WEAVE COMMUNICATIONS, INC., 10-Q filed on 11/6/2025
Quarterly Report
v3.25.3
Cover Page - shares
 9 Months Ended
Sep. 30, 2025
Nov. 03, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2025  
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 $0.00001 per share  
Trading Symbol WEAV  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company true  
Entity Ex Transition Period false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   78,025,757
Entity Central Index Key 0001609151  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
v3.25.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 64,394 $ 51,596
Short-term investments 15,897 47,534
Accounts receivable, net 4,283 3,743
Deferred contract costs, net 12,934 11,568
Prepaid expenses and other current assets 5,443 6,298
Total current assets 102,951 120,739
Non-current assets:    
Property and equipment, net 8,834 8,443
Operating lease right-of-use assets 34,557 37,516
Finance lease right-of-use assets 10,664 10,650
Deferred contract costs, net, less current portion 10,794 9,487
Intangible assets, net 7,482 0
Goodwill 29,465 0
Other non-current assets 1,716 2,091
TOTAL ASSETS 206,463 188,926
Current liabilities:    
Accounts payable 6,123 8,276
Accrued liabilities and other 27,241 17,638
Deferred revenue 38,499 39,987
Current portion of operating lease liabilities 4,349 4,119
Current portion of finance lease liabilities 6,697 6,600
Total current liabilities 82,909 76,620
Non-current liabilities:    
Other long-term liabilities 2,936 0
Operating lease liabilities, less current portion 35,657 38,961
Finance lease liabilities, less current portion 6,344 6,377
Total liabilities 127,846 121,958
COMMITMENTS AND CONTINGENCIES (Note 13)
Stockholders' equity:    
Preferred stock, $0.00001 par value per share; 10,000,000 shares authorized, zero shares issued and outstanding as of September 30, 2025 and December 31, 2024 0 0
Common stock, $0.00001 par value per share; 500,000,000 shares authorized as of September 30, 2025 and December 31, 2024; 77,990,452 and 73,225,253 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively 0 0
Additional paid-in capital 396,121 358,549
Accumulated deficit (317,217) (291,013)
Accumulated other comprehensive loss (287) (568)
Total stockholders' equity 78,617 66,968
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 206,463 $ 188,926
v3.25.3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Sep. 30, 2025
Dec. 31, 2024
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 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) 77,990,452 73,225,253
Common stock outstanding (in shares) 77,990,452 73,225,253
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Statement [Abstract]        
Revenue $ 61,342 $ 52,386 $ 175,621 $ 150,145
Cost of revenue 17,000 14,659 49,383 43,307
Gross profit 44,342 37,727 126,238 106,838
Operating expenses:        
Sales and marketing 26,404 21,159 75,175 62,678
Research and development 13,121 9,868 36,262 29,471
General and administrative 13,761 13,330 43,251 38,729
Total operating expenses 53,286 44,357 154,688 130,878
Loss from operations (8,944) (6,630) (28,450) (24,040)
Other income (expense):        
Interest income 447 520 1,345 1,372
Interest expense (366) (405) (1,300) (1,123)
Other income, net 277 692 1,248 2,278
Loss before income taxes (8,586) (5,823) (27,157) (21,513)
Income tax benefit (expense) (82) (56) 953 (122)
Net loss $ (8,668) $ (5,879) $ (26,204) $ (21,635)
Net loss per share, basic (in dollars per share) $ (0.11) $ (0.08) $ (0.35) $ (0.30)
Net loss per share, diluted (in dollars per share) $ (0.11) $ (0.08) $ (0.35) $ (0.30)
Weighted-average common shares outstanding - basic (in shares) 77,338,906 72,007,727 75,684,733 71,253,586
Weighted-average common shares outstanding - diluted (in shares) 77,338,906 72,007,727 75,684,733 71,253,586
Other comprehensive loss        
Change in foreign currency translation, net of tax $ (81) $ 55 $ 267 $ (254)
Net unrealized gain on investments, net of tax 9 106 14 19
Total comprehensive loss $ (8,740) $ (5,718) $ (25,923) $ (21,870)
v3.25.3
CONDENSED 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, 2023   70,116,357      
Beginning 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)   134,005      
Issuance of common shares from stock option exercises 550   550    
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)   3,333,364      
Common stock withheld related to net settlement of equity awards (in shares)   (1,286,087)      
Common stock withheld related to net settlement of equity awards (13,883)   (13,883)    
Stock-based compensation 23,085   23,085    
Foreign currency translation adjustments, net of tax (254)       (254)
Net unrealized gain (loss) on investments 19       19
Net loss (21,635)     (21,635)  
Ending balance (in shares) at Sep. 30, 2024   72,517,681      
Ending balance at Sep. 30, 2024 68,836 $ 0 353,263 (284,302) (125)
Beginning balance (in shares) at Jun. 30, 2024   71,682,267      
Beginning balance at Jun. 30, 2024 69,823 $ 0 348,532 (278,423) (286)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common shares from stock option exercises (in shares)   41,112      
Issuance of common shares from stock option exercises 193   193    
Issuance of common shares from the employee stock purchase plan (in shares)   106,083      
Issuance of common shares from the employee stock purchase plan 977   977    
Vesting of restricted stock units (in shares)   1,113,289      
Common stock withheld related to net settlement of equity awards (in shares)   (425,070)      
Common stock withheld related to net settlement of equity awards (4,461)   (4,461)    
Stock-based compensation 8,022   8,022    
Foreign currency translation adjustments, net of tax 55       55
Net unrealized gain (loss) on investments 106       106
Net loss (5,879)     (5,879)  
Ending balance (in shares) at Sep. 30, 2024   72,517,681      
Ending balance at Sep. 30, 2024 $ 68,836 $ 0 353,263 (284,302) (125)
Beginning balance (in shares) at Dec. 31, 2024 73,225,253 73,225,253      
Beginning balance at Dec. 31, 2024 $ 66,968 $ 0 358,549 (291,013) (568)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common shares from stock option exercises (in shares)   219,623      
Issuance of common shares from stock option exercises 749   749    
Issuance of common shares from the employee stock purchase plan (in shares)   248,252      
Issuance of common shares from the employee stock purchase plan 1,970   1,970    
Issuance of common shares upon the acquisition of Vidurama, Inc. (in shares)   928,691      
Issuance of common shares upon the acquisition of Vidurama, Inc. 10,041   10,041    
Indemnification holdback shares related to the acquisition of Vidurama, Inc. 539   539    
Issuance costs (26)   (26)    
Vesting of restricted stock units (in shares)   3,559,621      
Common stock withheld related to net settlement of equity awards (in shares)   (190,988)      
Common stock withheld related to net settlement of equity awards (1,488)   (1,488)    
Stock-based compensation 25,787   25,787    
Foreign currency translation adjustments, net of tax 267       267
Net unrealized gain (loss) on investments 14       14
Net loss $ (26,204)     (26,204) 0
Ending balance (in shares) at Sep. 30, 2025 77,990,452 77,990,452      
Ending balance at Sep. 30, 2025 $ 78,617 $ 0 396,121 (317,217) (287)
Beginning balance (in shares) at Jun. 30, 2025   76,893,957      
Beginning balance at Jun. 30, 2025 $ 78,877 $ 0 387,641 (308,549) (215)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common shares from stock option exercises (in shares) 100,169 100,169      
Issuance of common shares from stock option exercises $ 234   234    
Issuance of common shares from the employee stock purchase plan (in shares)   129,687      
Issuance of common shares from the employee stock purchase plan 859   859    
Indemnification holdback shares related to the acquisition of Vidurama, Inc. 539   539    
Vesting of restricted stock units (in shares)   1,054,130      
Common stock withheld related to net settlement of equity awards (in shares)   (187,491)      
Common stock withheld related to net settlement of equity awards (1,445)   (1,445)    
Stock-based compensation 8,293   8,293    
Foreign currency translation adjustments, net of tax (81)       (81)
Net unrealized gain (loss) on investments 9       9
Net loss $ (8,668)     (8,668)  
Ending balance (in shares) at Sep. 30, 2025 77,990,452 77,990,452      
Ending balance at Sep. 30, 2025 $ 78,617 $ 0 $ 396,121 $ (317,217) $ (287)
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (26,204) $ (21,635)
Adjustments to reconcile net loss to net cash provided by operating activities    
Depreciation and amortization 8,602 8,670
Amortization of operating right-of-use assets 2,959 2,949
Amortization of intangible assets 518 0
Provision for credit losses 774 1,243
Amortization of deferred contract costs 10,943 9,992
Stock-based compensation, net of amount capitalized 28,159 23,085
Net accretion of discounts on short-term investments (750) (1,677)
Changes in operating assets and liabilities:    
Accounts receivable (1,207) (6,096)
Deferred contract costs (13,616) (11,531)
Prepaid expenses and other assets 1,826 1,665
Accounts payable (2,644) 2,465
Accrued liabilities 6,382 191
Operating lease liabilities (3,074) (2,963)
Deferred revenue (1,373) 1,117
Net cash provided by operating activities 11,295 7,475
CASH FLOWS FROM INVESTING ACTIVITIES    
Maturities of short-term investments 47,856 55,745
Purchases of short-term investments (15,455) (43,016)
Purchases of property and equipment (1,267) (1,802)
Capitalized internal-use software costs (1,565) (1,434)
Business acquisitions, net of cash acquired (23,855) 0
Net cash provided by investing activities 5,714 9,493
CASH FLOWS FROM FINANCING ACTIVITIES    
Principal payments on finance leases (5,416) (5,285)
Proceeds from stock option exercises 749 550
Payments for taxes related to net share settlement of equity awards (1,488) (13,883)
Stock issuance costs (26) 0
Proceeds from the employee stock purchase plan 1,970 1,997
Net cash used in financing activities (4,211) (16,621)
NET INCREASE IN CASH AND CASH EQUIVALENTS 12,798 347
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 51,596 50,756
CASH AND CASH EQUIVALENTS, END OF PERIOD 64,394 51,103
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid during the period for interest 1,300 1,123
Cash paid during the period for income taxes 349 122
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:    
Equipment purchases financed with accounts payable 135 0
Finance lease liabilities arising from obtaining finance lease right-of-use assets 5,480 5,247
Operating lease liabilities arising from obtaining operating lease right-of-use assets 0 149
Unrealized gain on short-term investments 14 19
Stock-based compensation included in capitalized software development costs 281 0
Equity issued as consideration in business combinations 10,041 0
Consideration withheld for indemnification liabilities related to business combinations $ 1,789 $ 0
v3.25.3
Description of the Business
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of the Business Description of the Business
Weave Communications, Inc., with its wholly-owned subsidiaries (collectively, “Weave” or the “Company”), sells subscriptions to the Weave platform, a vertical Software-as-a-Service (“SaaS”) platform that delivers AI-powered patient engagement solutions for small and medium-sized healthcare practices. 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.
v3.25.3
Basis of Presentation and Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Summary of Significant Accounting Policies
Basis of Presentation and Principles of Consolidation
The unaudited condensed consolidated financial statements include the accounts of Weave Communications, Inc. and its wholly-owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. The accompanying unaudited condensed 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”) regarding interim financial reporting. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 13, 2025.
The accompanying unaudited interim condensed consolidated balance sheets, statements of operations and comprehensive loss, statements of stockholders' equity, statements of cash flows and accompanying notes are unaudited. These unaudited interim condensed consolidated financial statements have been prepared on a basis consistent with the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial condition, its operations and cash flows for the periods presented. The historical results are not necessarily indicative of future results, and the results of operations are not necessarily indicative of the results to be expected for the full year or any other period.
