A10 NETWORKS, INC., 10-K filed on 2/25/2026
Annual Report
v3.25.4
Cover Page - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Feb. 19, 2026
Jun. 30, 2025
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity Registrant Name A10 NETWORKS, INC.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 20-1446869    
Entity Address, Address Line One 2300 Orchard Parkway,    
Entity Address, City or Town San Jose    
Entity Address, State or Province CA    
Entity Address, Postal Zip Code 95131    
City Area Code 408    
Local Phone Number 325-8668    
Title of 12(b) Security Common Stock, $.00001 Par Value    
Trading Symbol ATEN    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Entity Public Float     $ 1,377.6
Entity Common Stock, Shares Outstanding   71,724,984  
Documents Incorporated by Reference Portions of the registrant’s definitive Proxy Statement for the 2026 Annual Stockholders’ Meeting, which the registrant expects to file with the Securities and Exchange Commission within 120 days of December 31, 2025, are incorporated by reference into Part III (Items 10, 11, 12, 13 and 14) of this Annual Report on Form 10-K.    
Entity Shell Company false    
Entity File Number 001-36343    
Amendment Flag false    
Entity Central Index Key 0001580808    
Document Fiscal Period Focus FY    
Document Fiscal Year Focus 2025    
Entity Filer Category Large Accelerated Filer    
Document Financial Statement Error Correction [Flag] false    
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Name GRANT THORNTON LLP
Auditor Location San Jose, California
Auditor Firm ID 248
v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 71,139 $ 95,129
Marketable securities 306,714 100,429
Accounts receivable, net of allowances of $66 and $465, respectively 62,069 76,687
Inventory 18,032 22,005
Prepaid expenses and other current assets 18,000 13,038
Total current assets 475,954 307,288
Property and equipment, net 50,221 39,142
Goodwill 15,134 1,307
Intangible assets 6,259 0
Other non-current assets 20,136 22,714
Total assets 629,813 432,815
LIABILITIES AND STOCKHOLDERS’ EQUITY    
Accounts payable 11,694 12,542
Accrued and other liabilities 41,132 32,696
Deferred revenue, current 80,824 78,335
Total current liabilities 133,650 123,573
Deferred revenue, non-current 61,982 69,924
Other non-current liabilities 3,848 7,489
Total liabilities 418,267 200,986
Commitments and contingencies (Note 9)
Stockholders' equity:    
Common stock, $0.00001 par value: 500,000 shares authorized; 91,996 and 90,520 shares issued and 71,498 and 73,693 shares outstanding, respectively 1 1
Treasury stock, at cost: 20,498 and 16,827 shares, respectively (249,912) (180,992)
Additional paid-in-capital 531,790 508,387
Dividends paid (72,785) (55,417)
Accumulated other comprehensive income 659 194
Retained earnings (accumulated deficit) 1,793 (40,344)
Total stockholders' equity 211,546 231,829
Total liabilities and stockholders' equity 629,813 432,815
Deferred Tax Assets, Net 62,109 62,364
Long-Term Debt $ 218,787 $ 0
v3.25.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
shares in Thousands, $ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Allowance for doubtful accounts receivable $ 66 $ 465
Common Stock, par value (in dollars per share) $ 0.00001 $ 0.00001
Common stock, shares authorized (in shares) 500,000 500,000
Common stock, shares issued (in shares) 91,966 90,520
Common stock, shares outstanding (in shares) 71,498 73,693
Treasury Stock, Shares, Acquired 20,468 16,827
v3.25.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue:      
Total revenue $ 290,557 $ 261,696 $ 251,700
Cost of revenue:      
Total cost of revenue 60,042 51,419 47,962
Gross profit 230,515 210,277 203,738
Operating expenses:      
Sales and marketing 84,467 83,300 85,976
Research and development 69,104 57,726 55,229
General and administrative 29,802 25,283 23,885
Total operating expenses 183,373 166,309 165,090
Income from operations 47,142 43,968 38,648
Non-operating income (expense):      
Interest income 11,628 6,747 5,078
Interest and other income (expense), net 6,348 (7,384) (69)
Total non-operating income, net 5,280 14,131 5,147
Income before income taxes 52,422 58,099 43,795
Provision for income taxes 10,285 7,959 3,825
Net income $ 42,137 $ 50,140 $ 39,970
Net income per share:      
Net income (loss) per share - basic (in dollars per share) $ 0.58 $ 0.68 $ 0.54
Net income (loss) per share - diluted (in dollars per share) $ 0.57 $ 0.67 $ 0.53
Weighted-average shares used in computing net income per share:      
Weighted Average Number of Shares Outstanding, Basic 72,253 74,088 74,210
Weighted Average Number of Shares Outstanding, Diluted 73,590 75,302 75,550
Products      
Revenue:      
Total revenue $ 167,086 $ 139,799 $ 141,082
Cost of revenue:      
Total cost of revenue 33,403 31,218 31,468
Services      
Revenue:      
Total revenue 123,471 121,897 110,618
Cost of revenue:      
Total cost of revenue $ 26,639 $ 20,201 $ 16,494
v3.25.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Net loss $ 42,137 $ 50,140 $ 39,970
Other comprehensive income (loss), net of tax:      
Unrealized gain on marketable securities 367 214 911
Comprehensive income 42,602 50,405 40,625
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax $ 98 $ 51 $ (256)
v3.25.4
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock
Treasury stock, at cost
Additional Paid-in Capital
Dividends Paid
Accumulated Other Comprehensive Income (Loss)
Accumulated Deficit
Beginning balance at Dec. 31, 2022 $ 181,012 $ 1 $ 134,934 $ 466,927 $ (19,802) $ (726) $ (130,454)
Beginning balance (in shares) at Dec. 31, 2022   73,738          
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Stock-based compensation expense 15,088     15,088      
Common stock issued under employee equity incentive plans (in shares)   1,881          
Common stock issued under employee equity incentive plans $ 4,943     4,943      
Repurchase of common stock (in shares) (1,260)            
Repurchase of common stock $ (15,975)   (15,975)        
Payments for dividends (17,817)       (17,817)    
Unrealized loss on marketable securities, net of tax 911         911  
Other Comprehensive Income (Loss), Net of Tax (256)         (256)  
Net Income 39,970           39,970
Ending balance (in shares) at Dec. 31, 2023   74,359          
Ending balance at Dec. 31, 2023 207,876 $ 1 150,909 486,958 (37,619) (71) (90,484)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Stock-based compensation expense 17,805     17,805      
Common stock issued under employee equity incentive plans (in shares)   1,516          
Common stock issued under employee equity incentive plans $ 3,624     3,624      
Repurchase of common stock (in shares) (2,182)            
Repurchase of common stock $ (30,083)   (30,083)        
Payments for dividends (17,798)       (17,798)    
Unrealized loss on marketable securities, net of tax 214         214  
Other Comprehensive Income (Loss), Net of Tax 51         51  
Net Income 50,140           50,140
Ending balance (in shares) at Dec. 31, 2024   73,693          
Ending balance at Dec. 31, 2024 231,829 $ 1 180,992 508,387 (55,417) 194 (40,344)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Stock-based compensation expense 20,030     20,030      
Common stock issued under employee equity incentive plans (in shares)   1,476          
Common stock issued under employee equity incentive plans $ 3,373     3,373      
Repurchase of common stock (in shares) (3,671)            
Repurchase of common stock $ (68,920)   (68,920)        
Payments for dividends (17,369)       (17,369)    
Unrealized loss on marketable securities, net of tax 367         367  
Other Comprehensive Income (Loss), Net of Tax 99         99  
Net Income 42,137           42,137
Ending balance (in shares) at Dec. 31, 2025   71,498          
Ending balance at Dec. 31, 2025 $ 211,546 $ 1 $ 249,912 $ 531,790 $ (72,786) $ 660 $ 1,793
v3.25.4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income $ 42,137 $ 50,140 $ 39,970
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 14,859 11,293 9,346
Stock-based compensation 20,030 17,048 14,081
Provision for (recovery from) credit losses and sales returns (399) 59 (699)
Other non-cash items 3,282 (424) 117
Changes in operating assets and liabilities:      
Accounts receivable 14,569 (2,555) (679)
Inventory 3,659 (760) (6,302)
Prepaid expenses and other assets (8,326) (67) (1,862)
Accounts payable (1,516) 2,224 (2,999)
Accrued and other liabilities 4,568 6,609 (20,801)
Deferred revenue (7,969) 6,925 14,342
Net cash provided by operating activities 84,894 90,492 44,514
Cash flows from investing activities:      
Proceeds from sales of marketable securities 853 25,531 45,420
Proceeds from maturities of marketable securities 136,765 81,146 64,504
Purchases of marketable securities (342,028) (142,759) (85,420)
Capital expenditures (20,128) (12,268) (10,896)
Net cash provided by (used in) investing activities (243,638) (48,350) 13,608
Cash flows from financing activities:      
Proceeds from issuance of common stock under employee equity incentive plans 3,373 3,624 4,943
Repurchases of common stock (68,920) (30,084) (15,975)
Payments for dividends (17,369) (17,797) (17,817)
Net cash provided by (used in) financing activities 134,754 (44,257) (28,849)
Net increase (decrease) in cash and cash equivalents (23,990) (2,115) 29,273
Cash and cash equivalents - beginning of year 95,129 97,244 67,971
Cash and cash equivalents - end of year 71,139 95,129 97,244
Supplemental Disclosures:      
Cash paid for income taxes, net of refunds 6,777 6,283 2,409
Cash paid for interest 3,334 0 0
Non-cash investing and financing activities:      
Transfers between inventory and property and equipment 314 2,277 2,473
Capital expenditures included in accounts payable 120 672 3,298
Proceeds from Issuance of Long-Term Debt 225,000 0 0
Payments of Debt Issuance Costs (7,330) 0 0
Payments to Acquire Businesses, Net of Cash Acquired $ (19,100) $ 0 $ 0
v3.25.4
Description of Business and Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business and Significant Accounting Policies Description of Business and Summary of Significant Accounting Policies
Description of Business

A10 Networks, Inc. (together with our subsidiaries, the “Company”, “we”, “our” or “us”) was incorporated in California in 2004 and reincorporated in Delaware in March 2014. We are headquartered in San Jose, California and have wholly-owned subsidiaries throughout the world including Asia and Europe.

We are a leading provider of secure application solutions and services that enable a new generation of intelligently connected companies with the ability to continuously improve cyber protection and digital responsiveness across dynamic Information Technology (“IT”) and network infrastructures. Our product portfolio seeks to address many of the cyber protection challenges and solution requirements. The portfolio consists of network infrastructure and security products. The infrastructure portfolio powers the delivery of internet services and applications while the security products protect applications, APIs, infrastructure and enterprises from cyber-attacks. Our security suite is known as A10 Defend. In addition, we have an intelligent management and automation tool known as A10 Control (formally Harmony Controller), which provides intelligent management, automation and analytics for secure application delivery in multi-cloud environments to help simplify operations.

Our secure infrastructure solutions include; Thunder Application Delivery Controller (“ADC”), Thunder Carrier Grade Networking (“CGN”), Thunder SSL Insight (“SSLi”) and Thunder Convergent Firewall (“CFW”). Our security products include; A10 Defend Threat Control, A10 Defend Orchestrator, A10 Defend Detector, A10 Defend Mitigator and A10 Defend ThreatX Protect. Our solutions are available in a variety of form factors, such as optimized hardware appliances, bare metal software, containerized software, virtual appliances and cloud-native software. Our customers include leading service providers (cloud, telecommunications, multiple system operators, cable), government organizations, and enterprises.

Basis of Presentation

The accompanying consolidated financial statements include those of A10 Networks, Inc. and its subsidiaries, and have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). All intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Those estimates and assumptions affect revenue recognition and deferred revenue, the allowance for credit losses for potential uncollectible amounts, the sales return reserve, the valuation of inventory, the fair value of marketable securities, contingencies and litigation, accrued liabilities, deferred commissions, ThreatX Protect purchase price allocation and the determination of fair value of stock-based compensation. These estimates are based on information available as of the date of the consolidated financial statements; therefore, actual results could differ from management’s estimates.

Significant Accounting Policies

Cash and Cash Equivalents
Cash and cash equivalents include bank deposits and short-term, highly liquid investments purchased with an original maturity of 90 days or less. Our cash equivalents consist of money market funds.

Marketable Securities
We classify our investments in debt securities as available-for-sale and record these investments at fair value. We may sell these investments at any time before their maturity dates. Accordingly, we classify our securities, including those with maturities exceeding twelve months, as current assets and include them in marketable securities in the consolidated balance sheets. Unrealized gains and losses are reported in accumulated other comprehensive income (loss), net of taxes, in the consolidated statements of stockholders’ equity. Realized gains and losses are determined based on the specific identification method. Realized gains and losses and credit allowances and impairments due to credit losses, if any, on marketable securities are reported in interest and other income, net as incurred in the consolidated statements of operations.
We regularly review our investment portfolio for impairment. If the estimated fair value of available-for-sale debt securities is less than its amortized cost basis, we determine if the difference, if any, is caused by expected credit losses and write-down the amortized cost basis of the securities if it is more likely than not we will be required or we intend to sell the securities before recovery of its amortized cost basis. Allowances for credit losses and write-downs are recognized in the non-operating income (expense) section of our consolidated statements of operations.

The Company also invests in equity securities with readily determinable fair values which consist of investments in publicly traded companies. These investments are measured at fair value with changes in fair value recognized in non-operating income (expense) in our consolidated statements of operations.

Fair Value Measurement
Our financial instruments consist of cash, cash equivalents, marketable securities, accounts receivable and accounts payable. Our cash equivalents are measured and recorded at fair value on a recurring basis. Marketable securities are typically comprised of certificates of deposit, corporate securities, U.S. Treasury and agency securities, commercial paper, asset-backed securities and publicly trader equity securities and are measured at fair value on a recurring basis. The Company determines whether a credit loss exists for available-for-sale debt securities in an unrealized loss position. When the fair value of a security is below its amortized cost, the amortized cost will be reduced to its fair value and the resulting loss will be recorded in our consolidated statements of operations, if it is more likely than not that we are required to sell the impaired security before recovery of its amortized cost basis, or we have the intention to sell the security. If neither of these conditions are met, the Company considers the extent to which the fair value is less than the amortized cost, any changes to the rating of the security by a rating agency, and review of the issuer's financial statements. If factors indicate a credit loss exists, an allowance for credit loss is recorded through other expense, net, limited by the amount that the fair value is less than the amortized cost basis.

For all available-for-sale debt securities, unrealized gains and the amount of unrealized loss relating to factors other than credit loss are reported as a separate component of accumulated other comprehensive loss in our consolidated balance sheets. Realized gains and losses are determined based on the specific identification method and are reported in our consolidated statements of operations.

Financial instruments recorded at fair value are measured and classified using the three-level valuation hierarchy as described below:

Level 1 — observable inputs for identical assets or liabilities, such as quoted prices in active markets.

Level 2 — inputs other than the quoted prices in active markets that are observable either directly or indirectly.

Level 3 — unobservable inputs in which there is little or no market data, which requires us to develop our own assumptions when pricing the financial instruments.

Accounts receivable and accounts payable are stated at their carrying value, which approximates fair value due to the short time to the expected receipt or payment.
Accounts Receivable and Allowance for Credit Losses
Accounts receivable are unsecured and are recorded at invoice amounts, net of allowances for credit losses for any potential uncollectible amounts. We evaluate the collectability of our accounts receivable based on known collection risks and historical experience. We mitigate credit risk in respect to accounts receivable by performing periodic credit evaluations based on a number of factors, including past transaction experience, evaluation of credit history and review of the invoicing terms of the contract. We generally do not require our customers to provide collateral to support accounts receivable. In circumstances where we are aware of a specific customer’s inability to meet its financial obligations to us (for examples, bankruptcy filings or substantial downgrading of credit ratings), we record a specific allowance for credit losses against amounts due to reduce the net recognized receivable to the amount we reasonably believe will be collected. For all other customers, we record allowances for credit losses based on the length of time the receivables are past due and our historical experience of collections and write-offs.
Inventory
Inventory is stated at the lower of cost or net realizable value. Inventory cost is determined using first-in, first-out method. We regularly evaluate inventory for excess and obsolete products. Most of our inventory provisions relate to excess quantities of certain products, based on our inventory levels and future product purchase commitments compared to assumptions based on management’s assessment of future demand and market conditions. Inventory write-downs, once established, are not reversed as they establish a new cost basis for the inventory. Inventory write downs are included as a component of cost of products revenue in the consolidated statements of operations.

Property and Equipment, Net
Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the related assets. Depreciation and amortization on property and equipment, excluding leasehold improvements, ranges from one to seven years.

Leasehold improvements are amortized on a straight-line basis over the shorter of the estimated useful lives of the assets or the remaining lease term. Remaining amortization terms on leasehold improvements as of December 31, 2025 ranged from approximately one to three years.

Leases
The Company determines if an arrangement is a lease at inception. For leases where the Company is the lessee, right-of-use (“ROU”) assets represent the Company’s right to use the underlying asset for the term of the lease and are included within other non-current assets in the consolidated balance sheets, and the lease liabilities represent an obligation to make lease payments arising from the lease and are recorded within accrued liabilities and other non-current liabilities in the consolidated balance sheets. Lease liabilities are recognized at the lease commencement date based on the present value of the future lease payments over the lease term. The Company uses its incremental borrowing rate based on the information available at the commencement date of the underlying lease arrangement to determine the present value of lease payments. The ROU asset is determined based on the lease liability initially established and reduced for any prepaid lease payments and any lease incentives received. The lease term to calculate the ROU asset and related lease liability includes options to extend or terminate the lease when it is reasonably certain that the Company will exercise the option. The Company’s lease agreements generally do not contain any material variable lease payments, residual value guarantees or restrictive covenants.

The Company elected the package of practical expedients permitted under the transition guidance, which allowed for the carry-forward of the Company’s historical lease classification and assessment on whether a contract is or contains a lease. The Company elected to not apply the new standard’s recognition requirements to leases with an initial term of 12 months or less and instead elected to recognize lease payments in the consolidated statements of operations on a straight-line basis over the lease term.

Lease expense for operating leases is recognized on a straight-line basis over the lease term as an operating expense while expense for financing leases is recognized as depreciation expense and interest expense using the accelerated interest method of recognition. The Company accounts for lease components and non-lease components as a single lease component.
Business Combinations
We use our best estimates and assumptions to allocate the fair value of purchase consideration to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. We apply significant judgment in determining the fair value of the intangible assets acquired, which involves the use of significant estimates and assumptions with respect to revenue growth rates, royalty rate and technology migration curve. While we use our best estimates and judgments, our estimates are inherently uncertain and subject to refinement. During the measurement period, which may be up to one year from the acquisition date, we may record adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed, with the corresponding offset to goodwill. In addition, uncertain tax positions and tax-related valuation allowances are initially established in connection with a business combination as of the acquisition date. We continue to collect information and reevaluate these estimates and assumptions quarterly and record any adjustments to our preliminary estimates to goodwill provided that we are within the measurement period. Upon the conclusion of the final determination of the fair value of assets acquired or liabilities assumed during the measurement period, any subsequent adjustments are included in our consolidated statements of operations.
The results of operations for businesses acquired are included in the financial statements from the acquisition date. Acquisition-related expenses are recognized separately from the business combination and are expensed as incurred.
Goodwill
Goodwill represents the excess of purchase consideration over the fair values of assets acquired and liabilities assumed in a business combination. Goodwill is not amortized but is reviewed for possible impairment annually in the fourth quarter or more frequently if impairment indicators arise. We have identified a single reporting unit for the purpose of our goodwill impairment tests, and the fair value of our reporting unit has been determined by our enterprise value. We may elect to utilize a qualitative assessment to determine whether it is more likely than not that the fair value of our reporting unit is less than its carrying value. If, after assessing the qualitative factors, we determine that it is more likely than not that the fair value of our reporting unit is less than its carrying value, an impairment analysis will be performed. We compare the fair value of our reporting unit with its carrying amount and if the carrying value of the reporting unit exceeds its fair value, an impairment loss will be recognized for the amount by which the carrying amount of a reporting unit exceeds its fair value up to the amount of goodwill. We did not identify impairment of goodwill for any periods presented.

