6 million, $4.0 million and $5.0 million, respectively, of stock-based compensation for the development of capitalized internal-use software and property and equipment.

Additionally, during the year ended December 31, 2024, the Compensation Committee approved amendments to outstanding vested stock options held by certain former employees in connection with their voluntary separation from the Company to extend the option expiration and also accelerate the vesting of RSUs. As a result of the modifications, the Company recognized $1.1 million of expense, of which $0.8 million is recorded in sales and marketing and $0.3 million is recorded in general and administrative expense on the Company’s consolidated statements of operations and comprehensive loss.
v3.25.4
Net Loss per Share Attributable to Common Stockholders
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Net Loss per Share Attributable to Common Stockholders Net Loss per Share Attributable to Common Stockholders
Basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. The diluted net loss per share attributable to common stockholders is computed by giving effect to all potentially dilutive common stock equivalents during the period. For purposes of this calculation, the Company’s stock options, share purchase rights pursuant to the Company’s ESPP, shares issuable under the Bonus Plan, and unvested RSUs are considered to be potential common stock equivalents, but have been excluded from the calculation of diluted net loss per share attributable to common stockholders as their effect is antidilutive.

On July 6, 2023, all of the Company’s then-outstanding shares of Class B common stock, par value $0.0001 per share, were automatically converted into the same number of shares of Class A common stock, par value $0.0001 per share, pursuant to the terms of the Company’s Amended and Restated Certificate of Incorporation (the “Conversion”). No additional shares of Class B common stock will be issued following the conversion. In addition, on July 7, 2023, the Company filed a Certificate of Retirement with the Secretary of State of the State of Delaware effecting the retirement of the shares of Class B common stock that were issued but no longer outstanding following the Conversion.
Prior to the Conversion, Class A and Class B common stock were the only outstanding equity in the Company. The rights of the holders of the Class A common stock and Class B common stock were identical, except with respect to voting, transfer, and conversion. Accordingly, the Class A common stock and Class B common stock shared equally in the Company’s net losses.
The following table presents the calculation of basic and diluted net loss per share (in thousands, except share and per share data):
For the Years Ended December 31,
202520242023
Numerator:
Net loss and comprehensive loss attributable to common stockholders
$(25,612)$(48,531)$(59,713)
Denominator for basic and diluted net loss per share:
Weighted average Class A and Class B common shares outstanding – basic and diluted
56,209,667 43,543,023 36,011,446 
Net loss per share attributable to Class A and Class B common stockholders – basic and diluted
$(0.46)$(1.11)$(1.66)
The weighted average potential shares of common stock that were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented are as follows:
December 31,
202520242023
RSUs2,445,618 2,245,142 5,256,833 
Stock options3,709,619 5,193,911 9,307,142 
Shares issuable pursuant to the ESPP1,286,191 191,271 101,430 
Bonus Plan277,014 152,636 106,147 
Total7,718,442 7,782,960 14,771,552 
v3.25.4
Restructuring
 12 Months Ended
Dec. 31, 2025
Restructuring and Related Activities [Abstract]  
Restructuring Restructuring
2025 Restructuring and Transformation Plan
In November 2025, the Company initiated a restructuring and transformation plan designed primarily to improve efficiency and enhance the performance of its sales and marketing functions to support its go-to-market initiatives (the “2025 Restructuring and Transformation Plan”). The 2025 Restructuring and Transformation Plan includes the reallocation of resources, the redesign of sales and marketing strategies and processes, and other corporate actions. During the year ended December 31, 2025, the Company incurred charges of approximately $2.5 million, including employee termination expenses, an impairment charge related to the Company’s exit from its corporate headquarters facility, and other transformation costs. The Company expects to incur additional charges of approximately $4.7 million to $7.5 million through the first quarter of 2027, at which time the 2025 Restructuring and Transformation Plan is expected to be completed. These charges include estimated employee termination expenses of approximately $0.8 million to $1.2 million, and other business transformation costs.
Restructuring costs related to the 2025 Restructuring and Transformation Plan for the year ended December 31, 2025 were as follows (in thousands):
Workforce reduction$970 
Impairment loss on right-of-use asset901 
Other transformation costs667 
Total restructuring costs$2,538 
The following table summarizes liabilities incurred under the 2025 Restructuring and Transformation Plan that are included in accounts payable and accrued expenses and other current liabilities on the consolidated balance sheet (in thousands):
Workforce ReductionTransformationTotal
Balance as of January 1, 2025
$— $— $— 
Charges incurred970 667 1,637 
Noncash charges— (109)(109)
Cash payments during the period(460)(393)(853)
Balance as of December 31, 2025
$510 $165 $675 
2024 Restructuring Plan
In November 2024, management approved a restructuring plan intended to improve the Company’s cost structure and operating efficiency (the “2024 Restructuring Plan”). The 2024 Restructuring Plan included a reduction in headcount of approximately 12% of the Company’s workforce and a reduction of the Company’s footprint at its corporate headquarters. The 2024 Restructuring Plan was substantially completed by December 31, 2024.
Restructuring costs related to the 2024 Restructuring Plan for the years ended December 31, 2025 and 2024 and from inception to date were as follows (in thousands):

Year Ended
December 31, 2025		Year Ended
December 31, 2024		Inception to Date
Workforce reduction$(125)$3,897 $3,772 
Impairment loss on right-of-use asset59 898 957 
Professional fees— 66 66 
Total$(66)$4,861 $4,795 

The majority of the workforce reduction costs incurred in connection with the 2024 Restructuring Plan were related to noncash stock-based compensation. The Company accelerated certain of the RSUs awarded to employees impacted by the 2024 Restructuring Plan and also extended certain of the employees’ options to satisfy the settlement of termination benefits to impacted employees. The workforce reduction costs related to the noncash stock-based compensation amounted to $2.5 million, of which $2.1 million related to the acceleration of RSUs and $0.4 million related to the extension of options.
The following table presents a summary of the liabilities related to the 2024 Restructuring Plan that are included within accrued expenses and other current liabilities on the consolidated balance sheet (in thousands):
Balance as of January 1, 2024$— 
Charges incurred3,928 
Noncash stock-based compensation(2,524)
Cash payments during the period(1,049)
Balance as of December 31, 2024355 
Cash payments during the period(230)
Other adjustments(125)
Balance as of December 31, 2025$— 
2023 Restructuring Plan
In January 2023, the Company initiated measures to reduce headcount to pursue greater cost efficiency and align strategic initiatives (the “2023 Restructuring Plan”). All costs under the 2023 Restructuring Plan were incurred during the year ended December 31, 2023 for workforce reduction costs totaling $3.6 million. During this period, approximately 1% of the
Company’s workforce terminated employment voluntarily and 4% terminated employment involuntarily. As a result, the Company incurred employee termination expenses and other associated costs.

The following table presents a summary of the liabilities related to the 2023 Restructuring Plan (in thousands):

Balance as of January 1, 2023$— 
Severance and other personnel costs3,616 
Cash payments during the period(3,616)
Balance as of December 31, 2023
$— 

Cumulative Restructuring Costs

Total restructuring costs related to the Company’s restructuring plans were reported in the consolidated statements of operations and comprehensive loss were as follows (in thousands):

For the Years Ended December 31,
202520242023
Restructuring Costs
Cost of revenue$115 $460 $— 
Research and development285 1,278 2,311 
Sales and marketing687 1,867 1,025 
General and administrative1,385 1,256 280 
Total$2,472 $4,861 $3,616 
The following table presents the stock-based compensation costs related to our restructuring activity as reported in the consolidated statement of operations and comprehensive loss for the year ended December 31, 2024 (in thousands):

For the Years Ended December 31,
202520242023
Stock-based Compensation
Cost of revenue$— $291 $— 
Research and development— 885 — 
Sales and marketing11 1,225 80 
General and administrative— 123 45 
Total$11 $2,524 $125 
v3.25.4
Segment Reporting
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
Measure of Segment Assets
The CODM reviews asset information on a consolidated basis; accordingly, the measure of segment assets is total consolidated assets as reported on the consolidated balance sheet.

Measure of Segment Profit or Loss
The key GAAP measure of segment profit or loss utilized by the CODM is consolidated net income (loss), which is presented on the consolidated statements of operations and comprehensive loss, and is used to monitor budget versus actual results.
Significant Segment Expenses

The CODM also evaluates operating performance using adjusted research and development, adjusted sales and marketing, and adjusted general and administrative (collectively, “adjusted operating expenses”) that we define as each respective GAAP expense category excluding stock-based compensation expense, depreciation and amortization, restructuring costs, and other non-recurring charges. These adjusted operating expense measures provides the CODM with greater transparency into the underlying trends in our business by facilitating period-to-period comparisons of our ongoing cost structure, excluding the impact of certain non-cash or non-recurring items that may not be indicative of our operating performance. These measures are intended to assist in forecasting and budgeting, in order to inform resource-allocation decisions. The table below presents each adjusted operating expense for the years ended December 31, 2025, 2024, and 2023 as well as the items excluded from each adjusted measure (in thousands):
For the Years Ended December 31,
202520242023
Revenue$145,835 $127,628 $102,019 
Adjusted cost of revenue30,234 28,448 25,845 
Adjusted research and development33,302 30,166 27,505 
Adjusted sales and marketing30,474 34,103 31,335 
Adjusted general and administrative20,061 21,875 21,304 
Depreciation15,085 21,329 21,286 
Amortization(1)
10,408 6,999 3,626 
Stock-based compensation(2)
26,425 26,104 25,052 
Restructuring costs2,472 4,861 3,616 
Other segment items(3)
2,986 2,274 2,163 
Net loss and comprehensive loss$(25,612)$(48,531)$(59,713)
________________
(1) $0.1 million of amortization expense for the year ended December 31, 2025 is classified as restructuring charges in the table above, as these charges were incurred as part of our 2025 Restructuring and Transformation Plan.
(2) $2.5 million and $0.1 million of stock-based compensation expense for the years ended December 31, 2024 and 2023, as well as a nominal amount for the year ended December 31, 2025, are classified as restructuring charges in the table above.
(3) Other segment items include investment income, interest expense, foreign exchange (gain) loss, legal settlement costs, impairment of long-lived assets, and income tax provision.
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The following table presents the components of net loss before income taxes (in thousands):
For the Years Ended December 31,
202520242023
United States
$(25,628)$(48,656)$(59,713)
Non-U.S.
100 131 — 
Loss before provision for income taxes
$(25,528)$(48,525)$(59,713)
The provision for income taxes included in the consolidated statements of operations and comprehensive loss is comprised of the following (in thousands):
For the Years Ended December 31,
202520242023
Current
Federal
$— $— $— 
State
56 6 — 
Non-U.S.
28 — — 
Total current
84 6 — 
Deferred:
Federal
— — — 
State
— — — 
Non-U.S.
— — — 
            Total deferred— — — 
Total provision
$84 $6 $— 
The following table presents a reconciliation of the statutory federal rate of 21% and the Company’s effective tax rate:
For the Years Ended December 31,
202520242023
Statutory federal income (benefit) rate
(21)%(21)%(21)%
Increase (decrease) resulting from:
State income tax rate
(3)%(4)%(4)%
Change in valuation allowance
29 %37 %29 %
Stock-based compensation
3 %(4)%2 %
Tax credits
(7)%(7)%(6)%
Other
(1)%— %— %
Effective tax rate
— %— %— %
Deferred income taxes reflect the net tax effects of temporary differences between carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.
The components of the Company’s deferred tax assets and liabilities consisted of (in thousands):
December 31,
20252024
Deferred tax assets:
Net operating loss (“NOL”) carryforwards
$42,537 $31,417 
R&D credit carryforwards
15,710 13,829 
Stock-based compensation
2,635 2,646 
Research and experimental expenditures under IRC Section 17413,523 19,382 
Lease liabilities
6,219 4,189 
Disallowed interest expense3,965 3,438 
Accruals and other
1,461 1,335 
Total gross deferred tax assets86,050 76,236 
Valuation allowance
(69,974)(62,492)
Total net deferred tax assets
16,076 13,744 
Deferred tax liabilities:
Property and equipment, net
(2,012)(1,024)
Right of use assets, net
(5,602)(3,936)
Capitalized internal-use software
(8,462)(8,784)
Total deferred tax liabilities
(16,076)(13,744)
Net deferred tax liabilities
$— $— 
Deferred income taxes reflect the net tax effects of temporary differences between carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Realization of deferred tax assets is dependent upon future earnings, if any, the timing and amount of which are uncertain. Based on evidence of Company's earnings history, the net U.S. deferred tax assets have been fully offset by a valuation allowance.
The valuation allowance increased by $7.5 million, $17.9 million, and $17.6 million during the years ended December 31, 2025, 2024, and 2023, respectively.
As of December 31, 2025, the Company had federal and state NOL carryforwards of $172.5 million and $109.7 million, respectively. The federal NOL carryforwards consisted of $16.0 million generated before January 1, 2018, which will begin to expire in 2030 and are able to offset 100% of taxable income. The NOLs generated after December 31, 2017 of $156.5 million carryforward indefinitely, and can only offset 80% of taxable income when utilized with exception of NOLs generated in 2018 to 2020 which carryforward indefinitely and can offset 100% of taxable income for tax years beginning before January 1, 2021, as provided by the CARES Act.

State net operating loss carryforwards in the amount of $90.6 million begin expiring in 2029 and approximately $19.1 million have an indefinite life.
The Company has federal research and development (“R&D”) credit carryforwards of $13.1 million which will begin to expire in 2032 and California R&D credit carryforwards of $6.6 million which do not expire. The Company also has $0.1 million of California enterprise zone credits which will begin to expire in 2028.
Utilization of some of the federal and state net operating loss and credit carryforwards are subject to annual limitations due to the “change in ownership” provisions of the Internal Revenue Code of 1986 (specifically Section 382), as amended, and similar state provisions. The Company performed a Section 382 analysis through December 31, 2024 and determined that ownership changes occurred in the year 2007, 2009, 2012, and 2024. The ownership changes identified had no significant
impact on federal and state net operating losses. The annual limitations may result in the expiration of net operating losses and credits before utilization in the future.
Uncertain Income Tax Positions
The following table summarizes the activity related to the Company’s unrecognized tax benefits (in thousands):
For the Years Ended December 31,
202520242023
Balance at beginning of year
$2,467 $1,889 $1,239 
Tax positions related to the current year:
Additions
316 628 649 
Reductions
— — — 
Tax positions related to the prior year:
Additions
20 — 1 
Reductions
— (50)— 
Balance at end of year
$2,803 $2,467 $1,889 
The total amount of unrecognized tax benefits as of December 31, 2025 was $2.8 million, all related to federal and state tax jurisdictions. If recognized, these unrecognized tax benefits would not affect the effective tax rate because the Company maintains a full valuation allowance against its deferred tax assets.

As of December 31, 2025, the Company had no interest related to unrecognized tax benefits. No amounts of penalties related to unrecognized tax benefits were recognized in the provision for income taxes. The Company does not anticipate any significant change within twelve months of this reporting date.
The Company files income tax returns in the U.S. federal jurisdiction and various state jurisdictions. The Company is subject to U.S. federal and state income tax examination for calendar tax years beginning in 2007 due to NOLs that are being carried forward for tax purposes.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Cybersecurity attacks impact businesses and organizations of all sizes and sectors on a global basis. At Backblaze, we recognize the importance of developing, implementing and maintaining a cybersecurity risk management program. Our customers rely on our solutions to store, use and protect their files, which may include confidential or personally identifiable information, critical business information, and other meaningful content. A successful cybersecurity attack could adversely affect the confidentiality, integrity, and availability of our information systems or any data residing therein.

