WEAVE COMMUNICATIONS, INC., 10-K filed on 3/13/2025
Annual Report
v3.25.0.1
Cover Page - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Mar. 07, 2025
Jun. 30, 2024
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-40998    
Entity Registrant Name Weave Communications, Inc.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 26-3302902    
Entity Address, Address Line One 1331 West Powell Way    
Entity Address, City or Town Lehi    
Entity Address, State or Province UT    
Entity Address, Postal Zip Code 84043    
City Area Code 385    
Local Phone Number 331-4164    
Title of 12(b) Security Common stock, par value $0.00001 per share    
Trading Symbol WEAV    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company true    
Entity Ex Transition Period false    
ICFR Auditor Attestation Flag false    
Document Financial Statement Error Correction false    
Entity Shell Company false    
Entity Public Float     $ 417.3
Entity Common Stock, Shares Outstanding   73,900,241  
Documents Incorporated by Reference
Part III incorporates by reference certain information from the registrant’s definitive proxy statement, or the 2025 Proxy Statement, relating to its 2025 Annual Meeting of Stockholders. The 2025 Proxy Statement will be filed with the United States Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates.
    
Entity Central Index Key 0001609151    
Amendment Flag false    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
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Audit Information
 12 Months Ended
Dec. 31, 2024
Audit Information [Abstract]  
Auditor Firm ID 238
Auditor Name PricewaterhouseCoopers LLP
Auditor Location Salt Lake City, Utah
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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 51,596 $ 50,756
Short-term investments 47,534 58,088
Accounts receivable, net 3,743 3,511
Deferred contract costs, net 11,568 10,547
Prepaid expenses and other current assets 6,298 6,876
Total current assets 120,739 129,778
Non-current assets:    
Property and equipment, net 8,443 9,922
Operating lease right-of-use assets 37,516 41,318
Finance lease right-of-use assets 10,650 10,351
Deferred contract costs, net, less current portion 9,487 8,622
Other non-current assets 2,091 1,021
TOTAL ASSETS 188,926 201,012
Current liabilities:    
Accounts payable 8,276 5,171
Accrued liabilities 17,638 18,491
Deferred revenue 39,987 38,850
Current portion of operating lease liabilities 4,119 3,821
Current portion of finance lease liabilities 6,600 6,520
Total current liabilities 76,620 72,853
Non-current liabilities:    
Operating lease liabilities, less current portion 38,961 43,080
Finance lease liabilities, less current portion 6,377 6,122
Total liabilities 121,958 122,055
COMMITMENTS AND CONTINGENCIES (Note 10)
Stockholders' equity:    
Preferred stock, $0.00001 par value per share; 10,000,000 shares authorized, zero shares issued and outstanding as of December 31, 2024 and 2023 0 0
Common stock, $0.00001 par value per share; 500,000,000 shares authorized as of December 31, 2024 and 2023, respectively, 73,225,253 and 70,116,357 shares issued and outstanding as of December 31, 2024 and 2023, respectively 0 0
Additional paid-in capital 358,549 341,514
Accumulated deficit (291,013) (262,667)
Accumulated other comprehensive income (loss) (568) 110
Total stockholders' equity 66,968 78,957
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 188,926 $ 201,012
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CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Dec. 31, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Preferred stock par value (in dollars per share) $ 0.00001 $ 0.00001
Preferred stock authorized (in shares) 10,000,000 10,000,000
Preferred stock issued (in shares) 0 0
Preferred stock outstanding (in shares) 0  
Common stock par value (in dollars per share) $ 0.00001 $ 0.00001
Common stock authorized (in shares) 500,000,000 500,000,000
Common stock issued (in shares) 73,225,253 70,116,357
Common stock outstanding (in shares) 73,225,253 70,116,357
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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Statement [Abstract]      
Total revenue $ 204,314 $ 170,468 $ 142,117
Cost of revenue 58,432 54,377 53,276
Gross profit 145,882 116,091 88,841
Operating expenses:      
Sales and marketing 84,612 70,765 65,378
Research and development 40,231 34,040 30,714
General and administrative 52,452 45,652 42,453
Total operating expenses 177,295 150,457 138,545
Loss from operations (31,413) (34,366) (49,704)
Other income (expense):      
Interest income 1,851 2,196 1,155
Interest expense (1,523) (1,923) (1,441)
Other income, net 2,928 3,322 356
Loss before income taxes (28,157) (30,771) (49,634)
Provision for income taxes (189) (260) (104)
Net loss $ (28,346) $ (31,031) $ (49,738)
Net loss per share attributable to common stockholders - basic (in dollars per share) $ (0.40) $ (0.46) $ (0.76)
Net loss per share attributable to common stockholders - diluted (in dollars per share) $ (0.40) $ (0.46) $ (0.76)
Weighted-average common shares outstanding - basic (in shares) 71,656,892 67,694,978 65,083,198
Weighted-average common shares outstanding - diluted (in shares) 71,656,892 67,694,978 65,083,198
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net loss $ (28,346) $ (31,031) $ (49,738)
Other comprehensive loss      
Change in foreign currency translation, net of tax (657) 108 (10)
Net unrealized gain (loss) on short-term investments, net of tax (21) 31 12
Total comprehensive loss $ (29,024) $ (30,892) $ (49,736)
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CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-in Capital
Accumulated Deficit
Accumulated Other Comprehensive (Loss) Income
Beginning balance (in shares) at Dec. 31, 2021   64,324,628      
Beginning balance at Dec. 31, 2021 $ 112,301 $ 0 $ 294,230 $ (181,898) $ (31)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common shares from stock option exercises (in shares)   1,069,935      
Issuance of common shares from stock option exercises 1,315   1,315    
Issuance of common shares from the employee stock purchase plan (in shares)   165,347      
Issuance of common shares from the employee stock purchase plan 858   858    
Offering costs (271)   (271)    
Vesting of restricted stock units (in shares)   179,143      
Stock-based compensation 18,752   18,752    
Foreign currency translation adjustments, net of tax (10)       (10)
Net unrealized gain on investments 12       12
Net loss (49,738)     (49,738)  
Ending balance (in shares) at Dec. 31, 2022   65,739,053      
Ending balance at Dec. 31, 2022 83,219 $ 0 314,884 (231,636) (29)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common shares from stock option exercises (in shares)   1,756,386      
Issuance of common shares from stock option exercises 12,866   12,866    
Issuance of common shares from the employee stock purchase plan (in shares)   292,246      
Issuance of common shares from the employee stock purchase plan 1,329   1,329    
Vesting of restricted stock units (in shares)   3,662,161      
Common stock withheld related to net settlement of equity awards (in shares)   (1,333,489)      
Common stock withheld related to net settlement of equity awards (10,388)   (10,388)    
Stock-based compensation 22,823   22,823    
Foreign currency translation adjustments, net of tax 108       108
Net unrealized gain on investments 31       31
Net loss $ (31,031)     (31,031)  
Ending balance (in shares) at Dec. 31, 2023 70,116,357 70,116,357      
Ending balance at Dec. 31, 2023 $ 78,957 $ 0 341,514 (262,667) 110
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common shares from stock option exercises (in shares) 325,641 325,641      
Issuance of common shares from stock option exercises $ 1,727   1,727    
Issuance of common shares from the employee stock purchase plan (in shares)   220,042      
Issuance of common shares from the employee stock purchase plan $ 1,997   1,997    
Vesting of restricted stock units (in shares)   4,198,162      
Common stock withheld related to net settlement of equity awards (in shares) (1,634,949) (1,634,949)      
Common stock withheld related to net settlement of equity awards $ (18,855)   (18,855)    
Stock-based compensation 32,166   32,166    
Foreign currency translation adjustments, net of tax (657)       (657)
Net unrealized gain on investments (21)       (21)
Net loss $ (28,346)     (28,346)  
Ending balance (in shares) at Dec. 31, 2024 73,225,253 73,225,253      
Ending balance at Dec. 31, 2024 $ 66,968 $ 0 $ 358,549 $ (291,013) $ (568)
v3.25.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES      
Net loss $ (28,346) $ (31,031) $ (49,738)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities      
Depreciation and amortization 11,517 12,001 12,964
Amortization of operating right-of-use assets 3,951 3,831 3,681
Provision for losses on accounts receivable 1,867 1,164 729
Amortization of deferred contract costs 13,418 12,171 11,120
Loss on disposal of assets 1 16 4
Stock-based compensation, net of amount capitalized 32,220 22,823 18,752
Net accretion of discounts on short-term investments (2,134) (2,668) (413)
Changes in operating assets and liabilities:      
Accounts receivable (2,099) (1,379) (966)
Deferred contract costs (15,304) (13,313) (12,343)
Prepaid expenses and other assets 373 (680) (93)
Accounts payable 3,116 1,323 (330)
Accrued liabilities (941) 4,855 1,786
Operating lease liabilities (3,970) (3,714) (2,534)
Deferred revenue 480 4,822 4,615
Net cash provided by (used in) operating activities 14,149 10,221 (12,766)
CASH FLOWS FROM INVESTING ACTIVITIES      
Maturities of short-term investments 66,438 62,150 0
Purchases of short-term investments (53,771) (66,199) (50,915)
Proceeds from sale of assets 0 0 16
Purchases of property and equipment (2,185) (1,691) (1,895)
Capitalized internal-use software costs (1,600) (1,999) (1,232)
Net cash provided by (used in) investing activities 8,882 (7,739) (54,026)
CASH FLOWS FROM FINANCING ACTIVITIES      
Principal payments on line of credit 0 (10,000) 0
Principal payments on finance leases (7,060) (7,530) (8,709)
Proceeds from stock option exercises 1,727 12,866 1,315
Payments for taxes related to net share settlement of equity awards (18,855) (10,388) 0
Paid offering costs 0 0 (671)
Proceeds from the employee stock purchase plan 1,997 1,329 858
Net cash used in financing activities (22,191) (13,723) (7,207)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 840 (11,241) (73,999)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 50,756 61,997 135,996
CASH AND CASH EQUIVALENTS, END OF PERIOD 51,596 50,756 61,997
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:      
Cash paid during the period for interest 1,523 1,923 1,441
Cash paid during the period for income taxes 189 260 104
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:      
Equipment purchases financed with accounts payable 28 52 13
Finance lease liabilities arising from obtaining finance lease right-of-use assets 7,395 7,183 6,655
Operating lease liabilities arising from obtaining operating lease right-of-use assets 149 154 309
Unrealized gain (loss) on short-term investments (21) 31 12
Stock-based compensation included in capitalized software development costs $ 34 $ 0 $ 0
v3.25.0.1
Organization and Description of the Business
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Description of the Business Organization and Description of the Business
Description of the Business
Weave Communications, Inc., with its wholly owned subsidiaries Weave Communications Canada, Inc. and Weave Communications India Private Limited (collectively, “Weave” or the “Company”) sells subscriptions to the Weave platform, its vertically-tailored customer experience and payments software platform for small and medium-sized healthcare businesses. The Weave platform combines patient engagement, payments, and other operational software tools with voice over internet protocol (“VoIP”) phone services. The Company was incorporated in the state of Delaware in October 2015, and its corporate headquarters are located in Lehi, UT.
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Basis of Presentation and Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Summary of Significant Accounting Policies
Basis of Presentation and Principles of Consolidation
The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”).
Segments
The Company determines its operating and reportable segments based on how the chief operating decision maker (“CODM”), who is the Company’s Chief Executive Officer (“CEO”), reviews and manages the business and establishes criteria for aggregating operating segments into reportable segments. As described in Note 15, the Company operates as one operating and reportable segment.
Use of Estimates
The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amount of sales and expenses during the reporting period. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. The Company adjusts such estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates. Significant estimates included in the Company’s financial statements include the valuation allowance against deferred tax assets, allowance for credit losses, recoverability of long-lived assets, fair value of stock-based compensation, amortization period of deferred contract costs.
Concentration of Risks
The functionality of the Company’s software and cloud-based phone system relies heavily on its ability to integrate with customers’ systems of record, including practice or client management systems. In some of the core healthcare verticals that the Company serves, less than five providers make up the majority of PMS maintained by practitioners in the U.S. At this time, the Company does not anticipate loss of integration rights with any of these major providers. To mitigate the risk, the Company has developed a system-agnostic subscription option that, if needed, does not rely on an integration for functionality.
Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. At times, the Company’s cash balances held at financial institutions may exceed the amount insured by the Federal Deposit Insurance Corporation. The Company has not experienced any losses on its deposits of cash.
No customers accounted for more than 10% of accounts receivable or total revenues as of and for the years ended December 31, 2024, 2023, and 2022. To date, the Company has not experienced material losses related to non-payment by customers.
Geographic Information
Other than the U.S., no individual country exceeded 10% of total revenues for the years ended December 31, 2024, 2023, and 2022. As of December 31, 2024 and 2023, substantially all of the Company’s long-lived assets were located in the U.S..
Revenue Recognition
The Company derives substantially all revenue from subscription services by providing customers access to its platform.
The Company recognizes revenue when control of these services is transferred to customers in an amount that reflects consideration to which the Company expects to be entitled in exchange for those services, net of tax. Revenue recognition is determined from the following steps:
•Identification of a contract 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 within the contract; and
•Recognition of revenue when, or as, performance obligations are satisfied.
The Company recognizes revenue as follows:
Subscriptions revenue (software and phone service) is generated from fees that provide customers access to one or more of the Company’s software applications and related services. These arrangements have contractual month-to-month terms, wherein payment is generally received up front either monthly or annually. Arrangements with customers do not provide the customer with the right to take possession of the Company’s software at any time. Instead, customers are granted continuous access to the services over the contractual period. The Company transfers control of services evenly over the contractual period. Accordingly, the consideration related to subscriptions is recognized over time on a straight-line basis over the contract term beginning on the date the Company’s service is made available to the customer.
The Company also provides payment processing services and receives a revenue share from a third-party payment facilitator on transactions between Weave customers that utilize the Weave payments platform, and their end consumers. These payment transactions are generally for services rendered at customers’ business location via credit card terminals or through several card-not-present modalities, including “text-to-pay” functionality. As the Company acts as an agent in these arrangements, revenue from payments services is recorded net of transaction processing fees and revenue is recognized at the time transactions are processed.
The Company offers remote installation services as part of the onboarding process, wherein the Company can install pre-configured applications on customer hardware, which allow remote access to Weave’s cloud solution. Customers may also choose to engage directly with one of several preferred third-party providers to perform on-site installation services. The Company considers onboarding and
installation a separate performance obligation, and recognizes revenue at the time the installation services are complete.
Excluding payments services and installation revenue, most customers are billed in advance and may elect to be billed on a monthly or annual basis, while a small subset of customers are billed monthly in arrears. The Company records deferred revenue when cash payments are received or billings are due in advance of the performance of services. Deferred revenue is recognized as revenue when, or as, the performance obligations are satisfied. Software and phone service revenue is recognized net of discounts in the condensed consolidated statements of operations. The Company does not consider discounts to be variable consideration as they are stated on each agreement and not subject to contingencies or variability. The Company collects sales and communications taxes from its customers. In the consolidated statements of operations, amounts collected from taxes are excluded from the reported revenue amounts.
The Company elected to apply the practical expedient to not disclose the transaction price allocated to remaining performance obligations for contracts with a contract term of one year or less.
In addition to providing software and VoIP phone services, the Company provides phone hardware to its customers as part of its subscription offering. The Company allows customers to include phones without adjustment to the subscription base price, depending on the selected subscription bundle. The majority of customers select a bundle which includes five phones without adjustment to the subscription price. In such arrangements, the Company is deemed the lessor and the arrangement is an operating lease per guidance provided in the Accounting Standards Codification (“ASC”) 842, Leases. Title of the phones does not transfer to the customer at any point. If a customer were to cancel at any time, the phones are returned to the Company. For customers subscribed prior to August 2021, the Company allowed customers to include up to ten phones without adjustment to the subscription base price and title of the phones transferred to the customer after 36 months of subscription occurred. If a customer were to cancel at any time prior to completion of the 36-month period, the phones were returned to the Company. For the years ended December 31, 2024, 2023, and 2022 the Company recorded $4.7 million, $4.5 million and $4.2 million, respectively, in lease revenue associated with the phone hardware.
