EVERQUOTE, INC., 10-K filed on 2/24/2026
Annual Report
v3.25.4
Cover Page - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Jan. 31, 2026
Jun. 30, 2025
Document Information [Line Items]      
Document Type 10-K    
Amendment Flag false    
Document Period End Date Dec. 31, 2025    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Trading Symbol EVER    
Entity Registrant Name EverQuote, Inc.    
Entity Central Index Key 0001640428    
Current Fiscal Year End Date --12-31    
Entity Current Reporting Status Yes    
Entity Shell Company false    
Entity Filer Category Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
Title of 12(b) Security Class A Common Stock, $0.001 Par Value Per Share    
Entity Address, State or Province MA    
Security Exchange Name NASDAQ    
Document Financial Statement Error Correction false    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Interactive Data Current Yes    
Document Annual Report true    
Document Transition Report false    
Entity File Number 001-38549    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 26-3101161    
Entity Address, Address Line One 141 Portland Street    
Entity Address, City or Town Cambridge    
Entity Address, Postal Zip Code 02139    
City Area Code 855    
Local Phone Number 522-3444    
Entity Public Float     $ 675.8
ICFR Auditor Attestation Flag true    
Auditor Name PricewaterhouseCoopers LLP    
Auditor Firm ID 238    
Auditor Location Boston, Massachusetts    
Documents Incorporated by Reference

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the registrant’s Proxy Statement for its 2026 Annual Meeting of Stockholders, which the registrant intends to file with the Securities and Exchange Commission not later than 120 days after the registrant’s fiscal year ended December 31, 2025, are incorporated by reference into Part III of this Annual Report on Form 10-K.

   
Auditor Opinion

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying consolidated balance sheets of EverQuote, Inc. and its subsidiaries (the “Company”) as of December 31, 2025 and 2024, and the related consolidated statements of operations and comprehensive income (loss), of stockholders’ equity and of cash flows for each of the three years in the period ended December 31, 2025, including the related notes (collectively referred to as the “consolidated financial statements”). We also have audited the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.

    
Common Class A [Member]      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   32,425,405  
Common Class B [Member]      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   3,604,278  
v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 171,379 $ 102,116
Accounts receivable, net 75,149 61,346
Commissions receivable, current portion 0 3,007
Prepaid expenses and other current assets 9,761 5,311
Total current assets 256,289 171,780
Property and equipment, net 7,878 6,176
Goodwill 21,501 21,501
Acquired intangible assets, net 0 3,252
Operating lease right-of-use assets 2,358 3,409
Deferred tax assets 38,704 0
Commissions receivable, non-current portion 0 4,092
Other assets 183 320
Total assets 326,913 210,530
Current liabilities:    
Accounts payable 76,851 59,975
Accrued expenses and other current liabilities 7,512 9,794
Deferred revenue 1,662 1,765
Operating lease liabilities 1,197 1,115
Total current liabilities 87,222 72,649
Deferred tax liabilities 281 0
Operating lease liabilities, net of current portion 1,370 2,513
Total liabilities 88,873 75,162
Commitments and contingencies (Note 11)
Stockholders' equity:    
Preferred stock, $0.001 par value; 10,000,000 shares authorized; no shares issued and outstanding
Additional paid-in capital 319,745 316,511
Accumulated other comprehensive income 126 0
Accumulated deficit (81,868) (181,179)
Total stockholders' equity 238,040 135,368
Total liabilities and stockholders' equity 326,913 210,530
Class A Common Stock [Member]    
Stockholders' equity:    
Common stock 33 32
Class B Common Stock [Member]    
Stockholders' equity:    
Common stock $ 4 $ 4
v3.25.4
Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2025
Dec. 31, 2024
Preferred stock, par value $ 0.001 $ 0.001
Preferred stock, shares authorized 10,000,000 10,000,000
Preferred Stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Class A Common Stock [Member]    
Common stock, par value $ 0.001 $ 0.001
Common stock, shares authorized 220,000,000 220,000,000
Common stock, shares issued 32,642,124 32,037,421
Common stock, shares outstanding 32,642,124 32,037,421
Class B Common Stock [Member]    
Common stock, par value $ 0.001 $ 0.001
Common stock, shares authorized 30,000,000 30,000,000
Common stock, shares issued 3,604,278 3,604,278
Common stock, shares outstanding 3,604,278 3,604,278
v3.25.4
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]      
Revenue $ 692,521 $ 500,190 $ 287,921
Cost and operating expenses:      
Cost of revenue 19,375 20,922 22,455
Sales and marketing 541,008 387,700 240,131
Research and development 31,504 29,553 27,591
General and administrative 34,066 30,264 26,301
Legal settlement 8,232    
Restructuring and other charges     23,568
Acquisition-related costs     (150)
Total cost and operating expenses 634,185 468,439 339,896
Income (loss) from operations 58,336 31,751 (51,975)
Other income:      
Interest income 3,574 2,079 1,251
Other income (expense), net (87) 178 14
Total other income, net 3,487 2,257 1,265
Income (loss) before income taxes 61,823 34,008 (50,710)
Income tax benefit (expense) 37,488 (1,839) (577)
Net income (loss) $ 99,311 $ 32,169 $ (51,287)
Net income (loss) per share:      
Basic $ 2.75 $ 0.92 $ (1.54)
Diluted $ 2.63 $ 0.88 $ (1.54)
Weighted average common shares outstanding:      
Basic 36,141 35,007 33,350
Diluted 37,753 36,646 33,350
Net Income (Loss) $ 99,311 $ 32,169 $ (51,287)
Other comprehensive income (loss):      
Foreign currency translation adjustment 126 (29) 35
Comprehensive income (loss) $ 99,437 $ 32,140 $ (51,252)
v3.25.4
Consolidated Statements of Stockholders' Equity - USD ($)
$ in Thousands
Total
Common Stock [Member]
Class A Common Stock [Member]
Common Stock [Member]
Class B Common Stock [Member]
Additional Paid-in Capital [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Deficit [Member]
Beginning balance at Dec. 31, 2022 $ 107,486 $ 26 $ 6 $ 269,521 $ (6) $ (162,061)
Beginning balance, shares at Dec. 31, 2022   26,447,880 6,139,774      
Issuance of common stock upon exercise of stock options 979     979    
Issuance of common stock upon exercise of stock options, shares   174,777        
Net issuance of common stock upon vesting of restricted stock units (402) $ 3   (405)    
Net issuance of common stock upon vesting of restricted stock units, shares   1,416,086        
Stock-based compensation expense 24,096     24,096    
Transfer of Class B common stock to Class A common stock, shares   535,496 (535,496)      
Foreign currency translation adjustment 35       35  
Net Income (Loss) (51,287)         (51,287)
Ending balance at Dec. 31, 2023 80,907 $ 29 $ 6 294,191 29 (213,348)
Ending balance, shares at Dec. 31, 2023   28,574,239 5,604,278      
Issuance of common stock upon exercise of stock options 3,553     3,553    
Issuance of common stock upon exercise of stock options, shares   457,210        
Net issuance of common stock upon vesting of restricted stock units (1,846) $ 1   (1,847)    
Net issuance of common stock upon vesting of restricted stock units, shares   1,005,972        
Stock-based compensation expense 20,614     20,614    
Transfer of Class B common stock to Class A common stock   $ 2 $ (2)      
Transfer of Class B common stock to Class A common stock, shares   2,000,000 (2,000,000)      
Foreign currency translation adjustment (29)       (29)  
Net Income (Loss) 32,169         32,169
Ending balance at Dec. 31, 2024 135,368 $ 32 $ 4 316,511   (181,179)
Ending balance, shares at Dec. 31, 2024   32,037,421 3,604,278      
Issuance of common stock upon exercise of stock options $ 3,931 $ 1   3,930    
Issuance of common stock upon exercise of stock options, shares 460,977 460,977        
Net issuance of common stock upon vesting of restricted stock units $ (3,971) $ 1   (3,972)    
Net issuance of common stock upon vesting of restricted stock units, shares   1,043,726        
Repurchase and retirement of common stock, shares (21,024) $ (1)   (21,023)    
Repurchase and retirement of common stock, shares   (900,000)        
Stock-based compensation expense 24,299     24,299    
Foreign currency translation adjustment 126       126  
Net Income (Loss) 99,311         99,311
Ending balance at Dec. 31, 2025 $ 238,040 $ 33 $ 4 $ 319,745 $ 126 $ (81,868)
Ending balance, shares at Dec. 31, 2025   32,642,124 3,604,278      
v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income (loss) $ 99,311 $ 32,169 $ (51,287)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization expense 3,811 5,672 6,196
Stock-based compensation expense 24,299 20,614 24,096
Deferred taxes (38,428)    
Loss on sale of health assets     19,388
Impairment of right-of-use asset     384
Change in fair value of contingent consideration liabilities     (150)
Provision for bad debt 10 13 204
Unrealized foreign currency transaction (gains) losses 110 (26) 21
Litigation accrual settled with sale of assets 7,841    
Changes in operating assets and liabilities:      
Accounts receivable (13,813) (40,178) 8,219
Prepaid expenses and other current assets (4,440) 440 962
Commissions receivable, current and non-current 1,873 4,880 4,176
Operating lease right-of-use assets 1,124 2,213 2,497
Other assets 137 (291) 421
Accounts payable 16,887 42,664 (13,411)
Accrued expenses and other current liabilities (2,105) 1,040 (1,543)
Deferred revenue (103) (107) 5
Operating lease liabilities (1,133) (2,537) (3,006)
Net cash provided by (used in) operating activities 95,381 66,566 (2,828)
Cash flows from investing activities:      
Acquisition of property and equipment, including costs capitalized for development of internal-use software (5,057) (4,114) (3,840)
Proceeds from sale of health assets     13,194
Net cash provided by (used in) investing activities (5,057) (4,114) 9,354
Cash flows from financing activities:      
Proceeds from exercise of stock options 3,931 3,553 979
Repurchase of common stock (21,024)    
Tax withholding payments related to net share settlement (3,971) (1,846) (402)
Net cash provided by (used in) financing activities (21,064) 1,707 577
Effect of exchange rate changes on cash, cash equivalents and restricted cash 3 1 18
Net increase in cash, cash equivalents and restricted cash 69,263 64,160 7,121
Cash, cash equivalents and restricted cash at beginning of period 102,116 37,956 30,835
Cash, cash equivalents and restricted cash at end of period 171,379 102,116 37,956
Supplemental disclosure of noncash investing and financing information:      
Acquisition of property and equipment included in accounts payable 125 135 25
Assets sold in settlement of litigation accrual 8,141    
Operating lease liabilities arising from obtaining right-of-use assets $ 0 $ 4,026 $ 0
v3.25.4
Cybersecurity Risk Management, Strategy, and Governance
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

ITEM 1C. CYBERSECURITY

 

Identifying and assessing cybersecurity risk is integrated into our overall enterprise risk management systems and processes. Cybersecurity risks related to our business, technical operations, privacy and compliance issues are identified and addressed through a multi-faceted approach including third party assessments, internal IT audits, IT security, governance, and risk and compliance reviews. To defend, detect and respond to cybersecurity incidents, we, among other things: conduct privacy and cybersecurity reviews of systems, applications, and applicable data policies; perform penetration testing using external third-party tools and techniques; conduct employee training; monitor emerging laws and regulations related to data protection and information security; and implement appropriate changes. We have implemented incident response and breach management processes that are overseen by leaders from our information security, engineering, compliance and legal teams regarding matters of cybersecurity. Security threats are evaluated, ranked by severity and prioritized for response and remediation. Potential data security incidents are investigated to determine operational and business impact, applicability of regulatory or contractual data privacy requirements, including state data breach notification statutes, and materiality. We conduct tabletop exercises to simulate responses to cybersecurity incidents and collaborate with technical and business stakeholders across our business units to form detection, mitigation and remediation strategies. We also maintain third party security procedures to identify, prioritize, assess, mitigate and remediate third party risks; however, we rely on the third parties we use to implement security programs commensurate with their risk, and we cannot ensure in all circumstances that their efforts will be successful.

 

Our systems periodically experience directed attacks intended to lead to interruptions and delays in our service and operations as well as loss, misuse or theft of personal information (of third parties, employees, and our members) and other data, confidential information or intellectual property. However, to date these incidents have not had a material impact on our service, systems or business. Any significant disruption to our service or access to our systems could result in a loss of insurance provider customers, third-party publishers, other service providers, or consumer referrals and adversely affect our business and results of operation. Further, a penetration of our systems or a third-party’s systems or misappropriation or misuse of personal information could subject us to business, regulatory, litigation and reputation risk, which could have a negative effect on our business, financial condition and results of operations. See "Item 1A. Risk Factors —Risks Related to Our Business and Industry—Our business could be materially and adversely affected by a cybersecurity breach or other attack, failure or interruption involving our computer systems or our third-party service providers.”

The Chief Information Officer, or CIO, leads our information security organization responsible for overseeing EverQuote’s information security program. Our CIO has over 30 years of industry experience managing risks or advising on cybersecurity matters. Team members who support our information security program have relevant educational and industry experience, including holding similar positions at large technology companies. The teams provide regular reports to senior management and other relevant teams on various cybersecurity threats, assessments and findings.

The Board oversees our enterprise risk management processes directly and through its Audit Committee. The Audit Committee of the Board oversees our cybersecurity risk and receives regular reports from our CIO on various cybersecurity matters, including risk assessments, mitigation strategies, areas of emerging risks, incidents and industry trends, and other areas of importance.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] Identifying and assessing cybersecurity risk is integrated into our overall enterprise risk management systems and processes.
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block] Our business could be materially and adversely affected by a cybersecurity breach or other attack, failure or interruption involving our computer systems or our third-party service providers.”
Cybersecurity Risk Board of Directors Oversight [Text Block]

The Board oversees our enterprise risk management processes directly and through its Audit Committee. The Audit Committee of the Board oversees our cybersecurity risk and receives regular reports from our CIO on various cybersecurity matters, including risk assessments, mitigation strategies, areas of emerging risks, incidents and industry trends, and other areas of importance.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Board oversees our enterprise risk management processes directly and through its Audit Committee.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The Audit Committee of the Board oversees our cybersecurity risk and receives regular reports from our CIO on various cybersecurity matters, including risk assessments, mitigation strategies, areas of emerging risks, incidents and industry trends, and other areas of importance.
Cybersecurity Risk Role of Management [Text Block]

The Chief Information Officer, or CIO, leads our information security organization responsible for overseeing EverQuote’s information security program. Our CIO has over 30 years of industry experience managing risks or advising on cybersecurity matters. Team members who support our information security program have relevant educational and industry experience, including holding similar positions at large technology companies. The teams provide regular reports to senior management and other relevant teams on various cybersecurity threats, assessments and findings.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] The Chief Information Officer, or CIO, leads our information security organization responsible for overseeing EverQuote’s information security program. Our CIO has over 30 years of industry experience managing risks or advising on cybersecurity matters.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our CIO has over 30 years of industry experience managing risks or advising on cybersecurity matters.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] The Audit Committee of the Board oversees our cybersecurity risk and receives regular reports from our CIO on various cybersecurity matters, including risk assessments, mitigation strategies, areas of emerging risks, incidents and industry trends, and other areas of importance.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Pay vs Performance Disclosure      
Net Income (Loss) $ 99,311 $ 32,169 $ (51,287)
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement

Rule 10b5-1 Trading Plans

The adoption or termination of contracts, instructions or written plans for the purchase or sale of our securities by our Section 16 officers and directors for the three months ended December 31, 2025, each of which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act (“Rule 10b5-1 Plan”), were as follows:

Name (Title)

Action Taken
(Date of Action)

Type of Trading Arrangement

Nature of Trading
Arrangement

Duration of Trading
Arrangement

Aggregate Number
of Securities

Joseph Sanborn
(Chief Financial Officer, Chief Administrative Officer, Treasurer & Secretary)

Adoption
(December 3, 2025)

Rule 10b5-1 trading arrangement

Sale

Until August 10, 2026, or such earlier date upon which all transactions are completed or expire without execution

Up to 40,000 shares

Jayme Mendal
(Chief Executive Officer and President)

Adoption
(December 4, 2025)

Rule 10b5-1 trading arrangement

Sale

Until September 20, 2026, or such earlier date upon which all transactions are completed or expire without execution

Up to 125,880 shares
Rule 10b5-1 Trading Arrangement Adoption [Member] | Joseph Sanborn [Member]  
Trading Arrangements, by Individual  
Name Joseph Sanborn
Title Chief Financial Officer, Chief Administrative Officer, Treasurer & Secretary
Rule 10b5-1 Arrangement Adopted true
Adoption Date December 3, 2025
Expiration Date August 10, 2026
Arrangement Duration 251 days
Aggregate Available 40,000
Rule 10b5-1 Trading Arrangement Adoption [Member] | Jayme Mendal [Member]  
Trading Arrangements, by Individual  
Name Jayme Mendal
Title Chief Executive Officer and President
Rule 10b5-1 Arrangement Adopted true
Adoption Date December 4, 2025
Expiration Date September 20, 2026
Arrangement Duration 291 days
Aggregate Available 125,880
v3.25.4
Insider Trading Policies and Procedures
 3 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Nature of the Business and Basis of Presentation
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of the Business and Basis of Presentation

1. Nature of the Business and Basis of Presentation

EverQuote, Inc. (the “Company”) was incorporated in the state of Delaware in 2008. Through its internet websites, the Company operates an online marketplace for consumers shopping for property and casualty insurance. The Company generates revenue primarily by selling consumer referrals to insurance provider customers, consisting of carriers and agents, and indirect distributors in the United States.

The Company is subject to a number of risks and uncertainties common to companies in similar industries and stages of development including, but not limited to, rapid technological changes, competition from substitute products and services from larger companies, protection of proprietary technology, customer concentration, patent litigation, the need to obtain additional financing to support growth and dependence on third parties and key individuals.