We dedicate significant effort and resources to protect our systems and data, as well as the data of our customers from cybersecurity threats. We are dependent on internal and external information technology systems and infrastructure to securely process, transmit, and store critical information. Our Audit Committee is responsible for overseeing our cybersecurity, which represents an important component of the company’s enterprise risk management (“ERM”). We seek to reduce cybersecurity risks through a variety of control activities that are designed to identify, assess, manage and mitigate these risks.

Risk Management Strategy

The company’s cybersecurity risk management program is focused on the following key areas:


•Governance: As more fully described in the section titled “Governance” below, the cybersecurity risk management program is led by our Chief Information Security Officer (“CISO”), with oversight from the Audit Committee of our Board of Directors and input from the Risk Management Advisory Committee (the “Risk Management Committee”). Our Risk Management Advisory Committee is a cross-functional committee comprised of our executives and other leaders of various departments that consists of our Chief Executive Officer, Chief Financial Officer, Head of Legal and Compliance, CISO, other members of management, and other employees from selected key functions of the company.

•Approach: We use a cross-functional approach to identify, assess, treat, and monitor cybersecurity risks, while also implementing controls and procedures that are designed to provide for the prompt escalation of cybersecurity incidents and support appropriate public disclosure and reporting of incidents as required in a timely manner. Our cybersecurity program includes the selection, implementation, testing, and monitoring of a layered set of administrative (including policies and procedures), technical, and physical controls, including access controls, endpoint protection, vulnerability management, independent testing, and monitoring capabilities, designed to reduce the likelihood and impact of cybersecurity threats.

•Incident Response Planning: We maintain an incident response plan that includes defined processes, roles, communications, responsibilities and procedures for responding to cybersecurity incidents and other events that impact our operations. Our incident response plans are tested and evaluated on a regular basis.

•Third-Party Risk Management: Our business relies on various services from third-party service providers that could adversely impact the security of our systems and business. We have implemented processes designed to identify and assess cybersecurity risks associated with our use of third-party service providers. We generally conduct a security risk assessment based on the potential risk to the company and its customers prior to onboarding of any such new services and include security and privacy addenda to our contracts where applicable.

•Education and Awareness: We have established a security and privacy awareness program that runs throughout the year and includes training for all company personnel to enhance employee awareness of how to detect and respond to cybersecurity threats as well as more targeted training for company personnel that have increased responsibility for mitigating certain potential cybersecurity risks.

We regularly review and update our policies, procedures, processes and practices to address changes in the threat landscape and as a result of lessons learned from suspected, actual or simulated incidents. We conduct tabletop exercises, and engage third-party services to conduct evaluations of our security controls through penetration testing and independent audits. We also review industry best practices to assist in evaluating responses to new challenges and risks. These evaluations include testing the design and operational effectiveness of security controls. The state of the cybersecurity program is reported by the CISO to the Audit Committee.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
Cybersecurity attacks impact businesses and organizations of all sizes and sectors on a global basis. At Backblaze, we recognize the importance of developing, implementing and maintaining a cybersecurity risk management program. Our customers rely on our solutions to store, use and protect their files, which may include confidential or personally identifiable information, critical business information, and other meaningful content. A successful cybersecurity attack could adversely affect the confidentiality, integrity, and availability of our information systems or any data residing therein.

We dedicate significant effort and resources to protect our systems and data, as well as the data of our customers from cybersecurity threats. We are dependent on internal and external information technology systems and infrastructure to securely process, transmit, and store critical information. Our Audit Committee is responsible for overseeing our cybersecurity, which represents an important component of the company’s enterprise risk management (“ERM”). We seek to reduce cybersecurity risks through a variety of control activities that are designed to identify, assess, manage and mitigate these risks.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Governance

Our Board of Directors, with input from the Risk Management Committee, oversees our enterprise risk management process, including the risks associated with AI and cybersecurity threats. Our cybersecurity risk management program is managed by our CISO, whose security team is responsible for leading enterprise-wide cybersecurity strategy, policy, standards, controls, and processes. Cybersecurity risks are evaluated alongside other enterprise risks and inform prioritization of mitigation activities and resource allocation. Our CISO also provides updates to the Audit Committee on our cybersecurity program, including recent developments, key initiatives to strengthen our systems, applicable industry standards, vulnerability assessments, third-party vendor risk, and independent security framework alignment and compliance maturity, AI, and other information security considerations. The Audit Committee also receives information regarding cybersecurity incidents, including prompt updates for any cybersecurity incidents that may be deemed material and which might require public disclosure. Management is responsible for the day-to-day operation of the cybersecurity program, while the Audit Committee provides oversight. Our CISO and other key personnel also frequently engage with key vendors, industry groups, and law enforcement communities as part of our continuing efforts to improve our cybersecurity program.

Experience

Our CISO has more than 30 years of experience in cybersecurity, IT, governance, risk management, regulatory compliance, and data protection and privacy program design and implementation. He has served in CISO roles for over 15 years, including leadership positions at a publicly traded cloud services company and organizations supporting highly regulated federal healthcare programs, and previously served as Director of IT Security at a publicly traded international satellite radio company. He is an IAPP Fellow of Information Privacy and holds recognized security, privacy, audit, and risk management certifications relevant to data protection and regulatory compliance.

Cybersecurity Risks

While we dedicate significant efforts and resources to our cybersecurity program, we may be unable to successfully identify threats, prevent attacks, satisfactorily resolve cybersecurity incidents, or implement adequate mitigating controls. Any breach of our network security and information systems or other cybersecurity-related incidents that results in, or may result in, the loss, theft or unauthorized disclosure of data, or any delay in determining the full extent of a potential breach, could have a material adverse impact on our business, results of operations, and financial condition, including harm to our reputation and brand, reduced demand for our solutions, time-consuming and expensive litigation, fines, penalties, and other damages. As is common in industry, we experience periodic phishing and DDoS attacks. To date and except as otherwise may be noted in this Annual Report on Form 10-K, we do not believe that any cybersecurity threats, including as a result of any previous cybersecurity incidents have materially affected, or are reasonably likely to materially affect the company, including its business strategy, results of operations or financial condition. For more information relating to cybersecurity risks and uncertainties, please see the risk factor entitled “If our information technology systems, including the data of our customers stored in our systems, are breached or subject to cybersecurity attacks, our reputation and business may be harmed” in Part I, Item 1A, and other risk factors in this Annual Report on Form 10-K.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Our Board of Directors, with input from the Risk Management Committee, oversees our enterprise risk management process, including the risks associated with AI and cybersecurity threats. Our cybersecurity risk management program is managed by our CISO, whose security team is responsible for leading enterprise-wide cybersecurity strategy, policy, standards, controls, and processes. Cybersecurity risks are evaluated alongside other enterprise risks and inform prioritization of mitigation activities and resource allocation.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] Our CISO also provides updates to the Audit Committee on our cybersecurity program, including recent developments, key initiatives to strengthen our systems, applicable industry standards, vulnerability assessments, third-party vendor risk, and independent security framework alignment and compliance maturity, AI, and other information security considerations. The Audit Committee also receives information regarding cybersecurity incidents, including prompt updates for any cybersecurity incidents that may be deemed material and which might require public disclosure. Management is responsible for the day-to-day operation of the cybersecurity program, while the Audit Committee provides oversight. Our CISO and other key personnel also frequently engage with key vendors, industry groups, and law enforcement communities as part of our continuing efforts to improve our cybersecurity program.
Cybersecurity Risk Role of Management [Text Block]
Governance

Our Board of Directors, with input from the Risk Management Committee, oversees our enterprise risk management process, including the risks associated with AI and cybersecurity threats. Our cybersecurity risk management program is managed by our CISO, whose security team is responsible for leading enterprise-wide cybersecurity strategy, policy, standards, controls, and processes. Cybersecurity risks are evaluated alongside other enterprise risks and inform prioritization of mitigation activities and resource allocation. Our CISO also provides updates to the Audit Committee on our cybersecurity program, including recent developments, key initiatives to strengthen our systems, applicable industry standards, vulnerability assessments, third-party vendor risk, and independent security framework alignment and compliance maturity, AI, and other information security considerations. The Audit Committee also receives information regarding cybersecurity incidents, including prompt updates for any cybersecurity incidents that may be deemed material and which might require public disclosure. Management is responsible for the day-to-day operation of the cybersecurity program, while the Audit Committee provides oversight. Our CISO and other key personnel also frequently engage with key vendors, industry groups, and law enforcement communities as part of our continuing efforts to improve our cybersecurity program.

Experience

Our CISO has more than 30 years of experience in cybersecurity, IT, governance, risk management, regulatory compliance, and data protection and privacy program design and implementation. He has served in CISO roles for over 15 years, including leadership positions at a publicly traded cloud services company and organizations supporting highly regulated federal healthcare programs, and previously served as Director of IT Security at a publicly traded international satellite radio company. He is an IAPP Fellow of Information Privacy and holds recognized security, privacy, audit, and risk management certifications relevant to data protection and regulatory compliance.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
Our Board of Directors, with input from the Risk Management Committee, oversees our enterprise risk management process, including the risks associated with AI and cybersecurity threats. Our cybersecurity risk management program is managed by our CISO, whose security team is responsible for leading enterprise-wide cybersecurity strategy, policy, standards, controls, and processes. Cybersecurity risks are evaluated alongside other enterprise risks and inform prioritization of mitigation activities and resource allocation. Our CISO also provides updates to the Audit Committee on our cybersecurity program, including recent developments, key initiatives to strengthen our systems, applicable industry standards, vulnerability assessments, third-party vendor risk, and independent security framework alignment and compliance maturity, AI, and other information security considerations. The Audit Committee also receives information regarding cybersecurity incidents, including prompt updates for any cybersecurity incidents that may be deemed material and which might require public disclosure. Management is responsible for the day-to-day operation of the cybersecurity program, while the Audit Committee provides oversight. Our CISO and other key personnel also frequently engage with key vendors, industry groups, and law enforcement communities as part of our continuing efforts to improve our cybersecurity program.

Experience

Our CISO has more than 30 years of experience in cybersecurity, IT, governance, risk management, regulatory compliance, and data protection and privacy program design and implementation. He has served in CISO roles for over 15 years, including leadership positions at a publicly traded cloud services company and organizations supporting highly regulated federal healthcare programs, and previously served as Director of IT Security at a publicly traded international satellite radio company. He is an IAPP Fellow of Information Privacy and holds recognized security, privacy, audit, and risk management certifications relevant to data protection and regulatory compliance.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]
Our CISO has more than 30 years of experience in cybersecurity, IT, governance, risk management, regulatory compliance, and data protection and privacy program design and implementation. He has served in CISO roles for over 15 years, including leadership positions at a publicly traded cloud services company and organizations supporting highly regulated federal healthcare programs, and previously served as Director of IT Security at a publicly traded international satellite radio company. He is an IAPP Fellow of Information Privacy and holds recognized security, privacy, audit, and risk management certifications relevant to data protection and regulatory compliance.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
Our Board of Directors, with input from the Risk Management Committee, oversees our enterprise risk management process, including the risks associated with AI and cybersecurity threats. Our cybersecurity risk management program is managed by our CISO, whose security team is responsible for leading enterprise-wide cybersecurity strategy, policy, standards, controls, and processes. Cybersecurity risks are evaluated alongside other enterprise risks and inform prioritization of mitigation activities and resource allocation. Our CISO also provides updates to the Audit Committee on our cybersecurity program, including recent developments, key initiatives to strengthen our systems, applicable industry standards, vulnerability assessments, third-party vendor risk, and independent security framework alignment and compliance maturity, AI, and other information security considerations. The Audit Committee also receives information regarding cybersecurity incidents, including prompt updates for any cybersecurity incidents that may be deemed material and which might require public disclosure. Management is responsible for the day-to-day operation of the cybersecurity program, while the Audit Committee provides oversight. Our CISO and other key personnel also frequently engage with key vendors, industry groups, and law enforcement communities as part of our continuing efforts to improve our cybersecurity program.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Basis of Presentation and Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Principles of Consolidation
Principles of Consolidation
The accompanying consolidated financial statements and accompanying notes have been prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”) and include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Reclassifications
Reclassifications
To conform to the current period’s presentation, certain prior-period amounts have been reclassified as follows:
•Prepaid expenses previously included in “Prepaid and other current assets” have been reclassified to a separate line item in the consolidated balance sheets for the year ended December 31, 2024.
•A reclass of approximately $0.2 million previously classified as prepaid expenses as of December 31, 2024, has been reclassified to “Other” of other current assets in Footnote 6 and the consolidated balance sheet.
•Net accretion of discount on investment securities and net realized investment gains previously presented separately have been reclassified to “Other” in the consolidated statements of cash flows for the years ended December 31, 2024 and December 31, 2023.
•Machinery and equipment, previously presented as a separate major asset class of property and equipment in Note 7, have been reclassified to data center equipment for the year ended December 31, 2024.
These reclassifications had no impact on total assets, liabilities, or stockholders’ equity.
Segment Information
Segment Information
The Company has a single operating and reportable segment. In reaching this conclusion, management considers the definition of the chief operating decision maker (“CODM”), how the business is defined by the CODM, the nature of the information provided to the CODM and how that information is used to make operating decisions, allocate resources and assess performance. The Company’s chief operating decision maker is its Chief Executive Officer (“CEO”), who reviews financial information presented on an aggregated basis for purposes of making operating decisions, assessing financial performance and allocating resources.
Use of Estimates
Use of Estimates
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the consolidated financial statements and the accompanying notes. Such estimates and assumptions include the costs to be capitalized as internal-use software, which include determining whether projects will result in new or additional functionality, the useful lives of other long-lived assets, impairment considerations for long-lived assets, the incremental borrowing rate for lease agreements, lease and non-lease component allocation, estimates related to variable consideration, valuation of the Company’s Employee Stock Purchase Plan (“ESPP”) expense, and accounting for income taxes, including estimates for deferred tax assets, valuation allowance, and uncertain tax positions. The Company bases its estimates on historical experience and on assumptions that management considers reasonable. Future actual results could differ materially from these estimates.
During the second quarter of 2025, the Company completed a study of the useful lives of its property and equipment. Effective April 1, 2025, the estimated life of data center equipment, which includes hard drives, servers, and other infrastructure equipment, was extended on a prospective basis from a range of 3 to 5 years to a uniform 6 years. The reassessment was based on historical data and continuous improvements made to the efficiency and durability of the Company’s storage infrastructure.
The change in estimate reduced depreciation expense and increased net income by approximately $5.2 million for the year ended December 31, 2025, resulting in an increase of $0.09 per basic and diluted share for the year ended December 31, 2025.
Comprehensive Loss
Comprehensive Loss
The Company does not have any components of other comprehensive income recorded within the consolidated financial statements and therefore does not separately present a statement of comprehensive income in the consolidated financial statements.
Foreign Currency
Foreign Currency
Foreign currency transaction gains and losses primarily arise from exchange rate fluctuations on monetary transactions denominated in a currency other than the functional currency. Because the functional currency of the Company and its foreign subsidiaries is the United States dollar (“USD”), the Company does not have foreign currency translation adjustments. Transaction gains and losses are included in general and administrative on the Company’s consolidated statements of operations and comprehensive loss.
Concentrations and Risks and Uncertainties
Concentrations and Risks and Uncertainties

Credit risk. Financial instruments that potentially subject the Company to credit risk primarily consist of cash, cash equivalents, accounts receivable, marketable securities, and unbilled receivables.