Intangible Assets
Intangible assets with finite lives consist of acquired developed technology, customer relationships, trademarks and trade names acquired through our acquisition of ThreatX Protect. Intangible assets are recorded at their respective estimated fair values upon acquisition close. The Company determines the estimated useful lives for acquired intangible assets based on the expected future cash flows associated with the respective asset. The Company's intangible assets with finite lives are amortized using the straight-line method over their estimated useful lives, ranging from four to five years. Amortization expense related to acquired developed technology is charged to product cost of revenues. Amortization expense related to customer relationships, trademarks and trade names is charged to sales and marketing activities. Amortization expense related to patents and trademarks is charged to general and administrative activities. The Company evaluates the recoverability of intangible assets periodically by taking into account events or circumstances that may warrant revised estimates of useful lives or that indicate the asset may be impaired.
Impairment of Long-Lived Assets
We evaluate our property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of our long-lived assets may not be recoverable. Recoverability of an asset group is measured by comparison of its carrying amount to the expected future undiscounted cash flows that the asset group is expected to generate. If it is determined that an asset group is not recoverable, an impairment loss is recorded in the amount by which the carrying amount of the asset group exceeds its fair value.

In the year ended December 31, 2025, we recorded an impairment charge totaling $951 thousand related to an incomplete internally developed software project that will not be completed.

Revenue Recognition
We recognize revenue, net of applicable taxes, when we transfer control of promised goods or services to our customers in an amount that reflects the consideration to which we expect to be entitled to in exchange for those goods or services.
We derive revenue from two sources: (i) products revenue, which includes hardware, perpetual software license and subscription offerings, which include term-based license agreements; and (ii) services revenue, which includes PCS, professional services, training and software-as-a-service offerings. Revenue for term-based license agreements is recognized at a point in time when the Company delivers the software license to the customer and over time once the subscription term has commenced. For our software-as-a-service offerings, our customers do not take possession of the Company’s software but rather we provide access to the service via a hosting arrangement. Revenue in these arrangements is recognized over time as the services are provided. A substantial portion of our revenue is from sales of our products and services through distribution channel partners, such as resellers and distributors. We apply the following five-step revenue recognition model:

•Identification of the contract, or contracts, with a customer
•Identification of the performance obligations in the contract
•Determination of the transaction price
•Allocation of the transaction price to the performance obligations in the contract
•Recognition of revenue when, or as, performance obligations are satisfied.

Our customers predominantly purchase PCS services in conjunction with purchases of our products. PCS revenue includes arrangements for software support and technical support for our products. PCS is offered under renewable, fee-based contracts, which include technical support, hardware repair and replacement parts, bug fixes, patches, and unspecified upgrades on a when-and-if available basis. We recognize services revenue ratably over the term of the PCS contract, which is typically one year, but can be up to seven years. Billed but unearned PCS revenue is included in deferred revenue.

Professional service revenue primarily consists of the fees we earn related to installation and consulting services. We recognize revenue from professional services upon delivery or completion of performance. Professional service arrangements are typically short term in nature and are largely completed within 30 to 90 days from the start of service. Revenue is recognized for training when the training course is delivered.

Contracts with Multiple Performance Obligations

Most of our contracts with customers, other than renewals of PCS, contain multiple performance obligations with a combination of products and PCS. Products and PCS generally qualify as distinct performance obligations. Our hardware includes embedded ACOS software, which together deliver the essential functionality of our products. For contracts which contain multiple performance obligations, we allocate revenue to each distinct performance obligation based on the SSP. Judgment is required to determine the SSP for each distinct performance obligation. We use a range of amounts to estimate SSP for products and PCS sold together in a contract to determine whether there is a discount to be allocated based on the relative SSP of the various products and PCS.

If we do not have an observable SSP, such as when we do not sell a product or service separately, then SSP is estimated using judgment and considering all reasonably available information such as market conditions and information about the size and/or purchase volume of the customer. We generally use a range of amounts to estimate SSP for individual products and services based on multiple factors including, but not limited to the sales channel (reseller, distributor or end-customer), the geographies in which our products and services are sold, and the size of the end-customer.

We account for multiple contracts with a single customer as one arrangement if the contractual terms and/or substance of those agreements indicate that they may be so closely related that they are, in effect, parts of a single contract.

We may occasionally accept returns to address customer satisfaction issues even though there is generally no contractual provision for such returns. We estimate returns for sales to customers based on historical return rates applied against current-period shipments. Specific customer returns and allowances are considered when determining our sales return reserve estimate.

Consequently, we have chosen to apply the portfolio approach when possible, which we do not believe will happen frequently. Additionally, we will evaluate a portfolio of data, when possible, in various situations, rights of return and transactions with variable consideration.

We report revenue net of sales taxes. We include shipping charges billed to customers in revenue and the related shipping costs are included in cost of product revenue.
Deferred Contract Acquisition Costs
We capitalize certain contract acquisition costs consisting of incremental sales commissions incurred to obtain customer contracts. Deferred commissions related to product revenues are recognized upon transfer of control to customers. Deferred commissions related to services revenue are recognized as the related performance obligations are met. Deferred commissions that will be recognized during the succeeding 12-month period are recorded as prepaid expenses and other current assets in the Company’s consolidated balance sheets, and the remaining portion is recorded as other non-current assets. Amortization of deferred commissions is included in sales and marketing expense in the consolidated statements of operations.

Research and Development Costs
Research and development efforts are focused on new product development and on developing additional functionality for our existing products. These expenses consist of personnel costs, and to a lesser extent, prototype materials, depreciation and certain allocated facilities and information technology costs. We expense research and development costs as incurred.

Capitalization of Internal Use Software
The company capitalizes costs incurred during the application development stage associated with the development of internal-use software systems. We account for the capitalization of internal-use software under ASC Topic 350-40, Internal-Use Software. Capitalized costs are included in property and equipment, net on the Company’s consolidated balance sheet. Once a project is available for general release to customers, the accumulated capitalized costs associated with that project will begin to be amortized over the estimated useful life of the software.
Capitalization of Internally Developed Software to be Marketed and Sold
We capitalize software engineering labor costs related to certain long-term projects that are expected to take more than a year to complete. We account for the capitalization of labor costs under Accounting Standards Codification (“ASC”) Topic 985-20, Software to be Sold, Leased or Marketed. Once a long-term project is available for general release to customers, the accumulated capitalized labor costs associated with that project will begin to be amortized over the expected revenue-generating life of that project and are recorded in cost of sales. If internal-use software that was previously capitalized is abandoned, the cost less the accumulated amortization, if any, is recorded as an operating expense.

Stock-Based Compensation
Stock-based compensation expense is measured on the grant date based on the fair value of the award and recognized on a straight-line basis over the requisite service period, reduced for actual forfeitures. The fair values of restricted stock units (“RSUs”) are estimated using our stock price at the close of the market on the grant date. The fair value of employee stock purchase rights is estimated using the Black-Scholes model on the grant date. The Black-Scholes model determines the fair value of share-based payment awards based on assumptions including expected term, stock price volatility and risk-free interest rate. Stock-based compensation expense related to shares not purchased due to terminations, or forfeitures, is reversed on the date of forfeiture. The fair values of market performance-based restricted stock units (“PSUs”) are estimated using the Monte Carlo simulation model, which uses the stock price, expected volatility and risk-free interest rate to determine the fair value.

Warranty Costs
Our appliance hardware and software generally carry a warranty period of 90 days. Estimates of future warranty costs are based on historical returns and the application of the historical return rates to our in-warranty installed base. Warranty costs to repair or replace items sold to customers have been insignificant for the years ended December 31, 2025, 2024 and 2023.

Foreign Currency
The functional currency of our foreign subsidiaries is the U.S. Dollar. Transactions denominated in non-functional currencies are remeasured to the functional currency at the average exchange rate for the period. Non-functional currency monetary assets and liabilities are remeasured to the functional currency using the exchange rate in effect at the balance sheet date, and non-monetary assets and liabilities are remeasured at historical exchange rates. Gains and losses related to remeasurement are recorded in interest and other income, net in the consolidated statements of operations.
Income Taxes
We account for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in our consolidated financial statements or in our tax returns. Estimates and judgments occur in the calculation of certain tax liabilities and in the determination of the recoverability of certain deferred income tax assets, which arise from temporary differences and carryforwards. Deferred income tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for the years in which those tax assets are expected to be realized or settled. We regularly assess the likelihood that our deferred tax assets will be recovered from future taxable income and, to the extent we believe, based upon the weight of available evidence, that it is more likely than not that all or a portion of deferred tax assets will not be realized, a valuation allowance is established through an adjustment to income tax expense.

The factors used to assess the likelihood of realization of our deferred tax assets include our historical operating performance, our forecast of future taxable income and available tax planning strategies that could be implemented to realize the net deferred tax assets. Assumptions represent our best estimates and involve inherent uncertainties and the application of our judgment.

We account for uncertainty in income taxes recognized in our consolidated financial statements by regularly reviewing our tax positions and benefits to be realized. We recognize tax liabilities based upon our estimate of whether, and the extent to which, additional taxes will be due when such estimates are more-likely-than-not to be sustained. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained upon examination by taxing authorities. The provision for (benefit from) income taxes excludes the effects of any resulting tax reserves, or unrecognized tax benefits, that are considered appropriate as well as the related net interest and penalties.

Advertising Costs
Advertising costs are expensed when incurred. Advertising costs were $0.2 million, $0.1 million and $0.1 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Segment Information
An operating segment is a component of an enterprise for which its discrete financial information is available and its operating results are regularly reviewed by our chief operating decision maker for resource allocation decisions and performance assessment. Our chief operating decision maker is our Chief Executive Officer.

Our Chief Executive Officer reviews financial information presented on a consolidated basis for purposes of allocating resources and assessing performance of the Company. Accordingly, we have one reportable segment and one operating segment. See Note 13 Segment and Geographic Information in the accompanying notes to the consolidated financial statements for further detail.

Vendor Business Concentration
We rely on third parties to manufacture our hardware appliances and we purchase raw materials from third-party vendors. We outsource substantially all of our manufacturing services to three independent manufacturers. In addition, we purchase certain strategic component inventory which is consigned to our third-party manufacturers. Other hardware components included in our products are sourced from various suppliers by our manufacturers and are principally industry standard parts and components that are available from multiple vendors.

Concentration of Credit Risk and Significant Customers
Financial instruments that potentially subject us to concentrations of credit risk consist of cash, cash equivalents, marketable securities and accounts receivable. Our cash, cash equivalents and marketable securities are held and invested in high-credit quality financial instruments by recognized financial institutions and are subject to minimum credit risk.

Our accounts receivable are unsecured and represent amounts due to us based on contractual obligations of our customers. We mitigate credit risk in respect to accounts receivable by performing periodic credit evaluations based on a number of factors, including past transaction experience, evaluation of credit history and review of the invoicing terms of the contract. We generally do not require our customers to provide collateral to support accounts receivable.
Significant customers, including distribution channel partners and direct customers (“end-customers”), are those which represent 10% or more of our total revenue for each period presented or our gross accounts receivable balance as of each respective balance sheet date.

A substantial portion of our revenue is from sales of our products and services through distribution channel partners, such as resellers and distributors. In 2025, 2024 and 2023, sales through a single distribution channel partner represented 29%, 20% and 19% of our total revenue, respectively.

Revenues from our significant end-customers as a percentage of our total revenue are as follows:
 Years Ended December 31,
202520242023
Customer A26%15%14%
We report revenue in two customer verticals: service providers, which accounted for 60%, 57% and 58% of our total revenue during the years ended December 31, 2025, 2024 and 2023, respectively, and enterprises, which accounted for 40%, 43% and 42% of our total revenue during years ended December 31, 2025, 2024 and 2023, respectively.

A substantial portion of our revenue comes from a limited number of large end-customers and service providers. Purchases from our ten largest end-customers accounted for 40%, 38% and 33% of our total revenue for the years ended December 31, 2025, 2024 and 2023, respectively.

As of December 31, 2025, a single distribution channel partner accounted for 23% of our total gross accounts receivable. As of December 31, 2024, a single distribution channel partner accounted for 34% of our total gross accounts receivable.

Recent Accounting Standards Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring public entities to disclose additional information about specific expense categories in the notes to the consolidated financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03.

Recently Adopted Accounting Standard

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted ASU 2023-09 for its fiscal year ending December 31, 2025. See Note 12 Income Taxes in the accompanying notes to the consolidated financial statements for further detail.
There have been no other recent accounting pronouncements, changes in accounting pronouncements or recently adopted accounting guidance during the year ended December 31, 2025 that are of significance or potential significance to us.
v3.25.4
Marketable Securities and Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Marketable Securities and Fair Value Measurements Marketable Securities and Fair Value Measurements
Marketable Securities

Marketable securities, classified as available-for-sale, consisted of the following (in thousands):
As of December 31, 2025As of December 31, 2024
 Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueAmortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Corporate securities$184,414 $397 $(3)$184,808 $52,311 $102 $(12)$52,401 
U.S. Treasury and agency securities94,148 246 (4)94,390 47,865 163 — 48,028 
Asset-backed securities27,419 99 (2)27,516 — — — — 
Total marketable securities$305,981 $742 $(9)$306,714 $100,176 $265 $(12)$100,429 

During the years ended December 31, 2025 and 2024, the Company did not reclassify any amount to earnings from accumulated other comprehensive income (loss) related to unrealized gains or losses.

The Company anticipates that it will recover the entire amortized cost basis of its available-for-sale marketable securities and has determined that no allowance for credit losses was required to be recognized during the years ended December 31, 2025 and 2024.

The following table summarizes the cost and estimated fair value of debt securities based on stated effective maturities as of December 31, 2025 (in thousands):
 Amortized CostFair Value
Less than 1 year$182,342 $182,721 
Mature in 1 - 3 years123,639 123,993 
Total$305,981 $306,714 

All available-for-sale securities are classified as current because they are available for use in current operations.
Marketable securities in an unrealized loss position consisted of the following (in thousands):
Less Than 12 Months12 Months or MoreTotal
As of December 31, 2025Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Corporate securities$12,024 $(3)$— $— $12,024 $(3)
U.S. Treasury and agency securities13,194 (4)— — 13,194 (4)
Asset-backed securities3,348 (2)— — 3,348 (2)
Total$28,566 $(9)$— $— $28,566 $(9)
Less Than 12 Months12 Months or MoreTotal
As of December 31, 2024Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Corporate securities$12,516 $(12)$— $— $12,516 $(12)
Total$12,516 $(12)$— $— $12,516 $(12)

Based on evaluation of securities that have been in a continuous loss position, the Company determined all gross unrealized losses on its marketable securities as of December 31, 2025 were temporary in nature and related primarily to interest rate shifts rather than changes in the underlying credit quality of the securities in a loss position. The Company has the ability to hold these investments until maturity, or for at least the foreseeable future. As such, the Company determined that as of December 31, 2025, there were no credit losses on any securities within its portfolio of marketable securities.

Fair Value Measurements

The following is a summary of the Company’s cash, cash equivalents and marketable securities. The Company records cash and cash equivalents at cost, which approximates fair value. Marketable securities are measured at fair value on a recurring basis (in thousands):
 As of December 31, 2025As of December 31, 2024
 Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash$62,348 $— $— $62,348 $89,195 $— $— $89,195 
Cash equivalents8,791 — — 8,791 5,934 — — 5,934 
Corporate securities— 184,808 — 184,808 — 52,401 — 52,401 
U.S. Treasury and agency securities73,458 20,932 — 94,390 38,025 10,003 — 48,028 
Asset-backed securities— 27,516 — 27,516 — — — — 
$144,597 $233,256 $— $377,853 $133,154 $62,404 $— $195,558 

There were no transfers between Level 1 and Level 2 fair value measurement categories during the years ended December 31, 2025 and 2024.

The Company measures the fair value of the 2030 Notes (as defined in Note 8 Long-Term Debt below) using inputs of quoted prices for disclosure purposes on a recurring basis. The fair value of the 2030 Notes was $232.7 million as of December 31, 2025. The 2030 Notes are categorized as Level 2 since their fair values is based on Level 2 inputs of quoted prices.
v3.25.4
Revenue Revenue
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Contract Balances
The following table reflects contract balances with customers (in thousands):
Balance Sheet Line ReferenceAs of December 31, 2025As of December 31, 2024As of December 31, 2023
Accounts receivable, net$62,069 $76,687 $74,307 
Deferred revenue, current80,824 78,335 82,657 
Deferred revenue, non-current61,982 69,924 58,677 

The Company receives payment from customers based upon billing cycles. Invoice payment terms typically range from 30 to 90 days.

Accounts receivable are recorded when the right to consideration becomes unconditional.

Contract assets include amounts related to the Company’s contractual right to consideration for performance obligations not yet billed, and are included in prepaid and other current assets in the Company’s consolidated balance sheets. The contract assets amount was immaterial as of December 31, 2025 and 2024.

Deferred revenue primarily consists of amounts that have been invoiced but not yet recognized as revenue and consists of performance obligations pertaining to support and subscription services. During the years ended December 31, 2025 and 2024, the Company recognized revenue of $77.8 million and $80.7 million, respectively, related to deferred revenue at the beginning of the period.

Deferred revenue consisted of the following (in thousands):
 As of December 31, 2025As of December 31, 2024As of December 31, 2023
Deferred revenue:  
Products$2,783 $4,405 $14,917 
Services140,023 143,854 126,417 
Total deferred revenue142,806 148,259 141,334 
Less: current portion(80,824)(78,335)(82,657)
Non-current portion$61,982 $69,924 $58,677 

Deferred Contract Acquisition Costs
As of December 31, 2025, the current and non-current portions of deferred contract acquisition costs totaled $8.3 million and $5.7 million, respectively, and the related amortization was $7.1 million for the year ended December 31, 2025. As of December 31, 2024, the current and non-current portions of deferred contract acquisition costs totaled $6.2 million and $4.8 million, respectively, and the related amortization was $5.9 million for the year ended December 31, 2024.

For the years ended December 31, 2025, 2024 and 2023, the Company had no impairment loss in relation to capitalized deferred contract acquisition costs and no asset impairment charges related to contract assets.