As a lessor, future minimum lease payments may vary due to customer agreements being either month-to-month or annual, and the fact that subscription payments are allocated based on the fair value of all services provided to the customer. With phone hardware being deployed to customers for their useful life, residual value does not accrue to the benefit of the Company. Phone hardware that is returned are refurbished and placed into service.
Cash and Cash Equivalents
Cash consists of deposits in financial institutions. Cash equivalents consist of highly liquid investments in money market securities with an original maturity of 90 days or less. The fair value of cash equivalents approximated their carrying value as of December 31, 2024 and 2023. As of December 31, 2024 and 2023, the Company did not have any restricted cash.
Liquidity and Capital Resources
The Company has incurred losses and, prior to 2023, has generated negative cash flows from operations since inception. As of December 31, 2024, the Company had an accumulated deficit of $291.0 million. The Company funds its operations through cash flows generated by sales of its product offerings. As of December 31, 2024, the Company had no outstanding borrowings under its revolving line of credit and $50.0 million in available borrowing capacity.
The Company believes its existing cash, cash equivalents, short-term investments, borrowing capacity under its revolving line of credit, and cash flows provided by sales of product offerings will be sufficient to meet operating cash flow requirements for at least twelve months from the date of issuance of the December 31, 2024 consolidated financial statements. As a result of the Company’s growth plans, the Company may experience losses and negative cash flows from operations in the future.
Foreign Currency
The reporting currency of the Company is the U.S. dollar. The functional currency of the subsidiaries is the applicable local currency. Transactions within a subsidiary entity which are denominated in currencies other than the subsidiary’s functional currency are recorded based on the exchange rates at the time such transactions arise. Resulting gains and losses are recorded in other income (expense), net in the consolidated statements of operations in the period of occurrence.
Revenues and expenses of the Company’s foreign subsidiaries are translated from the applicable functional currency to the U.S. dollar using the average exchange rates during the reporting period, while assets and liabilities are translated at the period-end exchange rates. Resulting gains or losses from translating foreign currency are included in accumulated other comprehensive income (loss) in the consolidated statements of comprehensive loss.
Short-Term Investments
The Company determines the appropriate classification of its investments at the time of purchase. As the Company views these securities as available to support current operations, it accounts for these debt securities as available-for-sale and classifies them as current assets on its consolidated balance sheets. These securities are recorded at estimated fair value. Unrealized gains and losses for available-for-sale securities are included in accumulated other comprehensive income (loss) in the consolidated statements of comprehensive loss. The Company periodically evaluates its investments to assess whether those with unrealized loss positions are other-than-temporarily impaired. The Company considers impairments to be other than temporary if they are related to deterioration in credit risk or if it is more likely than not that the Company will sell the securities before the recovery of their cost basis. If the Company does not intend to sell a security and it is not more likely than not that it will be required to sell the security before recovery, the unrealized loss is separated into an amount representing the credit loss, which is recognized in other income (expense), net in the consolidated statements of operations, and the amount related to all other factors, which is recorded in accumulated other comprehensive income (loss) in the consolidated statements of comprehensive loss. To date, the Company has not experienced any credit losses on its investments.
Realized gains and losses and declines in value judged to be other than temporary are determined based on the specific identification method and are reported in other income (expense), net in the consolidated statements of operations. Realized gains, consisting of discount accretion, for the years ended December 31, 2024, 2023, and 2022 were $2.1 million, $2.7 million, and $0.4 million, respectively.
Accounts Receivable and Provision for Credit Losses
Accounts receivable are mostly comprised of credit card billings and are recorded at the invoiced amounts when an unconditional right to cash exists. Accounts receivable do not bear interest. Accounts receivable balances outstanding longer than the contractual payment terms are considered past due. Accounts are written off when deemed uncollectible. Recoveries of accounts receivable previously written off are recorded when cash is received.
For the Company’s trade receivables from its customers, the Company performs ongoing credit evaluations of its customers and maintains a provision for expected credit losses. The provision for expected credit losses represents the Company’s best estimate based on current and historical information, and reasonable and supportable forecasts of future events and circumstances. The Company’s provision for credit losses was $0.5 million and $0.2 million as of December 31, 2024 and 2023, respectively.
The following is a roll forward of our provision for credit losses (in thousands):
Year Ended December 31,
202420232022
Balance Beginning of Period$200 $— $— 
Charge to Costs or Expenses1,867 1,164 729 
Deductions(1,544)(964)(729)
Balance at End of Period$523 $200 $— 
Property and Equipment
Property and equipment are stated at historical cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of property and equipment or over the related lease terms (if shorter). Costs of major improvements that extend the useful life of the property and equipment have been capitalized, while costs of normal repairs and maintenance are expensed as incurred. For customers who purchased subscriptions prior to August 2021, phone hardware provided to customers as part of the subscription arrangement remained the property of the Company for three years beginning on the date that the customer began receiving subscription services. After three years, the title of the phone hardware passed to the customer. For phone hardware provided to customers subscribing in or after August 2021, the Company retains ownership of the phone hardware. Phone hardware is deemed to have a useful life of three years and is depreciated over that period. The estimated useful life of each asset category is summarized as follows:
Estimated Useful Life
Office equipment
3 - 5 years
Phone hardware
3 years
Payment terminals
3 years
Office furniture
7 years
Leasehold improvementsShorter of remaining lease term or estimated life
When property and equipment is retired or otherwise disposed of, the net book value of the asset is removed from the respective accounts and any gain or loss is included in other income in the statements of operations.
Capitalized Software Costs
The Company capitalizes certain costs in connection with implementing or developing software for internal use and as part of its platform, which are subject to ASC 350-40, Internal Use Software. Amortization of such costs begins when the implementation or development of the project is substantially complete and the software is ready for its intended use. Costs related to preliminary project activities and post implementation activities are expensed as incurred. Capitalized software is stated at cost less accumulated amortization and amortized on a straight-line basis over its estimated period of expected benefit, which is three years. Amortization expense associated with these costs is reported in the cost of revenue line item on the statements of operations.
Capitalized Cloud Computing Costs
The Company capitalizes certain costs incurred to implement cloud computing arrangements that are service contracts. Amortization of such costs begins when the implementation of the arrangement is substantially complete and the software is ready for its intended use. Capitalized implementation costs are amortized on a straight-line basis over the expected term of the hosting arrangement, which includes consideration of the non-cancellable contractual term and reasonably certain renewals. Costs incurred during the preliminary project or the post-implementation and operation stages of the project are expensed as incurred. Implementation costs are included in other assets on the consolidated balance sheets. Amortization of capitalized implementation costs is included in the same line item in the
consolidated statements of operations as the expense for fees for the associated with the hosting arrangement.
Leases
At the inception of a contract, the Company determines whether the contract is or contains a lease. Lease classification is evaluated by the Company at lease commencement and when significant amendments are executed. For those leases which contain a readily determinable implicit rate, the implicit rate is used to discount lease payments. For those leases which do not provide a readily determinable implicit rate, the Company estimates the incremental borrowing rate to discount lease payments based on information available at lease commencement. The lease term consists of the noncancellable period of the lease and periods covered by options to extend the lease if the Company is reasonably certain to exercise the option. For leases of 12 months or less, the Company expenses lease payments on a straight-line basis over the lease term.
For all operating leases with a term greater than 12 months, the Company recognizes a right-of-use asset and a lease liability at the lease commencement date based on the estimated present value of future minimum lease payments, which includes certain lease and non-lease components, over the lease term. Operating lease right-of-use assets and operating lease liabilities are disclosed separately on the consolidated balance sheets.
Finance leases are initially recorded at the net present value of future minimum lease payments, which includes certain lease and non-lease components. Finance leases generally have one of these five attributes: 1) ownership of the underlying asset transfers to the Company at the end of the lease term, 2) the lease agreement contains a purchase option that the Company is reasonably certain to exercise, 3) the lease term represents the major part of the asset’s economic life, 4) the present value of lease payments over the lease term equals or exceeds substantially all of the fair value of the asset, and 5) the underlying asset is so specialized in nature that it provides no alternative use to the lessor after the lease term. Finance lease right-of-use assets and finance lease liabilities are disclosed separately on the consolidated balance sheets. As discussed in the Leases footnote below, our finance lease arrangements are related to phone hardware, and, as such, the Company depreciates the related finance lease right-of-use assets consistent with the phone hardware useful life policy presented in the table above, which is three years.
Impairment of Long-Lived Assets
The Company’s long-lived assets consist of property and equipment and capitalized software costs. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Significant management judgment is required in determining the estimated undiscounted future cash flows expected to be generated by the asset and the fair value of long-lived assets for impairment purposes. No events or changes in circumstances were identified and no impairment has been recognized for the years ended December 31, 2024, 2023, and 2022.
Advertising Expense
Advertising costs are expensed as incurred. The Company recorded advertising expense of $11.8 million, $8.3 million, and $6.3 million for the years ended December 31, 2024, 2023, and 2022, respectively. Advertising costs are included in sales and marketing expenses in the consolidated statements of operations.
Deferred Contract Costs
In accordance with ASC 340, Other Assets and Deferred Costs, the Company capitalizes incremental costs of obtaining and fulfilling a contract with a customer, provided the Company expects to recover those costs. The capitalized amounts mainly consist of sales commissions paid to the Company’s direct sales force. Capitalized costs also include:
•Commissions to sales management for achieving incremental sales quota;
•The associated payroll taxes and fringe benefit costs associated with the payments to the Company’s employees;
•One time commissions paid to partners; and
•One time registration fees assessed by mobile carriers.
These costs are recorded as deferred contract costs, net on the consolidated balance sheets. Amortization of deferred contract costs related to commissions, and the associated taxes and fringe benefit costs, are included in sales and marketing expense in the consolidated statement of operations. Deferred contract costs related to one-time registration fees paid to mobile carriers are included in cost of revenue. These costs are amortized on a straight-line basis over the average period of consumer benefit, which is three years. In arriving at this average period of benefit, the Company evaluated both qualitative and quantitative factors which included the anticipated customer life, historical customer life, and the useful life of the Company’s product offerings.
Monthly commensurate revenue share fees paid to partners are expensed as incurred as their estimated period of benefit does not extend beyond twelve months and, therefore, fall under the practical expedient which allows these costs to be expensed as incurred.
Research and Development
Research and development expenses include software development costs that are not eligible for capitalization and support the Company’s efforts to ensure the reliability, availability and scalability of the Company’s products. The Company’s cloud platform is software-driven, and its research and development teams employ software engineers in the continuous testing, certification and support of the Company’s products. Accordingly, the majority of the Company’s research and development expenses result from employee-related costs, including salaries, bonuses, benefits and costs associated with technology tools used by the Company’s engineers.
Stock-Based Compensation
Stock-based compensation expense resulting from stock options is measured at the grant date fair value of the award and is calculated using the Black-Scholes option pricing model. This compensation expense is recognized using the straight-line attribution method over the requisite service period. The Company accounts for forfeitures as they occur. See Note 12 for further detail on the judgements and assumptions used to calculate stock-based compensation expense.
The Company records stock-based compensation expense from RSUs based on the grant date fair value of the awards and recognizes the fair value of those awards as expense using the straight-line method over the requisite service period of the award.
Stock-based compensation expense related to purchase rights issued under the ESPP is based on the Black-Scholes option-pricing model fair value of the estimated number of awards to be purchased as of the beginning of the offering period. Stock-based compensation expense is recognized using the straight-line method over the offering period.
Income Taxes
The Company records a provision for income taxes for the anticipated tax of its reported results of operations using the asset and liability method. Under this method, deferred income taxes are recognized by applying the enacted tax rates expected to be in effect in future years to the differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases as well as net operating losses and tax credit carryforwards. The measurement of deferred tax assets is reduced by a valuation allowance when it is more likely than not that some portion of the deferred tax assets will not be realized.
The Company does not recognize certain tax benefits from uncertain tax positions within the provision for income taxes. A tax benefit is recognized only if it is more likely than not that the tax position will be sustained on examination by taxing authorities based on the technical merits of the position. For such positions, the largest benefit that has a greater than 50% likelihood of being realized upon settlement is recognized in the consolidated financial statements. Where applicable, interest and penalties are recognized in the provision for income taxes on the statement of operations.
Net Loss Per Share
Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period.
Diluted net loss per share is computed using the weighted-average number of shares of common stock plus the effect of potentially dilutive common shares outstanding during the period using the treasury stock method unless their effect is antidilutive. See Note 13 for a listing of potentially dilutive common shares outstanding as of December 31, 2024 and 2023.
Accounting Pronouncements Adopted
In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842), which requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. For all leases with a term greater than twelve months, the new standard also requires lessees to recognize a right-of-use (“ROU”) asset and a corresponding lease liability on their consolidated balance sheets. Upon adoption, lessees must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements or they may record the amount in the year in which the ASU is adopted. The accounting applied by a lessor is largely unchanged from that applied under previous Topic 840. For example, the vast majority of operating leases should remain classified as operating leases, and lessors should continue to recognize lease income for those leases on a generally straight-line basis over the lease term.
On January 1, 2022, the Company adopted Topic 842 using the modified retrospective approach with the effective date as of the date of initial application. Prior period amounts were not adjusted and continue to be reported in accordance with previous lease guidance under ASC Topic 840, Leases. The Company elected the package of practical expedients permitted under the transition guidance, which allows an entity to carryforward certain conclusions for leases that commenced prior to the effective date, including the determination of whether an existing contract contains a lease, the classification of the lease, and the accounting for initial direct costs. In addition, the Company elected the practical expedient that allows lessees the option to account for lease and non-lease components together as a single component for all classes of underlying assets. The Company performed evaluations of its contracts to ensure compliance with the new guidance of Topic 842.
In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost, and includes the Company's accounts receivable, certain financial instruments and contract assets. ASU 2016-13 results in
more timely recognition of credit losses. The Company adopted Topic 326 as of January 1, 2023, which did not materially impact the consolidated financial statements.
In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. The Company adopted this ASU for the annual period ended December 31, 2024 and interim periods beginning January 1, 2025 using the retrospective approach, which resulted in enhanced segment disclosures in the consolidated financial statements.
Accounting Pronouncements Pending Adoption
In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which requires the disclosure of specific categories in the rate reconciliation and greater disaggregation for income taxes paid. ASU 2023-09 will be effective for annual periods beginning after December 15, 2024 and should be adopted prospectively with the option to be adopted retrospectively. The Company is currently evaluating the impact of ASU 2023-09 on its related disclosures.
In November 2024, the FASB issued ASU No. 2024-03, “Income Statement (Topic 220): Disaggregation of Income Statement Expenses” (“ASU 2024-03”), which requires additional disclosures of certain amounts included in the expense captions presented on the Statement of Operations as well as disclosures about selling expenses. The ASU is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027, and early adoption is permitted. The Company is currently evaluating the impacts of adopting this guidance on its financial statement disclosures and statements of operations.
As an “emerging growth company,” the Jumpstart Our Business Startups Act (the “JOBS Act”) allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to use the adoption dates applicable to private companies. As a result, the Company’s financial statements may not be comparable to the financial statements of issuers who are required to comply with the effective date for new or revised accounting standards that are applicable to public companies.
v3.25.0.1
Revenue
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
The Company accounts for revenue in accordance with ASC Topic 606, Revenue from Contracts With Customers for all periods presented. See Note 2 for a description of the Company’s revenue recognition accounting policy.
Contract Balances
For the years ended December 31, 2024, 2023 and 2022, the Company recognized revenue of $38.9 million, $34.1 million and $29.5 million, respectively, that was included in the corresponding deferred revenue balance at the beginning of each respective period.
