XPERI INC., 10-Q filed on 5/7/2026
Quarterly Report
v3.26.1
Document and Entity Information - shares
 3 Months Ended
Mar. 31, 2026
Apr. 27, 2026
Cover [Abstract]    
Entity Registrant Name XPERI INC.  
Trading Symbol XPER  
Entity Central Index Key 0001788999  
Current Fiscal Year End Date --12-31  
Entity Filer Category Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company true  
Entity Ex Transition Period false  
Document Type 10-Q  
Document Period End Date Mar. 31, 2026  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Entity Common Stock, Shares Outstanding   48,271,456
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Shell Company false  
Entity File Number 001-41486  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 83-4470363  
Entity Address, Address Line One 2190 Gold Street  
Entity Address, City or Town San Jose  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 95002  
City Area Code 408  
Local Phone Number 519-9100  
Document Quarterly Report true  
Document Transition Report false  
Security12b Title Common Stock (par value $0.001 per share)  
Security Exchange Name NYSE  
v3.26.1
Condensed Consolidated Statements of Operations (unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Statement [Abstract]    
Revenue $ 114,206 $ 114,033
Operating expenses:    
Cost of revenue, excluding depreciation and amortization of intangible assets 30,880 29,599
Research and development 27,083 39,549
Selling, general and administrative 41,787 48,698
Depreciation expense 4,261 2,905
Amortization expense 8,044 9,722
Total operating expenses 112,055 130,473
Operating income (loss) 2,151 (16,440)
Interest and other income, net 819 2,295
Interest expense - debt (678) (732)
Income (loss) before taxes 2,292 (14,877)
Provision for income taxes 10,118 3,489
Net loss $ (7,826) $ (18,366)
Loss per share attributable to the Company:    
Basic loss per share $ (0.17) $ (0.41)
Diluted loss per share $ (0.17) $ (0.41)
Weighted-average number of shares used in computing net loss per share attributable to the Company - basic 47,352 44,773
Weighted-average number of shares used in computing net loss per share attributable to the Company - diluted 47,352 44,773
v3.26.1
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Net loss $ (7,826) $ (18,366)
Other comprehensive (loss) income:    
Reclassification of foreign currency translation adjustments into net loss upon liquidation of foreign subsidiaries   34
Unrealized (loss) gain on cash flow hedges (1,828) 2,158
Comprehensive loss $ (9,654) $ (16,174)
v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 70,422 $ 96,824
Accounts receivable, net 59,898 56,838
Unbilled contracts receivable, net 89,909 78,320
Prepaid expenses and other current assets 28,685 23,631
Deferred consideration from divestiture 11,999 11,880
Total current assets 260,913 267,493
Note receivable, noncurrent 32,474 31,928
Deferred consideration from divestiture, noncurrent 8,351 8,015
Unbilled contracts receivable, noncurrent 73,578 67,417
Property and equipment, net 51,471 51,926
Operating lease right-of-use assets 24,459 27,557
Intangible assets, net 120,838 128,882
Deferred tax assets 6,591 5,281
Other noncurrent assets 28,271 27,330
Total assets 606,946 615,829
Current liabilities:    
Accounts payable 12,604 12,352
Accrued liabilities 82,355 82,160
Deferred revenue 15,404 16,137
Total current liabilities 110,363 110,649
Long-term debt 40,000 40,000
Deferred revenue, noncurrent 13,665 15,072
Operating lease liabilities, noncurrent 19,586 [1] 21,487
Deferred tax liabilities 1,428 1,428
Other noncurrent liabilities 13,895 13,118
Total liabilities 198,937 201,754
Commitments and contingencies (Note 13)
Stockholders' equity:    
Preferred stock: $0.001 par value; 6,000 shares authorized as of March 31, 2026 and December 31, 2025; no shares issued and outstanding as of March 31, 2026 and December 31, 2025
Common stock: $0.001 par value; 140,000 shares authorized as of March 31, 2026 and December 31, 2025; 48,086 and 46,925 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 48 47
Additional paid-in capital 1,317,836 1,314,249
Accumulated other comprehensive loss (6,266) (4,438)
Accumulated deficit (903,609) (895,783)
Total stockholders' equity 408,009 414,075
Total liabilities and stockholders' equity $ 606,946 $ 615,829