Remaining Performance Obligations
Remaining performance obligations represent contracted revenues that are non-cancellable and have not yet been recognized due to unsatisfied or partially satisfied performance obligations, which include deferred revenues and amounts that will be invoiced and recognized as revenues in future periods.
The Company expects to recognize revenue on the remaining performance obligations as follows (in thousands):
 As of December 31, 2025
Within 1 year$80,824 
Next 2 to 3 years51,628 
Thereafter10,354 
Total$142,806 
v3.25.4
Derivatives
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives Derivatives
Foreign Exchange Forward Contracts
The Company uses derivative financial instruments to manage exposures to foreign currency that may or may not be designated as hedging instruments. The Company’s objective for holding derivatives is to use the most effective methods to minimize the impact of these exposures. The Company does not enter into derivatives for speculative or trading purposes. The Company enters into foreign exchange forward contracts primarily to mitigate the effect of gains and losses generated by foreign currency transactions related to certain operating expenses and remeasurement of certain assets and liabilities denominated in foreign currencies.

For foreign exchange forward contracts not designated as hedging instruments, the fair value of the derivatives in a net gain or net loss position are recorded in prepaid expenses and other current assets in the accompanying consolidated balance sheets. Changes in the fair value of derivatives are recorded in other income, net in the accompanying consolidated statements of operations. As of December 31, 2025 and 2024, foreign exchange forward currency contracts not designated as hedging instruments had the total notional amount of $2.0 million and $7.6 million, respectively. These contracts have maturities of approximately 30 days. For the years ended December 31, 2025 and 2024, the Company recorded unrealized net losses of $0.1 million and $0.2 million, respectively, in its consolidated statements of operations related to these contracts. For the years ended December 31, 2025 and 2024, the net realized gain recorded in the consolidated statements of operations from these contracts was $0.3 million and $4.5 million, respectively.
For foreign exchange forward contracts designated as hedging instruments, unrealized gains and losses arising from these contracts are recorded as a component of accumulated other comprehensive income (loss) on the consolidated balance sheets. These hedging contracts have 30 day maturities. The hedging gains and losses in accumulated other comprehensive income (loss) in the consolidated balance sheet are subsequently reclassified to expenses, as applicable, in the consolidated statements of operations in the same period in which the underlying transactions affect the Company’s earnings. As of December 31, 2025 and 2024, there were no outstanding foreign exchange forward contracts designated as hedging instruments.
v3.25.4
Acquisition
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisition Acquisition
ThreatX Protect Business

In February 2025, we completed an acquisition of the ThreatX Protect business of ThreatX, Inc. for $19.1 million in cash. This acquisition has been accounted for as a business combination. The purchase price allocation is as follows: $7.6 million to identified intangible assets, $2.5 million to deferred revenue assumed and $0.2 million to net assets acquired, with the excess $13.8 million of the purchase price over the fair value of net assets acquired recorded as goodwill, allocated to our single operating segment. Goodwill is primarily attributable to assembled workforce, future synergies, and other intangible assets that do not qualify for separate recognition. Goodwill is not deductible for tax purposes.

The Company applied the fair value measurement requirements within ASC 820 Fair Value Measurements to evaluate the fair value of identifiable assets acquired and liabilities assumed in connection with its acquisition of ThreatX Protect in February 2025. The Company estimated fair value and remaining useful life of the intangible assets acquired based on the price that would be received if the Company were to sell the intangible assets in an orderly transaction between market participants. Intangible assets will be amortized on a straight-line basis over their remaining useful life.

The results of operations of the acquired business, which are not material, have been included in our consolidated financial statements from the date of the acquisition. Pro forma results of operations have not been presented because the effect of the acquisition was not material to the consolidated statements of operations.

The Company incurred approximately $0.3 million of acquisition-related costs, including legal, accounting, and advisory fees. These costs were expensed as incurred and included in general and administrative expenses in the consolidated statements of operations. The cash outflows for these costs are classified as operating activities in the consolidated statements of cash flows.

Acquired Intangible Assets

The following table sets forth the components of acquired intangible assets and their estimated useful lives as of the date of acquisition (in thousands, except years):
Fair ValueUseful Life (Years)
Developed Technology$5,700 5.0
Customer Relationships1,500 5.0
Trademark / trade name400 4.0
Total$7,600 

Intangible assets subject to amortization as of December 31, 2025 are as follows (in thousands, except years):

 GrossAccumulated AmortizationNetWeighted-Average Remaining Useful Life
Developed technology$5,700 $(993)$4,707 4.1 years
Customer relationships1,500 (261)1,239 4.1 years
Trademark / trade name400 (87)313 3.1 years
$7,600 $(1,341)$6,259 


Amortization expense from acquired intangible assets was $1.3 million for the year ended December 31, 2025.

The expected future amortization expense for acquired intangible assets as of December 31, 2025 is as follows (in thousands):

2026$1,519 
20271,519 
20281,519 
20291,437 
2030265 
Total amortization expense$6,259 

Goodwill

The Company recorded goodwill in the amount of $13.8 million. There were no events or changes in circumstances that triggered an impairment review of ThreatX Protect goodwill or intangible assets during the year ended December 31, 2025.
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases
The Company leases various facilities in the U.S., Asia and Europe under non-cancellable operating lease arrangements that expire on various dates through April 2028. These arrangements require the Company to pay certain operating expenses, such as taxes, repairs and insurance, and contain renewal and escalation clauses.
The table below presents the Company’s right-of-use assets and lease liabilities as of December 31, 2025 (in thousands):
As of December 31, 2025
Operating leases
Right-of-use assets:
Other non-current assets$8,858 
Total right-of-use assets$8,858 
Lease liabilities:
Accrued liabilities$5,562 
Other non-current liabilities3,409 
Total operating lease liabilities$8,971 

The aggregate future lease payments for the Company’s operating leases as of December 31, 2025 were as follows (in thousands):
2026$5,701 
20273,234 
2028220 
Total lease payments9,155 
Less: imputed interest(184)
Present value of lease liabilities$8,971 

The components of lease costs were as follows (in thousands):
Year Ended
December 31, 2025
Operating lease costs$4,347 
Short-term lease costs592 
Total lease costs$4,939 
Average lease terms and discount rates for the Company’s operating leases were as follows:
As of December 31, 2025
Weighted-average remaining term (in years)1.6
Weighted-average discount rate3.54 %

Supplemental cash flow information for the Company’s operating leases were as follows (in thousands):
Year Ended
December 31, 2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$5,476 
Right-of-use assets obtained in exchange for new lease liabilities$— 

Corporate Headquarters Lease
On May 2, 2019, the Company entered into a sublease agreement (the “Sublease”) with Marvell Semiconductor, Inc. (“Sublandlord”) for its corporate headquarters and research and development space located at 2300 Orchard Parkway, San Jose,
California, 95131 (the “Premises”). The term of the Sublease is approximately eight years and began on December 1, 2019, the date the Company commenced business operations at the Premises. The Sublease provides for monthly base rent of approximately $262,000 per month for the first year with annual increases thereafter. The total base rent through the end of the term of the Sublease will total approximately $33.8 million. In addition to base rent, the Company will also be responsible for operating and other facility expenses. The Company has accounted for the lease under ASC 842 and has a right-of-use asset of $8.9 million recorded in other non-current assets and has lease liabilities of $5.6 million and $3.4 million, recorded in accrued liabilities and other non-current liabilities, respectively, in the consolidated balance sheets as of December 31, 2025. The Company had a right-of-use asset of $11.5 million recorded in other non-current assets and has lease liabilities of $4.7 million and $7.2 million, recorded in accrued liabilities and other non-current liabilities, respectively, in the consolidated balance sheets as of December 31, 2024.
v3.25.4
Other Balance Sheet Accounts Details
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Other Balance Sheet Accounts Details Other Balance Sheet Accounts Details
Accounts Receivable Allowance for Credit Losses

The following table presents the changes in the Company’s accounts receivable allowance for credit losses (in thousands):
 As of December 31, 2025As of December 31, 2024
Allowance for credit losses, beginning balance$465 $405 
Increase (decrease) in allowance(232)1,067 
Write-offs, net of recoveries(167)(1,007)
Allowance for credit losses, ending balance$66 $465 
Inventory

Inventory consisted of the following (in thousands):
 As of December 31, 2025As of December 31, 2024
Raw materials$10,457 $12,883 
Finished goods7,575 9,122 
Total inventory$18,032 $22,005 
Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):
 As of December 31, 2025As of December 31, 2024
Prepaid expenses$5,899 $4,245 
Deferred contract acquisition costs8,332 6,201 
Other3,769 2,592 
Prepaid expenses and other current assets$18,000 $13,038 
Property and Equipment, Net

Property and equipment, net, consisted of the following (in thousands):
 Useful LifeAs of December 31, 2025As of December 31, 2024
(in years)
Equipment1 to 5$46,637 $36,615 
Software1 to 67,023 5,705 
Furniture and fixtures1 to 7531 531 
Leasehold improvementsLease term3,560 3,439 
Construction in progress29,307 22,651 
Property and equipment, gross87,058 68,941 
Less: accumulated depreciation(36,837)(29,799)
Property and equipment, net$50,221 $39,142 

Depreciation and amortization expense on property and equipment was $9.8 million, $6.0 million and $4.6 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Internally Developed Software to be Marketed and Sold

During the year ended December 31, 2025, no costs were capitalized associated with internally developed software to be marketed and sold. During the years ended December 31, 2024 and 2023, capitalized costs totaled $0.0 million and $0.5 million, respectively. During the years ended December 31, 2025 and 2024, amortization cost totaled $0.5 million and $0.5 million, respectively. During the years ended December 31, 2025, 2024 and 2023, impairment cost totaled $1.0 million, $0.9 million and $3.0 million, respectively. As of December 31, 2025, the unamortized capitalized balance was $1.2 million.
Other Non-Current Assets

Other non-current assets consisted of the following (in thousands):
As of December 31, 2025As of December 31, 2024
Right-of-use assets$8,858 $11,539 
Deferred contract acquisition costs5,693 4,814 
Deposits2,005 1,667 
Other3,580 4,694 
Total other non-current assets$20,136 $22,714 

Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):
As of December 31, 2025As of December 31, 2024
Accrued compensation and benefits$23,067 $19,058 
Accrued tax liabilities3,247 2,687 
Lease liability5,562 4,744 
Accrued interest payable1,553 — 
Other7,703 6,207 
Total accrued liabilities$41,132 $32,696 

Other Non-Current Liabilities

Other non-current liabilities consisted of the following (in thousands):
As of December 31, 2025As of December 31, 2024
Lease liabilities$3,409 $7,194 
Other439 295 
Total other non-current liabilities$3,848 $7,489 
v3.25.4
Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt Long-Term Debt
2030 Convertible Senior Notes

In March 2025, the Company issued $225.0 million aggregate principal amount of 2.75% Convertible Senior Notes due 2030 (the “2030 Notes”). The Company received net proceeds from the offering of approximately $217.7 million. The 2030 Notes will mature on April 1, 2030, unless earlier converted, redeemed or repurchased.

The 2030 Notes bear interest at the stated rate of 2.75% per annum, payable semi-annually in arrears on April 1 and October 1 of each year, beginning on October 1, 2025. The 2030 Notes are convertible into solely cash, or a combination of cash and shares of common stock, at the Company’s election, at an initial conversion rate of 42.6257 shares of common stock per $1,000 principal amount of 2030 Notes, which is equivalent to an initial conversion price of $23.46003 per share of common stock. The conversion rate is subject to customary adjustments for certain events as described in the indenture governing the 2030 Notes (the “2030 Notes Indenture”). Special interest and additional interest will accrue on the 2030 Notes in the circumstances and at the rates described in the 2030 Notes Indenture. The debt issuance costs are amortized to interest expense applying the effective interest method. The 2030 Notes do not contain financial maintenance covenants.
The holders may convert their 2030 Notes at their option only in the following circumstances: (1) during any fiscal quarter commencing after the fiscal quarter ended on June 30, 2025, if the last reported sale price per share of the Company’s common stock exceeds 130% of the conversion price for each of at least 20 trading days during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter; (2) during five consecutive business days immediately after any ten consecutive trading day period (such ten consecutive trading day period, the “measurement period”) in which the trading price per $1,000 principal amount of 2030 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price per share of Company’s common stock on such trading day and the conversion rate on such trading day; (3) upon the occurrence of certain corporate events or distributions on the Company’s common stock, as described in the 2030 Notes Indenture; (4) if the Company calls such 2030 Notes for redemption; and (5) at any time from, and including, December 1, 2029 until the close of business on the 2nd scheduled trading day immediately before the maturity date.

If the Company undergoes a fundamental change (as defined in the 2030 Notes Indenture), subject to certain conditions, holders may require the Company to repurchase for cash all or any portion of their 2030 Notes, at a fundamental change repurchase price equal to 100% of the principal amount of the 2030 Notes to be repurchased, plus any accrued and unpaid special interest and additional interest, if any, up to, but excluding, the fundamental change repurchase date. In addition, following certain corporate events or if the Company issues a notice of redemption, it will, under certain circumstances, increase the conversion rate for holders who elect to convert their 2030 Notes in connection with such corporate event or during the relevant redemption period.

The 2030 Notes are redeemable, in whole or in part (subject to certain limitations), for cash at Company’s option at any time, and from time to time, on or after April 5, 2028 and on or before the 60th scheduled trading day immediately before the maturity date, but only if (i) the 2030 Notes are “freely tradable” (as defined in the 2030 Notes Indenture) and all accrued and unpaid additional interest, if any, has been paid in full; and (ii) the last reported sale price per share of common stock is at least 130% of the conversion price for a specified period of time. The redemption price will be equal to the principal amount of the 2030 Notes to be redeemed, plus accrued and unpaid special and additional interest, if any, to, but excluding, the redemption date.

The 2030 Notes have customary provisions relating to the occurrence of “events of default” (as defined in the 2030 Notes Indenture). The occurrence of such events of default may result in the acceleration of all amounts due under 2030 Notes. The 2030 Notes were not eligible for conversion as of December 31, 2025. No sinking fund is provided for the 2030 Notes.

The 2030 Notes are general unsecured obligations of the Company and rank senior in right of payment to all of Company’s existing and future indebtedness that is expressly subordinated in the right of payment to the 2030 Notes; equal in right of payment with all of the Company’s existing and future senior, unsecured indebtedness; effectively subordinated to any of the Company’s existing and future secured indebtedness to the extent of the value of the collateral securing such indebtedness; and structurally subordinated to all existing and future indebtedness and other liabilities, including trade payables, and (to the extent the Company is not a holder thereof) preferred equity if any, of the Company’s current or future subsidiaries. As of December 31, 2025, none of the conditions permitting the holders of the 2030 Notes to convert their notes early had been met. Therefore, the 2030 Notes are classified as long-term debt.

The Company accounted for the issuance of the 2030 Notes as a single liability measured at its amortized cost, as no embedded features require bifurcation and recognition as derivatives.

The carrying value of the 2030 Notes, net of unamortized debt issuance costs of $6.2 million, was $218.8 million as of December 31, 2025. Interest expense related to the amortization of debt issuance costs was $5.9 million for the year ended December 31, 2025. The effective interest rate on the 2030 Notes is 3.43%.
v3.25.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Legal Proceedings

Litigation

From time to time, we may be party or subject to various legal proceedings and claims, either asserted or unasserted, which arise in the ordinary course of business. Some of these proceedings involve claims that are subject to substantial uncertainties and unascertainable damages. We make a provision for a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Unless otherwise specifically disclosed in this note, we have
determined that no provision for liability nor disclosure is required related to any claim against us because: (a) there is not a reasonable possibility that a loss exceeding amounts already recognized (if any) may be incurred with respect to such claim; (b) a reasonably possible loss or range of loss cannot be estimated; or (c) such estimate is immaterial.

Investigations

In January 2023, the Company identified a cybersecurity incident in its corporate IT infrastructure (not related to any of the Company’s products or solutions used by its customers) (the “Cyber Incident”). Upon detecting the incident, the Company launched an investigation and engaged the services of cybersecurity experts and advisors, incident response professionals and external counsel to support the investigation. While this incident did not have a material impact on the Company, it did result in additional expense incurred in connection with the investigation.

Lease Commitments

The Company leases various operating spaces in the U.S., Asia and Europe under non-cancelable operating lease arrangements that expire on various dates through July 2027. These arrangements require us to pay certain operating expenses, such as taxes, repairs and insurance, and contain renewal and escalation clauses. The Company recognizes rent expense under these arrangements on a straight-line basis over the term of the lease.

The Company has open purchase commitments with third-party contract manufacturers with facilities in Taiwan to supply nearly all of our finished goods inventories, spare parts, and accessories. These purchase orders are expected to be paid within one year of the issuance date. The Company had open purchase commitments with manufactures in Taiwan totaling $23.6 million as of December 31, 2025.

The following table summarizes our non-cancelable operating leases as of December 31, 2025 (in thousands):

Years Ending December 31,Operating Leases
2026$5,701 
20273,234 
2028220 
Total$9,155 
Rent expense was $4.9 million for each of the years ended December 31, 2025, 2024 and 2023, respectively.

Guarantees and Indemnifications

In the normal course of business, we provide indemnifications to customers against claims of intellectual property infringement made by third parties arising from the use of our products. Other guarantees or indemnification arrangements include guarantees of product and service performance, and standby letters of credit for lease facilities and corporate credit cards. We have not recorded a liability related to these indemnifications and guarantee provisions and our guarantees and indemnification arrangements have not had any significant impact on our consolidated financial statements to date.
v3.25.4
Equity Incentive Plans, Stock-Based Compensation and Stock Repurchase Program
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Equity Incentive Plans, Stock-Based Compensation and Stock Repurchase Program Equity Incentive Plans, Stock-Based Compensation and Stock Repurchase Program
Equity Incentive Plans

2014 Equity Incentive Plan and 2023 Stock Incentive Plan

The 2014 Equity Incentive Plan (the “2014 Plan”) was in effect until it was replaced by the 2023 Stock Incentive Plan (the “2023 Plan”) on April 1, 2023. Both the 2014 Plan and 2023 Plan provide for the granting of stock options, restricted stock awards, restricted stock units (“RSUs”), market performance-based RSUs (“PSUs”), stock appreciation rights, performance units and performance shares to our employees, consultants and members of our Board of Directors. As of December 31, 2025, we had 2,464,605 shares available for future grant under the 2023 Plan.

Like the 2014 Plan, the shares authorized for the 2023 Plan increase annually on January 1 by the least of (i) 8,000,000 shares, (ii) 5% of the outstanding shares of common stock on the last day of our immediately preceding fiscal year, or (iii) such other amount as determined by our Board of Directors. Our Board of Directors determined the current shares authorized under the 2023 Plan were sufficient for the time being and decided not to increase the number of shares authorized on January 1, 2025.

To date, the Company has granted stock options, RSUs and PSUs. Stock options expire no more than 10 years from the grant date and generally vest over four years. In the case of an incentive stock option granted to an employee, who at the time of grant, owns stock representing more than 10% of the total combined voting power of all classes of stock, the per share exercise price will be no less than 110% of the fair market value per share on the date of grant, and the incentive stock option will expire no later than five years from the date of grant. For incentive stock options granted to any other employees and nonstatutory stock options granted to employees, consultants, or members of our Board of Directors, the per share exercise price will be no less than 100% of the fair market value per share on the date of grant. RSUs and PSUs generally vest from one to four years.