The Company maintains its cash, cash equivalents, and marketable securities with high-quality financial institutions that have investment-grade credit ratings. Although these institutions are considered to be financially sound, deposits may exceed the amounts insured or guaranteed by the Federal Deposit Insurance Corporation, which could subject the Company to risk of loss in the event of the failure of any such financial institution.

The Company is also exposed to credit risk related to accounts receivable and unbilled receivables from customers. The Company does not have separate collateral requirements to support financial instruments subject to credit risk.
Concentration of vendors. The Company acquires infrastructure equipment from third party vendors. Vendors may have limited sources of equipment and supplies, which may expose the Company to potential supply-chain and service disruptions that could harm the Company’s business.

The following table presents concentrations of vendors and customers that accounted for more than 10% related to the Company’s cash disbursements, accounts payable, and accounts receivable.

For the Years Ended December 31,
202520242023
Cash disbursement concentration
Number of vendors232
Total cash disbursements represented by vendors listed above26%36%21%

December 31,
20252024
Accounts payable concentration
Number of vendors21
Total accounts payable balance represented by vendors listed above23%14%
Accounts receivable concentration
Number of customers
22
Total accounts receivable balance represented by customers listed above
38%35%
Revenue. The Company derives substantially all of its revenue from the services operating on its Backblaze Storage Cloud platform: its B2 Cloud Storage and Computer Backup offerings. No customer accounted for more than 10% of the Company’s revenues during the years ended December 31, 2025, 2024 and 2023.
Restructuring
Restructuring

The Company classifies certain costs as restructuring charges when they are incurred and considered direct and incremental in connection with management-approved programs that result in significant changes to the scope of the business or the manner in which the business is conducted. Restructuring charges include employee severance and related costs associated with workforce reductions, facility-related costs incurred to exit or consolidate office space, costs associated with strategic transformation initiatives, and other costs directly attributable to restructuring and transforming the Company’s operations.
Restructuring costs associated with strategic transformation initiatives are generally recognized as expense as the related services are performed or costs are otherwise incurred, while other restructuring-related costs, including asset impairments, are recognized in accordance with the applicable accounting policies for those costs. Employee severance and related costs are recognized when the Company has committed to a plan of termination, the plan identifies the employees affected and the expected completion date, the actions required to complete the plan indicate that it is unlikely that significant changes will be made to the plan or that the plan will be withdrawn. For involuntary terminations, a liability is recognized in accordance with the applicable guidance based on whether employees are required to render future service to receive the benefits.
Revenue Recognition, Cost of Revenue
Revenue Recognition
The Backblaze Storage Cloud provides the core platform for the Company’s B2 Cloud Storage and its Computer Backup offerings. The Company derives its revenue primarily from fees earned from customers accessing these offerings through its platform.
•B2 Cloud Storage is provided as an IaaS solution and is offered predominantly on a consumption-based model, with fees billed monthly in arrears, and to a lesser extent through capacity-based subscription plans with terms ranging from one to five years.
•The Computer Backup is provided as a SaaS solution under subscription arrangements with one month, one-year, and two-year terms, all of which are billed upfront and automatically renew at the end of their respective terms. In addition, customers may incur usage-based fees related to extended version history retention, which are recognized as revenue as the related services are provided.
While the majority of the Company’s customers pay via credit card, certain customers’ accounts are invoiced and recorded in accounts receivable and in revenue, or deferred revenue, depending on whether appropriate revenue recognition criteria have been met. As the Company provides its offerings as a hosted service, it does not provide customers the contractual right to take possession of the software at any time, does not incur set up costs, and does not charge an installation fee for its new customers.
The Company determines revenue recognition through the following five steps:
1. Identify the contract with a customer. The Company considers the terms and conditions of the contracts and its customary business practices in identifying its contracts under Accounting Standards Codification (“ASC”) 606. The Company determines it has a contract with a customer when:

•the contract has been approved by both parties;
•it can identify each party’s rights regarding the services to be transferred and the payment terms for the services;
•it has determined the customer to have the ability and intent to pay;
•the contract has commercial substance; and
•it is probable the Company will collect substantially all of the consideration in the contract.

The Company applies judgment in determining a customer’s ability and intent to pay based on a variety of factors, including historical payment experience for existing customers and customer profile considerations for new customers.
2. Identify the performance obligations in the contract. Performance obligations promised in a contract are identified based on the services and products that will be transferred to the customer that are both capable of being distinct and are distinct in the context of the contract. The Company’s contracts typically contain a single distinct performance obligation representing one of its Backblaze Storage Cloud platform offerings, which includes either B2 Cloud Storage or Computer Backup services and related customer support.
3. Determine the transaction price. The transaction price is determined based on the consideration the Company expects to receive in exchange for transferring services and products to the customer. Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue recognized under the contract will not occur. The Company’s variable consideration includes consumption-based revenue and revenue arrangements that offer the right of return. The Company offers a 30 day right of return for its one to five-year subscription-based arrangements and records a refund liability based on historical return data. Certain fees that are considered consideration payable to a customer are accounted for as a reduction of the transaction price. None of the
Company’s contracts contain a significant financing component. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental entities (e.g., sales and other indirect taxes).
4. Allocate the transaction price to performance obligations in the contract. Contracts that contain multiple distinct performance obligations require an allocation of the transaction price to each performance obligation based on a relative standalone selling price (“SSP”). The Company determines SSP for performance obligations based on the price it sells a service or product separately.
5. Recognize revenue when or as the Company satisfies a performance obligation. Revenue is recognized when or as the Company satisfies its performance obligations. The Company’s cloud service arrangements generally represent a single performance obligation that is satisfied over time as a series of distinct services that are substantially the same. The Company measures progress using an output method based on the value of services transferred to the customer and applies the “right to invoice” practical expedient for arrangements in which invoiced amounts correspond directly with the value transferred. Subscription-based arrangements are recognized on a straight-line basis over the contractual term beginning on the service commencement date. Consumption-based arrangements are recognized based on actual usage as services are delivered.
The Company also offers a 14-day free trial period for its Computer Backup subscription-based arrangements and it does not enter into a contract with the customer during this trial period. Separately, under its consumption-based arrangements, the Company does not charge customers until at least 10 gigabytes of data have been stored.
The non-current deferred revenue balance of $5.4 million included in the Company’s consolidated balance sheet as of December 31, 2025 will be recognized starting in 2027 and thereafter. As of December 31, 2024, the Company’s non-current deferred revenue balance was $5.1 million, which will be recognized in 2026 and thereafter.
For revenue generated from arrangements that involve third-parties, the Company evaluates whether it is the principal or the agent based on maintaining control over the services being provided and maintaining the relationship with the end-customer. The Company’s revenue is reported on a gross basis, as the Company is the principal.
Cost of Revenue
Cost of revenue includes costs directly associated with the delivery of services and products, which consists of expenses for providing Backblaze’s platform to its customers. These expenses include rent and utilities for operating in data center spaces, personnel costs, network and bandwidth costs, depreciation of the Company’s equipment and finance lease assets in data center spaces and other infrastructure expenses incurred in connection with its customers’ use of its services. The Company periodically receives discounts from third-party vendors that are recorded as a reduction to cost of revenue on its consolidated statements of operations and comprehensive loss. Personnel-related costs associated with customer support and maintaining service availability include salaries, benefits, bonuses and stock-based compensation. Cost of revenue also includes credit card processing fees, amortization of capitalized internal-use software development costs and allocated overhead costs.
Research and Development Costs
Research and Development Costs
Research and development costs consist primarily of personnel-related expenses associated with the Company’s research and development staff, including salaries, benefits, bonuses and stock-based compensation. Research and development costs also include consultants or professional services fees, costs related to the support and maintenance of systems used in product development, subscription services for use by its research and development organization and an allocation of its overhead costs. Research and development costs are generally expensed as incurred, unless they qualify as capitalized internal-use software.
Advertising Cost
Advertising Costs
Advertising costs are expensed as incurred and are included in sales and marketing expenses in the consolidated statements of operations and comprehensive loss.
Income Taxes
Income Taxes
The Company accounts for income taxes using the asset and liability method. Deferred income taxes are recognized by applying the enacted statutory tax rates applicable to future years to differences between the carrying amounts of existing assets and liabilities and their respective tax bases and net operating loss and tax credit carryforwards. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. The measurement of deferred tax assets is reduced, if necessary, by a valuation allowance to amounts that are more likely than not to be realized.
Where interpretation of the tax law may be uncertain, the Company recognizes, measures and discloses income tax uncertainties. The Company accounts for interest expense and penalties related to unrecognized tax benefits as income tax expense in its consolidated statements of operations and comprehensive loss. The Company is subject to periodic audits by the Internal Revenue Service and other taxing authorities, which may challenge tax positions taken by the Company.
Stock-based Compensation
Stock-based Compensation
All stock-based compensation to employees is measured on the grant date, based on the fair value of the awards on the date of grant. The Company recognizes compensation cost for equity-classified awards on a straight-line basis over the requisite service period, which is generally a vesting period of one to four years.

Awards granted under the Company’s bonus plans are accounted for as liability-classified share-based payment awards because the bonus payout represents a fixed monetary amount that is settled in a variable number of shares. For such awards, the Company recognizes compensation cost over the requisite service period based on the fair value of the liability, which is remeasured at each reporting date until settlement. Upon settlement and issuance of restricted stock units (“RSUs”), the awards are reclassified to equity.

Stock-based compensation includes RSUs, stock option grants and stock purchase rights under the ESPP.
The Company uses the Black-Scholes option pricing model to measure the fair value of its stock options and the stock purchase rights under the ESPP. The Black-Scholes option pricing model requires the use of complex assumptions, which determine the fair value of stock-based awards. Forfeitures are accounted for in the period in which they occur.
Cash and Cash Equivalents
Cash and Cash Equivalents
Cash and cash equivalents include cash and certain highly liquid investments with maturities of 90 days or less at the date of purchase. Cash equivalents are primarily recorded at cost, which approximates fair value.
Restricted Cash
Restricted Cash

The Company had restricted cash of $4.1 million related to the line of credit agreement with City National Bank as of December 31, 2023. The Company did not have a restricted cash balance as of December 31, 2025 and 2024.
Marketable Securities
Marketable Securities

The Company classifies marketable debt securities with original maturities greater than 90 days as held-to-maturity and reports them at amortized cost, with realized gains and losses recognized in earnings. Marketable securities with original maturities of 90 days or less are classified as cash equivalents. The Company determines the appropriate classification of its debt securities at the time of purchase and re-evaluates such determination at each balance sheet date.

The Company will recognize an allowance for estimated credit losses on its held-to-maturity securities, using a forward-looking expected loss model, which reflects losses that are expected to be incurred over the life of the financial instrument. The Company uses a roll-rate method to determine the estimated credit losses using factors including historical global average default rates and expected recovery rates on similar credit quality, bond maturity and duration, along with historical experience, current conditions, and forecasts of future economic conditions, if available. The Company monitors the credit profile of its held-to-maturity securities on a periodic basis, using third party data to assess their credit ratings as well as any adverse conditions specifically related to the security. The allowance for credit losses was a nominal amount for the years ended December 31, 2025 and 2024.
Fair Value of Financial Instruments
Fair Value of Financial Instruments
The Company measures financial assets and liabilities at fair value at each reporting date. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are reported under a three-level valuation hierarchy. The classification of the Company’s financial assets within the hierarchy is as follows:
Level 1 — Inputs to the valuation methodology are unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2 — Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.
Level 3 — Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date.
The carrying amounts reflected in the consolidated balance sheets for accounts receivable, prepaid expenses, other current assets, accounts payable, and accrued expenses and other current liabilities approximate their respective fair values due to the short maturities of those instruments.
Accounts Receivable, Net
Accounts Receivable, Net
Accounts receivable are carried at the original invoiced amount less an estimated allowance for expected credit losses based on the probability of future collection. The allowance is estimated based on the Company’s assessment of its ability to collect on customer accounts receivable. The allowance was a nominal amount as of December 31, 2025 and 2024. The provision, direct write-offs, and recoveries were also nominal for the years ended December 31, 2025 and 2024. The Company regularly reviews the allowance by considering certain factors such as historical experience, credit quality, age of accounts receivable balances and other known conditions that may affect a customer’s ability to pay.
Unbilled Accounts Receivable
Unbilled Accounts Receivable
Unbilled accounts receivable represents recognized and unbilled revenue for consumption-based contracts that is billed monthly in arrears. Substantially all of the Company’s unbilled accounts receivable is charged via a credit card upon billing. Unbilled accounts receivable is included in other current assets on the consolidated balance sheets. The balance of unbilled accounts receivable as of December 31, 2025 and 2024 is presented in Note 6.
Deferred Contract Costs
Deferred Contract Costs

The Company’s deferred contract costs are composed of third-party affiliate commissions and, starting in 2024, a commission structure for its sales team. Sales commissions and related taxes and benefits earned by our sales force as well as sales commission earned by marketing affiliates are considered incremental and recoverable costs of obtaining a contract with a customer. Sales commissions for new contracts are deferred and then amortized on a straight-line basis over a period of benefit that we have estimated to be five years. We determined the period of benefit by taking into consideration the duration of our customer contracts, our customer retention rate and the technology development life cycle. Sales commissions for renewal contracts are deferred and then amortized on a straight-line basis over the related contractual renewal period. Amortization expense is included in sales and marketing expenses on the consolidated statements of operations and comprehensive loss. Deferred contract costs are included within other current assets and other assets in the consolidated balance sheets.
Property and Equipment, Net
Property and Equipment, Net
Property and equipment, both owned and under finance leases, are stated at cost, less accumulated depreciation, which is computed on a straight-line basis over the asset’s estimated useful life. Leasehold improvements are amortized over the shorter of the useful life of the asset or expected lease term. Improvements that increase functionality of the asset are capitalized and depreciated over the asset’s remaining useful life. Construction-in-progress is not depreciated. Fully depreciated assets are retained in property and equipment until removed from service.
Capitalized Internal-Use Software, Net
Capitalized Internal-Use Software, Net
The Company capitalizes qualifying software development costs related to new features and enhancements to the functionality of its platform and related products. The costs consist of personnel costs (including related taxes and benefits and stock-based compensation) that are incurred during the application development stage. Capitalization of costs begins when two criteria are met: (i) the preliminary project stage is completed, and (ii) it is probable that the software will be completed and used for its intended function. Capitalization ceases when the software is substantially complete and ready for its intended use, including the completion of all significant testing. Costs related to preliminary project activities and post-implementation operating activities are expensed as incurred.
The Company reviews its capitalization criteria for each project individually. Capitalized costs are amortized over the estimated useful life of the software, which is generally five years, on a straight-line basis, and represents the manner in which the expected benefit will be derived. The Company determines the useful lives of identifiable project assets after considering the specific facts and circumstances related to each project. Amortization of capitalized software costs is substantially included in cost of revenue in the consolidated statements of operations and comprehensive loss.
Impairment of Long-lived Assets
Impairment of Long-lived Assets
Long-lived assets with finite lives include property and equipment, capitalized internal-use software, certain implementation costs incurred for cloud computing arrangements, and right-of-use assets. The Company evaluates these long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets held and used is measured by comparison of the carrying amount of an asset or an asset group to estimated undiscounted future net cash flows expected to be generated by the asset or asset group. If the carrying amount of an asset exceeds these estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the assets exceeds the fair value of the asset or asset group during the quarter in which the determination is made.
Deferred Revenue
Deferred Revenue
The Company records deferred revenue when customer payments are received in advance of satisfying the performance obligations on the Company’s contracts. Subscription-based arrangements are generally billed and paid in advance of satisfaction of these performance obligations. Deferred revenue relating to the Company’s subscription-based arrangements that have a contractual expiration date of less than 12 months are classified as current. The Company classifies deferred revenue from services that will be provided in more than 12 months as non-current on its consolidated balance sheets.
Leases
Leases
The Company generally enters into finance lease arrangements for hard drives and related equipment for its data center operations, and operating leases for rental of data center spaces and office space. The Company determines if an arrangement is or contains a lease at inception by evaluating various factors, including if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration and other facts and circumstances. As a majority of the Company’s operating leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available as of the commencement date for each lease component. The discount rate used is the rate of interest that a lessee would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term in a similar economic environment.
For finance leases, the lease term generally begins on the date of initial possession of the leased asset, and for operating leases, the term begins when the Company has the right to use the leased space and obtain the economic benefits. The Company does not assume renewals in its determination of the lease term unless the renewals are deemed to be reasonably assured at lease inception. Lease classification is determined at the lease commencement date. The Company records an asset and lease liability on its consolidated balance sheets for leases that have yet to commence when it has the ability to control the underlying asset as that creates a significant right and obligation to the Company. The underlying assets of finance leases are included in property and equipment, net, on the Company’s consolidated balance sheets. Variable lease payments are expensed as incurred and include certain non-lease components, such as maintenance and other services provided by the lessor to the extent the charges are variable.
The Company has elected the short-term lease practical expedient for all asset classes, which allows the lessee to not apply the recognition requirements of ASC 842 to short-term leases (leases with original terms of 12 months or less and that do not include a purchase option that the lessee is reasonably certain to exercise).