Deferred Contract Costs
The following table summarizes the activity of deferred contract costs (in thousands):
Year Ended December 31,
202420232022
Beginning balance$19,169 $18,027 $16,804 
Capitalization of contract costs15,304 13,313 12,343 
Amortization of deferred contract costs(13,418)(12,171)(11,120)
Ending balance$21,055 $19,169 $18,027 
Performance Obligations
Performance obligations promised in a contract are based on the services and products that will be transferred to the customer. They must be capable of being distinct and separately identifiable from other promises in the contract. The Company’s performance obligations consist of the following:
•Software services;
•Cloud-based phone services;
•Payment services;
•Onboarding and installation services (pre-configured applications and phone hardware); and
•Phone hardware.
Disaggregation of Revenues
Revenue has been disaggregated into recurring and non-recurring categories to identify revenue and costs of revenue that are one-time in nature from those that are term-based and renewable.
The table below outlines revenue for our recurring subscription (software and phone services) and payment processing services, as well as for our onboarding services, and phone hardware (in thousands) for the years ended December 31, 2024, 2023 and 2022:
Year Ended December 31,
202420232022
Subscription and payment processing$196,106 $162,715 $136,592 
Onboarding3,547 3,232 1,288 
Hardware (embedded lease)4,661 4,521 4,237 
Total revenue$204,314 $170,468 $142,117 
v3.25.0.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Financial instruments recorded at fair value in the consolidated financial statements are categorized as follows:
•Level 1: Observable inputs that reflect quoted prices for identical assets or liabilities in active markets.
•Level 2: Observable inputs, other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
•Level 3: Unobservable inputs reflecting management's assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available.
The following table summarizes the assets measured at fair value on a recurring basis by level within the fair value hierarchy for the year ended December 31, 2024 (in thousands):
Level 1Level 2Level 3Total
Cash equivalents
Money market funds$31,708 $— $— $31,708 
Short-term investments
US government and agency securities32,323 — 32,323 
Commercial paper— 15,211 — 15,211 
Total$64,031 $15,211 $— $79,242 
The following table summarizes the assets measured at fair value on a recurring basis by level within the fair value hierarchy for the year ended December 31, 2023 (in thousands):
Level 1Level 2Level 3Total
Cash equivalents
Money market funds$35,375 $— $— $35,375 
Short-term investments
US government and agency securities25,083 11,526 — 36,609 
Commercial paper— 21,479 — 21,479 
Total$60,458 $33,005 $— $93,463 
There were no transfers of financial assets or liabilities into or out of Level 3 during the years ended December 31, 2024 or 2023.
The following table summarizes the Company's short-term investments on the consolidated balance sheets as of December 31, 2024 (in thousands):
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Short-term investments
US government and agency securities$32,309 $23 $(9)$32,323 
Commercial paper15,203 8 — 15,211 
Total$47,512 $31 $(9)$47,534 
The following table summarizes the Company's short-term investments on the consolidated balance sheets as of December 31, 2023 (in thousands):
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Short-term investments
US government and agency securities$36,568 $48 $(7)$36,609 
Commercial paper21,477 11 (9)21,479 
Total$58,045 $59 $(16)$58,088 
The following table summarizes the Company’s cash and cash equivalents on the consolidated balance sheets as of December 31, 2024 (in thousands):
December 31, 2024
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Cash$19,888 $— $— $19,888 
Cash equivalents
Money market funds 31,708 — — 31,708 
Total$51,596 $— $— $51,596 
The following table summarizes the Company’s cash and cash equivalents on the consolidated balance sheets as of December 31, 2023 (in thousands):
December 31, 2023
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Cash$15,381 $— $— $15,381 
Cash equivalents
Money market funds 35,375 — — 35,375 
Total$50,756 $— $— $50,756 

As of December 31, 2024, the weighted-average remaining contractual maturities of available for sale securities was approximately five months.
No available for sale securities held as of December 31, 2024 have been in a continuous unrealized loss position for more than 12 months. As of December 31, 2024, unrealized losses on available for sale securities are not attributed to credit risk and are considered temporary. The Company believes it is more likely than not that investments in an unrealized loss position will be held until maturity or the cost basis of the investment will be recovered. The Company believes it has no other-than-temporary impairments on its securities as it does not intend to sell these securities and does not believe it is more likely than not that it will be required to sell these securities before the recovery of their amortized cost basis. To date, the Company has not recorded any impairment charges on securities related to other-than-temporary declines in fair value. The Company’s cash equivalents and short-term investments are due within one year from the balance sheet date.
For the years ended December 31, 2024, 2023, and 2022, both unrealized holding gains and losses are immaterial and the resulting net unrealized holding losses and gains have been included in accumulated other comprehensive income.
As of December 31, 2024 and 2023, there was no outstanding debt. The carrying amounts of certain financial instruments, including accounts receivable, accounts payable, and accrued liabilities approximate fair value due to their short-term maturities and are excluded from the fair value tables above.
v3.25.0.1
Property and Equipment
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment Property and Equipment
Property and equipment consisted of the following (in thousands):
December 31, 2024December 31, 2023
Office equipment$6,626 $5,830 
Office furniture5,670 6,416 
Leasehold improvements2,763 2,731 
Fixed assets not placed in service— 25 
Capitalized internal-use software7,059 6,827 
Payment terminals2,308 2,354 
Property and equipment, gross24,426 24,183 
Less accumulated depreciation and amortization(15,983)(14,261)
Property and equipment, net$8,443 $9,922 
Depreciation and amortization expense on property and equipment was $11.5 million, $12.0 million, and $13.0 million for the years ended December 31, 2024, 2023 and 2022, respectively. Of this expense, $7.1 million, $7.4 million and $8.5 million was related to phone hardware finance ROU assets (see also Note 7) and data center equipment, and has been included in cost of revenue in the consolidated statements of operations for the years ended December 31, 2024, 2023 and 2022, respectively.
The carrying value of capitalized internal-use software consisted of the following (in thousands):
December 31, 2024December 31, 2023
Capitalized internal-use software$7,059 $6,827 
Less: accumulated amortization(4,508)(3,665)
Capitalized internal-use software, net$2,551 $3,162 
Capitalized internal-use software amortization expense was $1.2 million for each of the years ended December 31, 2024 and 2023, and $0.8 million for the year ended December 31, 2022, and has been included in the cost of revenue in the consolidated statements of operations. Capitalized software implementation amortization expense was $0.3 million, $0.1 million, and $0.2 million for the years ended December 31, 2024, 2023 and 2022, respectively, and has been included in operating expense in the consolidated statements of operations.
v3.25.0.1
Accrued Liabilities
 12 Months Ended
Dec. 31, 2024
Payables and Accruals [Abstract]  
Accrued Liabilities Accrued Liabilities
Accrued liabilities consisted of the following (in thousands):
December 31, 2024December 31, 2023
Payroll-related accruals$11,353 $12,567 
Sales and telecom taxes2,451 2,953 
Employee stock purchase plan liability955 862 
Third-party commissions397 398 
Other2,482 1,711 
Total$17,638 $18,491 
v3.25.0.1
Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases Leases
The Company has lease arrangements, both as a lessor and a lessee, and makes assumptions and judgments when assessing contracts for lease components, determining lease classifications and calculating right-of-use asset and lease liability values. These assumptions and judgements may include the useful lives and fair values of the leased assets, the implicit rate underlying the Company’s leases, the Company’s incremental borrowing rate or the Company’s intent to exercise or not exercise options available in lease contracts.
Lease expense and other information consisted of the following (in thousands, except terms and rates):
Year Ended December 31,
202420232022
Lease expense
Finance lease expense:
Amortization of right-of-use assets$7,096 $7,421 $8,486 
Interest on lease liabilities1,342 1,165 923 
Operating lease expense5,690 5,690 5,671 
Short-term lease expense43 18 27 
Variable lease expense301 40 103 
Total lease expense$14,472 $14,334 $15,210 
Supplemental cash flow information
Finance leases:
Operating cash outflow from finance leases$1,342 $1,165 $923 
Financing cash outflow from finance leases$7,060 $7,530 $8,709 
Operating leases:
Operating cash outflow from operating leases$5,721 $5,574 $4,556 
Other information
Finance leases:
Weighted-average remaining lease term (years)1.9
Weighted-average discount rate11.2 %
Operating leases:
Weighted-average remaining lease term (years)8.1
Weighted-average discount rate3.9 %
Operating leases
The Company as the Lessee
The Company leases office space for its headquarters under a non-cancelable operating lease agreement which expires in January 2033. Though the Company will consider renewal options on its lease as it nears expiration, the Company has not recognized any renewal options as part of the current lease term as it is not reasonably certain that it will exercise its option as of December 31, 2024. The rate implicit in the Company’s operating lease is not readily determinable. Thus, the Company uses its incremental borrowing rate to discount lease payments to present value. The incremental borrowing rate is the rate incurred to borrow on a collateralized basis, and is based on the Company’s secured line of credit, which may be adjusted for the specific terms and collateral of the lease. The operating lease agreement does not contain any residual value guarantees or other restrictions or covenants that would cause the Company to incur additional significant financial obligations. The office space lease agreement contains non-lease components, which represent charges for common area maintenance, taxes and utilities. The Company has elected the practical expedient on not separating lease components from non-lease components.
The Company has other leases for office space with terms less than twelve months from contract inception and no options to purchase the underlying asset. These agreements are accounted for as short-term leases in accordance with ASC 842.
Total rent expense for office space leases was $5.5 million, $5.5 million, and $5.6 million for the years ended December 31, 2024, 2023, and 2022, respectively, and is reported gross of sublease income received.
Future maturities of remaining lease payments included in the measurement of operating lease obligations as of December 31, 2024 are as follows (in thousands):
Years ending December 31,
2025$5,701 
20265,843 
20275,989 
20286,139 
20296,292 
Thereafter20,403 
Total50,367 
Less: imputed interest(7,287)
Present value of operating lease obligations$43,080 
The Company as the Lessor
As discussed in Note 2, the Company provides varying quantities of phone hardware to customers without adjustments to the base subscription price. The Company is deemed a lessor in these arrangements. For the years ended December 31, 2024, 2023, and 2022, the Company recorded lease revenues associated with phone hardware of $4.7 million, $4.5 million, and $4.2 million, respectively.
In April 2023, the Company entered into a Sublease Agreement for the fourth floor of the office space currently occupied by the Company in Lehi, Utah. The Company recorded sublease revenues associated with this agreement of $0.9 million for each of the years ended December 31, 2024 and 2023. The revenue is included in other income (expense) on the consolidated Statements of operations.
Finance leases
The Company is the lessee in all of its finance lease arrangements. In June 2016, the Company began financing its purchases of phone hardware through lease agreements classified as finance leases. As of December 31, 2024 the Company had 96 executed and active lease agreements for phone hardware. These agreements have maturity dates ranging from January 2025 to December 2027. As of December 31, 2024, the gross value of phone hardware acquired under these capital leases approximated $21.0 million. Amortization expense on finance-leased phone hardware was $7.1 million, $7.4 million, and $8.5 million for the years ended December 31, 2024, 2023, and 2022, respectively, which is included in the depreciation expense referenced in Note 5.
Future minimum lease payments for the Company’s finance leases as of December 31, 2024 were as follows (in thousands):
Years ending December 31,
2025$7,629 
20264,663 
20272,286 
2028— 
2029— 
Thereafter— 
Total14,578 
Less amounts representing interest(1,601)
Present value of finance lease obligations$12,977 
Leases Leases
The Company has lease arrangements, both as a lessor and a lessee, and makes assumptions and judgments when assessing contracts for lease components, determining lease classifications and calculating right-of-use asset and lease liability values. These assumptions and judgements may include the useful lives and fair values of the leased assets, the implicit rate underlying the Company’s leases, the Company’s incremental borrowing rate or the Company’s intent to exercise or not exercise options available in lease contracts.
Lease expense and other information consisted of the following (in thousands, except terms and rates):
Year Ended December 31,
202420232022
Lease expense
Finance lease expense:
Amortization of right-of-use assets$7,096 $7,421 $8,486 
Interest on lease liabilities1,342 1,165 923 
Operating lease expense5,690 5,690 5,671 
Short-term lease expense43 18 27 
Variable lease expense301 40 103 
Total lease expense$14,472 $14,334 $15,210 
Supplemental cash flow information
Finance leases:
Operating cash outflow from finance leases$1,342 $1,165 $923 
Financing cash outflow from finance leases$7,060 $7,530 $8,709 
Operating leases:
Operating cash outflow from operating leases$5,721 $5,574 $4,556 
Other information
Finance leases:
Weighted-average remaining lease term (years)1.9
Weighted-average discount rate11.2 %
Operating leases:
Weighted-average remaining lease term (years)8.1
Weighted-average discount rate3.9 %
Operating leases
The Company as the Lessee
The Company leases office space for its headquarters under a non-cancelable operating lease agreement which expires in January 2033. Though the Company will consider renewal options on its lease as it nears expiration, the Company has not recognized any renewal options as part of the current lease term as it is not reasonably certain that it will exercise its option as of December 31, 2024. The rate implicit in the Company’s operating lease is not readily determinable. Thus, the Company uses its incremental borrowing rate to discount lease payments to present value. The incremental borrowing rate is the rate incurred to borrow on a collateralized basis, and is based on the Company’s secured line of credit, which may be adjusted for the specific terms and collateral of the lease. The operating lease agreement does not contain any residual value guarantees or other restrictions or covenants that would cause the Company to incur additional significant financial obligations. The office space lease agreement contains non-lease components, which represent charges for common area maintenance, taxes and utilities. The Company has elected the practical expedient on not separating lease components from non-lease components.
The Company has other leases for office space with terms less than twelve months from contract inception and no options to purchase the underlying asset. These agreements are accounted for as short-term leases in accordance with ASC 842.
Total rent expense for office space leases was $5.5 million, $5.5 million, and $5.6 million for the years ended December 31, 2024, 2023, and 2022, respectively, and is reported gross of sublease income received.
Future maturities of remaining lease payments included in the measurement of operating lease obligations as of December 31, 2024 are as follows (in thousands):
Years ending December 31,
2025$5,701 
20265,843 
20275,989 
20286,139 
20296,292 
Thereafter20,403 
Total50,367 
Less: imputed interest(7,287)
Present value of operating lease obligations$43,080 
The Company as the Lessor
As discussed in Note 2, the Company provides varying quantities of phone hardware to customers without adjustments to the base subscription price. The Company is deemed a lessor in these arrangements. For the years ended December 31, 2024, 2023, and 2022, the Company recorded lease revenues associated with phone hardware of $4.7 million, $4.5 million, and $4.2 million, respectively.
In April 2023, the Company entered into a Sublease Agreement for the fourth floor of the office space currently occupied by the Company in Lehi, Utah. The Company recorded sublease revenues associated with this agreement of $0.9 million for each of the years ended December 31, 2024 and 2023. The revenue is included in other income (expense) on the consolidated Statements of operations.
Finance leases
The Company is the lessee in all of its finance lease arrangements. In June 2016, the Company began financing its purchases of phone hardware through lease agreements classified as finance leases. As of December 31, 2024 the Company had 96 executed and active lease agreements for phone hardware. These agreements have maturity dates ranging from January 2025 to December 2027. As of December 31, 2024, the gross value of phone hardware acquired under these capital leases approximated $21.0 million. Amortization expense on finance-leased phone hardware was $7.1 million, $7.4 million, and $8.5 million for the years ended December 31, 2024, 2023, and 2022, respectively, which is included in the depreciation expense referenced in Note 5.