2014 Employee Stock Purchase Plan

In October 2018, the Board of Directors approved amending the 2014 Employee Stock Purchase Plan (the “Amended 2014 Purchase Plan”) in order to, among other things, reduce the maximum contribution participants can make under the plan from 15% to 10% of eligible compensation. The Amended 2014 Purchased Plan also reflects revised offering periods, which were changed from 24 months to six months in duration and that begin on or about December 1 and June 1 each year, starting in December 2018. The Amended 2014 Purchase Plan permits eligible employees to purchase shares of our common stock through payroll deductions with up to 10% of their pre-tax eligible earnings subject to certain Internal Revenue Code (“IRC”) limitations. The purchase price of the shares is 85% of the lower of the fair market value of our common stock on the first day of a six-month offering period or the relevant purchase date. In addition, no participant may purchase more than 1,500 shares of common stock in each purchase period. 

Employees purchased 230,716 shares at an average price of $14.62 per share and with an aggregate intrinsic value of $0.6 million during the year ended December 31, 2025. Employees purchased 281,107 shares at an average price of $11.69 per share and with an aggregate intrinsic value of $1.2 million during the year ended December 31, 2024. Employees purchased 274,937 shares at an average price of $12.88 per share and with an aggregate intrinsic value of $1.2 million during the year ended December 31, 2023. The intrinsic value is calculated as the difference between the market value on the date of purchase and the purchase price of the shares. As of December 31, 2025, we had 2,800,454 shares available for future issuance under the Amended 2014 Purchase Plan.
Stock-Based Compensation

A summary of our stock-based compensation expense is as follows (in thousands):
 Years Ended December 31,
 202520242023
Stock-based compensation by type of award:
Stock awards$19,012 $15,958 $12,999 
Employee stock purchase rights1,018 1,090 1,082 
Total$20,030 $17,048 $14,081 
Stock-based compensation by category of expense:
Cost of revenue$1,627 $2,022 $1,702 
Sales and marketing4,435 3,946 3,722 
Research and development5,672 4,199 3,232 
General and administrative8,296 6,881 5,425 
Total$20,030 $17,048 $14,081 
As of December 31, 2025, the Company had $35.2 million of unrecognized stock-based compensation expense related to unvested stock-based awards, including ESPP under the Amended 2014 Purchase Plan, which will be recognized over a weighted-average period of 2.2 years.

Fair Value Determination

The fair values of employee stock purchase rights were estimated as of the grant date using the Black-Scholes option-pricing model with the following assumptions:
 Years Ended December 31,
202520242023
Expected term (in years)0.50.50.5
Risk-free interest rate4.0%5.0%5.3%
Expected volatility35%32%42%
Dividend rate1.39%1.50%1.80%

•Expected Term. We estimate the expected life of options based on an analysis of our historical experience of employee exercise and post-vesting termination behavior considered in relation to the contractual life of the option. The expected term for the employee stock purchase rights is based on the term of the purchase period.

•Risk-Free Interest Rate. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for zero coupon U.S. Treasury notes with maturities approximately equal to the expected terms of stock options and the employee stock purchase rights.

•Expected Volatility. For stock options, due to the limited trading history of our own common stock, we determined the share price volatility factor based on a combination of the historical volatility of our own common stock and the historical volatility of our peer group for the stock options. For employee stock purchase rights, we used the historical volatility of our own common stock.

•Dividend Rate. In December 2021, the Company paid its first quarterly cash dividend in the amount of $0.05 per share of common stock outstanding and increased the amount to $0.06 per share in the three months ended December 31, 2022. For the years ended December 31, 2025, 2024 and 2023, the expected dividend rate assumes cash dividends will total $0.24, $0.24 and $0.24 per common share outstanding annually, respectively.

Stock-based compensation expense related to shares not purchased due to terminations, or forfeitures, is reversed on the date of forfeiture.
Stock Options

No stock options were granted in years ended December 31, 2025, 2024 and 2023.

The intrinsic value of options exercised is as follows (in thousands):
 Years Ended December 31,
 202520242023
Intrinsic value of options exercised (1)
$— $822 $1,440 
(1)Intrinsic value of options exercised is the difference between the closing price of our common stock at the time of exercise and the exercise price paid.

Stock Awards

The Company has granted Restricted Stock Units (“RSUs”) to its employees, consultants and members of its Board of Directors, and Performance Stock Units (“PSUs”) to certain executives and employees. RSUs have service-based vesting conditions and PSUs have market performance-based vesting conditions as well as service-based vesting conditions. As of December 31, 2025, there were 2,468,406 RSUs outstanding that were unvested and 618,452 PSUs outstanding that had not yet achieved their market-performance vesting conditions.

Our RSUs typically vest over a three or four year service term. We granted 1,135,099, 1,424,261 and 1,315,210 RSUs in 2025, 2024 and 2023, respectively. The fair value of RSUs is determined to be the fair value of our common stock on the grant date as quoted on the New York Stock Exchange.

Our PSUs typically have a four year term. Market performance-based conditions are satisfied upon the achievement of specified 100-day volume weighted average stock price targets for the Company’s common stock. We granted 279,869, 363,445 and 326,630 PSUs in 2025, 2024 and 2023, respectively. The fair value of our PSUs is determined using a Monte Carlo valuation model which incorporates various assumptions including expected stock price volatility, expected term, expected dividend yield and risk-free interest rates. We estimate the volatility of common stock on the date of grant based on historical volatility of our common stock price. We estimate the expected term based on various exercise scenarios. We estimate the expected dividend yield based on the current annual dividend payment per share divided by our grant date common stock price The risk-free interest rate is based on U.S. Treasury yields in effect at the time of grant.

The following table summarizes our restricted stock unit activities and related information:
Service-Based Restricted Stock Units (RSUs)Number of Shares
(thousands)		Weighted-Average Grant Date Fair Value Per ShareWeighted-Average Remaining Vesting Term
(years)
Nonvested as of December 31, 20242,496 $14.26 
Granted1,135 18.86 
Released(888)14.31 
Canceled(275)15.38 
Nonvested as of December 31, 20252,468 $16.23 1.31
The following table summarizes our market performance-based restricted stock unit activities and related information:
Market Performance-Based Restricted Stock Units (PSUs)Number of Shares
(thousands)		Weighted-Average Grant Date Fair Value Per ShareWeighted-Average Remaining Vesting Term
(years)
Nonvested as of December 31, 2024746 $11.63 
Granted280 17.86 
Released(357)11.76 
Canceled(51)13.51 
Nonvested as of December 31, 2025618 $14.22 2.06

The fair values of market performance-based restricted stock units were estimated as of the grant date using a Monte Carlo valuation model with the following assumptions:
 Years Ended December 31,
202520242023
Expected term (in years)4.04.04.0
Risk-free interest rate4.2%4.0%4.3%
Expected volatility44.75%52.01%50.20%
Dividend rate1.17%1.77%1.63%

Following is additional information pertaining to our stock award activities for both RSUs and PSUs (in thousands, except per share data):
 Years Ended December 31,
202520242023
Weighted-average grant date fair value of stock awards granted (per share)$18.66 $13.57 $14.04 
Total fair value of stock awards released (vested) during the period$16,906 $14,044 $13,535 

Repurchase Agreements

In November 2024, the Company entered into a Common Stock Repurchase Agreement with entities affiliated with Summit Partners whereby the Company purchased 330 thousand shares of common stock for $15.73 per share, or an aggregate purchase price of $5.2 million. The Company’s common shares repurchased are held in treasury and accounted for under the cost method.

Stock Repurchase Programs

On November 7, 2023, the Company announced its Board of Directors had authorized a stock repurchase program under which the Company may repurchase up to $50 million of its outstanding common stock over a period of twelve months. On November 7, 2024, the Company announced its Board of Directors had authorized a new, non-expiring stock repurchase program under which the Company may repurchase up to $50 million of its outstanding common stock. On May 1, 2025, the Company announced its Board of Directors had authorized a new, non-expiring stock repurchase program under which the Company may repurchase up to $75 million of its outstanding common stock. As of December 31, 2025, the Company had $53.4 million available to repurchase shares under this program. Under all of the Company’s stock repurchase programs, repurchased shares are held in treasury at cost. The Company’s stock repurchase programs do not obligate it to acquire any specific number of shares. Shares may be repurchased in privately negotiated and/or open market transactions and by withholding shares in connection with vesting equity awards held by certain employees, including under plans complying with Rule 10b5-1 under the Exchange Act.

To date, all repurchases under the Company’s stock repurchase programs have occurred in the open market, in negotiated transactions and from withholding shares in connection with vesting equity awards held by certain employees. During the year ended December 31, 2025, the Company repurchased 3.7 million shares for a total cost of $68.9 million.
During the year ended December 31, 2024, the Company repurchased 2.2 million shares for a total cost of $30.1 million. During the year ended December 31, 2023, the Company repurchased 1.3 million shares for a total cost of $16.0 million.
v3.25.4
Net Loss Per Share
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Net Loss Per Share Net Income Per Share
Basic net income per share is computed using the weighted average number of common shares outstanding for the period. Diluted net income per share is computed using the weighted average number of common shares outstanding for the period plus potential dilutive common shares, including stock options, RSUs, PSUs and employee stock purchase rights, unless the potential common shares are anti-dilutive.

The following table presents common shares related to potentially dilutive shares excluded from the calculation of diluted net income per share as their effect would have been anti-dilutive (in thousands):
 Years Ended December 31,
 202520242023
Stock options, stock awards and employee stock purchase rights30 23 93 
2030 Notes9,591 — — 
Total9,621 23 93 
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The geographical breakdown of income before income taxes is as follows (in thousands):
Years Ended December 31,
202520242023
Domestic income$49,064 $56,707 $41,105 
Foreign income3,358 1,392 2,690 
Income before income taxes$52,422 $58,099 $43,795 

The provision for income taxes consisted of the following (in thousands):
Years Ended December 31,
202520242023
Current provision for income taxes:
Federal$4,096 $3,894 $329 
State2,416 1,809 2,016 
Foreign2,052 1,959 1,228 
Total current8,564 7,662 3,573 
Deferred tax expense (benefit):
  Federal$3,114 $975 $1,374 
  State(1,512)(556)(1,265)
  Foreign119 (122)143 
Total deferred1,721 297 252 
Provision for income taxes$10,285 $7,959 $3,825 

     The reconciliation of the statutory federal income taxes and the provision for income taxes for the year ended December 31, 2025 in accordance with the guidance in ASU 2023-09 is as follows (in thousands, except percentages):
Year ended December 31, 2025
AmountPercentage
Tax at statutory rate$11,009 21.0 %
State and local income taxes - net of federal income tax effect(1)904 1.7 
Foreign tax effects:
Withholding tax1,420 2.7 
Foreign rate differential128 0.2 
Effect of cross-border tax laws:
Foreign-derived intangible income deduction(3,577)(6.8)
Subpart F income and section 78 gross up99 0.2 
Tax credits:
R&D tax credits, net of uncertain positions559 1.1 
Foreign tax credits(1,540)(2.9)
Nontaxable or non deductible items:
Stock-based compensation including 162(m) limitation1,588 3.0 
Other2 — 
Changes in unrecognized tax benefits(307)(0.6)
$10,285 19.6 %
(1) State taxes in Illinois made up the majority (greater than 50%) of the tax effect in this category.
The reconciliation of the statutory federal income taxes and the provision for income taxes for the years ended December 31, 2024 and 2023 in accordance with the guidance prior to the adoption of ASU 2023-09 is as follows (in thousands, except percentages):
Years Ended December 31,
20242023
AmountPercentageAmountPercentage
Tax at statutory rate$12,201 21.0 %$9,197 21.0 %
State tax - net of federal benefits763 1.3 %751 1.7 %
Foreign rate differential1,606 2.8 %954 2.2 %
Changes in federal valuation allowance— — %210 0.5 %
Stock-based compensation108 0.2 %(1,083)(2.5)%
Non-deductible meals and entertainment expenses289 0.5 %398 0.9 %
Other permanent items— — %5 — %
Federal tax credits - net of uncertain tax positions(3,959)(6.8)%(4,047)(9.2)%
Return to provision true-up(162)(0.3)%(8)— %
Foreign-derived intangible income deduction(3,699)(6.4)%(3,585)(8.2)%
162(m) limitation on officers compensation873 1.5 %1,221 2.8 %
Other(61)(0.1)%(188)(0.4)%
Provision for income taxes$7,959 13.7 %$3,825 8.7 %

Cash paid for income taxes (net of refunds) consisted of the following (in thousands):

Year Ended
December 31,
2025
U.S. Federal$3,621 
U.S. State and local2,087 
Foreign1,069 
Cash paid for income taxes (net of refunds)$6,777 

Individual jurisdictions equaling 5% or more of the total income taxes paid (net of refunds) for the year ended December 31, 2025 include U.S. Federal for $3.6 million, Illinois for $1.3 million, Japan for $0.5 million and India for $0.3 million.
Deferred tax balances are comprised of the following (in thousands):
As of December 31, 2025As of December 31, 2024
Deferred tax assets:
Net operating loss carryforwards$3,395 $3,561 
Research and development credits, net of uncertain tax positions19,350 29,217 
Accruals, reserves and other24,613 19,086 
Stock-based compensation2,108 2,040 
Depreciation and amortization(1,760)(1,293)
Operating lease liability1,704 2,728 
Capitalized research and development expenses37,771 30,985 
Gross deferred tax assets87,181 86,324 
Valuation allowance(19,773)(18,569)
Total deferred tax assets67,408 67,755 
Deferred tax liabilities:
Deferred contract acquisition costs(3,300)(2,560)
Operating lease right-of-use asset(1,642)(2,610)
Other(357)(221)
Total deferred tax liabilities(5,299)(5,391)
Net deferred tax assets$62,109 $62,364 

Recognition of deferred tax assets is appropriate when realization of these assets is more likely than not. Primarily based upon a strong earnings history, expectation of future taxable income, with the exception of certain state tax attributes, we believe that a significant amount of the deferred tax assets would be realized on a more likely than not basis. Therefore, we released the valuation allowance on our U.S. deferred tax assets except for state credits in 2021. For the years ended December 31, 2025 and 2024, the valuation allowance increased by $1.2 million and $1.0 million, respectively.

Companies subject to the Global Intangible Low-Taxed Income provision (“GILTI”) have the option to account for the GILTI tax as a period cost if and when incurred, or to recognize deferred taxes for outside basis temporary differences expected to reverse as GILTI. We have elected to account for GILTI as a period cost.

As of December 31, 2025 and 2024, we had no U.S. federal NOL carryforward balance. As of December 31, 2025 and 2024, we had state NOL carryforwards of $48.1 million and $51.0 million, respectively. The state NOL carryforwards expire in various years beginning in 2025, if not utilized.

Additionally, as of December 31, 2025 and 2024, we had U.S. federal research and development credit carryforwards of $2.2 million and $14.8 million, respectively, and state research and development credit carryforwards of $28.5 million and $27.1 million, respectively. The federal credit carryforwards will begin to expire at various dates beginning in 2031 while the state credit carryforwards can be carried over indefinitely.

Utilization of the NOL and credit carryforwards may be subject to an annual limitation provided for in IRC Sections 382 and 383 and similar state codes. Any annual limitation could result in the expiration of NOL and credit carryforwards before utilization. The Company believes NOL’s will not expire unused as a result of any Section 382 annual limitations.

Additionally, as of December 31, 2025 and 2024, we had no U.S. foreign tax credit carryforwards.

With respect to our undistributed foreign subsidiaries’ earnings, we consider those earnings to be indefinitely reinvested and, accordingly, no related provision for U.S. federal and state income taxes has been provided. Our intention has not changed subsequent to the one-time transition tax under the Tax Cuts and Jobs Act of 2017 (the “Tax Act”). Upon distribution of those earnings in the form of dividends or otherwise, we may be subject to both U.S. income taxes subject to an adjustment for foreign tax credits and withholding taxes in the various countries. As of December 31, 2025 and 2024, the undistributed earnings approximated $21.3 million and $18.6 million, respectively. Our undistributed earnings through December 31, 2017, have been taxed under the one-time transition tax under the Tax Act.
The Tax Cuts and Jobs Act of 2017 (“TCJA”) amended Section 174 to require research and experimental (“R&E”) expenses incurred in tax years beginning on or after January 1, 2022, to be capitalized and amortized over five years (fifteen years for expenditures attributable to R&E activity performed outside the U.S.) using a half-year convention. Prior to the amendment, Section 174 expenses were allowed to be expensed in the year incurred. In 2025, the Company is capitalizing $48.7 million of US R&E expenses (amortizable over 10 years) and $15.4 million of R&E expenses performed outside the US (amortizable over 15 years) which results in unfavorable book/tax differences as a temporary adjustment. Since the Section 174 impact is a temporary difference, no material impact to tax expense is expected.

Uncertain Tax Positions

As of December 31, 2025, 2024 and 2023, we had gross unrecognized tax benefits of $8.2 million, $8.1 million and $7.6 million, respectively. Accrued interest expense related to unrecognized tax benefits is recognized as part of our income tax provision in our consolidated statements of operations and was immaterial for the years ended December 31, 2025, 2024 and 2023. Our policy for classifying interest and penalties associated with unrecognized income tax benefits is to exclude such items in income tax expense.

The activity related to the unrecognized tax benefits is as follows (in thousands):
Years Ended December 31,
202520242023
Gross unrecognized tax benefits—beginning balance$8,075 $7,575 $7,077 
Increases (decreases) related to tax positions from prior years(225)— 27 
Increases related to tax positions taken during current year447 576 580 
Releases / statute lapses(80)(76)(109)
Gross unrecognized tax benefits—ending balance$8,217 $8,075 $7,575 

These amounts are related to certain deferred tax assets with a corresponding valuation allowance. As of December 31, 2025, the total amount of unrecognized tax benefits, if recognized, that would affect the effective tax rate is $4.0 million.

The Company is subject to taxation in the U.S., various states, and several foreign jurisdictions. Because the Company has NOL and credit carryforwards, there are open statutes of limitations in which federal, state and foreign taxing authorities may examine our tax returns for all years from 2005 through the current period. The Company is not currently under examination by any taxing authorities.
v3.25.4
Geographic Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Geographic Information Segment and Geographic Information
ASC 280 Segment Reporting, establishes standards for reporting information about operating segments. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker ("CODM") to assess performance and to decide how to allocate resources. The Company manages its business on the basis of one reportable segment and unit and derives revenues from two sources: products revenue and services revenue. See Note 1 Description of Business and Summary of Significant Accounting Policies for additional information.

The Company’s CODM is our Chief Executive Officer, Dhrupad Trivedi. Our CODM assesses the performance of the Company and decides how to allocate resources based upon consolidated net income, which is also reported within the consolidated statements of operations. The CODM uses consolidated net income to monitor period-over-period results, to assess financial performance and decide where to allocate additional resources within the business. The CODM does not regularly review significant classifications of expenses outside those shown on the consolidated statements of operations.

The following table depicts the disaggregation of revenue by geographic region based on the ship to location of our customers and is consistent with how we evaluate our financial performance (in thousands):
 Years Ended December 31,
 202520242023
Americas$175,181 $134,356 $132,745 
United States160,528 117,707 113,766 
Americas-other14,653 16,649 18,979 
APJ70,524 87,175 77,606 
EMEA44,852 40,165 41,349 
Total$290,557 $261,696 $251,700 
The Americas region comprises the U.S. and all other countries in the Americas (excluding the U.S.). The APJ region comprises all countries in the Asia Pacific region including Japan. The EMEA region comprises Europe, Middle East and Africa.

