BACKBLAZE, INC., 10-Q filed on 8/7/2025
Quarterly Report
v3.25.2
Cover - shares
shares in Millions
 6 Months Ended
Jun. 30, 2025
Jul. 31, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
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 201 Baldwin Ave.  
Entity Address, City or Town San Mateo  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 94401  
City Area Code 650  
Local Phone Number 352-3738  
Title of 12(b) Security Class A Common Stock, $0.0001 par value per share  
Trading Symbol BLZE  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company true  
Entity Ex Transition Period false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   56.5
Entity Central Index Key 0001462056  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Amendment Flag false  
v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 32,187 $ 45,776
Marketable securities 18,354 9,139
Accounts receivable, net 3,240 1,831
Prepaid expenses 3,258 3,458
Other current assets 7,414 5,544
Total current assets 64,453 65,748
Property and equipment, net 49,938 42,949
Operating lease right-of-use assets, net 25,873 15,873
Capitalized internal-use software, net 42,183 41,801
Other assets 3,598 2,187
Total assets 186,045 168,558
Current liabilities:    
Accounts payable, accrued expenses and other current liabilities 9,164 9,043
Finance lease liabilities and lease financing obligations, current 15,250 16,327
Operating lease liabilities, current 4,970 4,026
Deferred revenue, current 30,530 30,407
Total current liabilities 59,914 59,803
Finance lease liabilities and lease financing obligations, non-current 19,180 13,142
Operating lease liabilities, non-current 22,197 12,844
Deferred revenue, non-current and other liabilities, non-current 5,112 5,147
Total liabilities 106,403 90,936
Commitments and contingencies (Note 9)
Stockholders’ Equity    
Preferred Stock, $0.001 par value; 10,000,000 shares authorized as of June 30, 2025 and December 31, 2024; zero shares issued and outstanding as of June 30, 2025 and December 31, 2024 0 0
Additional paid-in capital 292,042 273,602
Accumulated deficit (212,406) (195,985)
Total stockholders’ equity 79,642 77,622
Total liabilities and stockholders’ equity 186,045 168,558
Common Class A    
Stockholders’ Equity    
Common stock, value, issued 6 5
Common Class B    
Stockholders’ Equity    
Common stock, value, issued $ 0 $ 0
v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Jun. 30, 2025
Dec. 31, 2024
Preferred stock, par value (in USD per share) $ 0.001 $ 0.001
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
Common Class A    
Common stock, par value (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) 56,462,752 53,375,770
Common stock, shares outstanding (in shares) 56,462,752 53,375,770
Common Class B    
Common stock, par value (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
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Statement [Abstract]        
Revenue $ 36,298 $ 31,285 $ 70,911 $ 61,253
Cost of revenue 13,257 14,056 28,614 28,213
Gross profit 23,041 17,229 42,297 33,040
Operating expenses:        
Research and development 11,878 9,589 23,733 19,335
Sales and marketing 10,172 10,991 19,435 21,013
General and administrative 7,708 6,458 14,766 13,011
Total operating expenses 29,758 27,038 57,934 53,359
Loss from operations (6,717) (9,809) (15,637) (20,319)
Investment income 500 362 1,033 746
Interest expense (880) (901) (1,733) (1,822)
Loss before provision for income taxes (7,097) (10,348) (16,337) (21,395)
Income tax provision 0 0 84 6
Net loss and comprehensive loss $ (7,097) $ (10,348) $ (16,421) $ (21,401)
Net loss per share, basic (USD per share) $ (0.13) $ (0.25) $ (0.30) $ (0.52)
Net loss per share, diluted (USD per share) $ (0.13) $ (0.25) $ (0.30) $ (0.52)
Weighted average common shares outstanding, basic (in shares) 55,627,214 42,151,850 54,835,639 41,188,544
Weighted average common shares outstanding, diluted (in shares) 55,627,214 42,151,850 54,835,639 41,188,544
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($)
$ in Thousands
Total
Bonus Plan
Common Stock
Common Stock
Bonus Plan
Additional Paid-in Capital
Additional Paid-in Capital
Bonus Plan
Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2023     39,150,610        
Beginning balance at Dec. 31, 2023 $ 44,938   $ 4   $ 192,388   $ (147,454)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net loss (21,401)           (21,401)
Issuance of common stock upon exercise of stock options (in shares)     1,694,829        
Issuance of common stock upon exercise of stock options 4,999       4,999    
Issuance of common stock under the 2021 Equity Incentive Plan (in shares)     1,357,877        
Issuance of common stock related to the 2021 Employee Stock Purchase Plan (in shares)     386,517        
Issuance of common stock related to the 2021 Employee Stock Purchase Plan 1,359       1,359    
Issuance of restricted stock units related to bonus plans (in shares)       296,448      
Issuance of restricted stock units related to bonus plans   $ 3,507       $ 3,507  
Stock-based compensation 11,696       11,696    
Ending balance (in shares) at Jun. 30, 2024     42,886,281        
Ending balance at Jun. 30, 2024 45,098   $ 4   213,949   (168,855)
Beginning balance (in shares) at Mar. 31, 2024     41,469,779        
Beginning balance at Mar. 31, 2024 47,454   $ 4   205,957   (158,507)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net loss (10,348)           (10,348)
Issuance of common stock upon exercise of stock options (in shares)     265,347        
Issuance of common stock upon exercise of stock options 716       716    
Issuance of common stock under the 2021 Equity Incentive Plan (in shares)     764,638        
Issuance of common stock related to the 2021 Employee Stock Purchase Plan (in shares)     386,517        
Issuance of common stock related to the 2021 Employee Stock Purchase Plan 1,359       1,359    
Stock-based compensation 5,917       5,917    
Ending balance (in shares) at Jun. 30, 2024     42,886,281        
Ending balance at Jun. 30, 2024 45,098   $ 4   213,949   (168,855)
Beginning balance (in shares) at Dec. 31, 2024     53,375,770        
Beginning balance at Dec. 31, 2024 77,622   $ 5   273,602   (195,985)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net loss $ (16,421)           (16,421)
Issuance of common stock upon exercise of stock options (in shares) 730,081   730,081        
Issuance of common stock upon exercise of stock options $ 1,863       1,863    
Issuance of common stock under the 2021 Equity Incentive Plan (in shares)     1,743,828        
Issuance of common stock under the 2021 Equity Incentive Plan (819)   $ 1   (820)    
Issuance of common stock related to the 2021 Employee Stock Purchase Plan (in shares)     311,502        
Issuance of common stock related to the 2021 Employee Stock Purchase Plan 1,388       1,388    
Issuance of restricted stock units related to bonus plans (in shares)       301,571      
Issuance of restricted stock units related to bonus plans   $ 2,014       $ 2,014  
Stock-based compensation 13,995       13,995    
Ending balance (in shares) at Jun. 30, 2025     56,462,752        
Ending balance at Jun. 30, 2025 79,642   $ 6   292,042   (212,406)
Beginning balance (in shares) at Mar. 31, 2025     54,869,647        
Beginning balance at Mar. 31, 2025 77,768   $ 5   283,072   (205,309)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net loss (7,097)           (7,097)
Issuance of common stock upon exercise of stock options (in shares)     334,363        
Issuance of common stock upon exercise of stock options 885       885    
Issuance of common stock under the 2021 Equity Incentive Plan (in shares)     947,240        
Issuance of common stock under the 2021 Equity Incentive Plan (361)   $ 1   (362)    
Issuance of common stock related to the 2021 Employee Stock Purchase Plan (in shares)     311,502        
Issuance of common stock related to the 2021 Employee Stock Purchase Plan 1,388       1,388    
Stock-based compensation 7,059       7,059    
Ending balance (in shares) at Jun. 30, 2025     56,462,752        
Ending balance at Jun. 30, 2025 $ 79,642   $ 6   $ 292,042   $ (212,406)
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (16,421) $ (21,401)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Noncash lease expense on operating leases 1,964 1,018
Depreciation and amortization 13,238 13,937
Impairment loss on right-of-use assets 59 0
Stock-based compensation 14,663 11,057
Gain on disposal of assets (248) (6)
Other 407 31
Changes in operating assets and liabilities:    
Accounts receivable (1,409) (1,014)
Prepaid expenses 354 87
Other current assets (1,722) (146)
Other assets (827) (104)
Accounts payable, accrued expenses and other current liabilities 441 (1,019)
Deferred revenue and other liabilities, non-current 88 3,994
Operating lease liabilities (2,099) (791)
Net cash provided by operating activities 8,488 5,643
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of marketable securities (28,132) (24,127)
Maturities of marketable securities 18,884 26,523
Proceeds from disposal of property and equipment 30 184
Purchases of property and equipment (1,287) (694)
Capitalized internal-use software costs (4,184) (6,828)
Net cash used in investing activities (14,689) (4,942)
CASH FLOWS FROM FINANCING ACTIVITIES    
Principal payments on finance leases and lease financing obligations (9,277) (9,711)
Payment of offering costs (20) 0
Proceeds from debt facility 0 554
Payment of debt issuance costs (554) 0
Principal payments on insurance premium financing 0 (590)
Proceeds from exercises of stock options 1,894 5,012
Taxes paid for net share settlement of equity awards (819) 0
Proceeds from ESPP 1,388 1,359
Net cash used in financing activities (7,388) (3,376)
Net decrease in cash and cash equivalents and restricted cash (13,589) (2,675)
Cash and cash equivalents and restricted cash, at beginning of period 45,776 16,630
Cash and cash equivalents and restricted cash, at end of period 32,187 13,955
RECONCILIATION OF CASH AND RESTRICTED CASH    
Cash and cash equivalents 32,187 9,273
Restricted cash, non-current 0 4,682
Total cash and cash equivalents and restricted cash 32,187 13,955
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid for interest 1,694 1,817
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES    
Stock-based compensation included in capitalized internal-use software 1,501 1,965
Accrued bonus settled in restricted stock units $ 2,014 $ 3,507
v3.25.2
Organization and Description of Business
 6 Months Ended
Jun. 30, 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 storage cloud platform, providing businesses and consumers with solutions to store and use their data. Backblaze provides these cloud services through purpose-built, web-scale software built on commodity hardware. Backblaze was incorporated in the state of Delaware on April 20, 2007, and is headquartered in San Mateo, California.
v3.25.2
Basis of Presentation and Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Summary of Significant Accounting Policies
Basis of Presentation and Principles of Consolidation
The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Intercompany accounts and transactions have been eliminated. The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, they do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with GAAP. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes for the year ended December 31, 2024 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on March 11, 2025 (the “Annual Report”). In management’s opinion, these unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect all adjustments, which include normal recurring adjustments necessary for fair presentation. The results of operations for the three and six months ended June 30, 2025 and 2024 are not necessarily indicative of the results to be expected for the full year or any other future interim or annual period.
Reclassifications
To conform to the current period’s presentation, prepaid expenses that were previously included in “prepaid and other current assets” have been reclassified and are now presented as separate line items in the condensed consolidated balance sheet as of December 31, 2024 and the condensed consolidated statement of cash flows for the six months ended June 30, 2024.
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 condensed 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 expects to maintain its EGC status through the last day of the fiscal year following November 2026, the fifth anniversary of its IPO, and to use the extended transition period for any other new or revised accounting standards during the period in which it remains an EGC.
Significant accounting policies
The Company’s significant accounting policies are disclosed in the Company’s audited consolidated financial statements and related notes thereto included in the Annual Report.
Use of Estimates
The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the condensed 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 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 lives of (i) data center equipment, which includes hard drives, and (ii) machinery and equipment, which includes servers and other infrastructure equipment, were 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 $2.4 million for both the three and six months ended June 30, 2025, resulting in increases of $0.04 per basic and diluted share for both the three and six months ended June 30, 2025. The Company expects an additional reduction in depreciation expense and increase in net income of approximately $2.8 million for the remainder of 2025.
Comprehensive Loss
The Company does not have any components of other comprehensive income recorded within the condensed consolidated financial statements and therefore does not separately present a statement of comprehensive income in the condensed consolidated financial statements.
Income Taxes
The Company is subject to U.S. federal and state income taxes as a corporation. The Company’s tax provision and the resulting effective tax rate for interim periods is determined based upon its estimated annual effective tax rate adjusted for the effect of discrete items arising in that quarter. The effective tax rate for each of the three and six months ended June 30, 2025 and 2024 was zero as the Company has incurred continuous operating losses.