The accompanying consolidated financial statements have been prepared on the basis of continuity of operations, realization of assets and the satisfaction of liabilities and commitments in the ordinary course of business. As of the issuance date of these consolidated financial statements, the Company expects that its cash and cash equivalents will be sufficient to fund its operating expenses and capital expenditure requirements for at least the next 12 months from the issuance date of the consolidated financial statements, without considering borrowing availability under the Company’s credit facility.

The Company’s consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
v3.25.4
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, revenue recognition and the valuation of accounts receivable, the expensing and capitalization of website and software development costs, the valuation of stock-based awards and income taxes. The Company bases its estimates on historical experience, known trends and other market-specific or relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates, as there are changes in circumstances, facts and experience. Changes in estimates are recorded in periods in which they become known. These estimates may change, as new events occur and additional information is obtained and actual results could differ materially from these estimates.

Cash Equivalents

The Company considers all highly liquid investments with maturities of three months or less from the date of purchase to be cash equivalents.

Concentrations of Credit Risk and of Significant Customers

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company maintains its cash and cash equivalents at accredited financial institutions. The Company does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships.

The Company sells its consumer referrals to insurance provider customers, consisting of carriers and agents, and indirect distributors in the United States, primarily in the automotive insurance industry. For the year ended December 31, 2025, two customers represented 38% and 11%, respectively, of total revenue. For the year ended December 31, 2024, one customer represented 39% of total revenue. For the year ended December 31, 2023, one customer represented 18% of total revenue. As of December 31, 2025, two customers accounted for 36% and 11%, respectively, of the total accounts receivable balance. As of December 31, 2024, two customers accounted for 40% and 21%, respectively, of the total accounts and commissions receivable balance.

Accounts Receivable

The Company provides credit to customers in the ordinary course of business and believes its credit policies are prudent and reflect industry practices and business risk. The Company monitors economic conditions to identify facts or circumstances that may indicate that its receivables are at risk of collection. The Company provides reserves against accounts receivable for estimated losses, if any, that may result from a customer’s inability to pay based on the composition of its accounts receivable, current economic conditions, and historical credit loss activity. Amounts determined to be uncollectible are charged or written-off against the reserve. As of December 31, 2025 and 2024, the Company’s allowance for credit losses was $0.1 million. During the years ended December 31, 2025 and 2024, the Company wrote off an insignificant amount of uncollectible accounts. During the year ended December 31, 2023, the Company wrote off $0.9 million of uncollectible accounts.

Revenue Recognition

The Company derives its revenue primarily by selling consumer referrals to its insurance provider customers, including insurance carriers, agents and indirect distributors. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC 606 Revenue from Contracts with Customers (“ASC 606”), the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation.

The Company only applies the five-step model to contracts when collectibility of the consideration to which the Company is entitled in exchange for the goods or services it transfers to the customer is determined to be probable. Amounts are recorded as accounts receivable when the Company’s right to consideration is unconditional. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is that the period between payment by the customer and the transfer of the promised goods or services to the customer will be one year or less.

Referral Revenue

The Company recognizes referral revenue when it satisfies its performance obligations by delivering the referrals to its customers in an amount that reflects the consideration to which it expects to be entitled in exchange for those referrals.

Commission Revenue

Prior to the sale of carrier contracts in May 2025 (see Note 3), the Company also generated revenue in the automotive insurance vertical from commission fees for the sale of policies as part of its direct to consumer agency and, prior to its exit from the health insurance vertical in 2023 (see Note 15), the Company also generated commission revenue in its other insurance vertical. Commission revenue represented less than 1% of total revenue for each of the years ended December 31, 2025 and 2024, and less than 10% of revenue for the year ended December 31, 2023.

Disaggregated Revenue

The Company presents disaggregated revenue from contracts with customers by distribution channel, as the distribution channel impacts the nature and amount of the Company’s revenue, and by vertical market segment. The Company’s direct distribution channel consists of insurance carriers and third-party agents. The Company’s indirect distribution channel consists of insurance aggregators and media networks who purchase referrals with the intent to resell. Revenue generated via the Company’s direct distribution channel is generally higher per referral than revenue generated by the Company’s indirect distribution channels and provides the Company with additional insights and data regarding insurance provider demand and referral performance.

Total revenue is comprised of revenue from the following distribution channels:

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Direct channels

 

 

87

%

 

 

86

%

 

 

81

%

Indirect channels

 

 

13

%

 

 

14

%

 

 

19

%

 

 

100

%

 

 

100

%

 

 

100

%

 

Total revenue is comprised of revenue from the following insurance verticals (in thousands):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Automotive

 

$

629,831

 

 

$

446,095

 

 

$

227,505

 

Home and renters

 

 

62,650

 

 

 

52,013

 

 

 

40,889

 

Other

 

 

40

 

 

 

2,082

 

 

 

19,527

 

Total Revenue

 

$

692,521

 

 

$

500,190

 

 

$

287,921

 

 

The Company has elected to apply the practical expedient in ASC 606 to expense incremental direct costs of obtaining a contract, consisting of sales commissions, as incurred as the expected period of benefit of the sales commissions is one year or less. At December 31, 2025 and 2024, the Company had not capitalized any costs to obtain any of its contracts.

Deferred Revenue

Amounts received for referrals prior to satisfying the revenue recognition criteria are recorded as deferred revenue in the accompanying balance sheets. Amounts expected to be recognized as revenue within 12 months of the balance sheet date are classified as current deferred revenue. Deferred revenue was $1.7 million and $1.8 million as of December 31, 2025 and 2024, respectively. During the year ended December 31, 2025, the Company recognized revenue of $1.6 million that was included in the contract liability balance (deferred revenue) at December 31, 2024. The Company recognizes deferred revenue by first allocating from the beginning deferred revenue balance to the extent that the beginning deferred revenue balance exceeds the revenue to be recognized. Billings during the period are added to the deferred revenue balance to be recognized in future periods.

Goodwill and Acquired Intangible Assets

The Company records goodwill when consideration paid in a business acquisition exceeds the value of the net assets acquired. The Company’s estimates of fair value are based upon assumptions believed to be reasonable at that time but that are inherently uncertain and unpredictable. Assumptions may be incomplete or inaccurate, and unanticipated events or circumstances may occur, which may affect the accuracy or validity of such assumptions, estimates or actual results. Goodwill is not amortized, but rather is tested for impairment annually in the fourth quarter, or more frequently if facts and circumstances warrant a review, such as significant underperformance of the business in relation to expectations, significant negative industry or economic trends and significant changes or planned changes in the use of the assets. The Company’s goodwill is evaluated at the consolidated level as it has been determined there is one operating segment comprised of one reporting unit. The Company performs a quantitative assessment, which compares the fair value of the reporting unit with its carrying value. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized.

Intangible assets are recorded at their estimated fair values at the date of acquisition. The Company amortizes acquired intangible assets over their estimated useful lives based on the pattern of consumption of the economic benefits or, if that pattern cannot be readily determined, on a straight-line basis.

Deferred Financing Costs

The Company capitalizes lender, legal and other third-party fees that are directly associated with obtaining access to capital under credit facilities. Deferred financing costs incurred in connection with obtaining access to capital are recorded in prepaid expenses and other current assets and are amortized over the availability period or term of the credit facility. Deferred financing costs related to a recognized debt liability are recorded as a direct reduction of the carrying amount of the debt liability and amortized to interest expense on an effective interest basis over the repayment term.

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization expense is recognized using the straight-line method over the estimated useful life of each asset as follows:

Estimated Useful Life

Computer equipment

3 years

Software

3 years

Furniture and fixtures

 

5 years

Leasehold improvements

Shorter of lease term or estimated useful life

Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation and amortization are removed from the accounts and any resulting gain or loss is included in loss from operations on the statements of operations and comprehensive income (loss). Expenditures for repairs and maintenance are charged to expense as incurred.

Leases

The Company accounts for leases under ASC Topic 842, Leases (“ASC 842”). In accordance with ASC 842, the Company accounts for a contract as a lease when it has the right to control the asset for a period of time while obtaining substantially all of the asset’s economic benefits. The Company determines if an arrangement is a lease or contains an embedded lease at inception. For arrangements that meet the definition of a lease, the Company determines the initial classification and measurement of its right-of-use asset and lease liability at the lease commencement date and thereafter if modified. The lease term includes any renewal options that the Company is reasonably assured to exercise. The present value of lease payments is determined by using the interest rate implicit in the lease, if that rate is readily determinable; otherwise, the Company uses its estimated secured incremental borrowing rate for that lease term. The Company’s policy is to not record leases with an original term of 12 months or less on its consolidated balance sheets and recognizes those lease payments in the income statement on a straight-line basis over the lease term. The Company’s existing leases are for office space.

In addition to rent, the leases may require the Company to pay additional costs, such as utilities, maintenance and other operating costs, which are generally referred to as non-lease components. The Company has elected to not separate lease and non-lease components. Only the fixed costs for lease components and their associated non-lease components are accounted for as a single lease component and recognized as part of a right-of-use asset and lease liability. Rent expense for operating leases is recognized on a straight-line basis over the reasonably assured lease term based on the total lease payments and is included in operating expense in the consolidated statements of operations and comprehensive income (loss).

Impairment of Long-Lived Assets

Long-lived assets to be held and used are tested for recoverability whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Factors that the Company considers in deciding when to perform an impairment review include significant underperformance of the business in relation to expectations, significant negative industry or economic trends and significant changes or planned changes in the use of the assets. If an impairment review is performed to evaluate a long-lived asset group for recoverability, the Company compares forecasts of undiscounted cash flows expected to result from the use and eventual disposition of the long-lived asset group to its carrying value. An impairment loss would be recognized in loss from operations when estimated undiscounted future cash flows expected to result from the use of an asset group are less than its carrying amount. The impairment loss would be based on the excess of the carrying value of the impaired asset group over its fair value, determined based on discounted cash flows. The Company did not record any impairment losses on long-lived assets during the years ended December 31, 2025 or 2024. In connection with its restructuring and exit from the health vertical in 2023, the Company recorded impairments of a right-of-use asset (see Note 15).

Fair Value Measurements

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:

•
Level 1—Quoted prices in active markets for identical assets or liabilities.
•
Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data.
•
Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.

The Company’s cash equivalents are carried at fair value, determined according to the fair value hierarchy described above. The Company's cash equivalents included money market funds of $15.3 million and $7.4 million as of December 31, 2025 and 2024, respectively, which were valued based on quoted market prices, representing a Level 1 measurement within the fair value hierarchy. The carrying values of the Company’s accounts receivable, accounts payable and accrued expenses and other current liabilities approximate their fair values due to the short-term nature of these assets and liabilities.

Segment Information

The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. The Company operates an online marketplace for consumers shopping for property and casualty insurance and generates revenue principally from referral fees.

Research and Development

Research and development expenses consist primarily of personnel-related expenses (wages, fringe benefit costs and stock-based compensation expense) for product management and software development. Research and development costs are expensed as incurred, except for certain costs which are capitalized in connection with the development of the Company’s website and internal-use software.

Costs incurred in the preliminary and post-implementation stages of development are expensed as incurred. Once an application has reached the development stage, internal costs, if direct and incremental, are capitalized until the software is substantially complete and ready for its intended use. Capitalization ceases upon completion of all substantial testing performed to ensure the product is ready for its intended use. The Company also capitalizes costs related to specific upgrades and enhancements of its website and internal-use software when it is probable that the expenditures will result in additional functionality. Maintenance and training costs are expensed as incurred. Capitalized software costs are recorded as part of property and equipment and are amortized on a straight-line basis over an estimated useful life of three years.

Advertising Expense

Advertising expense consists of variable costs that are related to attracting consumers to the Company’s marketplace and generating consumer quote requests, including through its verified partner network, and promoting its marketplace to insurance carriers and agents. The Company expenses advertising costs as incurred and such costs are included in sales and marketing expense in the accompanying statements of operations and comprehensive income (loss). During the years ended December 31, 2025, 2024 and 2023, advertising expense totaled $500.7 million, $345.0 million and $187.6 million, respectively.

Stock-Based Compensation

The Company measures compensation expense for stock options with service-based vesting or performance-based vesting granted to employees, nonemployees and directors based on the fair value on the date of grant using the Black-Scholes option-pricing model. The Company measures compensation expense for restricted common stock units based on the fair value on the date of grant using the market value of the Company’s common stock. Compensation expense for employee awards is recognized, net of estimated forfeitures, over the requisite service period, which is generally the vesting period of the respective award. The Company uses the straight-line method to record the expense of employee awards with only service-based vesting conditions. The Company uses the graded-vesting method to record the expense of employee awards with both service-based and performance-based vesting conditions, commencing once achievement of the performance condition becomes probable. Compensation expense for nonemployee awards is recognized in the same manner as if the Company had paid cash for the goods or services received, which is generally the vesting period of the respective award.

The Company classifies stock-based compensation expense in its statements of operations and comprehensive income (loss) in the same manner in which the award recipient’s payroll costs are classified or in which the award recipient’s service payments are classified.

Foreign Currency Translation

The functional currency of the Company’s foreign subsidiaries is the currency of the local country. Assets and liabilities of the Company’s foreign subsidiaries are translated into U.S. dollars using the period-end exchange rates, and income and expense items are translated into U.S. dollars using average exchange rates in effect during each period. The effects of these foreign currency translation adjustments are included in accumulated other comprehensive income (loss), a separate component of stockholders’ equity. The Company also incurs transaction gains and losses resulting from intercompany transactions as well as transactions with customers or vendors denominated in currencies other than the functional currency of the legal entity in which the transaction is recorded. Foreign currency transaction gains (losses) are included in the consolidated statements of operations and comprehensive income (loss) as a component of other income (expense) and have not been significant.

Comprehensive Income (Loss)

Comprehensive income (loss) includes net income (loss) as well as other changes in stockholders’ equity that result from transactions and economic events other than those with stockholders. The Company’s only element of other comprehensive income (loss) is foreign currency translation adjustments.

Net Income (Loss) per Share

Basic net income (loss) per common share is computed by dividing the net income (loss) by the weighted average number of shares of common stock outstanding for the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period, including potential dilutive common shares assuming the dilutive effect of outstanding stock options and unvested restricted stock units. For periods in which the Company reported a net loss, diluted net loss per common share is the same as basic net loss per common share, since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive.

The Company has two classes of common stock outstanding: Class A common stock and Class B common stock. As more fully described in Note 7, the rights of the holders of Class A and Class B common stock are identical, except with respect to voting and conversion. Each share of Class B common stock is convertible into one share of Class A common stock at the option of the holder at any time. The Company allocates undistributed earnings attributable to common stock between the common stock classes on a one-to-one basis when computing net income (loss) per share. As a result, basic and diluted net income (loss) per share of Class A common stock and Class B common stock are equivalent.

Income Taxes

The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the consolidated financial statements or in the Company’s tax returns. Deferred tax assets and liabilities are determined on the basis of the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes, based upon the weight of available evidence, that it is more likely than not that all or a portion of the deferred tax assets will not be realized, a valuation allowance is established through a charge to income tax expense. Potential for recovery of deferred tax assets is evaluated by estimating the future taxable profits expected and considering prudent and feasible tax planning strategies.

The Company accounts for uncertainty in income taxes recognized in the consolidated financial statements by applying a two-step process to determine the amount of tax benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination by the taxing authorities. If the tax position is deemed more-likely-than-not to be sustained, the tax position is then assessed to determine the amount of benefit to recognize in the consolidated financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. The provision for income taxes includes the effects of any resulting tax reserves, or unrecognized tax benefits, that are considered appropriate as well as the related net interest and penalties. The Company’s policy is to record interest and penalties related to income taxes as part of the tax provision.

Recently Adopted Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted ASU 2023-09 for the year ended December 31, 2025, and applied the new disclosure requirements prospectively to the current annual period. Prior period disclosures have not been adjusted to reflect the new disclosure requirements.

Recently Issued Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) to improve financial reporting by requiring that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. ASU 2024-03 allows for adoption using either a prospective or retrospective method. The Company is currently assessing the impact of the adoption of this guidance on its consolidated financial statements.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326) to introduce a practical expedient to calculating current expected credit loss by assuming that the current conditions as of the balance sheet date will not change for the remaining life of the asset. This expedient can only be applied to current accounts receivable and current contract assets. ASU 2025-05 is effective for annual reporting periods beginning after December 15, 2025 and interim periods within those annual periods, and this update is applied prospectively. Early adoption is permitted in both interim and annual periods in which financials have not been issued. The Company is currently assessing the impact of the adoption of this guidance on its consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which removes all references to software development project stages and requires entities to start capitalizing software costs when both of the following occur: (i) management has authorized and committed to funding the software project and (ii) it is probable that the project will be completed and the software will be used to perform the function intended. The amendments in ASU 2025-06 are effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years, with early adoption permitted as of the beginning of a fiscal year. The amendments can be applied prospectively, retrospectively, or via a modified prospective transition method. The Company is currently assessing the impact of the adoption of this guidance on its consolidated financial statements.
v3.25.4
Goodwill and Acquired Intangible Assets
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Acquired Intangible Assets

3. Goodwill and Acquired Intangible Assets

Goodwill is not amortized, but instead is reviewed for impairment at least annually or more frequently when events and circumstances occur indicating that the recorded goodwill may be impaired. The Company considers its business to be one reporting unit for purposes of performing its goodwill impairment analysis. To date, the Company has had no impairments to goodwill. There were no changes to goodwill as of December 31, 2025 or 2024.

Prior to their sale in 2025, acquired intangible assets consisted of customer relationships and developed technology related to the Company's acquisition of Policy Fuel, LLC and its affiliated entities, Kanopy Insurance Center, LLC, One Eighty Software, Inc., Parachute Insurance Services Corp., collectively referred to as “PolicyFuel,” as follows (amounts in thousands):

 

 

 

 

 

December 31, 2024

 

 

 

Weighted Average Useful Life

 

 

Gross Amount

 

 

Accumulated Amortization

 

 

Carrying Value

 

 

 

(in years)

 

 

 

 

 

 

 

 

 

 

Customer relationships

 

 

9.0

 

 

$

6,600

 

 

$

(3,348

)

 

$

3,252

 

Developed technology

 

 

3.0

 

 

 

1,700

 

 

 

(1,700

)

 

 

—

 

 

 

 

 

$

8,300

 

 

$

(5,048

)

 

$

3,252

 

On May 1, 2025, as part of the settlement of litigation, the customer relationships and developed technology intangible assets were sold to the former owners of PolicyFuel (the “Buyers”) by entering into and contemporaneously closing a Purchase and Sale Agreement (the “Purchase Agreement”) with the Buyers in which the Company sold the right to receive commissions under the remaining property and casualty carrier contracts related to its direct to consumer agency and certain related software and obligations related to that commission stream. Pursuant to the Purchase Agreement, the Company sold Parachute Insurance Services Corp. and One Eighty Software, Inc. to the Buyers for cash consideration of $0.5 million.