[1] Future minimum lease payments exclude short-term leases as well as payments to landlords for variable common area maintenance, insurance, and real estate taxes.
v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares
Mar. 31, 2026
Dec. 31, 2025
Statement of Financial Position [Abstract]    
Preferred stock, par value (in dollars per share) $ 0.001 $ 0.001
Preferred stock, shares authorized (in shares) 6,000,000 6,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 140,000,000 140,000,000
Common stock, shares issued (in shares) 48,086,000 46,925,000
Common stock, shares outstanding (in shares) 48,086,000 46,925,000
v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net loss $ (7,826) $ (18,366)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization of intangible assets 8,044 9,722
Stock-based compensation expense 7,836 12,102
Depreciation of property and equipment 4,261 2,905
Accrued interest income from note receivable (546) (569)
Accretion of discount from deferred consideration from divestitures (455) (400)
Deferred income taxes (1,310) (99)
Other 148 830
Changes in operating assets and liabilities:    
Accounts receivable (2,908) 233
Unbilled contracts receivable (17,750) (7,366)
Prepaid expenses and other assets (6,098) (4,197)
Accounts payable 1,023 (2,653)
Accrued and other liabilities (294) (12,417)
Deferred revenue (2,140) (1,983)
Net cash used in operating activities (18,015) (22,258)
Cash flows from investing activities:    
Purchases of property and equipment (1,105) (1,066)
Capitalized internal-use software (3,729) (3,127)
Purchases of intangible assets 0 (14)
Net cash used in investing activities (4,834) (4,207)
Cash flows from financing activities:    
Repayment of short-term debt 0 (50,000)
Withholding taxes related to net share settlement of equity awards (3,553) (5,288)
Payment of debt issuance costs 0 (823)
Proceeds from long-term debt 0 40,000
Net cash used in financing activities (3,553) (16,111)
Net decrease in cash and cash equivalents (26,402) (42,576)
Cash and cash equivalents at beginning of period 96,824 130,564
Cash and cash equivalents at end of period 70,422 87,988
Supplemental disclosure of cash flow information:    
Income taxes paid, net of refunds 2,204 2,421
Interest paid 583 476
Supplemental disclosure of noncash investing and financing activities:    
Unpaid withholding taxes related to net share settlement of equity awards 695 815
Costs capitalized for internal-use software included in accounts payable and accrued liabilities 199 581
Debt issuance costs included in accounts payable 0 426
Property and equipment included in accounts payable $ 29 $ 307
v3.26.1
Condensed Consolidated Statements of Equity (Unaudited) - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Loss
Accumulated Deficit
Beginning balance at Dec. 31, 2024 $ 429,077 $ 44 $ 1,274,561 $ (6,084) $ (839,444)
Beginning balance (in shares) at Dec. 31, 2024   44,328,000      
Vesting of restricted stock units, net of tax withholding (6,103) $ 1 (6,104)    
Vesting of restricted stock units, net of tax withholding (in shares)   1,191,000      
Stock-based compensation 12,102   12,102    
Reclassification of foreign currency translation adjustments into net loss upon liquidation of foreign subsidiaries 34     34  
Unrealized gain (loss) on cash flow hedges 2,158     2,158  
Net loss (18,366)       (18,366)
Ending balance at Mar. 31, 2025 418,902 $ 45 1,280,559 (3,892) (857,810)
Ending balance (in shares) at Mar. 31, 2025   45,519,000      
Beginning balance at Dec. 31, 2025 414,075 $ 47 1,314,249 (4,438) (895,783)
Beginning balance (in shares) at Dec. 31, 2025   46,925,000      
Vesting of restricted stock units, net of tax withholding (4,248) $ 1 (4,249)    
Vesting of restricted stock units, net of tax withholding (in shares)   1,161,000      
Stock-based compensation 7,836   7,836    
Unrealized gain (loss) on cash flow hedges (1,828)     (1,828)  
Net loss (7,826)       (7,826)
Ending balance at Mar. 31, 2026 $ 408,009 $ 48 $ 1,317,836 $ (6,266) $ (903,609)
Ending balance (in shares) at Mar. 31, 2026   48,086,000      
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
Description of Business and Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business and Summary of Significant Accounting Policies