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 Company is currently assessing the implications of these tax law changes and does not expect that they will have a material impact on its condensed consolidated financial statements. Since the OBBB Act was enacted after the Company’s balance sheet date, the Company’s income tax provision and related income tax accounts for the three and six months ended June 30, 2025, does not incorporate the effects of these tax law changes.
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 accounts receivable. The Company maintains its cash, restricted cash, and marketable securities with high-quality financial institutions with investment-grade ratings. In the event of a failure of any financial institutions where the Company maintains deposits, it may lose timely access to its funds at such institutions and incur significant losses to the extent its funds exceed the $250,000 limit insured by the Federal Deposit Insurance Corporation. Deposits with these financial institutions may exceed the amount of insurance provided on such deposits. For accounts receivable, the Company is exposed to credit risk in the event of nonpayment by customers to the extent of the amount recorded on the condensed consolidated balance sheets. The Company does not have separate collateral requirements to support financial instruments subject to credit risk.

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 related to the Company’s cash disbursements, accounts payable transactions, and accounts receivable transactions:

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Cash disbursement concentration
Number of vendors2222
Total cash disbursements represented by vendors listed above29%27%28%25%

June 30,
2025		December 31,
2024
Accounts payable concentration
Number of vendors21
Total accounts payable balance represented by vendors listed above28%14%
Accounts receivable concentration
Number of customers22
Total accounts receivable balance represented by customers listed above44%35%

Revenue. The Company derives substantially all of its revenue from the services operating on its Backblaze Storage Cloud platform: its Backblaze B2 Cloud Storage (“B2 Cloud Storage”) and Backblaze Computer Backup (“Computer Backup”) offerings. The potential for severe impact on the Company’s business could result if the Company was unable to operate its platform or serve customers through its platform for an extended period of time.
Recently Issued Accounting Pronouncements

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. This ASU is effective for annual reporting periods 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. As a result, the Company will implement the standard beginning with its annual reporting period ending December 31, 2025. 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.
v3.25.2
Revenues
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenues Revenues
Disaggregation of Total Revenue
The following table presents the Company’s total revenue disaggregated by product (in thousands):

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
B2 Cloud Storage
$19,841 $15,415 $37,889 $30,037 
Computer Backup
16,457 15,870 33,022 31,216 
Total revenue(1)
$36,298 $31,285 $70,911 $61,253 
________________
(1) For the periods presented, Physical Media revenue has been allocated to B2 Cloud Storage or Computer Backup revenue based on the underlying offering from which it originates.

The following table presents the Company’s total revenue disaggregated by timing of revenue recognition (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Consumption-based arrangements
$19,151 $14,972 $36,564 $29,250 
Subscription-based arrangements
17,038 16,177 34,146 31,744 
Physical Media (point in time)
109 136 201 259 
Total revenue
$36,298 $31,285 $70,911 $61,253 
Total revenue by geographic area, based on the location of the Company’s customers, was as follows (in thousands):
Three Months Ended June 30,
Six Months Ended June 30,
2025202420252024
United States$25,761 $22,891 $51,142 $44,818 
United Kingdom 1,937 1,734 3,689 3,362 
Canada 1,617 1,444 3,271 2,842 
Other6,983 5,216 12,809 10,231 
Total revenue$36,298 $31,285 $70,911 $61,253 

Earned, Unbilled Revenue

As of June 30, 2025 and December 31, 2024, the Company had $3.6 million and $2.9 million, respectively, of unbilled accounts receivable included within other current assets on the condensed consolidated balance sheets.

Deferred Revenue

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

June 30,
2025		December 31,
2024
Deferred revenue$35,512 $35,554 

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Revenue recognized from deferred balances at the beginning of each respective period$12,497 $11,255 $21,035 $17,882 
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 which exceed one year. As of June 30, 2025, the Company's RPOs were $44.9 million. As of June 30, 2025, the Company expects to recognize approximately 77% of its RPOs over the next 12 months, and substantially all of its RPOs over the next 24 months.
Deferred Contract Costs
The Company’s deferred contract costs are comprised of third-party affiliate commissions and, starting in 2024, a commission structure for its sales team. See Note 2 to the audited consolidated financial statements included in the Annual Report for additional information on the commission structure. The following tables present the Company’s deferred contract costs and amortization of deferred contract costs (in thousands):
June 30,
2025		December 31,
2024
Deferred contract costs for marketing affiliates$541 $542 
Deferred contract costs for sales commission
1,538 972 
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Amortization of deferred contract costs related to marketing affiliates$129 $282 $424 $563 
Amortization of deferred contract costs related to sales commission
111 15 209 15 
v3.25.2
Marketable Securities
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities Marketable Securities
Fair Values and Gross Unrealized Gains and Losses on Investments
The following table summarizes adjusted cost, gross unrealized gains and losses, and fair value by significant investment category. The Company’s U.S. treasury, corporate debt, and commercial paper investments with original maturities greater than 90 days are classified as held-to-maturity investments, and money market funds, U.S. treasury, corporate debt, and commercial paper investments with original maturities of 90 days or less are classified as cash equivalents on its condensed consolidated balance sheets as of June 30, 2025 and December 31, 2024. See additional information on the Company’s investments in Note 5—Fair Value Measurements.
Amortized CostGross UnrealizedFair ValueNet Carrying Value
GainsLosses
As of June 30, 2025(in thousands)
Cash equivalents
Money market funds$12,017 $— $— $12,017 $12,017 
Total cash equivalents$12,017 $— $— $12,017 $12,017 
Investments
U.S. treasury securities$9,408 $— $— $9,408 $9,408 
Corporate debt securities8,946 1 — 8,947 8,946 
Total investments$18,354 $1 $— $18,355 $18,354 
Amortized CostGross UnrealizedFair ValueNet Carrying Value
GainsLosses
As of December 31, 2024(in thousands)
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 the Company’s U.S. treasury, corporate debt and commercial paper investments as of June 30, 2025 and December 31, 2024, by contractual maturity, are shown below.

As of June 30, 2025Amortized CostFair Value
(in thousands)
Within one year$18,354 $18,355 
After one year through five years— — 
After 5 years through 10 years— — 
After 10 years— — 
Total investments$18,354 $18,355 

As of December 31, 2024Amortized CostFair Value
(in thousands)
Within one year$9,139 $9,137 
After one year through five years— — 
After 5 years through 10 years— — 
After 10 years— — 
Total investments$9,139 $9,137 

Aging of Unrealized Losses
There were no securities in an unrealized loss position as of June 30, 2025. For those securities in an unrealized loss position as of December 31, 2024, the length of time the securities were in such a position is presented in the table below.

Less than 12 Months
As of December 31, 2024# of SecuritiesFair ValueUnrealized Gain / (Losses)
(dollars in thousands)
Investments
Commercial paper3 $9,137 $(2)
Total3 $9,137 $(2)
v3.25.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company classifies its U.S. treasury securities and money market funds within Level 1 of the fair value hierarchy, as their fair value is determined by quoted prices in active markets for identical assets. The Company classifies its corporate debt securities within Level 2 of the fair value hierarchy as the fair value of these securities is determined using inputs other than quoted prices that are directly or indirectly observable in the market, including readily available pricing sources for underlying securities that may not be actively traded.
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 June 30, 2025Level 1Level 2Total
Cash equivalents
Money market funds$12,017 $— $12,017 
Investments
U.S. treasury securities$9,408 $— $9,408 
Corporate debt securities— 8,947 8,947 
Total $21,425 $8,947 $30,372 

As of December 31, 2024Level 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 during the three and six months ended June 30, 2025 and the year ended December 31, 2024, respectively. The Company held no assets or liabilities that were measured at fair value on a recurring basis as of June 30, 2025 or December 31, 2024, respectively.
v3.25.2
Property and Equipment, Net
 6 Months Ended
Jun. 30, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net Property and Equipment, Net
Property and equipment, net consisted of the following (in thousands):
June 30,
2025		December 31,
2024
Data center equipment
$61,858 $54,552 
Leased and financed data center equipment
69,221 65,037 
Machinery and equipment
18,914 16,872 
Computer equipment
2,238 2,239 
Leasehold improvements
128 244 
Construction-in-progress(1)
75 311 
Total property and equipment
152,434 139,255 
Less: accumulated depreciation and amortization
(102,496)(96,306)
Total property and equipment, net
$49,938 $42,949 
________________
(1) Construction-in-progress relates to assets that have not yet been placed in service and is primarily comprised of hard drives that are not yet deployed.

For the Company’s equipment under finance leases and lease financing obligations, accumulated depreciation was $27.8 million and $29.3 million as of June 30, 2025 and December 31, 2024, respectively. The carrying value of the Company’s equipment under finance lease agreements and lease financing obligations was $41.4 million and $35.7 million as of June 30, 2025 and December 31, 2024, respectively.
The Company has long-lived assets, comprising of property and equipment, net and operating lease right-of-use assets in the following geographic areas (in thousands):
June 30,
2025		December 31, 2024
United States$65,024 $47,930 
Canada3,041 3,309 
The Netherlands7,746 7,583 
Total property and equipment, net and operating lease right-of-use assets$75,811 $58,822 
v3.25.2
Capitalized Internal-Use Software, Net
 6 Months Ended
Jun. 30, 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):
June 30,
2025		December 31,
2024
Developed software
$64,702 $59,435 
General and administrative software
144 144 
Total capitalized internal-use software
64,846 59,579 
Less: accumulated amortization
(22,663)(17,778)
Total capitalized internal-use software, net
$42,183 $41,801 
Amortization expense of capitalized internal-use software for the three and six months ended June 30, 2025 and 2024 is included in the condensed consolidated statements of operations as follows (in thousands):

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Cost of revenue
$2,433 $1,551 $4,879 $2,975 
General and administrative
3 3 5 5 
Total amortization expense of capitalized internal-use software$2,436 $1,554 $4,884 $2,980 

As of June 30, 2025, the future amortization of capitalized internal-use software has not materially changed compared to the information provided in Note 8 of the Notes to Consolidated Financial Statements in the Annual Report.
v3.25.2
Leases
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Leases Leases
The Company enters into finance lease arrangements to obtain hard drives and related equipment for its data center operations. The terms of these agreements generally range from two to four years and certain of these arrangements have optional renewals to extend the term of the lease generally at a fixed price. Contingent rental payments are generally not included in the Company’s finance lease agreements. Finance leases are generally secured by the underlying leased equipment. The Company's finance leases have original lease periods expiring between 2025 and 2029. Financing lease right-of-use assets are included in property and equipment, net on the Company’s condensed consolidated balance sheets.