The following table is a summary of our long-lived assets which include property and equipment, net and right-of-use assets based on the physical location of the assets (in thousands):
 As of December 31, 2025As of December 31, 2024
Americas$54,798 $48,468 
Japan1,852 363 
Other2,429 1,850 
Total$59,079 $50,681 
v3.25.4
Employee Benefit Plan
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Employee Benefit Plans Employee Benefit Plan
The Company has a profit sharing plan that qualifies under IRC Section 401(k), which is offered to all of its U.S. employees. Participants in the plan may elect to contribute up to $23,500 of their annual compensation to the plan for the 2025 calendar year and $24,500 for the 2026 calendar year. Individuals who are 50 or older may contribute an additional $7,500 of their annual income for the 2025 calendar year and $8,000 for the 2026 calendar year. The Company typically matches 50% of the first 6% of the employee’s eligible compensation for a maximum employer contribution of $2,500 per participant per year. The Company’s matching contributions totaled $1.2 million, $1.1 million and $1.2 million during the years ended December 31, 2025, 2024 and 2023, respectively.
v3.25.4
Subsequent Events
 12 Months Ended
Dec. 31, 2025
Subsequent Events [Abstract]  
Subsequent Events Subsequent Event
On February 4, 2026, the Company announced its Board of Directors declared a quarterly dividend. The dividend, in the amount of $0.06 per share of common stock outstanding, will be paid on March 2, 2026, to stockholders of record on
February 16, 2026. Future dividends will be subject to further review and approval by the Board of Directors in accordance with applicable law. The Board of Directors reserves the right to adjust or withdraw the quarterly dividend in future periods as it reviews the Company’s capital allocation strategy from time to time.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
We have established processes to assess, identify, and manage significant risks from cybersecurity threats as part of our broader enterprise-wide risk management system and processes, which is overseen by our Board of Directors and our Audit Committee, along with our executive management. Our cybersecurity policies, standards, processes, and practices are part of our information security management program, which is aligned to ISO 27001, an international standard to manage information security. ISO 27001 is published by the International Organization for Standardization (ISO), the world's largest developer of voluntary standards, and the International Electrotechnical Commission (IEC).
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] Our cybersecurity policies, standards, processes, and practices are part of our information security management program, which is aligned to ISO 27001, an international standard to manage information security. ISO 27001 is published by the International Organization for Standardization (ISO), the world's largest developer of voluntary standards, and the International Electrotechnical Commission (IEC).
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block] Our Board of Directors, executive management and Audit Committee are actively engaged in the oversight of IT risk management, including cybersecurity risk. Executive management and the Audit Committee share responsibility for overseeing our risk exposure to information security, cybersecurity, and data protection, as well as the steps management has taken to monitor and control such exposure. The Board of Directors, executive management and the Audit Committee receive quarterly reports on IT controls and information security. Additionally, on at least an annual basis, the Audit Committee reviews and discusses with management our policies and programs with respect to the oversight of IT risk and cybersecurity threats.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]
Oversight for assessing and managing cybersecurity risk is performed by our IT cybersecurity team, with additional oversight performed by our Human Resources, Internal Audit and Legal Departments. Our executive management is briefed at least quarterly from these teams. Members of the Board of Directors, Audit Committee, and executive management are also encouraged to regularly engage in ad hoc conversations with management on cybersecurity-related news events and discuss any updates to our cybersecurity risk management and strategy programs.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] Our executive management, the Audit Committee, and the Board of Directors are notified of any significant cybersecurity incidents through an escalation process that is established in our incident response plan and incorporated into our disclosure controls and procedures. Additionally, we maintain a third-party vendor relationship which is available to the team for on-demand incident response and investigation, as needed.
Cybersecurity Risk Role of Management [Text Block] Oversight for assessing and managing cybersecurity risk is performed by our IT cybersecurity team, with additional oversight performed by our Human Resources, Internal Audit and Legal Departments. Our executive management is briefed at least quarterly from these teams.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
Oversight for assessing and managing cybersecurity risk is performed by our IT cybersecurity team, with additional oversight performed by our Human Resources, Internal Audit and Legal Departments. Our executive management is briefed at least quarterly from these teams. Members of the Board of Directors, Audit Committee, and executive management are also encouraged to regularly engage in ad hoc conversations with management on cybersecurity-related news events and discuss any updates to our cybersecurity risk management and strategy programs.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our IT cybersecurity team is led by our Head of Information Security, Sean Pike. Mr. Pike has over 25 years of experience leading and scaling cybersecurity practices across regulated industry and critical infrastructure. Most recently, he served as Chief Information Security Officer at Business Wire, where he was responsible for transforming the security and compliance organizations to meet the needs of a globally distributed SaaS newswire. Prior to Business Wire, Mr. Pike held leadership positions at VMware, IDC, and Nielsen Radio.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] The Board of Directors, executive management and the Audit Committee receive quarterly reports on IT controls and information security. Additionally, on at least an annual basis, the Audit Committee reviews and discusses with management our policies and programs with respect to the oversight of IT risk and cybersecurity threats.
Oversight for assessing and managing cybersecurity risk is performed by our IT cybersecurity team, with additional oversight performed by our Human Resources, Internal Audit and Legal Departments. Our executive management is briefed at least quarterly from these teams. Members of the Board of Directors, Audit Committee, and executive management are also encouraged to regularly engage in ad hoc conversations with management on cybersecurity-related news events and discuss any updates to our cybersecurity risk management and strategy programs.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Description of Business and Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
Basis of Presentation
The accompanying consolidated financial statements include those of A10 Networks, Inc. and its subsidiaries, and have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates
Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Those estimates and assumptions affect revenue recognition and deferred revenue, the allowance for credit losses for potential uncollectible amounts, the sales return reserve, the valuation of inventory, the fair value of marketable securities, contingencies and litigation, accrued liabilities, deferred commissions, ThreatX Protect purchase price allocation and the determination of fair value of stock-based compensation. These estimates are based on information available as of the date of the consolidated financial statements; therefore, actual results could differ from management’s estimates.
Cash and Cash Equivalents
Cash and Cash Equivalents
Cash and cash equivalents include bank deposits and short-term, highly liquid investments purchased with an original maturity of 90 days or less. Our cash equivalents consist of money market funds.
Marketable securities
Marketable Securities
We classify our investments in debt securities as available-for-sale and record these investments at fair value. We may sell these investments at any time before their maturity dates. Accordingly, we classify our securities, including those with maturities exceeding twelve months, as current assets and include them in marketable securities in the consolidated balance sheets. Unrealized gains and losses are reported in accumulated other comprehensive income (loss), net of taxes, in the consolidated statements of stockholders’ equity. Realized gains and losses are determined based on the specific identification method. Realized gains and losses and credit allowances and impairments due to credit losses, if any, on marketable securities are reported in interest and other income, net as incurred in the consolidated statements of operations.
We regularly review our investment portfolio for impairment. If the estimated fair value of available-for-sale debt securities is less than its amortized cost basis, we determine if the difference, if any, is caused by expected credit losses and write-down the amortized cost basis of the securities if it is more likely than not we will be required or we intend to sell the securities before recovery of its amortized cost basis. Allowances for credit losses and write-downs are recognized in the non-operating income (expense) section of our consolidated statements of operations.

The Company also invests in equity securities with readily determinable fair values which consist of investments in publicly traded companies. These investments are measured at fair value with changes in fair value recognized in non-operating income (expense) in our consolidated statements of operations.
Fair Value Measurement
Fair Value Measurement
Our financial instruments consist of cash, cash equivalents, marketable securities, accounts receivable and accounts payable. Our cash equivalents are measured and recorded at fair value on a recurring basis. Marketable securities are typically comprised of certificates of deposit, corporate securities, U.S. Treasury and agency securities, commercial paper, asset-backed securities and publicly trader equity securities and are measured at fair value on a recurring basis. The Company determines whether a credit loss exists for available-for-sale debt securities in an unrealized loss position. When the fair value of a security is below its amortized cost, the amortized cost will be reduced to its fair value and the resulting loss will be recorded in our consolidated statements of operations, if it is more likely than not that we are required to sell the impaired security before recovery of its amortized cost basis, or we have the intention to sell the security. If neither of these conditions are met, the Company considers the extent to which the fair value is less than the amortized cost, any changes to the rating of the security by a rating agency, and review of the issuer's financial statements. If factors indicate a credit loss exists, an allowance for credit loss is recorded through other expense, net, limited by the amount that the fair value is less than the amortized cost basis.

For all available-for-sale debt securities, unrealized gains and the amount of unrealized loss relating to factors other than credit loss are reported as a separate component of accumulated other comprehensive loss in our consolidated balance sheets. Realized gains and losses are determined based on the specific identification method and are reported in our consolidated statements of operations.

Financial instruments recorded at fair value are measured and classified using the three-level valuation hierarchy as described below:

Level 1 — observable inputs for identical assets or liabilities, such as quoted prices in active markets.

Level 2 — inputs other than the quoted prices in active markets that are observable either directly or indirectly.

Level 3 — unobservable inputs in which there is little or no market data, which requires us to develop our own assumptions when pricing the financial instruments.
Accounts Receivable and Allowance for Doubtful Accounts
Accounts Receivable and Allowance for Credit Losses
Accounts receivable are unsecured and are recorded at invoice amounts, net of allowances for credit losses for any potential uncollectible amounts. We evaluate the collectability of our accounts receivable based on known collection risks and historical experience. We mitigate credit risk in respect to accounts receivable by performing periodic credit evaluations based on a number of factors, including past transaction experience, evaluation of credit history and review of the invoicing terms of the contract. We generally do not require our customers to provide collateral to support accounts receivable. In circumstances where we are aware of a specific customer’s inability to meet its financial obligations to us (for examples, bankruptcy filings or substantial downgrading of credit ratings), we record a specific allowance for credit losses against amounts due to reduce the net recognized receivable to the amount we reasonably believe will be collected. For all other customers, we record allowances for credit losses based on the length of time the receivables are past due and our historical experience of collections and write-offs.
Inventory
Inventory
Inventory is stated at the lower of cost or net realizable value. Inventory cost is determined using first-in, first-out method. We regularly evaluate inventory for excess and obsolete products. Most of our inventory provisions relate to excess quantities of certain products, based on our inventory levels and future product purchase commitments compared to assumptions based on management’s assessment of future demand and market conditions. Inventory write-downs, once established, are not reversed as they establish a new cost basis for the inventory. Inventory write downs are included as a component of cost of products revenue in the consolidated statements of operations.
Property and Equipment, Net
Property and Equipment, Net
Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the related assets. Depreciation and amortization on property and equipment, excluding leasehold improvements, ranges from one to seven years.

Leasehold improvements are amortized on a straight-line basis over the shorter of the estimated useful lives of the assets or the remaining lease term. Remaining amortization terms on leasehold improvements as of December 31, 2025 ranged from approximately one to three years.
Leases
Leases
The Company determines if an arrangement is a lease at inception. For leases where the Company is the lessee, right-of-use (“ROU”) assets represent the Company’s right to use the underlying asset for the term of the lease and are included within other non-current assets in the consolidated balance sheets, and the lease liabilities represent an obligation to make lease payments arising from the lease and are recorded within accrued liabilities and other non-current liabilities in the consolidated balance sheets. Lease liabilities are recognized at the lease commencement date based on the present value of the future lease payments over the lease term. The Company uses its incremental borrowing rate based on the information available at the commencement date of the underlying lease arrangement to determine the present value of lease payments. The ROU asset is determined based on the lease liability initially established and reduced for any prepaid lease payments and any lease incentives received. The lease term to calculate the ROU asset and related lease liability includes options to extend or terminate the lease when it is reasonably certain that the Company will exercise the option. The Company’s lease agreements generally do not contain any material variable lease payments, residual value guarantees or restrictive covenants.

The Company elected the package of practical expedients permitted under the transition guidance, which allowed for the carry-forward of the Company’s historical lease classification and assessment on whether a contract is or contains a lease. The Company elected to not apply the new standard’s recognition requirements to leases with an initial term of 12 months or less and instead elected to recognize lease payments in the consolidated statements of operations on a straight-line basis over the lease term.

Lease expense for operating leases is recognized on a straight-line basis over the lease term as an operating expense while expense for financing leases is recognized as depreciation expense and interest expense using the accelerated interest method of recognition. The Company accounts for lease components and non-lease components as a single lease component.
Business Combinations
Business Combinations
We use our best estimates and assumptions to allocate the fair value of purchase consideration to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. We apply significant judgment in determining the fair value of the intangible assets acquired, which involves the use of significant estimates and assumptions with respect to revenue growth rates, royalty rate and technology migration curve. While we use our best estimates and judgments, our estimates are inherently uncertain and subject to refinement. During the measurement period, which may be up to one year from the acquisition date, we may record adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed, with the corresponding offset to goodwill. In addition, uncertain tax positions and tax-related valuation allowances are initially established in connection with a business combination as of the acquisition date. We continue to collect information and reevaluate these estimates and assumptions quarterly and record any adjustments to our preliminary estimates to goodwill provided that we are within the measurement period. Upon the conclusion of the final determination of the fair value of assets acquired or liabilities assumed during the measurement period, any subsequent adjustments are included in our consolidated statements of operations.
Goodwill
Goodwill
Goodwill represents the excess of purchase consideration over the fair values of assets acquired and liabilities assumed in a business combination. Goodwill is not amortized but is reviewed for possible impairment annually in the fourth quarter or more frequently if impairment indicators arise. We have identified a single reporting unit for the purpose of our goodwill impairment tests, and the fair value of our reporting unit has been determined by our enterprise value. We may elect to utilize a qualitative assessment to determine whether it is more likely than not that the fair value of our reporting unit is less than its carrying value. If, after assessing the qualitative factors, we determine that it is more likely than not that the fair value of our reporting unit is less than its carrying value, an impairment analysis will be performed. We compare the fair value of our reporting unit with its carrying amount and if the carrying value of the reporting unit exceeds its fair value, an impairment loss will be recognized for the amount by which the carrying amount of a reporting unit exceeds its fair value up to the amount of goodwill. We did not identify impairment of goodwill for any periods presented.
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets
We evaluate our property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of our long-lived assets may not be recoverable. Recoverability of an asset group is measured by comparison of its carrying amount to the expected future undiscounted cash flows that the asset group is expected to generate. If it is determined that an asset group is not recoverable, an impairment loss is recorded in the amount by which the carrying amount of the asset group exceeds its fair value.

In the year ended December 31, 2025, we recorded an impairment charge totaling $951 thousand related to an incomplete internally developed software project that will not be completed.
Revenue Recognition
Revenue Recognition
We recognize revenue, net of applicable taxes, when we transfer control of promised goods or services to our customers in an amount that reflects the consideration to which we expect to be entitled to in exchange for those goods or services.
We derive revenue from two sources: (i) products revenue, which includes hardware, perpetual software license and subscription offerings, which include term-based license agreements; and (ii) services revenue, which includes PCS, professional services, training and software-as-a-service offerings. Revenue for term-based license agreements is recognized at a point in time when the Company delivers the software license to the customer and over time once the subscription term has commenced. For our software-as-a-service offerings, our customers do not take possession of the Company’s software but rather we provide access to the service via a hosting arrangement. Revenue in these arrangements is recognized over time as the services are provided. A substantial portion of our revenue is from sales of our products and services through distribution channel partners, such as resellers and distributors. We apply the following five-step revenue recognition model:

•Identification of the contract, or contracts, with a customer
•Identification of the performance obligations in the contract
•Determination of the transaction price
•Allocation of the transaction price to the performance obligations in the contract
•Recognition of revenue when, or as, performance obligations are satisfied.

Our customers predominantly purchase PCS services in conjunction with purchases of our products. PCS revenue includes arrangements for software support and technical support for our products. PCS is offered under renewable, fee-based contracts, which include technical support, hardware repair and replacement parts, bug fixes, patches, and unspecified upgrades on a when-and-if available basis. We recognize services revenue ratably over the term of the PCS contract, which is typically one year, but can be up to seven years. Billed but unearned PCS revenue is included in deferred revenue.

Professional service revenue primarily consists of the fees we earn related to installation and consulting services. We recognize revenue from professional services upon delivery or completion of performance. Professional service arrangements are typically short term in nature and are largely completed within 30 to 90 days from the start of service. Revenue is recognized for training when the training course is delivered.

Contracts with Multiple Performance Obligations

Most of our contracts with customers, other than renewals of PCS, contain multiple performance obligations with a combination of products and PCS. Products and PCS generally qualify as distinct performance obligations. Our hardware includes embedded ACOS software, which together deliver the essential functionality of our products. For contracts which contain multiple performance obligations, we allocate revenue to each distinct performance obligation based on the SSP. Judgment is required to determine the SSP for each distinct performance obligation. We use a range of amounts to estimate SSP for products and PCS sold together in a contract to determine whether there is a discount to be allocated based on the relative SSP of the various products and PCS.

If we do not have an observable SSP, such as when we do not sell a product or service separately, then SSP is estimated using judgment and considering all reasonably available information such as market conditions and information about the size and/or purchase volume of the customer. We generally use a range of amounts to estimate SSP for individual products and services based on multiple factors including, but not limited to the sales channel (reseller, distributor or end-customer), the geographies in which our products and services are sold, and the size of the end-customer.

We account for multiple contracts with a single customer as one arrangement if the contractual terms and/or substance of those agreements indicate that they may be so closely related that they are, in effect, parts of a single contract.

We may occasionally accept returns to address customer satisfaction issues even though there is generally no contractual provision for such returns. We estimate returns for sales to customers based on historical return rates applied against current-period shipments. Specific customer returns and allowances are considered when determining our sales return reserve estimate.

Consequently, we have chosen to apply the portfolio approach when possible, which we do not believe will happen frequently. Additionally, we will evaluate a portfolio of data, when possible, in various situations, rights of return and transactions with variable consideration.

