VIA TRANSPORTATION, INC., 10-Q filed on 8/6/2026
Quarterly Report
v3.26.1
Cover - shares
 6 Months Ended
Jun. 30, 2026
Jul. 31, 2026
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2026  
Document Transition Report false  
Commission File Number 001-42841  
Entity Registrant Name VIA TRANSPORTATION, INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 45-5372621  
Entity Address, Address Line One 114 5th Ave, 17th Floor  
Entity Address, City New York  
Entity Address, State NY  
Entity Address, Postal Zip Code 10011  
City Area Code 917  
Local Phone Number 877-0915  
Title of 12(b) Security Class A common stock, par value $0.00001 per share  
Trading Symbol VIA  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Emerging Growth Company true  
Entity Ex Transition Period false  
Entity Shell Company false  
Entity Central Index Key 0001603015  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2026  
Document fiscal Period Focus Q2  
Class A Common Stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   77,659,430
Class B Common Stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   3,846,183
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 335,915 $ 370,914
Accounts receivable—net of allowance of $ and $24 as of June 30, 2026 and December 31, 2025, respectively 104,679 81,572
Prepaid expenses and other current assets 17,612 17,065
Total current assets 458,206 469,551
Noncurrent assets:    
Restricted cash and cash equivalents 1,301 1,171
Property and equipment—net 16,051 13,395
Operating lease right-of-use assets 17,085 18,319
Deferred tax assets 401 529
Intangible assets—net 32,971 36,025
Goodwill 190,720 192,305
Other noncurrent assets 1,614 1,800
Total noncurrent assets 260,143 263,544
Total assets 718,349 733,095
Current liabilities:    
Accounts payable 6,039 4,427
Accrued expenses and other current liabilities 23,859 24,886
Operating lease liabilities 9,829 9,749
Deferred revenue 22,810 26,893
Insurance payables 15,329 15,144
Accrued compensation and benefits 12,930 13,136
Total current liabilities 90,796 94,235
Noncurrent liabilities:    
Operating lease liabilities 8,196 9,378
Deferred revenue 1,048 1,746
Total noncurrent liabilities 9,244 11,124
Total liabilities 100,040 105,359
Commitments and contingencies (Note 12)
Stockholders' equity:    
Preferred stock, $0.00001 par value—10,000,000 shares authorized, no shares issued and outstanding as of June 30, 2026 and December 31, 2025. 0 0
Additional paid-in capital 1,844,614 1,811,349
Accumulated other comprehensive income (loss) 4,715 7,702
Accumulated deficit (1,231,021) (1,191,316)
Total stockholders’ equity 618,309 627,736
Total liabilities and stockholders' equity 718,349 733,095
Class A Common Stock    
Stockholders' equity:    
Common stock 1 1
Class B Common Stock    
Stockholders' equity:    
Common stock 0 0
Class C Common Stock    
Stockholders' equity:    
Common stock $ 0 $ 0
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Accounts receivable allowance $ 20 $ 24
Preferred stock, par value (in usd per share) $ 0.00001 $ 0.00001
Preferred stock, shares authorized (in shares) 10,000,000 10,000,000
Preferred stock, issued (in shares) 0 0
Preferred stock, outstanding (in shares) 0 0
Class A Common Stock    
Common stock, par value (in usd per share) $ 0.00001 $ 0.00001
Common stock, authorized (in shares) 1,000,000,000 1,000,000,000
Common stock, shares issued (in shares) 77,598,173 77,276,675
Common stock, shares outstanding (in shares) 77,598,173 77,276,675
Class B Common Stock    
Common stock, par value (in usd per share) $ 0.00001 $ 0.00001
Common stock, authorized (in shares) 5,808,291 5,808,291
Common stock, shares issued (in shares) 3,846,183 3,846,183
Common stock, shares outstanding (in shares) 3,846,183 3,846,183
Class C Common Stock    
Common stock, par value (in usd per share) $ 0.00001 $ 0.00001
Common stock, authorized (in shares) 200,000,000 200,000,000
Common stock, shares issued (in shares) 0 0
Common stock, shares outstanding (in shares) 0 0
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Income Statement [Abstract]        
Revenue $ 135,707 $ 107,133 $ 263,141 $ 205,775
Cost of revenue 80,101 65,182 157,480 124,014
Gross profit 55,606 41,951 105,661 81,761
Operating expenses:        
Research and development 26,108 22,737 50,636 44,083
Sales and marketing 21,142 15,973 41,632 31,175
General and administrative 30,110 19,351 58,731 39,837
Total operating expenses 77,360 58,061 150,999 115,095
Operating loss (21,754) (16,110) (45,338) (33,334)
Interest income 2,799 487 5,578 1,054
Interest expense (282) (2,419) (511) (4,825)
Other income (expense)—net (154) (2,307) 1,288 1,211
Loss before provision for income taxes (19,391) (20,349) (38,983) (35,894)
Provision for income taxes (165) (872) (722) (1,644)
Net loss $ (19,556) $ (21,221) $ (39,705) $ (37,538)
Basic and diluted net loss per share:        
Net loss per share—basic (in usd per share) $ (0.24) $ (1.65) $ (0.49) $ (2.93)
Net loss per share—diluted (in usd per share) $ (0.24) $ (1.65) $ (0.49) $ (2.93)
Weighted average shares of common stock outstanding used in computing net loss per share—basic (in shares) 81,337,205 12,833,306 81,257,582 12,793,403
Weighted average shares of common stock outstanding used in computing net loss per share—diluted (in shares) 81,337,205 12,833,306 81,257,582 12,793,403
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Statement of Comprehensive Income [Abstract]        
Net loss $ (19,556) $ (21,221) $ (39,705) $ (37,538)
Other comprehensive income (loss):        
Foreign currency translation adjustments (88) 7,048 (2,109) 10,380
Loss on cash flow hedges (878) 0 (878) 0
Other comprehensive income (loss) (966) 7,048 (2,987) 10,380
Comprehensive loss $ (20,522) $ (14,173) $ (42,692) $ (27,158)
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) - USD ($)
$ in Thousands
Total
Convertible Preferred Stock
Common Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Income (Loss)
Accumulated Deficit
Noncontrolling Interest
Beginning balance (in shares) at Dec. 31, 2024   56,054,893          
Beginning balance at Dec. 31, 2024   $ 1,195,058          
Increase (Decrease) in Temporary Equity [Roll Forward]              
Proceeds from issuance of convertible preferred stock upon exercise of warrants (in shares)   575,295          
Proceeds from issuance of convertible preferred stock upon exercise of warrants   $ 20,000          
Reclassification of warrants liability to convertible preferred stock upon exercise   $ 4,947          
Ending balance (in shares) at Jun. 30, 2025   56,630,188          
Ending balance at Jun. 30, 2025   $ 1,220,005          
Beginning balance (in shares) at Dec. 31, 2024     12,711,902        
Beginning balance at Dec. 31, 2024 $ (987,855)   $ 0 $ 109,447 $ (1,584) $ (1,094,955) $ (763)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Exercise of options (in shares)     223,844        
Exercise of options 2,054     2,054      
Stock-based compensation 9,353     9,353      
Acquisition of noncontrolling interest 0     (763)     763
Other comprehensive income (loss) 10,380       10,380    
Net loss (37,538)         (37,538)  
Ending balance (in shares) at Jun. 30, 2025     12,935,746        
Ending balance at Jun. 30, 2025 (1,003,606)   $ 0 120,091 8,796 (1,132,493) 0
Beginning balance (in shares) at Mar. 31, 2025   56,630,188          
Beginning balance at Mar. 31, 2025   $ 1,220,005          
Ending balance (in shares) at Jun. 30, 2025   56,630,188          
Ending balance at Jun. 30, 2025   $ 1,220,005          
Beginning balance (in shares) at Mar. 31, 2025     12,793,437        
Beginning balance at Mar. 31, 2025 (995,469)   $ 0 114,055 1,748 (1,111,272) 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Exercise of options (in shares)     142,309        
Exercise of options 1,374     1,374      
Stock-based compensation 4,662     4,662      
Other comprehensive income (loss) 7,048       7,048    
Net loss (21,221)         (21,221)  
Ending balance (in shares) at Jun. 30, 2025     12,935,746        
Ending balance at Jun. 30, 2025 (1,003,606)   $ 0 120,091 8,796 (1,132,493) 0
Beginning balance (in shares) at Dec. 31, 2025   0          
Beginning balance at Dec. 31, 2025   $ 0          
Ending balance (in shares) at Jun. 30, 2026   0          
Ending balance at Jun. 30, 2026   $ 0          
Beginning balance (in shares) at Dec. 31, 2025 [1]     81,122,858        
Beginning balance at Dec. 31, 2025 $ 627,736   $ 1 [1] 1,811,349 7,702 (1,191,316) 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Exercise of options (in shares) 216,149   216,149 [1]        
Exercise of options $ 1,691     1,691      
Vesting of restricted stock units (in shares) [1]     105,349        
Stock-based compensation 31,574     31,574      
Other comprehensive income (loss) (2,987)       (2,987)    
Net loss (39,705)         (39,705)  
Ending balance (in shares) at Jun. 30, 2026 [1]     81,444,356        
Ending balance at Jun. 30, 2026 618,309   $ 1 [1] 1,844,614 4,715 (1,231,021) 0
Beginning balance (in shares) at Mar. 31, 2026   0          
Beginning balance at Mar. 31, 2026   $ 0          
Ending balance (in shares) at Jun. 30, 2026   0          
Ending balance at Jun. 30, 2026   $ 0          
Beginning balance (in shares) at Mar. 31, 2026 [1]     81,261,165        
Beginning balance at Mar. 31, 2026 622,126   $ 1 [1] 1,827,909 5,681 (1,211,465) 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Exercise of options (in shares) [1]     97,833        
Exercise of options 695     695      
Vesting of restricted stock units (in shares) [1]     85,358        
Stock-based compensation 16,010     16,010      
Other comprehensive income (loss) (966)       (966)    
Net loss (19,556)         (19,556)  
Ending balance (in shares) at Jun. 30, 2026 [1]     81,444,356        
Ending balance at Jun. 30, 2026 $ 618,309   $ 1 [1] $ 1,844,614 $ 4,715 $ (1,231,021) $ 0
[1] The share amounts listed above combine Class A common stock and Class B common stock. Refer to Note 13 for more information.