The Company leases its facilities for 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 in 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 restrictive covenants. The Company's leases have original lease periods expiring between 2025 and 2033. The Company had no short-term leases as of June 30, 2025.
The weighted average remaining lease terms and discount rates as of June 30, 2025 and December 31, 2024 were as follows:

June 30, 2025December 31, 2024
Operating leases
Finance Leases(1)
Operating leases
Finance Leases(1)
Remaining lease term5.8 years2.2 years4.4 years1.9 years
Discount rate6.9 %11.9 %7.2 %11.9 %
________________
(1) Includes lease financing obligation costs.

The following table presents the components of lease expense (in thousands):

Three Months Ended June 30,Six Months Ended June 30,
2025
2024(1)
20252024
Finance lease costs
Depreciation expense(2)
$2,006 $3,159 $4,846 $6,723 
Interest expense778 581 $1,533 $1,174 
Lease financing obligation costs
Depreciation expense(2)
$233 $667 $842 $1,334 
Interest expense74 183 $172 $395 
Operating lease costs
Rental expense related to lease components$1,283 $665 $2,469 $1,356 
Rental expense related to non-lease components(3)
1,126 1,249 2,226 2,541 
Variable lease costs1,225 912 2,317 1,912 
Total operating lease costs$3,634 $2,826 $7,012 $5,809 
Total included in cost of revenue$3,359 $2,541 $6,545 $5,229 
Total included in general and administrative expense$275 $285 467 $580 
________________
(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 condensed 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 data center spaces, which are not recorded on the Company’s condensed 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 co-location lease agreements, such as, the price of utilities as compared to its tangible data center footprint within each co-location facility.
The following table presents supplemental cash flow information relating to the Company’s leases (in thousands):

Six Months Ended June 30,
20252024
Operating cash flows
Cash paid for interest on finance lease and lease financing obligations$1,694 $1,569 
Cash paid for operating lease liabilities2,623 1,328 
Non-cash items
Equipment acquired through finance leases$14,064 $5,989 
Right-of-use assets obtained in exchange for operating lease obligations12,023 — 

The future minimum commitments for finance leases and lease financing obligations as of June 30, 2025 were as follows (in thousands):

Year Ending December 31,Finance leasesLease financing obligationsTotal
Remainder of 2025
$9,189 $1,497 $10,686 
202614,632 — 14,632 
202710,375 — 10,375 
20282,637 — 2,637 
2029933 — 933 
Total future minimum lease and financing commitments37,766 1,497 39,263 
Less imputed interest(4,786)(47)(4,833)
Total finance lease and lease financing obligation liabilities$32,980 $1,450 $34,430 

As of June 30, 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
Remainder of 2025
$3,218 $2,225 $5,443 
20266,341 3,993 10,334 
20275,442 2,974 8,416 
20285,264 2,978 8,242 
20294,161 2,529 6,690 
Thereafter8,687 1,460 10,147 
Total future minimum operating lease commitments33,113 16,159 49,272 
Less imputed interest(5,946)
Total liability$27,167 
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 seven years. The original lease term was also extended to align with this period.
The multi-storage data center space is considered a separate asset class from the original co-location infrastructure due to its differentiated architectural characteristics, service delivery model, and operational risk profile. The lease and non-lease components of this new asset class are combined in accordance with the Company’s established lease accounting policy. The Company’s current asset classes of operating lease agreements include rentals of (i) office space, (ii) multi-storage data center spaces, and (iii) co-location data center spaces. The Company refers to multi-storage data center spaces and co-location data center spaces collectively as “data center spaces”.
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. The lease amendment increased total undiscounted minimum lease payments by approximately $34.5 million, of which $17.5 million relates to the expanded space.
v3.25.2
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Contractual Commitments
The Company has non-cancellable commitments related mainly to service agreements used to facilitate the Company’s operations. As of June 30, 2025, the Company had $1.2 million, $2.7 million, $1.9 million, and $0.7 million payable for these commitments during the remainder of the year ending December 31, 2025 and the years ending December 31, 2026, 2027, and 2028 respectively.

During the six months ended June 30, 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 $0.5 million to the 401(k) plan for both the three months ended June 30, 2025 and 2024 and $1.0 million for both the six months ended June 30, 2025 and 2024, 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 has established accruals for matters that are both probable and reasonably estimable. We also generally maintain insurance to cover certain types of litigation claims, subject to policy limits, retentions and deductibles, and other factors. Based on information currently available, management does not expect the resolution of these matters, individually or in the aggregate, to have a material adverse effect on the Company’s financial position, results of operations, or cash flows. Nonetheless, the outcome of litigation is inherently uncertain, and unforeseen developments could result in an adverse impact 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. 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. To date, the Company has not incurred any material costs or losses in connection with such indemnification obligations. As a result, the Company has not recorded any liabilities related to these obligations in its condensed consolidated financial statements as of the periods presented.
v3.25.2
Debt
 6 Months Ended
Jun. 30, 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 capacity of $20.0 million (the “Revolving Credit Facility”) to be used for general corporate purposes and working capital needs. 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. We incurred $0.6 million of deferred financing costs in connection with the establishment of the Revolving Credit Facility, which is included in other assets and will be amortized on a straight-line basis over the two-year term of the facility.
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 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 June 30, 2025, the Company had no outstanding borrowings under the Revolving Credit Facility nor outstanding letters of credit. As of June 30, 2025, $20.0 million was available for borrowing under the Revolving Credit Facility.
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 16 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”) 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-specified non-recurring charges. As of June 30, 2025, the Company was in compliance with the covenants under the Credit Agreement. Failure to comply with these covenants could have a material adverse effect on the Company’s financial condition and liquidity.

RCA Debt Facility
On December 10, 2024, the Company voluntarily terminated its revolving credit agreement (as amended, the “RCA”) with City National Bank.

As of June 30, 2024, the interest rate associated with the outstanding balance under the RCA was 8.1% per annum. Total interest expense and amortization of debt issuance costs related to the RCA was $0.1 million and $0.2 million for the three and six months ended June 30, 2024, respectively.
v3.25.2
Stockholders' Equity
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
The Company had reserved shares of common stock for future issuance as follows:
 June 30,
2025		December 31,
2024
2011 Equity Incentive Plan
Options outstanding
4,391,807 5,264,351 
2021 Equity Incentive Plan
Options outstanding1,085,295 1,114,620 
Restricted stock units outstanding5,599,625 4,351,393 
Shares available for future grants
6,480,639 6,933,867 
2021 Employee Stock Purchase Plan
Shares available for future purchases1,721,779 965,766 
2024 Inducement Plan
Restricted stock units outstanding412,740 412,740 
Shares available for future grants
2,000 2,000 
Total
19,693,885 19,044,737 
,
v3.25.2
Stock-Based Compensation
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Equity Incentive Plans
In 2021, the Company adopted the 2021 Equity Incentive Plan (the “2021 Plan”) under which the Company may grant options, stock appreciation rights, restricted stock units (“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 is increased on January 1 of each year beginning in 2022 and ending with a final increase in 2031 in 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.

In 2021, the Company adopted the 2021 Employee Stock Purchase Plan (the “2021 ESPP”). The number of shares available for issuance under the 2021 ESPP is increased on January 1 of each year beginning in 2022 and ending with a final increase in 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.

On August 2, 2024, the Company adopted the 2024 New Employee Equity Incentive Plan (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.

Restricted Stock Units
RSUs granted under the 2021 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 six months ended June 30, 2025 was as follows:

RSUsWeighted-average grant date fair value per unit
RSUs unvested as of December 31, 2024
4,764,133$6.18 
Granted
3,392,170 6.81 
Vested
(1,873,193)6.10 
Forfeited
(270,745)6.28 
RSUs unvested as of June 30, 2025
6,012,365$6.56 
As of June 30, 2025, total unrecognized compensation cost related to RSUs was $36.1 million, which will be recognized over a weighted-average period of 2.3 years.
Bonus Plan
In January 2025, the Compensation Committee approved a new bonus structure (the “2025 Bonus Plan”) for its employees. The 2025 Bonus Plan is contingent upon the achievement of annual corporate performance targets. In each respective calendar year, the Company accrues for the 2025 Bonus Plan. The Compensation Committee assesses the actual performance against these targets to determine the payout amount which is disbursed in the following year. Payouts include both cash and RSU components, which are accounted for under Accounting Standards Codification (“ASC”) 710, Compensation-General and ASC 718, Compensation-Stock Compensation, respectively. The RSUs will be issued under the 2021 Plan and are subject to performance and service condition vesting requirements, beginning from the grant date to the payout date, with the number of RSUs calculated in accordance with the established payout amount. Participants must remain employed with the Company through the date of payout to maintain eligibility under the 2025 Bonus Plan.
During March 2022, the Compensation Committee approved the Bonus Plan (as defined in Note 14 to Notes to Consolidated Financial Statements in the Annual Report) for its employees. In January 2025, the Compensation Committee approved the issuance of 301,571 RSUs that vested based on actual performance against the targets set in the Bonus Plan for the year ended December 31, 2024.
Pursuant to the bonus plans, the Company recognized $1.0 million and $0.5 million in stock-based compensation during the three months ended June 30, 2025 and 2024, respectively, of which the Company capitalized $0.1 million in each period for the development of internal-use software. The Company recognized $2.1 million and $1.3 million in stock-based compensation during the six months ended June 30, 2025 and 2024, respectively, of which the Company capitalized $0.2 million in each period 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 
Options granted— $— 
Options exercised(730,081)$2.55 
Options canceled(171,570)$6.78 
Balance as of June 30, 2025
5,477,102 $7.93 4.62$7,395 
Vested and exercisable as of June 30, 2025
5,381,651 $7.73 4.59$7,395 
The intrinsic value of options exercised for the six months ended June 30, 2025 and 2024 was $2.3 million and $11.1 million, respectively. As of June 30, 2025, total unrecognized compensation cost related to stock options was $0.8 million, which will be recognized over a weighted-average period of 0.3 years.
ESPP

The Company recorded stock-based compensation under the 2021 ESPP plan of $0.5 million for both the three months ended June 30, 2025 and 2024, of which the Company capitalized $0.1 million for both periods for the development of internal-use software. The Company recorded stock-based compensation under the 2021 ESPP plan of $1.0 million and $0.8 million for the six months ended June 30, 2025 and 2024, respectively, of which the Company capitalized $0.2 million and $0.3 million, respectively, for the development of internal-use software.