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 unaudited condensed 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 unaudited condensed 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, the amortization period of deferred contract costs, and the valuation and useful lives of acquired intangible assets.
Significant Accounting Policies
A summary of the Company’s significant accounting policies is discussed in Note 2 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 13, 2025. There have been no significant changes to these policies during the nine months ended September 30, 2025, aside from those outlined below.
Business Combinations
The Company accounts for acquisitions in accordance with the guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 805, Business Combinations, using the acquisition method of accounting. The Company allocates the purchase price consideration associated with its acquisition to the fair values of assets acquired and liabilities assumed at their respective acquisition dates, with the excess recorded to goodwill. The allocation involves a number of assumptions, estimates, and judgments in determining fair value of the following:
•Intangible assets, including valuation methodology, estimations of future cash flows, discount rates, market segment growth rates, and the Company’s assumed market share, as well as the estimated useful life of intangible assets;
•Deferred tax assets and liabilities, uncertain tax positions, and tax-related valuation allowances, which are initially estimated as of the acquisition date; and
•Goodwill as measured as the excess of consideration transferred over the net of the acquisition date fair values of the assets acquired and liabilities assumed.
The Company’s assumptions and estimates are based upon comparable market data and information obtained from Company management and the management of the acquired companies. These assumptions and estimates are used to value assets acquired and liabilities assumed, and to allocate goodwill to the reporting units of the business that are expected to benefit from the business combination. Adjustments to the fair values of assets acquired and liabilities assumed may be recorded during the measurement period, which may be up to one year from the acquisition date, with the corresponding offset to goodwill. The Company may engage a valuation specialist to assist in the fair value measurement of assets acquired and liabilities assumed for each acquisition.
Intangible Assets
Acquired finite-lived intangibles are amortized on a straight-line basis over the estimated useful life of the asset, which ranges from five to seven years.
When there are indicators of potential impairment, the Company evaluates recoverability of the carrying values of intangible assets by comparing the carrying amount of an asset to the estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds the Company’s estimated undiscounted future net cash flows, an impairment charge is recognized based on the amount by which the carrying value of the asset exceeds the fair value of the asset. The Company did not incur any impairment charges during the periods presented.
Goodwill
Goodwill as of the acquisition date is measured as the excess of consideration transferred over the net of the acquisition date fair values of the assets acquired and the liabilities assumed. Goodwill is not subject to amortization, but is tested annually for impairment within the Company’s fourth fiscal quarter using an October 1 measurement date or more frequently if there are indicators of impairment. The Company first performs a qualitative assessment to determine if it is more likely than not that its reporting
unit’s carrying amount exceeds its fair value, referred to as a “step zero” approach. If, based on the review of the qualitative factors, the Company determines that it is not more likely than not that the fair value of its reporting unit is less than its carrying value, the Company would bypass the quantitative impairment test. Management considers the following potential indicators of impairment: (1) significant underperformance relative to historical or projected future operating results; (2) significant changes in the Company’s use of acquired assets or the strategy of its overall business; (3) significant negative industry or economic trends; and (4) a significant decline in the Company’s stock price for a sustained period.
If the qualitative assessment is not conclusive, or if the Company elects to bypass the qualitative test, the Company quantitatively assesses the fair value of a reporting unit to test goodwill for impairment. The Company assesses the fair value of a reporting unit using a combination of discounted cash flow modeling and observable valuation multiples for comparable companies. The Company’s estimates are developed using assumptions that the Company believes are consistent with how a market participant would value its reporting units. If the carrying amount of a reporting unit exceeds the reporting unit’s fair value, the Company records the excess amount as goodwill impairment, not to exceed the total amount of goodwill allocated to the reporting unit.
Weave operates under one reporting unit and, as a result, evaluates goodwill impairment based on its fair value as a whole. The Company did not recognize an impairment charge in any of the periods presented. The Company has no other intangible assets with indefinite useful lives.
Accounting Pronouncements Adopted
In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07 (“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 ASU 2023-07 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 unaudited condensed 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 statements of operations and comprehensive loss as well as disclosures about selling expenses. ASU 2024-03 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 unaudited condensed consolidated financial statement disclosures and statements of operations and comprehensive loss.
In July 2025, the FASB issued ASU No. 2025-05, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets” (“ASU 2025-05”), which provides a practical expedient when estimating expected credit losses on current accounts receivable and current contract assets. ASU 2025-05 will be effective for annual periods beginning after December 15, 2025 and should be adopted prospectively. The Company is currently evaluating the impact of ASU
2025-05 on its related disclosures, statements of operations and comprehensive loss, and balance sheets.
In September 2025, the FASB issued ASU No. 2025-06, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software” (“ASU 2025-06”), which updates the criteria for capitalization of internal-use software and the associated required disclosures. ASU 2025-06 will be effective for annual periods beginning after December 15, 2027 and should be adopted prospectively with the option to be adopted retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2025-06 on its related disclosures, statements of operations and comprehensive loss, and balance sheets.
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 while it maintains emerging growth company status. 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. Beginning on December 31, 2026, or such earlier time that we are no longer an emerging growth company, the Company will no longer qualify for emerging growth company status; as such, future accounting pronouncements will be adopted in accordance with the adoption dates applicable to public companies.
v3.25.3
Business Combinations
 9 Months Ended
Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Business Combinations Business Combinations
On May 16, 2025, Weave acquired all outstanding shares of Vidurama, Inc. (“TrueLark”), an AI-powered receptionist and front-desk automation platform provider for total consideration of $35.9 million. Total consideration includes $2.3 million which was held back for indemnification and working capital purposes; of this amount, $0.5 million cash was held back for a period of 90 days following the acquisition for working capital adjustments, and includes an increase of approximately $0.1 million from the previously reported initial estimate. The total obligation owed after the 90 day holdback period has been paid as of September 30, 2025. $1.6 million will be held back for a 12-month indemnification period, comprised of $0.5 million of the Company’s common stock, or 49,967 shares, and $1.1 million cash. These shares of common stock are considered outstanding for the purposes of calculating earnings per share (see Note 14) and the value of the shares is included in additional paid-in capital on the unaudited condensed consolidated balance sheets. The Company is entitled to retain $0.2 million of the remaining cash holdback for a period of six years in order to resolve all indemnification claims made during the allowable time period. The acquisition did not have a material effect on the Company’s revenue or earnings in the unaudited condensed consolidated statements of operations and comprehensive loss for the reporting periods presented, nor would the presentation of combined unaudited financial results on a pro-forma basis for the prior two years be material. The Company accounted for the acquisition as a business combination. The following table summarizes the amount of the aggregate purchase consideration and the preliminary allocation to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values, of which the valuation of intangible assets is subject to finalization.
The preliminary allocation of the purchase price was as follows (in thousands):
Consideration transferred
Cash paid$23,549 
Equity issued10,041 
Holdback amount2,325 
Total purchase consideration$35,915 
Identifiable assets acquired
Cash231 
Accounts receivable107 
Prepaid expenses and other assets597 
Intangible assets: developed technology4,300 
Intangible assets: customer relationships2,300 
Intangible assets: trademarks and trade names1,400 
Total assets acquired$8,935 
Liabilities assumed
Accounts payable and accrued liabilities2,333 
Deferred revenue152 
Total liabilities assumed$2,485 
Goodwill29,465 
Total purchase consideration$35,915 
The excess of purchase consideration over the fair value of net tangible and identifiable intangible assets acquired was recorded as goodwill for an amount of $29.5 million as of September 30, 2025. The goodwill generated from the transaction is attributable to the expected synergies to be achieved upon consummation of the business combination and the assembled workforce value. No amount of goodwill is expected to be deductible for tax purposes. The fair values assigned to tangible and identifiable intangible assets acquired and liabilities assumed are based on management’s estimates and assumptions using the income approach. Customer relationships were valued under the multiperiod excess earnings method, which assumes that the value of intangible assets is equal to the present value of the incremental after-tax cash flows attributable specifically to the intangible assets. Developed technology and trademarks and trade names were valued under the relief from royalty method, which assumes value to the extent that the acquired company is relieved of the obligation to pay royalties for the benefits received from them.
Developed technology represents the estimated fair value of the acquired existing technology and is being amortized over its estimated useful life of five years. Amortization of developed technology is included in cost of goods sold in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss. Customer relationships represent the estimated fair value of the acquired customer bases and are amortized over an estimated useful life of seven years. The trade names acquired are amortized over its estimated useful life of seven years. Amortization of customer relationships and trade names is included in sales and marketing expenses in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss.
Pursuant to the definitive agreement for the business combination, certain key TrueLark employees were granted performance-based restricted stock unit awards (“PRSUs”) that will vest upon TrueLark’s completion of certain revenue milestones in the first and second years following the acquisition, subject to the recipients’ continued employment with the Company through such dates. The recipients of these awards are eligible to receive two potential payouts of up to $5.0 million each, settled in up to 1,000,000 shares of the
Company’s common stock, on each of the last days of the month following the first and second anniversaries of the merger. Because these payouts are dependent on continued employment with the Company in the post-acquisition period, the Company determined that the related cost must be recognized as an operating expense in the post-acquisition period, and no portion was accounted for as part of the purchase consideration. As of September 30, 2025, the Company estimated the amount of the awards expected to vest under this agreement based upon its expectation of the level of achievement of the financial targets over the measurement period. These awards are deemed to be liability-classified, and are included in other long-term liabilities on the unaudited condensed consolidated balance sheets. For the three and nine months ended September 30, 2025, the Company recognized expense related to this agreement as follows on the unaudited condensed consolidated statements of operations and comprehensive loss:
Three Months Ended September 30, 2025Nine Months Ended September 30, 2025
Research and development1,696 2,544 
General and administrative128 192 
Total expense$1,824 $2,736 
v3.25.3
Goodwill and Intangible Assets
 9 Months Ended
Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill activity was as follows (in thousands):
Total
Balance as of December 31, 2024
$— 
Additions (Note 3)29,465 
Balance as of September 30, 2025
$29,465 
Intangible Assets consisted of the following (in thousands):
Weighted-Average
September 30, 2025
Remaining Useful LifeAccumulated
GrossAmortizationNet
Trademarks and Trade Names79 months$1,400 $(75)$1,325 
Developed Technology55 months4,300 (320)3,980 
Customer Relationships79 months2,300 (123)2,177 
Total$8,000 $(518)$7,482 
Amortization expense for intangible assets was $0.4 million and $0.5 million for the three and nine months ended September 30, 2025, respectively. The Company did not own definite-lived intangible assets prior to 2025.
Based on the recorded intangible assets at September 30, 2025, estimated future amortization expense is expected to be as follows (in thousands):
Amortization
Years Ending December 31,Expense
Remainder of 2025
348 
20261,381 
20271,381 
20281,381 
20291,381 
Thereafter1,610 
Total7,482 
v3.25.3
Revenue
 9 Months Ended
Sep. 30, 2025
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.
Contract Balances
The Company recognized revenue that was included in the corresponding deferred revenue balance at the beginning of the period of $21.1 million and $20.8 million for the three months ended September 30, 2025 and 2024, respectively, and $38.3 million and $36.6 million for the nine months ended September 30, 2025 and 2024, respectively.