The Company recorded a litigation accrual of $8.1 million relating to the settlement agreement, of which $7.8 million was recorded as legal settlement expense in 2025 and $0.3 million had been recorded in a prior year. The litigation accrual was settled by the derecognition of the assets sold, consisting of commissions receivables and intangible assets, including customer relationships and developed technology, net of cash received. The carrying value of the commissions receivables and intangible assets sold was $5.7 million and $2.9 million, respectively, as of May 1, 2025. The Company also recorded $0.4 million of legal expenses related to the settlement as legal settlement expense in 2025.

Amortization expense for intangible assets for the years ended December 31, 2025, 2024 and 2023 was $0.4 million, $1.9 million and $1.8 million, respectively.

v3.25.4
Property and Equipment, Net
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net

4. Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):

 

 

December 31,

 

 

 

2025

 

 

2024

 

Computer equipment

 

$

1,827

 

 

$

1,554

 

Software

 

 

19,881

 

 

 

16,114

 

Furniture and fixtures

 

 

186

 

 

 

131

 

Leasehold improvements

 

 

444

 

 

 

366

 

 

 

22,338

 

 

 

18,165

 

Less: Accumulated depreciation and amortization

 

 

(14,460

)

 

 

(11,989

)

 

$

7,878

 

 

$

6,176

 

 

Depreciation and amortization expense was $3.4 million, $3.7 million and $4.4 million for the years ended December 31, 2025, 2024 and 2023, respectively. In connection with its move to new headquarters in 2024, the Company retired $3.4 million of fully depreciated assets.

The Company capitalized costs associated with the development of internal use software of $4.6 million, $2.8 million and $3.6 million included in the Software line item above and recorded related amortization expense of $2.9 million, $3.2 million and $3.7 million (included in depreciation and amortization expense) during the years ended December 31, 2025, 2024 and 2023, respectively. The remaining net book value of capitalized software costs was $6.6 million and $4.9 million as of December 31, 2025 and 2024, respectively
v3.25.4
Accrued Expenses and Other Current Liabilities
 12 Months Ended
Dec. 31, 2025
Payables and Accruals [Abstract]  
Accrued Expenses and Other Current Liabilities

5. Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):

 

 

December 31,

 

 

 

2025

 

 

2024

 

Accrued employee compensation and benefits

 

$

4,568

 

 

$

4,796

 

Accrued advertising expenses

 

 

1,710

 

 

 

2,947

 

Other current liabilities

 

 

1,234

 

 

2,051

 

 

 

$

7,512

 

$

9,794

 
v3.25.4
Loan and Security Agreement
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Loan and Security Agreement

6. Loan and Security Agreement

On August 1, 2025, the Company entered into a credit agreement (the “Credit Agreement”) providing for a senior secured revolving credit facility (the “Revolving Facility”) among the Company, as borrower, Western Alliance Bank, as administrative agent and collateral agent for the lenders (the “Agent”) and as a lender itself, and the other lenders party thereto (collectively, the “Lenders”). The Credit Agreement provides for a $60.0 million senior secured revolving line of credit. Subject to customary terms and conditions (including the absence of any default or event of default under the Credit Agreement), the Company shall have the right, from time to time, to request incremental revolving commitments in an aggregate amount not to exceed up to $25.0 million during the term of the Credit Agreement. Availability under the Credit Agreement will terminate on August 1, 2028 (the “Revolving Commitment Period”), and all outstanding revolving loans must be paid on or before such date. The Company will pay a commitment fee of 0.075% per annum on the average daily unused portion of commitments under the Credit Agreement during the Revolving Commitment Period. This facility replaced the prior $25.0 million revolving line of credit with Western Alliance Bank.

Pursuant to the Credit Agreement, borrowings under the Revolving Facility cannot exceed 85% of eligible accounts receivable balances. Outstanding borrowings under the Revolving Facility bear interest, at the Company’s election, at a per annum rate equal to (i) an adjusted term secured overnight financing rate for a one-month tenor (“Term SOFR”) plus 2.10% or (ii) the higher of the “prime rate” quoted in The Wall Street Journal, the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System plus 0.50%, or Term SOFR plus 1.00% (“ABR”), plus 1.10%. The Company may elect, from time to time, to convert all or any part of our Term SOFR loans to ABR loans or to convert all or any part of the ABR loans to Term SOFR loans. In an event of default, as defined in the Credit Agreement, and until such event is no longer continuing, the annual interest rate to be charged will be the annual rate otherwise applicable to borrowings at such time plus 2.00%.

Borrowings are collateralized by substantially all of the Company's assets and property. Under the Credit Agreement, the Company has agreed to certain affirmative and negative covenants, reporting requirements and other customary requirements to which it will remain subject until maturity. The covenants include limitations on its ability to incur additional indebtedness, pay cash dividends, and engage in certain fundamental business transactions, such as mergers or acquisitions of other businesses. In addition, under the Credit Agreement and through the maturity date, for any period the Company does not maintain a minimum Adjusted Quick Ratio of 1.30 to 1.00, defined as the ratio of (1) the sum of (x) unrestricted cash and cash equivalents held at the Lenders plus (y) net accounts receivable reflected on the Company's balance sheet (excluding accounts receivable that are more than 90 days past due, intercompany receivables, and receivables subject to dispute) to (2) current liabilities, including all borrowings outstanding under Credit Agreement, but excluding the current portion of deferred revenue (in each case determined substantially in accordance with GAAP), the Agent shall have the ability to use the Company's cash receipts to repay outstanding obligations until such time as the Adjusted Quick Ratio is equal to or greater than 1.30 to 1.00 for two consecutive months.

As of December 31, 2025, the Company was in compliance with its covenants and had no amounts outstanding under the Credit Agreement.
v3.25.4
Equity
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Equity

7. Equity

Each share of Class A common stock entitles the holder to one vote for each share on all matters submitted to a vote of the Company’s stockholders at all meetings of stockholders and written actions in lieu of meetings. Each share of Class B common stock entitles the holder to ten votes for each share on all matters submitted to a vote of the Company’s stockholders at all meetings of stockholders and written actions in lieu of meetings.

Holders of both classes of common stock are entitled to receive dividends, when and if declared by the board of directors.

Each share of Class B common stock is convertible into one share of Class A common stock at the option of the holder at any time. Automatic conversion shall occur upon the occurrence of a transfer of such share of Class B common stock or at the date and time, or the occurrence of an event, specified by a vote or written consent of the holders of a majority of the voting power of the then outstanding shares of Class B common stock. A transfer is described as a sale, assignment, transfer, conveyance, hypothecation or disposition of such share or any legal or beneficial interest in such share other than certain permitted transfers as described in the Restated Certificate of Incorporation, including a transfer to a holder of Preferred Stock. Each share of Class B common stock held by a stockholder shall automatically convert into one fully paid and non-assessable share of Class A common stock nine months after the death or incapacity of the holder of such Class B common stock.

Share Repurchase Program

On July 22, 2025, the Company’s board of directors authorized a share repurchase program for up to $50.0 million of the Company’s Class A common stock for one year from the board approval date. Share repurchases under the new $50.0 million program may be made from time to time on the open market, pursuant to Rule 10b5-1 trading plans, or by other legally permissible means. The share repurchase program does not obligate the Company to acquire a specific number of shares, and may be suspended, modified, or terminated at any time, without prior notice. Repurchased shares are immediately retired and resume the status of authorized but unissued shares of common stock.

On August 11, 2025, the Company repurchased 900,000 shares of Class A common stock under the program in a negotiated transaction with a related party at a purchase price of $23.33 per share for an aggregate purchase price of $21.0 million (see Note 13). As of December 31, 2025, $29.0 million remained available for stock repurchases pursuant to the board authorization. During January and February 2026, the Company repurchased an additional $8.7 million of Class A common shares under the program via a 10b5-1 trading plan (see Note 17).
v3.25.4
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation

8. Stock-Based Compensation

2008 and 2018 Plans

The Company has outstanding awards under its 2008 Stock Incentive Plan, as amended (the “2008 Plan”), but is no longer granting awards under this plan. Shares of common stock issued upon exercise of stock options granted prior to September 8, 2017 will be issued as either Class A common stock or Class B common stock. Shares of common stock issued upon exercise of stock options granted after September 8, 2017 will be issued as Class A common stock.

The Company’s 2018 Equity Incentive Plan (the “2018 Plan” and, together with the 2008 Plan, the “Plans”) provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock awards, restricted stock units, and other stock-based awards. The number of shares initially reserved for issuance under the 2018 Plan is the sum of 2,149,480 shares of Class A common stock, plus the number of shares (up to 5,028,832 shares) equal to the sum of (i) the 583,056 shares of Class A common stock and Class B common stock that were available for grant under the 2008 Plan upon the effectiveness of the 2018 Plan and (ii) the number of shares of Class A common stock and Class B common stock subject to outstanding awards under the 2008 Plan that expire, terminate or are otherwise surrendered, canceled, forfeited or repurchased by the Company at their original issuance price pursuant to a contractual repurchase right (subject, in the case of incentive stock options, to any limitations of the Internal Revenue Code). The number of shares of Class A common stock that may be issued under the 2018 Plan automatically increases on the first day of each fiscal year until, and including, the fiscal year ending December 31, 2028, by an amount equal to the least of (i) 2,500,000 shares of Class A common stock; (ii) 5% of the sum of the number of shares of Class A common stock and Class B common stock outstanding on the first day of such fiscal year; and (iii) an amount determined by the Company’s board of directors. The shares of common stock underlying any awards that are forfeited, canceled, held back upon exercise or settlement of an award to satisfy the exercise price or tax withholding, repurchased or are otherwise terminated by the Company under the 2018 Plan will be added back to the shares of common stock available for issuance under the 2018 Plan. As of December 31, 2025, 2,744,383 shares remained available for future grant under the 2018 Plan. The number of authorized shares reserved for issuance under the 2018 Plan was increased by 1,812,320 shares effective as of January 1, 2026 in accordance with the provisions of the 2018 Plan described above.

Options and restricted stock units (“RSU”) granted under the Plans vest over periods determined by the board of directors. Options granted under the Plans expire no longer than ten years from the date of the grant. The exercise price for stock options granted is not less than the fair value of common shares based on quoted market prices. Certain of the Company’s RSUs are net settled by withholding shares of the Company’s Class A common stock to cover statutory income taxes.

Stock Option Valuation

The fair value of stock option grants with service-based or performance-based vesting conditions is estimated on the date of grant using the Black Scholes option pricing model. The volatility has been determined using the Company’s traded stock price to estimate expected volatility. The expected term of the Company’s stock options has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future. The Company did not grant stock options in the years ended December 31, 2025 or 2024. The relevant data used to determine the fair value of the stock option grants during the year ended December 31, 2023 is as follows, presented on a weighted-average basis:

 

 

 

Year Ended

 

 

 

December 31, 2023

 

Risk-free interest rate

 

 

4.0

%

Expected volatility

 

 

78.4

%

Expected dividend yield

 

 

—

 

Expected term (in years)

 

 

5.8

 

The grant date fair value of stock options granted during the year ended December 31, 2023 was $7.57 per share.

Stock Option Activity

The following table summarizes the Company’s option activity since December 31, 2024:

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

 

 

Weighted

 

 

Average

 

 

 

 

 

 

 

 

 

Average

 

 

Remaining

 

 

Aggregate

 

 

 

 

 

 

Exercise

 

 

Contractual

 

 

Intrinsic

 

 

 

Number of Shares

 

 

Price

 

 

Term

 

 

Value

 

 

 

 

 

 

 

 

 

(in years)

 

 

(in thousands)

 

Outstanding as of December 31, 2024

 

 

1,553,656

 

 

$

10.09

 

 

 

5.71

 

 

$

15,382

 

Granted

 

 

—

 

 

 

—

 

 

 

 

 

 

 

Exercised

 

 

(460,977

)

 

 

8.53

 

 

 

 

 

 

 

Forfeited

 

 

(36,537

)

 

 

12.91

 

 

 

 

 

 

 

Outstanding as of December 31, 2025

 

 

1,056,142

 

 

$

10.67

 

 

 

4.87

 

 

$

17,242

 

Vested and expected to vest as of
    December 31, 2025

 

 

1,056,142

 

 

$

10.67

 

 

 

4.87

 

 

$

17,242

 

Options exercisable as of December 31, 2025

 

 

930,827

 

 

$

10.67

 

 

 

4.60

 

 

$

15,200

 

 

As of December 31, 2025, outstanding options of 1,042,634 were for the purchase of Class A common stock and outstanding options of 13,508 were for the purchase of either Class A common stock or Class B common stock.

The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had strike prices lower than the fair value of the Company’s common stock.

The aggregate intrinsic value of options exercised during the years ended December 31, 2025, 2024 and 2023 was $7.4 million, $5.3 million and $0.9 million, respectively.

Restricted Stock Units

The Company has granted RSUs with service-based vesting conditions and with both service-based and performance-based vesting conditions (“pRSU”). The fair value of RSU grants with service-based or with both service-based and performance-based vesting conditions is estimated on the date of grant using the market price of the underlying shares on the grant date.

The following table summarizes the Company’s RSU with service-based vesting conditions activity since December 31, 2024:

 

 

 

 

 

Weighted Average

 

 

Number of Shares

 

 

Grant-Date Fair Value

 

Unvested balance December 31, 2024

 

 

2,079,245

 

 

$

15.17

 

Granted

 

 

1,208,026

 

 

 

21.93

 

Vested

 

 

(1,066,006

)

 

 

15.98

 

Forfeited

 

 

(318,617

)

 

 

16.33

 

Unvested balance December 31, 2025

 

 

1,902,648

 

 

$

18.82

 

The following table summarizes the Company’s pRSU activity since December 31, 2024:

 

 

 

 

 

Weighted Average

 

 

Number of Shares

 

 

Grant-Date Fair Value

 

Unvested balance December 31, 2024

 

 

327,075

 

 

$

15.58

 

Granted

 

 

934,416

 

 

 

21.47

 

Vested

 

 

(143,166

)

 

 

15.58

 

Forfeited

 

 

(150,124

)

 

 

20.69

 

Unvested balance December 31, 2025

 

 

968,201

 

 

$

20.47

 

pRSUs outstanding as of December 31, 2025 include 163,500 pRSUs granted in 2024 that are vesting over a four-year period based on continued service as the performance condition was met as of January 1, 2025. pRSUs outstanding as of December 31, 2025 also include 315,528 pRSUs granted in 2025. In the first quarter of 2025, the Company granted 347,840 pRSUs that will cumulatively vest over a four-year period based on continued service, commencing in the first quarter of 2026, based on achievement of a Company-specific performance target for the year ended December 31, 2025.

Additionally, during 2025, the Company granted 586,576 pRSUs that will vest based on the level of achievement of a Company-specific performance target for a 12-month period ending between December 31, 2027 and December 31, 2029, from a maximum of 100% of the number of pRSUs granted to a minimum of 10% of the pRSUs granted with no vesting if a minimum threshold of target performance is not achieved during the period (the “2027 pRSUs”). As of December 31, 2025, outstanding pRSUs include 489,173 2027 pRSUs.

Stock-Based Compensation

The Company recorded stock-based compensation expense in the following expense categories of its statements of operations and comprehensive income (loss) (in thousands):

 

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Cost of revenue

 

$

122

 

 

$

182

 

 

$

219

 

Sales and marketing

 

 

7,139

 

 

 

6,796

 

 

 

8,667

 

Research and development

 

 

6,291

 

 

 

5,502

 

 

 

8,053

 

General and administrative

 

 

10,747

 

 

 

8,134

 

 

 

5,869

 

Restructuring and other charges

 

 

—

 

 

 

—

 

 

 

1,288

 

 

$

24,299

 

 

$

20,614

 

 

$

24,096

 

The Company recognized income tax benefits related to stock-based compensation expense of $5.6 million as a component in calculating its income tax benefit for the year ended December 31, 2025. The Company did not record income tax benefits related to stock-based compensation expense for the years ended December 31, 2024 and 2023 due to the full valuation allowance against deferred tax assets.