NOTE 1 – DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Xperi Inc. (“Xperi” or the “Company”) is a leading media and entertainment technology company headquartered in Silicon Valley with operations around the world. The Company’s technologies are integrated into consumer devices, connected cars, and a variety of media platforms worldwide, enabling its unique audiences to connect with entertainment content in a more intelligent, immersive, and personal way. As the Company’s audiences engage with content on its platform, the Company operates a global, cross-screen advertising solution that enables brands to reach millions of engaged consumers across its rapidly expanding digital entertainment ecosystem, driving increased value for its partners, customers, and consumers. The Company operates in one reportable segment and groups its revenue into four categories: Pay-TV, Consumer Electronics, Connected Car, and Media Platform.

Basis of Presentation and Principles of Consolidation

The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). The Company’s financial statements were prepared on a consolidated basis and include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

Unaudited Interim Financial Statements

The accompanying unaudited interim condensed consolidated financial statements are presented in accordance with the applicable rules and regulations of the SEC for interim financial information. The amounts as of December 31, 2025 have been derived from the Company’s annual audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2025, filed on February 26, 2026 (the “Form 10-K”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations. In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements reflect all adjustments, which consist of normal recurring adjustments, necessary to state fairly the financial position of the Company and its results of operations and cash flows as of and for the periods presented. These unaudited interim condensed consolidated financial statements should be read in conjunction with the Form 10-K.

The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2026 or any future period and the Company makes no representations related thereto.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The accounting estimates and assumptions that require management’s most significant, challenging, and subjective judgment include the estimation of licensees’ quarterly royalties prior to receiving the royalty reports, the determination of stand-alone selling price and the transaction price in an arrangement with multiple performance obligations, the fair value of note receivable and deferred consideration in connection with the AutoSense in-cabin safety business and related imaging solutions (the “AutoSense Divestiture”), the assessment of useful lives and recoverability of other intangible assets and long-lived assets, recognition and measurement of current and deferred income tax assets and liabilities, the assessment of unrecognized tax benefits, and valuation of performance-based awards with a market condition. Actual results experienced by the Company may differ from management’s estimates.

Concentration of Credit and Other Risks

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents, accounts receivable, unbilled contracts receivable, a note receivable and deferred consideration from divestitures. The Company maintains cash and cash equivalents with large financial institutions, and at times, the deposits may exceed the federally insured limits. As part of its risk management processes, the Company performs periodic evaluations of the relative credit standing of these financial institutions. The Company has not sustained material credit losses from

instruments held at these financial institutions. In addition, the Company has cash and cash equivalents held in international bank accounts that are denominated in various foreign currencies and has established risk management strategies designed to minimize the impact of certain currency exchange rate fluctuations.

The Company believes that any concentration of credit risk in its accounts receivable and unbilled contracts receivable is substantially mitigated by its evaluation process and the high level of creditworthiness of its customers. The Company performs ongoing credit evaluations of its customers’ financial condition and limits the amount of credit extended when deemed necessary, but generally requires no collateral.

One customer accounted for 10% or more of total revenue for the three months ended March 31, 2026, whereas no customer accounted for 10% or more of total revenue for the three months ended March 31, 2025. As of March 31, 2026, no customer represented 10% or more of the Company’s net balance of accounts receivable, and one customer exceeded 10% of the Company’s combined net balance of current and noncurrent unbilled contracts receivable. As of December 31, 2025, no customer represented 10% or more of the Company’s net balance of accounts receivable, and two customers exceeded 10% of the Company’s combined net balance of current and noncurrent unbilled contracts receivable.