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities:    
Net loss $ (39,705) $ (37,538)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 4,779 4,343
Stock-based compensation 31,574 9,353
Provision for deferred taxes 128 50
Noncash operating lease expense 6,101 4,073
Revaluation of warrants liability 0 (2,273)
Revaluation of convertible notes' embedded derivative feature 0 4,095
Amortization of convertible notes' discount 0 3,328
Changes in operating assets and liabilities:    
Accounts receivable (23,641) (6,254)
Prepaid expenses and other assets (441) (1,279)
Accounts payable 1,640 2,820
Accrued expenses and other current liabilities (1,913) 2,393
Operating lease liabilities (5,853) (4,174)
Deferred revenue (4,607) (2,585)
Accrued compensation and benefits (88) (302)
Insurance payables 184 2,066
Net cash used in operating activities (31,842) (21,884)
Investing activities:    
Purchase of property and equipment (678) (983)
Capitalized internal-use software (4,007) (2,118)
Acquisitions—net of cash acquired 279 0
Net cash used in investing activities (4,406) (3,101)
Financing activities:    
Proceeds from issuance of Series E convertible preferred stock upon exercise of warrants 0 20,000
Repayment of line of credit 0 (5,000)
Proceeds from issuance of convertible notes 0 7,500
Proceeds from exercise of stock options 1,691 2,054
Payment of issuance fees 0 (322)
Net cash provided by financing activities 1,691 24,232
Effect of foreign exchange on cash, cash equivalents, and restricted cash and cash equivalents (312) 1,065
Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents (34,869) 312
Cash, cash equivalents, and restricted cash and cash equivalents—beginning of period 372,085 78,989
Cash, cash equivalents, and restricted cash and cash equivalents—end of period 337,216 79,301
Supplemental disclosures of noncash investing and financing activities:    
Reclassification of warrants liability to convertible preferred stock upon exercise 0 4,947
Allocation of proceeds from issuance of convertible notes to embedded derivative feature 0 (1,981)
Supplemental disclosures of cash flow information:    
Cash paid for interest 410 1,438
Cash paid for income taxes $ 794 $ 918
v3.26.1
Organization and Description of Business
 6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Description of Business Organization and Description of Business
Via Transportation, Inc. (“Via” or the “Company”) was incorporated in the United States on May 29, 2012, under Delaware law. The Company builds innovative software and powers highly efficient operations that enable its customers to transform their legacy transportation systems into smart, data-driven, technology-enabled networks. Using Via’s software, customers achieve a greatly enhanced level of visibility and control over their operations, simultaneously lowering operating costs and delivering better transportation outcomes for riders.
Since Via’s founding in 2012, Via has built a suite of software and tech-enabled operational services designed to allow its customers—cities, transit agencies, transport operators, school districts, universities, and corporations—to manage every aspect of public transportation. Via offers solutions for end-to-end transit networks, transit planning and scheduling, microtransit, paratransit, school bus transportation and integrated trip planning. Via’s end to end platform allows for the integration of multiple transportation modes into a single unified network.
v3.26.1
Significant Accounting Policies
 6 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]  
Significant Accounting Policies Significant Accounting Policies
Basis of Presentation—The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The condensed consolidated financial statements include the results of Via and its wholly-owned subsidiaries. Intercompany transactions and balances have been eliminated upon consolidation. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. These condensed consolidated financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for the fair statement of the Company’s financial information. These interim results are not necessarily indicative of the results to be expected for the year ending December 31, 2026 or for any other interim period or for any other future year. The condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements for the fiscal year ended December 31, 2025, as filed with the SEC on March 6, 2026 (the “Annual Report”).
There were no significant changes to the Company’s significant accounting policies disclosed in Note 2 – Significant Accounting Policies of our audited consolidated financial statements for the year ended December 31, 2025 included in the Annual Report, except for those related to derivative financial instruments discussed below.
Use of Estimates—The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates, judgments, and assumptions. The Company’s management believes that the estimates, judgments, and assumptions used are reasonable based upon information available at the time they are made.
These estimates, judgments, and assumptions can affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the dates of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Such estimates, judgments, and assumptions include, but are not limited to, revenue recognition, stock-based compensation, including the fair value of common stock underlying the Company’s equity awards, and the valuation of assets and liabilities acquired in business combinations. Actual results could differ from those estimates.
Acquisition of noncontrolling interest in Via Japan—In February 2025 the Company acquired the noncontrolling stockholders’ share in Via Mobility Japan K.K. (“Via Japan”) for a nominal amount of consideration. The difference between the carrying value of the noncontrolling interest, and the fair value of the consideration transferred, was reclassified from noncontrolling interest to additional paid in capital within stockholders’ equity (deficit) as of the acquisition date.
Derivative Financial Instruments—In May 2026 the Company entered into a series of foreign currency forward contracts to reduce the volatility in cash flows associated with forecasted operating expenses denominated in the Israeli Shekel. These foreign currency forward contracts are designated as cash flow hedges. Changes in the fair value of the foreign currency forward contracts are recorded in accumulated other comprehensive income (loss) and are subsequently reclassified into earnings in the same period in which the underlying hedged transactions affect earnings, generally within research and development expense. In the event the underlying forecasted transactions do not occur, or it becomes probable that they will not occur within the designated hedge period, the related gains or losses are reclassified into earnings. The Company formally designates and documents hedging relationships at inception and assesses hedge effectiveness at inception and on a quarterly basis thereafter. Cash flows at settlement of such foreign currency forward contracts are classified in cash flows from operating activities, consistent with the cash flows from the underlying hedged forecasted transactions.
Recently Issued Accounting Pronouncements Not Yet Adopted—In March 2024, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to enhance the transparency and decision usefulness of income tax disclosures. The ASU requires an entity to disclose specified additional information in its income tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. Additionally, this ASU requires the disaggregation of the income taxes paid disclosure by federal, state and foreign taxes, with further disaggregation required for significant individual jurisdictions. This ASU is effective for the Company in the fiscal year beginning January 1, 2026. The Company is currently evaluating the impact of this ASU on its consolidated financial statements.
In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40), which requires disaggregation, in tabular presentation, of certain income statement expenses into different categories, such as purchases of inventory, employee compensation, and depreciation. This ASU is effective for the Company in the fiscal year beginning January 1, 2027, and interim periods in the year beginning January 1, 2028. The Company is currently evaluating the impact of this ASU on its consolidated financial statements.
In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which is intended to modernize the accounting for software costs that are accounted for as internal-use software. The ASU requires an entity to start capitalizing internal-use software costs at the point in time at which both (i) management has authorized and committed to funding the software, and (ii) it is probable that the project will be completed and the software will be used to perform the function intended. This ASU is effective for the Company in the fiscal year beginning January 1, 2028. The Company is currently evaluating the impact of this ASU on its consolidated financial statements.