Future minimum lease payments for the Company’s finance leases as of December 31, 2024 were as follows (in thousands):
Years ending December 31,
2025$7,629 
20264,663 
20272,286 
2028— 
2029— 
Thereafter— 
Total14,578 
Less amounts representing interest(1,601)
Present value of finance lease obligations$12,977 
v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The components of the provision for (benefit from) income taxes were as follows (in thousands):
Year Ended December 31,
202420232022
Current
Federal$— $— $— 
State9 53 — 
Foreign226 247 130 
Deferred
Federal— — — 
State— — — 
Foreign(46)(40)(26)
Total$189 $260 $104 
Loss before income taxes was as follows (in thousands):
Year Ended December 31,
202420232022
United States$(28,776)$(30,622)$(49,551)
Foreign619 (149)(83)
Total$(28,157)$(30,771)$(49,634)
The following reconciles the differences between the federal statutory income tax rate in effect in each year to the Company’s effective tax rate:
Year Ended December 31,
202420232022
Statutory federal tax rate21.00 %21.00 %21.00 %
State tax, net of federal tax effect3.80 2.70 1.02 
Stock-based compensation
0.09 (5.86)(4.07)
Change in valuation allowance(32.87)(19.97)(17.94)
Other7.31 1.29 (0.03)
Effective tax rate(0.67)%(0.84)%(0.02)%
The components of deferred tax assets and liabilities were as follows (in thousands):
December 31, 2024December 31, 2023
Deferred tax assets:
Net operating losses$51,550 $44,357 
Sales and use tax reserves197 187 
Stock-based compensation
2,914 2,112 
Compensation related accruals1,307 1,749 
Interest expense limitations309 396 
Leases - Right-of-use liability
10,749 11,702 
Other327 168 
Fixed assets651 1,013 
Capitalized research expenses11,082 8,470 
Valuation allowance(64,119)(54,867)
Total deferred tax assets - net14,967 15,287 
Deferred tax liabilities:
State taxes— — 
Intangible assets(367)(266)
Leases - Right-of-use asset
(9,360)(10,309)
Deferred contract costs(5,129)(4,647)
Total deferred tax liabilities(14,856)(15,222)
Net deferred taxes assets$111 $65 
Activity of the deferred tax asset valuation allowance was as follows (in thousands):
Year Ended December 31,
202420232022
Balance at beginning of the year$54,867 $48,723 $40,101 
Charged to costs and expense9,252 6,144 8,622 
Balance at end of the year$64,119 $54,867 $48,723 
The Company evaluates its ability to realize net deferred tax assets by considering all available positive and negative evidence including past results of operations, forecasted earnings, tax planning strategies, and all sources of future taxable income. A full valuation allowance was maintained on domestic deferred tax assets as of December 31, 2024, primarily due to cumulative losses in recent years. Net deferred tax assets are included in the other non-current assets on the consolidated balance sheets.
As of December 31, 2024, U.S. Federal and State net operating loss (“NOL”) carry forwards are both approximately $207.4 million and $154.9 million. These NOLs have expiration dates starting in 2034 for U.S. Federal and 2025 for State jurisdictions. The U.S. Federal NOL generated in 2018 and years forward, are not subject to a carryforward limitation and can be utilized at any time in the future. The total U.S. Federal NOLs not subject to carryover limitation are $175.7 million. Full realization of the NOLs is dependent on generating sufficient taxable income prior to their expiration. The ability to realize the NOLs could also be limited by previous or future changes in ownership in accordance with rules in Internal Revenue Code Sections 382 and 383.
ASC 740-10, Accounting for Uncertainty in Income Taxes, provides that a tax benefit from an uncertain tax position may be recognized in the financial statements only when it is more likely than not that the position will be sustained upon examination. Once the recognition threshold is met, the portion of the tax benefit that is recorded represents the largest amount of tax benefit that is greater than 50 percent likely to be realized upon settlement with a taxing authority. The Company determined it did not have any unrecognized tax benefits at December 31, 2024 or 2023. The Company accounts for interest expense
and penalties for unrecognized tax benefits as a part of its income tax provision. The Company does not anticipate any significant changes in unrecognized tax benefits during the next 12 months.
The Company files income tax returns in the U.S. Federal jurisdiction and in various states. Additionally, the Company files income tax returns in the foreign jurisdictions in which it operates. The statute of limitations for the federal U.S. income tax returns is still open for tax years 2021 forward. The statute of limitations for state income tax returns varies between three and four years in the state taxing jurisdictions where the Company files, and would still be open for tax years 2020 forward or 2019 depending on the jurisdiction. The statute of limitations in the foreign jurisdictions varies by foreign jurisdiction, however, the Company has open returns in the foreign jurisdictions beginning for tax year 2020.
v3.25.0.1
Related Party Transactions
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
Apart from director compensation, there were no related-party transactions during the years ended years ended December 31, 2024, 2023, and 2022.
v3.25.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Legal Matters
As of December 31, 2024 and through the issuance date of these consolidated financial statements, the Company is not involved in any legal proceedings, the outcomes of which are anticipated to significantly impact the Company’s financial condition, results of operations, or liquidity.
Other Purchase Commitments
In the ordinary course of business the Company has entered into certain non-cancelable contractual commitments related to third-party cloud infrastructure agreements and subscription arrangements. Purchases made under commitments related to these services totaled $7.2 million during the year ended December 31, 2024
Future minimum payments on these non-cancelable contractual commitments as of December 31, 2024, are as follows (in thousands):
Years ending December 31,
2025$8,971 
20268,638 
20275,799 
2028— 
2029— 
Thereafter— 
Total$23,408 
Indemnification
The Company enters into standard indemnification arrangements in the ordinary course of business. Pursuant to these arrangements, the Company indemnifies, holds harmless and agrees to reimburse the indemnified parties for losses suffered or incurred by the indemnified party, in connection with any trade secret, copyright, patent or other intellectual property infringement claims brought by any third party against such indemnified party with respect to licensed technology. The term of these indemnification agreements is generally perpetual any time after the execution of the agreement. The maximum potential amount of future payments the Company could be required to make under these agreements is not determinable because it involves claims that may be made against the Company in the future but have
not yet been made. To date, the Company has not incurred costs to defend lawsuits or settle claims related to these indemnification agreements.
The Company has entered into indemnification agreements with its directors and officers that may require the Company to indemnify its directors and officers against liabilities that may arise by reason of their status or service as directors or officers, other than liabilities arising from willful misconduct of the individual. No liability associated with such indemnifications has been recorded as of December 31, 2024.
v3.25.0.1
Current and Long-Term Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Current and Long-Term Debt Current and Long-Term Debt
In August 2021, the Company established a revolving line of credit with Silicon Valley Bank allowing for total borrowing capacity up to $50.0 million, subject to reduction should the Company fail to meet certain metrics for recurring revenue and customer retention (the “August 2021 Agreement”). The line of credit, as amended, matures in August 2025. Amounts outstanding on the line of credit accrue interest at the greater of prime rate plus 0.25% and 3.50%. The Company is required to pay an annual fee of $0.1 million beginning on the effective date of the August 2021 Agreement, and continuing on the anniversary of the effective date as well as a quarterly unused line of credit fee of 0.15% per annum of the available borrowing amount should the outstanding principal balance drop below $10.0 million (calculated based on the number of days and based on the average available borrowing amount). The line of credit is collateralized by substantially all of our assets. The August 2021 Agreement, as amended in March 2024, includes financial covenants requiring that, at any time, if the Company’s total unrestricted cash and cash equivalents held at Silicon Valley Bank plus the Company’s short-term investments managed by Silicon Valley Bank is less than $100.0 million, the Company must at all times thereafter maintain a consolidated minimum $20.0 million in liquidity, meaning unencumbered cash and short-term investments plus available borrowing on the line of credit, and the Company must meet specified minimum levels of EBITDA, as adjusted for stock-based compensation and changes in its deferred revenue. In April 2023, the Company amended the revolving line of credit agreement with Silicon Valley Bank, now a division of First-Citizens Bank & Trust Company (successor by purchase to the Federal Deposit Insurance Corporation as receiver for Silicon Valley Bridge Bank, N.A. (as successor to Silicon Valley Bank)), which amended certain terms of the August 2021 Agreement, including but not limited to, (i) extending the maturity date from August 2023 to August 2025 and (ii) setting EBITDA financial covenants of the Company for the 2023 fiscal year.     
In November 2023, the Company paid off the balance on the line of credit prior to its maturity, but did not otherwise modify the line of credit. As of December 31, 2024, and 2023, there was no balance outstanding on the line of credit, and the maximum borrowing capacity of $50.0 million was available to the Company. The Company was in compliance with all debt covenants as of December 31, 2024 and 2023.
v3.25.0.1
Stockholders’ Equity
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Stockholders’ Equity Stockholders’ Equity
Stock-Based Compensation Expense
Stock-based compensation expense, consisting of service-based expense related to the equity incentive plans, including expense from stock options and restricted stock units, and the employee stock purchase plan, was classified as follows in the accompanying consolidated statements of operations for each of the periods presented (in thousands):
Year Ended December 31,
202420232022
Cost of revenue$1,014 $971 $723 
Sales and marketing6,582 4,233 3,436 
Research and development8,374 5,590 4,576 
General and administrative16,250 12,029 10,017 
Total$32,220 $22,823 $18,752 
Equity Incentive Plan
In November 2021 in connection with the IPO, the Company adopted the 2021 Equity Incentive Plan (the “2021 EIP” or “EIP”) under which the Company could issue stock options or restricted stock units (“RSUs”) as awards. In addition to shares remaining available for issuance under a prior plan and shares subject to awards under the prior plan that may return to the EIP, the Company reserved 9.0 million shares of common stock for future issuance under the 2021 EIP, with scheduled annual increases to the reserve for amounts to be determined by the board of directors, subject to a maximum amount. In the first quarter of 2024, the board of directors reserved an additional 3.5 million common shares for future issuance under the 2021 EIP.
In March 2023, the Company adopted the 2022 Inducement Equity Incentive Plan (“Inducement Plan”) and reserved an additional 7.0 million shares of common stock for future issuance.

Stock-based compensation expense related to the EIP and Inducement Plan was $31.4 million, $22.1 million and $18.1 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Stock Options
Most stock options have a four-year vesting schedule with a one-year cliff and are classified as incentive stock options (“ISOs”). Some stock options have been granted in lieu of bonuses and have expedited two- or three-year vesting schedules. All awards vest based on service conditions.
Unrecognized stock-based compensation expense related to outstanding stock options as of December 31, 2024 and December 31, 2023 was $0.5 million and $3.4 million, respectively. Stock-based compensation expense is recognized on a straight-line basis over the remaining weighted-average vesting periods. As of December 31, 2024 and December 31, 2023 the weighted-average vesting periods approximated 0.55 years and 1.21 years, respectively.
The aggregate intrinsic value of stock options outstanding is outlined in the table below. The intrinsic value represents the excess of the estimated fair value of the Company's common stock on the date of exercise over the exercise price of each stock option.
Stock option activity was as follows for the year ended December 31, 2024:
Number of Stock Options
Weighted Average Exercise PriceWeighted Average Remaining Contractual Life (years)Aggregate Intrinsic Value
(in thousands)
Outstanding as of December 31, 20231,840,735 $4.32 5.96$13,165 
Exercisable as of December 31, 20231,480,536 $3.82 5.62$11,320 
2024 Activity
Exercised(325,641)$5.30 
Forfeited and expired(53,984)$6.82 
Outstanding as of December 31, 20241,461,110 $4.01 4.54$17,408 
Exercisable as of December 31, 20241,400,993 $3.88 4.46$16,866 
The aggregate intrinsic value of options exercised for the years ended December 31, 2024, 2023 and 2022 was $2.5 million, $3.9 million and $5.5 million, respectively.
Stock-based compensation expense is measured at the grant date based on the estimated fair value of the award. The fair value of the awards is fixed at grant date and amortized over the remaining service period. The Company uses the Black-Scholes model to estimate the value of its stock options issued under the EIP. Management reviews option grants and determines whether further valuation adjustments are appropriate based on recent company performance and/or changes in market conditions. The volatility assumed in the estimate was based on publicly traded companies in the same industry and
considers the expected term calculated by the Company. The expected term of the options was derived from a simplified method which estimated the term based on an averaging of the vesting period and contractual term of the option grant. The risk-free rate utilized was the average of the five- and seven-year U.S. Treasury yields as the estimated expected term for options approximated 6 years. The Company has no plans to declare dividends in the foreseeable future.
The Company did not grant any stock options during the years ended December 31, 2024, 2023, and 2022.
In November 2022, the Company held a special meeting to approve a one-time repricing of 1,159,479 of its outstanding common stock option awards previously granted to certain service providers under the 2015 Equity Incentive Plan (the “Option Repricing”). The repricing only affected stock options held by “service providers” as defined under the 2015 Plan (“Eligible Participants”) other than (x) any current or former member of the Company’s board of directors, (y) any of the Company’s current or former Chief Executive Officers and (z) former employees or other service providers. Prior to the Option Repricing, these awards had per share exercise prices between $9.04 and $19.60; the Option Repricing reduced the exercise price of these awards to $7.00 per share. All other terms of the awards remained the same. This repricing resulted in incremental stock-based compensation expense of approximately $1.1 million to be recognized over the weighted average remaining vesting period of 2.5 years. Of this, approximately $0.4 million was recognized during the year ended December 31, 2022, which is included within the total 2022 EIP expense amount reported above.
Restricted Stock Units
RSUs granted under the Plan vest and settle upon the satisfaction of a service-based condition. The service-based condition for these awards is generally satisfied over three or four years. As of December 31, 2024, 15,900 RSUs are outstanding for awards that have a four-year vesting schedule with 25% cliff vesting one year from grant date and the remaining 75% vesting monthly over the remaining three years. As of December 31, 2024, a total of 19,788 RSUs are outstanding for awards that were issued to non-employee directors that have a three-year vesting schedule, with 33% vesting one year from the grant date and the remaining 67% vesting annually over the remaining two years. As of December 31, 2024, a total of 116,298 RSUs are outstanding that that were issued to non-employee directors that have a one-year vesting schedule, with 100% vesting on the earlier of one year from the grant date or the annual meeting of stockholders. The remaining RSUs that have been issued have a three-year vesting schedule with 33% vesting one year from grant date and the remaining 67% vesting quarterly over the remaining two years.
RSU activity was as follows:
Number of SharesWeighted Average Grant Date Fair Value
Outstanding as of December 31, 20237,504,848 $5.98 
Granted3,847,441 11.20
Vested(4,198,162)5.87
Forfeited(478,189)7.78
Outstanding as of December 31, 20246,675,938 $8.93 
The total fair value of awards vested was $24.7 million, $20.5 million, and $1.0 million during the years ended December 31, 2024, 2023 and 2022, respectively. In February 2023, the Company’s board of directors approved a net share settlement approach for satisfaction of tax withholding obligations in connection with settlement of taxes for RSUs. Accordingly a portion of the vested RSUs were net-settled such that the Company withheld shares with a value equivalent to the employees’ obligation for the applicable income and other employment taxes, and remitted the cash to the appropriate taxing authorities. During the year ended December 31, 2024, the Company withheld 1,634,949 shares, which was based on the value of the RSUs on their respective vesting dates as determined by the Company’s closing stock price. Total payments for the employees’ tax obligations to taxing authorities was
$18.9 million and $10.4 million for the years ended December 31, 2024 and 2023, respectively. Prior to 2023, there were no net settlements of RSUs.
As of December 31, 2024 there was $48.9 million of unrecognized stock-based compensation expense related to outstanding RSUs which is expected to be recognized over a weighted-average period of 2.07 years.
Employee Stock Purchase Plan
In October 2021, the Company adopted the ESPP in which eligible employees may contribute up to 50% of their base compensation to purchase shares of common stock at a price equal to 85% of the lower of (1) the fair market value of a share of the Company’s common stock at the beginning of the offering period and (2) the fair market value of a share of the Company’s common stock on the purchase date. No participant may purchase more than 2,500 shares during any offering period. The ESPP became effective in November 2021 in connection with the Company’s IPO. As of December 31, 2024, 2023, and 2022, there were 3,301,800, 2,600,637, and 1,943,246 shares reserved for issuance, respectively, and 677,635, 457,593, and 165,347 shares, respectively, of common stock had been issued under the ESPP. The number of shares available for issuance under the ESPP may be increased on the first day of each fiscal year beginning with the 2022 fiscal year by an amount to be determined by the board of directors.