Deferred Contract Costs
The Company capitalizes incremental costs of obtaining and fulfilling a contract. Amortization expense related to these costs was $3.7 million and $3.3 million for the three months ended September 30, 2025 and 2024, respectively, and $10.9 million and $10.0 million for the nine months ended September 30, 2025 and 2024, respectively, and is reflected in the sales and marketing line item on the unaudited condensed consolidated statements of operations and comprehensive loss.
Concentration of Credit Risk, Significant Customers, and Provision for Credit Losses
There were no customers with revenue as a percentage of total revenue exceeding 10% for the nine months ended September 30, 2025 and 2024. As of September 30, 2025 and December 31, 2024, there were no customers with outstanding accounts receivable balances as a percentage of total accounts receivable greater than 10%.
The Company’s provision for credit losses was $0.8 million and $0.5 million as of September 30, 2025 and December 31, 2024, respectively.
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 the Company’s recurring subscription (software and phone services) and payment processing services, as well as for its onboarding services, and phone hardware for the three and nine months ended September 30, 2025 and 2024 (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Subscription and payment processing$58,760 $50,375 $168,180 $143,980 
Onboarding821 845 2,542 2,748 
Phone Hardware (embedded lease)
1,761 1,166 4,899 3,417 
Total revenue$61,342 $52,386 $175,621 $150,145 
v3.25.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Financial instruments recorded at fair value in the unaudited condensed 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 as of September 30, 2025 (in thousands):
Level 1Level 2Level 3Total
Cash equivalents
Money market funds$45,324 $— $— $45,324 
Short-term investments
US government and agency securities12,803 — 12,803 
Commercial paper— 3,094 — 3,094 
Total$58,127 $3,094 $— $61,221 
The following table summarizes the assets measured at fair value on a recurring basis by level within the fair value hierarchy as of 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 tables summarize the Company's short-term investments on the unaudited condensed consolidated balance sheets as of September 30, 2025 and December 31, 2024 (in thousands):
September 30, 2025
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Short-term investments
US government and agency securities$12,796 $7 $— $12,803 
Commercial paper3,094 — — 3,094 
Total$15,890 $7 $— $15,897 
December 31, 2024
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 tables summarize the Company’s cash and cash equivalents on the unaudited condensed consolidated balance sheets as of September 30, 2025 and December 31, 2024 (in thousands):
September 30, 2025
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Cash$19,070 $— $— $19,070 
Cash equivalents
Money market funds 45,324 — — 45,324 
Total$64,394 $— $— $64,394 
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 
As of September 30, 2025, the weighted-average remaining contractual maturities of available-for-sale securities was approximately twenty-seven days.
No available-for-sale securities held as of September 30, 2025 have been in a continuous unrealized loss position for more than twelve months. As of September 30, 2025, 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 scheduled to mature within one year from the balance sheet date.
For the three and nine months ended September 30, 2025 and 2024, both unrealized holding gains and losses were immaterial and the resulting net unrealized holding gains and losses have been included in accumulated other comprehensive loss on the unaudited condensed consolidated balance sheets.
As of September 30, 2025 and December 31, 2024, the Company had 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.
Realized gains, consisting of discount accretion, for the three months ended September 30, 2025 and 2024 were $0.2 million and $0.5 million, respectively, and $0.8 million and $1.7 million for the nine months ended September 30, 2025 and 2024, respectively.
v3.25.3
Property and Equipment
 9 Months Ended
Sep. 30, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment Property and Equipment
Property and equipment consisted of the following for the periods presented (in thousands):
September 30, 2025December 31, 2024
Office equipment$3,684 $6,626 
Office furniture5,644 5,670 
Leasehold improvements2,810 2,763 
Capitalized internal-use software8,905 7,059 
Payment terminals2,579 2,308 
Property and equipment, gross23,622 24,426 
Less accumulated depreciation and amortization(14,788)(15,983)
Property and equipment, net$8,834 $8,443 
Depreciation and amortization expense on property and equipment (excluding amortization on operating right-of-use (“ROU”) assets) was $2.9 million and $2.7 million for the three months ended September 30, 2025 and 2024, respectively, and $8.6 million and $8.7 million for the nine months ended September 30, 2025 and 2024, respectively. Of this expense, $1.9 million and $1.7 million for the three months ended September 30, 2025 and 2024, respectively, and $5.5 million and $5.3 million for the nine months ended September 30, 2025 and 2024, respectively, was related to phone hardware finance ROU assets (see also Note 8) and has been included in cost of revenue in the unaudited condensed consolidated statements of operations and comprehensive loss. Of the remaining depreciation and amortization expense, $0.5 million was included in cost of revenue in the unaudited condensed consolidated statements of operations and comprehensive loss for each of the three months ended September 30, 2025 and 2024, and $1.6 million was included in cost of revenue for each of the nine months ended September 30, 2025 and 2024, respectively. $0.5 million was recorded in operating expenses on the unaudited condensed consolidated statements of operations and comprehensive loss for each of the three months ended September 30, 2025 and 2024, and $1.5 million and $1.8 million was recorded in operating expenses on the unaudited condensed consolidated statements of operations and comprehensive loss for the nine months ended September 30, 2025 and 2024, respectively.
v3.25.3
Leases
 9 Months Ended
Sep. 30, 2025
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 ROU asset and lease liability values. These assumptions and judgments 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 for the periods presented consisted of the following (in thousands, except terms and rates):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Lease expense
Finance lease expense:
Amortization of right-of-use assets$1,852 $1,714 $5,488 $5,264 
Interest on lease liabilities356 344 1,067 992 
Operating lease expense1,386 1,423 4,157 4,268 
Short-term lease expense8 11 29 31 
Variable lease expense125 92 353 209 
Total lease expense$3,727 $3,584 $11,094 $10,764 
Supplemental cash flow information
Finance leases:
Operating cash outflow from finance leases$356 $344 $1,067 $992 
Financing cash outflow from finance leases$1,829 $1,743 $5,416 $5,285 
Finance lease liabilities arising from obtaining finance lease right-of-use assets$1,138 $1,671 $5,480 $5,247 
Operating leases:
Operating cash outflow from operating leases$1,428 $1,430 $4,273 $4,291 
Operating lease liabilities arising from obtaining operating lease right-of-use assets$— $— $— $149 
Other information as of September 30, 2025
Finance leases:
Weighted-average remaining lease term (years)1.8
Weighted-average discount rate10.8 %
Operating leases:
Weighted-average remaining lease term (years)7.3
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 September 30, 2025. 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 Topic 842, Leases.
Total rent expense for office space leases was $1.4 million for each of the three months ended September 30, 2025 and 2024, and $4.2 million for each of the nine months ended September 30, 2025 and 2024, and is reported gross of sublease income received.
Future maturities of remaining lease payments included in the measurement of operating lease liabilities as of September 30, 2025 are as follows (in thousands):
Years ending December 31,
Remainder of 2025$1,428 
20265,843 
20275,989 
20286,139 
20296,292 
Thereafter20,403 
Total46,094 
Less: imputed interest(6,088)
Present value of operating lease obligations$40,006 
The Company as the Lessor
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. In April 2023, the Company entered into a Sublease Agreement for the fourth floor of its corporate headquarters in Lehi, Utah. These revenues are included in other income (expense) on the unaudited condensed consolidated statements of operations and comprehensive loss.
The Company reported revenues associated with these leases for the periods presented as follows (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Phone hardware revenue
$1,761 $1,166 $4,899 $3,417 
Sublease revenue
219 219 658 658 
Total
$1,980 $1,385 $5,557 $4,075 
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 September 30, 2025, the Company had 90 executed and active lease agreements for phone hardware with maturity dates ranging from October 2025 to September 2028. As of September 30, 2025, the gross value of phone hardware acquired under these finance leases approximated $21.7 million. Amortization expense on finance-leased phone hardware was $1.9 million and $1.7 million for the three months ended September 30, 2025 and 2024, respectively, and $5.5 million and $5.3 million for the nine months ended September 30, 2025 and 2024, respectively, which is included in the depreciation expense on the unaudited condensed consolidated statements of operations and comprehensive loss referenced in Note 7.
Future minimum lease payments for the Company’s finance leases as of September 30, 2025 were as follows (in thousands):
Years ending December 31,
Remainder of 2025$2,333 
20266,761 
20274,138 
20281,341 
Thereafter— 
Total14,573 
Less: amounts representing interest(1,532)
Present value of finance lease obligations$13,041 
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 ROU asset and lease liability values. These assumptions and judgments 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 for the periods presented consisted of the following (in thousands, except terms and rates):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Lease expense
Finance lease expense:
Amortization of right-of-use assets$1,852 $1,714 $5,488 $5,264 
Interest on lease liabilities356 344 1,067 992 
Operating lease expense1,386 1,423 4,157 4,268 
Short-term lease expense8 11 29 31 
Variable lease expense125 92 353 209 
Total lease expense$3,727 $3,584 $11,094 $10,764 
Supplemental cash flow information
Finance leases:
Operating cash outflow from finance leases$356 $344 $1,067 $992 
Financing cash outflow from finance leases$1,829 $1,743 $5,416 $5,285 
Finance lease liabilities arising from obtaining finance lease right-of-use assets$1,138 $1,671 $5,480 $5,247 
Operating leases:
Operating cash outflow from operating leases$1,428 $1,430 $4,273 $4,291 
Operating lease liabilities arising from obtaining operating lease right-of-use assets$— $— $— $149 
Other information as of September 30, 2025
Finance leases:
Weighted-average remaining lease term (years)1.8
Weighted-average discount rate10.8 %
Operating leases:
Weighted-average remaining lease term (years)7.3
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 September 30, 2025. 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 Topic 842, Leases.
Total rent expense for office space leases was $1.4 million for each of the three months ended September 30, 2025 and 2024, and $4.2 million for each of the nine months ended September 30, 2025 and 2024, and is reported gross of sublease income received.
Future maturities of remaining lease payments included in the measurement of operating lease liabilities as of September 30, 2025 are as follows (in thousands):
Years ending December 31,
Remainder of 2025$1,428 
20265,843 
20275,989 
20286,139 
20296,292 
Thereafter20,403 
Total46,094 
Less: imputed interest(6,088)
Present value of operating lease obligations$40,006 
The Company as the Lessor
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. In April 2023, the Company entered into a Sublease Agreement for the fourth floor of its corporate headquarters in Lehi, Utah. These revenues are included in other income (expense) on the unaudited condensed consolidated statements of operations and comprehensive loss.
The Company reported revenues associated with these leases for the periods presented as follows (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Phone hardware revenue
$1,761 $1,166 $4,899 $3,417 
Sublease revenue
219 219 658 658 
Total
$1,980 $1,385 $5,557 $4,075 
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 September 30, 2025, the Company had 90 executed and active lease agreements for phone hardware with maturity dates ranging from October 2025 to September 2028. As of September 30, 2025, the gross value of phone hardware acquired under these finance leases approximated $21.7 million. Amortization expense on finance-leased phone hardware was $1.9 million and $1.7 million for the three months ended September 30, 2025 and 2024, respectively, and $5.5 million and $5.3 million for the nine months ended September 30, 2025 and 2024, respectively, which is included in the depreciation expense on the unaudited condensed consolidated statements of operations and comprehensive loss referenced in Note 7.