Stock-based compensation expense in the table above includes $5.3 million and $2.8 million of stock-based compensation for the years ended December 31, 2025 and 2024, respectively, related to pRSUs. As of December 31, 2025, unrecognized compensation expense for RSUs, including pRSUs expected to vest, and option awards was $29.1 million, which is expected to be recognized over a weighted average period of 2.7 years.

v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes

9. Income Taxes

The components of income (loss) before income taxes were as follows (in thousands):

 

 

Year Ended December 31,

 

 

2025

 

 

2024

 

 

2023

 

Domestic

 

$

60,758

 

 

$

33,132

 

 

$

(51,294

)

Foreign

 

 

1,065

 

 

 

876

 

 

 

584

 

 

$

61,823

 

 

$

34,008

 

 

$

(50,710

)

The components of income taxes were as follows (in thousands):

 

 

Year Ended December 31,

 

 

2025

 

 

2024

 

 

2023

 

Current income tax expense (benefit):

 

 

 

 

 

 

 

 

 

Federal

 

$

214

 

 

$

562

 

 

$

22

 

State

 

 

1,015

 

 

 

1,157

 

 

 

403

 

Foreign

 

 

(289

)

 

 

120

 

 

 

152

 

Deferred income tax expense (benefit):

 

 

 

 

 

 

 

 

 

Federal

 

 

(25,557

)

 

 

—

 

 

 

—

 

State

 

 

(13,147

)

 

 

—

 

 

 

—

 

Foreign

 

 

276

 

 

 

—

 

 

 

—

 

Income tax expense (benefit)

 

$

(37,488

)

 

$

1,839

 

 

$

577

 

The Company adopted ASU 2023-09 on a prospective basis beginning with the year ended December 31, 2025. The following table presents required disclosure pursuant to ASU 2023-09 and reconciles the U.S. federal statutory income tax rate to the Company's effective income tax rate for the year ended December 31, 2025 (dollar amounts in thousands):

 

 

 

Year Ended December 31, 2025

Federal statutory income tax rate

 

 

 

$

12,982

 

 

 

21.0

 

%

State and local income tax, net of federal
  (national) income tax benefit(1)

 

 

 

 

(9,325

)

 

 

(15.1

)

 

Foreign tax effects

 

 

 

 

(236

)

 

 

(0.4

)

 

Tax credits

 

 

 

 

 

 

 

 

 

Research and development tax credit

 

 

 

 

(6,082

)

 

 

(9.8

)

 

Changes in valuation allowance

 

 

 

 

(35,724

)

 

 

(57.8

)

 

Nontaxable or nondeductible items

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

(2,678

)

 

 

(4.3

)

 

Executive compensation limitation

 

 

 

 

3,376

 

 

 

5.5

 

 

Other nondeductible items

 

 

 

 

199

 

 

 

0.3

 

 

Effective income tax rate

 

 

 

$

(37,488

)

 

 

(60.6

)

%

(1) State taxes in Massachusetts made up the majority of the tax effect in this category and were comprised primarily of a benefit for research and development credits and a benefit related to the release of the valuation allowance.

The One Big Beautiful Bill Act (“OBBBA”) was signed into law on July 4, 2025, which, among other provisions, permanently repeals the requirement to capitalize domestic research expenditures for federal income tax purposes for taxable years beginning after December 31, 2024, and allows for the accelerated deduction of any remaining unamortized domestic research expenditures over one or two years. Foreign research expenditures are still required to be capitalized and amortized ratably over 15 years. The impacts of the OBBBA are reflected in the Company’s income tax benefit for the year ended December 31, 2025.

The following table presents the required disclosures prior to the adoption of ASU 2023-09 and reconciles the U.S. federal statutory income tax rate to the Company’s effective income tax rate for the years ended December 31, 2024 and 2023:

 

 

 

 

Year Ended December 31,

 

 

 

 

 

 

2024

 

 

2023

 

 

Federal statutory income tax rate

 

 

 

 

21.0

 

%

 

21.0

 

%

State taxes, net of federal benefit

 

 

 

 

3.7

 

 

 

6.9

 

 

Federal and state research and development tax credits

 

 

 

 

(3.0

)

 

 

(0.3

)

 

Nondeductible items

 

 

 

 

0.3

 

 

 

(0.3

)

 

Stock-based compensation

 

 

 

 

(2.1

)

 

 

(5.8

)

 

Other

 

 

 

 

1.5

 

 

 

1.4

 

 

Change in valuation allowance

 

 

 

 

(16.0

)

 

 

(24.0

)

 

Effective income tax rate

 

 

 

 

5.4

 

%

 

(1.1

)

%

Net deferred tax assets as of December 31, 2025 and 2024 consisted of the following (in thousands):

 

 

December 31,

 

 

 

2025

 

 

2024

 

Deferred tax assets:

 

 

 

 

 

 

Net operating loss carryforwards

 

$

16,040

 

$

20,045

 

Capitalized research and development

 

 

5,860

 

 

16,834

 

Research and development tax credit carryforwards

 

 

15,116

 

 

9,207

 

Accrued expenses and other current liabilities

 

 

479

 

 

409

 

Property and equipment

 

 

—

 

 

65

 

Intangible assets

 

 

1,813

 

 

 

249

 

Stock-based compensation

 

 

410

 

 

2,289

 

Operating lease liability

 

 

436

 

 

 

58

 

Other

 

 

415

 

 

492

 

Total deferred tax assets

 

 

40,569

 

 

 

49,648

 

Valuation allowance

 

 

—

 

 

 

(48,508

)

Net deferred tax assets

 

 

40,569

 

 

 

1,140

 

Deferred tax liabilities:

 

 

 

 

 

 

Capitalized software development costs

 

 

(1,161

)

 

 

(826

)

Property and equipment

 

 

(378

)

 

 

—

 

Operating lease right of use asset

 

 

(380

)

 

 

—

 

Intangible assets

 

 

(227

)

 

 

(314

)

        Total deferred tax liabilities

 

 

(2,146

)

 

 

(1,140

)

Net deferred taxes

 

$

38,423

 

 

$

—

 

As of December 31, 2025, the Company had federal net operating loss carryforwards of $52.9 million to offset future taxable income, which do not expire but are limited in their usage to an annual deduction equal to 80% of annual taxable income. As of December 31, 2025, the Company had state net operating loss carryforwards of $75.9 million, which may be available to offset future taxable income and expire at various dates beginning in 2027. As of December 31, 2025, the Company also had federal and state research and development tax credit carryforwards of $11.0 million and $5.2 million, respectively, which may be available to reduce future tax liabilities and expire at various dates beginning in 2039 and 2032, respectively.

Utilization of the U.S. federal and state net operating loss carryforwards and research and development tax credit carryforwards may be subject to a substantial annual limitation under Section 382 and Section 383 of the Internal Revenue Code ("IRC") of 1986, and corresponding provisions of state law, due to ownership changes that have occurred previously or that could occur in the future. The Company has completed analyses through December 31, 2024 and determined that the Company did not undergo an ownership change within the meaning of Sections 382 and 383 during the analysis periods. The Company does not believe an ownership change within the meaning of Sections 382 and 383 has occurred through December 31, 2025. Therefore, the Company does not believe that its operating losses and research and development tax credit carryforwards are limited or that any of its carryforwards would expire unused.

The Company evaluates the positive and negative evidence bearing upon its ability to realize the deferred tax assets including its cumulative historical results and estimated future taxable income or loss. The Company had previously maintained a valuation allowance against its federal and state deferred tax assets as of December 31, 2024. During the fourth quarter of 2025, the Company concluded that, based on sustained improvements in the Company’s profitability, it is more likely than not that the Company will be able to fully realize its net deferred tax assets. The Company therefore released its valuation allowance of $48.5 million. The Company’s judgment regarding the likelihood of realization of these deferred tax assets could change in future periods, which could result in a material impact to the Company’s income tax provision in the period of change. The decrease in the valuation allowance for deferred tax assets during the year ended December 31, 2024 related primarily to the use of net operating loss carryforwards to offset taxable income, partially offset by an increase in capitalized research and development costs. The increase in the valuation allowance for deferred tax assets during the year ended December 31, 2023 related primarily to increases in net operating losses and capitalized research and development costs under IRC Section 174.

The changes in the valuation allowance were as follows (in thousands):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Valuation allowance as of beginning of year

 

$

48,508

 

 

$

53,948

 

 

$

41,755

 

Decreases recorded as a benefit to income tax provision

 

 

(48,508

)

 

 

(5,440

)

 

 

—

 

Increases recorded to tax provision

 

 

—

 

 

 

—

 

 

 

12,193

 

Valuation allowance as of end of year

 

$

—

 

 

$

48,508

 

 

$

53,948

 

The Company assesses the uncertainty in its income tax positions to determine whether a tax position of the Company is more likely than not to be sustained upon examination, including resolution of any related appeals of litigation processes, based on the technical merits of the position. For tax positions meeting the more-likely-than-not threshold, the tax amount recognized in the consolidated financial statements is reduced by the largest benefit that has a greater than fifty percent likelihood of being realized upon the ultimate settlement with the relevant taxing authority. No reserve for uncertain tax positions or related interest and penalties has been recorded at December 31, 2025 and 2024.

The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal, state and foreign jurisdictions, where applicable. In October 2024, the Company received notice of examination by the Internal Revenue Service for the year ending December 31, 2022. The examination was completed during the year ended December 31, 2025 with no adjustments proposed. The Company has not received notice of examination by any other jurisdictions for any other tax year open under statute. The Company is open to future tax examination under statute from 2022 to the present. However, carryforward attributes that were generated prior to January 1, 2022 may still be adjusted upon examination by federal, state or local tax authorities if they either have been or will be used in a future period.

The Company adopted ASU 2023-09 on a prospective basis beginning with the year ended December 31, 2025. The following table presents required disclosure pursuant to ASU 2023-09 regarding income taxes paid (net of refunds received) for the year ended December 31, 2025 (in thousands):

 

 

 

 

 

Year Ended December 31, 2025

 

Federal taxes

 

 

 

 

 

$

1,000

 

State taxes

 

 

 

 

 

 

 

California

 

 

 

 

 

960

 

Illinois

 

 

 

 

 

690

 

All other states

 

 

 

 

 

503

 

 

 

 

 

 

 

$

3,153

 

The following table presents the required disclosures prior to the adoption of ASU 2023-09 regarding income taxes paid for the years ended December 31, 2024 and 2023 (in thousands):

 

 

 

 

Year Ended December 31,

 

 

 

 

2024

 

 

2023

 

Cash paid for income taxes

 

 

 

$

2,336

 

 

$

589

 
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases

10. Leases

The Company leases office space under various non-cancelable operating leases. The Company's lease for office space for its former headquarters expired in September 2024. In April 2024, the Company entered into two agreements to lease office space in Cambridge, Massachusetts through December 2027 for fixed payments totaling $3.2 million through 2027, resulting in an increase to right-of-use assets and operating lease liabilities of $2.7 million.

In August 2024, the Company entered into an agreement to sublease office space in Belfast, Northern Ireland through July 2027 for fixed payments totaling approximately $1.6 million through 2027, resulting in an increase to right-of-use assets and operating lease liabilities of $1.3 million.

As of December 31, 2025 and 2024, the Company maintained security deposits of $0.3 million with the landlords of its leases, which amounts were included in prepaid expenses and other current assets and other assets on the Company’s consolidated balance sheet.

The components of lease cost under ASC 842 were as follows (in thousands):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Operating lease cost

 

$

1,403

 

 

$

2,188

 

 

$

2,682

 

Short-term lease cost

 

 

—

 

 

 

—

 

 

 

318

 

Variable lease cost

 

 

120

 

 

 

470

 

 

 

546

 

 

 

$

1,523

 

 

$

2,658

 

 

$

3,546

 

Supplemental disclosure of cash flow information related to leases was as follows (in thousands):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

  Cash paid for amounts included in the measurement
       of operating lease liabilities

 

$

1,413

 

 

$

2,499

 

 

$

3,190

 

   Operating lease liabilities arising from obtaining
        right-of-use assets

 

$

—

 

 

$

4,026

 

 

$

—

 

The weighted-average remaining lease term and discount rate were as follows:

 

 

December 31,

 

 

 

2025

 

 

2024

 

 

 

 

 

 

 

 

Weighted-average remaining lease term - operating leases (in years)

 

 

1.9

 

 

 

2.9

 

Weighted-average discount rate - operating leases

 

 

8.50

%

 

 

8.50

%

Because the interest rate implicit in the lease was not readily determinable, the Company's incremental borrowing rate was used to calculate the present value of the leases. In determining its incremental borrowing rate, the Company considered its credit quality and assessed interest rates available in the market for similar borrowings, adjusted for the impact of collateral over the term of the lease.

Future annual lease payments under the Company’s leases as of December 31, 2025 were as follows (in thousands):

Years ending December 31,

 

 

 

 

 

2026

 

 

 

$

1,363

 

2027

 

 

 

 

1,432

 

  Total future minimum lease payments

 

 

 

 

2,795

 

      Less: imputed interest

 

 

 

 

(228

)

  Total operating lease liabilities

 

 

 

$

2,567

 

Total operating lease liabilities in the table above are classified on the consolidated balance sheet as follows (in thousands):

 

 

 

 

December 31, 2025

 

Current operating lease liabilities

 

 

 

$

1,197

 

Operating lease liabilities, net of current portion

 

 

 

 

1,370

 

Total operating lease liabilities

 

 

 

$

2,567

 

 
v3.25.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

11. Commitments and Contingencies

Leases

The Company's commitments under its leases are described in Note 10.

Indemnification Agreements

In the normal course of business, the Company may provide indemnification of varying scope and terms to third parties and enters into commitments and guarantees (“Agreements”) under which it may be required to make payments. The duration of these Agreements varies, and in certain cases, is indefinite. Furthermore, many of these Agreements do not limit the Company’s maximum potential payment exposure.

In addition, the Company has entered into indemnification agreements with members of its board of directors and executive officers that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers.

Through December 31, 2025, the Company has not incurred any material costs as a result of such indemnifications. The Company does not believe that the outcome of any claims under indemnification arrangements will have a material effect on its financial position, results of operations or cash flows, and it has not accrued any liabilities related to such obligations in its consolidated financial statements as of December 31, 2025 and 2024.

Purchase Commitment

In June 2025, the Company entered into a five-year, $18.5 million purchase commitment, in the ordinary course of business, for advertising with specified annual minimum payment amounts through July 2029. The remaining purchase commitment as of December 31, 2025 was $15.5 million, of which $3.5 million relates to the next twelve months.

 

Legal Proceedings and Other Contingencies

The Company is from time to time subject to various legal proceedings and claims, either asserted or unasserted, which arise in the ordinary course of its business. While the outcome of these other claims cannot be predicted with certainty, management does not believe that the outcome of any of these other legal matters will have a material adverse effect on the Company’s consolidated results of operations or financial condition.
v3.25.4
Retirement Plan
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Retirement Plan

12. Retirement Plan

The Company has established a defined-contribution plan under Section 401(k) of the Internal Revenue Code (the “401(k) Plan”). The 401(k) Plan covers all employees who meet defined minimum age and service requirements, and allows participants to defer a portion of their annual compensation on a pre-tax basis. As currently established, the Company is not required to make any contributions to the 401(k) Plan. The Company contributed $1.7 million, $2.7 million and $0.9 million during the years ended December 31, 2025, 2024 and 2023, respectively.
v3.25.4
Related Party Transactions
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Related Party Transactions

13. Related Party Transactions

The Company has, in the ordinary course of business, entered into arrangements with other companies who have shareholders in common with the Company. Pursuant to these arrangements, related-party affiliates receive payments for providing website visitor referrals. During the years ended December 31, 2025, 2024 and 2023, the Company recorded expense of $41.2 million, $14.5 million and $3.6 million, respectively, related to these arrangements. During the years ended December 31, 2025, 2024 and 2023, the Company paid $40.0 million, $12.3 million and $4.0 million, respectively, related to these arrangements. As of December 31, 2025 and 2024, amounts due to related-party affiliates totaled $3.7 million and $2.5 million, respectively, which were included in accounts payable and accrued expenses on the balance sheets.

On August 11, 2025, the Company repurchased 900,000 shares of Class A common stock from Link Ventures, which is an entity affiliated with funds advised by David Blundin, the Company's chairman of the board of directors and co-founder, and other affiliated entities of Mr. Blundin, at a purchase price of $23.33 per share for an aggregate purchase price of $21.0 million pursuant to the provisions of the Company's share repurchase program. The purchase price represented an approximate 1.8% discount to the closing price of the Company's common stock on August 8, 2025. The shares were immediately retired. In connection with the repurchase agreement, Mr. Blundin and Link Ventures entered into a 180-day lock-up agreement with the Company which restricts the sale or transfer of any of the Company’s shares of capital stock beneficially owned by Mr. Blundin, subject to customary exceptions.
v3.25.4
Net Income (Loss) per Share
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Net Income (Loss) per Share

14. Net Income (Loss) per Share

A reconciliation of the numerators and the denominators of the basic and dilutive net income (loss) per common share computations are as follows (in thousands):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Numerator:

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

99,311

 

 

$

32,169

 

 

$

(51,287

)

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

Weighted average basic common shares
  outstanding

 

 

36,141

 

 

 

35,007

 

 

 

33,350

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

Options to purchase common stock

 

 

635

 

 

 

673

 

 

 

—

 

Restricted stock units

 

 

977

 

 

 

966

 

 

 

—

 

Weighted average diluted common shares
  outstanding

 

 

37,753

 

 

 

36,646

 

 

 

33,350

 

The Company excluded the following potential common shares, presented based on weighted average shares outstanding during the periods, from the computation of diluted net income (loss) per share because including them would have had an anti-dilutive effect (in thousands):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Options to purchase common stock

 

 

2

 

 

 

202

 

 

 

2,070

 

Restricted stock units

 

 

10

 

 

 

167

 

 

 

2,605

 

 

 

12

 

 

 

369

 

 

 

4,675

 

The tables above do not include performance-based awards for which the performance goal had not been met as of period end. As of December 31, 2025, the Company had 489,173 outstanding pRSUs for which the performance goal had not been met as of period end.

v3.25.4
Restructuring and Other Charges
 12 Months Ended
Dec. 31, 2025
Restructuring and Related Activities [Abstract]  
Restructuring and Other Charges

15. Restructuring and Other Charges

In June 2023, the Company committed to exiting its health insurance vertical to increase focus on core verticals and implemented a workforce reduction plan (the “Reduction Plan”) to improve operating efficiency. The Reduction Plan included the elimination of 175 employees, or approximately 28%, of the Company’s workforce. During the year ended December 31, 2023, the Company incurred $4.0 million in severance charges in connection with the workforce reduction, consisting of cash expenditures for employee separation costs of $2.7 million that were paid in 2023 and 2024, and non-cash charges for the modification of certain equity awards of $1.3 million. During the year ended December 31, 2023, the Company recorded a credit of $0.2 million to restructuring and other charges in the accompanying consolidated statements of operations and comprehensive income (loss) related to estimated severance payments that were not made.