We report revenue net of sales taxes. We include shipping charges billed to customers in revenue and the related shipping costs are included in cost of product revenue.
Deferred Contract Acquisition Costs
We capitalize certain contract acquisition costs consisting of incremental sales commissions incurred to obtain customer contracts. Deferred commissions related to product revenues are recognized upon transfer of control to customers. Deferred commissions related to services revenue are recognized as the related performance obligations are met. Deferred commissions that will be recognized during the succeeding 12-month period are recorded as prepaid expenses and other current assets in the Company’s consolidated balance sheets, and the remaining portion is recorded as other non-current assets. Amortization of deferred commissions is included in sales and marketing expense in the consolidated statements of operations.
Research and Development Costs
Research and Development Costs
Research and development efforts are focused on new product development and on developing additional functionality for our existing products. These expenses consist of personnel costs, and to a lesser extent, prototype materials, depreciation and certain allocated facilities and information technology costs. We expense research and development costs as incurred.
Capitalization of Internal Use Software
Capitalization of Internal Use Software
The company capitalizes costs incurred during the application development stage associated with the development of internal-use software systems. We account for the capitalization of internal-use software under ASC Topic 350-40, Internal-Use Software. Capitalized costs are included in property and equipment, net on the Company’s consolidated balance sheet. Once a project is available for general release to customers, the accumulated capitalized costs associated with that project will begin to be amortized over the estimated useful life of the software.
Capitalization of Internally Developed Software to be Marketed and Sold
Capitalization of Internally Developed Software to be Marketed and Sold
We capitalize software engineering labor costs related to certain long-term projects that are expected to take more than a year to complete. We account for the capitalization of labor costs under Accounting Standards Codification (“ASC”) Topic 985-20, Software to be Sold, Leased or Marketed. Once a long-term project is available for general release to customers, the accumulated capitalized labor costs associated with that project will begin to be amortized over the expected revenue-generating life of that project and are recorded in cost of sales. If internal-use software that was previously capitalized is abandoned, the cost less the accumulated amortization, if any, is recorded as an operating expense.
Stock-Based Compensation
Stock-Based Compensation
Stock-based compensation expense is measured on the grant date based on the fair value of the award and recognized on a straight-line basis over the requisite service period, reduced for actual forfeitures. The fair values of restricted stock units (“RSUs”) are estimated using our stock price at the close of the market on the grant date. The fair value of employee stock purchase rights is estimated using the Black-Scholes model on the grant date. The Black-Scholes model determines the fair value of share-based payment awards based on assumptions including expected term, stock price volatility and risk-free interest rate. Stock-based compensation expense related to shares not purchased due to terminations, or forfeitures, is reversed on the date of forfeiture. The fair values of market performance-based restricted stock units (“PSUs”) are estimated using the Monte Carlo simulation model, which uses the stock price, expected volatility and risk-free interest rate to determine the fair value.
Warranty Costs
Warranty Costs
Our appliance hardware and software generally carry a warranty period of 90 days. Estimates of future warranty costs are based on historical returns and the application of the historical return rates to our in-warranty installed base. Warranty costs to repair or replace items sold to customers have been insignificant for the years ended December 31, 2025, 2024 and 2023.
Foreign Currency
Foreign Currency
The functional currency of our foreign subsidiaries is the U.S. Dollar. Transactions denominated in non-functional currencies are remeasured to the functional currency at the average exchange rate for the period. Non-functional currency monetary assets and liabilities are remeasured to the functional currency using the exchange rate in effect at the balance sheet date, and non-monetary assets and liabilities are remeasured at historical exchange rates. Gains and losses related to remeasurement are recorded in interest and other income, net in the consolidated statements of operations.
Income Taxes
Income Taxes
We account for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in our consolidated financial statements or in our tax returns. Estimates and judgments occur in the calculation of certain tax liabilities and in the determination of the recoverability of certain deferred income tax assets, which arise from temporary differences and carryforwards. Deferred income tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for the years in which those tax assets are expected to be realized or settled. We regularly assess the likelihood that our deferred tax assets will be recovered from future taxable income and, to the extent we believe, based upon the weight of available evidence, that it is more likely than not that all or a portion of deferred tax assets will not be realized, a valuation allowance is established through an adjustment to income tax expense.

The factors used to assess the likelihood of realization of our deferred tax assets include our historical operating performance, our forecast of future taxable income and available tax planning strategies that could be implemented to realize the net deferred tax assets. Assumptions represent our best estimates and involve inherent uncertainties and the application of our judgment.

We account for uncertainty in income taxes recognized in our consolidated financial statements by regularly reviewing our tax positions and benefits to be realized. We recognize tax liabilities based upon our estimate of whether, and the extent to which, additional taxes will be due when such estimates are more-likely-than-not to be sustained. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained upon examination by taxing authorities. The provision for (benefit from) income taxes excludes the effects of any resulting tax reserves, or unrecognized tax benefits, that are considered appropriate as well as the related net interest and penalties.
Advertising Costs
Advertising Costs
Advertising costs are expensed when incurred. Advertising costs were $0.2 million, $0.1 million and $0.1 million for the years ended December 31, 2025, 2024 and 2023, respectively.
Segment Information
Segment Information
An operating segment is a component of an enterprise for which its discrete financial information is available and its operating results are regularly reviewed by our chief operating decision maker for resource allocation decisions and performance assessment. Our chief operating decision maker is our Chief Executive Officer.

Our Chief Executive Officer reviews financial information presented on a consolidated basis for purposes of allocating resources and assessing performance of the Company. Accordingly, we have one reportable segment and one operating segment. See Note 13 Segment and Geographic Information in the accompanying notes to the consolidated financial statements for further detail.
Vendor Business Concentration
Vendor Business Concentration
We rely on third parties to manufacture our hardware appliances and we purchase raw materials from third-party vendors. We outsource substantially all of our manufacturing services to three independent manufacturers. In addition, we purchase certain strategic component inventory which is consigned to our third-party manufacturers. Other hardware components included in our products are sourced from various suppliers by our manufacturers and are principally industry standard parts and components that are available from multiple vendors.
Concentration of Credit Risk and Significant Customers
Concentration of Credit Risk and Significant Customers
Financial instruments that potentially subject us to concentrations of credit risk consist of cash, cash equivalents, marketable securities and accounts receivable. Our cash, cash equivalents and marketable securities are held and invested in high-credit quality financial instruments by recognized financial institutions and are subject to minimum credit risk.

Our accounts receivable are unsecured and represent amounts due to us based on contractual obligations of our customers. We mitigate credit risk in respect to accounts receivable by performing periodic credit evaluations based on a number of factors, including past transaction experience, evaluation of credit history and review of the invoicing terms of the contract. We generally do not require our customers to provide collateral to support accounts receivable.
Significant customers, including distribution channel partners and direct customers (“end-customers”), are those which represent 10% or more of our total revenue for each period presented or our gross accounts receivable balance as of each respective balance sheet date.

A substantial portion of our revenue is from sales of our products and services through distribution channel partners, such as resellers and distributors. In 2025, 2024 and 2023, sales through a single distribution channel partner represented 29%, 20% and 19% of our total revenue, respectively.
Recently Adopted Accounting Guidance/Recent Accounting Pronouncements Not Yet Effective
Recent Accounting Standards Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring public entities to disclose additional information about specific expense categories in the notes to the consolidated financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03.

Recently Adopted Accounting Standard

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted ASU 2023-09 for its fiscal year ending December 31, 2025. See Note 12 Income Taxes in the accompanying notes to the consolidated financial statements for further detail.
There have been no other recent accounting pronouncements, changes in accounting pronouncements or recently adopted accounting guidance during the year ended December 31, 2025 that are of significance or potential significance to us.
v3.25.4
Description of Business and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Revenue as Percentage of Total Revenue
Revenues from our significant end-customers as a percentage of our total revenue are as follows:
 Years Ended December 31,
202520242023
Customer A26%15%14%
v3.25.4
Marketable Securities and Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Available-for-sale Securities
Marketable securities, classified as available-for-sale, consisted of the following (in thousands):
As of December 31, 2025As of December 31, 2024
 Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueAmortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Corporate securities$184,414 $397 $(3)$184,808 $52,311 $102 $(12)$52,401 
U.S. Treasury and agency securities94,148 246 (4)94,390 47,865 163 — 48,028 
Asset-backed securities27,419 99 (2)27,516 — — — — 
Total marketable securities$305,981 $742 $(9)$306,714 $100,176 $265 $(12)$100,429 
Schedule of Cost and Estimated Fair Values of Available-for-sale Securities by Contractual Maturity
The following table summarizes the cost and estimated fair value of debt securities based on stated effective maturities as of December 31, 2025 (in thousands):
 Amortized CostFair Value
Less than 1 year$182,342 $182,721 
Mature in 1 - 3 years123,639 123,993 
Total$305,981 $306,714 
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
Marketable securities in an unrealized loss position consisted of the following (in thousands):
Less Than 12 Months12 Months or MoreTotal
As of December 31, 2025Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Corporate securities$12,024 $(3)$— $— $12,024 $(3)
U.S. Treasury and agency securities13,194 (4)— — 13,194 (4)
Asset-backed securities3,348 (2)— — 3,348 (2)
Total$28,566 $(9)$— $— $28,566 $(9)
Less Than 12 Months12 Months or MoreTotal
As of December 31, 2024Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Corporate securities$12,516 $(12)$— $— $12,516 $(12)
Total$12,516 $(12)$— $— $12,516 $(12)
Schedule of Cash, Cash Equivalents and Available-for-sale Investments Measured at Fair Value on Recurring Basis
The following is a summary of the Company’s cash, cash equivalents and marketable securities. The Company records cash and cash equivalents at cost, which approximates fair value. Marketable securities are measured at fair value on a recurring basis (in thousands):
 As of December 31, 2025As of December 31, 2024
 Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash$62,348 $— $— $62,348 $89,195 $— $— $89,195 
Cash equivalents8,791 — — 8,791 5,934 — — 5,934 
Corporate securities— 184,808 — 184,808 — 52,401 — 52,401 
U.S. Treasury and agency securities73,458 20,932 — 94,390 38,025 10,003 — 48,028 
Asset-backed securities— 27,516 — 27,516 — — — — 
$144,597 $233,256 $— $377,853 $133,154 $62,404 $— $195,558 
v3.25.4
Revenue (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Contract with Customer, Asset and Liability
The following table reflects contract balances with customers (in thousands):
Balance Sheet Line ReferenceAs of December 31, 2025As of December 31, 2024As of December 31, 2023
Accounts receivable, net$62,069 $76,687 $74,307 
Deferred revenue, current80,824 78,335 82,657 
Deferred revenue, non-current61,982 69,924 58,677 
Schedule of Deferred Revenue
Deferred revenue consisted of the following (in thousands):
 As of December 31, 2025As of December 31, 2024As of December 31, 2023
Deferred revenue:  
Products$2,783 $4,405 $14,917 
Services140,023 143,854 126,417 
Total deferred revenue142,806 148,259 141,334 
Less: current portion(80,824)(78,335)(82,657)
Non-current portion$61,982 $69,924 $58,677 
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
The Company expects to recognize revenue on the remaining performance obligations as follows (in thousands):
 As of December 31, 2025
Within 1 year$80,824 
Next 2 to 3 years51,628 
Thereafter10,354 
Total$142,806 
v3.25.4
Acquisition (Tables)
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Summary of Acquired Intangible Assets
The following table sets forth the components of acquired intangible assets and their estimated useful lives as of the date of acquisition (in thousands, except years):
Fair ValueUseful Life (Years)
Developed Technology$5,700 5.0
Customer Relationships1,500 5.0
Trademark / trade name400 4.0
Total$7,600 

Intangible assets subject to amortization as of December 31, 2025 are as follows (in thousands, except years):

 GrossAccumulated AmortizationNetWeighted-Average Remaining Useful Life
Developed technology$5,700 $(993)$4,707 4.1 years
Customer relationships1,500 (261)1,239 4.1 years
Trademark / trade name400 (87)313 3.1 years
$7,600 $(1,341)$6,259 
Schedule of Future Amortization Expense
Amortization expense from acquired intangible assets was $1.3 million for the year ended December 31, 2025.

The expected future amortization expense for acquired intangible assets as of December 31, 2025 is as follows (in thousands):

2026$1,519 
20271,519 
20281,519 
20291,437 
2030265 
Total amortization expense$6,259 
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Assets And Liabilities,
The table below presents the Company’s right-of-use assets and lease liabilities as of December 31, 2025 (in thousands):
As of December 31, 2025
Operating leases
Right-of-use assets:
Other non-current assets$8,858 
Total right-of-use assets$8,858 
Lease liabilities:
Accrued liabilities$5,562 
Other non-current liabilities3,409 
Total operating lease liabilities$8,971 
Lease Payments
The aggregate future lease payments for the Company’s operating leases as of December 31, 2025 were as follows (in thousands):
2026$5,701 
20273,234 
2028220 
Total lease payments9,155 
Less: imputed interest(184)
Present value of lease liabilities$8,971 
Lease Costs
The components of lease costs were as follows (in thousands):
Year Ended
December 31, 2025
Operating lease costs$4,347 
Short-term lease costs592 
Total lease costs$4,939 
Average lease terms and discount rates for the Company’s operating leases were as follows:
As of December 31, 2025
Weighted-average remaining term (in years)1.6
Weighted-average discount rate3.54 %

Supplemental cash flow information for the Company’s operating leases were as follows (in thousands):
Year Ended
December 31, 2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$5,476 
Right-of-use assets obtained in exchange for new lease liabilities$— 
v3.25.4
Other Balance Sheet Accounts Details (Tables)
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Allowance for Doubtful Accounts
The following table presents the changes in the Company’s accounts receivable allowance for credit losses (in thousands):
 As of December 31, 2025As of December 31, 2024
Allowance for credit losses, beginning balance$465 $405 
Increase (decrease) in allowance(232)1,067 
Write-offs, net of recoveries(167)(1,007)
Allowance for credit losses, ending balance$66 $465 
Schedule of Inventory
Inventory consisted of the following (in thousands):
 As of December 31, 2025As of December 31, 2024
Raw materials$10,457 $12,883 
Finished goods7,575 9,122 
Total inventory$18,032 $22,005 
Schedule of Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted of the following (in thousands):
 As of December 31, 2025As of December 31, 2024
Prepaid expenses$5,899 $4,245 
Deferred contract acquisition costs8,332 6,201 
Other3,769 2,592 
Prepaid expenses and other current assets$18,000 $13,038 
Schedule of Property and Equipment, Net
Property and equipment, net, consisted of the following (in thousands):
 Useful LifeAs of December 31, 2025As of December 31, 2024
(in years)
Equipment1 to 5$46,637 $36,615 
Software1 to 67,023 5,705 
Furniture and fixtures1 to 7531 531 
Leasehold improvementsLease term3,560 3,439 
Construction in progress29,307 22,651 
Property and equipment, gross87,058 68,941 
Less: accumulated depreciation(36,837)(29,799)
Property and equipment, net$50,221 $39,142 
Schedule of Other Assets, Noncurrent
Other non-current assets consisted of the following (in thousands):
As of December 31, 2025As of December 31, 2024
Right-of-use assets$8,858 $11,539 
Deferred contract acquisition costs5,693 4,814 
Deposits2,005 1,667 
Other3,580 4,694 
Total other non-current assets$20,136 $22,714 
Schedule of Accrued Liabilities
Accrued liabilities consisted of the following (in thousands):
As of December 31, 2025As of December 31, 2024
Accrued compensation and benefits$23,067 $19,058 
Accrued tax liabilities3,247 2,687 
Lease liability5,562 4,744 
Accrued interest payable1,553 — 
Other7,703 6,207 
Total accrued liabilities$41,132 $32,696 
Other Noncurrent Liabilities
Other non-current liabilities consisted of the following (in thousands):
As of December 31, 2025As of December 31, 2024
Lease liabilities$3,409 $7,194 
Other439 295 
Total other non-current liabilities$3,848 $7,489 
v3.25.4
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Operating Leases and Purchase Commitments
The following table summarizes our non-cancelable operating leases as of December 31, 2025 (in thousands):

Years Ending December 31,Operating Leases
2026$5,701 
20273,234 
2028220 
Total$9,155 
v3.25.4
Equity Incentive Plans and Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of Stock-based Compensation
A summary of our stock-based compensation expense is as follows (in thousands):
 Years Ended December 31,
 202520242023
Stock-based compensation by type of award:
Stock awards$19,012 $15,958 $12,999 
Employee stock purchase rights1,018 1,090 1,082 
Total$20,030 $17,048 $14,081 
Stock-based compensation by category of expense:
Cost of revenue$1,627 $2,022 $1,702 
Sales and marketing4,435 3,946 3,722 
Research and development5,672 4,199 3,232 
General and administrative8,296 6,881 5,425 
Total$20,030 $17,048 $14,081 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]
The fair values of employee stock purchase rights were estimated as of the grant date using the Black-Scholes option-pricing model with the following assumptions:
 Years Ended December 31,
202520242023
Expected term (in years)0.50.50.5
Risk-free interest rate4.0%5.0%5.3%
Expected volatility35%32%42%
Dividend rate1.39%1.50%1.80%
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block]
The fair values of employee stock purchase rights were estimated as of the grant date using the Black-Scholes option-pricing model with the following assumptions:
 Years Ended December 31,
202520242023
Expected term (in years)0.50.50.5
Risk-free interest rate4.0%5.0%5.3%
Expected volatility35%32%42%
Dividend rate1.39%1.50%1.80%
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value [Table Text Block]
The intrinsic value of options exercised is as follows (in thousands):
 Years Ended December 31,
 202520242023
Intrinsic value of options exercised (1)
$— $822 $1,440 
(1)Intrinsic value of options exercised is the difference between the closing price of our common stock at the time of exercise and the exercise price paid.
Summary of Restricted Stock Units Activity
The following table summarizes our restricted stock unit activities and related information:
Service-Based Restricted Stock Units (RSUs)Number of Shares
(thousands)		Weighted-Average Grant Date Fair Value Per ShareWeighted-Average Remaining Vesting Term
(years)
Nonvested as of December 31, 20242,496 $14.26 
Granted1,135 18.86 
Released(888)14.31 
Canceled(275)15.38 
Nonvested as of December 31, 20252,468 $16.23 1.31
The following table summarizes our market performance-based restricted stock unit activities and related information:
Market Performance-Based Restricted Stock Units (PSUs)Number of Shares
(thousands)		Weighted-Average Grant Date Fair Value Per ShareWeighted-Average Remaining Vesting Term
(years)
Nonvested as of December 31, 2024746 $11.63 
Granted280 17.86 
Released(357)11.76 
Canceled(51)13.51 
Nonvested as of December 31, 2025618 $14.22 2.06

The fair values of market performance-based restricted stock units were estimated as of the grant date using a Monte Carlo valuation model with the following assumptions:
 Years Ended December 31,
202520242023
Expected term (in years)4.04.04.0
Risk-free interest rate4.2%4.0%4.3%
Expected volatility44.75%52.01%50.20%
Dividend rate1.17%1.77%1.63%

Following is additional information pertaining to our stock award activities for both RSUs and PSUs (in thousands, except per share data):
 Years Ended December 31,
202520242023
Weighted-average grant date fair value of stock awards granted (per share)$18.66 $13.57 $14.04 
Total fair value of stock awards released (vested) during the period$16,906 $14,044 $13,535 
v3.25.4
Net Loss Per Share (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Summary of Anti-dilutive Shares
The following table presents common shares related to potentially dilutive shares excluded from the calculation of diluted net income per share as their effect would have been anti-dilutive (in thousands):
 Years Ended December 31,
 202520242023
Stock options, stock awards and employee stock purchase rights30 23 93 
2030 Notes9,591 — — 
Total9,621 23 93 
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign
The geographical breakdown of income before income taxes is as follows (in thousands):
Years Ended December 31,
202520242023
Domestic income$49,064 $56,707 $41,105 
Foreign income3,358 1,392 2,690 
Income before income taxes$52,422 $58,099 $43,795 
Schedule of Components of Income Tax Expense (Benefit)
The provision for income taxes consisted of the following (in thousands):
Years Ended December 31,
202520242023
Current provision for income taxes:
Federal$4,096 $3,894 $329 
State2,416 1,809 2,016 
Foreign2,052 1,959 1,228 
Total current8,564 7,662 3,573 
Deferred tax expense (benefit):
  Federal$3,114 $975 $1,374 
  State(1,512)(556)(1,265)
  Foreign119 (122)143 
Total deferred1,721 297 252 
Provision for income taxes$10,285 $7,959 $3,825 
Schedule of Effective Income Tax Rate Reconciliation The reconciliation of the statutory federal income taxes and the provision for income taxes for the year ended December 31, 2025 in accordance with the guidance in ASU 2023-09 is as follows (in thousands, except percentages):
Year ended December 31, 2025
AmountPercentage
Tax at statutory rate$11,009 21.0 %
State and local income taxes - net of federal income tax effect(1)904 1.7 
Foreign tax effects:
Withholding tax1,420 2.7 
Foreign rate differential128 0.2 
Effect of cross-border tax laws:
Foreign-derived intangible income deduction(3,577)(6.8)
Subpart F income and section 78 gross up99 0.2 
Tax credits:
R&D tax credits, net of uncertain positions559 1.1 
Foreign tax credits(1,540)(2.9)
Nontaxable or non deductible items:
Stock-based compensation including 162(m) limitation1,588 3.0 
Other2 — 
Changes in unrecognized tax benefits(307)(0.6)
$10,285 19.6 %
Schedule of Cash Flow, Supplemental Disclosures
Cash paid for income taxes (net of refunds) consisted of the following (in thousands):