The Company has elected the practical expedient to combine lease and non-lease components for all of its leases, with the exception of leases related to the co-location lease agreement asset class. For co-location lease agreements, the Company only recognizes fixed minimum payments for tangible components as right-of-use assets and operating lease liabilities, as these arrangements may include significant intangible components.
Regulatory Developments and Recently Issued Accounting Pronouncements
Regulatory Developments
On July 4, 2025, the One Big Beautiful Bill Act (the “OBBB Act”) was enacted, introducing amendments to U.S. tax laws with various effective dates from 2025 to 2027. The OBBB Act includes significant provisions, such as the permanent extension of certain expiring provisions of the 2017 Tax Cuts and Jobs Act, international tax framework, and the restoration of favorable tax treatment for certain business provisions including the immediate expensing of the US research and development expenditure. The Company has completed its assessment of the tax law changes enacted under the OBBB Act. Based on this assessment, the OBBB Act did not have a material impact on the Company’s consolidated financial statements for the year ended December 31, 2025, and the Company does not expect these changes to have a material impact on future periods.

In January 2024, the European Union (“EU”) enacted the EU Data Act, which became effective in September 2025. The legislation establishes statutory rights for EU and European Economic Area (“EEA”) customers, including the ability to terminate contracts with no more than two months’ notice, reimbursement of unused prepaid service, and limitations on early termination penalties, among other changes. These provisions primarily affect the Company’s subscription arrangements with EU and EEA customers by shortening the enforceable contract term and requiring consideration of expanded refund rights. The Company evaluated the implications of the EU Data Act on its customer arrangements, including remaining performance obligations, and determined that it did not have a material impact on the Company’s consolidated financial statements for the current reporting period. The Company has incorporated the provisions of the EU Data Act into its revenue recognition policies and contract assessments and expects to reflect any impact prospectively as customer arrangements are modified or renewed under the new requirements.
Recently Issued Accounting Pronouncements
In December 2025, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2025-11,“Interim Reporting (Topic 270): Narrow-Scope Improvements” This standard improves the navigability of the required interim disclosures and clarifies when the guidance is applicable, as well as provides additional guidance on what disclosures should be provided in interim reporting periods. The amendments in this ASU are effective for fiscal years beginning after December 15, 2027, and interim reporting periods beginning after December 15, 2028. The Company is evaluating the impact this the new standard may have, but does not expect it to have a significant impact on its consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software.” This standard updates the recognition model for internal-use software by eliminating the project stage framework and requiring capitalization once projects are approved and completion is probable, and also clarifies related disclosure requirements. This ASU is effective for interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of the adoption of this standard.
In July 2025, the FASB issued ASU 2025-05, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets.” This standard allows entities to apply a practical expedient when estimating expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers. The standard is effective for all entities for fiscal years beginning after December 15, 2025, including interim periods within those fiscal years. Early adoption is permitted, and the standard is to be applied prospectively. The Company is currently evaluating the impact of the adoption of this standard.
In November 2024, the FASB issued ASU 2024-03, “Income Statement (Subtopic 220-40) - Reporting Comprehensive Income - Expense Disaggregation Disclosures.” The ASU requires disclosure of specified information about certain costs and expenses, including (i) certain amounts already required to be disclosed in the same disclosure as the other disaggregation requirements, (ii) a qualitative description of amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, and (iii) the total amount of selling expenses and an entity’s definition of such expenses. For public companies, this ASU is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027 on either a prospective or retrospective basis. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this standard.
In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740) - Improvements to Income Tax Disclosures” requiring enhancements and further transparency to certain income tax disclosures, most notably the tax rate reconciliation and income taxes paid. This ASU is effective for fiscal years beginning after December 15, 2024 for public companies and is effective for fiscal years beginning after December 15, 2025 for non-public business entities. In accordance with our EGC status, the Company will implement the standard beginning with its annual reporting period ending December 31, 2026. This amendment should be applied on a prospective basis and retrospective application is permitted. The Company is currently evaluating the impact of the adoption of this standard.
v3.25.4
Basis of Presentation and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Foreign Exchange (Loss)
Foreign exchange loss for the periods indicated was as follows (in thousands):
For the Years Ended December 31,
202520242023
Foreign exchange loss
$451 $32 $123 
Schedules of Concentration of Risk, by Risk Factor
For the Years Ended December 31,
202520242023
Cash disbursement concentration
Number of vendors232
Total cash disbursements represented by vendors listed above26%36%21%

December 31,
20252024
Accounts payable concentration
Number of vendors21
Total accounts payable balance represented by vendors listed above23%14%
Accounts receivable concentration
Number of customers
22
Total accounts receivable balance represented by customers listed above
38%35%
Schedule of Property and Equipment, Net
The following table presents the estimated useful lives of property and equipment:
Property and EquipmentUseful life
Data center equipment(1)
6 years
Computer equipment
3 - 5 years
Leasehold improvements
Shorter of useful life or expected lease term
________________
(1) During the second quarter of 2025, the estimated lives of data center equipment were extended from a range of 3 to 5 years to a uniform 6 years. See “Use of Estimates” above for further details.
Property and equipment, net consisted of the following (in thousands):
December 31,
20252024
Data center equipment
$95,958 $71,424 
Leased and financed data center equipment(1)
66,569 65,037 
Computer equipment
2,286 2,239 
Leasehold improvements
181 244 
Construction-in-process
89 311 
Total property and equipment
165,083 139,255 
Less: accumulated depreciation and amortization
(107,773)(96,306)
Total property and equipment, net
$57,310 $42,949 
________________
(1) The net book value of the Company’s equipment under finance lease agreements and lease financing obligations was $45.7 million and $35.7 million as of December 31, 2025 and 2024, respectively.
v3.25.4
Revenues (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following table presents the Company’s revenue disaggregated by solution (in thousands):

For the Years Ended December 31,
202520242023
B2 Cloud Storage
$79,897 $63,335 $46,427 
Computer Backup
65,938 64,293 55,592 
Total revenue
$145,835 $127,628 $102,019 
The following table presents the Company’s total revenue disaggregated by timing of revenue recognition (in thousands):
For the Years Ended December 31,
202520242023
Consumption-based arrangements
$77,187 $61,459 $45,771 
Subscription-based arrangements
68,236 65,658 55,679 
Point in time arrangements
412 511 569 
Total revenue
$145,835 $127,628 $102,019 
Schedule of Revenue by Geographic Area
Total revenue by geographic area, based on the location of the Company’s customers, was as follows (in thousands):
For the Years Ended December 31,
202520242023
United States
$104,567 $94,323 $73,262 
United Kingdom7,513 6,703 5,463 
Canada6,609 5,757 5,027 
Other
27,146 20,845 18,267 
Total revenue
$145,835 $127,628 $102,019 
Schedule of Contract with Customer, Contract Asset, Contract Liability, and Receivable
The following table presents information regarding the Company’s deferred revenue (in thousands):

December 31,
20252024
Deferred revenue
$35,897 $35,554 
For the Years Ended December 31,
202520242023
Total revenue recognized, included in each deferred revenue balance at the beginning of each respective period
$30,640 $26,076 $22,983 
Schedule of Revenue, Remaining Performance Obligation
The following tables presents the Company’s RPOs (in millions):
Within 1 Year
Over 1 Year(1)
Total
As of December 31, 2025$35.5 $30.7 $66.2 
As of December 31, 2024$34.3 $7.0 $41.3 
________________
(1) The increase in remaining performance obligations as of December 31, 2025 was primarily driven by a new multi-year customer contract executed during the fourth quarter of 2025.
Schedule of Deferred Contract Costs
The following tables presents the Company’s amortization of deferred contract costs (in thousands):
December 31,
20252024
Deferred contract costs for marketing affiliates$335 $542 
Deferred contract costs for sales commission
$2,639 $972 
December 31,
202520242023
Amortization of deferred contract costs related to marketing affiliates$852 $1,142 $978 
Amortization of deferred contract costs related to sales commissions
$480 $126 $— 
v3.25.4
Marketable Securities (Tables)
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule Of Fair Values and Gross Unrealized Gains and Losses on Held-to-Maturity Investments
The amortized cost, gross unrealized gains and losses, and fair values of interest-bearing securities, by type of security, were as follows (in thousands):
Amortized CostGross UnrealizedFair ValueNet Carrying Value
As of December 31, 2025
GainsLosses
Cash equivalents
Money market funds$8,729 $— $— $8,729 $8,729 
Total cash equivalents$8,729 $— $— $8,729 $8,729 
Investments
U.S. treasury securities$9,461 $12 $— $9,473 $9,461 
Corporate debt securities12,740 4 — 12,744 12,738 
Total investments$22,201 $16 $— $22,217 $22,199 
Amortized CostGross UnrealizedFair ValueNet Carrying Value
As of December 31, 2024
GainsLosses
Investments
Commercial paper$9,139 $— $(2)$9,137 $9,139 
Total investments$9,139 $— $(2)$9,137 $9,139 
The amortized cost and fair value of held-to-maturity securities as of December 31, 2025 by contractual maturity are shown below.
Amortized CostFair Value
(In Thousands)
Within one year$22,201 $22,217 
After one year through five years— — 
After 5 years through 10 years— — 
After 10 years— — 
Total investments$22,201 $22,217 
v3.25.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Measurements, Nonrecurring
The following table presents the level within the fair value hierarchy at which the Company’s held-to-maturity investments are measured (in thousands):
As of December 31, 2025
Level 1Level 2
Other(1)
Total
Cash equivalents
Money market funds$— $— $8,729 $8,729 
Investments
U.S. treasury securities9,473 — — 9,473 
Corporate debt securities— 12,744 — 12,744 
Total $9,473 $12,744 $8,729 $30,946 
________________
(1) Investments in money market funds measured at fair value using the net asset value per share practical expedient are not subject to hierarchy level classification disclosure. The Company invests in money market funds that seek to maintain a stable net asset value. These investments include commingled funds that comprise high-quality short-term securities representing liquid debt and monetary instruments where the redemption value is likely to be the fair value. Redemption is permitted daily without written notice.

As of December 31, 2024
Level 1Level 2Total
Investments
Commercial paper$— $9,137 $9,137 
Total$— $9,137 $9,137 
v3.25.4
Other Current Assets (Tables)
 12 Months Ended
Dec. 31, 2025
Prepaid Expense and Other Assets, Current [Abstract]  
Schedule of Other Current Assets
Other current assets consisted of the following (in thousands):
December 31,
20252024
Unbilled accounts receivable, net$3,746 $2,864 
Receivable from payment processor615 1,347 
Other2,269 1,334 
Total other current assets
$6,630 $5,545 
v3.25.4
Property and Equipment, Net (Tables)
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment, Net
The following table presents the estimated useful lives of property and equipment:
Property and EquipmentUseful life
Data center equipment(1)
6 years
Computer equipment
3 - 5 years
Leasehold improvements
Shorter of useful life or expected lease term
________________
(1) During the second quarter of 2025, the estimated lives of data center equipment were extended from a range of 3 to 5 years to a uniform 6 years. See “Use of Estimates” above for further details.
Property and equipment, net consisted of the following (in thousands):
December 31,
20252024
Data center equipment
$95,958 $71,424 
Leased and financed data center equipment(1)
66,569 65,037 
Computer equipment
2,286 2,239 
Leasehold improvements
181 244 
Construction-in-process
89 311 
Total property and equipment
165,083 139,255 
Less: accumulated depreciation and amortization
(107,773)(96,306)
Total property and equipment, net
$57,310 $42,949 
________________
(1) The net book value of the Company’s equipment under finance lease agreements and lease financing obligations was $45.7 million and $35.7 million as of December 31, 2025 and 2024, respectively.
Schedule of Long-Lived Assets by Geographic Areas
The following table presents property and equipment, net and operating lease right-of-use assets by geographic region (in thousands):
December 31,
20252024
United States$67,193 $47,930 
Canada2,871 3,309 
The Netherlands9,959 7,583 
Total property and equipment, net and operating lease right-of-use assets$80,023 $58,822 
v3.25.4
Capitalized Internal-Use Software, Net (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Finite-Lived Intangible Assets
Capitalized internal-use software, net consisted of the following (in thousands):
December 31,
20252024
Developed software
$68,837 $59,435 
General and administrative software
144 144 
Total capitalized internal-use software
68,981 59,579 
Less: accumulated amortization
(28,156)(17,778)
Total capitalized internal-use software, net
$40,825 $41,801 
Amortization expense of capitalized internal-use software included in the consolidated statements of operations and comprehensive loss is as follows (in thousands):