Future minimum lease payments for the Company’s finance leases as of September 30, 2025 were as follows (in thousands):
Years ending December 31,
Remainder of 2025$2,333 
20266,761 
20274,138 
20281,341 
Thereafter— 
Total14,573 
Less: amounts representing interest(1,532)
Present value of finance lease obligations$13,041 
Lessor, Operating 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 ROU asset and lease liability values. These assumptions and judgments 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 for the periods presented consisted of the following (in thousands, except terms and rates):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Lease expense
Finance lease expense:
Amortization of right-of-use assets$1,852 $1,714 $5,488 $5,264 
Interest on lease liabilities356 344 1,067 992 
Operating lease expense1,386 1,423 4,157 4,268 
Short-term lease expense8 11 29 31 
Variable lease expense125 92 353 209 
Total lease expense$3,727 $3,584 $11,094 $10,764 
Supplemental cash flow information
Finance leases:
Operating cash outflow from finance leases$356 $344 $1,067 $992 
Financing cash outflow from finance leases$1,829 $1,743 $5,416 $5,285 
Finance lease liabilities arising from obtaining finance lease right-of-use assets$1,138 $1,671 $5,480 $5,247 
Operating leases:
Operating cash outflow from operating leases$1,428 $1,430 $4,273 $4,291 
Operating lease liabilities arising from obtaining operating lease right-of-use assets$— $— $— $149 
Other information as of September 30, 2025
Finance leases:
Weighted-average remaining lease term (years)1.8
Weighted-average discount rate10.8 %
Operating leases:
Weighted-average remaining lease term (years)7.3
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 September 30, 2025. 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 Topic 842, Leases.
Total rent expense for office space leases was $1.4 million for each of the three months ended September 30, 2025 and 2024, and $4.2 million for each of the nine months ended September 30, 2025 and 2024, and is reported gross of sublease income received.
Future maturities of remaining lease payments included in the measurement of operating lease liabilities as of September 30, 2025 are as follows (in thousands):
Years ending December 31,
Remainder of 2025$1,428 
20265,843 
20275,989 
20286,139 
20296,292 
Thereafter20,403 
Total46,094 
Less: imputed interest(6,088)
Present value of operating lease obligations$40,006 
The Company as the Lessor
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. In April 2023, the Company entered into a Sublease Agreement for the fourth floor of its corporate headquarters in Lehi, Utah. These revenues are included in other income (expense) on the unaudited condensed consolidated statements of operations and comprehensive loss.
The Company reported revenues associated with these leases for the periods presented as follows (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Phone hardware revenue
$1,761 $1,166 $4,899 $3,417 
Sublease revenue
219 219 658 658 
Total
$1,980 $1,385 $5,557 $4,075 
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 September 30, 2025, the Company had 90 executed and active lease agreements for phone hardware with maturity dates ranging from October 2025 to September 2028. As of September 30, 2025, the gross value of phone hardware acquired under these finance leases approximated $21.7 million. Amortization expense on finance-leased phone hardware was $1.9 million and $1.7 million for the three months ended September 30, 2025 and 2024, respectively, and $5.5 million and $5.3 million for the nine months ended September 30, 2025 and 2024, respectively, which is included in the depreciation expense on the unaudited condensed consolidated statements of operations and comprehensive loss referenced in Note 7.
Future minimum lease payments for the Company’s finance leases as of September 30, 2025 were as follows (in thousands):
Years ending December 31,
Remainder of 2025$2,333 
20266,761 
20274,138 
20281,341 
Thereafter— 
Total14,573 
Less: amounts representing interest(1,532)
Present value of finance lease obligations$13,041 
Lessor, Sales-type 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 ROU asset and lease liability values. These assumptions and judgments 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 for the periods presented consisted of the following (in thousands, except terms and rates):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Lease expense
Finance lease expense:
Amortization of right-of-use assets$1,852 $1,714 $5,488 $5,264 
Interest on lease liabilities356 344 1,067 992 
Operating lease expense1,386 1,423 4,157 4,268 
Short-term lease expense8 11 29 31 
Variable lease expense125 92 353 209 
Total lease expense$3,727 $3,584 $11,094 $10,764 
Supplemental cash flow information
Finance leases:
Operating cash outflow from finance leases$356 $344 $1,067 $992 
Financing cash outflow from finance leases$1,829 $1,743 $5,416 $5,285 
Finance lease liabilities arising from obtaining finance lease right-of-use assets$1,138 $1,671 $5,480 $5,247 
Operating leases:
Operating cash outflow from operating leases$1,428 $1,430 $4,273 $4,291 
Operating lease liabilities arising from obtaining operating lease right-of-use assets$— $— $— $149 
Other information as of September 30, 2025
Finance leases:
Weighted-average remaining lease term (years)1.8
Weighted-average discount rate10.8 %
Operating leases:
Weighted-average remaining lease term (years)7.3
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 September 30, 2025. 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 Topic 842, Leases.
Total rent expense for office space leases was $1.4 million for each of the three months ended September 30, 2025 and 2024, and $4.2 million for each of the nine months ended September 30, 2025 and 2024, and is reported gross of sublease income received.
Future maturities of remaining lease payments included in the measurement of operating lease liabilities as of September 30, 2025 are as follows (in thousands):
Years ending December 31,
Remainder of 2025$1,428 
20265,843 
20275,989 
20286,139 
20296,292 
Thereafter20,403 
Total46,094 
Less: imputed interest(6,088)
Present value of operating lease obligations$40,006 
The Company as the Lessor
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. In April 2023, the Company entered into a Sublease Agreement for the fourth floor of its corporate headquarters in Lehi, Utah. These revenues are included in other income (expense) on the unaudited condensed consolidated statements of operations and comprehensive loss.
The Company reported revenues associated with these leases for the periods presented as follows (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Phone hardware revenue
$1,761 $1,166 $4,899 $3,417 
Sublease revenue
219 219 658 658 
Total
$1,980 $1,385 $5,557 $4,075 
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 September 30, 2025, the Company had 90 executed and active lease agreements for phone hardware with maturity dates ranging from October 2025 to September 2028. As of September 30, 2025, the gross value of phone hardware acquired under these finance leases approximated $21.7 million. Amortization expense on finance-leased phone hardware was $1.9 million and $1.7 million for the three months ended September 30, 2025 and 2024, respectively, and $5.5 million and $5.3 million for the nine months ended September 30, 2025 and 2024, respectively, which is included in the depreciation expense on the unaudited condensed consolidated statements of operations and comprehensive loss referenced in Note 7.
Future minimum lease payments for the Company’s finance leases as of September 30, 2025 were as follows (in thousands):
Years ending December 31,
Remainder of 2025$2,333 
20266,761 
20274,138 
20281,341 
Thereafter— 
Total14,573 
Less: amounts representing interest(1,532)
Present value of finance lease obligations$13,041 
v3.25.3
Income Taxes
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company computes its year-to-date provision for income taxes by applying the estimated annual effective tax rate to year-to-date pretax income or loss and adjusts the provision for discrete tax items recorded in the period. For the three and nine months ended September 30, 2025, the Company recorded a tax expense of $0.1 million and a tax benefit of $1.0 million, respectively, compared to a tax expense of $0.1 million for each of the three and nine months ended September 30, 2024. The effective tax rate was (1.0)% for each of the three months ended September 30, 2025 and 2024. For the nine months ended September 30, 2025 and 2024, the effective tax rates were 3.51% and (0.57)%, respectively.
The tax expense for the three months ended September 30, 2025, primarily reflects ordinary course foreign income taxes. The tax benefit for the nine months ended September 30, 2025, was primarily attributable to a discrete release of a portion of the valuation allowance on deferred tax assets, totaling $1.3 million recorded in the second fiscal quarter of 2025. This release was supported by the recognition of a deferred tax liability associated with a stock acquisition completed during that quarter. The deferred tax liability arose primarily from the fair value of identifiable intangible assets acquired and is expected to reverse over a seven-year period. The liability serves as objectively verifiable positive evidence of future taxable income under ASC 740, supporting partial realization of existing deferred tax assets.
The Company continues to maintain a full valuation allowance on its remaining U.S. deferred tax assets. The valuation allowance is reassessed on a quarterly basis, considering all available positive and negative evidence, including cumulative operating results, projections of future taxable income, and feasible tax planning strategies. The partial release in the second fiscal quarter of 2025 does not alter the Company’s overall conclusion that realization of the remaining deferred tax assets is not more likely than not, and the Company’s valuation allowance position remains consistent with conclusions established in the second fiscal quarter of 2025.
The Company had no material uncertain tax positions and no significant changes to its unrecognized tax benefits during the three and nine months ended September 30, 2025. No interest or penalties related to uncertain tax positions were accrued or recognized in income tax expense for the period.
On July 4, 2025, the One Big Beautiful Bill Act was signed into law. The Company has evaluated the provisions of the new legislation and determined there was no material impact on the Company’s income tax provision for the three and nine months ended September 30, 2025.
v3.25.3
Debt
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Debt Debt
In August 2021, the Company established a revolving line of credit with Silicon Valley Bank, a division of First-Citizens Bank & Trust Company (“SVB”), 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”). In July 2025, the Company amended the SVB revolving line of credit (the “July 2025 Amendment”). The line of credit, as amended, maintained a total borrowing capacity
up to $50.0 million and matures in May 2027. Amounts outstanding on the revolving line of credit accrue interest at the greater of prime rate less 0.25% and 3.50%. The Company is required to pay a recurring annual fee of $0.1 million beginning in July 2026, on the anniversary of the effective date of the July 2025 Amendment. The revolving line of credit is collateralized by substantially all of the Company’s assets. The July 2025 Amendment included setting earnings before interest, taxes, depreciation, and amortization, as adjusted for stock-based compensation expense and changes in its deferred revenue balances (“Adjusted EBITDA”) as the financial covenants of the Company for the 2025 fiscal year. The July 2025 Amendment includes financial covenants requiring that, at any time, if the Company’s total unrestricted cash and cash equivalents held at SVB, plus the Company’s short-term investments managed by SVB is less than $100.0 million, the Company must at all times thereafter maintain a consolidated minimum liquidity of $20.0 million, meaning unencumbered cash and short-term investments plus available borrowing on the line of credit, and the Company must meet specified minimum levels of Adjusted EBITDA. The Company was in compliance with all debt covenants for the three and nine months ended September 30, 2025 and the year ended December 31, 2024. As of September 30, 2025, the Company had no outstanding borrowings under its revolving line of credit.
v3.25.3
Stockholders’ Equity
 9 Months Ended
Sep. 30, 2025
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 unaudited condensed consolidated statements of operations and comprehensive loss for each of the periods presented (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Cost of revenue$200 $237 $700 $720 
Sales and marketing1,983 1,758 5,775 4,605 
Research and development4,162 1,848 9,542 5,924 
General and administrative3,577 4,179 12,142 11,836 
Total$9,922 $8,022 $28,159 $23,085 
Equity Incentive Plan
In November 2021, in connection with the Company’s initial public offering (“IPO”), the Company adopted the 2021 Equity Incentive Plan (the “2021 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 2021 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 of the Company (the “Board”), subject to a maximum amount. In the first fiscal quarters of 2025 and 2024, the Board reserved an additional 3.7 million and 3.5 million common shares, respectively, for future issuance under the 2021 EIP.
In March 2023, the Company adopted the 2022 Inducement Equity Incentive Plan (the “Inducement Plan”) and reserved an additional 7.0 million shares of common stock for future issuance.
Stock-based compensation expense related to the 2021 EIP and the Inducement Plan was $9.7 million and $7.8 million for the three months ended September 30, 2025 and 2024, respectively, and $27.5 million and $22.4 million for the nine months ended September 30, 2025 and 2024, 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.