Year Ended
December 31,
2025
U.S. Federal$3,621 
U.S. State and local2,087 
Foreign1,069 
Cash paid for income taxes (net of refunds)$6,777 
Schedule of Deferred Tax Assets and Liabilities
Deferred tax balances are comprised of the following (in thousands):
As of December 31, 2025As of December 31, 2024
Deferred tax assets:
Net operating loss carryforwards$3,395 $3,561 
Research and development credits, net of uncertain tax positions19,350 29,217 
Accruals, reserves and other24,613 19,086 
Stock-based compensation2,108 2,040 
Depreciation and amortization(1,760)(1,293)
Operating lease liability1,704 2,728 
Capitalized research and development expenses37,771 30,985 
Gross deferred tax assets87,181 86,324 
Valuation allowance(19,773)(18,569)
Total deferred tax assets67,408 67,755 
Deferred tax liabilities:
Deferred contract acquisition costs(3,300)(2,560)
Operating lease right-of-use asset(1,642)(2,610)
Other(357)(221)
Total deferred tax liabilities(5,299)(5,391)
Net deferred tax assets$62,109 $62,364 
Schedule of Unrecognized Tax Benefits Roll Forward
The activity related to the unrecognized tax benefits is as follows (in thousands):
Years Ended December 31,
202520242023
Gross unrecognized tax benefits—beginning balance$8,075 $7,575 $7,077 
Increases (decreases) related to tax positions from prior years(225)— 27 
Increases related to tax positions taken during current year447 576 580 
Releases / statute lapses(80)(76)(109)
Gross unrecognized tax benefits—ending balance$8,217 $8,075 $7,575 
v3.25.4
Geographic Information (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Total Revenue Based on Customer's Location
The following table depicts the disaggregation of revenue by geographic region based on the ship to location of our customers and is consistent with how we evaluate our financial performance (in thousands):
 Years Ended December 31,
 202520242023
Americas$175,181 $134,356 $132,745 
United States160,528 117,707 113,766 
Americas-other14,653 16,649 18,979 
APJ70,524 87,175 77,606 
EMEA44,852 40,165 41,349 
Total$290,557 $261,696 $251,700 
Long-lived Assets by Geographic Areas
The following table is a summary of our long-lived assets which include property and equipment, net and right-of-use assets based on the physical location of the assets (in thousands):
 As of December 31, 2025As of December 31, 2024
Americas$54,798 $48,468 
Japan1,852 363 
Other2,429 1,850 
Total$59,079 $50,681 
v3.25.4
Description of Business and Summary of Significant Accounting Policies - Additional Information (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
segment
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Warranty period   90 days    
Advertising costs   $ 200 $ 100 $ 100
Number of reportable segments | segment   1    
Number of operating segments | segment   1    
ROU asset $ 8,858 $ 8,858 11,539  
Lease liability 8,971 8,971    
Capitalized Computer Software, Net 1,200 $ 1,200 0 $ 500
Capitalized Computer Software, Impairments $ 951      
Minimum        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Useful life 1 year 1 year    
Maximum        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Useful life 7 years 7 years    
Leasehold improvements | Minimum        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Useful life 1 year 1 year    
Leasehold improvements | Maximum        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Useful life 3 years 3 years    
ASU 2016-02        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
ROU asset $ 8,900 $ 8,900 $ 11,500  
v3.25.4
Description of Business and Summary of Significant Accounting Policies - Concentration Risk (Details) - Customer Concentration Risk
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Customer A | Revenue Benchmark      
Entity Wide Revenue Major Customer [Line Items]      
Percentage representation of significant customers (percent) 26.00% 15.00% 14.00%
Customer A | Accounts Receivable      
Entity Wide Revenue Major Customer [Line Items]      
Percentage representation of significant customers (percent) 23.00%    
Customer B | Accounts Receivable      
Entity Wide Revenue Major Customer [Line Items]      
Percentage representation of significant customers (percent)   34.00%  
Service Providers | Sales      
Entity Wide Revenue Major Customer [Line Items]      
Percentage representation of significant customers (percent) 60.00% 57.00% 58.00%
Enterprises | Sales      
Entity Wide Revenue Major Customer [Line Items]      
Percentage representation of significant customers (percent) 40.00% 43.00% 42.00%
Ten Customers | Sales      
Entity Wide Revenue Major Customer [Line Items]      
Percentage representation of significant customers (percent) 40.00% 38.00% 33.00%
Distribution Channel Partner A | Revenue Benchmark      
Entity Wide Revenue Major Customer [Line Items]      
Percentage representation of significant customers (percent) 29.00% 20.00% 19.00%
v3.25.4
Marketable Securities and Fair Value Measurements - Estimate of Fair Value of Marketable Securities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost $ 305,981 $ 100,176
Gross Unrealized Gains 742 265
Gross Unrealized Losses (9) (12)
Fair Value 306,714 100,429
Corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 184,414 52,311
Gross Unrealized Gains 397 102
Gross Unrealized Losses (3) (12)
Fair Value 184,808 52,401
U.S. Treasury and agency securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 94,148 47,865
Gross Unrealized Gains 246 163
Gross Unrealized Losses (4) 0
Fair Value 94,390 48,028
Asset-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 27,419 0
Gross Unrealized Gains 99 0
Gross Unrealized Losses (2) 0
Fair Value $ 27,516 $ 0
v3.25.4
Marketable Securities and Fair Value Measurements - Contractual Maturities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Amortized Cost    
Less than 1 year $ 182,342  
Mature in 1 - 3 years 123,639  
Amortized Cost 305,981 $ 100,176
Fair Value    
Less than 1 year 182,721  
Mature in 1 - 3 years 123,993  
Fair Value $ 306,714 $ 100,429
v3.25.4
Marketable Securities and Fair Value Measurements - Securities in Unrealized Loss Position (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]      
Fair Value, Less Than 12 Months $ 28,566 $ 12,516  
Fair Value, 12 Months or More 0 0  
Fair Value, Total 28,566 12,516  
Gross Unrealized Losses, Less Than 12 Months (9) (12)  
Gross Unrealized Losses,12 Months or More 0 0  
Gross Unrealized Losses (9) $ (12)  
Corporate securities      
Debt Securities, Available-for-sale [Line Items]      
Fair Value, Less Than 12 Months 12,024   $ 12,516
Fair Value, 12 Months or More 0   0
Fair Value, Total 12,024   12,516
Gross Unrealized Losses, Less Than 12 Months (3)   (12)
Gross Unrealized Losses,12 Months or More 0   0
Gross Unrealized Losses (3)   $ (12)
U.S. Treasury and agency securities      
Debt Securities, Available-for-sale [Line Items]      
Fair Value, Less Than 12 Months 13,194    
Fair Value, 12 Months or More 0    
Fair Value, Total 13,194    
Gross Unrealized Losses, Less Than 12 Months (4)    
Gross Unrealized Losses,12 Months or More 0    
Gross Unrealized Losses (4)    
Asset-backed securities      
Debt Securities, Available-for-sale [Line Items]      
Fair Value, Less Than 12 Months 3,348    
Fair Value, 12 Months or More 0    
Fair Value, Total 3,348    
Gross Unrealized Losses, Less Than 12 Months (2)    
Gross Unrealized Losses,12 Months or More 0    
Gross Unrealized Losses $ (2)    
v3.25.4
Marketable Securities and Fair Value Measurements - Schedule of Fair Value of Securities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Financial Assets    
Marketable Securities $ 306,714 $ 100,429
Cash, Cash Equivalents, and Short-Term Investments 377,853 195,558
Level 1    
Financial Assets    
Total 144,597 133,154
Level 2    
Financial Assets    
Total 233,256 62,404
Cash    
Financial Assets    
Cash and Cash Equivalents 62,348 89,195
Cash | Level 1    
Financial Assets    
Cash and Cash Equivalents 62,348 89,195
Cash equivalents    
Financial Assets    
Cash and Cash Equivalents 8,791 5,934
Cash equivalents | Level 1    
Financial Assets    
Cash and Cash Equivalents 8,791 5,934
Corporate securities    
Financial Assets    
Marketable Securities 184,808 52,401
Corporate securities | Level 2    
Financial Assets    
Marketable Securities 184,808 52,401
U.S. Treasury and agency securities    
Financial Assets    
Marketable Securities 94,390 48,028
U.S. Treasury and agency securities | Level 1    
Financial Assets    
Marketable Securities 73,458 38,025
U.S. Treasury and agency securities | Level 2    
Financial Assets    
Marketable Securities 20,932 10,003
Asset-backed securities    
Financial Assets    
Marketable Securities 27,516 $ 0
Asset-backed securities | Level 2    
Financial Assets    
Marketable Securities $ 27,516  
v3.25.4
Marketable Securities and Fair Value Measurements - Narrative (Details)
$ in Millions
Dec. 31, 2025
USD ($)
2.75% Convertible Senior Notes (The 2030 Notes)  
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]  
Long-Term Debt, Fair Value $ 232.7
v3.25.4
Revenue - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]      
Revenue recognized $ 77,800,000 $ 80,700,000  
Deferred revenue 142,806,000 148,259,000 $ 141,334,000
Deferred revenue, current (80,824,000) (78,335,000) (82,657,000)
Deferred revenue, non-current 61,982,000 69,924,000 58,677,000
Deferred contract acquisition costs, current 8,332,000 6,201,000  
Deferred contract acquisition costs, noncurrent 5,693,000 4,814,000  
Asset impairment charges for contract assets 0 0 0
Products      
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]      
Deferred revenue 2,783,000 4,405,000 14,917,000
Services      
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]      
Deferred revenue 140,023,000 143,854,000 126,417,000
Deferred Sales Commissions      
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]      
Deferred contract acquisition costs, current 8,300,000 6,200,000  
Deferred contract acquisition costs, noncurrent 5,700,000 4,800,000  
Amortization 7,100,000 5,900,000  
Impairment loss of contract acquisition costs $ 0 $ 0 $ 0
v3.25.4
Revenue - Contract Balances (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]      
Deferred revenue, current $ 80,824 $ 78,335 $ 82,657
Deferred revenue, non-current 61,982 69,924 58,677
Deferred contract acquisition costs 8,332 6,201  
Accounts receivable, net of allowances of $66 and $465, respectively $ 62,069 $ 76,687 $ 74,307
v3.25.4
Revenue - Deferred Revenue (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Deferred Revenue Arrangement [Line Items]      
Total deferred revenue $ 142,806 $ 148,259 $ 141,334
Less: current portion (80,824) (78,335) (82,657)
Non-current portion 61,982 69,924 58,677
Products      
Deferred Revenue Arrangement [Line Items]      
Total deferred revenue 2,783 4,405 14,917
Services      
Deferred Revenue Arrangement [Line Items]      
Total deferred revenue $ 140,023 $ 143,854 $ 126,417
v3.25.4
Revenue - Remaining Performance Obligations (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation $ 142,806
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation period 1 year
Remaining performance obligation $ 80,824
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation period 2 years
Remaining performance obligation $ 51,628
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation period
Remaining performance obligation $ 10,354
v3.25.4
Derivatives (Details) - Foreign Exchange Forward - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Not Designated as Hedging Instrument    
Derivative [Line Items]    
Derivative, notional amount $ 2.0 $ 7.6
Derivative contract term 30 days 30 days
Unrealized net loss on derivatives $ 0.1 $ (0.2)
Gain (loss) on derivative instruments 0.3 $ 4.5
Designated as Hedging Instrument    
Derivative [Line Items]    
Derivative, notional amount $ 0.0  
Derivative contract term 30 days  
v3.25.4
Acquisition - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Feb. 12, 2025
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Business Combination [Line Items]        
Goodwill   $ 15,134 $ 15,134 $ 1,307
ThreatX Protect        
Business Combination [Line Items]        
Business Combination, Consideration Transferred $ 19,100      
Fair Value 7,600      
Business Combination, Recognized Liability Assumed, Deferred Revenue, Current 2,500      
Business Combination, Recognized Asset Acquired, Asset 200      
Goodwill $ 13,800      
Business Combination, Acquisition-Related Cost, Expense   $ 300    
Amortization expense related to intangible assets     $ 1,300  
v3.25.4
Acquisition - Intangible Assets Acquired (Details) - USD ($)
$ in Thousands
 3 Months Ended
Feb. 12, 2025
Dec. 31, 2025
Asset Acquisition [Line Items]    
Gross   $ 7,600
Accumulated Amortization   (1,341)
Net   $ 6,259
Technology-Based Intangible Assets    
Asset Acquisition [Line Items]    
Weighted-Average Remaining Useful Life   4 years 1 month 6 days
Gross   $ 5,700
Accumulated Amortization   (993)
Net   $ 4,707
Customer-Related Intangible Assets    
Asset Acquisition [Line Items]    
Weighted-Average Remaining Useful Life   4 years 1 month 6 days
Gross   $ 1,500
Accumulated Amortization   (261)
Net   $ 1,239
Trademarks and Trade Names    
Asset Acquisition [Line Items]    
Weighted-Average Remaining Useful Life   3 years 1 month 6 days
Gross   $ 400
Accumulated Amortization   (87)
Net   $ 313
ThreatX Protect    
Asset Acquisition [Line Items]    
Fair Value $ 7,600  
ThreatX Protect | Technology-Based Intangible Assets    
Asset Acquisition [Line Items]    
Fair Value $ 5,700  
Weighted-Average Remaining Useful Life 5 years  
ThreatX Protect | Customer-Related Intangible Assets    
Asset Acquisition [Line Items]    
Fair Value $ 1,500  
Weighted-Average Remaining Useful Life 5 years  
ThreatX Protect | Trademarks and Trade Names    
Asset Acquisition [Line Items]    
Fair Value $ 400  
Weighted-Average Remaining Useful Life 4 years  
v3.25.4
Acquisition - Summary of Future Amortization Expense (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
2026 $ 1,519
2027 1,519
2028 1,519
2029 1,437
2030 265
Net $ 6,259
v3.25.4
Leases - Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Total right-of-use assets $ 8,858 $ 11,539
Accrued liabilities 5,562 4,744
Other non-current liabilities 3,409 $ 7,194
Total operating lease liabilities $ 8,971  
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] Other non-current assets Other non-current assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Accrued and other liabilities Accrued and other liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Other non-current liabilities Other non-current liabilities
v3.25.4
Leases - Lease Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
May 02, 2019
Leases [Abstract]    
2026 $ 5,701  
2027 3,234  
2028 220  
Total lease payments 9,155 $ 33,800
Less: imputed interest (184)  
Present value of lease liabilities $ 8,971  
v3.25.4
Leases - Lease Costs (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Leases [Abstract]  
Operating lease costs $ 4,347
Short-term lease costs 592
Total lease costs $ 4,939
Weighted-average remaining term (years) 1 year 7 months 6 days
Weighted-average discount rate 3.54%
Operating cash flows from operating leases $ 5,476
Right-of-use assets obtained in exchange for new lease liabilities $ 0
v3.25.4
Leases - Additional Information (Details) - USD ($)
$ in Thousands
May 02, 2019
Dec. 31, 2025
Dec. 31, 2024
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Rent expense $ 262    
Lease payments $ 33,800 $ 9,155  
ROU asset   8,858 $ 11,539
Lease liability   5,562 4,744
Lease liabilities   3,409 7,194
ASU 2016-02      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
ROU asset   8,900 11,500
Lease liability   5,600 4,700
Lease liabilities   $ 3,400 $ 7,200
v3.25.4
Other Balance Sheet Accounts Details - Schedule of Allowance for Doubtful Accounts (Details) - Allowance for Doubtful Accounts - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Allowance for Doubtful Accounts [Roll Forward]    
Allowance for credit losses, beginning balance $ 465 $ 405
Increase (decrease) in allowance (232) 1,067
Write-offs, net of recoveries (167) (1,007)
Allowance for credit losses, ending balance $ 66 $ 465
v3.25.4
Other Balance Sheet Accounts Details - Schedule of Inventory (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Inventory Disclosure [Abstract]    
Raw materials $ 10,457 $ 12,883
Finished goods 7,575 9,122
Total inventory $ 18,032 $ 22,005
v3.25.4
Other Balance Sheet Accounts Details - Prepaid Expenses and Other Current Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Abstract]      
Prepaid expenses $ 5,899 $ 4,245  
Deferred contract acquisition costs 8,332 6,201  
Other 3,769 2,592  
Prepaid expenses and other current assets 18,000 13,038  
Capitalized Computer Software, Net $ 1,200 $ 0 $ 500
v3.25.4
Other Balance Sheet Accounts Details - Schedule of Property and Equipment, Net (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property Plant And Equipment [Line Items]      
Depreciation $ 9,800 $ 6,000 $ 4,600
Property and equipment, gross 87,058 68,941  
Less: accumulated depreciation (36,837) (29,799)  
Property and equipment, net 50,221 39,142  
Impairment of Ongoing Project 1,000 900 3,000
Amortization 500 500  
Capitalized Computer Software, Net 1,200 0 $ 500
Equipment      
Property Plant And Equipment [Line Items]      
Property and equipment, gross 46,637 36,615  
Software      
Property Plant And Equipment [Line Items]      
Property and equipment, gross 7,023 5,705  
Furniture and fixtures      
Property Plant And Equipment [Line Items]      
Property and equipment, gross 531 531  
Leasehold improvements      
Property Plant And Equipment [Line Items]      
Property and equipment, gross 3,560 3,439  
Construction in progress      
Property Plant And Equipment [Line Items]      
Property and equipment, gross $ 29,307 $ 22,651  
Minimum      
Property Plant And Equipment [Line Items]      
Useful life 1 year    
Minimum | Leasehold improvements      
Property Plant And Equipment [Line Items]      
Useful life 1 year    
Maximum      
Property Plant And Equipment [Line Items]      
Useful life 7 years    
Maximum | Leasehold improvements      
Property Plant And Equipment [Line Items]      
Useful life 3 years    
v3.25.4
Other Balance Sheet Accounts Details - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Abstract]      
Depreciation expense $ 9.8 $ 6.0 $ 4.6
v3.25.4
Other Balance Sheet Accounts Details - Other Noncurrent Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Abstract]    
Right-of-use assets $ 8,858 $ 11,539
Deferred contract acquisition costs 5,693 4,814
Deposits 2,005 1,667
Other 3,580 4,694
Total other non-current assets $ 20,136 $ 22,714
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] Total other non-current assets Total other non-current assets
v3.25.4
Other Balance Sheet Accounts Details - Accrued Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Accrued Liabilities, Current [Abstract]    
Accrued compensation and benefits $ 23,067 $ 19,058
Accrued tax liabilities 3,247 2,687
Lease liability 5,562 4,744
Other 7,703 6,207
Total accrued liabilities $ 41,132 $ 32,696
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Total accrued liabilities Total accrued liabilities
Interest Payable, Current $ 1,553 $ 0
v3.25.4
Other Balance Sheet Accounts Details - Other Noncurrent Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Abstract]    
Lease liabilities $ 3,409 $ 7,194
Other 439 295
Total other non-current liabilities $ 3,848 $ 7,489
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Total other non-current liabilities Total other non-current liabilities
v3.25.4
Debt (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Proceeds from Issuance of Debt $ 217,700  
Long-Term Debt 218,787 $ 0
Interest Expense, Debt 5,900  
2.75% Convertible Senior Notes (The 2030 Notes)    