In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies the guidance in Topic 270 to improve the consistency of interim financial reporting. The ASU provides a comprehensive list of required interim disclosures and introduces a disclosure principle requiring entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. This ASU is effective for the Company in the fiscal year beginning January 1, 2028. The Company is currently evaluating the impact of this ASU on its consolidated financial statements.
v3.26.1
Goodwill and Intangible Assets
 6 Months Ended
Jun. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
The change in the carrying amount of goodwill for the six months ended June 30, 2026 was as follows (in thousands):
Balance—December 31, 2025$192,305 
Foreign currency translation and other adjustments(1,585)
Balance—June 30, 2026$190,720 
Intangible assets—net consisted of the following as of June 30, 2026 and December 31, 2025 (in thousands, except years):
June 30, 2026Useful Life
(Years)		Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
Developed technology
4–5
$10,427 $(5,025)$5,402 
Trade names56,097 (1,747)4,350 
Customer relationships
12–15
32,484 (9,265)23,219 
Total intangible assets$49,008 $(16,037)$32,971 
December 31, 2025Useful Life
(Years)		Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
Developed technology
4–5
$16,870 $(10,265)$6,605 
Trade names56,992 (2,196)4,796 
Customer relationships
12–15
32,770 (8,146)24,624 
Total intangible assets$56,632 $(20,607)$36,025 
For the three months ended June 30, 2026 and 2025, the Company recorded amortization expense of $1.4 million and $1.2 million, respectively. For the six months ended June 30, 2026 and 2025, the Company recorded amortization expense of $2.8 million and $2.5 million, respectively.
As of June 30, 2026, future amortization of intangible assets that will be recorded in cost of revenue and general and administrative expenses is estimated as follows (in thousands):
Amortization
Remainder of 2026$2,741 
20274,404 
20284,126 
20294,126 
20304,060 
Thereafter13,514 
Total remaining amortization$32,971 
v3.26.1
Revenue
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Contract Balances—The Company’s contract liabilities consist of deferred revenue. Deferred revenue includes amounts received from customers but not recognized as revenue as service has not yet been rendered.
For the six months ended June 30, 2026, the Company recognized revenues of $19.0 million that were included in deferred revenue as of December 31, 2025.
For the three and six months ended June 30, 2026, the amount of revenue recognized in the reporting period from performance obligations satisfied (or partially satisfied) in previous periods was immaterial.
Remaining Performance Obligations as of June 30, 2026, were $318.3 million, of which approximately 45% and 37% is expected to be recognized as revenue in the remainder of 2026 and 2027, respectively, and the remainder thereafter.
The Company had no material obligations related to refunds or warranties as of June 30, 2026.
Revenue by Geography—Revenue by geography is based on where the service was provided. The following table sets forth revenue by geographic area for the six months ended June 30, 2026 and 2025 (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenue by geographic area:
United States$103,347 $76,759 $197,690 $146,279 
Germany18,280 20,737 38,744 40,542 
All other countries14,080 9,637 26,707 18,954 
Total$135,707 $107,133 $263,141 $205,775 
With the exception of the United States and Germany, no country had revenue in any period presented greater than 10% of total consolidated revenue.
Revenue by Customer Type—The following table sets forth revenue disaggregated by end-customer type between government entities (which include cities, transit agencies, and school districts) and commercial entities for the three and six months ended June 30, 2026 and 2025 (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenue by customer type:
Government$127,588 $100,592 $246,128 $192,363 
Commercial8,119 6,541 17,013 13,412 
Total$135,707 $107,133 $263,141 $205,775 
The Company had no customers that accounted for greater than 10% of consolidated revenue in the three and six months ended June 30, 2026 and 2025.
Capitalized Commissions—As of June 30, 2026 and December 31, 2025, capitalized commissions of $0.8 million and $0.8 million, respectively, are included in prepaid expenses and other current assets in the condensed consolidated balance sheets. As of June 30, 2026 and December 31, 2025, the noncurrent portion of capitalized commissions of $0.6 million and $0.7 million, respectively, is included in other noncurrent assets in the condensed consolidated balance sheets. Amortization of sales commission expenses included in sales and marketing was $1.0 million and $0.8 million for the three months ended June 30, 2026 and 2025, respectively. Amortization of sales commission expenses included in sales and marketing was $2.0 million and $1.3 million for the six months ended June 30, 2026 and 2025, respectively.
v3.26.1
Other Income (Expense)
 6 Months Ended
Jun. 30, 2026
Other Income and Expenses [Abstract]  
Other Income (Expense) Other Income (Expense)
The following table presents the components of other income (expense) for the three and six months ended June 30, 2026 and 2025 (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revaluation of warrants liability$— $— $— $2,273 
Revaluation of convertible notes embedded derivative feature— (3,074)— (4,095)
Employee retention credit— — 1,758 1,811 
Foreign currency transaction (loss) gain(278)661 (729)1,069 
Other124 106 259 153 
Total other income (expense)$(154)$(2,307)$1,288 $1,211 
v3.26.1
Fair Value Measurement
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurement Fair Value Measurement
The following table presents the Company’s liabilities measured at fair value on a recurring and nonrecurring basis and indicates the fair value hierarchy of the valuation as of June 30, 2026 and December 31, 2025 (in thousands):
June 30, 2026Level 1Level 2Level 3Total
Assets
Cash and cash equivalents:
Money market funds$245,768 $— $— $245,768 
Total$245,768 $— $— $245,768 
Liabilities
Accrued expenses and other current liabilities
Derivative liabilities - cash flow hedges$— $878 $— $878 
Total$— $878 $— $878 
December 31, 2025Level 1Level 2Level 3Total
Assets
Cash and cash equivalents
Money market funds$236,425 $— $— $236,425 
Certificates of deposit— 8,000 — 8,000 
Total$236,425 $8,000 $— $244,425 
Money market funds are classified within Level 1 as the valuation input is based on quoted prices in active markets for identical instruments. Foreign currency forward contracts designated as cash flow hedges are classified within Level 2 as the valuation inputs are based on quoted prices and market observable data of similar instruments in active markets, such as currency spot and forward rates.
The Company did not make any transfers between the levels of the fair value hierarchy during the six months ended June 30, 2026.
v3.26.1
Property and Equipment
 6 Months Ended
Jun. 30, 2026
Property, Plant, and Equipment [Abstract]  
Property and Equipment Property and Equipment
Property and equipment—net as of June 30, 2026 and December 31, 2025, consisted of the following (in thousands):
June 30,
2026		December 31,
2025
Office furniture and equipment$2,151 $2,085 
Computers and software8,204 7,824 
Leasehold improvements1,128 1,113 
Capitalized internal-use software22,635 18,656 
Total34,118 29,678 
Less accumulated depreciation and amortization(18,067)(16,283)
Property and equipment—net$16,051 $13,395 
Depreciation and amortization expense of property and equipment for the three months ended June 30, 2026 and 2025, amounted to $1.0 million and $0.9 million, respectively. Depreciation and amortization expense of property and equipment for the six months ended June 30, 2026 and 2025, amounted to $2.0 million and $1.9 million, respectively.
v3.26.1
Accrued Expenses and Other Current Liabilities
 6 Months Ended
Jun. 30, 2026
Payables and Accruals [Abstract]  
Accrued Expenses and Other Current Liabilities Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities as of June 30, 2026 and December 31, 2025, consisted of the following (in thousands):
June 30,
2026		December 31,
2025
Accrued expenses$22,501 $23,266 
Accrued taxes1,358 1,620 
$23,859 $24,886 
v3.26.1
Line of Credit Agreement
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Line of Credit Agreement Line of Credit Agreement
In March 2025, the Company entered into amended and restated terms for a credit agreement (the “Credit Agreement”) with Wells Fargo Bank, HSBC, and the other lenders party thereto. The Credit Agreement provides a revolving line of credit of up to $100 million, including a letter of credit subfacility in the aggregate amount of $30 million, and a swingline subfacility in the aggregate amount of $5 million. The Company also has the option to request an incremental facility of up to an additional $25 million from one or more of the lenders under the Credit Agreement. The Credit Agreement has a maturity date of April 26, 2028.
Under the terms of the Credit Agreement, the Company can elect for revolving loans to be either Base Rate Loans or SOFR Loans. Base Rate Loans incur interest at the highest of (a) the Prime Rate plus 1.75%, (b) the Federal Funds Rate plus 2.25%, and (c) the secured overnight financing rate (“SOFR”) for a tenor of one month plus 2.85%. SOFR Loans incur interest at SOFR for a tenor comparable to the applicable interest period plus 2.85%. The Company is charged a commitment fee of 0.325% for committed but unused amounts.
For the three and six months ended June 30, 2025 the Company recognized interest expense of $0.5 million and $1.2 million, respectively, in relation to the revolving line of credit. In November 2025, the Company repaid in full the SOFR Loans balance outstanding, and no amount remains outstanding as of June 30, 2026.
The Company had letters of credit outstanding and committed under the letter of credit subfacility of $28.0 million as of June 30, 2026.
As of June 30, 2026, the Company had $72.0 million in available borrowings under the Credit Agreement.
The Credit Agreement contains customary representations and warranties, certain financial and nonfinancial covenants, and certain limitations on liens and indebtedness. The financial covenants include a requirement to maintain minimum liquidity of $50 million, plus 50% of any principal amounts funded under the incremental facility. Additionally, the Company is required to meet certain revenue targets. As of June 30, 2026, the Company was in compliance with all financial covenants. In July 2026, the Company entered into amended and restated terms for the Credit Agreement which increase the aggregate amount available under the letter of credit subfacility to $50 million.