There was no unrecognized stock-based compensation expense related to outstanding stock options as of September 30, 2025, compared to $1.0 million as of September 30, 2024. Stock-based compensation expense is recognized on a straight-line basis over the remaining weighted-average vesting periods. As of September 30, 2025, all stock options had fully vested, and as of September 30, 2024 the weighted-average vesting period approximated 0.69 years.
Stock option activity was as follows:
Number of Stock Options
Weighted Average Exercise PriceWeighted Average Remaining Contractual Life (years)Aggregate Intrinsic Value
(in thousands)
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 
Exercised(86,212)$4.35 
Outstanding as of March 31, 20251,374,898 $3.98 4.53$9,630 
Exercisable as of March 31, 20251,325,547 $3.91 4.49$9,513 
Exercised(33,242)$4.19 
Forfeited and expired(2,913)$7.00 
Outstanding as of June 30, 20251,338,743 $3.97 3.83$5,823 
Exercisable as of June 30. 20251,330,134 $3.95 3.82$5,812 
Granted— $— 
Exercised(100,169)$2.42 
Forfeited and expired(655)$6.02 
Outstanding as of September 30, 20251,237,919 $4.09 3.49$3,333 
Exercisable as of September 30, 20251,237,919 $4.09 3.49$3,333 
The aggregate intrinsic value of stock options exercised is outlined in the table above. 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-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 the 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 2021 EIP. Management reviews stock 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 comparable 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 stock 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 stock options approximated 6 years. The Company has no plans to declare dividends in the foreseeable future.
Restricted Stock Units
RSUs granted under the 2021 EIP and the Inducement Plan vest and settle upon the satisfaction of a service-based condition. The service-based condition for these awards is generally satisfied over three years. As of September 30, 2025, a total of 147,234 RSUs are outstanding 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. A total of 43,747 RSUs are outstanding 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.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, 20246,675,938 $8.93 
Granted1,496,600 $12.06 
Vested(1,486,607)$8.40 
Forfeited(174,496)$9.55 
Outstanding as of March 31, 20256,511,435 $9.75 
Granted989,925 $9.39 
Vested(1,018,884)$7.07 
Forfeited(284,629)$10.37 
Outstanding as of June 30, 20256,197,847 $10.10 
Granted1,498,285 $7.74 
Vested(1,054,130)$8.40 
Forfeited(138,829)$9.87 
Outstanding as of September 30, 20256,503,173 $9.84 
The total fair value of RSUs that vested during the three months ended September 30, 2025 and 2024 was $8.8 million and $7.3 million, respectively. The total fair value of RSUs that vested during the nine months ended September 30, 2025 and 2024 was $28.6 million and $19.6 million, respectively.
As of September 30, 2025, there was $56.4 million of unrecognized stock-based compensation expense related to outstanding RSUs, which is expected to be recognized over a weighted-average period of 2.2 years.
In connection with the acquisition of TrueLark, the Company granted PRSUs to key TrueLark employees that vest based on the achievement of certain service- and revenue-based conditions. Refer to Note 3 above for further discussion.
Employee Stock Purchase Plan
In October 2021, the Company adopted the Employee Stock Purchase Plan (“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 September 30, 2025 and December 31, 2024, 4,034,053 and 3,301,800 shares were reserved for issuance, and 925,887 and 677,635 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. In the first fiscal quarter of 2025, the Board reserved an additional 732,253 common shares for issuance under the ESPP.
The 2021 ESPP provides for six-month offering periods, which have historically begun February 16 and August 16 of each year, and the last day of each offering period is the purchase date for that period. Beginning with the second offering period of fiscal year 2025, the six-month offering periods will begin on February 24 and August 24 of each year.
During each of the three months ended September 30, 2025 and 2024, the Company recognized $0.2 million of stock-based compensation expense related to the ESPP. During the nine months ended September 30, 2025 and 2024, the Company recognized $0.6 million and $0.7 million of stock-based compensation expense related to the ESPP, respectively. As of September 30, 2025 and December 31, 2024, $0.4 million and $1.0 million in ESPP employee payroll contributions are included within accrued liabilities and other on the unaudited condensed consolidated balance sheets, respectively. As of September 30, 2025, total unrecognized compensation expense related to the ESPP was $0.4 million, which will be amortized over the remaining offering period through February 23, 2026.
v3.25.3
Related Party Transactions
 9 Months Ended
Sep. 30, 2025
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
Apart from payments pursuant to the Company’s non-employee director compensation program, there were no related-party transactions during the three and nine months ended September 30, 2025 and 2024.
v3.25.3
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Legal Matters
As of September 30, 2025, and through the issuance date of these unaudited condensed consolidated financial statements, the Company is not involved in any legal proceedings that it believes could have a material adverse effect on its business, financial condition or results of operations.
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 September 30, 2025.
v3.25.3
Net Loss Per Share
 9 Months Ended
Sep. 30, 2025
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 three and nine months ended September 30, 2025 and 2024 (in thousands, except share and per share amounts):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Numerator:
Net loss$(8,668)$(5,879)$(26,204)$(21,635)
Denominator:
Weighted-average common shares outstanding - basic and diluted77,338,906 72,007,727 75,684,733 71,253,586 
Net loss per share
Net loss per share, basic and diluted$(0.11)$(0.08)$(0.35)$(0.30)
The following potentially outstanding 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:
September 30, 2025September 30, 2024
Options to purchase common stock1,237,919 1,657,703 
Number of shares issuable from ESPP79,103 133,841 
Performance-based restricted stock unit awards1,000,000 — 
Restricted stock units6,503,173 7,444,074 
Total8,820,195 9,235,618 
v3.25.3
Segment Reporting
 9 Months Ended
Sep. 30, 2025
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 SaaS 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 include the consolidated functional expense categories reported in the Company’s unaudited condensed consolidated statements of operations and comprehensive loss, as well as those presented below. Asset information is not presented because it is not a significant measure utilized by the CODM, and its presentation would be duplicative of the unaudited condensed consolidated balance sheets.
The following table presents information about reported segment revenue, significant segment expenses, and segment net loss for the three and nine months ended September 30, 2025 and 2024 (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Revenue61,342 52,386 175,621 150,145 
Costs and Expenses:
Direct costs of goods sold10,050 8,742 29,352 25,423 
Payroll and employee-related costs44,849 38,329 130,515 112,138 
Marketing costs5,536 3,634 14,985 11,408 
Partner costs1,444 1,111 4,034 3,085 
Professional fees1,762 1,553 5,701 4,019 
Facilities costs2,430 2,022 6,691 6,172 
Software costs3,480 2,802 9,775 8,741 
Capitalized software deferred costs(883)(906)(1,853)(1,873)
Other segment items1
1,342 978 2,625 2,667 
Net loss(8,668)(5,879)(26,204)(21,635)
¹ Other segment items include interest income and expense, other income, income taxes, property tax, bad debt expense, business insurance, and travel-related expenses.
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.3
Basis of Presentation and Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
Principles of Consolidation The unaudited condensed consolidated financial statements include the accounts of Weave Communications, Inc. and its wholly-owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation.
Basis of Presentation The accompanying unaudited condensed 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”) regarding interim financial reporting. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 13, 2025.
The accompanying unaudited interim condensed consolidated balance sheets, statements of operations and comprehensive loss, statements of stockholders' equity, statements of cash flows and accompanying notes are unaudited. These unaudited interim condensed consolidated financial statements have been prepared on a basis consistent with the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial condition, its operations and cash flows for the periods presented. The historical results are not necessarily indicative of future results, and the results of operations are not necessarily indicative of the results to be expected for the full year or any other period.
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 unaudited condensed 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 unaudited condensed 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, the amortization period of deferred contract costs, and the valuation and useful lives of acquired intangible assets.
Business Combinations
The Company accounts for acquisitions in accordance with the guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 805, Business Combinations, using the acquisition method of accounting. The Company allocates the purchase price consideration associated with its acquisition to the fair values of assets acquired and liabilities assumed at their respective acquisition dates, with the excess recorded to goodwill. The allocation involves a number of assumptions, estimates, and judgments in determining fair value of the following:
•Intangible assets, including valuation methodology, estimations of future cash flows, discount rates, market segment growth rates, and the Company’s assumed market share, as well as the estimated useful life of intangible assets;
•Deferred tax assets and liabilities, uncertain tax positions, and tax-related valuation allowances, which are initially estimated as of the acquisition date; and
•Goodwill as measured as the excess of consideration transferred over the net of the acquisition date fair values of the assets acquired and liabilities assumed.
The Company’s assumptions and estimates are based upon comparable market data and information obtained from Company management and the management of the acquired companies. These assumptions and estimates are used to value assets acquired and liabilities assumed, and to allocate goodwill to the reporting units of the business that are expected to benefit from the business combination. Adjustments to the fair values of assets acquired and liabilities assumed may be recorded during the measurement period, which may be up to one year from the acquisition date, with the corresponding offset to goodwill. The Company may engage a valuation specialist to assist in the fair value measurement of assets acquired and liabilities assumed for each acquisition.
Intangible Assets & Goodwill
Acquired finite-lived intangibles are amortized on a straight-line basis over the estimated useful life of the asset, which ranges from five to seven years.
When there are indicators of potential impairment, the Company evaluates recoverability of the carrying values of intangible assets by comparing the carrying amount of an asset to the estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds the Company’s estimated undiscounted future net cash flows, an impairment charge is recognized based on the amount by which the carrying value of the asset exceeds the fair value of the asset. The Company did not incur any impairment charges during the periods presented.
Goodwill
Goodwill as of the acquisition date is measured as the excess of consideration transferred over the net of the acquisition date fair values of the assets acquired and the liabilities assumed. Goodwill is not subject to amortization, but is tested annually for impairment within the Company’s fourth fiscal quarter using an October 1 measurement date or more frequently if there are indicators of impairment. The Company first performs a qualitative assessment to determine if it is more likely than not that its reporting
unit’s carrying amount exceeds its fair value, referred to as a “step zero” approach. If, based on the review of the qualitative factors, the Company determines that it is not more likely than not that the fair value of its reporting unit is less than its carrying value, the Company would bypass the quantitative impairment test. Management considers the following potential indicators of impairment: (1) significant underperformance relative to historical or projected future operating results; (2) significant changes in the Company’s use of acquired assets or the strategy of its overall business; (3) significant negative industry or economic trends; and (4) a significant decline in the Company’s stock price for a sustained period.
If the qualitative assessment is not conclusive, or if the Company elects to bypass the qualitative test, the Company quantitatively assesses the fair value of a reporting unit to test goodwill for impairment. The Company assesses the fair value of a reporting unit using a combination of discounted cash flow modeling and observable valuation multiples for comparable companies. The Company’s estimates are developed using assumptions that the Company believes are consistent with how a market participant would value its reporting units. If the carrying amount of a reporting unit exceeds the reporting unit’s fair value, the Company records the excess amount as goodwill impairment, not to exceed the total amount of goodwill allocated to the reporting unit.
Weave operates under one reporting unit and, as a result, evaluates goodwill impairment based on its fair value as a whole. The Company did not recognize an impairment charge in any of the periods presented. The Company has no other intangible assets with indefinite useful lives.
Accounting Pronouncements Adopted and Accounting Pronouncements Pending Adoption
In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07 (“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 ASU 2023-07 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 unaudited condensed 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 statements of operations and comprehensive loss as well as disclosures about selling expenses. ASU 2024-03 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 unaudited condensed consolidated financial statement disclosures and statements of operations and comprehensive loss.