As of June 30, 2025, the total unrecognized stock-based compensation expense related to the ESPP was $3.3 million and is expected to be recognized over a weighted average period of 0.9 years.

The following table summarizes the Black-Scholes option pricing model used in estimating the fair value of the stock purchase rights under the ESPP during the three and six months ended June 30, 2025 and 2024. There were no ESPP offerings or modification events requiring an estimation of fair value during the three months ended March 31, 2025 and 2024.
Six Months Ended June 30,
20252024
Expected term (in years)
0.5 - 2.0
0.5 - 2.0
Expected volatility
60.92% - 70.28%
48% - 56%
Risk-free interest rate
3.97% - 4.32%
4.82% - 5.43%
Expected dividend yield—%—%

Total Stock-Based Compensation Expense

Stock-based compensation expense included in the condensed consolidated statements of operations and comprehensive loss was as follows (in thousands):
Three Months Ended June 30,
Six Months Ended June 30,
2025202420252024
Cost of revenue
$432 $354 $852 $740 
Research and development
3,272 2,250 6,739 4,358 
Sales and marketing
1,881 1,762 3,678 3,584 
General and administrative
1,719 1,162 3,394 2,375 
Total stock-based compensation expense
$7,304 $5,528 $14,663 $11,057 
During the three and six months ended June 30, 2025, the Company capitalized $0.8 million and $1.5 million, respectively, of stock-based compensation for the development of internal-use software. During the three and six months ended June 30, 2024, the Company capitalized $0.9 million and $2.0 million, respectively.
v3.25.2
Net Loss per Share Attributable to Common Stockholders
 6 Months Ended
Jun. 30, 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, and unvested restricted stock 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.

The following table presents the calculation of basic and diluted net loss per share (in thousands, except share and per share data):
Three Months Ended June 30,
Six Months Ended June 30,
2025202420252024
Numerator:
Net loss and comprehensive loss attributable to common stockholders
$(7,097)$(10,348)$(16,421)(21,401)
Denominator for basic and diluted net loss per share:
Weighted average common shares outstanding, basic and diluted55,627,21442,151,85054,835,63941,188,544
Net loss per share attributable to common stockholders – basic and diluted$(0.13)$(0.25)$(0.30)$(0.52)
Since the Company was in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share as the inclusion of all potential common shares outstanding would have been antidilutive. 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:
Three Months Ended June 30,
Six Months Ended June 30,
2025
2024(1)
2025
2024(1)
RSUs4,745,716 2,359,300 3,523,498 2,598,451 
Stock options4,007,209 5,300,069 3,983,888 5,750,876 
Shares issuable pursuant to the ESPP1,249,684 686,316 1,344,639 761,556 
Bonus Plan — 112,744 94,970 144,453 
________________
(1) Historically, the Company computed potentially dilutive securities excluded from the calculation of diluted net loss per share as of the end of each reporting period. The Company now presents these excluded shares as the weighted average number of potentially dilutive securities outstanding during the respective periods. Accordingly, the three and six months ended June 30, 2024, have been updated to conform to the current presentation.
v3.25.2
Restructuring
 6 Months Ended
Jun. 30, 2025
Restructuring and Related Activities [Abstract]  
Restructuring Restructuring
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 an involuntary reduction in headcount of approximately 12% of the Company’s workforce. In addition, as part of the 2024 Restructuring Plan, the Company reduced its footprint at its corporate headquarters. The 2024 Restructuring Plan was substantially completed as of December 31, 2024.

The 2024 Restructuring Plan resulted in total restructuring charges of $4.9 million, which were recognized in the fourth quarter of 2024, primarily consisting of employee severance and benefits of $3.9 million, impairment charges of
$0.9 million on its operating right-of-use assets related to the lease of the Company’s corporate headquarters, and professional fees of $0.1 million. In the second quarter of 2025, the Company recorded a $0.1 million credit to the estimated severance and benefits costs and an incremental impairment charge of $0.1 million related to the execution of the sublease of the Company’s corporate headquarters.

The following table presents a summary of the liabilities related to the 2024 Restructuring Plan that are included within accounts payable, accrued expenses and other current liabilities on the condensed consolidated balance sheets (in thousands):

Balance as of December 31, 2024
$355 
Cash payments during the period(230)
Other adjustments(125)
Balance as of June 30, 2025
$— 
v3.25.2
Segment Reporting
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company operates in one operating and reportable segment, which derives revenue from the services operating on its storage platform. The Company’s chief operating decision maker (the “CODM”) is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance and allocating resources.

Measure of Segment Profit or Loss

The key measure of segment profit or loss utilized by the CODM to assess the performance of and allocate resources to the Company’s operating segment is consolidated net income (loss). Net income (loss) is used in monitoring budget versus actual results and is presented on the condensed consolidated statements of operations and comprehensive loss. The measure of segment assets is reported on the condensed consolidated balance sheet as total consolidated assets.

The CODM reviews cost of revenue, research and development, sales and marketing, and general and administrative expenses exclusive of depreciation, amortization, and stock-based compensation, which are reviewed separately. The segment information for the three and six months ended June 30, 2025 and 2024 is presented below in the following table (in thousands):

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Revenue$36,298 $31,285 $70,911 $61,253 
Adjusted cost of revenue(1)
7,441 6,823 14,734 13,820 
Adjusted research and development(1)
8,565 7,272 16,895 14,846 
Adjusted sales and marketing(1)
8,261 9,179 15,687 17,332 
Adjusted general and administrative(1)
5,493 5,268 10,705 10,599 
Depreciation3,102 5,509 8,353 10,957 
Amortization2,372 1,516 4,885 2,980 
Stock-based compensation7,304 5,528 14,663 11,057 
Other segment items(2)
857 538 1,410 1,063 
Net loss and comprehensive loss$(7,097)$(10,348)$(16,421)$(21,401)
________________
(1) Cost of revenue and operating expenses have been adjusted to exclude depreciation, amortization and stock-based compensation, which are disaggregated in their presentation to the CODM.
(2) Other segment items include investment income, interest expense, foreign exchange loss (gain), and income tax provision.
v3.25.2
Subsequent Events
 6 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
In August 2025, the Company announced a share repurchase program to purchase up to $10.0 million of shares of its common stock through August 1, 2026, as approved by the Company’s board of directors. The program is intended to reduce the dilutive impact of stock-based compensation and will be funded through the cash proceeds from stock options exercised by employees and employee purchases under the 2021 ESPP, which is intended to be cash neutral to the Company.

Repurchases may be made from time to time in open market transactions, privately negotiated transactions, or by other means, including automatic purchase plans pursuant to Rule 10b5-1, in accordance with applicable securities laws. The timing, number of shares repurchased, and prices paid for the shares under this program will be generally determined by management based on its evaluation of 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 common stock.
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Terminated false
Gleb Budman [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On May 5, 2025, prior to any trading under such plan, Gleb Budman, our Chief Executive Officer, terminated a Rule 10b5-1 trading plan previously adopted on March 7, 2025.
Name Gleb Budman
Title Chief Executive Officer,
Rule 10b5-1 Arrangement Terminated true
Termination Date May 5, 2025
v3.25.2
Basis of Presentation and Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Basis of Presentation and Principles of Consolidation
Basis of Presentation and Principles of Consolidation
The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Intercompany accounts and transactions have been eliminated. The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, they do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with GAAP. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes for the year ended December 31, 2024 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on March 11, 2025 (the “Annual Report”). In management’s opinion, these unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect all adjustments, which include normal recurring adjustments necessary for fair presentation. The results of operations for the three and six months ended June 30, 2025 and 2024 are not necessarily indicative of the results to be expected for the full year or any other future interim or annual period.
Reclassifications
Reclassifications
To conform to the current period’s presentation, prepaid expenses that were previously included in “prepaid and other current assets” have been reclassified and are now presented as separate line items in the condensed consolidated balance sheet as of December 31, 2024 and the condensed consolidated statement of cash flows for the six months ended June 30, 2024.
Use of Estimates
Use of Estimates
The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the condensed 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 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 lives of (i) data center equipment, which includes hard drives, and (ii) machinery and equipment, which includes servers and other infrastructure equipment, were 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 $2.4 million for both the three and six months ended June 30, 2025, resulting in increases of $0.04 per basic and diluted share for both the three and six months ended June 30, 2025. The Company expects an additional reduction in depreciation expense and increase in net income of approximately $2.8 million for the remainder of 2025.
Comprehensive Loss
Comprehensive Loss
The Company does not have any components of other comprehensive income recorded within the condensed consolidated financial statements and therefore does not separately present a statement of comprehensive income in the condensed consolidated financial statements.
Income Taxes
Income Taxes
The Company is subject to U.S. federal and state income taxes as a corporation. The Company’s tax provision and the resulting effective tax rate for interim periods is determined based upon its estimated annual effective tax rate adjusted for the effect of discrete items arising in that quarter. The effective tax rate for each of the three and six months ended June 30, 2025 and 2024 was zero as the Company has incurred continuous operating losses.

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 Company is currently assessing the implications of these tax law changes and does not expect that they will have a material impact on its condensed consolidated financial statements. Since the OBBB Act was enacted after the Company’s balance sheet date, the Company’s income tax provision and related income tax accounts for the three and six months ended June 30, 2025, does not incorporate the effects of these tax law changes.
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 accounts receivable. The Company maintains its cash, restricted cash, and marketable securities with high-quality financial institutions with investment-grade ratings. In the event of a failure of any financial institutions where the Company maintains deposits, it may lose timely access to its funds at such institutions and incur significant losses to the extent its funds exceed the $250,000 limit insured by the Federal Deposit Insurance Corporation. Deposits with these financial institutions may exceed the amount of insurance provided on such deposits. For accounts receivable, the Company is exposed to credit risk in the event of nonpayment by customers to the extent of the amount recorded on the condensed consolidated balance sheets. The Company does not have separate collateral requirements to support financial instruments subject to credit risk.