As part of the consideration for the AutoSense Divestiture, the Company received a note receivable and deferred consideration from Tobii AB (“Tobii”). Both of these instruments are exposed to credit risk arising from default on repayment from Tobii. The credit risk associated with the note receivable is mitigated by establishing a floating lien and security interest in certain of Tobii’s assets, rights, and properties, whereas the deferred consideration is not secured by any collateral. The Company utilizes valuation methodologies such as internally generated cash flow projections on the principal and interest of each instrument, along with the review of certain other data points, to determine the likelihood that the note receivable or deferred consideration will be repaid. Further, the Company assesses each instrument for credit losses and provides a reserve if full payment on the instruments may not occur as expected, in which case the reserve reflects the excess of the amortized cost basis over the results of the cash flow projections. The Company expects Tobii to make full payment on both instruments in accordance with the underlying agreement. Accordingly, no allowance for credit losses was recorded as of March 31, 2026 and December 31, 2025.

Recent Accounting Pronouncements

The following are Accounting Standards Update (“ASU”) issued by the Financial Accounting Standards Board (“FASB”) that are relevant to the Company’s consolidated financial statements and related disclosures.

Accounting Standard Adopted

In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The updated guidance simplifies the methodology of estimating expected credit losses for outstanding trade and other related receivables arising from revenue transactions by no longer requiring forecasted information to be considered, but only historical and current economic conditions pertaining to the collectibility of such receivables, if elected as a practical expedient upon adoption. The Company adopted this guidance in the first quarter of 2026 on a prospective basis and elected the practical expedient. The impact upon adoption was not material to its consolidated financial statements.

Accounting Standards Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The standard requires that public business entities disclose additional information about specific expense categories in the notes to financial statements for interim and annual reporting periods. The standard will become effective for the Company’s 2027 annual financial statements and interim financial statements thereafter and may be applied prospectively to periods after the adoption date or retrospectively for all prior periods presented in the financial statements, with early adoption permitted. The Company is currently evaluating the impact of this guidance on the disclosures within 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. This updated guidance eliminates the consideration of software project development stages and introduces additional considerations for the existing probability threshold assessment on completing a software development project. Entities are required to assess whether significant uncertainty exists in the development activities of the software before capitalizing any software costs, and such uncertainty is considered to exist if the project involves any technological innovations with novel and unproven features or unidentified significant performance requirements. The updated guidance will become effective for the Company in the first quarter of 2028 and may be adopted on

either a prospective basis, full retrospective basis, or modified prospective basis with a cumulative-effect adjustment through retained earnings. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

v3.26.1
Revenue
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue

NOTE 2 – REVENUE

The Company derives the majority of its revenue from licensing its technologies and solutions to customers and groups its revenue into four categories: Pay-TV, Consumer Electronics (“CE”), Connected Car, and Media Platform product categories. Refer to Note 3—Revenue in the notes to the consolidated financial statements in the Form 10-K for detailed information regarding how revenue is recognized from these product categories.

Revenue from the Pay-TV category primarily includes licensing of the Company’s Pay-TV solutions, including Electronic Program Guides, TiVo video-over-broadband (“IPTV”) Solutions, Personalized Content Discovery and enriched Metadata. Revenue from the CE category primarily includes licensing of the Company’s audio technologies to CE manufacturers or their supply partners, generally in the form of royalty revenue based on units shipped or manufactured. Similar to CE, revenue from the Connected Car category primarily includes licensing of the Company’s digital radio solutions, automotive infotainment and related offerings to automotive manufacturers or their supply chain partners. Revenue from the Media Platform category primarily includes advertising, TV viewership data, metadata for ad measurement and programming analytics, and licensing of the Company’s middleware solutions.

The Company also generates non-recurring engineering (“NRE”) revenue within all of its product categories.

Revenue from each of advertising and NRE services was less than 10% of total revenue for all periods presented.