Except for the initial offering period, the ESPP provides for six-month offering periods beginning February 16 and August 16 of each year, and the last day of each offering period is the purchase date for that period. The initial offering period began on December 1, 2021 and ended on August 15, 2022 and consisted of one purchase period, which was the last day of the offering period.
During the years ended December 31, 2024, 2023 and 2022, the Company recognized $0.9 million, $0.7 million, and $0.6 million, respectively, of stock-based compensation expense related to the ESPP. As of December 31, 2024 and 2023, $1.0 million and $0.9 million in accrued ESPP employee payroll contributions are included within accrued liabilities on the consolidated balance sheets, respectively. As of December 31, 2024, total unrecognized compensation costs related to the ESPP was $0.1 million, which will be amortized over the remaining offering period through February 15, 2025.
The following assumptions were used to calculate the fair value of shares to be granted under the ESPP during the years ended December 31, 2024, 2023, and 2022:
Year Ended December 31,
202420232022
Risk free interest rate
5.02% - 5.54%
4.98% - 5.54%
3.12 %
Expected term0.50 years0.50 years0.50 years
Expected volatility
59.98% - 67.16%
61.48% - 67.16%
90.62 %
Dividend yield0.00 %0.00 %0.00 %
v3.25.0.1
Net Loss Per Share
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Net Loss Per Share Net Loss Per Share
The following tables present the calculation of basic and diluted net loss per share for the years ended December 31, 2024, 2023 and 2022 (in thousands, except share and per share amounts):
Year Ended December 31,
202420232022
Numerator:
Net loss$(28,346)$(31,031)$(49,738)
Denominator:
Weighted-average common shares outstanding - basic and diluted71,656,892 67,694,978 65,083,198 
Net loss per share
Net loss per share, basic and diluted$(0.40)$(0.46)$(0.76)
The following outstanding potential common shares were excluded from the computation of diluted net loss per share attributable to common stockholders as of the end of the periods presented because their inclusion would have been antidilutive:
Year Ended December 31,
202420232022
Options to purchase common stock1,461,110 1,840,735 4,185,876 
Number of shares issuable from ESPP134,606 123,899 253,038 
Restricted stock units6,675,938 7,504,848 8,278,361 
Total8,271,654 9,469,482 12,717,275 
v3.25.0.1
Retirement Plan
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Retirement Plan Retirement Plan
In March 2016, the Company established a qualified domestic 401(k) defined contribution plan covering substantially all employees. This plan allows employees to contribute a portion of their salary up to the maximum dollar limitation prescribed by the Internal Revenue Service, which was $23,000 for the year ended December 31, 2024, $22,500 for the year ended December 31, 2023, and $20,500 for the year ended December 31, 2022. These contributions can be made on a pre- or post-tax basis. During the years ended December 31, 2024, 2023 and 2022 the Company made approximately $3.3 million, $3.4 million, and $2.9 million in employer matching contributions to this plan, respectively.
v3.25.0.1
Segment Reporting
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company has one reportable segment: Weave platform. The Weave platform segment provides communications and payments services to customers under software-as-a-service arrangements. The Company derives revenue exclusively in North America and manages the business activities on a consolidated basis. The technology used in the customer arrangements is based on a single software platform that is deployed to and implemented by customers in a similar manner.
The Company’s CEO, who is also the CODM, reviews operating results using consolidated net loss as the measure of segment profitability. The CODM considers budget-to-actual variances on a monthly basis for this profit measure when making decisions about allocating capital and personnel. Significant expense categories regularly provided to the CODM are the consolidated functional expense categories reported in the Company’s statements of operations. Consolidated net income (loss) and functional expenses are not presented here as their presentation would be duplicative of the consolidated statements of operations. Asset information is not presented here because it is not a significant measure utilized by the CODM, and its presentation here would be duplicative of the consolidated balance sheets.
The following table presents information about reported segment revenue, significant segment expenses, and segment net loss for the years ended December 31, 2024, 2023, and 2022 (in thousands):
Year Ended December 31,
202420232022
Revenue204,314 170,468 142,117 
Costs and Expenses:
Direct costs of goods sold34,479 31,323 30,765 
Payroll and employee-related costs151,456 130,865 120,299 
Marketing costs15,888 11,243 7,960 
Partner costs4,134 3,365 3,451 
Professional fees5,269 4,812 5,919 
Facilities costs8,176 8,068 8,400 
Software costs11,756 10,651 9,755 
Capitalized software deferred costs(2,328)(1,903)(1,232)
Other segment items1
3,830 3,075 6,538 
Net loss(28,346)(31,031)(49,738)
¹ Other segment items include interest income and expense, other income, income taxes, property tax, bad debt expense, business insurance, and travel-related expenses.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net loss $ (28,346) $ (31,031) $ (49,738)
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended 12 Months Ended
Dec. 31, 2024
shares
Dec. 31, 2024
shares
Trading Arrangements, by Individual    
Rule 10b5-1 Arrangement Adopted   false
Rule 10b5-1 Arrangement Terminated   false
Non-Rule 10b5-1 Arrangement Terminated   false
Branden Neish [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement   On November 26, 2024, Branden Neish, our Chief Product and Technology Officer, adopted a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. Mr. Neish’s trading plan provides for the sale of up to 160,261 shares. Mr. Neish’s trading plan is scheduled to terminate on the earlier of November 20, 2025 or when all shares are sold under the plan, subject to early termination for certain specified events set forth therein. The trading plan complied with the then-applicable requirements of Rule 10b5-1(c) when adopted in November 2024.
Name Branden Neish  
Title Chief Product and Technology Officer  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date November 26, 2024  
Expiration Date November 20, 2025  
Arrangement Duration   359 days
Aggregate Available 160,261 160,261
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
We maintain a comprehensive process for identifying, assessing, and managing material risks from cybersecurity threats (as such term is defined in Item 106(a) of Regulation S-K) as part of our broader risk management system and processes. We obtain input, as appropriate, for our cybersecurity risk management program on the security industry and threat trends from multiple external experts and internal teams. Teams of dedicated privacy, safety, and security professionals oversee cybersecurity risk management and mitigation, incident prevention, detection, and remediation. Leadership for these teams are professionals with deep cybersecurity expertise across multiple industries, including our Head of Security, who has over twenty years of cybersecurity experience across multiple industries. Our executive leadership team, along with input from the above teams, are responsible for our overall enterprise risk management system and processes and regularly consider cybersecurity risks in the context of other material risks to the company.
As part of our cybersecurity risk management system, our incident management process tracks and logs privacy and cybersecurity incidents (as such term is defined in Item 106(a) of Regulation S-K) across Weave, our vendors, and other third-party service providers to remediate and resolve any such incidents. Significant incidents are reviewed regularly by a cross-functional working group to determine whether further escalation is appropriate. Any incident assessed as potentially being or potentially becoming material is immediately escalated for further assessment, and then reported to designated members of our senior management. We consult with outside counsel as appropriate, including on materiality analysis and disclosure matters, and our senior management makes the final materiality determinations and disclosure and other compliance decisions. Our management apprises Weave’s independent public accounting firm of matters and any relevant developments and also provides regular updates on cybersecurity to our Audit Committee and Board of Directors.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] We obtain input, as appropriate, for our cybersecurity risk management program on the security industry and threat trends from multiple external experts and internal teams.
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]
The Audit Committee has oversight responsibility for risks and incidents relating to cybersecurity threats, including compliance with disclosure requirements, cooperation with law enforcement, and related effects on financial and other risks, and it reports any findings and recommendations, as appropriate, to the full Board for consideration. Senior management regularly discusses cyber risks and trends and, should they arise, any material incidents with the Audit Committee.
Our business strategy, results of operations and financial condition have not to date been materially affected by risks from cybersecurity threats, including as a result of previously identified cybersecurity incidents, but we cannot provide assurance that they will not be materially affected in the future by such risks or any future material incidents. For more information on our cybersecurity related risks, see the section titled “Risk Factors” set forth in Part I, Item 1A of this Annual Report on Form 10-K.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Any incident assessed as potentially being or potentially becoming material is immediately escalated for further assessment, and then reported to designated members of our senior management.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
The Audit Committee has oversight responsibility for risks and incidents relating to cybersecurity threats, including compliance with disclosure requirements, cooperation with law enforcement, and related effects on financial and other risks, and it reports any findings and recommendations, as appropriate, to the full Board for consideration. Senior management regularly discusses cyber risks and trends and, should they arise, any material incidents with the Audit Committee.
Our business strategy, results of operations and financial condition have not to date been materially affected by risks from cybersecurity threats, including as a result of previously identified cybersecurity incidents, but we cannot provide assurance that they will not be materially affected in the future by such risks or any future material incidents. For more information on our cybersecurity related risks, see the section titled “Risk Factors” set forth in Part I, Item 1A of this Annual Report on Form 10-K.
Cybersecurity Risk Role of Management [Text Block] Any incident assessed as potentially being or potentially becoming material is immediately escalated for further assessment, and then reported to designated members of our senior management. We consult with outside counsel as appropriate, including on materiality analysis and disclosure matters, and our senior management makes the final materiality determinations and disclosure and other compliance decisions.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] udit Committee and Board of Directors
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Leadership for these teams are professionals with deep cybersecurity expertise across multiple industries, including our Head of Security, who has over twenty years of cybersecurity experience across multiple industries.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] Any incident assessed as potentially being or potentially becoming material is immediately escalated for further assessment, and then reported to designated members of our senior management.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Basis of Presentation and Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation.
Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”).
Segments The Company determines its operating and reportable segments based on how the chief operating decision maker (“CODM”), who is the Company’s Chief Executive Officer (“CEO”), reviews and manages the business and establishes criteria for aggregating operating segments into reportable segments. As described in Note 15, the Company operates as one operating and reportable segment.
Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amount of sales and expenses during the reporting period. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. The Company adjusts such estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates. Significant estimates included in the Company’s financial statements include the valuation allowance against deferred tax assets, allowance for credit losses, recoverability of long-lived assets, fair value of stock-based compensation, amortization period of deferred contract costs.
Concentration of Risks
The functionality of the Company’s software and cloud-based phone system relies heavily on its ability to integrate with customers’ systems of record, including practice or client management systems. In some of the core healthcare verticals that the Company serves, less than five providers make up the majority of PMS maintained by practitioners in the U.S. At this time, the Company does not anticipate loss of integration rights with any of these major providers. To mitigate the risk, the Company has developed a system-agnostic subscription option that, if needed, does not rely on an integration for functionality.
Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. At times, the Company’s cash balances held at financial institutions may exceed the amount insured by the Federal Deposit Insurance Corporation. The Company has not experienced any losses on its deposits of cash.
Revenue Recognition and Deferred Contract Costs
The Company derives substantially all revenue from subscription services by providing customers access to its platform.
The Company recognizes revenue when control of these services is transferred to customers in an amount that reflects consideration to which the Company expects to be entitled in exchange for those services, net of tax. Revenue recognition is determined from the following steps:
•Identification of a contract 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 within the contract; and
•Recognition of revenue when, or as, performance obligations are satisfied.
The Company recognizes revenue as follows:
Subscriptions revenue (software and phone service) is generated from fees that provide customers access to one or more of the Company’s software applications and related services. These arrangements have contractual month-to-month terms, wherein payment is generally received up front either monthly or annually. Arrangements with customers do not provide the customer with the right to take possession of the Company’s software at any time. Instead, customers are granted continuous access to the services over the contractual period. The Company transfers control of services evenly over the contractual period. Accordingly, the consideration related to subscriptions is recognized over time on a straight-line basis over the contract term beginning on the date the Company’s service is made available to the customer.
The Company also provides payment processing services and receives a revenue share from a third-party payment facilitator on transactions between Weave customers that utilize the Weave payments platform, and their end consumers. These payment transactions are generally for services rendered at customers’ business location via credit card terminals or through several card-not-present modalities, including “text-to-pay” functionality. As the Company acts as an agent in these arrangements, revenue from payments services is recorded net of transaction processing fees and revenue is recognized at the time transactions are processed.
The Company offers remote installation services as part of the onboarding process, wherein the Company can install pre-configured applications on customer hardware, which allow remote access to Weave’s cloud solution. Customers may also choose to engage directly with one of several preferred third-party providers to perform on-site installation services. The Company considers onboarding and
installation a separate performance obligation, and recognizes revenue at the time the installation services are complete.
Excluding payments services and installation revenue, most customers are billed in advance and may elect to be billed on a monthly or annual basis, while a small subset of customers are billed monthly in arrears. The Company records deferred revenue when cash payments are received or billings are due in advance of the performance of services. Deferred revenue is recognized as revenue when, or as, the performance obligations are satisfied. Software and phone service revenue is recognized net of discounts in the condensed consolidated statements of operations. The Company does not consider discounts to be variable consideration as they are stated on each agreement and not subject to contingencies or variability. The Company collects sales and communications taxes from its customers. In the consolidated statements of operations, amounts collected from taxes are excluded from the reported revenue amounts.
The Company elected to apply the practical expedient to not disclose the transaction price allocated to remaining performance obligations for contracts with a contract term of one year or less.
In addition to providing software and VoIP phone services, the Company provides phone hardware to its customers as part of its subscription offering. The Company allows customers to include phones without adjustment to the subscription base price, depending on the selected subscription bundle. The majority of customers select a bundle which includes five phones without adjustment to the subscription price. In such arrangements, the Company is deemed the lessor and the arrangement is an operating lease per guidance provided in the Accounting Standards Codification (“ASC”) 842, Leases. Title of the phones does not transfer to the customer at any point. If a customer were to cancel at any time, the phones are returned to the Company. For customers subscribed prior to August 2021, the Company allowed customers to include up to ten phones without adjustment to the subscription base price and title of the phones transferred to the customer after 36 months of subscription occurred. If a customer were to cancel at any time prior to completion of the 36-month period, the phones were returned to the Company. For the years ended December 31, 2024, 2023, and 2022 the Company recorded $4.7 million, $4.5 million and $4.2 million, respectively, in lease revenue associated with the phone hardware.
As a lessor, future minimum lease payments may vary due to customer agreements being either month-to-month or annual, and the fact that subscription payments are allocated based on the fair value of all services provided to the customer. With phone hardware being deployed to customers for their useful life, residual value does not accrue to the benefit of the Company. Phone hardware that is returned are refurbished and placed into service.
In accordance with ASC 340, Other Assets and Deferred Costs, the Company capitalizes incremental costs of obtaining and fulfilling a contract with a customer, provided the Company expects to recover those costs. The capitalized amounts mainly consist of sales commissions paid to the Company’s direct sales force. Capitalized costs also include:
•Commissions to sales management for achieving incremental sales quota;
•The associated payroll taxes and fringe benefit costs associated with the payments to the Company’s employees;
•One time commissions paid to partners; and
•One time registration fees assessed by mobile carriers.
These costs are recorded as deferred contract costs, net on the consolidated balance sheets. Amortization of deferred contract costs related to commissions, and the associated taxes and fringe benefit costs, are included in sales and marketing expense in the consolidated statement of operations. Deferred contract costs related to one-time registration fees paid to mobile carriers are included in cost of revenue. These costs are amortized on a straight-line basis over the average period of consumer benefit, which is three years. In arriving at this average period of benefit, the Company evaluated both qualitative and quantitative factors which included the anticipated customer life, historical customer life, and the useful life of the Company’s product offerings.
Monthly commensurate revenue share fees paid to partners are expensed as incurred as their estimated period of benefit does not extend beyond twelve months and, therefore, fall under the practical expedient which allows these costs to be expensed as incurred.
Cash and Cash Equivalents Cash consists of deposits in financial institutions. Cash equivalents consist of highly liquid investments in money market securities with an original maturity of 90 days or less.
Foreign Currency
The reporting currency of the Company is the U.S. dollar. The functional currency of the subsidiaries is the applicable local currency. Transactions within a subsidiary entity which are denominated in currencies other than the subsidiary’s functional currency are recorded based on the exchange rates at the time such transactions arise. Resulting gains and losses are recorded in other income (expense), net in the consolidated statements of operations in the period of occurrence.