For the Years Ended December 31,
202520242023
Cost of revenue(1)
$10,398 $6,989 $3,598 
General and administrative
10 10 28 
Total amortization expense of capitalized internal-use software$10,408 $6,999 $3,626 
________________
(1) Includes $0.1 million of restructuring charges for the year ended December 31, 2025. See Note 16 for additional information.
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
As of December 31, 2025, future amortization expense is expected to be as follows (in thousands):
Year Ending December 31,
2026$11,936 
202710,935 
20289,290 
20296,358 
20302,153 
Thereafter
153 
Total
$40,825 
v3.25.4
Accrued Expenses and Other Current Liabilities (Tables)
 12 Months Ended
Dec. 31, 2025
Payables and Accruals [Abstract]  
Schedule of Accrued Liabilities
Accrued expenses and other current liabilities consisted of the following (in thousands):
December 31,
20252024
Accrued compensation$5,436 $3,620 
ESPP withholding371 485 
Accrued expenses1,815 1,457 
Accrued value-added tax1,225 1,139 
Other559 883 
Accrued expenses and other current liabilities$9,406 $7,584 
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Lease, Cost
Summary of Lease Information
The weighted average remaining lease terms and discount rates as of December 31, 2025 and 2024 were as follows:

December 31, 2025December 31, 2024
Operating leases
Finance Leases(1)
Operating leases
Finance Leases(1)
Remaining lease term5.4 years2.5 years4.4 years1.9 years
Discount rate6.9 %12.6 %7.2 %11.9 %
________________
(1) Includes lease financing obligation costs.
The following table presents the components of lease expense (in thousands):

For the Years Ended December 31,
2025
2024(1)
2023(1)
Finance lease costs
Depreciation expense(2)
$9,131 $12,674 $14,059 
Interest expense$3,407 $2,444 $2,827 
Lease financing obligation costs
Depreciation expense(2)
$1,307 $2,664 $1,366 
Interest expense$229 $675 $409 
Operating lease costs
Rental expense related to lease components$5,920 $3,397 $3,128 
Rental expense related to non-lease components(3)
4,340 5,010 4,999 
Variable lease costs4,358 4,086 1,798 
Short term lease costs— — 716 
Total operating lease costs$14,618 $12,493 $10,641 
Total included in cost of revenue$13,879 $11,384 $9,063 
Total included in general and administrative$739 $1,109 $1,578 
________________
(1) The presentation of prior period data has been revised to conform to current year presentation. There have been no changes to the reported amounts, rather certain amounts have been disaggregated to further improve clarity and transparency.
(2) Substantially all of the depreciation expense on assets acquired through the Company’s finance leases and lease financing obligations is included in cost of revenue in its consolidated statements of operations and comprehensive loss.
(3) Non-lease components are related to non-tangible utilities and services used in the Company’s co-location lease agreements, which are not recorded on the Company’s consolidated balance sheets. The Company used judgment and third-party data in determining the stand-alone price for allocating consideration to lease and non-lease components under these lease agreements, such as the price of utilities as compared to its tangible data center footprint within each facility.
The following table presents supplemental cash flow information relating to the Company’s leases (in thousands):

For the Years Ended December 31,
202520242023
Operating cash flows
Cash paid for interest on finance lease and lease financing obligations$3,734 $3,119 $3,236 
Cash paid for operating lease liabilities$5,636 $4,012 $2,801 
Non-cash items
Equipment acquired through finance leases$24,864 $17,105 $13,094 
Right-of-use assets obtained in exchange for operating lease obligations$12,674 $9,206 $5,448 
Schedule of Finance Lease, Liability, Fiscal Year Maturity
The future minimum commitments for finance leases and lease financing obligations as of December 31, 2025 were as follows (in thousands):
Year Ending December 31,
Finance leasesLease financing obligationsTotal
2026$17,986 $487 $18,473 
202713,672 — 13,672 
20285,856 — 5,856 
20294,997 — 4,997 
203084 — 84 
Total future minimum commitments42,595 487 43,082 
Less imputed interest(6,893)(24)(6,917)
Total$35,702 $463 $36,165 
Schedule of Other Commitments
As of December 31, 2025, the Company's future minimum obligations for operating leases and non-cancellable contractual commitments related to non-lease components were as follows (in thousands):
Year Ending December 31,
Operating leasesNon-lease componentsTotal
2026$6,780 $3,886 $10,666 
20275,604 3,075 8,679 
20285,265 3,081 8,346 
20294,162 2,559 6,721 
20303,163 1,352 4,515 
Thereafter5,525 109 5,634 
Total future minimum commitments30,499 $14,062 $44,561 
Less imputed interest(5,080)
Total$25,419 
Schedule of Lessee, Operating Lease, Liability, to be Paid, Maturity
As of December 31, 2025, the Company's future minimum obligations for operating leases and non-cancellable contractual commitments related to non-lease components were as follows (in thousands):
Year Ending December 31,
Operating leasesNon-lease componentsTotal
2026$6,780 $3,886 $10,666 
20275,604 3,075 8,679 
20285,265 3,081 8,346 
20294,162 2,559 6,721 
20303,163 1,352 4,515 
Thereafter5,525 109 5,634 
Total future minimum commitments30,499 $14,062 $44,561 
Less imputed interest(5,080)
Total$25,419 
v3.25.4
Stockholders’ Equity (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Schedule of Shares Reserved for Future Issuance
The Company had reserved shares of common stock for future issuance as follows:
December 31, 2025
2011 Equity Incentive Plan
Shares subject to options outstanding3,501,410 
2021 Equity Incentive Plan
Shares subject to options outstanding996,615 
Restricted stock units outstanding4,325,318 
Shares available for future grants6,625,371 
2021 Employee Stock Purchase Plan
Shares available for future purchases1,413,677 
2024 Inducement Plan
Restricted stock units outstanding283,759 
Shares available for future grants48,148 
Total
17,194,298 
v3.25.4
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Disclosure of Share-based Compensation Arrangements by Share-based Payment Award
RSU activity for the year ended December 31, 2025 was as follows:

SharesWeighted-average grant date fair value per share
RSUs unvested as of December 31, 2024
4,764,133 $6.18 
Granted4,303,690 $6.65 
Vested(3,388,866)$6.30 
Forfeited(1,069,880)$6.56 
RSUs unvested as of December 31, 2025
4,609,077$6.44 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
The following table summarizes the Black-Scholes option pricing model weighted-average assumptions used to estimate the fair value of the ESPP stock purchase rights for the years ended December 31, 2025 and 2024:
For the Years Ended December 31,
202520242023
Expected term (in years)
0.5 - 2.0
0.5 - 2.0
0.5 - 2.0
Expected volatility
61% - 85%
48% - 74%
46% - 64%
Risk-free interest rate
3.55% - 4.32%
4.31% - 5.43%
4.29% - 5.43%
Expected dividend yield—%—%—%
Schedule of Stock Option Activity
A summary of stock option award activity under the Company’s equity plans and related information is as follows (in thousands, except share, price and year data):
Outstanding stock options
Weighted-
average
exercise
Price		Weighted-
average
remaining
contractual
life (years)		Aggregate
intrinsic
value
Balance as of December 31, 2024
6,378,753 $7.28 4.95$12,136 
Options granted— — 
Options exercised(1,580,237)3.33 
Options cancelled(300,491)11.13 
Balance as of December 31, 2025
4,498,025 $8.42 4.19$3,818 
Vested and exercisable as of December 31, 2025
4,498,025 $8.42 4.19$3,818 
Schedule of Share-based Payment Arrangement, Expensed and Capitalized, Amount
Stock-based compensation expense included in the consolidated statements of operations and comprehensive loss was as follows (in thousands):

For the Years Ended December 31,
202520242023
Cost of revenue
$1,557 $1,907 $1,986 
Research and development
12,094 11,277 9,218 
Sales and marketing
6,130 9,505 8,801 
General and administrative
6,655 5,939 5,172 
Total stock-based compensation expense(1)
$26,436 $28,628 $25,177 
________________
(1) Stock-based compensation expense includes restructuring charges of $2.5 million incurred during the year ended December 31, 2024, including $0.3 million related to cost of revenue, $0.9 million related to research and development costs, $1.2 million related to sales and marketing costs, and $0.1 million related to general and administrative costs. Stock-based compensation expense includes restructuring charges of $0.1 million incurred during the year ended December 31, 2023, which were related to sales and marketing and general and administrative costs. Nominal stock-based compensation expense related to restructuring was recognized during the year ended December 31, 2025. See Note 16 for additional information.
The following table presents the stock-based compensation costs related to our restructuring activity as reported in the consolidated statement of operations and comprehensive loss for the year ended December 31, 2024 (in thousands):

For the Years Ended December 31,
202520242023
Stock-based Compensation
Cost of revenue$— $291 $— 
Research and development— 885 — 
Sales and marketing11 1,225 80 
General and administrative— 123 45 
Total$11 $2,524 $125 
v3.25.4
Net Loss per Share Attributable to Common Stockholders (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The following table presents the calculation of basic and diluted net loss per share (in thousands, except share and per share data):
For the Years Ended December 31,
202520242023
Numerator:
Net loss and comprehensive loss attributable to common stockholders
$(25,612)$(48,531)$(59,713)
Denominator for basic and diluted net loss per share:
Weighted average Class A and Class B common shares outstanding – basic and diluted
56,209,667 43,543,023 36,011,446 
Net loss per share attributable to Class A and Class B common stockholders – basic and diluted
$(0.46)$(1.11)$(1.66)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
The weighted average potential shares of common stock that were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented are as follows:
December 31,
202520242023
RSUs2,445,618 2,245,142 5,256,833 
Stock options3,709,619 5,193,911 9,307,142 
Shares issuable pursuant to the ESPP1,286,191 191,271 101,430 
Bonus Plan277,014 152,636 106,147 
Total7,718,442 7,782,960 14,771,552 
v3.25.4
Restructuring (Tables)
 12 Months Ended
Dec. 31, 2025
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring and Related Costs
Restructuring costs related to the 2025 Restructuring and Transformation Plan for the year ended December 31, 2025 were as follows (in thousands):
Workforce reduction$970 
Impairment loss on right-of-use asset901 
Other transformation costs667 
Total restructuring costs$2,538 
Restructuring costs related to the 2024 Restructuring Plan for the years ended December 31, 2025 and 2024 and from inception to date were as follows (in thousands):

Year Ended
December 31, 2025		Year Ended
December 31, 2024		Inception to Date
Workforce reduction$(125)$3,897 $3,772 
Impairment loss on right-of-use asset59 898 957 
Professional fees— 66 66 
Total$(66)$4,861 $4,795 
Total restructuring costs related to the Company’s restructuring plans were reported in the consolidated statements of operations and comprehensive loss were as follows (in thousands):

For the Years Ended December 31,
202520242023
Restructuring Costs
Cost of revenue$115 $460 $— 
Research and development285 1,278 2,311 
Sales and marketing687 1,867 1,025 
General and administrative1,385 1,256 280 
Total$2,472 $4,861 $3,616 
Schedule of Restructuring Reserve by Type of Cost
The following table summarizes liabilities incurred under the 2025 Restructuring and Transformation Plan that are included in accounts payable and accrued expenses and other current liabilities on the consolidated balance sheet (in thousands):
Workforce ReductionTransformationTotal
Balance as of January 1, 2025
$— $— $— 
Charges incurred970 667 1,637 
Noncash charges— (109)(109)
Cash payments during the period(460)(393)(853)
Balance as of December 31, 2025
$510 $165 $675 
The following table presents a summary of the liabilities related to the 2024 Restructuring Plan that are included within accrued expenses and other current liabilities on the consolidated balance sheet (in thousands):
Balance as of January 1, 2024$— 
Charges incurred3,928 
Noncash stock-based compensation(2,524)
Cash payments during the period(1,049)
Balance as of December 31, 2024355 
Cash payments during the period(230)
Other adjustments(125)
Balance as of December 31, 2025$— 
The following table presents a summary of the liabilities related to the 2023 Restructuring Plan (in thousands):

Balance as of January 1, 2023$— 
Severance and other personnel costs3,616 
Cash payments during the period(3,616)
Balance as of December 31, 2023
$— 
Schedule of Share-based Payment Arrangement, Expensed and Capitalized, Amount
Stock-based compensation expense included in the consolidated statements of operations and comprehensive loss was as follows (in thousands):

For the Years Ended December 31,
202520242023
Cost of revenue
$1,557 $1,907 $1,986 
Research and development
12,094 11,277 9,218 
Sales and marketing
6,130 9,505 8,801 
General and administrative
6,655 5,939 5,172 
Total stock-based compensation expense(1)
$26,436 $28,628 $25,177 
________________
(1) Stock-based compensation expense includes restructuring charges of $2.5 million incurred during the year ended December 31, 2024, including $0.3 million related to cost of revenue, $0.9 million related to research and development costs, $1.2 million related to sales and marketing costs, and $0.1 million related to general and administrative costs. Stock-based compensation expense includes restructuring charges of $0.1 million incurred during the year ended December 31, 2023, which were related to sales and marketing and general and administrative costs. Nominal stock-based compensation expense related to restructuring was recognized during the year ended December 31, 2025. See Note 16 for additional information.
The following table presents the stock-based compensation costs related to our restructuring activity as reported in the consolidated statement of operations and comprehensive loss for the year ended December 31, 2024 (in thousands):