In July 2025, the FASB issued ASU No. 2025-05, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets” (“ASU 2025-05”), which provides a practical expedient when estimating expected credit losses on current accounts receivable and current contract assets. ASU 2025-05 will be effective for annual periods beginning after December 15, 2025 and should be adopted prospectively. The Company is currently evaluating the impact of ASU
2025-05 on its related disclosures, statements of operations and comprehensive loss, and balance sheets.
In September 2025, the FASB issued ASU No. 2025-06, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software” (“ASU 2025-06”), which updates the criteria for capitalization of internal-use software and the associated required disclosures. ASU 2025-06 will be effective for annual periods beginning after December 15, 2027 and should be adopted prospectively with the option to be adopted retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2025-06 on its related disclosures, statements of operations and comprehensive loss, and balance sheets.
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 while it maintains emerging growth company status. 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. Beginning on December 31, 2026, or such earlier time that we are no longer an emerging growth company, the Company will no longer qualify for emerging growth company status; as such, future accounting pronouncements will be adopted in accordance with the adoption dates applicable to public companies.
v3.25.3
Business Combinations (Tables)
 9 Months Ended
Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Allocation of the Purchase Price
The preliminary allocation of the purchase price was as follows (in thousands):
Consideration transferred
Cash paid$23,549 
Equity issued10,041 
Holdback amount2,325 
Total purchase consideration$35,915 
Identifiable assets acquired
Cash231 
Accounts receivable107 
Prepaid expenses and other assets597 
Intangible assets: developed technology4,300 
Intangible assets: customer relationships2,300 
Intangible assets: trademarks and trade names1,400 
Total assets acquired$8,935 
Liabilities assumed
Accounts payable and accrued liabilities2,333 
Deferred revenue152 
Total liabilities assumed$2,485 
Goodwill29,465 
Total purchase consideration$35,915 
Schedule of Recognized Expense For the three and nine months ended September 30, 2025, the Company recognized expense related to this agreement as follows on the unaudited condensed consolidated statements of operations and comprehensive loss:
Three Months Ended September 30, 2025Nine Months Ended September 30, 2025
Research and development1,696 2,544 
General and administrative128 192 
Total expense$1,824 $2,736 
v3.25.3
Goodwill and Intangible Assets (Tables)
 9 Months Ended
Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
Goodwill activity was as follows (in thousands):
Total
Balance as of December 31, 2024
$— 
Additions (Note 3)29,465 
Balance as of September 30, 2025
$29,465 
Schedule of Finite-Lived Intangible Assets
Intangible Assets consisted of the following (in thousands):
Weighted-Average
September 30, 2025
Remaining Useful LifeAccumulated
GrossAmortizationNet
Trademarks and Trade Names79 months$1,400 $(75)$1,325 
Developed Technology55 months4,300 (320)3,980 
Customer Relationships79 months2,300 (123)2,177 
Total$8,000 $(518)$7,482 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
Based on the recorded intangible assets at September 30, 2025, estimated future amortization expense is expected to be as follows (in thousands):
Amortization
Years Ending December 31,Expense
Remainder of 2025
348 
20261,381 
20271,381 
20281,381 
20291,381 
Thereafter1,610 
Total7,482 
v3.25.3
Revenue (Tables)
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The table below outlines revenue for the Company’s recurring subscription (software and phone services) and payment processing services, as well as for its onboarding services, and phone hardware for the three and nine months ended September 30, 2025 and 2024 (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Subscription and payment processing$58,760 $50,375 $168,180 $143,980 
Onboarding821 845 2,542 2,748 
Phone Hardware (embedded lease)
1,761 1,166 4,899 3,417 
Total revenue$61,342 $52,386 $175,621 $150,145 
v3.25.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2025
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 as of September 30, 2025 (in thousands):
Level 1Level 2Level 3Total
Cash equivalents
Money market funds$45,324 $— $— $45,324 
Short-term investments
US government and agency securities12,803 — 12,803 
Commercial paper— 3,094 — 3,094 
Total$58,127 $3,094 $— $61,221 
The following table summarizes the assets measured at fair value on a recurring basis by level within the fair value hierarchy as of 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 
Schedule of Debt Securities, Available-for-Sale
The following tables summarize the Company's short-term investments on the unaudited condensed consolidated balance sheets as of September 30, 2025 and December 31, 2024 (in thousands):
September 30, 2025
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Short-term investments
US government and agency securities$12,796 $7 $— $12,803 
Commercial paper3,094 — — 3,094 
Total$15,890 $7 $— $15,897 
December 31, 2024
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 
Schedule of Cash and Cash Equivalents
The following tables summarize the Company’s cash and cash equivalents on the unaudited condensed consolidated balance sheets as of September 30, 2025 and December 31, 2024 (in thousands):
September 30, 2025
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Cash$19,070 $— $— $19,070 
Cash equivalents
Money market funds 45,324 — — 45,324 
Total$64,394 $— $— $64,394 
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 
v3.25.3
Property and Equipment (Tables)
 9 Months Ended
Sep. 30, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant and Equipment
Property and equipment consisted of the following for the periods presented (in thousands):
September 30, 2025December 31, 2024
Office equipment$3,684 $6,626 
Office furniture5,644 5,670 
Leasehold improvements2,810 2,763 
Capitalized internal-use software8,905 7,059 
Payment terminals2,579 2,308 
Property and equipment, gross23,622 24,426 
Less accumulated depreciation and amortization(14,788)(15,983)
Property and equipment, net$8,834 $8,443 
v3.25.3
Leases (Tables)
 9 Months Ended
Sep. 30, 2025
Leases [Abstract]  
Schedule of Lease Expense and Other Information
Lease expense and other information for the periods presented consisted of the following (in thousands, except terms and rates):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Lease expense
Finance lease expense:
Amortization of right-of-use assets$1,852 $1,714 $5,488 $5,264 
Interest on lease liabilities356 344 1,067 992 
Operating lease expense1,386 1,423 4,157 4,268 
Short-term lease expense8 11 29 31 
Variable lease expense125 92 353 209 
Total lease expense$3,727 $3,584 $11,094 $10,764 
Supplemental cash flow information
Finance leases:
Operating cash outflow from finance leases$356 $344 $1,067 $992 
Financing cash outflow from finance leases$1,829 $1,743 $5,416 $5,285 
Finance lease liabilities arising from obtaining finance lease right-of-use assets$1,138 $1,671 $5,480 $5,247 
Operating leases:
Operating cash outflow from operating leases$1,428 $1,430 $4,273 $4,291 
Operating lease liabilities arising from obtaining operating lease right-of-use assets$— $— $— $149 
Other information as of September 30, 2025
Finance leases:
Weighted-average remaining lease term (years)1.8
Weighted-average discount rate10.8 %
Operating leases:
Weighted-average remaining lease term (years)7.3
Weighted-average discount rate3.9 %
Schedule of Operating Lease Liability Maturity
Future maturities of remaining lease payments included in the measurement of operating lease liabilities as of September 30, 2025 are as follows (in thousands):
Years ending December 31,
Remainder of 2025$1,428 
20265,843 
20275,989 
20286,139 
20296,292 
Thereafter20,403 
Total46,094 
Less: imputed interest(6,088)
Present value of operating lease obligations$40,006 
Schedule of Operating Lease, Lease Income
The Company reported revenues associated with these leases for the periods presented as follows (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Phone hardware revenue
$1,761 $1,166 $4,899 $3,417 
Sublease revenue
219 219 658 658 
Total
$1,980 $1,385 $5,557 $4,075 
Schedule of Finance Lease Liability Maturity
Future minimum lease payments for the Company’s finance leases as of September 30, 2025 were as follows (in thousands):
Years ending December 31,
Remainder of 2025$2,333 
20266,761 
20274,138 
20281,341 
Thereafter— 
Total14,573 
Less: amounts representing interest(1,532)
Present value of finance lease obligations$13,041 
v3.25.3
Stockholders’ Equity (Tables)
 9 Months Ended
Sep. 30, 2025
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 unaudited condensed consolidated statements of operations and comprehensive loss for each of the periods presented (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Cost of revenue$200 $237 $700 $720 
Sales and marketing1,983 1,758 5,775 4,605 
Research and development4,162 1,848 9,542 5,924 
General and administrative3,577 4,179 12,142 11,836 
Total$9,922 $8,022 $28,159 $23,085 
Schedule of Stock Option Activity
Stock option activity was as follows:
Number of Stock Options
Weighted Average Exercise PriceWeighted Average Remaining Contractual Life (years)Aggregate Intrinsic Value
(in thousands)
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 
Exercised(86,212)$4.35 
Outstanding as of March 31, 20251,374,898 $3.98 4.53$9,630 
Exercisable as of March 31, 20251,325,547 $3.91 4.49$9,513 
Exercised(33,242)$4.19 
Forfeited and expired(2,913)$7.00 
Outstanding as of June 30, 20251,338,743 $3.97 3.83$5,823 
Exercisable as of June 30. 20251,330,134 $3.95 3.82$5,812 
Granted— $— 
Exercised(100,169)$2.42 
Forfeited and expired(655)$6.02 
Outstanding as of September 30, 20251,237,919 $4.09 3.49$3,333 
Exercisable as of September 30, 20251,237,919 $4.09 3.49$3,333 
Schedule of Restricted Stock Unit Activity
RSU activity was as follows:
Number of SharesWeighted Average Grant Date Fair Value
Outstanding as of December 31, 20246,675,938 $8.93 
Granted1,496,600 $12.06 
Vested(1,486,607)$8.40 
Forfeited(174,496)$9.55 
Outstanding as of March 31, 20256,511,435 $9.75 
Granted989,925 $9.39 
Vested(1,018,884)$7.07 
Forfeited(284,629)$10.37 
Outstanding as of June 30, 20256,197,847 $10.10 
Granted1,498,285 $7.74 
Vested(1,054,130)$8.40 
Forfeited(138,829)$9.87 
Outstanding as of September 30, 20256,503,173 $9.84 
v3.25.3
Net Loss Per Share (Tables)
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Calculation of Basic and Diluted Net Loss Per Share
The following tables present the calculation of basic and diluted net loss per share for the three and nine months ended September 30, 2025 and 2024 (in thousands, except share and per share amounts):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Numerator:
Net loss$(8,668)$(5,879)$(26,204)$(21,635)
Denominator:
Weighted-average common shares outstanding - basic and diluted77,338,906 72,007,727 75,684,733 71,253,586 
Net loss per share
Net loss per share, basic and diluted$(0.11)$(0.08)$(0.35)$(0.30)
Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share
The following potentially outstanding 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:
September 30, 2025September 30, 2024
Options to purchase common stock1,237,919 1,657,703 
Number of shares issuable from ESPP79,103 133,841 
Performance-based restricted stock unit awards1,000,000 — 
Restricted stock units6,503,173 7,444,074 
Total8,820,195 9,235,618 
v3.25.3
Segment Reporting (Tables)
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Schedule of 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 three and nine months ended September 30, 2025 and 2024 (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Revenue61,342 52,386 175,621 150,145 
Costs and Expenses:
Direct costs of goods sold10,050 8,742 29,352 25,423 
Payroll and employee-related costs44,849 38,329 130,515 112,138 
Marketing costs5,536 3,634 14,985 11,408 
Partner costs1,444 1,111 4,034 3,085 
Professional fees1,762 1,553 5,701 4,019 
Facilities costs2,430 2,022 6,691 6,172 
Software costs3,480 2,802 9,775 8,741 
Capitalized software deferred costs(883)(906)(1,853)(1,873)
Other segment items1
1,342 978 2,625 2,667 
Net loss(8,668)(5,879)(26,204)(21,635)
¹ Other segment items include interest income and expense, other income, income taxes, property tax, bad debt expense, business insurance, and travel-related expenses.
v3.25.3
Basis of Presentation and Summary of Significant Accounting Policies (Details)
 9 Months Ended
Sep. 30, 2025
segment
Franchisor Disclosure [Line Items]  
Number of operating segments 1
Number of reportable segments 1
Minimum  
Franchisor Disclosure [Line Items]  
Estimated useful life of the asset 5 years
Maximum  
Franchisor Disclosure [Line Items]  
Estimated useful life of the asset 7 years
v3.25.3
Business Combinations - Narrative (Details)
$ in Thousands
 9 Months Ended
May 16, 2025
USD ($)
payout
shares
Sep. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
Business Combination [Line Items]      
Goodwill   $ 29,465 $ 0
Intangible assets: developed technology      
Business Combination [Line Items]      
Weighted-average remaining useful life   55 months  
Intangible assets: customer relationships      
Business Combination [Line Items]      
Weighted-average remaining useful life   79 months  
Contingent Consideration Payable In Common Stock      
Business Combination [Line Items]      
Contingent consideration, liability $ 500    
Vidurama, Inc.      