Revenues and expenses of the Company’s foreign subsidiaries are translated from the applicable functional currency to the U.S. dollar using the average exchange rates during the reporting period, while assets and liabilities are translated at the period-end exchange rates. Resulting gains or losses from translating foreign currency are included in accumulated other comprehensive income (loss) in the consolidated statements of comprehensive loss.
Short-Term Investments
The Company determines the appropriate classification of its investments at the time of purchase. As the Company views these securities as available to support current operations, it accounts for these debt securities as available-for-sale and classifies them as current assets on its consolidated balance sheets. These securities are recorded at estimated fair value. Unrealized gains and losses for available-for-sale securities are included in accumulated other comprehensive income (loss) in the consolidated statements of comprehensive loss. The Company periodically evaluates its investments to assess whether those with unrealized loss positions are other-than-temporarily impaired. The Company considers impairments to be other than temporary if they are related to deterioration in credit risk or if it is more likely than not that the Company will sell the securities before the recovery of their cost basis. If the Company does not intend to sell a security and it is not more likely than not that it will be required to sell the security before recovery, the unrealized loss is separated into an amount representing the credit loss, which is recognized in other income (expense), net in the consolidated statements of operations, and the amount related to all other factors, which is recorded in accumulated other comprehensive income (loss) in the consolidated statements of comprehensive loss. To date, the Company has not experienced any credit losses on its investments.
Realized gains and losses and declines in value judged to be other than temporary are determined based on the specific identification method and are reported in other income (expense), net in the consolidated statements of operations. Realized gains, consisting of discount accretion, for the years ended December 31, 2024, 2023, and 2022 were $2.1 million, $2.7 million, and $0.4 million, respectively.
Accounts Receivable and Provision for Credit Losses Accounts receivable are mostly comprised of credit card billings and are recorded at the invoiced amounts when an unconditional right to cash exists. Accounts receivable do not bear interest. Accounts receivable balances outstanding longer than the contractual payment terms are considered past due. Accounts are written off when deemed uncollectible. Recoveries of accounts receivable previously written off are recorded when cash is received.
Property and Equipment
Property and equipment are stated at historical cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of property and equipment or over the related lease terms (if shorter). Costs of major improvements that extend the useful life of the property and equipment have been capitalized, while costs of normal repairs and maintenance are expensed as incurred. For customers who purchased subscriptions prior to August 2021, phone hardware provided to customers as part of the subscription arrangement remained the property of the Company for three years beginning on the date that the customer began receiving subscription services. After three years, the title of the phone hardware passed to the customer. For phone hardware provided to customers subscribing in or after August 2021, the Company retains ownership of the phone hardware. Phone hardware is deemed to have a useful life of three years and is depreciated over that period. The estimated useful life of each asset category is summarized as follows:
Estimated Useful Life
Office equipment
3 - 5 years
Phone hardware
3 years
Payment terminals
3 years
Office furniture
7 years
Leasehold improvementsShorter of remaining lease term or estimated life
When property and equipment is retired or otherwise disposed of, the net book value of the asset is removed from the respective accounts and any gain or loss is included in other income in the statements of operations.
Capitalized Software Costs
The Company capitalizes certain costs in connection with implementing or developing software for internal use and as part of its platform, which are subject to ASC 350-40, Internal Use Software. Amortization of such costs begins when the implementation or development of the project is substantially complete and the software is ready for its intended use. Costs related to preliminary project activities and post implementation activities are expensed as incurred. Capitalized software is stated at cost less accumulated amortization and amortized on a straight-line basis over its estimated period of expected benefit, which is three years. Amortization expense associated with these costs is reported in the cost of revenue line item on the statements of operations.
Capitalized Cloud Computing Costs
The Company capitalizes certain costs incurred to implement cloud computing arrangements that are service contracts. Amortization of such costs begins when the implementation of the arrangement is substantially complete and the software is ready for its intended use. Capitalized implementation costs are amortized on a straight-line basis over the expected term of the hosting arrangement, which includes consideration of the non-cancellable contractual term and reasonably certain renewals. Costs incurred during the preliminary project or the post-implementation and operation stages of the project are expensed as incurred. Implementation costs are included in other assets on the consolidated balance sheets. Amortization of capitalized implementation costs is included in the same line item in the
consolidated statements of operations as the expense for fees for the associated with the hosting arrangement.
Leases
At the inception of a contract, the Company determines whether the contract is or contains a lease. Lease classification is evaluated by the Company at lease commencement and when significant amendments are executed. For those leases which contain a readily determinable implicit rate, the implicit rate is used to discount lease payments. For those leases which do not provide a readily determinable implicit rate, the Company estimates the incremental borrowing rate to discount lease payments based on information available at lease commencement. The lease term consists of the noncancellable period of the lease and periods covered by options to extend the lease if the Company is reasonably certain to exercise the option. For leases of 12 months or less, the Company expenses lease payments on a straight-line basis over the lease term.
For all operating leases with a term greater than 12 months, the Company recognizes a right-of-use asset and a lease liability at the lease commencement date based on the estimated present value of future minimum lease payments, which includes certain lease and non-lease components, over the lease term. Operating lease right-of-use assets and operating lease liabilities are disclosed separately on the consolidated balance sheets.
Finance leases are initially recorded at the net present value of future minimum lease payments, which includes certain lease and non-lease components. Finance leases generally have one of these five attributes: 1) ownership of the underlying asset transfers to the Company at the end of the lease term, 2) the lease agreement contains a purchase option that the Company is reasonably certain to exercise, 3) the lease term represents the major part of the asset’s economic life, 4) the present value of lease payments over the lease term equals or exceeds substantially all of the fair value of the asset, and 5) the underlying asset is so specialized in nature that it provides no alternative use to the lessor after the lease term. Finance lease right-of-use assets and finance lease liabilities are disclosed separately on the consolidated balance sheets. As discussed in the Leases footnote below, our finance lease arrangements are related to phone hardware, and, as such, the Company depreciates the related finance lease right-of-use assets consistent with the phone hardware useful life policy presented in the table above, which is three years.
Impairment of Long-Lived Assets The Company’s long-lived assets consist of property and equipment and capitalized software costs. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Significant management judgment is required in determining the estimated undiscounted future cash flows expected to be generated by the asset and the fair value of long-lived assets for impairment purposes.
Advertising Expense Advertising costs are expensed as incurred.
Research and Development
Research and development expenses include software development costs that are not eligible for capitalization and support the Company’s efforts to ensure the reliability, availability and scalability of the Company’s products. The Company’s cloud platform is software-driven, and its research and development teams employ software engineers in the continuous testing, certification and support of the Company’s products. Accordingly, the majority of the Company’s research and development expenses result from employee-related costs, including salaries, bonuses, benefits and costs associated with technology tools used by the Company’s engineers.
Stock-Based Compensation
Stock-based compensation expense resulting from stock options is measured at the grant date fair value of the award and is calculated using the Black-Scholes option pricing model. This compensation expense is recognized using the straight-line attribution method over the requisite service period. The Company accounts for forfeitures as they occur. See Note 12 for further detail on the judgements and assumptions used to calculate stock-based compensation expense.
The Company records stock-based compensation expense from RSUs based on the grant date fair value of the awards and recognizes the fair value of those awards as expense using the straight-line method over the requisite service period of the award.
Stock-based compensation expense related to purchase rights issued under the ESPP is based on the Black-Scholes option-pricing model fair value of the estimated number of awards to be purchased as of the beginning of the offering period. Stock-based compensation expense is recognized using the straight-line method over the offering period.
Income Taxes
The Company records a provision for income taxes for the anticipated tax of its reported results of operations using the asset and liability method. Under this method, deferred income taxes are recognized by applying the enacted tax rates expected to be in effect in future years to the differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases as well as net operating losses and tax credit carryforwards. The measurement of deferred tax assets is reduced by a valuation allowance when it is more likely than not that some portion of the deferred tax assets will not be realized.
The Company does not recognize certain tax benefits from uncertain tax positions within the provision for income taxes. A tax benefit is recognized only if it is more likely than not that the tax position will be sustained on examination by taxing authorities based on the technical merits of the position. For such positions, the largest benefit that has a greater than 50% likelihood of being realized upon settlement is recognized in the consolidated financial statements. Where applicable, interest and penalties are recognized in the provision for income taxes on the statement of operations.
Net Loss Per Share
Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period.
Diluted net loss per share is computed using the weighted-average number of shares of common stock plus the effect of potentially dilutive common shares outstanding during the period using the treasury stock method unless their effect is antidilutive.
Accounting Pronouncements Adopted and Accounting Pronouncements Pending Adoption
In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842), which requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. For all leases with a term greater than twelve months, the new standard also requires lessees to recognize a right-of-use (“ROU”) asset and a corresponding lease liability on their consolidated balance sheets. Upon adoption, lessees must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements or they may record the amount in the year in which the ASU is adopted. The accounting applied by a lessor is largely unchanged from that applied under previous Topic 840. For example, the vast majority of operating leases should remain classified as operating leases, and lessors should continue to recognize lease income for those leases on a generally straight-line basis over the lease term.
On January 1, 2022, the Company adopted Topic 842 using the modified retrospective approach with the effective date as of the date of initial application. Prior period amounts were not adjusted and continue to be reported in accordance with previous lease guidance under ASC Topic 840, Leases. The Company elected the package of practical expedients permitted under the transition guidance, which allows an entity to carryforward certain conclusions for leases that commenced prior to the effective date, including the determination of whether an existing contract contains a lease, the classification of the lease, and the accounting for initial direct costs. In addition, the Company elected the practical expedient that allows lessees the option to account for lease and non-lease components together as a single component for all classes of underlying assets. The Company performed evaluations of its contracts to ensure compliance with the new guidance of Topic 842.
In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost, and includes the Company's accounts receivable, certain financial instruments and contract assets. ASU 2016-13 results in
more timely recognition of credit losses. The Company adopted Topic 326 as of January 1, 2023, which did not materially impact the consolidated financial statements.
In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. The Company adopted this ASU for the annual period ended December 31, 2024 and interim periods beginning January 1, 2025 using the retrospective approach, which resulted in enhanced segment disclosures in the consolidated financial statements.
Accounting Pronouncements Pending Adoption
In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which requires the disclosure of specific categories in the rate reconciliation and greater disaggregation for income taxes paid. ASU 2023-09 will be effective for annual periods beginning after December 15, 2024 and should be adopted prospectively with the option to be adopted retrospectively. The Company is currently evaluating the impact of ASU 2023-09 on its related disclosures.
In November 2024, the FASB issued ASU No. 2024-03, “Income Statement (Topic 220): Disaggregation of Income Statement Expenses” (“ASU 2024-03”), which requires additional disclosures of certain amounts included in the expense captions presented on the Statement of Operations as well as disclosures about selling expenses. The ASU is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027, and early adoption is permitted. The Company is currently evaluating the impacts of adopting this guidance on its financial statement disclosures and statements of operations.
As an “emerging growth company,” the Jumpstart Our Business Startups Act (the “JOBS Act”) allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to use the adoption dates applicable to private companies. As a result, the Company’s financial statements may not be comparable to the financial statements of issuers who are required to comply with the effective date for new or revised accounting standards that are applicable to public companies.
v3.25.0.1
Basis of Presentation and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Schedule of Allowance for Doubtful Accounts
The following is a roll forward of our provision for credit losses (in thousands):
Year Ended December 31,
202420232022
Balance Beginning of Period$200 $— $— 
Charge to Costs or Expenses1,867 1,164 729 
Deductions(1,544)(964)(729)
Balance at End of Period$523 $200 $— 
Schedule of Property and Equipment The estimated useful life of each asset category is summarized as follows:
Estimated Useful Life
Office equipment
3 - 5 years
Phone hardware
3 years
Payment terminals
3 years
Office furniture
7 years
Leasehold improvementsShorter of remaining lease term or estimated life
Property and equipment consisted of the following (in thousands):
December 31, 2024December 31, 2023
Office equipment$6,626 $5,830 
Office furniture5,670 6,416 
Leasehold improvements2,763 2,731 
Fixed assets not placed in service— 25 
Capitalized internal-use software7,059 6,827 
Payment terminals2,308 2,354 
Property and equipment, gross24,426 24,183 
Less accumulated depreciation and amortization(15,983)(14,261)
Property and equipment, net$8,443 $9,922 
v3.25.0.1
Revenue (Tables)
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Deferred Contract Costs
The following table summarizes the activity of deferred contract costs (in thousands):
Year Ended December 31,
202420232022
Beginning balance$19,169 $18,027 $16,804 
Capitalization of contract costs15,304 13,313 12,343 
Amortization of deferred contract costs(13,418)(12,171)(11,120)
Ending balance$21,055 $19,169 $18,027 
Schedule of Disaggregation of Revenue
The table below outlines revenue for our recurring subscription (software and phone services) and payment processing services, as well as for our onboarding services, and phone hardware (in thousands) for the years ended December 31, 2024, 2023 and 2022:
Year Ended December 31,
202420232022
Subscription and payment processing$196,106 $162,715 $136,592 
Onboarding3,547 3,232 1,288 
Hardware (embedded lease)4,661 4,521 4,237 
Total revenue$204,314 $170,468 $142,117 
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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Assets Measured on Recurring Basis
The following table summarizes the assets measured at fair value on a recurring basis by level within the fair value hierarchy for the year ended December 31, 2024 (in thousands):
Level 1Level 2Level 3Total
Cash equivalents
Money market funds$31,708 $— $— $31,708 
Short-term investments
US government and agency securities32,323 — 32,323 
Commercial paper— 15,211 — 15,211 
Total$64,031 $15,211 $— $79,242 
The following table summarizes the assets measured at fair value on a recurring basis by level within the fair value hierarchy for the year ended December 31, 2023 (in thousands):
Level 1Level 2Level 3Total