For the Years Ended December 31,
202520242023
Stock-based Compensation
Cost of revenue$— $291 $— 
Research and development— 885 — 
Sales and marketing11 1,225 80 
General and administrative— 123 45 
Total$11 $2,524 $125 
v3.25.4
Segment Reporting (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment The table below presents each adjusted operating expense for the years ended December 31, 2025, 2024, and 2023 as well as the items excluded from each adjusted measure (in thousands):
For the Years Ended December 31,
202520242023
Revenue$145,835 $127,628 $102,019 
Adjusted cost of revenue30,234 28,448 25,845 
Adjusted research and development33,302 30,166 27,505 
Adjusted sales and marketing30,474 34,103 31,335 
Adjusted general and administrative20,061 21,875 21,304 
Depreciation15,085 21,329 21,286 
Amortization(1)
10,408 6,999 3,626 
Stock-based compensation(2)
26,425 26,104 25,052 
Restructuring costs2,472 4,861 3,616 
Other segment items(3)
2,986 2,274 2,163 
Net loss and comprehensive loss$(25,612)$(48,531)$(59,713)
________________
(1) $0.1 million of amortization expense for the year ended December 31, 2025 is classified as restructuring charges in the table above, as these charges were incurred as part of our 2025 Restructuring and Transformation Plan.
(2) $2.5 million and $0.1 million of stock-based compensation expense for the years ended December 31, 2024 and 2023, as well as a nominal amount for the year ended December 31, 2025, are classified as restructuring charges in the table above.
(3) Other segment items include investment income, interest expense, foreign exchange (gain) loss, legal settlement costs, impairment of long-lived assets, and income tax provision.
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Components of Net Loss before Income Taxes
The following table presents the components of net loss before income taxes (in thousands):
For the Years Ended December 31,
202520242023
United States
$(25,628)$(48,656)$(59,713)
Non-U.S.
100 131 — 
Loss before provision for income taxes
$(25,528)$(48,525)$(59,713)
Schedule of Provision for Income Taxes
The provision for income taxes included in the consolidated statements of operations and comprehensive loss is comprised of the following (in thousands):
For the Years Ended December 31,
202520242023
Current
Federal
$— $— $— 
State
56 6 — 
Non-U.S.
28 — — 
Total current
84 6 — 
Deferred:
Federal
— — — 
State
— — — 
Non-U.S.
— — — 
            Total deferred— — — 
Total provision
$84 $6 $— 
Schedule of Effective Income Tax Rate Reconciliation
The following table presents a reconciliation of the statutory federal rate of 21% and the Company’s effective tax rate:
For the Years Ended December 31,
202520242023
Statutory federal income (benefit) rate
(21)%(21)%(21)%
Increase (decrease) resulting from:
State income tax rate
(3)%(4)%(4)%
Change in valuation allowance
29 %37 %29 %
Stock-based compensation
3 %(4)%2 %
Tax credits
(7)%(7)%(6)%
Other
(1)%— %— %
Effective tax rate
— %— %— %
Schedule of Deferred Tax Assets and Liabilities
The components of the Company’s deferred tax assets and liabilities consisted of (in thousands):
December 31,
20252024
Deferred tax assets:
Net operating loss (“NOL”) carryforwards
$42,537 $31,417 
R&D credit carryforwards
15,710 13,829 
Stock-based compensation
2,635 2,646 
Research and experimental expenditures under IRC Section 17413,523 19,382 
Lease liabilities
6,219 4,189 
Disallowed interest expense3,965 3,438 
Accruals and other
1,461 1,335 
Total gross deferred tax assets86,050 76,236 
Valuation allowance
(69,974)(62,492)
Total net deferred tax assets
16,076 13,744 
Deferred tax liabilities:
Property and equipment, net
(2,012)(1,024)
Right of use assets, net
(5,602)(3,936)
Capitalized internal-use software
(8,462)(8,784)
Total deferred tax liabilities
(16,076)(13,744)
Net deferred tax liabilities
$— $— 
Schedule of Unrecognized Tax Benefits Roll Forward
The following table summarizes the activity related to the Company’s unrecognized tax benefits (in thousands):
For the Years Ended December 31,
202520242023
Balance at beginning of year
$2,467 $1,889 $1,239 
Tax positions related to the current year:
Additions
316 628 649 
Reductions
— — — 
Tax positions related to the prior year:
Additions
20 — 1 
Reductions
— (50)— 
Balance at end of year
$2,803 $2,467 $1,889 
v3.25.4
Organization and Description of Business (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Nov. 20, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Jul. 06, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]          
Payments of offering costs   $ 20 $ 383 $ 0  
Class A common stock          
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]          
Common stock, par value (in USD per share)   $ 0.0001 $ 0.0001   $ 0.0001
Class A common stock | Follow-On Offering          
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]          
Sale of stock, number of shares issued in transaction (in shares) 6,250,000        
Common stock, par value (in USD per share) $ 0.0001        
Sale of stock, price per share (in USD per share) $ 5.60        
Sale of stock, consideration received on transaction $ 37,400        
Payments of offering costs $ 500        
Class A common stock | Over-Allotment Option          
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]          
Sale of stock, number of shares issued in transaction (in shares) 937,500        
Sale of stock, price per share (in USD per share) $ 5.60        
v3.25.4
Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details)
 12 Months Ended
Dec. 31, 2025
USD ($)
segment
$ / shares
Dec. 31, 2024
USD ($)
$ / shares
Dec. 31, 2023
USD ($)
$ / shares
Jun. 30, 2025
Apr. 01, 2025
Mar. 31, 2025
Concentration Risk [Line Items]            
Prepaid expenses $ (4,195,000) $ (3,457,000)        
Other current assets $ 6,630,000 5,545,000        
Number of operating segments | segment 1          
Number of reportable segments | segment 1          
Net loss $ (25,612,000) $ (48,531,000) $ (59,713,000)      
Net loss per share, basic (USD per share) | $ / shares [1] $ (0.46) $ (1.11) $ (1.66)      
Net loss per share, diluted (USD per share) | $ / shares [1] $ (0.46) $ (1.11) $ (1.66)      
Deferred revenue, noncurrent $ 5,400,000 $ 5,100,000        
Advertising expense 2,500,000 3,000,000.0 $ 2,600,000      
Restricted cash, non-current $ 0 $ 0 $ 4,128,000      
Deferred contract cost amortization period (in years) 5 years          
Revision of Prior Period, Reclassification, Adjustment            
Concentration Risk [Line Items]            
Prepaid expenses $ 200,000          
Other current assets $ 200,000          
Machinery and equipment            
Concentration Risk [Line Items]            
Useful life         6 years  
Data center equipment            
Concentration Risk [Line Items]            
Useful life 6 years     6 years 6 years  
Change in Accounting Method Accounted for as Change in Estimate            
Concentration Risk [Line Items]            
Net loss $ 5,200,000          
Depreciation $ 5,200,000          
Change in Accounting Method Accounted for as Change in Estimate | Machinery and equipment            
Concentration Risk [Line Items]            
Net loss per share, basic (USD per share) | $ / shares $ 0.09          
Net loss per share, diluted (USD per share) | $ / shares $ 0.09          
Computer Software, Intangible Asset            
Concentration Risk [Line Items]            
Useful life (in years) 5 years          
Minimum            
Concentration Risk [Line Items]            
Award vesting period (in years) 1 year          
Minimum | Machinery and equipment            
Concentration Risk [Line Items]            
Useful life           3 years
Minimum | Data center equipment            
Concentration Risk [Line Items]            
Useful life           3 years
Maximum            
Concentration Risk [Line Items]            
Award vesting period (in years) 4 years          
Maximum | Machinery and equipment            
Concentration Risk [Line Items]            
Useful life           5 years
Maximum | Data center equipment            
Concentration Risk [Line Items]            
Useful life           5 years
Computer Backup            
Concentration Risk [Line Items]            
Contract term 1 year          
Free-trial period 14 days          
Computer Backup | Minimum            
Concentration Risk [Line Items]            
Contract term 1 month          
Computer Backup | Maximum            
Concentration Risk [Line Items]            
Contract term 2 years          
B2 Cloud Storage            
Concentration Risk [Line Items]            
Refund period 30 days          
B2 Cloud Storage | Minimum            
Concentration Risk [Line Items]            
Contract term 1 year          
B2 Cloud Storage | Maximum            
Concentration Risk [Line Items]            
Contract term 5 years          
[1]
(1) On July 6, 2023, all shares of the Company’s then outstanding Class B common stock were automatically converted into the same number of Class A common stock, pursuant to the terms of the Company’s Amended and Restated Certificate of Incorporation. No additional shares of Class B common stock will be issued following such conversion. See Note 13 for further details.
v3.25.4
Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Foreign Exchange Loss (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accounting Policies [Abstract]      
Foreign exchange loss $ 451 $ 32 $ 123
v3.25.4
Basis of Presentation and Summary of Significant Accounting Policies - Schedules of Concentration of Risk, by Risk Factor (Details)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash disbursement concentration | Supplier Concentration Risk | Two Vendors      
Concentration Risk [Line Items]      
Concentration risk (in percent) 26.00%   21.00%
Cash disbursement concentration | Supplier Concentration Risk | Three Vendors      
Concentration Risk [Line Items]      
Concentration risk (in percent)   36.00%  
Accounts payable concentration | Supplier Concentration Risk | Two Vendors      
Concentration Risk [Line Items]      
Concentration risk (in percent) 23.00%    
Accounts payable concentration | Supplier Concentration Risk | One Vendor      
Concentration Risk [Line Items]      
Concentration risk (in percent)   14.00%  
Accounts receivable concentration | Customer Concentration Risk | Two Customers      
Concentration Risk [Line Items]      
Concentration risk (in percent) 38.00% 35.00%  
v3.25.4
Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Property and Equipment, Net (Details)
Dec. 31, 2025
Jun. 30, 2025
Apr. 01, 2025
Mar. 31, 2025
Data center equipment        
Property, Plant and Equipment [Line Items]        
Useful life 6 years 6 years 6 years  
Data center equipment | Minimum        
Property, Plant and Equipment [Line Items]        
Useful life       3 years
Data center equipment | Maximum        
Property, Plant and Equipment [Line Items]        
Useful life       5 years
Computer equipment | Minimum        
Property, Plant and Equipment [Line Items]        
Useful life 3 years      
Computer equipment | Maximum        
Property, Plant and Equipment [Line Items]        
Useful life 5 years      
v3.25.4
Revenues - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Revenue $ 145,835 $ 127,628 $ 102,019
B2 Cloud Storage      
Disaggregation of Revenue [Line Items]      
Revenue 79,897 63,335 46,427
Computer Backup      
Disaggregation of Revenue [Line Items]      
Revenue 65,938 64,293 55,592
Consumption-based arrangements      
Disaggregation of Revenue [Line Items]      
Revenue 77,187 61,459 45,771
Subscription-based arrangements      
Disaggregation of Revenue [Line Items]      
Revenue 68,236 65,658 55,679
Point in time arrangements      
Disaggregation of Revenue [Line Items]      
Revenue $ 412 $ 511 $ 569
v3.25.4
Revenues - Schedule of Revenue by Geographic Area (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Revenue $ 145,835 $ 127,628 $ 102,019
United States      
Disaggregation of Revenue [Line Items]      
Revenue 104,567 94,323 73,262
United Kingdom      
Disaggregation of Revenue [Line Items]      
Revenue 7,513 6,703 5,463
Canada      
Disaggregation of Revenue [Line Items]      
Revenue 6,609 5,757 5,027
Other      
Disaggregation of Revenue [Line Items]      
Revenue $ 27,146 $ 20,845 $ 18,267
v3.25.4
Revenues - Schedule of Deferred Revenue (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]      
Deferred revenue $ 35,897 $ 35,554  
Total revenue recognized, included in each deferred revenue balance at the beginning of each respective period $ 30,640 $ 26,076 $ 22,983
v3.25.4
Revenues - Schedule of Revenue, Remaining Performance Obligation (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Total $ 66,200 $ 41,300
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Total   $ 34,300
Performance obligation, expected timing of satisfaction (in years)   1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Total $ 35,500 $ 7,000
Performance obligation, expected timing of satisfaction (in years) 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Total $ 30,700  
Performance obligation, expected timing of satisfaction (in years)  
v3.25.4
Revenues - Schedule of Deferred Contract Costs (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Commissions Paid To Marketing Affiliates      
Capitalized Contract Cost [Line Items]      
Deferred contract costs $ 335 $ 542  
Amortization of deferred contract costs 852 1,142 $ 978
Sales Commission      
Capitalized Contract Cost [Line Items]      
Deferred contract costs 2,639 972  
Amortization of deferred contract costs $ 480 $ 126 $ 0
v3.25.4
Marketable Securities - Schedule of Fair Values and Gross Unrealized Gains and Losses on Investments (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Schedule of Held-to-Maturity Securities [Line Items]      
Cash and cash equivalents $ 29,182 $ 45,776 $ 12,502
Investments, amortized cost   9,139  
Investments, gross unrealized gains   0  
Investments, gross unrealized losses   (2)  
Investments 22,217 9,137  
Investments, net carrying value   9,139  
U.S. treasury securities      
Schedule of Held-to-Maturity Securities [Line Items]      
Investments, amortized cost 9,461    
Investments, gross unrealized gains 12    
Investments, gross unrealized losses 0    
Investments 9,473    
Investments, net carrying value 9,461    
Corporate debt securities      
Schedule of Held-to-Maturity Securities [Line Items]      
Investments, amortized cost 12,740    
Investments, gross unrealized gains 4    
Investments, gross unrealized losses 0    
Investments 12,744    
Investments, net carrying value 12,738    
Commercial paper      
Schedule of Held-to-Maturity Securities [Line Items]      
Investments, amortized cost   9,139  
Investments, gross unrealized gains   0  
Investments, gross unrealized losses   (2)  
Investments   9,137  
Investments, net carrying value   $ 9,139  
Cash equivalents      
Schedule of Held-to-Maturity Securities [Line Items]      
Cash and cash equivalents 8,729    
Cash equivalents, gross unrealized gains 0    
Cash equivalents, gross unrealized losses 0    
Cash equivalents, fair value 8,729    
Investments      
Schedule of Held-to-Maturity Securities [Line Items]      
Investments, amortized cost 22,201    
Investments, gross unrealized gains 16    
Investments, gross unrealized losses 0    
Investments 22,217    
Investments, net carrying value 22,199    
Money market funds      
Schedule of Held-to-Maturity Securities [Line Items]      
Cash and cash equivalents 8,729    
Cash equivalents, gross unrealized gains 0    
Cash equivalents, gross unrealized losses 0    
Cash equivalents, fair value $ 8,729    
v3.25.4
Marketable Securities - Schedule of Scheduled Maturities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Amortized Cost    
Within one year $ 22,201  
After one year through five years 0  
After 5 years through 10 years 0  
After 10 years 0  
Total investments 22,201  
Fair Value    
Within one year 22,217  
After one year through five years 0  
After 5 years through 10 years 0  
After 10 years 0  
Total investments $ 22,217 $ 9,137
v3.25.4
Marketable Securities - Narrative (Details)
Dec. 31, 2025
security
Investments, Debt and Equity Securities [Abstract]  
Number of securities in an unrealized loss position 0
v3.25.4
Fair Value Measurements - Schedule of Held-To-Maturity Investments (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments $ 22,217 $ 9,137
Total 30,946 9,137
U.S. treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 9,473  
Corporate debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 12,744  
Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments   9,137
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 9,473 0
Level 1 | U.S. treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 9,473  
Level 1 | Corporate debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 0  
Level 1 | Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments   0
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 12,744 9,137
Level 2 | U.S. treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 0  
Level 2 | Corporate debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 12,744  
Level 2 | Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments   $ 9,137
Other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 8,729  
Other | U.S. treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 0  
Other | Corporate debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 0  
Money market funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 8,729  
Money market funds | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0  
Money market funds | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0  