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 related to the Company’s cash disbursements, accounts payable transactions, and accounts receivable transactions:

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Cash disbursement concentration
Number of vendors2222
Total cash disbursements represented by vendors listed above29%27%28%25%

June 30,
2025		December 31,
2024
Accounts payable concentration
Number of vendors21
Total accounts payable balance represented by vendors listed above28%14%
Accounts receivable concentration
Number of customers22
Total accounts receivable balance represented by customers listed above44%35%

Revenue. The Company derives substantially all of its revenue from the services operating on its Backblaze Storage Cloud platform: its Backblaze B2 Cloud Storage (“B2 Cloud Storage”) and Backblaze Computer Backup (“Computer Backup”) offerings. The potential for severe impact on the Company’s business could result if the Company was unable to operate its platform or serve customers through its platform for an extended period of time.
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements

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. This ASU is effective for annual reporting periods 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. As a result, the Company will implement the standard beginning with its annual reporting period ending December 31, 2025. 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.
v3.25.2
Basis of Presentation and Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Schedules of Concentration of Risk, by Risk Factor
The following table presents concentrations related to the Company’s cash disbursements, accounts payable transactions, and accounts receivable transactions:

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Cash disbursement concentration
Number of vendors2222
Total cash disbursements represented by vendors listed above29%27%28%25%

June 30,
2025		December 31,
2024
Accounts payable concentration
Number of vendors21
Total accounts payable balance represented by vendors listed above28%14%
Accounts receivable concentration
Number of customers22
Total accounts receivable balance represented by customers listed above44%35%
v3.25.2
Revenues (Tables)
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following table presents the Company’s total revenue disaggregated by product (in thousands):

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
B2 Cloud Storage
$19,841 $15,415 $37,889 $30,037 
Computer Backup
16,457 15,870 33,022 31,216 
Total revenue(1)
$36,298 $31,285 $70,911 $61,253 
________________
(1) For the periods presented, Physical Media revenue has been allocated to B2 Cloud Storage or Computer Backup revenue based on the underlying offering from which it originates.

The following table presents the Company’s total revenue disaggregated by timing of revenue recognition (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Consumption-based arrangements
$19,151 $14,972 $36,564 $29,250 
Subscription-based arrangements
17,038 16,177 34,146 31,744 
Physical Media (point in time)
109 136 201 259 
Total revenue
$36,298 $31,285 $70,911 $61,253 
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):
Three Months Ended June 30,
Six Months Ended June 30,
2025202420252024
United States$25,761 $22,891 $51,142 $44,818 
United Kingdom 1,937 1,734 3,689 3,362 
Canada 1,617 1,444 3,271 2,842 
Other6,983 5,216 12,809 10,231 
Total revenue$36,298 $31,285 $70,911 $61,253 
Schedule of Contract with Customer, Contract Asset, Contract Liability, and Receivable
The following table presents information regarding the Company’s total deferred revenue (in thousands):

June 30,
2025		December 31,
2024
Deferred revenue$35,512 $35,554 

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Revenue recognized from deferred balances at the beginning of each respective period$12,497 $11,255 $21,035 $17,882 
Schedule of Capitalized Contract Cost The following tables present the Company’s deferred contract costs and amortization of deferred contract costs (in thousands):
June 30,
2025		December 31,
2024
Deferred contract costs for marketing affiliates$541 $542 
Deferred contract costs for sales commission
1,538 972 
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Amortization of deferred contract costs related to marketing affiliates$129 $282 $424 $563 
Amortization of deferred contract costs related to sales commission
111 15 209 15 
v3.25.2
Marketable Securities (Tables)
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Debt Securities, Held-to-maturity
Amortized CostGross UnrealizedFair ValueNet Carrying Value
GainsLosses
As of June 30, 2025(in thousands)
Cash equivalents
Money market funds$12,017 $— $— $12,017 $12,017 
Total cash equivalents$12,017 $— $— $12,017 $12,017 
Investments
U.S. treasury securities$9,408 $— $— $9,408 $9,408 
Corporate debt securities8,946 1 — 8,947 8,946 
Total investments$18,354 $1 $— $18,355 $18,354 
Amortized CostGross UnrealizedFair ValueNet Carrying Value
GainsLosses
As of December 31, 2024(in thousands)
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 the Company’s U.S. treasury, corporate debt and commercial paper investments as of June 30, 2025 and December 31, 2024, by contractual maturity, are shown below.

As of June 30, 2025Amortized CostFair Value
(in thousands)
Within one year$18,354 $18,355 
After one year through five years— — 
After 5 years through 10 years— — 
After 10 years— — 
Total investments$18,354 $18,355 

As of December 31, 2024Amortized CostFair Value
(in thousands)
Within one year$9,139 $9,137 
After one year through five years— — 
After 5 years through 10 years— — 
After 10 years— — 
Total investments$9,139 $9,137 
Schedule of Unrealized Gain (Loss) on Investments For those securities in an unrealized loss position as of December 31, 2024, the length of time the securities were in such a position is presented in the table below.
Less than 12 Months
As of December 31, 2024# of SecuritiesFair ValueUnrealized Gain / (Losses)
(dollars in thousands)
Investments
Commercial paper3 $9,137 $(2)
Total3 $9,137 $(2)
v3.25.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2025Level 1Level 2Total
Cash equivalents
Money market funds$12,017 $— $12,017 
Investments
U.S. treasury securities$9,408 $— $9,408 
Corporate debt securities— 8,947 8,947 
Total $21,425 $8,947 $30,372 

As of December 31, 2024Level 1Level 2Total
Investments
Commercial paper$— $9,137 $9,137 
Total$— $9,137 $9,137 
v3.25.2
Property and Equipment, Net (Tables)
 6 Months Ended
Jun. 30, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant and Equipment
Property and equipment, net consisted of the following (in thousands):
June 30,
2025		December 31,
2024
Data center equipment
$61,858 $54,552 
Leased and financed data center equipment
69,221 65,037 
Machinery and equipment
18,914 16,872 
Computer equipment
2,238 2,239 
Leasehold improvements
128 244 
Construction-in-progress(1)
75 311 
Total property and equipment
152,434 139,255 
Less: accumulated depreciation and amortization
(102,496)(96,306)
Total property and equipment, net
$49,938 $42,949 
________________
(1) Construction-in-progress relates to assets that have not yet been placed in service and is primarily comprised of hard drives that are not yet deployed.
Schedule of Long-Lived Assets by Geographic Areas
The Company has long-lived assets, comprising of property and equipment, net and operating lease right-of-use assets in the following geographic areas (in thousands):
June 30,
2025		December 31, 2024
United States$65,024 $47,930 
Canada3,041 3,309 
The Netherlands7,746 7,583 
Total property and equipment, net and operating lease right-of-use assets$75,811 $58,822 
v3.25.2
Capitalized Internal-Use Software, Net (Tables)
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Finite-Lived Intangible Assets
Capitalized internal-use software, net consisted of the following (in thousands):
June 30,
2025		December 31,
2024
Developed software
$64,702 $59,435 
General and administrative software
144 144 
Total capitalized internal-use software
64,846 59,579 
Less: accumulated amortization
(22,663)(17,778)
Total capitalized internal-use software, net
$42,183 $41,801 
Amortization expense of capitalized internal-use software for the three and six months ended June 30, 2025 and 2024 is included in the condensed consolidated statements of operations as follows (in thousands):

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Cost of revenue
$2,433 $1,551 $4,879 $2,975 
General and administrative
3 3 5 5 
Total amortization expense of capitalized internal-use software$2,436 $1,554 $4,884 $2,980 
v3.25.2
Leases (Tables)
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Schedule of Lease, Cost
The weighted average remaining lease terms and discount rates as of June 30, 2025 and December 31, 2024 were as follows:

June 30, 2025December 31, 2024
Operating leases
Finance Leases(1)
Operating leases
Finance Leases(1)
Remaining lease term5.8 years2.2 years4.4 years1.9 years
Discount rate6.9 %11.9 %7.2 %11.9 %
________________
(1) Includes lease financing obligation costs.

The following table presents the components of lease expense (in thousands):

Three Months Ended June 30,Six Months Ended June 30,
2025
2024(1)
20252024
Finance lease costs
Depreciation expense(2)
$2,006 $3,159 $4,846 $6,723 
Interest expense778 581 $1,533 $1,174 
Lease financing obligation costs
Depreciation expense(2)
$233 $667 $842 $1,334 
Interest expense74 183 $172 $395 
Operating lease costs
Rental expense related to lease components$1,283 $665 $2,469 $1,356 
Rental expense related to non-lease components(3)
1,126 1,249 2,226 2,541 
Variable lease costs1,225 912 2,317 1,912 
Total operating lease costs$3,634 $2,826 $7,012 $5,809 
Total included in cost of revenue$3,359 $2,541 $6,545 $5,229 
Total included in general and administrative expense$275 $285 467 $580 
________________
(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 condensed 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 data center spaces, which are not recorded on the Company’s condensed 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 co-location lease agreements, such as, the price of utilities as compared to its tangible data center footprint within each co-location facility.
The following table presents supplemental cash flow information relating to the Company’s leases (in thousands):

Six Months Ended June 30,
20252024
Operating cash flows
Cash paid for interest on finance lease and lease financing obligations$1,694 $1,569 
Cash paid for operating lease liabilities2,623 1,328 
Non-cash items
Equipment acquired through finance leases$14,064 $5,989 
Right-of-use assets obtained in exchange for operating lease obligations12,023 — 
Schedule of Finance Lease, Liability, Fiscal Year Maturity
The future minimum commitments for finance leases and lease financing obligations as of June 30, 2025 were as follows (in thousands):

Year Ending December 31,Finance leasesLease financing obligationsTotal
Remainder of 2025
$9,189 $1,497 $10,686 
202614,632 — 14,632 
202710,375 — 10,375 
20282,637 — 2,637 
2029933 — 933 
Total future minimum lease and financing commitments37,766 1,497 39,263 
Less imputed interest(4,786)(47)(4,833)
Total finance lease and lease financing obligation liabilities$32,980 $1,450 $34,430 
Schedule of Lessee, Operating Lease, Liability, Maturity
As of June 30, 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
Remainder of 2025
$3,218 $2,225 $5,443 
20266,341 3,993 10,334 
20275,442 2,974 8,416 
20285,264 2,978 8,242 
20294,161 2,529 6,690 
Thereafter8,687 1,460 10,147 
Total future minimum operating lease commitments33,113 16,159 49,272 
Less imputed interest(5,946)
Total liability$27,167 
Other Commitments
As of June 30, 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
Remainder of 2025
$3,218 $2,225 $5,443 
20266,341 3,993 10,334 
20275,442 2,974 8,416 
20285,264 2,978 8,242 
20294,161 2,529 6,690 
Thereafter8,687 1,460 10,147 
Total future minimum operating lease commitments33,113 16,159 49,272 
Less imputed interest(5,946)
Total liability$27,167 
v3.25.2
Stockholders' Equity (Tables)
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Schedule of Shares Reserved for Future Issuance
The Company had reserved shares of common stock for future issuance as follows:
 June 30,
2025		December 31,
2024
2011 Equity Incentive Plan
Options outstanding
4,391,807 5,264,351 
2021 Equity Incentive Plan
Options outstanding1,085,295 1,114,620 
Restricted stock units outstanding5,599,625 4,351,393 
Shares available for future grants
6,480,639 6,933,867 
2021 Employee Stock Purchase Plan
Shares available for future purchases1,721,779 965,766 
2024 Inducement Plan
Restricted stock units outstanding412,740 412,740 
Shares available for future grants
2,000 2,000 
Total
19,693,885 19,044,737 
v3.25.2
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Disclosure of Share-based Compensation Arrangements by Share-based Payment Award
RSU activity for the six months ended June 30, 2025 was as follows:

RSUsWeighted-average grant date fair value per unit
RSUs unvested as of December 31, 2024
4,764,133$6.18 
Granted
3,392,170 6.81 
Vested
(1,873,193)6.10 
Forfeited
(270,745)6.28 
RSUs unvested as of June 30, 2025
6,012,365$6.56 
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 
Options granted— $— 
Options exercised(730,081)$2.55 
Options canceled(171,570)$6.78 
Balance as of June 30, 2025
5,477,102 $7.93 4.62$7,395 
Vested and exercisable as of June 30, 2025
5,381,651 $7.73 4.59$7,395 
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions
The following table summarizes the Black-Scholes option pricing model used in estimating the fair value of the stock purchase rights under the ESPP during the three and six months ended June 30, 2025 and 2024. There were no ESPP offerings or modification events requiring an estimation of fair value during the three months ended March 31, 2025 and 2024.
Six Months Ended June 30,
20252024
Expected term (in years)
0.5 - 2.0
0.5 - 2.0
Expected volatility
60.92% - 70.28%
48% - 56%
Risk-free interest rate
3.97% - 4.32%
4.82% - 5.43%
Expected dividend yield—%—%
Schedule of Share-based Payment Arrangement, Expensed and Capitalized, Amount
Stock-based compensation expense included in the condensed consolidated statements of operations and comprehensive loss was as follows (in thousands):
Three Months Ended June 30,
Six Months Ended June 30,
2025202420252024
Cost of revenue
$432 $354 $852 $740 
Research and development
3,272 2,250 6,739 4,358 
Sales and marketing
1,881 1,762 3,678 3,584 
General and administrative
1,719 1,162 3,394 2,375 
Total stock-based compensation expense
$7,304 $5,528 $14,663 $11,057 
v3.25.2
Net Loss per Share Attributable to Common Stockholders (Tables)
 6 Months Ended
Jun. 30, 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):
Three Months Ended June 30,
Six Months Ended June 30,
2025202420252024
Numerator:
Net loss and comprehensive loss attributable to common stockholders
$(7,097)$(10,348)$(16,421)(21,401)
Denominator for basic and diluted net loss per share:
Weighted average common shares outstanding, basic and diluted55,627,21442,151,85054,835,63941,188,544
Net loss per share attributable to common stockholders – basic and diluted$(0.13)$(0.25)$(0.30)$(0.52)
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:
Three Months Ended June 30,
Six Months Ended June 30,
2025
2024(1)
2025
2024(1)
RSUs4,745,716 2,359,300 3,523,498 2,598,451 
Stock options4,007,209 5,300,069 3,983,888 5,750,876 
Shares issuable pursuant to the ESPP1,249,684 686,316 1,344,639 761,556 
Bonus Plan — 112,744 94,970 144,453 
________________
(1) Historically, the Company computed potentially dilutive securities excluded from the calculation of diluted net loss per share as of the end of each reporting period. The Company now presents these excluded shares as the weighted average number of potentially dilutive securities outstanding during the respective periods. Accordingly, the three and six months ended June 30, 2024, have been updated to conform to the current presentation.
v3.25.2
Restructuring (Tables)
 6 Months Ended
Jun. 30, 2025
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring Reserve by Type of Cost
The following table presents a summary of the liabilities related to the 2024 Restructuring Plan that are included within accounts payable, accrued expenses and other current liabilities on the condensed consolidated balance sheets (in thousands):