In August 2023, the Company sold assets related to its health insurance vertical comprised of all of the issued and outstanding membership interests of Eversurance LLC, a former subsidiary of the Company, to MyPlanAdvocate Insurance Solutions Inc. for cash consideration of $13.2 million. There were no employees of Eversurance LLC at the time of the sale. The assets sold consisted of commissions receivable of $30.8 million, which were expected to be collected over the next seven years, net intangible assets of $1.0 million and other net assets of $0.4 million, including the Company’s Evansville, Indiana office lease. The Company incurred $0.4 million of transaction costs in connection with the sale. Accordingly, the Company recognized a loss on sale of assets of $19.4 million during the year ended December 31, 2023, which amount is included in restructuring and other charges in the accompanying consolidated statements of operations and comprehensive income (loss). The Company also recorded an impairment charge on the right-of-use asset related to its Cambridge, Massachusetts office lease of $0.4 million during the year ended December 31, 2023 in connection with the Company entering into subleases with two third parties for a portion of the office space. The exit of the health insurance vertical and the Reduction Plan are referred to as the Company's restructuring, which was completed in 2023.
v3.25.4
Segments and Geographical Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segments and Geographical Information

16. Segments and Geographical Information

The Company's revenue is from customers in the United States. Long-lived tangible assets held outside of the United States are not material.

The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. Operating segments are defined as components of an enterprise for which separate financial information is regularly evaluated by the Company’s chief operating decision maker, or decision-making group (the “CODM”), in deciding how to allocate resources and assess performance. The CODM of the Company is the Chief Executive Officer. The CODM assesses performance and allocates resources based on the Company’s consolidated statements of operations and comprehensive income (loss) and the Company’s operations are managed on a consolidated basis to decide where to allocate and invest additional resources within the business to continue growth. Segment asset information is not provided to the CODM to allocate resources.

As a single reportable segment entity, the Company’s segment performance measure is net income (loss), which is used to monitor budget versus actual results. Significant segment expenses, as provided to the CODM, are presented below (in thousands):

 

 

 

Year Ended December 31,

 

 

 

 

2025

 

 

2024

 

 

2023

 

Revenue

 

 

$

692,521

 

 

$

500,190

 

 

$

287,921

 

Less:

 

 

 

 

 

 

 

 

 

 

Advertising expense

 

 

 

500,666

 

 

 

344,963

 

 

 

187,639

 

Cash operating expense (1)

 

 

 

97,264

 

 

 

97,012

 

 

 

99,821

 

Other segment items, net(2)

 

 

 

(4,720

)

 

 

26,046

 

 

 

51,748

 

Net income (loss)

 

 

$

99,311

 

 

$

32,169

 

 

$

(51,287

)

(1) Cash operating expense is primarily comprised of personnel-related costs, technology service costs, professional fees and office-related costs included in cost and operating expense in the Company's consolidated statements of operations and comprehensive income (loss) and does not include non-cash depreciation and amortization and stock-based compensation amounts that are included in cost and operating expenses or non-recurring legal settlement expense, restructuring and other charges, and acquisition-related costs that are also included in cost and operating expenses.

(2) Other segment items, net included within net income (loss) include stock-based compensation and depreciation and amortization amounts that are non-cash items included in cost and operating expenses, legal settlement expense, restructuring and other charges, and acquisition-related costs that are considered non-recurring operating expenses, as well as interest income and income taxes, which are included in net income (loss). These amounts are also reported within the consolidated statements of operations and comprehensive income (loss) and consolidated statements of cash flows. See the accompanying consolidated financial statements for financial information regarding other segment items, net and the Company’s operating segment.
v3.25.4
Subsequent Events
 12 Months Ended
Dec. 31, 2025
Subsequent Events [Abstract]  
Subsequent Events

17. Subsequent Events

From January 1, 2026 through February 5, 2026, the Company repurchased an additional 375,000 shares of its common stock at an average price of $23.24 per share, for an aggregate repurchase amount of $8.7 million.
v3.25.4
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, revenue recognition and the valuation of accounts receivable, the expensing and capitalization of website and software development costs, the valuation of stock-based awards and income taxes. The Company bases its estimates on historical experience, known trends and other market-specific or relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates, as there are changes in circumstances, facts and experience. Changes in estimates are recorded in periods in which they become known. These estimates may change, as new events occur and additional information is obtained and actual results could differ materially from these estimates.
Cash Equivalents

Cash Equivalents

The Company considers all highly liquid investments with maturities of three months or less from the date of purchase to be cash equivalents.

Concentrations of Credit Risk and of Significant Customers

Concentrations of Credit Risk and of Significant Customers

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company maintains its cash and cash equivalents at accredited financial institutions. The Company does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships.

The Company sells its consumer referrals to insurance provider customers, consisting of carriers and agents, and indirect distributors in the United States, primarily in the automotive insurance industry. For the year ended December 31, 2025, two customers represented 38% and 11%, respectively, of total revenue. For the year ended December 31, 2024, one customer represented 39% of total revenue. For the year ended December 31, 2023, one customer represented 18% of total revenue. As of December 31, 2025, two customers accounted for 36% and 11%, respectively, of the total accounts receivable balance. As of December 31, 2024, two customers accounted for 40% and 21%, respectively, of the total accounts and commissions receivable balance.

Accounts Receivable

Accounts Receivable

The Company provides credit to customers in the ordinary course of business and believes its credit policies are prudent and reflect industry practices and business risk. The Company monitors economic conditions to identify facts or circumstances that may indicate that its receivables are at risk of collection. The Company provides reserves against accounts receivable for estimated losses, if any, that may result from a customer’s inability to pay based on the composition of its accounts receivable, current economic conditions, and historical credit loss activity. Amounts determined to be uncollectible are charged or written-off against the reserve. As of December 31, 2025 and 2024, the Company’s allowance for credit losses was $0.1 million. During the years ended December 31, 2025 and 2024, the Company wrote off an insignificant amount of uncollectible accounts. During the year ended December 31, 2023, the Company wrote off $0.9 million of uncollectible accounts.
Revenue Recognition

Revenue Recognition

The Company derives its revenue primarily by selling consumer referrals to its insurance provider customers, including insurance carriers, agents and indirect distributors. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC 606 Revenue from Contracts with Customers (“ASC 606”), the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation.

The Company only applies the five-step model to contracts when collectibility of the consideration to which the Company is entitled in exchange for the goods or services it transfers to the customer is determined to be probable. Amounts are recorded as accounts receivable when the Company’s right to consideration is unconditional. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is that the period between payment by the customer and the transfer of the promised goods or services to the customer will be one year or less.

Referral Revenue

The Company recognizes referral revenue when it satisfies its performance obligations by delivering the referrals to its customers in an amount that reflects the consideration to which it expects to be entitled in exchange for those referrals.

Commission Revenue

Prior to the sale of carrier contracts in May 2025 (see Note 3), the Company also generated revenue in the automotive insurance vertical from commission fees for the sale of policies as part of its direct to consumer agency and, prior to its exit from the health insurance vertical in 2023 (see Note 15), the Company also generated commission revenue in its other insurance vertical. Commission revenue represented less than 1% of total revenue for each of the years ended December 31, 2025 and 2024, and less than 10% of revenue for the year ended December 31, 2023.

Disaggregated Revenue

The Company presents disaggregated revenue from contracts with customers by distribution channel, as the distribution channel impacts the nature and amount of the Company’s revenue, and by vertical market segment. The Company’s direct distribution channel consists of insurance carriers and third-party agents. The Company’s indirect distribution channel consists of insurance aggregators and media networks who purchase referrals with the intent to resell. Revenue generated via the Company’s direct distribution channel is generally higher per referral than revenue generated by the Company’s indirect distribution channels and provides the Company with additional insights and data regarding insurance provider demand and referral performance.

Total revenue is comprised of revenue from the following distribution channels:

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Direct channels

 

 

87

%

 

 

86

%

 

 

81

%

Indirect channels

 

 

13

%

 

 

14

%

 

 

19

%

 

 

100

%

 

 

100

%

 

 

100

%

 

Total revenue is comprised of revenue from the following insurance verticals (in thousands):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Automotive

 

$

629,831

 

 

$

446,095

 

 

$

227,505

 

Home and renters

 

 

62,650

 

 

 

52,013

 

 

 

40,889

 

Other

 

 

40

 

 

 

2,082

 

 

 

19,527

 

Total Revenue

 

$

692,521

 

 

$

500,190

 

 

$

287,921

 

 

The Company has elected to apply the practical expedient in ASC 606 to expense incremental direct costs of obtaining a contract, consisting of sales commissions, as incurred as the expected period of benefit of the sales commissions is one year or less. At December 31, 2025 and 2024, the Company had not capitalized any costs to obtain any of its contracts.

Deferred Revenue

Amounts received for referrals prior to satisfying the revenue recognition criteria are recorded as deferred revenue in the accompanying balance sheets. Amounts expected to be recognized as revenue within 12 months of the balance sheet date are classified as current deferred revenue. Deferred revenue was $1.7 million and $1.8 million as of December 31, 2025 and 2024, respectively. During the year ended December 31, 2025, the Company recognized revenue of $1.6 million that was included in the contract liability balance (deferred revenue) at December 31, 2024. The Company recognizes deferred revenue by first allocating from the beginning deferred revenue balance to the extent that the beginning deferred revenue balance exceeds the revenue to be recognized. Billings during the period are added to the deferred revenue balance to be recognized in future periods.
Goodwill and Acquired Intangible Assets

Goodwill and Acquired Intangible Assets

The Company records goodwill when consideration paid in a business acquisition exceeds the value of the net assets acquired. The Company’s estimates of fair value are based upon assumptions believed to be reasonable at that time but that are inherently uncertain and unpredictable. Assumptions may be incomplete or inaccurate, and unanticipated events or circumstances may occur, which may affect the accuracy or validity of such assumptions, estimates or actual results. Goodwill is not amortized, but rather is tested for impairment annually in the fourth quarter, or more frequently if facts and circumstances warrant a review, such as significant underperformance of the business in relation to expectations, significant negative industry or economic trends and significant changes or planned changes in the use of the assets. The Company’s goodwill is evaluated at the consolidated level as it has been determined there is one operating segment comprised of one reporting unit. The Company performs a quantitative assessment, which compares the fair value of the reporting unit with its carrying value. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized.

Intangible assets are recorded at their estimated fair values at the date of acquisition. The Company amortizes acquired intangible assets over their estimated useful lives based on the pattern of consumption of the economic benefits or, if that pattern cannot be readily determined, on a straight-line basis.
Deferred Financing Costs

Deferred Financing Costs

The Company capitalizes lender, legal and other third-party fees that are directly associated with obtaining access to capital under credit facilities. Deferred financing costs incurred in connection with obtaining access to capital are recorded in prepaid expenses and other current assets and are amortized over the availability period or term of the credit facility. Deferred financing costs related to a recognized debt liability are recorded as a direct reduction of the carrying amount of the debt liability and amortized to interest expense on an effective interest basis over the repayment term.

Property and Equipment

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization expense is recognized using the straight-line method over the estimated useful life of each asset as follows:

Estimated Useful Life

Computer equipment

3 years

Software

3 years

Furniture and fixtures

 

5 years

Leasehold improvements

Shorter of lease term or estimated useful life

Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation and amortization are removed from the accounts and any resulting gain or loss is included in loss from operations on the statements of operations and comprehensive income (loss). Expenditures for repairs and maintenance are charged to expense as incurred.

Leases

Leases

The Company accounts for leases under ASC Topic 842, Leases (“ASC 842”). In accordance with ASC 842, the Company accounts for a contract as a lease when it has the right to control the asset for a period of time while obtaining substantially all of the asset’s economic benefits. The Company determines if an arrangement is a lease or contains an embedded lease at inception. For arrangements that meet the definition of a lease, the Company determines the initial classification and measurement of its right-of-use asset and lease liability at the lease commencement date and thereafter if modified. The lease term includes any renewal options that the Company is reasonably assured to exercise. The present value of lease payments is determined by using the interest rate implicit in the lease, if that rate is readily determinable; otherwise, the Company uses its estimated secured incremental borrowing rate for that lease term. The Company’s policy is to not record leases with an original term of 12 months or less on its consolidated balance sheets and recognizes those lease payments in the income statement on a straight-line basis over the lease term. The Company’s existing leases are for office space.

In addition to rent, the leases may require the Company to pay additional costs, such as utilities, maintenance and other operating costs, which are generally referred to as non-lease components. The Company has elected to not separate lease and non-lease components. Only the fixed costs for lease components and their associated non-lease components are accounted for as a single lease component and recognized as part of a right-of-use asset and lease liability. Rent expense for operating leases is recognized on a straight-line basis over the reasonably assured lease term based on the total lease payments and is included in operating expense in the consolidated statements of operations and comprehensive income (loss).
Impairment of Long-Lived Assets

Impairment of Long-Lived Assets

Long-lived assets to be held and used are tested for recoverability whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Factors that the Company considers in deciding when to perform an impairment review include significant underperformance of the business in relation to expectations, significant negative industry or economic trends and significant changes or planned changes in the use of the assets. If an impairment review is performed to evaluate a long-lived asset group for recoverability, the Company compares forecasts of undiscounted cash flows expected to result from the use and eventual disposition of the long-lived asset group to its carrying value. An impairment loss would be recognized in loss from operations when estimated undiscounted future cash flows expected to result from the use of an asset group are less than its carrying amount. The impairment loss would be based on the excess of the carrying value of the impaired asset group over its fair value, determined based on discounted cash flows. The Company did not record any impairment losses on long-lived assets during the years ended December 31, 2025 or 2024. In connection with its restructuring and exit from the health vertical in 2023, the Company recorded impairments of a right-of-use asset (see Note 15).

Fair Value Measurements

Fair Value Measurements

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:

•
Level 1—Quoted prices in active markets for identical assets or liabilities.
•
Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data.
•
Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.

The Company’s cash equivalents are carried at fair value, determined according to the fair value hierarchy described above. The Company's cash equivalents included money market funds of $15.3 million and $7.4 million as of December 31, 2025 and 2024, respectively, which were valued based on quoted market prices, representing a Level 1 measurement within the fair value hierarchy. The carrying values of the Company’s accounts receivable, accounts payable and accrued expenses and other current liabilities approximate their fair values due to the short-term nature of these assets and liabilities.
Segment Information

Segment Information

The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. The Company operates an online marketplace for consumers shopping for property and casualty insurance and generates revenue principally from referral fees.

Research and Development

Research and Development

Research and development expenses consist primarily of personnel-related expenses (wages, fringe benefit costs and stock-based compensation expense) for product management and software development. Research and development costs are expensed as incurred, except for certain costs which are capitalized in connection with the development of the Company’s website and internal-use software.

Costs incurred in the preliminary and post-implementation stages of development are expensed as incurred. Once an application has reached the development stage, internal costs, if direct and incremental, are capitalized until the software is substantially complete and ready for its intended use. Capitalization ceases upon completion of all substantial testing performed to ensure the product is ready for its intended use. The Company also capitalizes costs related to specific upgrades and enhancements of its website and internal-use software when it is probable that the expenditures will result in additional functionality. Maintenance and training costs are expensed as incurred. Capitalized software costs are recorded as part of property and equipment and are amortized on a straight-line basis over an estimated useful life of three years.

Advertising Expense Advertising Expense

Advertising expense consists of variable costs that are related to attracting consumers to the Company’s marketplace and generating consumer quote requests, including through its verified partner network, and promoting its marketplace to insurance carriers and agents. The Company expenses advertising costs as incurred and such costs are included in sales and marketing expense in the accompanying statements of operations and comprehensive income (loss). During the years ended December 31, 2025, 2024 and 2023, advertising expense totaled $500.7 million, $345.0 million and $187.6 million, respectively.

Stock-Based Compensation

Stock-Based Compensation

The Company measures compensation expense for stock options with service-based vesting or performance-based vesting granted to employees, nonemployees and directors based on the fair value on the date of grant using the Black-Scholes option-pricing model. The Company measures compensation expense for restricted common stock units based on the fair value on the date of grant using the market value of the Company’s common stock. Compensation expense for employee awards is recognized, net of estimated forfeitures, over the requisite service period, which is generally the vesting period of the respective award. The Company uses the straight-line method to record the expense of employee awards with only service-based vesting conditions. The Company uses the graded-vesting method to record the expense of employee awards with both service-based and performance-based vesting conditions, commencing once achievement of the performance condition becomes probable. Compensation expense for nonemployee awards is recognized in the same manner as if the Company had paid cash for the goods or services received, which is generally the vesting period of the respective award.

The Company classifies stock-based compensation expense in its statements of operations and comprehensive income (loss) in the same manner in which the award recipient’s payroll costs are classified or in which the award recipient’s service payments are classified.

Foreign Currency Translation

Foreign Currency Translation

The functional currency of the Company’s foreign subsidiaries is the currency of the local country. Assets and liabilities of the Company’s foreign subsidiaries are translated into U.S. dollars using the period-end exchange rates, and income and expense items are translated into U.S. dollars using average exchange rates in effect during each period. The effects of these foreign currency translation adjustments are included in accumulated other comprehensive income (loss), a separate component of stockholders’ equity. The Company also incurs transaction gains and losses resulting from intercompany transactions as well as transactions with customers or vendors denominated in currencies other than the functional currency of the legal entity in which the transaction is recorded. Foreign currency transaction gains (losses) are included in the consolidated statements of operations and comprehensive income (loss) as a component of other income (expense) and have not been significant.
Comprehensive Income (Loss)

Comprehensive Income (Loss)

Comprehensive income (loss) includes net income (loss) as well as other changes in stockholders’ equity that result from transactions and economic events other than those with stockholders. The Company’s only element of other comprehensive income (loss) is foreign currency translation adjustments.

Net Income (Loss) per Share

Net Income (Loss) per Share

Basic net income (loss) per common share is computed by dividing the net income (loss) by the weighted average number of shares of common stock outstanding for the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period, including potential dilutive common shares assuming the dilutive effect of outstanding stock options and unvested restricted stock units. For periods in which the Company reported a net loss, diluted net loss per common share is the same as basic net loss per common share, since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive.