Cash equivalents
Money market funds$35,375 $— $— $35,375 
Short-term investments
US government and agency securities25,083 11,526 — 36,609 
Commercial paper— 21,479 — 21,479 
Total$60,458 $33,005 $— $93,463 
Schedule of Debt Securities, Available-for-Sale
The following table summarizes the Company's short-term investments on the consolidated balance sheets as of December 31, 2024 (in thousands):
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Short-term investments
US government and agency securities$32,309 $23 $(9)$32,323 
Commercial paper15,203 8 — 15,211 
Total$47,512 $31 $(9)$47,534 
The following table summarizes the Company's short-term investments on the consolidated balance sheets as of December 31, 2023 (in thousands):
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Short-term investments
US government and agency securities$36,568 $48 $(7)$36,609 
Commercial paper21,477 11 (9)21,479 
Total$58,045 $59 $(16)$58,088 
Schedule of Cash and Cash Equivalents
The following table summarizes the Company’s cash and cash equivalents on the consolidated balance sheets as of December 31, 2024 (in thousands):
December 31, 2024
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Cash$19,888 $— $— $19,888 
Cash equivalents
Money market funds 31,708 — — 31,708 
Total$51,596 $— $— $51,596 
The following table summarizes the Company’s cash and cash equivalents on the consolidated balance sheets as of December 31, 2023 (in thousands):
December 31, 2023
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Cash$15,381 $— $— $15,381 
Cash equivalents
Money market funds 35,375 — — 35,375 
Total$50,756 $— $— $50,756 
v3.25.0.1
Property and Equipment (Tables)
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment The estimated useful life of each asset category is summarized as follows:
Estimated Useful Life
Office equipment
3 - 5 years
Phone hardware
3 years
Payment terminals
3 years
Office furniture
7 years
Leasehold improvementsShorter of remaining lease term or estimated life
Property and equipment consisted of the following (in thousands):
December 31, 2024December 31, 2023
Office equipment$6,626 $5,830 
Office furniture5,670 6,416 
Leasehold improvements2,763 2,731 
Fixed assets not placed in service— 25 
Capitalized internal-use software7,059 6,827 
Payment terminals2,308 2,354 
Property and equipment, gross24,426 24,183 
Less accumulated depreciation and amortization(15,983)(14,261)
Property and equipment, net$8,443 $9,922 
Schedule of Indefinite-Lived Intangible Assets
The carrying value of capitalized internal-use software consisted of the following (in thousands):
December 31, 2024December 31, 2023
Capitalized internal-use software$7,059 $6,827 
Less: accumulated amortization(4,508)(3,665)
Capitalized internal-use software, net$2,551 $3,162 
v3.25.0.1
Accrued Liabilities (Tables)
 12 Months Ended
Dec. 31, 2024
Payables and Accruals [Abstract]  
Schedule of Accrued Liabilities
Accrued liabilities consisted of the following (in thousands):
December 31, 2024December 31, 2023
Payroll-related accruals$11,353 $12,567 
Sales and telecom taxes2,451 2,953 
Employee stock purchase plan liability955 862 
Third-party commissions397 398 
Other2,482 1,711 
Total$17,638 $18,491 
v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Schedule of Lease Expense and Other Information
Lease expense and other information consisted of the following (in thousands, except terms and rates):
Year Ended December 31,
202420232022
Lease expense
Finance lease expense:
Amortization of right-of-use assets$7,096 $7,421 $8,486 
Interest on lease liabilities1,342 1,165 923 
Operating lease expense5,690 5,690 5,671 
Short-term lease expense43 18 27 
Variable lease expense301 40 103 
Total lease expense$14,472 $14,334 $15,210 
Supplemental cash flow information
Finance leases:
Operating cash outflow from finance leases$1,342 $1,165 $923 
Financing cash outflow from finance leases$7,060 $7,530 $8,709 
Operating leases:
Operating cash outflow from operating leases$5,721 $5,574 $4,556 
Other information
Finance leases:
Weighted-average remaining lease term (years)1.9
Weighted-average discount rate11.2 %
Operating leases:
Weighted-average remaining lease term (years)8.1
Weighted-average discount rate3.9 %
Schedule of Operating Lease Liability Maturity
Future maturities of remaining lease payments included in the measurement of operating lease obligations as of December 31, 2024 are as follows (in thousands):
Years ending December 31,
2025$5,701 
20265,843 
20275,989 
20286,139 
20296,292 
Thereafter20,403 
Total50,367 
Less: imputed interest(7,287)
Present value of operating lease obligations$43,080 
Schedule of Finance Lease Liability Maturity
Future minimum lease payments for the Company’s finance leases as of December 31, 2024 were as follows (in thousands):
Years ending December 31,
2025$7,629 
20264,663 
20272,286 
2028— 
2029— 
Thereafter— 
Total14,578 
Less amounts representing interest(1,601)
Present value of finance lease obligations$12,977 
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Components of the provision for (benefit from) income taxes
The components of the provision for (benefit from) income taxes were as follows (in thousands):
Year Ended December 31,
202420232022
Current
Federal$— $— $— 
State9 53 — 
Foreign226 247 130 
Deferred
Federal— — — 
State— — — 
Foreign(46)(40)(26)
Total$189 $260 $104 
Loss before income tax
Loss before income taxes was as follows (in thousands):
Year Ended December 31,
202420232022
United States$(28,776)$(30,622)$(49,551)
Foreign619 (149)(83)
Total$(28,157)$(30,771)$(49,634)
Reconciliation of effective tax rate
The following reconciles the differences between the federal statutory income tax rate in effect in each year to the Company’s effective tax rate:
Year Ended December 31,
202420232022
Statutory federal tax rate21.00 %21.00 %21.00 %
State tax, net of federal tax effect3.80 2.70 1.02 
Stock-based compensation
0.09 (5.86)(4.07)
Change in valuation allowance(32.87)(19.97)(17.94)
Other7.31 1.29 (0.03)
Effective tax rate(0.67)%(0.84)%(0.02)%
Components of deferred tax assets and liabilities
The components of deferred tax assets and liabilities were as follows (in thousands):
December 31, 2024December 31, 2023
Deferred tax assets:
Net operating losses$51,550 $44,357 
Sales and use tax reserves197 187 
Stock-based compensation
2,914 2,112 
Compensation related accruals1,307 1,749 
Interest expense limitations309 396 
Leases - Right-of-use liability
10,749 11,702 
Other327 168 
Fixed assets651 1,013 
Capitalized research expenses11,082 8,470 
Valuation allowance(64,119)(54,867)
Total deferred tax assets - net14,967 15,287 
Deferred tax liabilities:
State taxes— — 
Intangible assets(367)(266)
Leases - Right-of-use asset
(9,360)(10,309)
Deferred contract costs(5,129)(4,647)
Total deferred tax liabilities(14,856)(15,222)
Net deferred taxes assets$111 $65 
Activity of deferred tax asset valuation allowance
Activity of the deferred tax asset valuation allowance was as follows (in thousands):
Year Ended December 31,
202420232022
Balance at beginning of the year$54,867 $48,723 $40,101 
Charged to costs and expense9,252 6,144 8,622 
Balance at end of the year$64,119 $54,867 $48,723 
v3.25.0.1
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Contractual Obligation, Fiscal Year Maturity
Future minimum payments on these non-cancelable contractual commitments as of December 31, 2024, are as follows (in thousands):
Years ending December 31,
2025$8,971 
20268,638 
20275,799 
2028— 
2029— 
Thereafter— 
Total$23,408 
v3.25.0.1
Stockholders’ Equity (Tables)
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Schedule of Equity Based Compensation Expense
Stock-based compensation expense, consisting of service-based expense related to the equity incentive plans, including expense from stock options and restricted stock units, and the employee stock purchase plan, was classified as follows in the accompanying consolidated statements of operations for each of the periods presented (in thousands):
Year Ended December 31,
202420232022
Cost of revenue$1,014 $971 $723 
Sales and marketing6,582 4,233 3,436 
Research and development8,374 5,590 4,576 
General and administrative16,250 12,029 10,017 
Total$32,220 $22,823 $18,752 
Schedule of Stock Option Activity
Stock option activity was as follows for the year ended December 31, 2024:
Number of Stock Options
Weighted Average Exercise PriceWeighted Average Remaining Contractual Life (years)Aggregate Intrinsic Value
(in thousands)
Outstanding as of December 31, 20231,840,735 $4.32 5.96$13,165 
Exercisable as of December 31, 20231,480,536 $3.82 5.62$11,320 
2024 Activity
Exercised(325,641)$5.30 
Forfeited and expired(53,984)$6.82 
Outstanding as of December 31, 20241,461,110 $4.01 4.54$17,408 
Exercisable as of December 31, 20241,400,993 $3.88 4.46$16,866 
Schedule of Restricted Stock Unit Activity
RSU activity was as follows:
Number of SharesWeighted Average Grant Date Fair Value
Outstanding as of December 31, 20237,504,848 $5.98 
Granted3,847,441 11.20
Vested(4,198,162)5.87
Forfeited(478,189)7.78
Outstanding as of December 31, 20246,675,938 $8.93 
Fair Value Assumptions for ESPP
The following assumptions were used to calculate the fair value of shares to be granted under the ESPP during the years ended December 31, 2024, 2023, and 2022:
Year Ended December 31,
202420232022
Risk free interest rate
5.02% - 5.54%
4.98% - 5.54%
3.12 %
Expected term0.50 years0.50 years0.50 years
Expected volatility
59.98% - 67.16%
61.48% - 67.16%
90.62 %
Dividend yield0.00 %0.00 %0.00 %
v3.25.0.1
Net Loss Per Share (Tables)
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Calculation of Basic and Diluted Net Loss Per Share
The following tables present the calculation of basic and diluted net loss per share for the years ended December 31, 2024, 2023 and 2022 (in thousands, except share and per share amounts):
Year Ended December 31,
202420232022
Numerator:
Net loss$(28,346)$(31,031)$(49,738)
Denominator:
Weighted-average common shares outstanding - basic and diluted71,656,892 67,694,978 65,083,198 
Net loss per share
Net loss per share, basic and diluted$(0.40)$(0.46)$(0.76)
Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share
The following outstanding potential common shares were excluded from the computation of diluted net loss per share attributable to common stockholders as of the end of the periods presented because their inclusion would have been antidilutive:
Year Ended December 31,
202420232022
Options to purchase common stock1,461,110 1,840,735 4,185,876 
Number of shares issuable from ESPP134,606 123,899 253,038 
Restricted stock units6,675,938 7,504,848 8,278,361 
Total8,271,654 9,469,482 12,717,275 
v3.25.0.1
Segment Reporting (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Reconciliation of Revenue from Segments to Consolidated
The following table presents information about reported segment revenue, significant segment expenses, and segment net loss for the years ended December 31, 2024, 2023, and 2022 (in thousands):
Year Ended December 31,
202420232022
Revenue204,314 170,468 142,117 
Costs and Expenses:
Direct costs of goods sold34,479 31,323 30,765 
Payroll and employee-related costs151,456 130,865 120,299 
Marketing costs15,888 11,243 7,960 
Partner costs4,134 3,365 3,451 
Professional fees5,269 4,812 5,919 
Facilities costs8,176 8,068 8,400 
Software costs11,756 10,651 9,755 
Capitalized software deferred costs(2,328)(1,903)(1,232)
Other segment items1
3,830 3,075 6,538 
Net loss(28,346)(31,031)(49,738)
¹ Other segment items include interest income and expense, other income, income taxes, property tax, bad debt expense, business insurance, and travel-related expenses.
v3.25.0.1
Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details)
 8 Months Ended 12 Months Ended
Aug. 30, 2021
phone
Dec. 31, 2024
USD ($)
segment
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Capital Leased Assets [Line Items]        
Number of operating segments | segment   1    
Number of reportable segments | segment   1    
Number of phones that can be included without adjustment to subscription price | phone 10      
Title transfer period   36 months    
Hardware (embedded lease)   $ 4,661,000 $ 4,521,000 $ 4,237,000
Restricted cash   0 0  
Accumulated deficit   291,013,000 262,667,000  
Realized gains   2,100,000 2,700,000 400,000
Provision for losses on accounts receivable   1,867,000 1,164,000 729,000
Allowance for doubtful accounts   $ (500,000) (200,000)  
Amortization period   3 years    
Impairment of long-lived asset   $ 0 0 0
Advertising expense   $ 11,800,000 $ 8,300,000 $ 6,300,000
Amortization period   3 years    
Phone hardware        
Capital Leased Assets [Line Items]        
Useful life   3 years    
Estimated Useful Life   3 years    
Revolving credit facility | Line of Credit        
Capital Leased Assets [Line Items]        
Borrowings outstanding   $ 0    
Remaining borrowing capacity   $ 50,000,000.0    
v3.25.0.1
Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Allowance for Doubtful Accounts (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accounts Receivable, after Allowance for Credit Loss, Current [Abstract]      
Balance Beginning of Period $ 200 $ 0 $ 0
Charge to Costs or Expenses 1,867 1,164 729
Deductions (1,544) (964) (729)
Balance at End of Period $ 523 $ 200 $ 0
v3.25.0.1
Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Property and Equipment (Details)
Dec. 31, 2024
Phone hardware  
Property, Plant and Equipment [Line Items]  
Estimated Useful Life 3 years
Payment terminals  
Property, Plant and Equipment [Line Items]  
Estimated Useful Life 3 years
Office furniture  
Property, Plant and Equipment [Line Items]  
Estimated Useful Life 7 years
Minimum | Office equipment  
Property, Plant and Equipment [Line Items]  
Estimated Useful Life 3 years
Maximum | Office equipment  
Property, Plant and Equipment [Line Items]  
Estimated Useful Life 5 years
v3.25.0.1
Revenue - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]      
Deferred revenue recognized $ 38.9 $ 34.1 $ 29.5
v3.25.0.1
Revenue - Schedule of Deferred Contract Costs (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Capitalized Contact Cost [Roll Forward]      
Beginning balance $ 19,169 $ 18,027 $ 16,804
Capitalization of contract costs 15,304 13,313 12,343
Amortization of deferred contract costs (13,418) (12,171) (11,120)
Ending balance $ 21,055 $ 19,169 $ 18,027
v3.25.0.1
Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disaggregation of Revenue [Line Items]      
Hardware (embedded lease) $ 4,661 $ 4,521 $ 4,237
Total revenue 204,314 170,468 142,117
Subscription and payment processing      
Disaggregation of Revenue [Line Items]      
Revenue from contract with customer 196,106 162,715 136,592
Onboarding      
Disaggregation of Revenue [Line Items]      
Revenue from contract with customer $ 3,547 $ 3,232 $ 1,288
v3.25.0.1
Fair Value Measurements - Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments $ 47,534 $ 58,088
US government and agency securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments 32,323 36,609
Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments 15,211 21,479
Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 79,242 93,463
Fair Value, Recurring | US government and agency securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments 32,323 36,609
Fair Value, Recurring | Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments 15,211 21,479
Level 1 | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 64,031 60,458
Level 1 | Fair Value, Recurring | US government and agency securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments 32,323 25,083
Level 1 | Fair Value, Recurring | Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments 0 0
Level 2 | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 15,211 33,005
Level 2 | Fair Value, Recurring | US government and agency securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments 0 11,526
Level 2 | Fair Value, Recurring | Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments 15,211 21,479
Level 3 | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 0 0
Level 3 | Fair Value, Recurring | US government and agency securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments 0
Level 3 | Fair Value, Recurring | Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments 0 0
Money market funds | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 31,708 35,375
Money market funds | Level 1 | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 31,708 35,375
Money market funds | Level 2 | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0 0
Money market funds | Level 3 | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents $ 0 $ 0
v3.25.0.1
Fair Value Measurements - Cash , Cash Equivalents and Short-term Investments (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Short-term investments    
Amortized Cost $ 47,512 $ 58,045
Gross Unrealized Gains 31 59
Gross Unrealized Losses (9) (16)
Fair Value 47,534 58,088
Cash and Cash Equivalents    
Cash 19,888 15,381
Money market funds 31,708 35,375
Cash and cash equivalents 51,596 50,756
US government and agency securities    
Short-term investments    
Amortized Cost 32,309 36,568
Gross Unrealized Gains 23 48
Gross Unrealized Losses (9) (7)
Fair Value 32,323 36,609
Commercial paper    
Short-term investments    
Amortized Cost 15,203 21,477
Gross Unrealized Gains 8 11
Gross Unrealized Losses 0 (9)
Fair Value $ 15,211 $ 21,479
v3.25.0.1
Fair Value Measurements - Narrative (Details)
Dec. 31, 2024
USD ($)
security
Dec. 31, 2023
USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Continuous unrealized loss position, 12 months or longer, number of positions | security 0  
Weighted Average    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities, available-for-sale, term 5 months  
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value of debt | $ $ 0 $ 0
v3.25.0.1
Property and Equipment - Schedule of Property and Equipment (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]    
Property, plant and equipment $ 24,426 $ 24,183
Less accumulated depreciation and amortization (15,983) (14,261)
Property and equipment, net 8,443 9,922
Office equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment 6,626 5,830
Office furniture    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment 5,670 6,416
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment 2,763 2,731
Fixed assets not placed in service    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment 0 25
Capitalized internal-use software    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment 7,059 6,827
Payment terminals    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment $ 2,308 $ 2,354
v3.25.0.1
Property and Equipment - Capitalized Use Software (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Abstract]    
Capitalized internal-use software $ 7,059 $ 6,827
Less: accumulated amortization (4,508) (3,665)
Capitalized internal-use software, net $ 2,551 $ 3,162