Convertible Notes
At various dates from October 2024 through February 2025, the Company executed convertible note agreements with certain lenders for an aggregate principal amount and net proceeds of $50.0 million. The notes had an annual interest rate of 8% in the first year, 9% in the second year, 11% in the third year, 13% in the fourth year and 15% in the fifth year, compounded annually. Interest began accruing on the date that the respective lender’s funds were received.
The terms of the convertible notes included certain conversion and other features, including automatic conversion upon the occurrence of an initial public offering (“IPO”) at a 30% discount to the IPO price. The Company evaluated the features of the convertible notes and concluded that multiple features met all the embedded derivative criteria in ASC 815, Derivatives and Hedging, and therefore, should be bifurcated from the notes and accounted for on a bundled basis as a single compound embedded derivative feature.
The embedded derivative feature was recorded at the fair value on the respective dates of issuance. The fair value of the embedded derivative feature is remeasured each reporting period and the change in the fair value is recorded in other income (expense).
The contractual interest expense amounted to $1.0 million and $2.0 million for the three and six months ended June 30, 2025, respectively. The amortization of the discount related to the issuance date fair value of the embedded derivative feature amounted to $1.7 million and $3.3 million for the three and six months ended June 30, 2025, respectively., and was recorded as part of interest expense in the consolidated statements of operations under the effective interest rate method. The effective interest rate on the convertible notes was 17.3% for the three and six months ended June 30, 2025.
On September 15, 2025, immediately prior to the closing of the Company’s IPO, $53.3 million in principal and accrued contractual interest on the convertible notes automatically converted into 1,655,908 shares of the Company’s Class A common stock based on a 30% discount to the IPO price.
v3.26.1
Convertible Notes
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Convertible Notes Line of Credit Agreement
In March 2025, the Company entered into amended and restated terms for a credit agreement (the “Credit Agreement”) with Wells Fargo Bank, HSBC, and the other lenders party thereto. The Credit Agreement provides a revolving line of credit of up to $100 million, including a letter of credit subfacility in the aggregate amount of $30 million, and a swingline subfacility in the aggregate amount of $5 million. The Company also has the option to request an incremental facility of up to an additional $25 million from one or more of the lenders under the Credit Agreement. The Credit Agreement has a maturity date of April 26, 2028.
Under the terms of the Credit Agreement, the Company can elect for revolving loans to be either Base Rate Loans or SOFR Loans. Base Rate Loans incur interest at the highest of (a) the Prime Rate plus 1.75%, (b) the Federal Funds Rate plus 2.25%, and (c) the secured overnight financing rate (“SOFR”) for a tenor of one month plus 2.85%. SOFR Loans incur interest at SOFR for a tenor comparable to the applicable interest period plus 2.85%. The Company is charged a commitment fee of 0.325% for committed but unused amounts.
For the three and six months ended June 30, 2025 the Company recognized interest expense of $0.5 million and $1.2 million, respectively, in relation to the revolving line of credit. In November 2025, the Company repaid in full the SOFR Loans balance outstanding, and no amount remains outstanding as of June 30, 2026.
The Company had letters of credit outstanding and committed under the letter of credit subfacility of $28.0 million as of June 30, 2026.
As of June 30, 2026, the Company had $72.0 million in available borrowings under the Credit Agreement.
The Credit Agreement contains customary representations and warranties, certain financial and nonfinancial covenants, and certain limitations on liens and indebtedness. The financial covenants include a requirement to maintain minimum liquidity of $50 million, plus 50% of any principal amounts funded under the incremental facility. Additionally, the Company is required to meet certain revenue targets. As of June 30, 2026, the Company was in compliance with all financial covenants. In July 2026, the Company entered into amended and restated terms for the Credit Agreement which increase the aggregate amount available under the letter of credit subfacility to $50 million.
Convertible Notes
At various dates from October 2024 through February 2025, the Company executed convertible note agreements with certain lenders for an aggregate principal amount and net proceeds of $50.0 million. The notes had an annual interest rate of 8% in the first year, 9% in the second year, 11% in the third year, 13% in the fourth year and 15% in the fifth year, compounded annually. Interest began accruing on the date that the respective lender’s funds were received.
The terms of the convertible notes included certain conversion and other features, including automatic conversion upon the occurrence of an initial public offering (“IPO”) at a 30% discount to the IPO price. The Company evaluated the features of the convertible notes and concluded that multiple features met all the embedded derivative criteria in ASC 815, Derivatives and Hedging, and therefore, should be bifurcated from the notes and accounted for on a bundled basis as a single compound embedded derivative feature.
The embedded derivative feature was recorded at the fair value on the respective dates of issuance. The fair value of the embedded derivative feature is remeasured each reporting period and the change in the fair value is recorded in other income (expense).
The contractual interest expense amounted to $1.0 million and $2.0 million for the three and six months ended June 30, 2025, respectively. The amortization of the discount related to the issuance date fair value of the embedded derivative feature amounted to $1.7 million and $3.3 million for the three and six months ended June 30, 2025, respectively., and was recorded as part of interest expense in the consolidated statements of operations under the effective interest rate method. The effective interest rate on the convertible notes was 17.3% for the three and six months ended June 30, 2025.
On September 15, 2025, immediately prior to the closing of the Company’s IPO, $53.3 million in principal and accrued contractual interest on the convertible notes automatically converted into 1,655,908 shares of the Company’s Class A common stock based on a 30% discount to the IPO price.
v3.26.1
Derivative Financial Instruments
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
The Company’s derivative financial instruments consist of foreign currency forward contracts used to manage exposure to fluctuations in the Israeli Shekel exchange rate, which all have maturities of 12 months or less.
As of June 30, 2026, the Company had foreign currency forward contracts designated as cash flow hedges with total notional amounts of approximately $18.0 million. The notional amounts of derivative instruments represent the amount of foreign currency to be exchanged under the contracts and do not represent the Company’s exposure to credit or market risk.
As of June 30, 2026, an estimated $0.9 million of net losses included in accumulated other comprehensive income (loss) is expected to be reclassified into research and development expenses within the next 12 months. Cash flows from the settlement of these contracts are classified in the cash flows from operating activities which is the same category as the underlying hedged transactions. Amounts reclassified to research and development expenses were immaterial for the three and six months ended June 30, 2026.
There was no ineffectiveness in the Company’s cash flow hedges for each of the three and six months ended June 30, 2026.
Refer to Note 2, Significant Accounting Policies and Note 6, Fair Value Measurements for additional information.
v3.26.1
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Letters of Credit—The Company is required to maintain letters of credit to meet the requirements of various lease agreements, customer contracts and insurance policies entered into by the Company. The Company had outstanding and committed letters of credit of $28.1 million as of June 30, 2026, which is primarily comprised of letters of credit under the Credit Agreement.
Legal Contingencies—The Company records an estimated liability related to its various claims and legal actions, such as personal injury or independent contractor classification and labor litigation, arising in the ordinary course of business when and to the extent that it concludes a liability is probable and the amount of the loss can be reasonably estimated. Such estimated loss is based on available information and advice from outside counsel, where appropriate. The outcomes of the Company’s legal proceedings are inherently unpredictable and subject to significant uncertainties. For some matters for which a material loss is reasonably possible, an estimate of the amount of loss or range of losses is not possible nor is the Company able to estimate the loss or range of losses that could potentially result from the application of nonmonetary remedies. Until the final resolution of legal matters, there may be an exposure to a material loss in excess of the amount recorded.
Headquarters Lease—In May 2026, the Company entered into a new lease agreement for office space in New York City, which will serve as the Company’s headquarters and replace the existing headquarters lease when it ends in the fourth quarter of 2026. The lease term is expected to commence in the fourth quarter of 2026 and end in the third quarter of 2037. The total lease commitment is estimated to be approximately $52.9 million.
v3.26.1
Stockholders' Equity (Deficit)
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Stockholders' Equity (Deficit) Stockholders' Equity (Deficit)
Class A, Class B, and Class C Common Stock—In accordance with the Company’s certificate of incorporation (the “Charter”), the Company has three classes of authorized common stock as follows:
•1,000,000,000 shares of Class A common stock, par value $0.00001 per share;
•5,808,291 shares of Class B common stock, par value $0.00001 per share;
•200,000,000 shares of Class C common stock, par value $0.00001 per share.
The rights of holders of Class A common stock, Class B common stock, and Class C common stock are identical, except with respect to voting, conversion, and transfer rights. Each share of Class A common stock entitles the holder to one vote. Each share of Class B common stock entitles the holder to 10 votes and is convertible, at the option of the holder, into one share of Class A common stock. Each share of Class C common stock entitles the holder to no voting rights and will convert into one share of Class A common stock following the conversion of all outstanding shares of Class B common stock into shares of Class A common stock.
Preferred Stock—Immediately prior to the completion of the Company’s IPO, all of the Company’s outstanding shares of convertible preferred stock were automatically converted into 56,630,188 shares of the Company’s Class A common stock.