The Company has two classes of common stock outstanding: Class A common stock and Class B common stock. As more fully described in Note 7, the rights of the holders of Class A and Class B common stock are identical, except with respect to voting and conversion. Each share of Class B common stock is convertible into one share of Class A common stock at the option of the holder at any time. The Company allocates undistributed earnings attributable to common stock between the common stock classes on a one-to-one basis when computing net income (loss) per share. As a result, basic and diluted net income (loss) per share of Class A common stock and Class B common stock are equivalent.

Income Taxes

Income Taxes

The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the consolidated financial statements or in the Company’s tax returns. Deferred tax assets and liabilities are determined on the basis of the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes, based upon the weight of available evidence, that it is more likely than not that all or a portion of the deferred tax assets will not be realized, a valuation allowance is established through a charge to income tax expense. Potential for recovery of deferred tax assets is evaluated by estimating the future taxable profits expected and considering prudent and feasible tax planning strategies.

The Company accounts for uncertainty in income taxes recognized in the consolidated financial statements by applying a two-step process to determine the amount of tax benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination by the taxing authorities. If the tax position is deemed more-likely-than-not to be sustained, the tax position is then assessed to determine the amount of benefit to recognize in the consolidated financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. The provision for income taxes includes the effects of any resulting tax reserves, or unrecognized tax benefits, that are considered appropriate as well as the related net interest and penalties. The Company’s policy is to record interest and penalties related to income taxes as part of the tax provision.

Recently Adopted and Recently Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted ASU 2023-09 for the year ended December 31, 2025, and applied the new disclosure requirements prospectively to the current annual period. Prior period disclosures have not been adjusted to reflect the new disclosure requirements.

Recently Issued Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) to improve financial reporting by requiring that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. ASU 2024-03 allows for adoption using either a prospective or retrospective method. The Company is currently assessing the impact of the adoption of this guidance on its consolidated financial statements.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326) to introduce a practical expedient to calculating current expected credit loss by assuming that the current conditions as of the balance sheet date will not change for the remaining life of the asset. This expedient can only be applied to current accounts receivable and current contract assets. ASU 2025-05 is effective for annual reporting periods beginning after December 15, 2025 and interim periods within those annual periods, and this update is applied prospectively. Early adoption is permitted in both interim and annual periods in which financials have not been issued. The Company is currently assessing the impact of the adoption of this guidance on its consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which removes all references to software development project stages and requires entities to start capitalizing software costs when both of the following occur: (i) management has authorized and committed to funding the software project and (ii) it is probable that the project will be completed and the software will be used to perform the function intended. The amendments in ASU 2025-06 are effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years, with early adoption permitted as of the beginning of a fiscal year. The amendments can be applied prospectively, retrospectively, or via a modified prospective transition method. The Company is currently assessing the impact of the adoption of this guidance on its consolidated financial statements.
v3.25.4
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Disaggregation of Revenue

Total revenue is comprised of revenue from the following distribution channels:

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Direct channels

 

 

87

%

 

 

86

%

 

 

81

%

Indirect channels

 

 

13

%

 

 

14

%

 

 

19

%

 

 

100

%

 

 

100

%

 

 

100

%

 

Total revenue is comprised of revenue from the following insurance verticals (in thousands):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Automotive

 

$

629,831

 

 

$

446,095

 

 

$

227,505

 

Home and renters

 

 

62,650

 

 

 

52,013

 

 

 

40,889

 

Other

 

 

40

 

 

 

2,082

 

 

 

19,527

 

Total Revenue

 

$

692,521

 

 

$

500,190

 

 

$

287,921

 
Summary of Property and Equipment Estimated Useful Lives

Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization expense is recognized using the straight-line method over the estimated useful life of each asset as follows:

Estimated Useful Life

Computer equipment

3 years

Software

3 years

Furniture and fixtures

 

5 years

Leasehold improvements

Shorter of lease term or estimated useful life
v3.25.4
Goodwill and Acquired Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Acquired Intangible Assets

Prior to their sale in 2025, acquired intangible assets consisted of customer relationships and developed technology related to the Company's acquisition of Policy Fuel, LLC and its affiliated entities, Kanopy Insurance Center, LLC, One Eighty Software, Inc., Parachute Insurance Services Corp., collectively referred to as “PolicyFuel,” as follows (amounts in thousands):

 

 

 

 

 

December 31, 2024

 

 

 

Weighted Average Useful Life

 

 

Gross Amount

 

 

Accumulated Amortization

 

 

Carrying Value

 

 

 

(in years)

 

 

 

 

 

 

 

 

 

 

Customer relationships

 

 

9.0

 

 

$

6,600

 

 

$

(3,348

)

 

$

3,252

 

Developed technology

 

 

3.0

 

 

 

1,700

 

 

 

(1,700

)

 

 

—

 

 

 

 

 

$

8,300

 

 

$

(5,048

)

 

$

3,252

 
v3.25.4
Property and Equipment, Net (Tables)
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Summary of Property and Equipment

Property and equipment, net consisted of the following (in thousands):

 

 

December 31,

 

 

 

2025

 

 

2024

 

Computer equipment

 

$

1,827

 

 

$

1,554

 

Software

 

 

19,881

 

 

 

16,114

 

Furniture and fixtures

 

 

186

 

 

 

131

 

Leasehold improvements

 

 

444

 

 

 

366

 

 

 

22,338

 

 

 

18,165

 

Less: Accumulated depreciation and amortization

 

 

(14,460

)

 

 

(11,989

)

 

$

7,878

 

 

$

6,176

 

 
v3.25.4
Accrued Expenses and Other Current Liabilities (Tables)
 12 Months Ended
Dec. 31, 2025
Payables and Accruals [Abstract]  
Summary of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):

 

 

December 31,

 

 

 

2025

 

 

2024

 

Accrued employee compensation and benefits

 

$

4,568

 

 

$

4,796

 

Accrued advertising expenses

 

 

1,710

 

 

 

2,947

 

Other current liabilities

 

 

1,234

 

 

2,051

 

 

 

$

7,512

 

$

9,794

 
v3.25.4
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of Stock Option Grants Valuation Assumptions The relevant data used to determine the fair value of the stock option grants during the year ended December 31, 2023 is as follows, presented on a weighted-average basis:

 

 

 

Year Ended

 

 

 

December 31, 2023

 

Risk-free interest rate

 

 

4.0

%

Expected volatility

 

 

78.4

%

Expected dividend yield

 

 

—

 

Expected term (in years)

 

 

5.8

 
Schedule of Stock Options Activity

The following table summarizes the Company’s option activity since December 31, 2024:

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

 

 

Weighted

 

 

Average

 

 

 

 

 

 

 

 

 

Average

 

 

Remaining

 

 

Aggregate

 

 

 

 

 

 

Exercise

 

 

Contractual

 

 

Intrinsic

 

 

 

Number of Shares

 

 

Price

 

 

Term

 

 

Value

 

 

 

 

 

 

 

 

 

(in years)

 

 

(in thousands)

 

Outstanding as of December 31, 2024

 

 

1,553,656

 

 

$

10.09

 

 

 

5.71

 

 

$

15,382

 

Granted

 

 

—

 

 

 

—

 

 

 

 

 

 

 

Exercised

 

 

(460,977

)

 

 

8.53

 

 

 

 

 

 

 

Forfeited

 

 

(36,537

)

 

 

12.91

 

 

 

 

 

 

 

Outstanding as of December 31, 2025

 

 

1,056,142

 

 

$

10.67

 

 

 

4.87

 

 

$

17,242

 

Vested and expected to vest as of
    December 31, 2025

 

 

1,056,142

 

 

$

10.67

 

 

 

4.87

 

 

$

17,242

 

Options exercisable as of December 31, 2025

 

 

930,827

 

 

$

10.67

 

 

 

4.60

 

 

$

15,200

 
Summary of Stock-Based Compensation Expense of Statements of Operations and Comprehensive Income (Loss)

The Company recorded stock-based compensation expense in the following expense categories of its statements of operations and comprehensive income (loss) (in thousands):

 

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Cost of revenue

 

$

122

 

 

$

182

 

 

$

219

 

Sales and marketing

 

 

7,139

 

 

 

6,796

 

 

 

8,667

 

Research and development

 

 

6,291

 

 

 

5,502

 

 

 

8,053

 

General and administrative

 

 

10,747

 

 

 

8,134

 

 

 

5,869

 

Restructuring and other charges

 

 

—

 

 

 

—

 

 

 

1,288

 

 

$

24,299

 

 

$

20,614

 

 

$

24,096

 

Service-Based RSUs [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of Unvested Restricted Stock Units

The following table summarizes the Company’s RSU with service-based vesting conditions activity since December 31, 2024:

 

 

 

 

 

Weighted Average

 

 

Number of Shares

 

 

Grant-Date Fair Value

 

Unvested balance December 31, 2024

 

 

2,079,245

 

 

$

15.17

 

Granted

 

 

1,208,026

 

 

 

21.93

 

Vested

 

 

(1,066,006

)

 

 

15.98

 

Forfeited

 

 

(318,617

)

 

 

16.33

 

Unvested balance December 31, 2025

 

 

1,902,648

 

 

$

18.82

 
Performance and Service-Based RSUs [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of Unvested Restricted Stock Units

The following table summarizes the Company’s pRSU activity since December 31, 2024:

 

 

 

 

 

Weighted Average

 

 

Number of Shares

 

 

Grant-Date Fair Value

 

Unvested balance December 31, 2024

 

 

327,075

 

 

$

15.58

 

Granted

 

 

934,416

 

 

 

21.47

 

Vested

 

 

(143,166

)

 

 

15.58

 

Forfeited

 

 

(150,124

)

 

 

20.69

 

Unvested balance December 31, 2025

 

 

968,201

 

 

$

20.47

 
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Components Income (Loss) Before Income Taxes

The components of income (loss) before income taxes were as follows (in thousands):

 

 

Year Ended December 31,

 

 

2025

 

 

2024

 

 

2023

 

Domestic

 

$

60,758

 

 

$

33,132

 

 

$

(51,294

)

Foreign

 

 

1,065

 

 

 

876

 

 

 

584

 

 

$

61,823

 

 

$

34,008

 

 

$

(50,710

)
Schedule of Components of Income Tax

The components of income taxes were as follows (in thousands):

 

 

Year Ended December 31,

 

 

2025

 

 

2024

 

 

2023

 

Current income tax expense (benefit):

 

 

 

 

 

 

 

 

 

Federal

 

$

214

 

 

$

562

 

 

$

22

 

State

 

 

1,015

 

 

 

1,157

 

 

 

403

 

Foreign

 

 

(289

)

 

 

120

 

 

 

152

 

Deferred income tax expense (benefit):

 

 

 

 

 

 

 

 

 

Federal

 

 

(25,557

)

 

 

—

 

 

 

—

 

State

 

 

(13,147

)

 

 

—

 

 

 

—

 

Foreign

 

 

276

 

 

 

—

 

 

 

—

 

Income tax expense (benefit)

 

$

(37,488

)

 

$

1,839

 

 

$

577

 
Schedule of Effective Income Tax Rate Reconciliation

The Company adopted ASU 2023-09 on a prospective basis beginning with the year ended December 31, 2025. The following table presents required disclosure pursuant to ASU 2023-09 and reconciles the U.S. federal statutory income tax rate to the Company's effective income tax rate for the year ended December 31, 2025 (dollar amounts in thousands):

 

 

 

Year Ended December 31, 2025

Federal statutory income tax rate

 

 

 

$

12,982

 

 

 

21.0

 

%

State and local income tax, net of federal
  (national) income tax benefit(1)

 

 

 

 

(9,325

)

 

 

(15.1

)

 

Foreign tax effects

 

 

 

 

(236

)

 

 

(0.4

)

 

Tax credits

 

 

 

 

 

 

 

 

 

Research and development tax credit

 

 

 

 

(6,082

)

 

 

(9.8

)

 

Changes in valuation allowance

 

 

 

 

(35,724

)

 

 

(57.8

)

 

Nontaxable or nondeductible items

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

(2,678

)

 

 

(4.3

)

 

Executive compensation limitation

 

 

 

 

3,376

 

 

 

5.5

 

 

Other nondeductible items

 

 

 

 

199

 

 

 

0.3

 

 

Effective income tax rate

 

 

 

$

(37,488

)

 

 

(60.6

)

%

(1) State taxes in Massachusetts made up the majority of the tax effect in this category and were comprised primarily of a benefit for research and development credits and a benefit related to the release of the valuation allowance.

The following table presents the required disclosures prior to the adoption of ASU 2023-09 and reconciles the U.S. federal statutory income tax rate to the Company’s effective income tax rate for the years ended December 31, 2024 and 2023:

 

 

 

 

Year Ended December 31,

 

 

 

 

 

 

2024

 

 

2023

 

 

Federal statutory income tax rate

 

 

 

 

21.0

 

%

 

21.0

 

%

State taxes, net of federal benefit

 

 

 

 

3.7

 

 

 

6.9

 

 

Federal and state research and development tax credits

 

 

 

 

(3.0

)

 

 

(0.3

)

 

Nondeductible items

 

 

 

 

0.3

 

 

 

(0.3

)

 

Stock-based compensation

 

 

 

 

(2.1

)

 

 

(5.8

)

 

Other

 

 

 

 

1.5

 

 

 

1.4

 

 

Change in valuation allowance

 

 

 

 

(16.0

)

 

 

(24.0

)

 

Effective income tax rate

 

 

 

 

5.4

 

%

 

(1.1

)

%
Schedule of Deferred Tax Assets and Liabilities

Net deferred tax assets as of December 31, 2025 and 2024 consisted of the following (in thousands):

 

 

December 31,

 

 

 

2025

 

 

2024

 

Deferred tax assets:

 

 

 

 

 

 

Net operating loss carryforwards

 

$

16,040

 

$

20,045

 

Capitalized research and development

 

 

5,860

 

 

16,834

 

Research and development tax credit carryforwards

 

 

15,116

 

 

9,207

 

Accrued expenses and other current liabilities

 

 

479

 

 

409

 

Property and equipment

 

 

—

 

 

65

 

Intangible assets

 

 

1,813

 

 

 

249

 

Stock-based compensation

 

 

410

 

 

2,289

 

Operating lease liability

 

 

436

 

 

 

58

 

Other

 

 

415

 

 

492

 

Total deferred tax assets

 

 

40,569

 

 

 

49,648

 

Valuation allowance

 

 

—

 

 

 

(48,508

)

Net deferred tax assets

 

 

40,569

 

 

 

1,140

 

Deferred tax liabilities:

 

 

 

 

 

 

Capitalized software development costs

 

 

(1,161

)

 

 

(826

)

Property and equipment

 

 

(378

)

 

 

—

 

Operating lease right of use asset

 

 

(380

)

 

 

—

 

Intangible assets

 

 

(227

)

 

 

(314

)

        Total deferred tax liabilities

 

 

(2,146

)

 

 

(1,140

)

Net deferred taxes

 

$

38,423

 

 

$

—

 
Summary of Changes in Valuation Allowance

The changes in the valuation allowance were as follows (in thousands):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Valuation allowance as of beginning of year

 

$

48,508

 

 

$

53,948

 

 

$

41,755

 

Decreases recorded as a benefit to income tax provision

 

 

(48,508

)

 

 

(5,440

)

 

 

—

 

Increases recorded to tax provision

 

 

—

 

 

 

—

 

 

 

12,193

 

Valuation allowance as of end of year

 

$

—

 

 

$

48,508

 

 

$

53,948

 
Schedule of Income Taxes Paid Refunded The following table presents required disclosure pursuant to ASU 2023-09 regarding income taxes paid (net of refunds received) for the year ended December 31, 2025 (in thousands):

 

 

 

 

 

Year Ended December 31, 2025

 

Federal taxes

 

 

 

 

 

$

1,000

 

State taxes

 

 

 

 

 

 

 

California

 

 

 

 

 

960

 

Illinois

 

 

 

 

 

690

 

All other states

 

 

 

 

 

503

 

 

 

 

 

 

 

$

3,153

 

The following table presents the required disclosures prior to the adoption of ASU 2023-09 regarding income taxes paid for the years ended December 31, 2024 and 2023 (in thousands):

 

 

 

 

Year Ended December 31,

 

 

 

 

2024

 

 

2023

 

Cash paid for income taxes

 

 

 

$

2,336

 

 

$

589

 
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Lease, Cost [Abstract]  
Summary of Lease cost

The components of lease cost under ASC 842 were as follows (in thousands):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Operating lease cost

 

$

1,403

 

 

$

2,188

 

 

$

2,682

 

Short-term lease cost

 

 

—

 

 

 

—

 

 

 

318

 

Variable lease cost

 

 

120

 

 

 

470

 

 

 

546

 

 

 

$

1,523

 

 

$

2,658

 

 

$

3,546

 
Summary of Supplemental Disclosure of Cash Flow Information Related to Leases

Supplemental disclosure of cash flow information related to leases was as follows (in thousands):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

  Cash paid for amounts included in the measurement
       of operating lease liabilities

 

$

1,413

 

 

$

2,499

 

 

$

3,190

 

   Operating lease liabilities arising from obtaining
        right-of-use assets

 

$

—

 

 

$

4,026

 

 

$

—

 
Summary of Weighted-Average Remaining Lease Terms and Discount Rates

The weighted-average remaining lease term and discount rate were as follows:

 

 

December 31,

 

 

 

2025

 

 

2024

 

 

 

 

 

 

 

 

Weighted-average remaining lease term - operating leases (in years)

 

 

1.9

 

 

 

2.9

 

Weighted-average discount rate - operating leases

 

 

8.50

%

 

 

8.50

%
Summary of Future Annual Lease Payments under the Company Leases

Future annual lease payments under the Company’s leases as of December 31, 2025 were as follows (in thousands):

Years ending December 31,

 

 

 

 

 

2026

 

 

 

$

1,363

 

2027

 

 

 

 

1,432

 

  Total future minimum lease payments

 

 

 

 

2,795

 

      Less: imputed interest

 

 

 

 

(228

)

  Total operating lease liabilities

 

 

 

$

2,567

 
Summary of Classification of Total Operating Lease Liabilities on Consolidated Balance Sheet

Total operating lease liabilities in the table above are classified on the consolidated balance sheet as follows (in thousands):

 

 

 

 

December 31, 2025

 