Balance as of December 31, 2024
$355 
Cash payments during the period(230)
Other adjustments(125)
Balance as of June 30, 2025
$— 
v3.25.2
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment The segment information for the three and six months ended June 30, 2025 and 2024 is presented below in the following table (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Revenue$36,298 $31,285 $70,911 $61,253 
Adjusted cost of revenue(1)
7,441 6,823 14,734 13,820 
Adjusted research and development(1)
8,565 7,272 16,895 14,846 
Adjusted sales and marketing(1)
8,261 9,179 15,687 17,332 
Adjusted general and administrative(1)
5,493 5,268 10,705 10,599 
Depreciation3,102 5,509 8,353 10,957 
Amortization2,372 1,516 4,885 2,980 
Stock-based compensation7,304 5,528 14,663 11,057 
Other segment items(2)
857 538 1,410 1,063 
Net loss and comprehensive loss$(7,097)$(10,348)$(16,421)$(21,401)
________________
(1) Cost of revenue and operating expenses have been adjusted to exclude depreciation, amortization and stock-based compensation, which are disaggregated in their presentation to the CODM.
(2) Other segment items include investment income, interest expense, foreign exchange loss (gain), and income tax provision.
v3.25.2
Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2025
Jun. 30, 2025
Jun. 30, 2024
Apr. 01, 2025
Mar. 31, 2025
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]              
Net income (loss) $ (7,097) $ (10,348)   $ (16,421) $ (21,401)    
Net loss per share, diluted (USD per share) $ (0.13) $ (0.25)   $ (0.30) $ (0.52)    
Net loss per share, basic (USD per share) $ (0.13) $ (0.25)   $ (0.30) $ (0.52)    
Effective income tax rate (in percent) 0.00% 0.00%   0.00% 0.00%    
Change in Accounting Method Accounted for as Change in Estimate              
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]              
Depreciation $ (2,400)     $ (2,400)      
Net income (loss) $ 2,400     $ 2,400      
Change in Accounting Method Accounted for as Change in Estimate | Forecast              
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]              
Depreciation     $ (2,800)        
Net income (loss)     $ 2,800        
Machinery and equipment              
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]              
Useful life of property, plant and equipment           6 years  
Machinery and equipment | Change in Accounting Method Accounted for as Change in Estimate              
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]              
Net loss per share, diluted (USD per share) $ 0.04 $ 0.04   $ 0.04 $ 0.04    
Net loss per share, basic (USD per share) $ 0.04 $ 0.04   $ 0.04 $ 0.04    
Data center equipment              
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]              
Useful life of property, plant and equipment           6 years  
Minimum | Machinery and equipment              
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]              
Useful life of property, plant and equipment             3 years
Minimum | Data center equipment              
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]              
Useful life of property, plant and equipment             3 years
Maximum | Machinery and equipment              
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]              
Useful life of property, plant and equipment             5 years
Maximum | Data center equipment              
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]              
Useful life of property, plant and equipment             5 years
v3.25.2
Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Concentration Risk (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Cash Disbursements | Customer Concentration Risk | Two Vendors        
Concentration Risk [Line Items]        
Concentration risk (in percent) 29.00% 27.00% 28.00% 25.00%
Accounts Payable | Supplier Concentration Risk | Two Vendors        
Concentration Risk [Line Items]        
Concentration risk (in percent)     28.00%  
Accounts Payable | Supplier Concentration Risk | One Vendor        
Concentration Risk [Line Items]        
Concentration risk (in percent)       14.00%
Accounts Receivable | Customer Concentration Risk | Two Customers        
Concentration Risk [Line Items]        
Concentration risk (in percent)     44.00% 35.00%
v3.25.2
Revenues - Schedule of Disaggregation of Revenues (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Disaggregation of Revenue [Line Items]        
Revenue $ 36,298 $ 31,285 $ 70,911 $ 61,253
B2 Cloud Storage        
Disaggregation of Revenue [Line Items]        
Revenue 19,841 15,415 37,889 30,037
Computer Backup        
Disaggregation of Revenue [Line Items]        
Revenue 16,457 15,870 33,022 31,216
Consumption-based arrangements        
Disaggregation of Revenue [Line Items]        
Revenue 19,151 14,972 36,564 29,250
Subscription-based arrangements        
Disaggregation of Revenue [Line Items]        
Revenue 17,038 16,177 34,146 31,744
Physical Media (point in time)        
Disaggregation of Revenue [Line Items]        
Revenue $ 109 $ 136 $ 201 $ 259
v3.25.2
Revenues - Schedule of Revenue by Geographic Area (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Disaggregation of Revenue [Line Items]        
Revenue $ 36,298 $ 31,285 $ 70,911 $ 61,253
United States        
Disaggregation of Revenue [Line Items]        
Revenue 25,761 22,891 51,142 44,818
United Kingdom        
Disaggregation of Revenue [Line Items]        
Revenue 1,937 1,734 3,689 3,362
Canada        
Disaggregation of Revenue [Line Items]        
Revenue 1,617 1,444 3,271 2,842
Other        
Disaggregation of Revenue [Line Items]        
Revenue $ 6,983 $ 5,216 $ 12,809 $ 10,231
v3.25.2
Revenues - Narrative (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Unbilled accounts receivable, net $ 3.6 $ 2.9
Remaining performance obligation $ 44.9  
12 Months | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligation (in percent) 77.00%  
Performance obligation, expected timing of satisfaction 12 months  
24 Months | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Performance obligation, expected timing of satisfaction 24 months  
v3.25.2
Revenues - Schedule of Deferred Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]          
Deferred revenue $ 35,512   $ 35,512   $ 35,554
Revenue recognized from deferred balances at the beginning of each respective period $ 12,497 $ 11,255 $ 21,035 $ 17,882  
v3.25.2
Revenues - Schedule of Deferred Contract Costs (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Commissions Paid To Marketing Affiliates          
Capitalized Contract Cost [Line Items]          
Deferred contract costs $ 541   $ 541   $ 542
Amortization of deferred contract costs 129 $ 282 424 $ 563  
Sales Commission          
Capitalized Contract Cost [Line Items]          
Deferred contract costs 1,538   1,538   $ 972
Amortization of deferred contract costs $ 111 $ 15 $ 209 $ 15  
v3.25.2
Marketable Securities - Schedule of Fair Values and Gross Unrealized Gains and Losses (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Schedule of Held-to-maturity Securities [Line Items]      
Cash and cash equivalents $ 32,187 $ 45,776 $ 9,273
Investments, amortized cost   9,139  
Investments, gross unrealized gains   0  
Investments, gross unrealized losses   (2)  
Investments, fair value 18,355 9,137  
Investments, net carrying value   9,139  
Cash and Cash Equivalents      
Schedule of Held-to-maturity Securities [Line Items]      
Cash and cash equivalents 12,017    
Cash equivalents, gross unrealized gains 0    
Cash equivalents, gross unrealized losses 0    
Cash equivalents, fair value 12,017    
Marketable Securities      
Schedule of Held-to-maturity Securities [Line Items]      
Investments, amortized cost 18,354    
Investments, gross unrealized gains 1    
Investments, gross unrealized losses 0    
Investments, fair value 18,355    
Investments, net carrying value 18,354    
U.S. treasury securities      
Schedule of Held-to-maturity Securities [Line Items]      
Investments, amortized cost 9,408    
Investments, gross unrealized gains 0    
Investments, gross unrealized losses 0    
Investments, fair value 9,408    
Investments, net carrying value 9,408    
Corporate debt securities      
Schedule of Held-to-maturity Securities [Line Items]      
Investments, amortized cost 8,946    
Investments, gross unrealized gains 1    
Investments, gross unrealized losses 0    
Investments, fair value 8,947    
Investments, net carrying value 8,946    
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, fair value   9,137  
Investments, net carrying value   $ 9,139  
Money market funds      
Schedule of Held-to-maturity Securities [Line Items]      
Cash and cash equivalents 12,017    
Cash equivalents, gross unrealized gains 0    
Cash equivalents, gross unrealized losses 0    
Cash equivalents, fair value $ 12,017    
v3.25.2
Marketable Securities - Schedule of Scheduled Maturities (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Amortized Cost    
Within one year $ 18,354 $ 9,139
After one year through five years 0 0
After 5 years through 10 years 0 0
After 10 years 0 0
Total investments 18,354 9,139
Fair Value    
Within one year 18,355 9,137
After one year through five years 0 0
After 5 years through 10 years 0 0
After 10 years 0 0
Total investments $ 18,355 $ 9,137
v3.25.2
Marketable Securities - Narrative (Details) - security
Jun. 30, 2025
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]    
Number of securities in an unrealized loss position 0 3
v3.25.2
Marketable Securities - Schedule of Aging of Unrealized Losses (Details)
$ in Thousands
Jun. 30, 2025
security
Dec. 31, 2024
USD ($)
security
Schedule of Held-to-maturity Securities [Line Items]    
# of Securities | security 0 3
Less than 12 months, fair value   $ 9,137
Unrealized Gain / (Losses)   $ (2)
Commercial paper    
Schedule of Held-to-maturity Securities [Line Items]    
# of Securities | security   3
Less than 12 months, fair value   $ 9,137
Unrealized Gain / (Losses)   $ (2)
v3.25.2
Fair Value Measurements - Schedule of Held-To-Maturity Investments (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments $ 18,355 $ 9,137
Fair Value, Nonrecurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 30,372 9,137
U.S. treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 9,408  
U.S. treasury securities | Fair Value, Nonrecurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 9,408  
Corporate debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 8,947  
Corporate debt securities | Fair Value, Nonrecurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 8,947  
Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments   9,137
Commercial paper | Fair Value, Nonrecurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments   9,137
Money market funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 12,017  
Money market funds | Fair Value, Nonrecurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 12,017  
Level 1 | Fair Value, Nonrecurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 21,425 0
Level 1 | U.S. treasury securities | Fair Value, Nonrecurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 9,408  
Level 1 | Corporate debt securities | Fair Value, Nonrecurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 0  
Level 1 | Commercial paper | Fair Value, Nonrecurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments   0
Level 1 | Money market funds | Fair Value, Nonrecurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 12,017  
Level 2 | Fair Value, Nonrecurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 8,947 9,137
Level 2 | U.S. treasury securities | Fair Value, Nonrecurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 0  
Level 2 | Corporate debt securities | Fair Value, Nonrecurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 8,947  
Level 2 | Commercial paper | Fair Value, Nonrecurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments   $ 9,137
Level 2 | Money market funds | Fair Value, Nonrecurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents $ 0  
v3.25.2
Fair Value Measurements - Narrative (Details) - Fair Value, Recurring - USD ($)
Jun. 30, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value $ 0 $ 0
Liabilities, fair value $ 0 $ 0
v3.25.2
Property and Equipment, Net (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Total property and equipment $ 152,434 $ 139,255
Less: accumulated depreciation and amortization (102,496) (96,306)
Property and equipment, net 49,938 42,949
Data center equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 61,858 54,552
Leased and financed data center equipment    
Property, Plant and Equipment [Line Items]    
Leased and financed data center equipment 69,221 65,037
Machinery and equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 18,914 16,872
Computer equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 2,238 2,239
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 128 244
Construction-in-progress    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 75 $ 311
v3.25.2
Property and Equipment, Net - Narrative (Details) - Equipment - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Accumulated amortization $ 27.8 $ 29.3
Carrying value of equipment under capital lease agreements and collateralized financing obligations $ 41.4 $ 35.7
v3.25.2
Property and Equipment, Net - Long-Lived Assets By Geographic Areas (Details) - USD ($)
$ in Thousands
Jun. 30, 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 $ 75,811 $ 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 65,024 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 3,041 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 $ 7,746 $ 7,583
v3.25.2
Capitalized Internal-Use Software, Net - Schedule of Capitalized Internal Use Software (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Total capitalized internal-use software $ 64,846 $ 59,579
Less: accumulated amortization (22,663) (17,778)
Total capitalized internal-use software, net 42,183 41,801
Developed software    
Finite-Lived Intangible Assets [Line Items]    
Total capitalized internal-use software 64,702 59,435
General and administrative software    
Finite-Lived Intangible Assets [Line Items]    
Total capitalized internal-use software $ 144 $ 144
v3.25.2
Capitalized Internal-Use Software, Net - Schedule of Amortization Expense in Capitalized Internal Use Software (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Finite-Lived Intangible Assets [Line Items]        
Total amortization expense of capitalized internal-use software $ 2,436 $ 1,554 $ 4,884 $ 2,980
Cost of revenue        
Finite-Lived Intangible Assets [Line Items]        
Total amortization expense of capitalized internal-use software 2,433 1,551 4,879 2,975
General and administrative        
Finite-Lived Intangible Assets [Line Items]        
Total amortization expense of capitalized internal-use software $ 3 $ 3 $ 5 $ 5
v3.25.2
Leases - Narrative (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2026
Lessee, Lease, Description [Line Items]    
incremental borrowing rate (“IBR”) (in percent) 6.80%  
Increase (decrease) of total undiscounted minimum lease payments $ 34.5  
Forecast    
Lessee, Lease, Description [Line Items]    
Finance 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) 2 years  
Maximum    
Lessee, Lease, Description [Line Items]    
Finance lease, term (in years) 4 years  
v3.25.2
Leases - Schedule Of Assets Acquired Through Finance Lease And Lease Financing Obligation Agreement (Details)
Jun. 30, 2025
Dec. 31, 2024
Leases [Abstract]    
Operating lease, weighted average remaining lease term (in years) 5 years 9 months 18 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 2 years 2 months 12 days 1 year 10 months 24 days
Finance lease, weighted average discount rate (in percent) 11.90% 11.90%
v3.25.2
Leases - Schedule of Operating Lease Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Leases [Abstract]        
Finance lease costs, depreciation expense $ 2,006 $ 3,159 $ 4,846 $ 6,723
Interest expense 778 581 1,533 1,174
Lease financing obligation costs, depreciation expense 233 667 842 1,334