The Charter authorizes 10,000,000 shares of undesignated preferred stock. Our board of directors has the discretion to determine the rights, preferences, privileges, and restrictions, including voting rights, dividend rights, conversion rights, redemption privileges, and liquidation preferences, of each series of preferred stock.
v3.26.1
Stock Based Compensation
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Stock Based Compensation Stock Based Compensation
Stock Options—On May 29, 2012, the board of directors of the Company adopted the Via Transportation, Inc. Employees and Non-Employees Share Incentive Plan (“2012 Plan”). On June 13, 2018, the board of directors of the Company adopted the Via Transportation, Inc. Employees and Non-Employees Share Incentive Plan (“2018 Plan”). Options granted under the 2012 Plan and 2018 Plan expire 10 years from the date of grant, unless otherwise determined in the award agreement. The options generally vest over a period of four years, unless otherwise decided by the Company’s board of directors. In conjunction with the Company’s IPO the 2012 Plan and 2018 Plan were replaced with the 2025 Omnibus Incentive Plan discussed below. Any awards granted under the 2012 Plan and 2018 Plan prior to the Company’s IPO remain in effect pursuant to their terms.
The following is a summary of the Company’s stock option activity for the six months ended June 30, 2026:
Number of OptionsWeighted-Average Exercise PriceWeighted-Average Remaining Contractual Term (in years)Aggregate Intrinsic Value (in thousands)
Outstanding—December 31, 20259,303,581$13.92 6.26$140,360 
Granted—— 
Exercised(216,149)8.15 
Forfeited(118,884)19.67 
Expired(66,853)19.53 
Outstanding—June 30, 20268,901,69513.94 5.6843,334 
Exercisable—June 30, 20267,714,057
The total intrinsic value of stock options exercised for the six months ended June 30, 2026 was $2.1 million.
2025 Omnibus Incentive Plan—On September 11, 2025, the Company’s stockholders approved the 2025 Omnibus Incentive Plan. The maximum number of shares of the Company’s Class A common stock that may be issued under the 2025 Omnibus Incentive Plan is 7,263,418 shares.
RSUs—Under the 2025 Omnibus Incentive Plan, the Company issues restricted stock units (“RSUs”) subject to a service-based vesting condition. The RSUs generally vest over a period of either three or four years, unless otherwise decided by the Company’s board of directors. RSUs issued to non-employee members of the Company’s board of directors vest over a 15-month period.
The following table is a summary of the Company’s RSU activity for the six months ended June 30, 2026:
Number of RSUsWeighted-Average Grant Date Fair Value
Unvested—December 31, 20252,518,990$43.87 
Granted1,491,12518.29 
Vested(105,349)38.23 
Forfeited(153,904)35.64 
Unvested—June 30, 20263,750,86234.20 
PSUs—On September 11, 2025, the Company’s board of directors approved a grant to the Chief Executive Officer and Chief Financial Officer of stock price-based restricted stock units (also called performance-based restricted stock units or “PSUs”) with respect to 2,051,945 and 434,782 shares of Class A common stock, respectively. The vesting of the PSUs is conditioned on satisfaction of certain service-based and stock price-based vesting conditions, with a performance period of seven years from the effectiveness of the IPO. The stock price-based vesting conditions are comprised of seven tranches that are eligible to vest based on the achievement of certain specified stock price targets relative to the IPO price of $46 per share of Class A common stock measured on a 60-day average period. The weighted-average grant date fair value per share of the PSUs was $20.23. All PSUs were outstanding as of June 30, 2026, as none have vested or been cancelled.
Stock Based Compensation Expense—The stock-based compensation expense recognized in the consolidated statements of operations for services received from employees and nonemployees for the three and six months ended June 30, 2026 and 2025, is shown in the following tables (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Cost of revenue$98 $37 $173 $106 
Research and development4,302 1,549 8,332 3,163 
Sales and marketing3,623 1,271 6,951 2,539 
General and administrative7,987 1,805 16,118 3,545 
Total$16,010 $4,662 $31,574 $9,353 
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Stock options$3,220 $4,662 $7,065 $9,353 
RSUs11,000 — 20,948 — 
PSUs1,790 — 3,561 — 
Total$16,010 $4,662 $31,574 $9,353 
As of June 30, 2026, there was $159.7 million of unamortized stock-based compensation costs related to all unvested awards, which is expected to be recognized over a weighted-average period of approximately 3.5 years.
v3.26.1
Income Taxes
 6 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company calculates the provision for income taxes in interim periods by applying an estimated annual effective tax rate to income (loss) before income taxes and by calculating the tax effect of discrete items recognized during the period. The Company recorded a provision for income taxes of $0.2 million and $0.9 million for the three months ended June 30, 2026 and 2025, respectively. The Company recorded a provision for income taxes of $0.7 million and $1.6 million for the six months ended June 30, 2026 and 2025, respectively.
The provision for income taxes differed from applying the U.S. federal statutory rate to the Company’s loss before income taxes primarily due to the effects of valuation allowances.
As of June 30, 2026, the Company continues to maintain a full valuation allowance on deferred tax assets in all jurisdictions, except for jurisdictions where the Company has determined it is more likely than not that those deferred tax assets will be realizable.
v3.26.1
Net Loss Per Share
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Net Loss Per Share Net Loss Per Share
The following table sets forth the computation of basic and diluted loss per share for the three and six months ended June 30, 2026 and 2025 (in thousands, except share and per share amounts):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Numerator:
Net loss$(19,556)$(21,221)$(39,705)$(37,538)
Denominator:
Weighted-average common shares outstanding used to compute net loss per share, basic and diluted81,337,20512,833,30681,257,58212,793,403
Net loss per share:
Net loss per share, basic and diluted$(0.24)$(1.65)$(0.49)$(2.93)

The following potentially dilutive outstanding securities were excluded from the computation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented, or issuance of such shares is contingent upon the satisfaction of certain conditions, which were not satisfied as of June 30, 2026 and 2025:
June 30
2026		June 30
2025
Convertible preferred stock—56,630,188
Convertible notes—1,475,805
Stock options8,901,69510,828,965
RSUs3,750,862—
PSUs2,486,727—
Total15,139,28468,934,958
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2026
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
v3.26.1
Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation—The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The condensed consolidated financial statements include the results of Via and its wholly-owned subsidiaries. Intercompany transactions and balances have been eliminated upon consolidation. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. These condensed consolidated financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for the fair statement of the Company’s financial information. These interim results are not necessarily indicative of the results to be expected for the year ending December 31, 2026 or for any other interim period or for any other future year. The condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements for the fiscal year ended December 31, 2025, as filed with the SEC on March 6, 2026 (the “Annual Report”).
Use of Estimates
Use of Estimates—The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates, judgments, and assumptions. The Company’s management believes that the estimates, judgments, and assumptions used are reasonable based upon information available at the time they are made.
These estimates, judgments, and assumptions can affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the dates of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Such estimates, judgments, and assumptions include, but are not limited to, revenue recognition, stock-based compensation, including the fair value of common stock underlying the Company’s equity awards, and the valuation of assets and liabilities acquired in business combinations. Actual results could differ from those estimates.
Acquisition of noncontrolling interest in Via Japan
Acquisition of noncontrolling interest in Via Japan—In February 2025 the Company acquired the noncontrolling stockholders’ share in Via Mobility Japan K.K. (“Via Japan”) for a nominal amount of consideration. The difference between the carrying value of the noncontrolling interest, and the fair value of the consideration transferred, was reclassified from noncontrolling interest to additional paid in capital within stockholders’ equity (deficit) as of the acquisition date.
Derivative Financial Instruments
Derivative Financial Instruments—In May 2026 the Company entered into a series of foreign currency forward contracts to reduce the volatility in cash flows associated with forecasted operating expenses denominated in the Israeli Shekel. These foreign currency forward contracts are designated as cash flow hedges. Changes in the fair value of the foreign currency forward contracts are recorded in accumulated other comprehensive income (loss) and are subsequently reclassified into earnings in the same period in which the underlying hedged transactions affect earnings, generally within research and development expense. In the event the underlying forecasted transactions do not occur, or it becomes probable that they will not occur within the designated hedge period, the related gains or losses are reclassified into earnings. The Company formally designates and documents hedging relationships at inception and assesses hedge effectiveness at inception and on a quarterly basis thereafter. Cash flows at settlement of such foreign currency forward contracts are classified in cash flows from operating activities, consistent with the cash flows from the underlying hedged forecasted transactions.
Recently Issued Accounting Pronouncements Not Yet Adopted
Recently Issued Accounting Pronouncements Not Yet Adopted—In March 2024, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to enhance the transparency and decision usefulness of income tax disclosures. The ASU requires an entity to disclose specified additional information in its income tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. Additionally, this ASU requires the disaggregation of the income taxes paid disclosure by federal, state and foreign taxes, with further disaggregation required for significant individual jurisdictions. This ASU is effective for the Company in the fiscal year beginning January 1, 2026. The Company is currently evaluating the impact of this ASU on its consolidated financial statements.