Business Combination [Line Items]      
Total purchase consideration 35,915    
Holdback amount $ 2,325    
Contingent consideration period 6 years    
Working capital adjustments $ 100    
Contingent consideration, liability $ 1,600    
Number of shares issued (in shares) | shares 49,967    
Contingent consideration, liability, noncurrent $ 200    
Goodwill $ 29,465 $ 29,500  
Vidurama, Inc. | Intangible assets: developed technology      
Business Combination [Line Items]      
Weighted-average remaining useful life 5 years    
Vidurama, Inc. | Intangible assets: customer relationships      
Business Combination [Line Items]      
Weighted-average remaining useful life 7 years    
Vidurama, Inc. | Trade names      
Business Combination [Line Items]      
Weighted-average remaining useful life 7 years    
Vidurama, Inc. | Short term Holdback      
Business Combination [Line Items]      
Purchase price $ 500    
Contingent consideration period 90 days 90 days  
Vidurama, Inc. | Ascrow Arrangement      
Business Combination [Line Items]      
Contractual term 12 months    
Vidurama, Inc. | Contingent Consideration Payable In Common Stock      
Business Combination [Line Items]      
Contingent consideration, liability $ 1,100    
TrueLark Agreement      
Business Combination [Line Items]      
Revenue milestone, completion period one 1 year    
Revenue milestone, completion period two 1 year    
Number of potential payouts | payout 2    
TrueLark Agreement | Common Stock      
Business Combination [Line Items]      
Revenue milestone, payout amount $ 5,000    
Revenue milestone, payout (in shares) | shares 1,000,000    
v3.25.3
Business Combinations - Schedule of Allocation of the Purchase Price (Details) - USD ($)
$ in Thousands
 9 Months Ended
May 16, 2025
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Consideration transferred        
Cash paid   $ 23,855 $ 0  
Equity issued   10,041 $ 0  
Liabilities assumed        
Goodwill   29,465   $ 0
Vidurama, Inc.        
Consideration transferred        
Cash paid $ 23,549      
Equity issued 10,041      
Holdback amount 2,325      
Total purchase consideration 35,915      
Identifiable assets acquired        
Cash 231      
Accounts receivable 107      
Prepaid expenses and other assets 597      
Total assets acquired 8,935      
Liabilities assumed        
Accounts payable and accrued liabilities 2,333      
Deferred revenue 152      
Total liabilities assumed 2,485      
Goodwill 29,465 $ 29,500    
Total purchase consideration 35,915      
Vidurama, Inc. | Intangible assets: developed technology        
Identifiable assets acquired        
Intangible assets 4,300      
Vidurama, Inc. | Intangible assets: customer relationships        
Identifiable assets acquired        
Intangible assets 2,300      
Vidurama, Inc. | Intangible assets: trademarks and trade names        
Identifiable assets acquired        
Intangible assets $ 1,400      
v3.25.3
Business Combinations - Schedule of Recognized Expense (Details) - Vidurama, Inc. - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2025
Business Combination [Line Items]    
Total expense $ 1,824 $ 2,736
Research and development    
Business Combination [Line Items]    
Total expense 1,696 2,544
General and administrative    
Business Combination [Line Items]    
Total expense $ 128 $ 192
v3.25.3
Goodwill and Intangible Assets - Schedule of Goodwill (Details)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
USD ($)
Goodwill [Roll Forward]  
Balance as of December 31, 2024 $ 0
Additions (Note 3) 29,465
Balance as of September 30, 2025 $ 29,465
v3.25.3
Goodwill and Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details)
$ in Thousands
Sep. 30, 2025
USD ($)
Finite-Lived Intangible Assets [Line Items]  
Gross $ 8,000
Accumulated Amortization (518)
Total $ 7,482
Trademarks and Trade Names  
Finite-Lived Intangible Assets [Line Items]  
Weighted-average remaining useful life 79 months
Gross $ 1,400
Accumulated Amortization (75)
Total $ 1,325
Developed Technology  
Finite-Lived Intangible Assets [Line Items]  
Weighted-average remaining useful life 55 months
Gross $ 4,300
Accumulated Amortization (320)
Total $ 3,980
Customer Relationships  
Finite-Lived Intangible Assets [Line Items]  
Weighted-average remaining useful life 79 months
Gross $ 2,300
Accumulated Amortization (123)
Total $ 2,177
v3.25.3
Goodwill and Intangible Assets - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2025
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]      
Amortization of intangible assets $ 400 $ 518 $ 0
v3.25.3
Goodwill and Intangible Assets - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details)
$ in Thousands
Sep. 30, 2025
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
Remainder of 2025 $ 348
2026 1,381
2027 1,381
2028 1,381
2029 1,381
Thereafter 1,610
Total $ 7,482
v3.25.3
Revenue - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]          
Deferred revenue recognized $ 21,100 $ 20,800 $ 38,300 $ 36,600  
Amortization of deferred contract costs 3,700 $ 3,300 10,943 $ 9,992  
Allowance for doubtful accounts $ (800)   $ (800)   $ (500)
v3.25.3
Revenue - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Disaggregation of Revenue [Line Items]        
Revenue $ 61,342 $ 52,386 $ 175,621 $ 150,145
Subscription and payment processing        
Disaggregation of Revenue [Line Items]        
Revenue 58,760 50,375 168,180 143,980
Onboarding        
Disaggregation of Revenue [Line Items]        
Revenue 821 845 2,542 2,748
Phone hardware        
Disaggregation of Revenue [Line Items]        
Revenue $ 1,761 $ 1,166 $ 4,899 $ 3,417
v3.25.3
Fair Value Measurements - Assets (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments $ 15,897 $ 47,534
US government and agency securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments 12,803 32,323
Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments 3,094 15,211
Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 61,221 79,242
Fair Value, Recurring | US government and agency securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments 12,803 32,323
Fair Value, Recurring | Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments 3,094 15,211
Fair Value, Recurring | Money market funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 45,324 31,708
Fair Value, Recurring | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 58,127 64,031
Fair Value, Recurring | Level 1 | US government and agency securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments 12,803 32,323
Fair Value, Recurring | Level 1 | Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments 0 0
Fair Value, Recurring | Level 1 | Money market funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 45,324 31,708
Fair Value, Recurring | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 3,094 15,211
Fair Value, Recurring | Level 2 | US government and agency securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments 0 0
Fair Value, Recurring | Level 2 | Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments 3,094 15,211
Fair Value, Recurring | Level 2 | Money market funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0 0
Fair Value, Recurring | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 0 0
Fair Value, Recurring | Level 3 | US government and agency securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments
Fair Value, Recurring | Level 3 | Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments 0 0
Fair Value, Recurring | Level 3 | Money market funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents $ 0 $ 0
v3.25.3
Fair Value Measurements - Cash , Cash Equivalents and Short-term Investments (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Short-term investments    
Amortized Cost $ 15,890 $ 47,512
Gross Unrealized Gains 7 31
Gross Unrealized Losses 0 (9)
Fair Value 15,897 47,534
Cash and Cash Equivalents    
Cash 19,070 19,888
Money market funds 45,324 31,708
Total 64,394 51,596
US government and agency securities    
Short-term investments    
Amortized Cost 12,796 32,309
Gross Unrealized Gains 7 23
Gross Unrealized Losses 0 (9)
Fair Value 12,803 32,323
Commercial paper    
Short-term investments    
Amortized Cost 3,094 15,203
Gross Unrealized Gains 0 8
Gross Unrealized Losses 0 0
Fair Value $ 3,094 $ 15,211
v3.25.3
Fair Value Measurements - Narrative (Details)
 3 Months Ended 9 Months Ended
Sep. 30, 2025
USD ($)
security
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
security
Sep. 30, 2024
USD ($)
Dec. 31, 2024
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   0    
Fair value of debt $ 0   $ 0   $ 0
Realized investment gains $ (200,000) $ (500,000) $ (800,000) $ (1,700,000)  
Weighted Average          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Debt securities, available-for-sale, term 27 days   27 days    
v3.25.3
Property and Equipment - Schedule of Property and Equipment (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 23,622 $ 24,426
Less accumulated depreciation and amortization (14,788) (15,983)
Property and equipment, net 8,834 8,443
Office equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 3,684 6,626
Office furniture    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 5,644 5,670
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 2,810 2,763
Capitalized internal-use software    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 8,905 7,059
Payment terminals    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 2,579 $ 2,308
v3.25.3
Property and Equipment - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Property, Plant and Equipment [Line Items]        
Depreciation $ 2,900 $ 2,700 $ 8,600 $ 8,700
Amortization of right-of-use assets 1,852 1,714 5,488 5,264
Cost of Revenue        
Property, Plant and Equipment [Line Items]        
Depreciation 500 500 1,600 1,600
Operating Expense        
Property, Plant and Equipment [Line Items]        
Depreciation 500 500 1,500 1,800
Phone hardware        
Property, Plant and Equipment [Line Items]        
Amortization of right-of-use assets $ 1,900 $ 1,700 $ 5,500 $ 5,300
v3.25.3
Leases - Schedule of Lease Costs (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Lease expense        
Amortization of right-of-use assets $ 1,852 $ 1,714 $ 5,488 $ 5,264
Interest on lease liabilities 356 344 1,067 992
Operating lease expense 1,386 1,423 4,157 4,268
Short-term lease expense 8 11 29 31
Variable lease expense 125 92 353 209
Total lease expense 3,727 3,584 11,094 10,764
Finance leases:        
Operating cash outflow from finance leases 356 344 1,067 992
Financing cash outflow from finance leases 1,829 1,743 5,416 5,285
Finance lease liabilities arising from obtaining finance lease right-of-use assets 1,138 1,671 5,480 5,247
Operating leases:        
Operating cash outflow from operating leases 1,428 1,430 4,273 4,291
Operating lease liabilities arising from obtaining operating lease right-of-use assets $ 0 $ 0 $ 0 $ 149
Finance leases:        
Weighted-average remaining lease term (years) 1 year 9 months 18 days   1 year 9 months 18 days  
Weighted-average discount rate 10.80%   10.80%  
Operating leases:        
Weighted-average remaining lease term (years) 7 years 3 months 18 days   7 years 3 months 18 days  
Weighted-average discount rate 3.90%   3.90%  
v3.25.3
Leases - Narrative (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
USD ($)
lease
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
lease
Sep. 30, 2024
USD ($)
Lessee, Lease, Description [Line Items]        
Number of leases | lease 90   90  
Phone hardware finance lease $ 21,700   $ 21,700  
Amortization of right-of-use assets 1,852 $ 1,714 5,488 $ 5,264
Phone Hardware (embedded lease)        
Lessee, Lease, Description [Line Items]        