Lease financing obligation costs, interest expense 74 183 172 395
Lessee, Lease, Description [Line Items]        
Variable lease costs 1,225 912 2,317 1,912
Total operating lease costs 3,634 2,826 7,012 5,809
Cost of revenue        
Lessee, Lease, Description [Line Items]        
Total operating lease costs 3,359 2,541 6,545 5,229
General and administrative        
Lessee, Lease, Description [Line Items]        
Total operating lease costs 275 285 467 580
Lease Components        
Lessee, Lease, Description [Line Items]        
Rental expense 1,283 665 2,469 1,356
Non-Lease Components        
Lessee, Lease, Description [Line Items]        
Rental expense $ 1,126 $ 1,249 $ 2,226 $ 2,541
v3.25.2
Leases - Schedule of Supplemental Cash Information (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Leases [Abstract]    
Cash paid for interest on finance lease and lease financing obligations $ 1,694 $ 1,569
Cash paid for operating lease liabilities 2,623 1,328
Equipment acquired through finance leases 14,064 5,989
Right-of-use assets obtained in exchange for operating lease obligations $ 12,023 $ 0
v3.25.2
Leases - Schedule of Future Minimum Commitments for Finance Leases and Lease Financing Obligations (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
Finance leases  
Remainder of 2025 $ 9,189
2026 14,632
2027 10,375
2028 2,637
2029 933
Total future minimum lease and financing commitments 37,766
Less imputed interest (4,786)
Total finance lease liabilities 32,980
Lease financing obligations  
Remainder of 2025 1,497
2027 0
2028 0
2029 0
Total future minimum lease and financing commitments 1,497
Less imputed interest (47)
Total finance lease liabilities 1,450
Total  
Remainder of 2025 10,686
2026 14,632
2027 10,375
2028 2,637
2029 933
Total future minimum lease and financing commitments 39,263
Less imputed interest (4,833)
Total finance lease and lease financing obligation liabilities $ 34,430
v3.25.2
Leases - Schedule of Future Minimum Obligations For Operating Leases And Non-Lease Components (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
Operating leases  
Remainder of 2025 $ 3,218
2026 6,341
2027 5,442
2028 5,264
2029 4,161
Thereafter 8,687
Total future minimum operating lease commitments 33,113
Less imputed interest (5,946)
Total liability 27,167
Non-lease components  
Remainder of 2025 2,225
2026 3,993
2027 2,974
2028 2,978
2029 2,529
Thereafter 1,460
Total future minimum operating lease commitments 16,159
Total  
Remainder of 2025 5,443
2026 10,334
2027 8,416
2028 8,242
2029 6,690
Thereafter 10,147
Total future minimum operating lease commitments $ 49,272
v3.25.2
Commitments and Contingencies - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Other Commitments [Line Items]        
Purchase obligation, to be paid, remainder of fiscal year $ 1.2   $ 1.2  
Purchase obligation, to be paid, year one 2.7   2.7  
Purchase obligation, to be paid, year two 1.9   1.9  
Purchase obligation, to be paid, year three 0.7   0.7  
Plan contributions $ 0.5 $ 0.5 $ 1.0 $ 1.0
Meaningful Works | Related Party        
Other Commitments [Line Items]        
Payments to related party       $ 0.2
v3.25.2
Debt (Details)
$ in Thousands, shares in Millions
 3 Months Ended 6 Months Ended
Aug. 07, 2025
USD ($)
shares
Jun. 04, 2025
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Debt Instrument [Line Items]            
Interest expense     $ 880 $ 901 $ 1,733 $ 1,822
Revolving Credit Facility | Citizens Bank, N.A. Credit Agreement | Line of Credit            
Debt Instrument [Line Items]            
Maximum borrowing capacity   $ 20,000        
Deferred offering costs capitalized   $ 600        
Maturity extension option (in years)   1 year        
Term of facility (in years)   2 years        
Commitment fee percentage (in percent)   0.35%        
Available borrowing capacity     $ 20,000   $ 20,000  
Revolving Credit Facility | Citizens Bank, N.A. Credit Agreement | Line of Credit | Subsequent Event            
Debt Instrument [Line Items]            
Share repurchase program, authorized, number of shares | shares 10.0          
Covenant liquidity required, minimum $ 10,000          
Covenant, leverage ratio, minimum 2.75          
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        
Commitment fee percentage (in percent)   0.125%        
Revolving Credit Facility | City National Bank Revolving Credit Agreement | Line of Credit            
Debt Instrument [Line Items]            
Interest rate, stated percentage (in percent)       8.10%   8.10%
Interest expense       $ 100   $ 200
v3.25.2
Stockholders' Equity - Schedule of Common Stock Reserved for Future Issuance (Details) - shares
Jun. 30, 2025
Dec. 31, 2024
Aug. 02, 2024
Class of Stock [Line Items]      
Common stock reserved for future issuance (in shares) 19,693,885 19,044,737  
2011 Equity Incentive Plan | Options outstanding      
Class of Stock [Line Items]      
Common stock reserved for future issuance (in shares) 4,391,807 5,264,351  
2021 Plan      
Class of Stock [Line Items]      
Common stock reserved for future issuance (in shares) 6,480,639 6,933,867  
2021 Plan | Options outstanding      
Class of Stock [Line Items]      
Common stock reserved for future issuance (in shares) 1,085,295 1,114,620  
2021 Plan | Restricted stock units outstanding      
Class of Stock [Line Items]      
Common stock reserved for future issuance (in shares) 5,599,625 4,351,393  
2021 Employee Stock Purchase Plan      
Class of Stock [Line Items]      
Common stock reserved for future issuance (in shares) 1,721,779 965,766  
2024 Inducement Plan      
Class of Stock [Line Items]      
Common stock reserved for future issuance (in shares) 2,000 2,000 414,740
2024 Inducement Plan | Restricted stock units outstanding      
Class of Stock [Line Items]      
Common stock reserved for future issuance (in shares) 412,740 412,740  
v3.25.2
Stock-Based Compensation - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2021
Jan. 31, 2025
Dec. 31, 2024
Aug. 02, 2024
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]                
Common stock reserved for future issuance (in shares) 19,693,885   19,693,885       19,044,737  
Stock-based compensation $ 7,304   $ 14,663          
Stock-based compensation included in capitalized internal-use software 800 $ 900 1,501 $ 1,965        
Intrinsic value of options exercised     2,300 11,100        
Cost not yet recognized for stock options, amount 800   $ 800          
Restricted stock units outstanding                
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]                
Cost not yet recognized, period for recognition (in years)     2 years 3 months 18 days          
Cost not yet recognized for restricted stock units, amount $ 36,100   $ 36,100          
Options outstanding                
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]                
Award vesting period (in years)     4 years          
Cost not yet recognized, period for recognition (in years)     3 months 18 days          
Expiration period (in years)     10 years          
2021 Equity Incentive Plan                
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [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%      
2021 Equity Incentive Plan | Restricted stock units outstanding | Share-Based Payment Arrangement, Nonemployee                
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]                
Award vesting period (in years)     1 year          
2021 Equity Incentive Plan | Maximum | Restricted stock units outstanding | Share-Based Payment Arrangement, Employee                
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]                
Award vesting period (in years)     4 years          
2021 Employee Stock Purchase Plan                
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [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) 1,721,779   1,721,779       965,766  
2021 Employee Stock Purchase Plan | Employee Stock                
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]                
Cost not yet recognized, period for recognition (in years)     10 months 24 days          
Stock-based compensation $ 500 500 $ 1,000 800        
Stock-based compensation included in capitalized internal-use software 100 100 200 (300)        
Cost not yet recognized for stock options, amount $ 3,300   $ 3,300          
2024 Inducement Plan                
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]                
Common stock reserved for future issuance (in shares) 2,000   2,000       2,000 414,740
2024 Inducement Plan | Restricted stock units outstanding                
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]                
Common stock reserved for future issuance (in shares) 412,740   412,740       412,740  
Bonus Plan | Restricted stock units outstanding                
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]                
Number of shares authorized (in shares)           301,571    
Stock-based compensation $ 1,000 500 $ 2,100 1,300        
Stock-based compensation included in capitalized internal-use software $ 100 $ 100 $ 200 $ 200        
v3.25.2
Stock-Based Compensation - Schedule of Restricted Stock Units (Details) - Restricted stock units outstanding
 6 Months Ended
Jun. 30, 2025
$ / shares
shares
RSUs  
Unvested, beginning of period (in shares) | shares 4,764,133
Granted (in shares) | shares 3,392,170
Vested (in shares) | shares (1,873,193)
Forfeited (in shares) | shares (270,745)
Unvested, end of period (in shares) | shares 6,012,365
Weighted-average grant date fair value per unit  
Unvested, beginning of period (in dollars per share) | $ / shares $ 6.18
Granted (in dollars per share) | $ / shares 6.81
Vested (in dollars per share) | $ / shares 6.10
Forfeited (in dollars per share) | $ / shares 6.28
Unvested, end of period (in dollars per share) | $ / shares $ 6.56
v3.25.2
Stock-Based Compensation - Schedule of Equity Award Activity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 6 Months Ended
Jun. 30, 2025
Outstanding
stock
options  
Beginning balance (in shares) 6,378,753
Options granted (in shares) 0
Options exercised (in shares) (730,081)
Options canceled (in shares) (171,570)
Ending balance (in shares) 5,477,102
Vested and exercisable (in shares) 5,381,651
Weighted-
average
exercise
Price  
Beginning balance (USD per share) $ 7.28
Options granted (USD per share) 0
Options exercised (USD per share) 2.55
Options canceled (USD per share) 6.78
Ending balance (USD per share) 7.93
Vested and exercisable (USD per share) $ 7.73
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]  
Options outstanding, Weighted-average remaining contractual life (in years) 4 years 7 months 13 days
Vested and exercisable, Weighted-average remaining contractual life (in years) 4 years 7 months 2 days
Options outstanding, Aggregate intrinsic value $ 7,395
Vested and exercisable, Aggregate intrinsic value $ 7,395
v3.25.2
Stock-Based Compensation - Schedule of Valuation Assumptions (Details) - Options outstanding
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Expected dividend yield (in percent) 0.00% 0.00%
Minimum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Expected term (in years) 6 months 6 months
Expected volatility (in percentage) 60.92% 48.00%
Risk-free interest rate (in percentage) 3.97% 4.82%
Maximum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Expected term (in years) 2 years 2 years
Expected volatility (in percentage) 70.28% 56.00%
Risk-free interest rate (in percentage) 4.32% 5.43%
v3.25.2
Stock-Based Compensation - Schedule of Classification of Stock-Based Compensation (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]        
Stock-based compensation $ 7,304   $ 14,663  
Reportable Segment        
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]        
Stock-based compensation 7,304 $ 5,528 14,663 $ 11,057
Cost of revenue | Reportable Segment        
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]        
Stock-based compensation 432 354 852 740
Research and development | Reportable Segment        
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]        
Stock-based compensation 3,272 2,250 6,739 4,358
Sales and marketing | Reportable Segment        
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]        
Stock-based compensation 1,881 1,762 3,678 3,584
General and administrative | Reportable Segment        
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]        
Stock-based compensation $ 1,719 $ 1,162 $ 3,394 $ 2,375
v3.25.2
Net Loss per Share Attributable to Common Stockholders - Schedule of Basic and Diluted Net Loss Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Numerator:        
Net loss and comprehensive loss attributable to common stockholders $ (7,097) $ (10,348) $ (16,421) $ (21,401)
Denominator for basic and diluted net loss per share:        
Weighted average shares used in computing net loss per share attributable to Class A and Class B common stockholders - basic (in shares) 55,627,214 42,151,850 54,835,639 41,188,544
Weighted average shares used in computing net loss per share attributable to Class A and Class B common stockholders - diluted (in shares) 55,627,214 42,151,850 54,835,639 41,188,544
Net loss per share attributable to common stockholders - basic (USD per share) $ (0.13) $ (0.25) $ (0.30) $ (0.52)
Net loss per share attributable to common stockholders - diluted (USD per share) $ (0.13) $ (0.25) $ (0.30) $ (0.52)
v3.25.2
Net Loss per Share Attributable to Common Stockholders - Schedule of Antidilutive Securities (Details) - shares
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
RSUs        
Earnings Per Common Share [Line Items]        
Antidilutive securities (in shares) 4,745,716 2,359,300 3,523,498 2,598,451
Stock options        
Earnings Per Common Share [Line Items]        
Antidilutive securities (in shares) 4,007,209 5,300,069 3,983,888 5,750,876
Shares issuable pursuant to the ESPP        
Earnings Per Common Share [Line Items]        
Antidilutive securities (in shares) 1,249,684 686,316 1,344,639 761,556
Bonus Plan        
Earnings Per Common Share [Line Items]        
Antidilutive securities (in shares) 0 112,744 94,970 144,453
v3.25.2
Restructuring - Narrative (Details) - 2024 Restructuring Plan - USD ($)
$ in Millions
 2 Months Ended 3 Months Ended
Dec. 31, 2024
Jun. 30, 2025
Dec. 31, 2024
Restructuring Cost and Reserve [Line Items]      
Workforce terminated (in percent) 12.00%    
Restructuring charges     $ 4.9
Employee severance and benefit costs (credits)   $ (0.1) 3.9
Impairment charges   $ 0.1 0.9
Professional fees     $ 0.1
v3.25.2
Restructuring - Schedule of Restructuring Reserve Activity (Details) - 2024 Restructuring Plan
$ in Thousands
 6 Months Ended
Jun. 30, 2025
USD ($)
Restructuring Reserve [Roll Forward]  
Beginning of period $ 355
Cash payments during the period (230)
Other adjustments (125)
End of period $ 0
v3.25.2
Segment Reporting - Narrative (Details)
 6 Months Ended
Jun. 30, 2025
segment
Segment Reporting [Abstract]  
Number of reportable segments 1
Number of operating segments 1
v3.25.2
Segment Reporting - Schedule of Segment Reporting Information, by Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting Information [Line Items]        
Revenue $ 36,298 $ 31,285 $ 70,911 $ 61,253
Stock-based compensation 7,304   14,663  
Net loss and comprehensive loss (7,097) (10,348) (16,421) (21,401)
Reportable Segment        
Segment Reporting Information [Line Items]        
Revenue 36,298 31,285 70,911 61,253
Adjusted cost of revenue 7,441 6,823 14,734 13,820
Adjusted research and development 8,565 7,272 16,895 14,846
Adjusted sales and marketing 8,261 9,179 15,687 17,332
Adjusted general and administrative 5,493 5,268 10,705 10,599
Depreciation 3,102 5,509 8,353 10,957
Amortization 2,372 1,516 4,885 2,980
Stock-based compensation 7,304 5,528 14,663 11,057
Other segment items 857 538 1,410 1,063
Net loss and comprehensive loss $ (7,097) $ (10,348) $ (16,421) $ (21,401)
v3.25.2
Subsequent Events (Details)
shares in Millions
Aug. 07, 2025
shares
Common Stock | Subsequent Event  
Subsequent Event [Line Items]  
Share repurchase program, authorized, number of shares 10.0