In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40), which requires disaggregation, in tabular presentation, of certain income statement expenses into different categories, such as purchases of inventory, employee compensation, and depreciation. This ASU is effective for the Company in the fiscal year beginning January 1, 2027, and interim periods in the year beginning January 1, 2028. The Company is currently evaluating the impact of this ASU on its consolidated financial statements.
In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which is intended to modernize the accounting for software costs that are accounted for as internal-use software. The ASU requires an entity to start capitalizing internal-use software costs at the point in time at which both (i) management has authorized and committed to funding the software, and (ii) it is probable that the project will be completed and the software will be used to perform the function intended. This ASU is effective for the Company in the fiscal year beginning January 1, 2028. The Company is currently evaluating the impact of this ASU on its consolidated financial statements.
In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies the guidance in Topic 270 to improve the consistency of interim financial reporting. The ASU provides a comprehensive list of required interim disclosures and introduces a disclosure principle requiring entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. This ASU is effective for the Company in the fiscal year beginning January 1, 2028. The Company is currently evaluating the impact of this ASU on its consolidated financial statements.
v3.26.1
Goodwill and Intangible Assets (Tables)
 6 Months Ended
Jun. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Schedule of Goodwill
The change in the carrying amount of goodwill for the six months ended June 30, 2026 was as follows (in thousands):
Balance—December 31, 2025$192,305 
Foreign currency translation and other adjustments(1,585)
Balance—June 30, 2026$190,720 
Schedule of Intangible Assets
Intangible assets—net consisted of the following as of June 30, 2026 and December 31, 2025 (in thousands, except years):
June 30, 2026Useful Life
(Years)		Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
Developed technology
4–5
$10,427 $(5,025)$5,402 
Trade names56,097 (1,747)4,350 
Customer relationships
12–15
32,484 (9,265)23,219 
Total intangible assets$49,008 $(16,037)$32,971 
December 31, 2025Useful Life
(Years)		Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
Developed technology
4–5
$16,870 $(10,265)$6,605 
Trade names56,992 (2,196)4,796 
Customer relationships
12–15
32,770 (8,146)24,624 
Total intangible assets$56,632 $(20,607)$36,025 
Schedule of Estimated Future Amortization of Intangible Assets
As of June 30, 2026, future amortization of intangible assets that will be recorded in cost of revenue and general and administrative expenses is estimated as follows (in thousands):
Amortization
Remainder of 2026$2,741 
20274,404 
20284,126 
20294,126 
20304,060 
Thereafter13,514 
Total remaining amortization$32,971 
v3.26.1
Revenue (Tables)
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Revenue By Geographic Area The following table sets forth revenue by geographic area for the six months ended June 30, 2026 and 2025 (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenue by geographic area:
United States$103,347 $76,759 $197,690 $146,279 
Germany18,280 20,737 38,744 40,542 
All other countries14,080 9,637 26,707 18,954 
Total$135,707 $107,133 $263,141 $205,775 
Schedule of Revenue Disaggregated By End-Customer Type The following table sets forth revenue disaggregated by end-customer type between government entities (which include cities, transit agencies, and school districts) and commercial entities for the three and six months ended June 30, 2026 and 2025 (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenue by customer type:
Government$127,588 $100,592 $246,128 $192,363 
Commercial8,119 6,541 17,013 13,412 
Total$135,707 $107,133 $263,141 $205,775 
v3.26.1
Other Income (Expense) (Tables)
 6 Months Ended
Jun. 30, 2026
Other Income and Expenses [Abstract]  
Schedule of Other Income (Expense)
The following table presents the components of other income (expense) for the three and six months ended June 30, 2026 and 2025 (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revaluation of warrants liability$— $— $— $2,273 
Revaluation of convertible notes embedded derivative feature— (3,074)— (4,095)
Employee retention credit— — 1,758 1,811 
Foreign currency transaction (loss) gain(278)661 (729)1,069 
Other124 106 259 153 
Total other income (expense)$(154)$(2,307)$1,288 $1,211 
v3.26.1
Fair Value Measurement (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Assets Measured at Fair Value on a Recurring and Nonrecurring Basis
The following table presents the Company’s liabilities measured at fair value on a recurring and nonrecurring basis and indicates the fair value hierarchy of the valuation as of June 30, 2026 and December 31, 2025 (in thousands):
June 30, 2026Level 1Level 2Level 3Total
Assets
Cash and cash equivalents:
Money market funds$245,768 $— $— $245,768 
Total$245,768 $— $— $245,768 
Liabilities
Accrued expenses and other current liabilities
Derivative liabilities - cash flow hedges$— $878 $— $878 
Total$— $878 $— $878 
December 31, 2025Level 1Level 2Level 3Total
Assets
Cash and cash equivalents
Money market funds$236,425 $— $— $236,425 
Certificates of deposit— 8,000 — 8,000 
Total$236,425 $8,000 $— $244,425 
v3.26.1
Property and Equipment (Tables)
 6 Months Ended
Jun. 30, 2026
Property, Plant, and Equipment [Abstract]  
Schedule of Property and Equipment - Net
Property and equipment—net as of June 30, 2026 and December 31, 2025, consisted of the following (in thousands):
June 30,
2026		December 31,
2025
Office furniture and equipment$2,151 $2,085 
Computers and software8,204 7,824 
Leasehold improvements1,128 1,113 
Capitalized internal-use software22,635 18,656 
Total34,118 29,678 
Less accumulated depreciation and amortization(18,067)(16,283)
Property and equipment—net$16,051 $13,395 
v3.26.1
Accrued Expenses and Other Current Liabilities (Tables)
 6 Months Ended
Jun. 30, 2026
Payables and Accruals [Abstract]  
Schedule of Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities as of June 30, 2026 and December 31, 2025, consisted of the following (in thousands):
June 30,
2026		December 31,
2025
Accrued expenses$22,501 $23,266 
Accrued taxes1,358 1,620 
$23,859 $24,886 
v3.26.1
Stock Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Summary of the Companys Stock Option Activity
The following is a summary of the Company’s stock option activity for the six months ended June 30, 2026:
Number of OptionsWeighted-Average Exercise PriceWeighted-Average Remaining Contractual Term (in years)Aggregate Intrinsic Value (in thousands)
Outstanding—December 31, 20259,303,581$13.92 6.26$140,360 
Granted—— 
Exercised(216,149)8.15 
Forfeited(118,884)19.67 
Expired(66,853)19.53 
Outstanding—June 30, 20268,901,69513.94 5.6843,334 
Exercisable—June 30, 20267,714,057
Schedule of Nonvested Restricted Stock Units Activity
The following table is a summary of the Company’s RSU activity for the six months ended June 30, 2026:
Number of RSUsWeighted-Average Grant Date Fair Value
Unvested—December 31, 20252,518,990$43.87 
Granted1,491,12518.29 
Vested(105,349)38.23 
Forfeited(153,904)35.64 
Unvested—June 30, 20263,750,86234.20 
Schedule of Share-based Compensation Expense The stock-based compensation expense recognized in the consolidated statements of operations for services received from employees and nonemployees for the three and six months ended June 30, 2026 and 2025, is shown in the following tables (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Cost of revenue$98 $37 $173 $106 
Research and development4,302 1,549 8,332 3,163 
Sales and marketing3,623 1,271 6,951 2,539 
General and administrative7,987 1,805 16,118 3,545 
Total$16,010 $4,662 $31,574 $9,353 
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Stock options$3,220 $4,662 $7,065 $9,353 
RSUs11,000 — 20,948 — 
PSUs1,790 — 3,561 — 
Total$16,010 $4,662 $31,574 $9,353 
v3.26.1
Net Loss Per Share (Tables)
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Loss Per Share
The following table sets forth the computation of basic and diluted loss per share for the three and six months ended June 30, 2026 and 2025 (in thousands, except share and per share amounts):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Numerator:
Net loss$(19,556)$(21,221)$(39,705)$(37,538)
Denominator:
Weighted-average common shares outstanding used to compute net loss per share, basic and diluted81,337,20512,833,30681,257,58212,793,403
Net loss per share:
Net loss per share, basic and diluted$(0.24)$(1.65)$(0.49)$(2.93)
Schedule of Antidilutive Securities Excluded from Computation of Diluted Loss Per Share
The following potentially dilutive outstanding securities were excluded from the computation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented, or issuance of such shares is contingent upon the satisfaction of certain conditions, which were not satisfied as of June 30, 2026 and 2025:
June 30
2026		June 30
2025