Current operating lease liabilities

 

 

 

$

1,197

 

Operating lease liabilities, net of current portion

 

 

 

 

1,370

 

Total operating lease liabilities

 

 

 

$

2,567

 

 
v3.25.4
Net Income (Loss) per Share (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Summary Reconciliation of Numerators and Denominators of Basic and Dilutive Net Income (Loss) Per Common Share

A reconciliation of the numerators and the denominators of the basic and dilutive net income (loss) per common share computations are as follows (in thousands):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Numerator:

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

99,311

 

 

$

32,169

 

 

$

(51,287

)

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

Weighted average basic common shares
  outstanding

 

 

36,141

 

 

 

35,007

 

 

 

33,350

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

Options to purchase common stock

 

 

635

 

 

 

673

 

 

 

—

 

Restricted stock units

 

 

977

 

 

 

966

 

 

 

—

 

Weighted average diluted common shares
  outstanding

 

 

37,753

 

 

 

36,646

 

 

 

33,350

 
Summary of Potential Common Shares Excluded From Computation of Diluted Net Income (Loss) Per Share

The Company excluded the following potential common shares, presented based on weighted average shares outstanding during the periods, from the computation of diluted net income (loss) per share because including them would have had an anti-dilutive effect (in thousands):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Options to purchase common stock

 

 

2

 

 

 

202

 

 

 

2,070

 

Restricted stock units

 

 

10

 

 

 

167

 

 

 

2,605

 

 

 

12

 

 

 

369

 

 

 

4,675

 
v3.25.4
Segments and Geographical Information (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Summary of Significant Segment Expenses

As a single reportable segment entity, the Company’s segment performance measure is net income (loss), which is used to monitor budget versus actual results. Significant segment expenses, as provided to the CODM, are presented below (in thousands):

 

 

 

Year Ended December 31,

 

 

 

 

2025

 

 

2024

 

 

2023

 

Revenue

 

 

$

692,521

 

 

$

500,190

 

 

$

287,921

 

Less:

 

 

 

 

 

 

 

 

 

 

Advertising expense

 

 

 

500,666

 

 

 

344,963

 

 

 

187,639

 

Cash operating expense (1)

 

 

 

97,264

 

 

 

97,012

 

 

 

99,821

 

Other segment items, net(2)

 

 

 

(4,720

)

 

 

26,046

 

 

 

51,748

 

Net income (loss)

 

 

$

99,311

 

 

$

32,169

 

 

$

(51,287

)

(1) Cash operating expense is primarily comprised of personnel-related costs, technology service costs, professional fees and office-related costs included in cost and operating expense in the Company's consolidated statements of operations and comprehensive income (loss) and does not include non-cash depreciation and amortization and stock-based compensation amounts that are included in cost and operating expenses or non-recurring legal settlement expense, restructuring and other charges, and acquisition-related costs that are also included in cost and operating expenses.