Disaggregation of Revenue

The Company’s revenue that is recognized over time consists primarily of per unit royalties, per-subscriber per-month or monthly license fees, single performance obligations satisfied over time, and NRE services. Revenue that is recognized at a point in time consists primarily of fixed fee or minimum guarantee licensing contracts, hardware products, advertising and settlements/recoveries.

The following table summarizes revenue by timing of recognition (in thousands):

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Recognized over time

 

$

70,556

 

 

$

79,066

 

Recognized at a point in time

 

 

43,650

 

 

 

34,967

 

Total revenue

 

$

114,206

 

 

$

114,033

 

The following table summarizes revenue by product category (in thousands):

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Pay-TV

 

$

45,975

 

 

$

49,864

 

Consumer Electronics

 

 

18,431

 

 

 

22,798

 

Connected Car

 

 

38,064

 

 

 

33,286

 

Media Platform

 

 

11,736

 

 

 

8,085

 

Total revenue

 

$

114,206

 

 

$

114,033

 

 

The following table summarizes revenue by geographic location (in thousands):

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

 

 

Amount

 

 

Percentage of Revenue

 

 

Amount

 

 

Percentage of Revenue

 

U.S. and Canada (1)

 

$

50,892

 

 

 

45

%

 

$

49,711

 

 

 

44

%

Asia Pacific

 

 

46,649

 

 

 

41

 

 

 

46,944

 

 

 

41

 

Europe, Middle East and Africa

 

 

10,128

 

 

 

9

 

 

 

10,079

 

 

 

9

 

Other

 

 

6,537

 

 

 

5

 

 

 

7,299

 

 

 

6

 

Total revenue

 

$

114,206

 

 

 

100

%

 

$

114,033

 

 

 

100

%
(1)
For the three months ended March 31, 2026 and 2025, the Company recognized $47.2 million and $45.4 million of revenue from the U.S., which represented 41% and 40% of total revenue for the respective periods.

The Company recognized a significant amount of revenue from licensees headquartered in Japan, China, and South Korea, which are within the Asia Pacific region. Revenue recognized from these countries is shown in the following table (in thousands):

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

 

 

Amount

 

 

Percentage of Revenue

 

 

Amount

 

 

Percentage of Revenue

 

Japan

 

$

30,239

 

 

 

27

%

 

$

17,789

 

 

 

16

%

China

 

 

9,767

 

 

 

9

 

 

 

14,834

 

 

 

13

 

South Korea

 

 

4,891

 

 

 

4

 

 

 

12,757

 

 

 

11

 

The following table presents additional revenue disclosures (in thousands):

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Revenue recognized in the period from:

 

 

 

 

 

 

Amounts included in deferred revenue at the beginning of
   the period

 

$

5,803

 

 

$

8,039

 

Performance obligations satisfied in previous periods (true
   ups, recoveries, and settlements) (1)

 

$

(2,330

)

 

$

(209

)
(1)
True ups represent the differences between the Company’s quarterly estimates of per-unit royalty revenue and actual production/sales-based royalties reported by licensees in reports that are generally received in the following period and may include other changes in estimates. Recoveries represent corrections or revisions to previously reported per-unit royalties by licensees, generally resulting from the Company’s inquiries or compliance audits. Settlements represent resolutions of disputes or litigation during the period for past royalties owed.

Remaining Performance Obligations

Remaining performance obligations represent contracted revenue that has not yet been recognized. As of March 31, 2026, the Company’s remaining performance obligations and the period over which they are expected to be recognized were as follows (in thousands):

 

Year Ending December 31:

 

Amounts

 

2026 (remaining 9 months)

 

$

42,930

 

2027

 

 

27,092

 

2028

 

 

16,156

 

2029

 

 

10,207

 

2030

 

 

7,100

 

Thereafter

 

 

273

 

Total

 

$

103,758

 

 

Allowance for Credit Losses

The following table presents the activity in the allowance for credit losses for the three months ended March 31, 2026 and 2025 (in thousands):

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

 

 