Convertible preferred stock—56,630,188
Convertible notes—1,475,805
Stock options8,901,69510,828,965
RSUs3,750,862—
PSUs2,486,727—
Total15,139,28468,934,958
v3.26.1
Goodwill and Intangible Assets - Schedule of Goodwill (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
USD ($)
Goodwill [Roll Forward]  
Balance—December 31, 2025 $ 192,305
Foreign currency translation and other adjustments (1,585)
Balance—June 30, 2026 $ 190,720
v3.26.1
Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Intangible Asset, Finite-Lived, Acquired [Line Items]    
Gross Carrying Amount $ 49,008 $ 56,632
Accumulated Amortization (16,037) (20,607)
Total remaining amortization 32,971 36,025
Developed technology    
Intangible Asset, Finite-Lived, Acquired [Line Items]    
Gross Carrying Amount 10,427 16,870
Accumulated Amortization (5,025) (10,265)
Total remaining amortization $ 5,402 $ 6,605
Trade names    
Intangible Asset, Finite-Lived, Acquired [Line Items]    
Useful Life (Years) 5 years 5 years
Gross Carrying Amount $ 6,097 $ 6,992
Accumulated Amortization (1,747) (2,196)
Total remaining amortization 4,350 4,796
Customer relationships    
Intangible Asset, Finite-Lived, Acquired [Line Items]    
Gross Carrying Amount 32,484 32,770
Accumulated Amortization (9,265) (8,146)
Total remaining amortization $ 23,219 $ 24,624
Minimum | Developed technology    
Intangible Asset, Finite-Lived, Acquired [Line Items]    
Useful Life (Years) 4 years 4 years
Minimum | Customer relationships    
Intangible Asset, Finite-Lived, Acquired [Line Items]    
Useful Life (Years) 12 years 12 years
Maximum | Developed technology    
Intangible Asset, Finite-Lived, Acquired [Line Items]    
Useful Life (Years) 5 years 5 years
Maximum | Customer relationships    
Intangible Asset, Finite-Lived, Acquired [Line Items]    
Useful Life (Years) 15 years 15 years
v3.26.1
Goodwill and Intangible Assets - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Intangible Asset, Goodwill and Other [Abstract]        
Amortization of intangible assets $ 1.4 $ 1.2 $ 2.8 $ 2.5
v3.26.1
Goodwill and Intangible Assets - Schedule of Future Amortization of Intangible Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Intangible Asset, Goodwill and Other [Abstract]    
Remainder of 2026 $ 2,741  
2027 4,404  
2028 4,126  
2029 4,126  
2030 4,060  
Thereafter 13,514  
Total remaining amortization $ 32,971 $ 36,025
v3.26.1
Revenue - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]          
Revenue recognized     $ 19.0    
Performance obligation satisfied in previous period $ 0.0   0.0    
Remaining performance obligation, amount 318.3   318.3    
Capitalized commissions 0.8   0.8   $ 0.8
Noncurrent portion of capitalized commissions 0.6   0.6   $ 0.7
Amortization of sales commission expenses $ 1.0 $ 0.8 $ 2.0 $ 1.3  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-07-01          
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]          
Remaining performance obligation (as percent) 45.00%   45.00%    
Remaining performance obligation period (in months) 6 months   6 months    
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 (as percent) 37.00%   37.00%    
Remaining performance obligation period (in months) 12 months   12 months    
v3.26.1
Revenue - Schedule of Revenue By Geographic Area (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Disaggregation of Revenue [Line Items]        
Revenue by geographic area: $ 135,707 $ 107,133 $ 263,141 $ 205,775
United States        
Disaggregation of Revenue [Line Items]        
Revenue by geographic area: 103,347 76,759 197,690 146,279
Germany        
Disaggregation of Revenue [Line Items]        
Revenue by geographic area: 18,280 20,737 38,744 40,542
All other countries        
Disaggregation of Revenue [Line Items]        
Revenue by geographic area: $ 14,080 $ 9,637 $ 26,707 $ 18,954
v3.26.1
Revenue - Schedule of Revenue Disaggregated By End-Customer Type (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Disaggregation of Revenue [Line Items]        
Revenue by customer type: $ 135,707 $ 107,133 $ 263,141 $ 205,775
Government        
Disaggregation of Revenue [Line Items]        
Revenue by customer type: 127,588 100,592 246,128 192,363
Commercial        
Disaggregation of Revenue [Line Items]        
Revenue by customer type: $ 8,119 $ 6,541 $ 17,013 $ 13,412
v3.26.1
Other Income (Expense) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Other Income and Expenses [Abstract]        
Revaluation of warrants liability $ 0 $ 0 $ 0 $ 2,273
Revaluation of convertible notes embedded derivative feature 0 (3,074) 0 (4,095)
Employee retention credit 0 0 1,758 1,811
Foreign currency transaction (loss) gain (278) 661 (729) 1,069
Other 124 106 259 153
Total other income (expense) $ (154) $ (2,307) $ 1,288 $ 1,211
v3.26.1
Fair Value Measurement (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Assets    
Total $ 245,768 $ 244,425
Liabilities    
Derivative liabilities - cash flow hedges 878  
Total 878  
Money market funds    
Assets    
Cash and cash equivalents: 245,768 236,425
Certificates of deposit    
Assets    
Cash and cash equivalents:   8,000
Level 1    
Assets    
Total 245,768 236,425
Liabilities    
Derivative liabilities - cash flow hedges 0  
Total 0  
Level 1 | Money market funds    
Assets    
Cash and cash equivalents: 245,768 236,425
Level 1 | Certificates of deposit    
Assets    
Cash and cash equivalents:   0
Level 2    
Assets    
Total 0 8,000
Liabilities    
Derivative liabilities - cash flow hedges 878  
Total 878  
Level 2 | Money market funds    
Assets    
Cash and cash equivalents: 0 0
Level 2 | Certificates of deposit    
Assets    
Cash and cash equivalents:   8,000
Level 3    
Assets    
Total 0 0
Liabilities    
Derivative liabilities - cash flow hedges 0  
Total 0  
Level 3 | Money market funds    
Assets    
Cash and cash equivalents: $ 0 0
Level 3 | Certificates of deposit    
Assets    
Cash and cash equivalents:   $ 0
v3.26.1
Property and Equipment - Schedule of Property and Equipment - Net (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Property, Plant, and Equipment [Line Items]    
Total $ 34,118 $ 29,678
Less accumulated depreciation and amortization (18,067) (16,283)
Property and equipment—net 16,051 13,395
Office furniture and equipment    
Property, Plant, and Equipment [Line Items]    
Total 2,151 2,085
Computers and software    
Property, Plant, and Equipment [Line Items]    
Total 8,204 7,824
Leasehold improvements    
Property, Plant, and Equipment [Line Items]    
Total 1,128 1,113
Capitalized internal-use software    
Property, Plant, and Equipment [Line Items]    
Total $ 22,635 $ 18,656
v3.26.1
Property and Equipment - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Property, Plant, and Equipment [Abstract]        
Depreciation and amortization $ 1.0 $ 0.9 $ 2.0 $ 1.9
v3.26.1
Accrued Expenses and Other Current Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Payables and Accruals [Abstract]    
Accrued expenses $ 22,501 $ 23,266
Accrued taxes 1,358 1,620
Total $ 23,859 $ 24,886
v3.26.1
Line of Credit Agreement (Details)
$ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended
Mar. 31, 2025
USD ($)
Jun. 30, 2026
USD ($)
Jun. 30, 2026
USD ($)
Jul. 31, 2026
USD ($)
Debt Instrument [Line Items]        
Letters of credit outstanding   $ 28.1 $ 28.1  
Revolving Credit Facility | Credit Agreement | Line of Credit        
Debt Instrument [Line Items]        
Maximum borrowing capacity $ 100.0      
Accordion feature, increase limit $ 25.0      
Commitment fee (as percent) 0.325%      
Interest expense   0.5 1.2  
Loans remained outstanding   0.0 0.0  
Letters of credit outstanding   28.0 28.0  
Available borrowings   72.0 72.0  
Minimum liquidity amount   $ 50.0 $ 50.0  
Principal amounts funded (as percent)   0.50 0.50  
Revolving Credit Facility | Credit Agreement | Line of Credit | Prime Rate        
Debt Instrument [Line Items]        
Basis spread on variable rate (as percent) 1.75%      
Revolving Credit Facility | Credit Agreement | Line of Credit | Federal Funds Rate        
Debt Instrument [Line Items]        
Basis spread on variable rate (as percent) 2.25%      
Revolving Credit Facility | Credit Agreement | Line of Credit | One-Month Secured Overnight Financing Rate (1-month SOFR)        
Debt Instrument [Line Items]        
Basis spread on variable rate (as percent) 2.85%      
Revolving Credit Facility | Credit Agreement | Line of Credit | Secured Overnight Financing Rate (SOFR)        
Debt Instrument [Line Items]        
Basis spread on variable rate (as percent) 2.85%      
Letter of Credit | Credit Agreement | Line of Credit        
Debt Instrument [Line Items]        
Maximum borrowing capacity $ 30.0      
Letter of Credit | Credit Agreement | Line of Credit | Subsequent Event        
Debt Instrument [Line Items]        
Maximum borrowing capacity       $ 50.0
Swingline Facility | Credit Agreement | Line of Credit        
Debt Instrument [Line Items]        
Maximum borrowing capacity $ 5.0      
v3.26.1
Convertible Notes (Details) - USD ($)
$ in Thousands
 3 Months Ended 5 Months Ended 6 Months Ended
Sep. 15, 2025
Jun. 30, 2025
Feb. 28, 2025
Jun. 30, 2026
Jun. 30, 2025
Debt Conversion [Line Items]          
Proceeds from issuance of convertible notes       $ 0 $ 7,500