(2) Other segment items, net included within net income (loss) include stock-based compensation and depreciation and amortization amounts that are non-cash items included in cost and operating expenses, legal settlement expense, restructuring and other charges, and acquisition-related costs that are considered non-recurring operating expenses, as well as interest income and income taxes, which are included in net income (loss). These amounts are also reported within the consolidated statements of operations and comprehensive income (loss) and consolidated statements of cash flows. See the accompanying consolidated financial statements for financial information regarding other segment items, net and the Company’s operating segment.
v3.25.4
Summary of Significant Accounting Policies - Additional Information (Detail)
 12 Months Ended
Dec. 31, 2025
USD ($)
Segment
Customers
Units
Dec. 31, 2024
USD ($)
Customers
Dec. 31, 2023
USD ($)
Customers
Significant Accounting Policies [Line Items]      
Deferred revenue $ 1,700,000 $ 1,800,000  
Uncollectible accounts     $ 900,000
Contract with customer, liability, revenue recognized 1,600,000    
Impairment losses on long-lived assets 0 0  
Advertising expenses 500,666,000 344,963,000 $ 187,639,000
Allowance for doubtful accounts $ 100,000 100,000  
Number of reporting units | Units 1    
Number of operating segment | Segment 1    
Common stock, terms of conversion Each share of Class B common stock is convertible into one share of Class A common stock at the option of the holder at any time.    
Expected period of benefit of sales commissions, description one year or less    
ASU 2023-09 [Member]      
Significant Accounting Policies [Line Items]      
Change in Accounting Principle, Accounting Standards Update, Adopted true    
Change in Accounting Principle, Accounting Standards Update, Adoption Date Dec. 31, 2025    
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member]      
Significant Accounting Policies [Line Items]      
Money market funds $ 15,300,000 $ 7,400,000  
Software [Member]      
Significant Accounting Policies [Line Items]      
Property, plant and equipment, useful life 3 years    
Accounts Receivable [Member] | Credit Concentration Risk [Member]      
Significant Accounting Policies [Line Items]      
Number of major customers | Customers 2 2  
Accounts Receivable [Member] | Credit Concentration Risk [Member] | Customer A [Member]      
Significant Accounting Policies [Line Items]      
Concentration risk percentage 36.00% 40.00%  
Accounts Receivable [Member] | Credit Concentration Risk [Member] | Customer B [Member]      
Significant Accounting Policies [Line Items]      
Concentration risk percentage 11.00% 21.00%  
Revenue Benchmark [Member] | Customer Concentration Risk [Member]      
Significant Accounting Policies [Line Items]      
Number of major customers | Customers 2 1 1
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer A [Member]      
Significant Accounting Policies [Line Items]      
Concentration risk percentage 38.00% 39.00% 18.00%
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer B [Member]      
Significant Accounting Policies [Line Items]      
Concentration risk percentage 11.00%    
Commission Fees [Member] | Maximum [Member]      
Significant Accounting Policies [Line Items]      
Revenue percentage 1.00% 1.00% 10.00%
v3.25.4
Summary of Significant Accounting Policies - Summary of Revenue by Distribution Chanel (Detail) - Sales Revenue, Net [Member]
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Product Information [Line Items]      
Revenue from Contract with Customer Percentage 100.00% 100.00% 100.00%
Direct channels [Member]      
Product Information [Line Items]      
Revenue from Contract with Customer Percentage 87.00% 86.00% 81.00%
Indirect channels [Member]      
Product Information [Line Items]      
Revenue from Contract with Customer Percentage 13.00% 14.00% 19.00%
v3.25.4
Summary of Significant Accounting Policies - Disaggregation of Revenue (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Product Information [Line Items]      
Total Revenue $ 692,521 $ 500,190 $ 287,921
Automotive [Member]      
Product Information [Line Items]      
Total Revenue 629,831 446,095 227,505
Home and renters [Member]      
Product Information [Line Items]      
Total Revenue 62,650 52,013 40,889
Other [Member]      
Product Information [Line Items]      
Total Revenue $ 40 $ 2,082 $ 19,527
v3.25.4
Summary of Significant Accounting Policies - Summary of Property and Equipment Estimated Useful Lives (Detail)
Dec. 31, 2025
Computer Equipment [Member]  
Significant Accounting Policies [Line Items]  
Property, plant and equipment, useful life 3 years
Software [Member]  
Significant Accounting Policies [Line Items]  
Property, plant and equipment, useful life 3 years
Furniture and Fixtures [Member]  
Significant Accounting Policies [Line Items]  
Property, plant and equipment, useful life 5 years
Leasehold Improvements [Member]  
Significant Accounting Policies [Line Items]  
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration] us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember
v3.25.4
Goodwill and Acquired Intangible Assets - Summary of Acquired Intangible Assets (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Finite-Lived Intangible Assets [Line Items]  
Gross Amount $ 8,300
Accumulated Amortization (5,048)
Carrying value $ 3,252
Customer Relationships [Member]  
Finite-Lived Intangible Assets [Line Items]  
Weighted Average Useful Life 9 years
Gross Amount $ 6,600
Accumulated Amortization (3,348)
Carrying value $ 3,252
Developed Technology Rights [Member]  
Finite-Lived Intangible Assets [Line Items]  
Weighted Average Useful Life 3 years
Gross Amount $ 1,700
Accumulated Amortization (1,700)
Carrying value $ 0
v3.25.4
Goodwill and Acquired Intangible Assets - Additional Information (Detail)
$ in Thousands
 3 Months Ended 12 Months Ended
May 01, 2025
USD ($)
Mar. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
Units
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Indefinite-Lived Intangible Assets [Line Items]          
Impairment loss     $ 0    
Number of reporting units | Units     1    
Amortization expense for intangible assets     $ 400 $ 1,900 $ 1,800
Changes to goodwill     0 0  
Proceeds from sale of health assets         $ 13,194
Legal settlement expense     (8,232)    
Presto and Hames          
Indefinite-Lived Intangible Assets [Line Items]          
Proceeds from sale of health assets $ 500        
Presto, Hames and McClintock          
Indefinite-Lived Intangible Assets [Line Items]          
Litigation accural, value     8,100    
Legal settlement expense   $ 7,800   $ 300  
Litigation settlement expense     $ 400    
Intangible Assets | Presto, Hames and McClintock          
Indefinite-Lived Intangible Assets [Line Items]          
Carrying value of assets sold in settlement of litigation accrual 2,900        
Commissions Receivables | Presto, Hames and McClintock          
Indefinite-Lived Intangible Assets [Line Items]          
Carrying value of assets sold in settlement of litigation accrual $ 5,700        
v3.25.4
Property and Equipment, Net - Summary of Property and Equipment (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Abstract]    
Computer equipment $ 1,827 $ 1,554
Software 19,881 16,114
Furniture and fixtures 186 131
Leasehold improvements 444 366
Property plant and equipment , Gross 22,338 18,165
Less: Accumulated depreciation and amortization (14,460) (11,989)
Property and equipment, net $ 7,878 $ 6,176
v3.25.4
Property and Equipment, Net - Additional Information (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]      
Depreciation and amortization expense $ 3,811 $ 5,672 $ 6,196
Retired depreciated assets   3,400  
Capitalized software cost, net 6,600 4,900  
Property, plant and equipment      
Property, Plant and Equipment [Line Items]      
Depreciation and amortization expense 3,400 3,700 4,400
Internal use      
Property, Plant and Equipment [Line Items]      
Company capitalized costs 4,600 2,800 3,600
Amortization of internal use software $ 2,900 $ 3,200 $ 3,700
v3.25.4
Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Payables and Accruals [Abstract]    
Accrued employee compensation and benefits $ 4,568 $ 4,796
Accrued advertising expenses 1,710 2,947
Other current liabilities 1,234 2,051
Accrued expenses and other current liabilities $ 7,512 $ 9,794
v3.25.4
Loan and Security Agreement - Additional Information (Detail) - USD ($)
Aug. 01, 2025
Dec. 31, 2025
Aug. 07, 2023
Credit Agreement [Member]      
Debt Instrument [Line Items]      
Debt instrument, interest rate, in event of default 2.00%    
Debt Instrument, Covenant Description Under the Credit Agreement, the Company has agreed to certain affirmative and negative covenants, reporting requirements and other customary requirements to which it will remain subject until maturity. The covenants include limitations on its ability to incur additional indebtedness, pay cash dividends, and engage in certain fundamental business transactions, such as mergers or acquisitions of other businesses. In addition, under the Credit Agreement and through the maturity date, for any period the Company does not maintain a minimum Adjusted Quick Ratio of 1.30 to 1.00, defined as the ratio of (1) the sum of (x) unrestricted cash and cash equivalents held at the Lenders plus (y) net accounts receivable reflected on the Company's balance sheet (excluding accounts receivable that are more than 90 days past due, intercompany receivables, and receivables subject to dispute) to (2) current liabilities, including all borrowings outstanding under Credit Agreement, but excluding the current portion of deferred revenue (in each case determined substantially in accordance with GAAP), the Agent shall have the ability to use the Company's cash receipts to repay outstanding obligations until such time as the Adjusted Quick Ratio is equal to or greater than 1.30 to 1.00 for two consecutive months.    
Revolving line of credit outstanding amount   $ 0  
Revolving Credit Facility [Member]      
Debt Instrument [Line Items]      
Credit facility borrowing capacity     $ 25,000,000
Senior Secured Revolving Credit Facility [Member] | Credit Agreement [Member]      
Debt Instrument [Line Items]      
Credit facility borrowing capacity $ 60,000,000    
Maximum incremental revolving commitments amount $ 25,000,000    
Maximum percentage borrowings of eligible accounts receivable 85.00%    
Commitment fee description The Company will pay a commitment fee of 0.075% per annum on the average daily unused portion of commitments under the Credit Agreement during the Revolving Commitment Period.    
Terminate date Aug. 01, 2028    
Percentage of commitment fee per annum 0.075%    
Senior Secured Revolving Credit Facility [Member] | Credit Agreement [Member] | SOFR One-Month Tenor [Member]      
Debt Instrument [Line Items]      
Interest rate 2.10%    
Senior Secured Revolving Credit Facility [Member] | Credit Agreement [Member] | Federal Reserve System [Member]      
Debt Instrument [Line Items]      
Interest rate 0.50%    
Senior Secured Revolving Credit Facility [Member] | Credit Agreement [Member] | SOFR [Member]      
Debt Instrument [Line Items]      
Interest rate 1.00%    
Senior Secured Revolving Credit Facility [Member] | Credit Agreement [Member] | Additional Over Elected Variable Rate [Member]      
Debt Instrument [Line Items]      
Interest rate 1.10%    
v3.25.4
Equity - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 12 Months Ended
Aug. 11, 2025
Jul. 22, 2025
Feb. 05, 2026
Dec. 31, 2025
Class of Stock [Line Items]        
Common stock, terms of conversion       Each share of Class B common stock is convertible into one share of Class A common stock at the option of the holder at any time.
Stock repurchase program remaining authorized amount       $ 29.0
Common Stock [Member]        
Class of Stock [Line Items]        
Stock repurchase program period   1 year    
Common Stock [Member] | Maximum [Member]        
Class of Stock [Line Items]        
Stock repuchase program authorized amount   $ 50.0    
Class A Common Stock [Member]        
Class of Stock [Line Items]        
Common Stock, Voting Rights       Class A common stock entitles the holder to one vote for each share
Repurchase of shares 900,000      
Sale of stock, purchase price per share $ 23.33      
Aggregate purchase price $ 21.0      
Class A Common Stock [Member] | Subsequent Event [Member]        
Class of Stock [Line Items]        
Repurchase of shares     375,000  
Sale of stock, purchase price per share     $ 23.24  
Aggregate purchase price     $ 8.7  
Class B Common Stock [Member]        
Class of Stock [Line Items]        
Common stock, terms of conversion       Each share of Class B common stock is convertible into one share of Class A common stock at the option of the holder at any time. Automatic conversion shall occur upon the occurrence of a transfer of such share of Class B common stock or at the date and time, or the occurrence of an event, specified by a vote or written consent of the holders of a majority of the voting power of the then outstanding shares of Class B common stock. A transfer is described as a sale, assignment, transfer, conveyance, hypothecation or disposition of such share or any legal or beneficial interest in such share other than certain permitted transfers as described in the Restated Certificate of Incorporation, including a transfer to a holder of Preferred Stock. Each share of Class B common stock held by a stockholder shall automatically convert into one fully paid and non-assessable share of Class A common stock nine months after the death or incapacity of the holder of such Class B common stock.
Common Stock, Voting Rights       Class B common stock entitles the holder to ten votes for each share
v3.25.4
Stock-Based Compensation - Additional Information (Detail) - USD ($)
 3 Months Ended 12 Months Ended
Jan. 01, 2026
Jun. 27, 2018
Mar. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Grant date fair value of stock options granted           $ 7.57
Stock Options Outstanding       1,056,142 1,553,656  
Aggregate intrinsic value of options exercised       $ 7,400,000 $ 5,300,000 $ 900,000
Stock-based compensation expense       24,299,000 20,614,000 24,096,000
Unrecognized compensation expense related to RSUs and option awards       $ 29,100,000    
Compensation expense, expected recognition period       2 years 8 months 12 days    
Income tax expense (benefit)       $ (37,488,000) 1,839,000 577,000
Deferred Compensation Share-Based Payments [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Income tax expense (benefit)       $ (5,600,000) 0 $ 0
Performance and Service-Based RSUs [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Granted, Number of Shares       934,416    
Stock-based compensation expense       $ 5,300,000 $ 2,800,000  
Performance and Service-Based RSUs [Member] | Granted in 2025 [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Outstanding shares       315,528    
Employee Stock Option | Maximum [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Options expiration period       10 years    
Class A Common Stock [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Stock Options Outstanding       1,042,634    
Class A Common Stock or Class B Common Stock [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Stock Options Outstanding       13,508    
Performance Goal Achieved | Performance and Service-Based RSUs [Member] | Granted in 2024 [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Outstanding shares       163,500    
Vesting period of RSU       4 years    
Performance Goal Not Achieved [Member] | Performance and Service-Based RSUs [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Outstanding shares       489,173    
Performance Target Year 2025 [Member] | Performance and Service-Based RSUs [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Granted, Number of Shares     347,840      
Vesting period of RSU     4 years      
Performance Target Period December 31, 2027 to 2029 [Member] | Performance and Service-Based RSUs [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Granted, Number of Shares       586,576    
Outstanding shares       489,173    
Performance Goal Achieved Year 2027 To 2029 [Member] | Performance and Service-Based RSUs [Member] | Maximum [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Percentage of vesting of award under share-based payment arrangement       100.00%    
Performance Goal Achieved Year 2027 To 2029 [Member] | Performance and Service-Based RSUs [Member] | Minimum [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Percentage of vesting of award under share-based payment arrangement       10.00%    
Performance Goal Not Achieved Year 2027 To 2029 [Member] | Performance and Service-Based RSUs [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Percentage of vesting of award under share-based payment arrangement       0.00%    
2018 Equity Incentive Plan [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Number of Shares Authorized   2,149,480        
Number of shares available for grant       2,744,383    
2018 Equity Incentive Plan [Member] | Subsequent Event [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Share-based Compensation, number of additional shares available for issuance 1,812,320          
2018 Equity Incentive Plan [Member] | From 2008 Plan [Member] | Maximum [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Number of Shares Authorized   5,028,832        
2018 Equity Incentive Plan [Member] | Class A Common Stock [Member] | Maximum [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Annual increase in shares authorized   2,500,000        
2018 Equity Incentive Plan [Member] | Class A Common Stock and Class B Common Stock [Member] | Maximum [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Annual percentage increase in shares authorized   5.00%        
2018 Equity Incentive Plan [Member] | Class A Common Stock and Class B Common Stock [Member] | From 2008 Plan [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Number of Shares Authorized   583,056        
v3.25.4
Stock-Based Compensation - Summary of Stock Option Grants (Detail)
 12 Months Ended
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Stock Options/Shares Outstanding, Weighted-Average Exercise Price, and Additional Disclosures [Abstract]  
Risk-free interest rate 4.00%
Expected volatility 78.40%
Expected dividend yield 0.00%
Expected term (in years) 5 years 9 months 18 days
v3.25.4
Stock-Based Compensation - Summary of Stock Options Activity (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]    
Number of Options Outstanding, Beginning balance 1,553,656  
Number of Options, Granted 0  
Number of Options, Exercised (460,977)  
Number of Options, Forfeited (36,537)  
Number of Options Outstanding, Ending balance 1,056,142 1,553,656
Number of Options, Vested and expected to vest 1,056,142  
Number of Options, Exercisable 930,827  
Weighted-Average Exercise Price, Outstanding, Beginning balance $ 10.09  
Weighted-Average Exercise Price, Granted 0  
Weighted-Average Exercise Price, Exercised 8.53  
Weighted-Average Exercise Price, Forfeited 12.91  
Weighted-Average Exercise Price, Outstanding, Ending balance 10.67 $ 10.09
Weighted-Average Exercise Price, Vested and expected to vest 10.67  
Weighted-Average Exercise Price, Exercisable $ 10.67  
Weighted-Average Remaining Contractual Term, Outstanding 4 years 10 months 13 days 5 years 8 months 15 days
Weighted-Average Remaining Contractual Term, Vested and expected to vest 4 years 10 months 13 days  
Weighted-Average Remaining Contractual Term, Exercisable 4 years 7 months 6 days  
Aggregate Intrinsic Value, Outstanding $ 17,242 $ 15,382
Aggregate Intrinsic Value, Vested and expected to vest 17,242  
Aggregate Intrinsic Value, Exercisable $ 15,200  
v3.25.4
Stock-Based Compensation - Schedule of Unvested Restricted Stock Units (Detail)
 12 Months Ended
Dec. 31, 2025
$ / shares
shares
Service-based RSUs [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Unvested balance December 31, 2024, Number of Shares | shares 2,079,245
Granted, Number of Shares | shares 1,208,026
Vested, Number of Shares | shares (1,066,006)
Forfeited, Number of Shares | shares (318,617)
Unvested balance December 31, 2025, Number of Shares | shares 1,902,648
Unvested balance December 31, 2024, Weighted Averag Grant-Date Fair Value | $ / shares $ 15.17
Granted, Weighted Averag Grant-Date Fair Value | $ / shares 21.93
Vested, Weighted Averag Grant-Date Fair Value | $ / shares 15.98
Forfeited, Weighted Averag Grant-Date Fair Value | $ / shares 16.33
Unvested balance December 31, 2025, Weighted Averag Grant-Date Fair Value | $ / shares $ 18.82
Performance and Service-Based RSUs [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Unvested balance December 31, 2024, Number of Shares | shares 327,075
Granted, Number of Shares | shares 934,416
Vested, Number of Shares | shares (143,166)
Forfeited, Number of Shares | shares (150,124)
Unvested balance December 31, 2025, Number of Shares | shares 968,201
Unvested balance December 31, 2024, Weighted Averag Grant-Date Fair Value | $ / shares $ 15.58
Granted, Weighted Averag Grant-Date Fair Value | $ / shares 21.47
Vested, Weighted Averag Grant-Date Fair Value | $ / shares 15.58
Forfeited, Weighted Averag Grant-Date Fair Value | $ / shares 20.69
Unvested balance December 31, 2025, Weighted Averag Grant-Date Fair Value | $ / shares $ 20.47
v3.25.4
Stock-Based Compensation - Summary of Stock-Based Compensation Expense of Statements of Operations and Comprehensive Income (Loss) (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Stock-based compensation expense $ 24,299 $ 20,614 $ 24,096
Cost of Revenue [Member]      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Stock-based compensation expense 122 182 219
Sales and Marketing [Member]      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Stock-based compensation expense 7,139 6,796 8,667
Research and Development [Member]      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Stock-based compensation expense 6,291 5,502 8,053
General and Administrative [Member]      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Stock-based compensation expense $ 10,747 $ 8,134 5,869
Restructuring and Other Charges [Member]      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Stock-based compensation expense     $ 1,288
v3.25.4
Income Taxes - Additional Information - (Detail) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Operating Loss Carryforwards [Line Items]    
Valuation allowance $ (48,500,000)  
Reserve for uncertain tax positions 0 $ 0
Unrecognized tax benefits, income tax penalties and interest expense $ 0 $ 0
Open tax year 2022 2023 2024 2025  
Federal [Member]    
Operating Loss Carryforwards [Line Items]    
Net operating loss carry forwards $ 52,900,000  
Research and development tax credit carry forwards $ 11,000,000  
Federal [Member] | Nonexpirable [Member]    
Operating Loss Carryforwards [Line Items]    
Annual taxable income, percentage 80.00%  
Federal [Member] | Earliest Tax Year [Member]    
Operating Loss Carryforwards [Line Items]    
Tax credit carry forward expiration date 2039  
State [Member]    
Operating Loss Carryforwards [Line Items]    
Net operating loss carry forwards $ 75,900,000  
Research and development tax credit carry forwards $ 5,200,000  
State [Member] | Earliest Tax Year [Member]    
Operating Loss Carryforwards [Line Items]    
Operating loss carry forwards expiration period 2027  
Tax credit carry forward expiration date 2032  
v3.25.4
Income Taxes - Schedule of Components Income (Loss) Before Income Taxes (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Domestic $ 60,758 $ 33,132 $ (51,294)
Foreign 1,065 876 584
Income (loss) before income taxes $ 61,823 $ 34,008 $ (50,710)
v3.25.4
Income Taxes - Schedule of Components of Income Tax (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current income tax expense (benefit):      
Federal $ 214 $ 562 $ 22
State 1,015 1,157 403
Foreign (289) 120 152
Deferred income tax expense (benefit):      
Federal (25,557) 0 0
State (13,147) 0 0
Foreign 276 0 0
Income tax expense (benefit) $ (37,488) $ 1,839 $ 577
v3.25.4
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Federal statutory income tax rate $ 12,982    
State and local income tax, net of federal (national) income tax benefit (9,325)    
Foreign tax effects (236)    
Tax credits      
Research and development tax credit (6,082)    
Change in valuation allowance (35,724)    
Nontaxable or nondeductible items      
Stock-based compensation (2,678)    
Executive compensation limitation 3,376    
Other nondeductible items 199    
Income tax expense (benefit) $ (37,488) $ 1,839 $ 577
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Federal statutory income tax rate 21.00% 21.00% 21.00%
State and local income tax, net of federal (national) income tax benefit (15.10%) 3.70% 6.90%
Foreign tax effects (0.40%)    
Tax credits      
Research and development tax credit (9.80%) (3.00%) (0.30%)
Change in valuation allowance (57.80%) (16.00%) (24.00%)
Nontaxable or nondeductible items      
Stock-based compensation (4.30%) (2.10%) (5.80%)
Executive compensation limitation 5.50%    
Other nondeductible items 0.30%    
Nondeductible items   0.30% (0.30%)
Other   1.50% 1.40%
Effective income tax rate (60.60%) 5.40% (1.10%)
v3.25.4
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Deferred tax assets:        
Net operating loss carryforwards $ 16,040 $ 20,045    
Capitalized research and development 5,860 16,834    
Research and development tax credit carryforwards 15,116 9,207    
Accrued expenses and other current liabilities 479 409    
Property and equipment 0 65    
Intangible assets 1,813 249    
Stock-based compensation 410 2,289    
Operating lease liability 436 58    
Other 415 492    
Total deferred tax assets 40,569 49,648    
Valuation allowance 0 (48,508) $ (53,948) $ (41,755)
Net deferred tax assets 40,569 1,140    
Deferred tax liabilities:        
Capitalized software development costs (1,161) (826)    
Property and equipment (378) 0    
Operating lease right of use asset (380) 0    
Intangible assets (227) (314)    
Total deferred tax liabilities (2,146) (1,140)    
Net deferred taxes $ 38,423 $ 0    
v3.25.4
Income Taxes - Summary of Changes in Valuation Allowance (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Valuation allowance as of beginning of year $ 48,508 $ 53,948 $ 41,755
Decreases recorded as a benefit to income tax provision (48,508) (5,440)  
Increases recorded to tax provision     12,193
Valuation allowance as of end of year $ 0 $ 48,508 $ 53,948
v3.25.4
Income Taxes - Schedule of Income Taxes Paid Refunded (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Federal taxes $ 1,000    
Income taxes paid (net of refunds received) 3,153 $ 2,336 $ 589
California      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
State taxes 960    
Illinois      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
State taxes 690    
All other states      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
State taxes $ 503    
v3.25.4
Income Taxes - Schedule of Income Taxes Paid (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Cash paid for income taxes $ 3,153 $ 2,336 $ 589
v3.25.4
Leases - Additional Information (Detail) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended 36 Months Ended 45 Months Ended
Aug. 31, 2024
Apr. 30, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Jul. 31, 2027
Dec. 31, 2027
Lessee, Lease, Description [Line Items]              
Increase operating lease ROU assets     $ (1,124) $ (2,213) $ (2,497)    
Increase in operating lease liabilities     (1,133) (2,537) (3,006)    
Operating lease right-of-use assets     2,358 3,409      
Operating lease liabilities     1,370 2,513      
Impairment of right-of-use asset         $ 384    
Other Assets [Member]              
Lessee, Lease, Description [Line Items]              
Security deposits     $ 300 $ 300      
Cambridge, Massachusetts [Member]              
Lessee, Lease, Description [Line Items]              
Increase operating lease ROU assets   $ 2,700          
Increase in operating lease liabilities   $ 2,700          
Cambridge, Massachusetts [Member] | Scenario Forecast [Member]              
Lessee, Lease, Description [Line Items]              
Office lease fixed payment             $ 3,200
Belfast Northern Ireland [Member]              
Lessee, Lease, Description [Line Items]              
Increase operating lease ROU assets $ 1,300            
Increase in operating lease liabilities $ 1,300            
Belfast Northern Ireland [Member] | Scenario Forecast [Member]              
Lessee, Lease, Description [Line Items]              
Office lease fixed payment           $ 1,600  
v3.25.4
Leases - Summary of Lease Cost (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Lease, Cost [Abstract]      
Operating lease cost $ 1,403 $ 2,188 $ 2,682
Short-term lease cost 0 0 318
Variable lease cost 120 470 546
Total $ 1,523 $ 2,658 $ 3,546
v3.25.4
Leases - Summary of Supplemental Disclosure of Cash Flow Information Related to Leases (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Lease, Cost [Abstract]      
Cash paid for amounts included in the measurement of operating lease liabilities $ 1,413 $ 2,499 $ 3,190
Operating lease liabilities arising from obtaining right-of-use assets $ 0 $ 4,026 $ 0
v3.25.4
Leases - Summary of Weighted-Average Remaining Lease Terms and Discount Rates (Detail)
Dec. 31, 2025
Dec. 31, 2024
Lease, Cost [Abstract]    
Weighted-average remaining lease term - operating leases (in years) 1 year 10 months 24 days 2 years 10 months 24 days
Weighted-average discount rate - operating leases 8.50% 8.50%
v3.25.4
Leases - Summary of Future Annual Lease Payments under the Company Leases (Detail)
$ in Thousands
Dec. 31, 2025
USD ($)
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]  
2026 $ 1,363
2027 1,432
Total future minimum lease payments 2,795
Less: imputed interest (228)
Total operating lease liabilities $ 2,567
v3.25.4
Leases - Summary of Classification of Total Operating Lease Liabilities on Consolidated Balance Sheet (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Current operating lease liabilities $ 1,197 $ 1,115
Operating lease liabilities, net of current portion 1,370 $ 2,513
Total operating lease liabilities $ 2,567  
v3.25.4
Commitments and Contingencies - Additional Information (Details) - USD ($)
$ in Millions
 1 Months Ended
Jun. 30, 2025
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]    
Purchase commitment period 5 years  
Purchase commitment $ 18.5  
Remaining purchase commitment   $ 15.5
Purchase commitment next twelve months   $ 3.5
v3.25.4
Retirement Plan - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Retirement Benefits [Abstract]      
Contribution to defined contribution savings plan $ 1.7 $ 2.7 $ 0.9
v3.25.4
Related Party Transactions - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Aug. 11, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Related Party Transaction [Line Items]        
Payment to related party   $ 40,000 $ 12,300 $ 4,000
Due to affiliate   $ 76,851 59,975  
Locking period on sale and transfer of shares under repurchase agreement   180 days    
Related Party        
Related Party Transaction [Line Items]        
Expense from transactions with related party   $ 41,200 14,500 $ 3,600
Due to affiliate   $ 3,700 $ 2,500  
Common Class A [Member]        
Related Party Transaction [Line Items]        
Repurchase of shares 900,000      
Share repurchased, price per share $ 23.33      
Aggregate purchase price $ 21,000      
Purchase price discount (as a percent) 1.80%      
v3.25.4
Net Income (Loss) per Share - Summary Reconciliation of Numerators and Denominators of Basic and Dilutive Net Income (Loss) Per Common Share (Detail) - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Numerator:      
Net income (loss) $ 99,311 $ 32,169 $ (51,287)
Denominator:      
Weighted average basic common shares outstanding (in shares) 36,141 35,007 33,350
Effect of dilutive securities:      
Weighted average diluted common shares outstanding 37,753 36,646 33,350
Employee Stock Option      
Effect of dilutive securities:      
Effect of dilutive securities (in shares) 635 673  
Restricted Stock Units (RSUs) [Member]      
Effect of dilutive securities:      
Effect of dilutive securities (in shares) 977 966  
v3.25.4
Net Income (Loss) per Share - Summary of Potential Common Shares Excluded From Computation of Diluted Net Income (Loss) Per Share (Detail) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share, amount 12 369 4,675
Employee Stock Option [Member]      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share, amount 2 202 2,070
Restricted Stock Units (RSUs) [Member]      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share, amount 10 167 2,605
v3.25.4
Net Income (Loss) per Share - Additional Information (Detail)
Dec. 31, 2025
shares
Performance and Service-Based RSUs [Member] | Performance Goal Not Achieved [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Outstanding shares 489,173
v3.25.4
Restructuring and Other Charges - Additional Information (Detail)
$ in Thousands
 1 Months Ended 12 Months Ended
Aug. 31, 2023
USD ($)
Employees
Dec. 31, 2023
USD ($)
Employees
Dec. 31, 2024
USD ($)
Restructuring Cost and Reserve [Line Items]      
Proceeds from sale of business   $ 13,194  
Loss on sale of assets   (19,388)  
Impairment of right-of-use asset   384  
Restructuring charges   23,568  
Net intangible assets     $ 3,252
Purchase Agreement [Member] | Eversurance, LLC [Member]      
Restructuring Cost and Reserve [Line Items]      
Proceeds from sale of business $ 13,200    
Commissions receivable 30,800    
Loss on sale of assets   19,400  
Impairment of right-of-use asset   $ 400  
Other net assets 400    
Transaction costs 400    
Net intangible assets $ 1,000    
Number of employees | Employees 0    
Reduction Plan [Member]      
Restructuring Cost and Reserve [Line Items]      
Number of employee positions estimated to be eliminated in workforce reduction | Employees   175  
Percentage of workforce eliminated   28.00%  
Reduction Plan [Member] | Employee Severance [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring charges   $ 4,000  
Credit adjustments to restructuring and other charges   200  
Reduction Plan [Member] | Employee Severance Cash Compensation [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring charges   2,700  
Reduction Plan [Member] | Employee Severance Non Cash Compensation [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring charges   $ 1,300  
v3.25.4
Segments and Geographical Information - Additional Information (Detail)
 12 Months Ended
Dec. 31, 2025
Segment
Segment Reporting [Abstract]  
Number of operating segment 1
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description The CODM assesses performance and allocates resources based on the Company’s consolidated statements of operations and comprehensive income (loss) and the Company’s operations are managed on a consolidated basis to decide where to allocate and invest additional resources within the business to continue growth. Segment asset information is not provided to the CODM to allocate resources.
Segment Reporting, Expense Information Used by CODM, Description Operating segments are defined as components of an enterprise for which separate financial information is regularly evaluated by the Company’s chief operating decision maker, or decision-making group (the “CODM”), in deciding how to allocate resources and assess performance.
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration] srt:ChiefExecutiveOfficerMember
Segment Reporting, Expense Information Used by CODM, Type [Extensible Enumeration] Net Income (Loss)
v3.25.4
Segments and Geographical Information - Summary of Significant Segment Expenses (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting [Abstract]      
Revenue $ 692,521 $ 500,190 $ 287,921
Less:      
Advertising expense 500,666 344,963 187,639
Cash operating expense 97,264 97,012 99,821
Other segment items, net (4,720) 26,046 51,748
Net income (loss) $ 99,311 $ 32,169 $ (51,287)
v3.25.4
Subsequent Events - Additional Information (Details) - Class A Common Stock [Member] - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended
Aug. 11, 2025
Feb. 05, 2026
Subsequent Event [Line Items]    
Repurchase of shares 900,000  
Share repurchased, price per share $ 23.33  
Aggregate purchase price $ 21.0  
Subsequent Event [Member]    
Subsequent Event [Line Items]    
Repurchase of shares   375,000
Share repurchased, price per share   $ 23.24
Aggregate purchase price   $ 8.7