Accounts Receivable

 

 

Unbilled Contracts Receivable

 

 

Accounts Receivable

 

 

Unbilled Contracts Receivable

 

Beginning balance

 

$

2,848

 

 

$

1,151

 

 

$

946

 

 

$

499

 

Provision for credit losses

 

 

118

 

 

 

(280

)

 

 

202

 

 

 

(44

)

Recoveries/charge-off

 

 

(45

)

 

 

—

 

 

 

(76

)

 

 

(5

)

Ending balance

 

$

2,921

 

 

$

871

 

 

$

1,072

 

 

$

450

 

 

 

 

 

 

 

 

 

 

 

 

 

 
v3.26.1
Composition of Certain Financial Statement Captions
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Composition of Certain Financial Statement Captions

NOTE 3 – COMPOSITION OF CERTAIN FINANCIAL STATEMENT CAPTIONS

Prepaid expenses and other current assets consisted of the following (in thousands):

 

 

 

March 31, 2026

 

 

December 31, 2025

 

Prepaid expenses

 

$

16,800

 

 

$

12,874

 

Prepaid income taxes

 

 

7,956

 

 

 

7,401

 

Prepaid other taxes

 

 

2,799

 

 

 

2,791

 

Other

 

 

1,130

 

 

 

565

 

Total

 

$

28,685

 

 

$

23,631

 

 

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

 

 

 

March 31, 2026

 

 

December 31, 2025

 

Computer equipment and software

 

$

55,247

 

 

$

54,840

 

Capitalized internal-use software

 

 

42,490

 

 

 

38,699

 

Office equipment and furniture

 

 

10,453

 

 

 

10,470

 

Building

 

 

17,876

 

 

 

17,876

 

Land

 

 

5,300

 

 

 

5,300

 

Leasehold improvements

 

 

10,810

 

 

 

10,810

 

Construction in progress

 

 

766

 

 

 

1,325

 

Total property and equipment

 

 

142,942

 

 

 

139,320

 

Less: accumulated depreciation and amortization(1)

 

 

(91,471

)

 

 

(87,394

)

Property and equipment, net

 

$

51,471

 

 

$

51,926

 
(1)
Includes $14.2 million and $11.3 million as of March 31, 2026 and December 31, 2025, respectively, of accumulated amortization associated with capitalized internal-use software.

The following table summarizes the capitalization and amortization of internal-use software for the three months ended March 31, 2026 and 2025 (in thousands):

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Costs capitalized associated with internal-use software

 

$

3,791

 

 

$

3,444

 

Amortization of capitalized internal-use software

 

 

2,834

 

 

 

1,348

 

 

Accrued liabilities consisted of the following (in thousands):

 

 

 

March 31, 2026

 

 

December 31, 2025

 

Employee compensation and benefits

 

$

25,831

 

 

$

38,125

 

Accrued expenses

 

 

16,313

 

 

 

15,718

 

Accrued income taxes

 

 

15,691

 

 

 

5,913

 

Current portion of operating lease liabilities

 

 

8,063

 

 

 

8,858

 

Accrued royalties to third-parties

 

 

4,496

 

 

 

3,300

 

Accrued rebates and other payments to customers

 

 

3,756

 

 

 

3,914

 

Accrued revenue share

 

 

3,545

 

 

 

4,186

 

Accrued other taxes

 

 

2,575

 

 

 

1,889

 

Derivative liability associated with foreign exchange contracts

 

 

2,085

 

 

 

257

 

Total

 

$

82,355

 

 

$

82,160

 
v3.26.1
Financial Instruments
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Financial Instruments

NOTE 4 – FINANCIAL INSTRUMENTS

Non-marketable Equity Securities

As of March 31, 2026 and December 31, 2025, other noncurrent assets included equity securities accounted for under the equity method with a carrying amount of $4.5 million and $4.7 million, respectively. No impairments to the carrying amount of the Company’s non-marketable equity securities were recognized in the three months ended March 31, 2026 and 2025.