Amortization of right-of-use assets 1,900 1,700 5,500 5,300
Office Space        
Lessee, Lease, Description [Line Items]        
Operating lease expense $ 1,400 $ 1,400 $ 4,200 $ 4,200
v3.25.3
Leases - Schedule of Maturities of Operating Lease Liabilities (Details)
$ in Thousands
Sep. 30, 2025
USD ($)
Leases [Abstract]  
Remainder of 2025 $ 1,428
2026 5,843
2027 5,989
2028 6,139
2029 6,292
Thereafter 20,403
Total 46,094
Less: imputed interest (6,088)
Present value of operating lease obligations $ 40,006
v3.25.3
Leases - Schedule of Revenue in Leases (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Leases [Abstract]        
Phone hardware revenue $ 1,761 $ 1,166 $ 4,899 $ 3,417
Sublease revenue 219 219 658 658
Total $ 1,980 $ 1,385 $ 5,557 $ 4,075
v3.25.3
Leases - Schedule of Maturities of Finance Lease Liabilities (Details)
$ in Thousands
Sep. 30, 2025
USD ($)
Leases [Abstract]  
Remainder of 2025 $ 2,333
2026 6,761
2027 4,138
2028 1,341
Thereafter 0
Total 14,573
Less: amounts representing interest (1,532)
Present value of finance lease obligations $ 13,041
v3.25.3
Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Tax Disclosure [Abstract]          
Provision for income taxes $ 82   $ 56 $ (953) $ 122
Effective tax rate (1.00%)   (1.00%) 3.51% (0.57%)
Release of valuation allowance   $ 1,300      
Reversal period       7 years  
v3.25.3
Debt (Details) - Line of Credit - USD ($)
 1 Months Ended
Aug. 31, 2021
Sep. 30, 2025
Jul. 31, 2025
Debt Instrument [Line Items]      
Outstanding balance   $ 0  
Revolving credit facility      
Debt Instrument [Line Items]      
Borrowing capacity $ 50,000,000.0   $ 50,000,000
Basis spread on variable rate (percent) 0.25%    
Debt agreement fee $ 100,000    
Debt covenant, minimum unrestricted cash and cash equivalents 100,000,000.0    
Debt covenant, minimum consolidated liquidity $ 20,000,000.0    
Revolving credit facility | Minimum      
Debt Instrument [Line Items]      
Interest rate, minimum (percent) 3.50%    
v3.25.3
Stockholders’ Equity - Equity Based Compensation Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total $ 9,922 $ 8,022 $ 28,159 $ 23,085
Cost of revenue        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total 200 237 700 720
Sales and marketing        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total 1,983 1,758 5,775 4,605
Research and development        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total 4,162 1,848 9,542 5,924
General and administrative        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total $ 3,577 $ 4,179 $ 12,142 $ 11,836
v3.25.3
Stockholders’ Equity - Narrative (Details) - USD ($)
 1 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended
Oct. 31, 2021
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Mar. 31, 2023
Nov. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Share-based payment arrangement, expense   $ 9,922,000     $ 8,022,000   $ 28,159,000 $ 23,085,000      
Unrecognized equity-based compensation expense   $ 0     1,000,000.0   $ 0 $ 1,000,000.0      
Employee Stock Options                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Vesting term             4 years        
Expected term             6 years        
Employee Stock Options | Minimum                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Expected term             5 years        
Employee Stock Options | Maximum                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Expected term             7 years        
Employee Stock Options | Weighted Average                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Vesting term               8 months 8 days      
Employee Stock Options | 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)   1,498,285 989,925 1,496,600              
Share-based payment award, equity instruments other than options, vested in period, fair value   $ 8,800,000     7,300,000   $ 28,600,000 $ 19,600,000      
Share-based cost not yet recognized   $ 56,400,000         $ 56,400,000        
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)             147,234        
Vesting percentage             100.00%        
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)             43,747        
Vesting percentage             33.00%        
Restricted stock units | Minimum                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Vesting term             3 years        
Restricted stock units | Weighted Average                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Period for share-based expense recognition (in years)             2 years 2 months 12 days        
Restricted stock units | Tranche One                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Vesting term             1 year        
Vesting percentage             33.00%        
Restricted stock units | Tranche Two                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Vesting term             2 years        
Vesting percentage             67.00%        
Restricted stock units | 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        
Restricted stock units | Share-Based Payment Arrangement, Tranche Three                      
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 Three | Non-Employee Directors With One-Year Vesting Schedule                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Vesting term             1 year        
ESPP                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Number of shares authorized (in shares)   4,034,053         4,034,053   3,301,800    
Share-based compensation arrangement by share-based payment award, authorized (in shares)       732,253              
Share-based payment arrangement, expense   $ 200,000     200,000   $ 600,000 700,000      
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)             925,887   677,635    
Share-based compensation arrangement by share-based payment award, purchase period             6 months        
Share-based payment arrangement, employee contributions withheld             $ 400,000   $ 1,000,000    
Share-based payment arrangement, amount capitalized             400,000        
2021 Equity Incentive Plan                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Number of shares authorized (in shares)                     9,000,000.0
Share-based compensation arrangement by share-based payment award, authorized (in shares)       3,700,000   3,500,000          
Share-based payment arrangement, expense   $ 9,700,000     $ 7,800,000   $ 27,500,000 $ 22,400,000      
2022 Equity Incentive Plan                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Number of shares authorized (in shares)                   7,000,000.0  
v3.25.3
Stockholders’ Equity - Stock Option Activity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2025
Dec. 31, 2024
Number of Stock Options          
Outstanding as of beginning of the period (in shares) 1,338,743 1,374,898 1,461,110 1,461,110  
Exercisable as of beginning of the period (in shares) 1,330,134 1,325,547 1,400,993 1,400,993  
Exercised (in shares) (100,169) (33,242) (86,212)    
Forfeited and expired (in shares) (655) (2,913)      
Granted (in shares) 0        
Outstanding as of end of the period (in shares) 1,237,919 1,338,743 1,374,898 1,237,919 1,461,110
Exercisable as of end of the period (in shares) 1,237,919 1,330,134 1,325,547 1,237,919 1,400,993
Weighted Average Exercise Price          
Outstanding as of beginning of the period (in dollars per share) $ 3.97 $ 3.98 $ 4.01 $ 4.01  
Exercisable as of beginning of the period (in dollars per share) 3.95 3.91 3.88 3.88  
Granted (in dollars per share) 0        
Exercised (in dollars per share) 2.42 4.19 4.35    
Forfeited and expired (in dollars per share) 6.02 7.00      
Outstanding as of end of the period (in dollars per share) 4.09 3.97 3.98 4.09 $ 4.01
Exercisable as of end of the period (in dollars per share) $ 4.09 $ 3.95 $ 3.91 $ 4.09 $ 3.88
Weighted Average Remaining Contractual Life (years)          
Outstanding 3 years 5 months 26 days 3 years 9 months 29 days 4 years 6 months 10 days   4 years 6 months 14 days
Exercisable 3 years 5 months 26 days 3 years 9 months 25 days 4 years 5 months 26 days   4 years 5 months 15 days
Aggregate Intrinsic Value (in thousands)          
Outstanding $ 3,333 $ 5,823 $ 9,630 $ 3,333 $ 17,408
Exercisable $ 3,333 $ 5,812 $ 9,513 $ 3,333 $ 16,866
v3.25.3
Stockholders’ Equity - Restricted Stock Unit Activity (Details) - Restricted stock units - $ / shares
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2025
Number of Shares        
Beginning balance outstanding (in shares) 6,197,847 6,511,435 6,675,938 6,675,938
Granted (in shares) 1,498,285 989,925 1,496,600  
Vested (in shares) (1,054,130) (1,018,884) (1,486,607)  
Forfeited (in shares) (138,829) (284,629) (174,496)  
Ending balance outstanding (in shares) 6,503,173 6,197,847 6,511,435 6,503,173
Weighted Average Grant Date Fair Value        
Beginning balance outstanding (in dollars per share) $ 10.10 $ 9.75 $ 8.93 $ 8.93
Granted (in dollars per share) 7.74 9.39 12.06  
Vested (in dollars per share) 8.40 7.07 8.40  
Forfeited (in dollars per share) 9.87 10.37 9.55  
Ending balance outstanding (in dollars per share) $ 9.84 $ 10.10 $ 9.75 $ 9.84
v3.25.3
Related Party Transactions (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Related Party Transactions [Abstract]        
Related party transactions $ 0 $ 0 $ 0 $ 0
v3.25.3
Net Loss Per Share - Calculation of Basic and Diluted Net Loss Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Numerator:        
Net loss $ (8,668) $ (5,879) $ (26,204) $ (21,635)
Denominator:        
Weighted-average common shares outstanding - basic (in shares) 77,338,906 72,007,727 75,684,733 71,253,586
Weighted-average common shares outstanding - diluted (in shares) 77,338,906 72,007,727 75,684,733 71,253,586
Net loss per share        
Net loss per share, basic (in dollars per share) $ (0.11) $ (0.08) $ (0.35) $ (0.30)
Net loss per share, diluted (in dollars per share) $ (0.11) $ (0.08) $ (0.35) $ (0.30)
v3.25.3
Net Loss Per Share - Antidilutive Securities (Details) - shares
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities (in shares) 8,820,195 9,235,618
Options to purchase common stock    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities (in shares) 1,237,919 1,657,703
Number of shares issuable from ESPP    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities (in shares) 79,103 133,841
Performance-based restricted stock unit awards    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities (in shares) 1,000,000 0
Restricted stock units    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities (in shares) 6,503,173 7,444,074
v3.25.3
Segment Reporting - Narrative (Details)
 9 Months Ended
Sep. 30, 2025
segment
Segment Reporting [Abstract]  
Number of reportable segments 1
v3.25.3
Segment Reporting - Schedule of Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]        
Revenue $ 61,342 $ 52,386 $ 175,621 $ 150,145
Costs and Expenses:        
Net loss (8,668) (5,879) (26,204) (21,635)
Reportable Segment        
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]        
Revenue 61,342 52,386 175,621 150,145
Costs and Expenses:        
Direct costs of goods sold 10,050 8,742 29,352 25,423
Payroll and employee-related costs 44,849 38,329 130,515 112,138
Marketing costs 5,536 3,634 14,985 11,408
Partner costs 1,444 1,111 4,034 3,085
Professional fees 1,762 1,553 5,701 4,019
Facilities costs 2,430 2,022 6,691 6,172
Software costs 3,480 2,802 9,775 8,741
Capitalized software deferred costs (883) (906) (1,853) (1,873)
Other segment items 1,342 978 2,625 2,667
Net loss $ (8,668) $ (5,879) $ (26,204) $ (21,635)