Money market funds | Other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents $ 8,729  
v3.25.4
Other Current Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Prepaid Expense and Other Assets, Current [Abstract]    
Unbilled accounts receivable, net $ 3,746 $ 2,864
Receivable from payment processor 615 1,347
Other 2,269 1,334
Total other current assets $ 6,630 $ 5,545
v3.25.4
Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Total property and equipment $ 165,083 $ 139,255
Less: accumulated depreciation and amortization (107,773) (96,306)
Total property and equipment, net 57,310 42,949
Data center equipment    
Property, Plant and Equipment [Line Items]    
Total property and equipment 95,958 71,424
Leased and financed data center equipment    
Property, Plant and Equipment [Line Items]    
Leased and financed data center equipment 66,569 65,037
Computer equipment    
Property, Plant and Equipment [Line Items]    
Total property and equipment 2,286 2,239
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Total property and equipment 181 244
Construction-in-process    
Property, Plant and Equipment [Line Items]    
Total property and equipment 89 311
Equipment    
Property, Plant and Equipment [Line Items]    
Carrying value of equipment under capital lease agreements and collateralized financing obligations $ 45,700 $ 35,700
v3.25.4
Property and Equipment, Net - Schedule of Long-Lived Assets by Geographic Areas (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total property and equipment, net and operating lease right-of-use assets $ 80,023 $ 58,822
United States    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total property and equipment, net and operating lease right-of-use assets 67,193 47,930
Canada    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total property and equipment, net and operating lease right-of-use assets 2,871 3,309
The Netherlands    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total property and equipment, net and operating lease right-of-use assets $ 9,959 $ 7,583
v3.25.4
Capitalized Internal-Use Software, Net - Schedule of Capitalized Internal Use Software (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Total capitalized internal-use software $ 68,981 $ 59,579
Less: accumulated amortization (28,156) (17,778)
Total capitalized internal-use software, net 40,825 41,801
Developed software    
Finite-Lived Intangible Assets [Line Items]    
Total capitalized internal-use software 68,837 59,435
General and administrative software    
Finite-Lived Intangible Assets [Line Items]    
Total capitalized internal-use software $ 144 $ 144
v3.25.4
Capitalized Internal-Use Software, Net - Schedule of Amortization Expense in Capitalized Internal Use Software (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]      
Total amortization expense of capitalized internal-use software $ 10,408 $ 6,999 $ 3,626
Restructuring costs 2,472 4,861 3,616
Cost of revenue      
Finite-Lived Intangible Assets [Line Items]      
Total amortization expense of capitalized internal-use software 10,398 6,989 3,598
Restructuring costs 115 460 0
General and administrative      
Finite-Lived Intangible Assets [Line Items]      
Total amortization expense of capitalized internal-use software 10 10 28
Restructuring costs $ 1,385 $ 1,256 $ 280
v3.25.4
Capitalized Internal-Use Software, Net - Schedule of Future Amortization Expense (Details) - Computer Software, Intangible Asset
$ in Thousands
Dec. 31, 2025
USD ($)
Finite-Lived Intangible Assets [Line Items]  
2026 $ 11,936
2027 10,935
2028 9,290
2029 6,358
2030 2,153
Thereafter 153
Total $ 40,825
v3.25.4
Accrued Expenses and Other Current Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Payables and Accruals [Abstract]    
Accrued compensation $ 5,436 $ 3,620
ESPP withholding 371 485
Accrued expenses 1,815 1,457
Accrued value-added tax 1,225 1,139
Other 559 883
Accrued expenses and other current liabilities $ 9,406 $ 7,584
v3.25.4
Leases - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
arrangement
Dec. 31, 2024
arrangement
Dec. 31, 2023
USD ($)
arrangement
Jun. 30, 2026
Lessee, Lease, Description [Line Items]        
Number of sale-leaseback arrangements | arrangement 0 0 2  
Proceeds from sale leaseback transaction     $ 4.5  
incremental borrowing rate (“IBR”) (in percent) 6.80%      
Forecast        
Lessee, Lease, Description [Line Items]        
Operating lease term (in years)       7 years
Data Center Spaces        
Lessee, Lease, Description [Line Items]        
Increase (decrease) of total undiscounted minimum lease payments $ 17.5      
Minimum        
Lessee, Lease, Description [Line Items]        
Finance lease, term (in years) 3 years      
Maximum        
Lessee, Lease, Description [Line Items]        
Finance lease, term (in years) 5 years      
v3.25.4
Leases - Schedule Of Assets Acquired Through Finance Lease And Lease Financing Obligation Agreement (Details)
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Operating lease, weighted average remaining lease term (in years) 5 years 4 months 24 days 4 years 4 months 24 days
Operating lease, weighted average discount rate (in percent) 6.90% 7.20%
Finance lease, weighted average remaining lease term (in years) 2 years 6 months 1 year 10 months 24 days
Finance lease, weighted average discount rate (in percent) 12.60% 11.90%
v3.25.4
Leases - Schedule of Operating Lease Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Lessee, Lease, Description [Line Items]      
Finance lease costs, depreciation expense $ 9,131 $ 12,674 $ 14,059
Finance lease costs, interest expense 3,407 2,444 2,827
Lease financing obligation costs, depreciation expense 1,307 2,664 1,366
Lease financing obligation costs, interest expense 229 675 409
Variable lease costs 4,358 4,086 1,798
Short term lease costs 0 0 716
Total operating lease costs 14,618 12,493 10,641
Cost of revenue      
Lessee, Lease, Description [Line Items]      
Total operating lease costs 13,879 11,384 9,063
General and administrative      
Lessee, Lease, Description [Line Items]      
Total operating lease costs 739 1,109 1,578
Lease Components      
Lessee, Lease, Description [Line Items]      
Rental expense 5,920 3,397 3,128
Non-Lease Components      
Lessee, Lease, Description [Line Items]      
Rental expense $ 4,340 $ 5,010 $ 4,999
v3.25.4
Leases - Schedule of Supplemental Cash Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Cash paid for interest on finance lease and lease financing obligations $ 3,734 $ 3,119 $ 3,236
Cash paid for operating lease liabilities 5,636 4,012 2,801
Equipment acquired through finance leases 24,864 17,105 13,094
Right-of-use assets obtained in exchange for operating lease obligations $ 12,674 $ 9,206 $ 5,448
v3.25.4
Leases - Schedule of Future Minimum Commitments for Finance Leases and Lease Financing Obligations (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Finance leases  
2026 $ 17,986
2027 13,672
2028 5,856
2029 4,997
2030 84
Total future minimum commitments 42,595
Less imputed interest (6,893)
Total $ 35,702
Finance lease, liability, statement of financial position [extensible enumeration] Finance lease liabilities and lease financing obligations, current, Finance lease liabilities and lease financing obligations, non-current
Lease financing obligations  
2026 $ 487
2028 0
2029 0
2030 0
Total future minimum commitments 487
Less imputed interest (24)
Total 463
Total  
2026 18,473
2027 13,672
2028 5,856
2029 4,997
2030 84
Total future minimum commitments 43,082
Less imputed interest (6,917)
Total $ 36,165
v3.25.4
Leases - Schedule of Future Minimum Obligations For Operating Leases And Non-Lease Components (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Operating leases  
2026 $ 6,780
2027 5,604
2028 5,265
2029 4,162
2030 3,163
Thereafter 5,525
Total future minimum commitments 30,499
Less imputed interest (5,080)
Total 25,419
Non-lease components  
2026 3,886
2027 3,075
2028 3,081
2029 2,559
2030 1,352
Thereafter 109
Total future minimum commitments 14,062
Total  
2026 10,666
2027 8,679
2028 8,346
2029 6,721
2030 4,515
Thereafter 5,634
Total future minimum commitments $ 44,561
v3.25.4
Commitments and Contingencies - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Other Commitments [Line Items]      
Purchase obligation, to be paid, year one $ 2.5    
Purchase obligation, to be paid, year two 2.2    
Purchase obligation, to be paid, year three 0.8    
Plan contributions $ 1.9 $ 2.0 $ 1.9
Meaningful Works | Related Party      
Other Commitments [Line Items]      
Payments to related party   $ 0.2  
v3.25.4
Debt (Details)
shares in Millions
 1 Months Ended 12 Months Ended
Jun. 04, 2025
USD ($)
Nov. 30, 2023
USD ($)
installment
Aug. 31, 2025
USD ($)
shares
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 10, 2024
USD ($)
Debt Instrument [Line Items]              
Share repurchase program, authorized, number of shares | shares     10.0        
Interest expense       $ 3,866,000 $ 3,658,000 $ 3,792,000  
AFCO Premium Credit LLC Insurance Premium Financing Agreement | Notes Payable, Other Payables              
Debt Instrument [Line Items]              
Term of facility (in years)   12 months          
Debt instrument, face amount   $ 1,200,000          
Down payment   300,000          
Long-term debt   $ 900,000          
Periodic payment, number of quarterly installments | installment   3          
Revolving Credit Facility | Citizens Bank, N.A. Credit Agreement | Line of Credit              
Debt Instrument [Line Items]              
Maximum borrowing capacity $ 20,000,000.0            
Maturity extension option (in years) 1 year            
Deferred offering costs capitalized $ 600,000            
Term of facility (in years) 2 years            
Commitment fee percentage (in percent) 0.35%            
Debt facility, non-current       0      
Available borrowing capacity       20,000,000.0      
Share repurchase program, authorized, number of shares | shares     10.0        
Covenant liquidity required, minimum     $ 10,000,000.0        
Debt instrument, covenant, leverage ratio, minimum     2.75        
Debt instrument, covenant, leverage ratio, maximum     1.00        
Revolving Credit Facility | Citizens Bank, N.A. Credit Agreement | Line of Credit | SOFR              
Debt Instrument [Line Items]              
Basis spread on variable rate (in percent) 3.25%            
Revolving Credit Facility | Citizens Bank, N.A. Credit Agreement | Line of Credit | Base Rate              
Debt Instrument [Line Items]              
Basis spread on variable rate (in percent) 2.25%            
Revolving Credit Facility | Citizens Bank, N.A. Credit Agreement | Letter of Credit              
Debt Instrument [Line Items]              
Maximum borrowing capacity $ 3,000,000.0            
Commitment fee percentage (in percent) 0.125%            
Debt facility, non-current       $ 0      
Revolving Credit Facility | City National Bank Revolving Credit Agreement | Line of Credit              
Debt Instrument [Line Items]              
Maximum borrowing capacity   $ 30,000,000.0       20,000,000.0  
Debt facility, non-current             $ 0
Interest expense         $ 700,000 $ 600,000  
v3.25.4
Stockholders’ Equity - Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
class
shares
Dec. 31, 2022
shares
Dec. 31, 2021
shares
Aug. 31, 2025
shares
Dec. 31, 2024
shares
Aug. 02, 2024
shares
Jul. 06, 2023
shares
Class of Stock [Line Items]              
Number of classes of common stock | class 2            
Common stock, shares issued (in shares)             0
Common stock reserved for future issuance (in shares) 17,194,298            
Share repurchase program, authorized, number of shares       10,000,000.0      
Treasury stock (in shares) 256,549       0    
Purchase of treasury stock | $ $ 1,983            
Remaining authorized, amount | $ $ 8,000            
2021 Equity Incentive Plan              
Class of Stock [Line Items]              
Minimum annual additional number of shares authorized (in shares)   4,784,100          
Minimum annual additional number of shares authorized, common stock outstanding (in percent)   5.00%          
Common stock reserved for future issuance (in shares) 6,625,371            
2021 Employee Stock Purchase Plan              
Class of Stock [Line Items]              
Minimum annual additional number of shares authorized (in shares)     1,913,630        
Minimum annual additional number of shares authorized, common stock outstanding (in percent)     2.00%        
Common stock reserved for future issuance (in shares) 1,413,677            
2024 Equity Incentive Plan              
Class of Stock [Line Items]              
Common stock reserved for future issuance (in shares) 48,148         414,740  
Class B common stock              
Class of Stock [Line Items]              
Common stock, shares issued (in shares) 0       0   0
v3.25.4
Stockholders’ Equity - Schedule of Common Stock Reserved for Future Issuance (Details) - shares
Dec. 31, 2025
Aug. 02, 2024
Class of Stock [Line Items]    
Common stock reserved for future issuance (in shares) 17,194,298  
2011 Equity Incentive Plan | Stock options    
Class of Stock [Line Items]    
Common stock reserved for future issuance (in shares) 3,501,410  
2021 Equity Incentive Plan    
Class of Stock [Line Items]    
Common stock reserved for future issuance (in shares) 6,625,371  
2021 Equity Incentive Plan | Stock options    
Class of Stock [Line Items]    
Common stock reserved for future issuance (in shares) 996,615  
2021 Equity Incentive Plan | RSUs    
Class of Stock [Line Items]    
Common stock reserved for future issuance (in shares) 4,325,318  
2021 Employee Stock Purchase Plan    
Class of Stock [Line Items]    
Common stock reserved for future issuance (in shares) 1,413,677  
2024 Equity Incentive Plan    
Class of Stock [Line Items]    
Common stock reserved for future issuance (in shares) 48,148 414,740
2024 Equity Incentive Plan | RSUs    
Class of Stock [Line Items]    
Common stock reserved for future issuance (in shares) 283,759  
v3.25.4
Stock-Based Compensation - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 12 Months Ended
Feb. 28, 2026
Nov. 20, 2025
May 20, 2025
Nov. 20, 2024
Feb. 28, 2026
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Feb. 28, 2025
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]                  
Vested (in dollars per share)           $ 21,300 $ 23,300 $ 15,800  
Stock-based compensation expense           26,436 28,628 25,177  
Stock-based compensation expense capitalized           2,600 4,000 5,000  
Intrinsic value of options exercised           5,400 13,900 8,800  
Incremental modification expense             1,100    
Sales and marketing                  
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]                  
Stock-based compensation expense           6,130 9,505 8,801  
Incremental modification expense             800    
General and administrative                  
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]                  
Stock-based compensation expense           $ 6,655 5,939 $ 5,172  
Incremental modification expense             $ 300    
RSUs                  
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]                  
Granted (in USD per share)           $ 6.65 $ 6.97 $ 5.06  
Unrecognized compensation costs           $ 26,900      
Unrecognized compensation costs, period for recognition (in years)           2 years 7 days      
Granted (in shares)           4,303,690      
Awards vested (in shares)           3,388,866      
RSUs | Bonus Plan                  
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]                  
Number of shares authorized (in shares)                 301,571
Stock-based compensation expense           $ 3,800 $ 2,200 $ 3,000  
Stock-based compensation expense capitalized           $ 300 300 500  
RSUs | Subsequent Event                  
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]                  
Award vesting period (in years)         3 years        
Granted (in shares)         2,036,670        
Expected stock-based compensation expense         $ 8,900        
Awards vested (in shares) 4,100,000                
RSUs | Subsequent Event | Bonus Plan                  
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]                  
Number of shares authorized (in shares) 689,790       689,790        
RSUs | Share-Based Payment Arrangement, Nonemployee                  
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]                  
Award vesting period (in years)           1 year      
Stock options                  
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]                  
Award vesting period (in years)           4 years      
Award expiration period (in years)           10 years      
Employee Stock | 2021 Employee Stock Purchase Plan                  
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]                  
Unrecognized compensation costs, period for recognition (in years)           9 months 14 days      
Stock-based compensation expense           $ 2,200 1,600 4,200  
Stock-based compensation expense capitalized           $ 300 $ 500 $ 800  
Duration of offering period           24 months      
Duration of offering period exercise date           6 months      
Purchase price of common stock, percent of market price (in percent)           85.00%      
Incremental modification expense   $ 800 $ 1,000 $ 200          
Cost not yet recognized for stock options, amount           $ 2,800      
Maximum                  
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]                  
Award vesting period (in years)           4 years      
Maximum | RSUs | Share-Based Payment Arrangement, Employee                  