Amortization of convertible notes' discount       $ 0 3,328
Common Class A          
Debt Conversion [Line Items]          
Debt conversion, converted instrument, shares issued (in shares) 1,655,908        
Convertible Notes | Convertible Debt          
Debt Conversion [Line Items]          
Proceeds from issuance of convertible notes     $ 50,000    
Issuance of debt     $ 50,000    
Debt instrument discount of IPO (in percent) 30.00%   30.00%    
Contractual interest expense   $ 1,000     2,000
Amortization of convertible notes' discount   $ 1,700     $ 3,300
Convertible interest rate (in percent)         17.30%
Debt conversion, original debt, amount $ 53,300        
Convertible Notes | Convertible Debt | First Year          
Debt Conversion [Line Items]          
Interest rate (in percent)       8.00%  
Convertible Notes | Convertible Debt | Second Year          
Debt Conversion [Line Items]          
Interest rate (in percent)       9.00%  
Convertible Notes | Convertible Debt | Third Year          
Debt Conversion [Line Items]          
Interest rate (in percent)       11.00%  
Convertible Notes | Convertible Debt | Fourth Year          
Debt Conversion [Line Items]          
Interest rate (in percent)       13.00%  
Convertible Notes | Convertible Debt | Fifth Year          
Debt Conversion [Line Items]          
Interest rate (in percent)       15.00%  
v3.26.1
Derivative Financial Instruments (Details) - Foreign Exchange Forward - Cash Flow Hedging
 3 Months Ended 6 Months Ended
Jun. 30, 2026
USD ($)
Jun. 30, 2026
USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative, notional amount $ 18,000,000.0 $ 18,000,000.0
Cash flow hedge gain (loss) to be reclassified within 12 months   900,000
Ineffectiveness in the cash flow hedge $ 0 $ 0
v3.26.1
Commitments and Contingencies (Details) - USD ($)
$ in Millions
Jun. 30, 2026
May 31, 2026
Loss Contingencies [Line Items]    
Letters of credit outstanding, amount $ 28.1  
New York City Lease Commitment    
Loss Contingencies [Line Items]    
Other Commitment   $ 52.9
v3.26.1
Stockholders' Equity (Deficit) (Details)
 6 Months Ended
Jun. 30, 2026
vote
stock_class
$ / shares
shares
Dec. 31, 2025
$ / shares
shares
Class of Stock [Line Items]    
Number of classes of stock | stock_class 3  
Preferred stock, shares authorized (in shares) 10,000,000 10,000,000
Common Class A    
Class of Stock [Line Items]    
Common stock, authorized (in shares) 1,000,000,000 1,000,000,000
Common stock, par value (in usd per share) | $ / shares $ 0.00001 $ 0.00001
Number of votes per share | vote 1  
Common stock, conversion ratio 1  
Conversion of convertible preferred stock in connection with initial public offering (in shares) 56,630,188  
Common Class B    
Class of Stock [Line Items]    
Common stock, authorized (in shares) 5,808,291 5,808,291
Common stock, par value (in usd per share) | $ / shares $ 0.00001 $ 0.00001
Number of votes per share | vote 10  
Common Class C    
Class of Stock [Line Items]    
Common stock, authorized (in shares) 200,000,000 200,000,000
Common stock, par value (in usd per share) | $ / shares $ 0.00001 $ 0.00001
Number of votes per share | vote 0  
Common stock, conversion ratio 1  
v3.26.1
Stock Based Compensation - Narrative (Details)
$ / shares in Units, $ in Millions
 6 Months Ended
Sep. 11, 2025
tranche
$ / shares
shares
Jun. 30, 2026
USD ($)
$ / shares
shares
Dec. 31, 2025
shares
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Intrinsic value of stock options | $   $ 2.1  
Unamortized stock-based compensation cost | $   $ 159.7  
Weighted average period over which awards will be recognized (in years)   3 years 6 months  
Common Class A      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Common stock, shares issued (in shares)   77,598,173 77,276,675
Stock options      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Expiration period (in years)   10 years  
Performance period (in years)   4 years  
2025 Omnibus Incentive Plan | Common Class A      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Capital shares reserved for future issuance (in shares) 7,263,418    
PSUs      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Granted (in usd per share) | $ / shares   $ 20.23  
PSUs | Chief Financial Officer      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Performance period (in years) 7 years    
Number of tranches | tranche 7    
PSUs | Common Class A      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Share price (in usd per share) | $ / shares $ 46    
PSUs | Common Class A | Chief Executive Officer      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Number of shares authorized (in shares) 2,051,945    
PSUs | Common Class A | Chief Financial Officer      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Common stock, shares issued (in shares) 434,782    
v3.26.1
Stock Based Compensation - Schedule of Summary of the Companys Stock Option Activity (Details)
$ / shares in Units, $ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2026
USD ($)
$ / shares
shares
Dec. 31, 2025
USD ($)
$ / shares
shares
Number of Options    
Outstanding beginning balance (in shares) 9,303,581  
Granted (in shares) 0  
Exercised (in shares) (216,149)  
Forfeited (in shares) (118,884)  
Expired (in shares) (66,853)  
Outstanding ending balance (in shares) 8,901,695 9,303,581
Options exercisable at end of period (in shares) 7,714,057  
Weighted-Average Exercise Price    
Outstanding beginning balance (in usd per share) | $ / shares $ 13.92  
Granted (in usd per share) | $ / shares 0  
Exercised (in usd per share) | $ / shares 8.15  
Forfeited (in usd per share) | $ / shares 19.67  
Expired (in usd per share) | $ / shares 19.53  
Outstanding ending balance (in usd per share) | $ / shares $ 13.94 $ 13.92
Weighted-Average Remaining Contractual Term (in years)    
Options outstanding, Weighted average remaining contractual term 5 years 8 months 4 days 6 years 3 months 3 days
Options outstanding, Aggregate intrinsic value (in USD) | $ $ 43,334 $ 140,360
v3.26.1
Stock Based Compensation - Schedule of Changes in Unvested Restricted Stock Awards (Details) - RSUs
 6 Months Ended
Jun. 30, 2026
$ / shares
shares
Number of RSUs  
Unvested at beginning of period (in shares) | shares 2,518,990
Granted (in shares) | shares 1,491,125
Vested (in shares) | shares (105,349)
Forfeited (in shares) | shares (153,904)
Unvested at end of period (in shares) | shares 3,750,862
Weighted-Average Grant Date Fair Value  
Unvested at beginning of period (in dollars per share) | $ / shares $ 43.87
Granted (in usd per share) | $ / shares 18.29
Vested (in dollars per share) | $ / shares 38.23
Forfeited (in dollars per shares) | $ / shares 35.64
Unvested at end of period (in dollars per share) | $ / shares $ 34.20
v3.26.1
Stock Based Compensation - Schedule of Share-based Compensation Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total $ 16,010 $ 4,662 $ 31,574 $ 9,353
Stock options        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total 3,220 4,662 7,065 9,353
RSUs        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total 11,000 0 20,948 0
PSUs        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total 1,790 0 3,561 0
Income Statement Location [Axis]: us-gaap:CostOfRevenue        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total 98 37 173 106
Income Statement Location [Axis]: us-gaap:GeneralAndAdministrativeExpense        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total 7,987 1,805 16,118 3,545
Income Statement Location [Axis]: us-gaap:ResearchAndDevelopmentExpense        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total 4,302 1,549 8,332 3,163
Income Statement Location [Axis]: us-gaap:SellingAndMarketingExpense        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total $ 3,623 $ 1,271 $ 6,951 $ 2,539
v3.26.1
Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Income Tax Disclosure [Abstract]        
Provision for income taxes $ 165 $ 872 $ 722 $ 1,644
v3.26.1
Net Loss Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Numerator:        
Net loss $ (19,556) $ (21,221) $ (39,705) $ (37,538)
Denominator:        
Weighted-average common shares outstanding used to compute net loss per share, basic (in shares) 81,337,205 12,833,306 81,257,582 12,793,403
Weighted-average common shares outstanding used to compute net loss per share, diluted (in shares) 81,337,205 12,833,306 81,257,582 12,793,403
Net loss per share:        
Net loss per share, basic (in usd per share) $ (0.24) $ (1.65) $ (0.49) $ (2.93)
Net loss per share, diluted (in usd per share) $ (0.24) $ (1.65) $ (0.49) $ (2.93)
v3.26.1
Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Net Loss Per Share (Details) - shares
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Total 15,139,284 68,934,958
Convertible preferred stock    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Total 0 56,630,188
Convertible notes    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Total 0 1,475,805
Stock options    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Total 8,901,695 10,828,965
RSUs    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Total 3,750,862 0
PSUs    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Total 2,486,727 0