v3.25.0.1
Property and Equipment - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Line Items]      
Depreciation $ 11,500 $ 12,000 $ 13,000
Amortization of right-of-use assets 7,096 7,421 8,486
Capitalized software deferred costs 1,200 1,200 800
Capitalized implementation costs, amortization 300 100 200
Phone hardware      
Property, Plant and Equipment [Line Items]      
Amortization of right-of-use assets $ 7,100 $ 7,400 $ 8,500
v3.25.0.1
Accrued Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Payables and Accruals [Abstract]    
Payroll-related accruals $ 11,353 $ 12,567
Sales and telecom taxes 2,451 2,953
Employee stock purchase plan liability 955 862
Third-party commissions 397 398
Other 2,482 1,711
Total $ 17,638 $ 18,491
v3.25.0.1
Leases - Schedule of Lease Costs (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Lease expense      
Amortization of right-of-use assets $ 7,096 $ 7,421 $ 8,486
Interest on lease liabilities 1,342 1,165 923
Operating lease expense 5,690 5,690 5,671
Short-term lease expense 43 18 27
Variable lease expense 301 40 103
Total lease expense 14,472 14,334 15,210
Finance leases:      
Operating cash outflow from finance leases 1,342 1,165 923
Financing cash outflow from finance leases 7,060 7,530 8,709
Operating leases:      
Operating cash outflow from operating leases $ 5,721 $ 5,574 $ 4,556
Finance leases:      
Weighted-average remaining lease term (years) 1 year 10 months 24 days    
Weighted-average discount rate 11.20%    
Operating leases:      
Weighted-average remaining lease term (years) 8 years 1 month 6 days    
Weighted-average discount rate 3.90%    
v3.25.0.1
Leases - Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
lease
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Lessee, Lease, Description [Line Items]      
Hardware (embedded lease) $ 4,661 $ 4,521 $ 4,237
Sublease income $ 900 900  
Number of leases | lease 96    
Phone hardware $ 21,000    
Amortization of right-of-use assets 7,096 7,421 8,486
Office Space      
Lessee, Lease, Description [Line Items]      
Operating lease expense 5,500 5,500 5,600
Phone hardware lease      
Lessee, Lease, Description [Line Items]      
Amortization of right-of-use assets $ 7,100 $ 7,400 $ 8,500
v3.25.0.1
Leases - Schedule of Maturities of Operating Lease Liabilities (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Leases [Abstract]  
2025 $ 5,701
2026 5,843
2027 5,989
2028 6,139
2029 6,292
Thereafter 20,403
Total 50,367
Less: imputed interest (7,287)
Present value of operating lease obligations $ 43,080
v3.25.0.1
Leases - Schedule of Maturities of Finance Lease Liabilities (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Leases [Abstract]  
2025 $ 7,629
2026 4,663
2027 2,286
2028 0
2029 0
Thereafter 0
Total 14,578
Less amounts representing interest (1,601)
Present value of finance lease obligations $ 12,977
v3.25.0.1
Income Taxes - Tax Provisions (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current      
Federal $ 0 $ 0 $ 0
State 9 53 0
Foreign 226 247 130
Deferred      
Federal 0 0 0
State 0 0 0
Foreign (46) (40) (26)
Total $ 189 $ 260 $ 104
v3.25.0.1
Income Taxes - Loss Before Tax (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
United States $ (28,776) $ (30,622) $ (49,551)
Foreign 619 (149) (83)
Loss before income taxes $ (28,157) $ (30,771) $ (49,634)
v3.25.0.1
Income Taxes - Effective Tax Rate Reconciliation (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Statutory federal tax rate 21.00% 21.00% 21.00%
State tax, net of federal tax effect 3.80% 2.70% 1.02%
Stock-based compensation 0.09% (5.86%) (4.07%)
Change in valuation allowance (32.87%) (19.97%) (17.94%)
Other 7.31% 1.29% (0.03%)
Effective tax rate (0.67%) (0.84%) (0.02%)
v3.25.0.1
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Deferred tax assets:        
Net operating losses $ 51,550 $ 44,357    
Sales and use tax reserves 197 187    
Stock-based compensation 2,914 2,112    
Compensation related accruals 1,307 1,749    
Interest expense limitations 309 396    
Leases - Right-of-use liability 10,749 11,702    
Other 327 168    
Fixed assets 651 1,013    
Capitalized research expenses 11,082 8,470    
Valuation allowance (64,119) (54,867) $ (48,723) $ (40,101)
Total deferred tax assets - net 14,967 15,287    
Deferred tax liabilities:        
State taxes 0 0    
Intangible assets (367) (266)    
Leases - Right-of-use asset (9,360) (10,309)    
Deferred contract costs (5,129) (4,647)    
Total deferred tax liabilities (14,856) (15,222)    
Net deferred taxes assets $ 111 $ 65    
v3.25.0.1
Income Taxes - Valuation Allowance (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Deferred Tax Asset, Valuation Allowance [Roll Forward]      
Balance at beginning of the year $ 54,867 $ 48,723 $ 40,101
Charged to costs and expense 9,252 6,144 8,622
Balance at end of the year $ 64,119 $ 54,867 $ 48,723
v3.25.0.1
Income Taxes - Narrative (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Operating Loss Carryforwards [Line Items]  
Net operating loss carryforwards not subject to limitation $ 175.7
US Federal  
Operating Loss Carryforwards [Line Items]  
Net operating loss carryforwards 207.4
State  
Operating Loss Carryforwards [Line Items]  
Net operating loss carryforwards $ 154.9
v3.25.0.1
Related Party Transactions (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Related Party Transactions [Abstract]      
Related party transactions $ 0 $ 0 $ 0
v3.25.0.1
Commitments and Contingencies - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Contractual obligation $ 7.2
v3.25.0.1
Commitments and Contingencies - Contractual Commitments (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Contractual Obligation, to be Paid, Year One $ 8,971
2026 8,638
2027 5,799
2028 0
2029 0
Thereafter 0
Total $ 23,408
v3.25.0.1
Current and Long-Term Debt (Details) - Line of Credit - USD ($)
 1 Months Ended
Aug. 31, 2021
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]      
Line of credit   $ 0 $ 0
Revolving credit facility      
Debt Instrument [Line Items]      
Borrowing capacity $ 50,000,000 $ 50,000,000.0 $ 50,000,000.0
Basis spread on variable rate (percent) 0.25%    
Debt agreement fee $ 100,000    
Unused line fee (percent) 0.15%    
Debt covenant, outstanding principal balance threshold $ 10,000,000    
Debt covenant, minimum unrestricted cash and cash equivalents 100,000,000    
Debt covenant, minimum consolidated liquidity $ 20,000,000    
Revolving credit facility | Minimum      
Debt Instrument [Line Items]      
Interest rate, minimum (percent) 3.50%    
v3.25.0.1
Stockholders’ Equity - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 2 Months Ended 3 Months Ended 12 Months Ended
Nov. 30, 2022
Oct. 31, 2021
Dec. 31, 2022
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Mar. 31, 2023
Nov. 01, 2022
Nov. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Total         $ 32,220 $ 22,823 $ 18,752      
Unrecognized equity-based compensation expense         500 3,400        
Aggregate intrinsic value of options exercised         $ 2,500 $ 3,900 $ 5,500      
Granted (in shares)         0 0 0      
Common stock withheld related to net settlement of equity awards (in shares)         (1,634,949)          
Payments for taxes related to net share settlement of equity awards         $ (18,855) $ (10,388) $ 0      
Options to purchase common stock                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Vesting term         4 years          
Expected term         6 years          
Options to purchase common stock | Weighted Average                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Vesting term         6 months 18 days 1 year 2 months 15 days        
Options to purchase common stock | Share-based Payment Arrangement, Tranche One                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Vesting term         1 year          
Options Granted in Lieu of Bonuses | Minimum                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Vesting term         2 years          
Options Granted in Lieu of Bonuses | Maximum                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Vesting term         3 years          
Restricted stock units                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Vesting term         3 years          
Granted (in shares)         3,847,441          
Shares vested in period, fair value (in shares)         $ 24,700 $ 20,500 $ 1,000      
Nonvested award, cost not yet recognized, amount         $ 48,900          
Restricted stock units | Non-Employee Directors With Four-Year Vesting Schedule                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Vesting term         4 years          
Granted (in shares)         15,900          
Restricted stock units | Non-Employee Directors With Three-Year Vesting Schedule                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Vesting term         3 years          
Granted (in shares)         19,788          
Restricted stock units | Non-Employee Directors With One-Year Vesting Schedule                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Vesting term         1 year          
Granted (in shares)         116,298          
Vesting percentage         100.00%          
Restricted stock units | Minimum                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Vesting term         3 years          
Restricted stock units | Maximum                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Vesting term         4 years          
Restricted stock units | Weighted Average                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Nonvested award, cost not yet recognized, period for recognition         2 years 25 days          
Restricted stock units | Share-based Payment Arrangement, Tranche One                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Vesting term         1 year          
Vesting percentage         33.00%          
Restricted stock units | Share-based Payment Arrangement, Tranche One | Non-Employee Directors With Four-Year Vesting Schedule                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Vesting term         1 year          
Vesting percentage         25.00%          
Restricted stock units | Share-based Payment Arrangement, Tranche One | Non-Employee Directors With Three-Year Vesting Schedule                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Vesting term         1 year          
Vesting percentage         33.00%          
Restricted stock units | Share-based Payment Arrangement, Tranche Two                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Vesting term         2 years          
Vesting percentage         67.00%          
Restricted stock units | Share-based Payment Arrangement, Tranche Two | Non-Employee Directors With Four-Year Vesting Schedule                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Vesting term         3 years          
Vesting percentage         75.00%          
Restricted stock units | Share-based Payment Arrangement, Tranche Two | Non-Employee Directors With Three-Year Vesting Schedule                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Vesting term         2 years          
Vesting percentage         67.00%          
Restricted stock units | Share-based Payment Arrangement, Tranche Two | Non-Employee Directors With One-Year Vesting Schedule                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Vesting term         1 year          
Employee stock purchase plan                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Number of shares authorized (in shares)     1,943,246   3,301,800 2,600,637 1,943,246      
Total         $ 900 $ 700 $ 600      
Expected term         6 months 6 months 6 months      
Contribution limit as a percent of base compensation (in percent)   50.00%                
Purchase price of stock (in percent)   85.00%                
Maximum number of shares per employee (in shares)   2,500                
Shares issued during period (in shares)         677,635 457,593 165,347      
Offering period         6 months          
Employee contributions withheld         $ 1,000 $ 900        
Unrecognized compensation costs         100          
2021 Equity Incentive Plan                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Number of shares authorized (in shares)                   9,000,000
Number of additional shares authorized (in shares)       3,500,000            
2022 Inducement Equity Incentive Plan                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Number of shares authorized (in shares)               7,000,000    
Equity Incentive Plan                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Total         $ 31,400 $ 22,100 $ 18,100      
2015 Equity Incentive Plan                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Common stock, repriced shares, outstanding (in shares)                 1,159,479  
Option indexed to issuer's equity, strike price (in dollars per share) $ 7.00                  
Share-based payment arrangement, plan modification, incremental expense     $ 1,100              
Share-based payment arrangement, incremental expense recognized     $ 400              
2015 Equity Incentive Plan | Minimum                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Weighted average exercise price (in dollars per share)                 $ 9.04  
2015 Equity Incentive Plan | Maximum                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Weighted average exercise price (in dollars per share)                 $ 19.60  
2015 Equity Incentive Plan | Weighted Average                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Vesting term         2 years 6 months          
v3.25.0.1
Stockholders’ Equity - Equity Based Compensation Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total $ 32,220 $ 22,823 $ 18,752
Cost of revenue      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total 1,014 971 723
Sales and marketing      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total 6,582 4,233 3,436
Research and development      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total 8,374 5,590 4,576
General and administrative      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total $ 16,250 $ 12,029 $ 10,017
v3.25.0.1
Stockholders’ Equity - Stock Option Activity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Number of Stock Options    
Beginning balance (in shares) 1,840,735  
Exercisable as of beginning of the period (in shares) 1,480,536  
Exercised (in shares) (325,641)  
Forfeited and expired (in shares) (53,984)  
Ending balance (in shares) 1,461,110 1,840,735
Exercisable as of end of the period (in shares) 1,400,993 1,480,536
Weighted Average Exercise Price    
Beginning balance (in dollars per share) $ 4.32  
Exercisable as of beginning of the period (in dollars per share) 3.82  
Exercised (in dollars per share) 5.30  
Forfeited and expired (in dollars per share) 6.82  
Ending balance (in dollars per share) 4.01 $ 4.32
Exercisable as of end of the period (in dollars per share) $ 3.88 $ 3.82
Weighted Average Remaining Contractual Life (years)    
Outstanding 4 years 6 months 14 days 5 years 11 months 15 days
Exercisable 4 years 5 months 15 days 5 years 7 months 13 days
Aggregate Intrinsic Value (in thousands)    
Aggregate Intrinsic Value, Outstanding $ 17,408 $ 13,165
Aggregate Intrinsic Value, Exercisable $ 16,866 $ 11,320
v3.25.0.1
Stockholders’ Equity - Restricted Stock Unit Activity (Details) - Restricted stock units
 12 Months Ended
Dec. 31, 2024
$ / shares
shares
Number of Shares  
Beginning balance outstanding (in shares) | shares 7,504,848
Granted (in shares) | shares 3,847,441
Vested (in shares) | shares (4,198,162)
Forfeited (in shares) | shares (478,189)
Ending balance outstanding (in shares) | shares 6,675,938
Weighted Average Grant Date Fair Value  
Beginning balance outstanding (in dollars per share) | $ / shares $ 5.98
Granted (in dollars per share) | $ / shares 11.20
Vested (in dollars per share) | $ / shares 5.87
Forfeited (in dollars per share) | $ / shares 7.78
Ending balance outstanding (in dollars per share) | $ / shares $ 8.93
v3.25.0.1
Stockholders’ Equity - Fair Value Assumptions (Details) - Employee stock purchase plan
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Risk free interest rate, minimum 5.02% 4.98%  
Risk free interest rate, maximum 5.54% 5.54%  
Risk free interest rate     3.12%
Expected term 6 months 6 months 6 months
Expected volatility, minimum 59.98% 61.48%  
Expected volatility, maximum 67.16% 67.16%  
Expected volatility     90.62%
Dividend yield 0.00% 0.00% 0.00%
v3.25.0.1
Net Loss Per Share - Calculation of Basic and Diluted Net Loss Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Numerator:      
Net loss $ (28,346) $ (31,031) $ (49,738)
Denominator:      
Weighted-average common shares outstanding - basic (in shares) 71,656,892 67,694,978 65,083,198
Weighted-average common shares outstanding - diluted (in shares) 71,656,892 67,694,978 65,083,198
Net loss per share      
Net loss per share, basic (in dollars per share) $ (0.40) $ (0.46) $ (0.76)
Net loss per share, diluted (in dollars per share) $ (0.40) $ (0.46) $ (0.76)
v3.25.0.1
Net Loss Per Share - Antidilutive Securities (Details) - shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities (in shares) 8,271,654 9,469,482 12,717,275
Options to purchase common stock      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities (in shares) 1,461,110 1,840,735 4,185,876
Number of shares issuable from ESPP      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities (in shares) 134,606 123,899 253,038
Restricted stock units      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities (in shares) 6,675,938 7,504,848 8,278,361
v3.25.0.1
Retirement Plan (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Retirement Benefits [Abstract]      
Maximum employee contribution limit $ 23,000 $ 22,500 $ 20,500
Employer matching contributions $ 3,300,000 $ 3,400,000 $ 2,900,000
v3.25.0.1
Segment Reporting - Narrative (Details)
 12 Months Ended
Dec. 31, 2024
segment
Segment Reporting [Abstract]  
Number of reportable segments 1
v3.25.0.1
Segment Reporting - Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]      
Total revenue $ 204,314 $ 170,468 $ 142,117
Costs and Expenses:      
Net loss (28,346) (31,031) (49,738)
Reportable Segment      
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]      
Total revenue 204,314 170,468 142,117
Costs and Expenses:      
Direct costs of goods sold 34,479 31,323 30,765
Payroll and employee-related costs 151,456 130,865 120,299
Marketing costs 15,888 11,243 7,960
Partner costs 4,134 3,365 3,451
Professional fees 5,269 4,812 5,919
Facilities costs 8,176 8,068 8,400
Software costs 11,756 10,651 9,755
Capitalized software deferred costs (2,328) (1,903) (1,232)
Other segment items 3,830 3,075 6,538
Net loss $ (28,346) $ (31,031) $ (49,738)