Debt Instrument [Line Items]    
Long-Term Debt 218,800  
2.75% Convertible Senior Notes (The 2030 Notes) | Senior Notes    
Debt Instrument [Line Items]    
Debt Instrument, Face Amount $ 225,000  
Debt Instrument, Interest Rate, Stated Percentage 2.75%  
Debt Instrument, Convertible, Conversion Price $ 23.46003  
Unamortized Debt Issuance Expense $ 6,200  
Debt Instrument, Interest Rate, Effective Percentage 3.43%  
v3.25.4
Commitments and Contingencies - Operating Leases and Purchase Commitments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating Leased Assets [Line Items]      
Rent expense $ 4,900 $ 4,900 $ 4,900
Operating Leases and Other Contractual Obligation      
Operating Leased Assets [Line Items]      
2026 5,701    
2027 3,234    
2028 220    
Total lease payments $ 9,155    
v3.25.4
Commitments and Contingencies - Purchase Commitments (Details) - USD ($)
$ in Thousands
May 02, 2019
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]    
Rent expense $ 262  
Purchase Commitment, Remaining Minimum Amount Committed   $ 23,600
v3.25.4
Equity Incentive Plans and Stock-Based Compensation - 2014 Equity Incentive Plan/ESPP (Details) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 12 Months Ended
Sep. 30, 2018
Jun. 10, 2015
Oct. 31, 2018
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Intrinsic value of options exercised       $ 0 $ 822 $ 1,440
Restricted Stock            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Granted (in shares)       1,135,099 1,424,261 1,315,210
Performance Stock Units            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Vesting period       4 years    
Granted (in shares)       279,869 363,445 326,630
Minimum | Restricted Stock            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Vesting period       3 years    
Maximum | Restricted Stock            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Vesting period       4 years    
2014 Stock Incentive Plan            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Expiration period       5 years    
2014 Stock Incentive Plan | Stock options            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Expiration period       10 years    
Vesting period       4 years    
2014 Stock Incentive Plan | Minimum            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Percentage of exercise price of fair value per share on grant date       110.00%    
2014 Stock Incentive Plan | Minimum | Non-Statutory Stock Options            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Percentage of exercise price of fair value per share on grant date       100.00%    
2014 Stock Incentive Plan | Minimum | Restricted Stock            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Vesting period       1 year    
2014 Stock Incentive Plan | Minimum | Performance Stock Units            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Vesting period       1 year    
2014 Stock Incentive Plan | Maximum            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Additional shares reserved for future issuance (in shares)   8,000,000        
Percentage of outstanding shares of common stock   5.00%        
Combined voting power of all classes of stock       10.00%    
2014 Stock Incentive Plan | Maximum | Restricted Stock            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Vesting period       4 years    
2014 Stock Incentive Plan | Maximum | Performance Stock Units            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Vesting period       4 years    
2014 Employee Stock Purchase Plan | ESPP            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Percentage of eligible compensation 15.00%          
Offering period 24 months          
Amended 2014 Employee Stock Purchase Plan | ESPP            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Number of shares available for future grant (in shares)       2,800,454    
Percentage of eligible compensation     10.00%      
Offering period     6 months      
Percentage of market value       85.00%    
Maximum number of shares per employee (in shares)       1,500    
ESPP            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Shares purchased (in shares)       230,716 281,107 274,937
Price per share (in dollars per share)       $ 14.62 $ 11.69 $ 12.88
Intrinsic value of options exercised       $ 600 $ 1,200 $ 1,200
v3.25.4
Equity Incentive Plans and Stock-Based Compensation - Schedule of Stock-based Compensation Awards Granted under Stock Option Plan in Consolidated Statements of Operations (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation $ 20,030 $ 17,048 $ 14,081
Cost of revenue      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation 1,627 2,022 1,702
Sales and marketing      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation 4,435 3,946 3,722
Research and development      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation 5,672 4,199 3,232
General and administrative      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation 8,296 6,881 5,425
Stock awards      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation 19,012 15,958 12,999
Employee stock purchase rights      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation $ 1,018 $ 1,090 $ 1,082
v3.25.4
Equity Incentive Plans and Stock-Based Compensation - Stock-based Compensation/Stock Repurchase Program (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Share-Based Payment Arrangement [Abstract]  
Total compensation expense related to unvested awards granted, not yet recognized $ 35.2
Total compensation expense related to unvested awards granted, not yet recognized weighted-average period for recognition (in years) 2 years 2 months 12 days
v3.25.4
Equity Incentive Plans and Stock-Based Compensation - Fair Value Determination (Details) - USD ($)
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Dividends, Cash $ 0.06 $ 0.05      
Dividends per common share (dollars per share)     $ 0.24 $ 0.24 $ 0.24
Stock Options          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Expected term (in years)     0 years    
Employee Stock Purchase Rights          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Expected term (in years)     6 months 6 months 6 months
Risk-free interest rate     4.00% 5.00% 5.30%
Expected volatility     35.00% 32.00% 42.00%
Dividend rate     1.39% 1.50% 1.80%
Performance Stock Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Expected term (in years)     4 years 4 years 4 years
Risk-free interest rate     4.20% 4.00% 4.30%
Expected volatility     44.75% 52.01% 50.20%
Dividend rate     1.17% 1.77% 1.63%
v3.25.4
Equity Incentive Plans and Stock-Based Compensation - Information about Stock Option Activity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]      
Intrinsic value of options exercised $ 0 $ 822 $ 1,440
Dividends per common share (dollars per share) $ 0.24 $ 0.24 $ 0.24
v3.25.4
Equity Incentive Plans and Stock-Based Compensation - Information About Stock Options (Details) - PSUs, December 2019
 1 Months Ended
Dec. 31, 2019
Tranche One  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Vesting percentage 33.00%
Tranche Two  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Vesting percentage 33.00%
Tranche Three  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Vesting percentage 33.00%
v3.25.4
Equity Incentive Plans and Stock-Based Compensation - Summary of RSU and PSU activity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Restricted Stock Units (RSUs) and Performance Stock Units (PSUs)      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]      
Granted (in dollars per share) $ 18.66 $ 13.57 $ 14.04
Total fair value of stock awards released (vested) during the period $ 16,906 $ 14,044 $ 13,535
Performance Stock Units      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Unvested at end of period (in shares) 618,452    
Restricted Stock Units (RSUs)      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Unvested at beginning of period (in shares) 2,496,000    
Granted (in shares) 1,135,099 1,424,261 1,315,210
Released (in shares) (888,000)    
Canceled (in shares) (275,000)    
Unvested at end of period (in shares) 2,468,406 2,496,000  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]      
Unvested at beginning of period (in dollars per share) $ 14.26    
Granted (in dollars per share) 18.86    
Released (in dollars per share) 14.31    
Canceled (in dollars per share) 15.38    
Unvested at ending of period (in dollars per share) $ 16.23 $ 14.26  
Weighted-Average Remaining Vesting Term (years) 1 year 3 months 21 days    
Performance Stock Units      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Unvested at beginning of period (in shares) 746,000    
Granted (in shares) 279,869 363,445 326,630
Released (in shares) (357,000)    
Canceled (in shares) (51,000)    
Unvested at end of period (in shares) 618,000 746,000  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]      
Unvested at beginning of period (in dollars per share) $ 11.63    
Granted (in dollars per share) 17.86    
Released (in dollars per share) 11.76    
Canceled (in dollars per share) 13.51    
Unvested at ending of period (in dollars per share) $ 14.22 $ 11.63  
Weighted-Average Remaining Vesting Term (years) 2 years 21 days    
Dividend rate 1.17% 1.77% 1.63%
Expected term (in years) 4 years 4 years 4 years
Risk-free interest rate 4.20% 4.00% 4.30%
Expected volatility 44.75% 52.01% 50.20%
v3.25.4
Equity Incentive Plans and Stock-Based Compensation - Repurchase Agreement (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Nov. 14, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
May 01, 2025
Nov. 07, 2024
Nov. 07, 2023
Share-Based Payment Arrangement [Abstract]              
Treasury Stock, Shares, Acquired 330 3,700 2,200 1,300      
Treasury Stock, Value, Acquired, Cost Method $ 5,200 $ 68,900 $ 30,100 $ 16,000      
Treasury Stock Acquired, Average Cost Per Share $ 15.73            
Share Repurchase Program, Authorized, Amount         $ 75,000 $ 50,000 $ 50,000
v3.25.4
Equity Incentive Plans and Stock-Based Compensation - Stock Repurchase Plan (Details) - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Nov. 14, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
May 01, 2025
Nov. 07, 2024
Nov. 07, 2023
Share-Based Payment Arrangement [Abstract]              
Share Repurchase Program, Authorized, Amount         $ 75,000 $ 50,000 $ 50,000
Treasury Stock, Value, Acquired, Cost Method $ 5,200 $ 68,900 $ 30,100 $ 16,000      
Share Repurchase Program, Remaining Authorized, Amount   $ 53,400          
Treasury Stock, Shares, Acquired 330 3,700 2,200 1,300      
v3.25.4
Net Loss Per Share - Summary of Outstanding Shares of Common Stock Equivalents (Details) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Earnings Per Share Diluted [Line Items]      
Anti-dilutive securities excluded from computation of diluted net income per share 9,621 23 93
Stock options, stock awards and employee stock purchase rights      
Earnings Per Share Diluted [Line Items]      
Anti-dilutive securities excluded from computation of diluted net income per share 30 23 93
Convertible Debt      
Earnings Per Share Diluted [Line Items]      
Anti-dilutive securities excluded from computation of diluted net income per share 9,591 0 0
v3.25.4
Income Taxes - Schedule of Income before Income Tax, by Geographic Region (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Domestic loss $ 49,064 $ 56,707 $ 41,105
Foreign income 3,358 1,392 2,690
Income before income taxes 52,422 58,099 43,795
Income Tax Paid, Federal, after Refund Received 3,621    
Income Tax Paid, State and Local, after Refund Received 2,087    
Income Tax Paid, Foreign, after Refund Received 1,069    
Cash paid for income taxes, net of refunds 6,777 6,283 2,409
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Cash paid for income taxes, net of refunds 6,777 $ 6,283 $ 2,409
Income Tax Paid, Federal, after Refund Received 3,621    
ILLINOIS      
Income Tax Disclosure [Abstract]      
Cash paid for income taxes, net of refunds 1,300    
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Cash paid for income taxes, net of refunds 1,300    
JAPAN      
Income Tax Disclosure [Abstract]      
Cash paid for income taxes, net of refunds 500    
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Cash paid for income taxes, net of refunds 500    
INDIA      
Income Tax Disclosure [Abstract]      
Cash paid for income taxes, net of refunds 300    
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Cash paid for income taxes, net of refunds $ 300    
v3.25.4
Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current provision for income taxes:      
State $ 2,416 $ 1,809 $ 2,016
Foreign 2,052 1,959 1,228
Total current 8,564 7,662 3,573
Deferred tax expense (benefit):      
Federal 3,114 975 1,374
State (1,512) (556) (1,265)
Foreign 119 (122) 143
Total deferred 1,721 297 252
Provision for income taxes 10,285 7,959 3,825
Current Federal Tax Expense (Benefit) $ 4,096 $ 3,894 $ 329
v3.25.4
Income Taxes - Effective Income Tax Reconciliation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Tax at statutory rate $ 11,009 $ 12,201 $ 9,197
Tax at statutory rate (percent) 21.00% 21.00% 21.00%
State tax - net of federal benefits $ 904 $ 763 $ 751
State tax - net of federal benefits (percent) 1.70% 1.30% 1.70%
Withholding tax $ 1,420    
Withholding tax 2.70%    
Foreign rate differential $ 128 $ 1,606 $ 954
Foreign rate differential (percent) 0.20% 2.80% 2.20%
Subpart F income and section 78 gross up $ 99    
Subpart F income and section 78 gross up 0.20%    
Changes in federal valuation allowance   $ 0 $ 210
Changes in valuation allowance (percent)   0.00% 0.50%
Stock-based compensation $ 1,588 $ 108 $ (1,083)
Stock-based compensation (percent) 3.00% 0.20% (2.50%)
Non-deductible meals and entertainment expenses   $ 289 $ 398
Non-deductible meals and entertainment expenses (percent)   0.50% 0.90%
Other permanent items $ 559 $ 0 $ 5
Other permanent items (percent) 1.10% 0.00% 0.00%
Federal Tax credits - net of uncertain tax position $ (1,540) $ (3,959) $ (4,047)
Federal Tax credits - net of uncertain tax position (percent) (2.90%) (6.80%) (9.20%)
Expenses for uncertain tax positions $ (307)    
Expenses for uncertain tax positions (percent) (0.60%)    
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Amount   $ (162) $ (8)
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Percent   (0.30%) 0.00%
Foreign-derived intangible income deduction $ (3,577) $ (3,699) $ (3,585)
Foreign-derived intangible income deduction (percent) (6.80%) (6.40%) (8.20%)
162(m) limitation on officers compensation   $ 873 $ 1,221
162(m) limitation on officers compensation (percent)   1.50% 2.80%
Other $ 2 $ (61) $ (188)
Other (percent) 0.00% (0.10%) (0.40%)
Provision for income taxes $ 10,285 $ 7,959 $ 3,825
Provision for income taxes (percent) 19.60% 13.70% 8.70%
v3.25.4
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Deferred tax assets:    
Net operating loss carryforwards $ 3,395 $ 3,561
Research and development credits, net of uncertain tax positions 19,350 29,217
Accruals, reserves, and other 24,613 19,086
Stock-based compensation 2,108 2,040
Depreciation and amortization (1,760) (1,293)
Operating lease liability 1,704 2,728
Gross deferred tax assets 87,181 86,324
Valuation allowance (19,773) (18,569)
Total deferred tax assets 67,408 67,755
Deferred tax liabilities:    
Deferred contract acquisition costs (3,300) (2,560)
Operating lease right of use asset (1,642) (2,610)
Other (357) (221)
Total deferred tax liabilities (5,299) (5,391)
Net deferred tax assets 62,109 62,364
Deferred Tax Liabilities, Deferred Expense, Capitalized Software $ 37,771 $ 30,985
v3.25.4
Income Taxes - Additional Information (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating Loss Carryforwards [Line Items]        
Valuation allowance $ 19,773 $ 18,569    
Increase (decrease) in valuation allowance 1,200 1,000    
Undistributed earnings of foreign subsidiaries 21,300 18,600    
Unrecognized tax benefits 8,217 8,075 $ 7,575 $ 7,077
Unrecognized tax benefits that would affect the effective tax rate 4,000      
Income Tax Paid, Federal, after Refund Received 3,621      
U.S. Federal        
Operating Loss Carryforwards [Line Items]        
Operating loss carryforwards 0 0    
State        
Operating Loss Carryforwards [Line Items]        
Operating loss carryforwards 48,100 51,000    
Research and Development Credit Carryforward | U.S. Federal        
Operating Loss Carryforwards [Line Items]        
Tax credit carryforward 2,200 14,800    
Research and Development Credit Carryforward | State        
Operating Loss Carryforwards [Line Items]        
Tax credit carryforward 28,500 27,100    
General Business Tax Credit Carryforward | U.S. Federal        
Operating Loss Carryforwards [Line Items]        
Tax credit carryforward $ 0 $ 0    
v3.25.4
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]      
Gross unrecognized tax benefits—beginning balance $ 8,075 $ 7,575 $ 7,077
Increases (decrease) related to tax positions from prior years (225) 0 27
Increases related to tax positions taken during current year 447 576 580
Decreases related to tax positions taken during the current year (80) (76) (109)
Gross unrecognized tax benefits—ending balance 8,217 $ 8,075 $ 7,575
Americas      
Income Tax Contingency [Line Items]      
Deferred Tax Liabilities, Deferred Expense, Capitalized Research and Development Costs 48,700    
Non-US      
Income Tax Contingency [Line Items]      
Deferred Tax Liabilities, Deferred Expense, Capitalized Research and Development Costs $ 15,400    
v3.25.4
Geographic Information - Schedule of Total Revenue Based on Customer's Location (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Total revenue $ 290,557 $ 261,696 $ 251,700
Americas      
Segment Reporting Information [Line Items]      
Total revenue 175,181 134,356 132,745
Americas      
Segment Reporting Information [Line Items]      
Total revenue 160,528 117,707 113,766
EMEA      
Segment Reporting Information [Line Items]      
Total revenue 44,852 40,165 41,349
Americas excluding United States      
Segment Reporting Information [Line Items]      
Total revenue 14,653 16,649 18,979
APJ      
Segment Reporting Information [Line Items]      
Total revenue $ 70,524 $ 87,175 $ 77,606
v3.25.4
Geographic Information - Long Lived Assets By Geographic Area (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Long-Lived Assets [Line Items]    
Long-lived assets $ 59,079 $ 50,681
Americas    
Long-Lived Assets [Line Items]    
Long-lived assets 54,798 48,468
JAPAN    
Long-Lived Assets [Line Items]    
Long-lived assets 1,852 363
Other    
Long-Lived Assets [Line Items]    
Long-lived assets $ 2,429 $ 1,850
v3.25.4
Employee Benefit Plan (Details) - USD ($)
 12 Months Ended
Dec. 31, 2026
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]        
Percent match   50.00%    
Percent of employee's compensation   6.00%    
Maximum employer contribution   $ 2,500    
Employer contribution amount   $ 1,200,000 $ 1,100,000 $ 1,200,000
Forecast        
Defined Benefit Plan Disclosure [Line Items]        
Maximum contribution $ 23,500      
v3.25.4
Subsequent Events (Details) - $ / shares
 12 Months Ended
Mar. 02, 2026
Feb. 16, 2026
Feb. 04, 2026
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Subsequent Event [Line Items]            
Dividends per common share (dollars per share)       $ 0.24 $ 0.24 $ 0.24
Subsequent event            
Subsequent Event [Line Items]            
Dividends per common share (dollars per share) $ 0.06          
Subsequent event | O 2024 Q4 Dividends            
Subsequent Event [Line Items]            
Dividends Payable, Date Declared     Feb. 04, 2026      
Dividends Payable, Date to be Paid Mar. 02, 2026          
Dividends Payable, Date of Record   Feb. 16, 2026