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]                  
Award vesting period (in years)           4 years      
v3.25.4
Stock-Based Compensation - Schedule of Disclosure of Share-based Compensation Arrangements by Share-based Payment Award (Details) - RSUs - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Shares      
Unvested, beginning of period (in shares) 4,764,133    
Granted (in shares) 4,303,690    
Vested (in shares) (3,388,866)    
Forfeited (in shares) (1,069,880)    
Unvested and expected to vest, end of period (in shares) 4,609,077 4,764,133  
Weighted-average grant date fair value per share      
Unvested, beginning of period (in dollars per share) $ 6.18    
Granted (in USD per share) 6.65 $ 6.97 $ 5.06
Vested (in USD per share) 6.30    
Forfeited (in USD per share) 6.56    
Unvested, end of period (in dollars per share) $ 6.44 $ 6.18  
v3.25.4
Stock-Based Compensation - Schedule of Stock Option Activity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Outstanding stock options    
Beginning balance (in shares) 6,378,753  
Options granted (in shares) 0  
Options exercised (in shares) (1,580,237)  
Options cancelled (in shares) (300,491)  
Ending balance (in shares) 4,498,025 6,378,753
Vested and exercisable (in shares) 4,498,025  
Weighted-
average
exercise
Price    
Beginning balance (in USD per share) $ 7.28  
Options granted (in USD per share) 0  
Options exercised (in USD per share) 3.33  
Options cancelled (in USD per share) 11.13  
Ending balance (in USD per share) 8.42 $ 7.28
Vested and exercisable (in USD per share) $ 8.42  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]    
Options outstanding, Weighted-average remaining contractual life (in years) 4 years 2 months 8 days 4 years 11 months 12 days
Vested and exercisable, Weighted-average remaining contractual life (in years) 4 years 2 months 8 days  
Options outstanding, Aggregate intrinsic value $ 3,818 $ 12,136
Vested and exercisable, Aggregate intrinsic value $ 3,818  
v3.25.4
Stock-Based Compensation - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) - Stock options
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected dividend yield (in percent) 0.00% 0.00% 0.00%
Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected term (in years) 6 months 6 months 6 months
Expected volatility (in percent) 61.00% 48.00% 46.00%
Risk free interest rate (in percent) 3.55% 4.31% 4.29%
Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected term (in years) 2 years 2 years 2 years
Expected volatility (in percent) 85.00% 74.00% 64.00%
Risk free interest rate (in percent) 4.32% 5.43% 5.43%
v3.25.4
Stock-Based Compensation - Schedule of Share-based Payment Arrangement, Expensed and Capitalized, Amount (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense $ 26,436 $ 28,628 $ 25,177
2024 Restructuring Plan      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense 11 2,524 125
Cost of revenue      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense 1,557 1,907 1,986
Cost of revenue | 2024 Restructuring Plan      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense 0 291 0
Research and development      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense 12,094 11,277 9,218
Research and development | 2024 Restructuring Plan      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense 0 885 0
Sales and marketing      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense 6,130 9,505 8,801
Sales and marketing | 2024 Restructuring Plan      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense 11 1,225 80
General and administrative      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense 6,655 5,939 5,172
General and administrative | 2024 Restructuring Plan      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense $ 0 $ 123 $ 45
v3.25.4
Net Loss per Share Attributable to Common Stockholders - Narrative (Details) - $ / shares
Dec. 31, 2025
Dec. 31, 2024
Jul. 06, 2023
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]      
Common stock, shares issued (in shares)     0
Class B common stock      
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]      
Common stock, par value (in USD per share) $ 0.0001 $ 0.0001 $ 0.0001
Common stock, shares issued (in shares) 0 0 0
Class A common stock      
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]      
Common stock, par value (in USD per share) $ 0.0001 $ 0.0001 $ 0.0001
Common stock, shares issued (in shares) 58,962,339 53,375,770  
v3.25.4
Net Loss per Share Attributable to Common Stockholders - Schedule of Basic and Diluted Net Loss Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Numerator:      
Net loss and comprehensive loss attributable to common stockholders $ (25,612) $ (48,531) $ (59,713)
Denominator for basic and diluted net loss per share:      
Weighted average Class A and Class B common shares outstanding – basic (in shares) 56,209,667 43,543,023 36,011,446
Weighted average Class A and Class B common shares outstanding – diluted (in shares) 56,209,667 43,543,023 36,011,446
Net loss per share attributable to Class A and Class B common stockholders - basic (in USD per share) [1] $ (0.46) $ (1.11) $ (1.66)
Net loss per share attributable to Class A and Class B common stockholders – diluted (in USD per share) [1] $ (0.46) $ (1.11) $ (1.66)
[1]
(1) On July 6, 2023, all shares of the Company’s then outstanding Class B common stock were automatically converted into the same number of Class A common stock, pursuant to the terms of the Company’s Amended and Restated Certificate of Incorporation. No additional shares of Class B common stock will be issued following such conversion. See Note 13 for further details.
v3.25.4
Net Loss per Share Attributable to Common Stockholders - Schedule of Antidilutive Securities (Details) - shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Earnings Per Common Share [Line Items]      
Antidilutive securities (in shares) 7,718,442 7,782,960 14,771,552
RSUs      
Earnings Per Common Share [Line Items]      
Antidilutive securities (in shares) 2,445,618 2,245,142 5,256,833
Stock options      
Earnings Per Common Share [Line Items]      
Antidilutive securities (in shares) 3,709,619 5,193,911 9,307,142
Shares issuable pursuant to the ESPP      
Earnings Per Common Share [Line Items]      
Antidilutive securities (in shares) 1,286,191 191,271 101,430
Bonus Plan      
Earnings Per Common Share [Line Items]      
Antidilutive securities (in shares) 277,014 152,636 106,147
v3.25.4
Restructuring - Narrative (Details) - USD ($)
$ in Thousands
 2 Months Ended 12 Months Ended 14 Months Ended
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2025
Nov. 30, 2025
Restructuring Cost and Reserve [Line Items]            
Stock-based compensation expense   $ 26,436 $ 28,628 $ 25,177    
2025 Restructuring and Transformation Plan            
Restructuring Cost and Reserve [Line Items]            
Total restructuring costs   2,538        
2025 Restructuring and Transformation Plan | Maximum            
Restructuring Cost and Reserve [Line Items]            
Estimated restructuring costs           $ 7,500
2025 Restructuring and Transformation Plan | Maximum | Workforce Reduction            
Restructuring Cost and Reserve [Line Items]            
Estimated restructuring costs           1,200
2025 Restructuring and Transformation Plan | Minimum            
Restructuring Cost and Reserve [Line Items]            
Estimated restructuring costs           4,700
2025 Restructuring and Transformation Plan | Minimum | Workforce Reduction            
Restructuring Cost and Reserve [Line Items]            
Estimated restructuring costs           $ 800
2024 Restructuring Plan            
Restructuring Cost and Reserve [Line Items]            
Total restructuring costs   (66) 4,861   $ 4,795  
Workforce terminated (in percent) 12.00%          
Stock-based compensation expense   11 $ 2,524 $ 125    
2024 Restructuring Plan | RSUs            
Restructuring Cost and Reserve [Line Items]            
Stock-based compensation expense   2,100        
2024 Restructuring Plan | Stock options            
Restructuring Cost and Reserve [Line Items]            
Stock-based compensation expense   $ 400        
2023 Restructuring Plan | Voluntary Terminations            
Restructuring Cost and Reserve [Line Items]            
Workforce terminated (in percent)       1.00%    
2023 Restructuring Plan | Involuntary Terminations            
Restructuring Cost and Reserve [Line Items]            
Workforce terminated (in percent)       4.00%    
2023 Restructuring Plan | Maximum            
Restructuring Cost and Reserve [Line Items]            
Total restructuring costs       $ 3,600    
v3.25.4
Restructuring - Schedule of Restructuring Costs (Details) - USD ($)
$ in Thousands
 12 Months Ended 14 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
2025 Restructuring and Transformation Plan      
Restructuring Cost and Reserve [Line Items]      
Workforce reduction $ 970    
Impairment loss on right-of-use asset 901    
Other transformation costs 667    
Total restructuring costs 2,538    
2024 Restructuring Plan      
Restructuring Cost and Reserve [Line Items]      
Workforce reduction (125) $ 3,897 $ 3,772
Impairment loss on right-of-use asset 59 898 957
Professional fees 0 66 66
Total restructuring costs $ (66) $ 4,861 $ 4,795
v3.25.4
Restructuring - Schedule of Restructuring Reserve Activity (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Restructuring Reserve [Roll Forward]      
Severance and other personnel costs $ 2,472 $ 4,861 $ 3,616
2025 Restructuring and Transformation Plan      
Restructuring Reserve [Roll Forward]      
Beginning of period 0    
Charges incurred 1,637    
Noncash charges (109)    
Cash payments during the period (853)    
End of period 675 0  
2025 Restructuring and Transformation Plan | Workforce Reduction      
Restructuring Reserve [Roll Forward]      
Beginning of period 0    
Charges incurred 970    
Noncash charges 0    
Cash payments during the period (460)    
End of period 510 0  
2025 Restructuring and Transformation Plan | Transformation      
Restructuring Reserve [Roll Forward]      
Beginning of period 0    
Charges incurred 667    
Noncash charges (109)    
Cash payments during the period (393)    
End of period 165 0  
2024 Restructuring Plan      
Restructuring Reserve [Roll Forward]      
Beginning of period 355 0  
Charges incurred   3,928  
Noncash stock-based compensation   (2,524)  
Cash payments during the period (230) (1,049)  
Other adjustments (125)    
End of period $ 0 355 0
2023 Restructuring Plan      
Restructuring Reserve [Roll Forward]      
Beginning of period   $ 0 0
Severance and other personnel costs     3,616
Cash payments during the period     (3,616)
End of period     $ 0
v3.25.4
Restructuring - Schedule of Cumulative Restructuring Costs (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]      
Total $ 2,472 $ 4,861 $ 3,616
Cost of revenue      
Restructuring Cost and Reserve [Line Items]      
Total $ 115 $ 460 $ 0
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration] Cost of revenue Cost of revenue Cost of revenue
Research and development      
Restructuring Cost and Reserve [Line Items]      
Total $ 285 $ 1,278 $ 2,311
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration] Research and development Research and development Research and development
Sales and marketing      
Restructuring Cost and Reserve [Line Items]      
Total $ 687 $ 1,867 $ 1,025
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration] Sales and marketing Sales and marketing Sales and marketing
General and administrative      
Restructuring Cost and Reserve [Line Items]      
Total $ 1,385 $ 1,256 $ 280
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration] General and administrative General and administrative General and administrative
v3.25.4
Restructuring - Schedule of Stock-Based Compensation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]      
Stock-based compensation expense $ 26,436 $ 28,628 $ 25,177
2024 Restructuring Plan      
Restructuring Cost and Reserve [Line Items]      
Stock-based compensation expense 11 2,524 125
Cost of revenue      
Restructuring Cost and Reserve [Line Items]      
Stock-based compensation expense 1,557 1,907 1,986
Cost of revenue | 2024 Restructuring Plan      
Restructuring Cost and Reserve [Line Items]      
Stock-based compensation expense 0 291 0
Research and development      
Restructuring Cost and Reserve [Line Items]      
Stock-based compensation expense 12,094 11,277 9,218
Research and development | 2024 Restructuring Plan      
Restructuring Cost and Reserve [Line Items]      
Stock-based compensation expense 0 885 0
Sales and marketing      
Restructuring Cost and Reserve [Line Items]      
Stock-based compensation expense 6,130 9,505 8,801
Sales and marketing | 2024 Restructuring Plan      
Restructuring Cost and Reserve [Line Items]      
Stock-based compensation expense 11 1,225 80
General and administrative      
Restructuring Cost and Reserve [Line Items]      
Stock-based compensation expense 6,655 5,939 5,172
General and administrative | 2024 Restructuring Plan      
Restructuring Cost and Reserve [Line Items]      
Stock-based compensation expense $ 0 $ 123 $ 45
v3.25.4
Segment Reporting - Schedule of Segment Reporting Information, by Segment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Revenue $ 145,835 $ 127,628 $ 102,019
Stock-based compensation expense 26,436 28,628 25,177
Restructuring costs 2,472 4,861 3,616
Net loss and comprehensive loss (25,612) (48,531) (59,713)
2024 Restructuring Plan      
Segment Reporting Information [Line Items]      
Stock-based compensation expense 11 2,524 125
Reportable Segment      
Segment Reporting Information [Line Items]      
Revenue 145,835 127,628 102,019
Adjusted cost of revenue 30,234 28,448 25,845
Adjusted research and development 33,302 30,166 27,505
Adjusted sales and marketing 30,474 34,103 31,335
Adjusted general and administrative 20,061 21,875 21,304
Depreciation 15,085 21,329 21,286
Amortization 10,408 6,999 3,626
Stock-based compensation expense 26,425 26,104 25,052
Restructuring costs 2,472 4,861 3,616
Other segment items 2,986 2,274 2,163
Net loss and comprehensive loss (25,612) (48,531) (59,713)
Reportable Segment | 2024 Restructuring Plan      
Segment Reporting Information [Line Items]      
Amortization $ 100    
Stock-based compensation expense   $ 2,500 $ 100
v3.25.4
Income Taxes - Schedule of Components of Net Loss before Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
United States $ (25,628) $ (48,656) $ (59,713)
Non-U.S. 100 131 0
Loss before provision for income taxes $ (25,528) $ (48,525) $ (59,713)
v3.25.4
Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current      
Federal $ 0 $ 0 $ 0
State 56 6 0
Non-U.S. 28 0 0
Total current 84 6 0
Deferred:      
Federal 0 0 0
State 0 0 0
Non-U.S. 0 0 0
Total deferred 0 0 0
Total provision $ 84 $ 6 $ 0
v3.25.4
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Statutory federal income (benefit) rate (21.00%) (21.00%) (21.00%)
Increase (decrease) resulting from:      
State income tax rate (3.00%) (4.00%) (4.00%)
Change in valuation allowance 29.00% 37.00% 29.00%
Stock-based compensation 3.00% (4.00%) 2.00%
Tax credits (7.00%) (7.00%) (6.00%)
Other (1.00%) 0.00% 0.00%
Effective tax rate 0.00% 0.00% 0.00%
v3.25.4
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Deferred tax assets:    
Net operating loss (“NOL”) carryforwards $ 42,537 $ 31,417
R&D credit carryforwards 15,710 13,829
Stock-based compensation 2,635 2,646
Research and experimental expenditures under IRC Section 174 13,523 19,382
Lease liabilities 6,219 4,189
Disallowed interest expense 3,965 3,438
Accruals and other 1,461 1,335
Total gross deferred tax assets 86,050 76,236
Valuation allowance (69,974) (62,492)
Total net deferred tax assets 16,076 13,744
Deferred tax liabilities:    
Property and equipment, net (2,012) (1,024)
Right of use assets, net (5,602) (3,936)
Capitalized internal-use software (8,462) (8,784)
Total deferred tax liabilities (16,076) (13,744)
Net deferred tax liabilities $ 0 $ 0
v3.25.4
Income Taxes - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Contingency [Line Items]        
Valuation allowance increase (decrease) $ 7,500 $ 17,900 $ 17,600  
Unrecognized tax benefits 2,803 $ 2,467 $ 1,889 $ 1,239
Enterprise Zone Tax Credit Carryforward | California Franchise Tax Board        
Income Tax Contingency [Line Items]        
Tax credit carryforward 100      
United States        
Income Tax Contingency [Line Items]        
Operating loss carryforwards 172,500      
Operating loss carryforwards subject to expiration 16,000      
Operating loss carryforwards, not subject to expiration 156,500      
United States | Research Tax Credit Carryforward        
Income Tax Contingency [Line Items]        
Tax credit carryforward 13,100      
State and Local Jurisdiction        
Income Tax Contingency [Line Items]        
Operating loss carryforwards 109,700      
Operating loss carryforwards subject to expiration 90,600      
Operating loss carryforwards, not subject to expiration 19,100      
State and Local Jurisdiction | Research Tax Credit Carryforward | California Franchise Tax Board        
Income Tax Contingency [Line Items]        
Tax credit carryforward $ 6,600      
v3.25.4
Income Taxes - Schedule of Activity Related to Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]      
Balance at beginning of year $ 2,467 $ 1,889 $ 1,239
Tax positions related to current year, Additions 316 628 649
Tax positions related to current year, Reductions 0 0 0
Tax positions related to the prior year, Additions 20 0 1
Tax positions related to the prior year, Reductions 0 (50) 0
Balance at end of year $ 2,803 $ 2,467 $ 1,889