Derivative Instruments

The Company uses a foreign exchange hedging strategy to hedge local currency expenses and reduce variability associated with anticipated cash flows. The Company’s derivative financial instruments consist of foreign currency forward contracts. These contracts have maturities that are generally twelve months or less. Fair values for derivative financial instruments are based on prices computed using third-party valuation models. All the significant inputs to the third-party valuation models are observable in active markets. Inputs include current market-based parameters such as forward rates, yield curves and credit default swap pricing.

Cash Flow Hedges

The Company designates its foreign currency forward contracts as cash flow hedges. The effective portion of the gain or loss on the derivatives are reported as a component of accumulated other comprehensive loss (“AOCL”) in stockholders’ equity and reclassified into net loss on the condensed consolidated statements of operations (unaudited) in the period the hedged transactions are settled.

The notional and fair values of all derivative financial instruments were as follows (in thousands):

 

Location in Balance Sheet

 

March 31, 2026

 

 

December 31, 2025

 

Derivative instruments designated as cash flow hedges:

 

 

 

 

 

 

 

Fair value—foreign exchange contract liabilities, net amount

Accrued liabilities

 

$

2,085

 

 

$

257

 

 

 

 

 

 

 

 

 

Notional value held to buy U.S. dollars in exchange for other currencies

 

 

$

4,120

 

 

$

8,196

 

Notional value held to sell U.S. dollars in exchange for other currencies

 

 

$

60,878

 

 

$

66,476

 

All of the Company’s derivative financial instruments are eligible for netting arrangements that allow the Company and its counterparty to net settle amounts owed to each other. Derivative assets and liabilities that can be net settled under these arrangements have been presented in the Company's condensed consolidated balance sheets on a net basis.

The gross amounts of the Company’s foreign currency forward contracts and the net amounts recorded in the Company’s condensed consolidated balance sheets were as follows (in thousands):

 

 

March 31, 2026

 

 

December 31, 2025

 

Gross amount of recognized assets

 

$

146

 

 

$

1,009

 

Gross amount of recognized liabilities

 

 

(2,231

)

 

 

(1,266

)

Net derivative liabilities

 

$

(2,085

)

 

$

(257

)

The changes in AOCL related to the cash flow hedges consisted of the following (in thousands):

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Beginning balance

 

$

(257

)

 

$

(1,858

)

Other comprehensive (loss) income before reclassification

 

 

(1,836

)

 

 

1,577

 

Amounts reclassified from accumulated other comprehensive loss (income) into net loss

 

 

8

 

 

 

581

 

Net current period other comprehensive (loss) income

 

 

(1,828

)

 

 

2,158

 

Ending balance

 

$

(2,085

)

 

$

300

 

The following table summarizes the gains (losses) recognized upon settlement of the hedged transactions in the condensed consolidated statements of operations for the three months ended March 31, 2026 and 2025 (in thousands):

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Research and development

 

$

41

 

 

$

(259

)

Selling, general and administrative

 

 

(49

)

 

 

(106

)

Total

 

$

(8

)

 

$

(365

)
v3.26.1
Fair Value
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value

NOTE 5 – FAIR VALUE

The Company carries its financial instruments at fair value using an established fair value hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value, with the exception of its note receivable, deferred consideration from divestitures, and long-term debt.

There are three levels of inputs used in the fair value hierarchy as follows:

Level 1

Quoted prices in active markets for identical assets.

 

 

Level 2

Observable market-based inputs or unobservable inputs that are corroborated by market data.

 

 

Level 3

Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

The Company’s derivative financial instruments (as described in Note 4—Financial Instruments), consisting of foreign currency forward contracts, are reported at fair value on a recurring basis and classified as Level 2.

Financial Instruments Not Recorded at Fair Value

The following table presents the Company’s financial assets and liabilities recorded at their carrying amount, but for which the fair value is disclosed (in thousands):

 

 

March 31, 2026

 

 

December 31, 2025

 

 

 

Carrying
Amount

 

 

Estimated
Fair Value

 

 

Carrying
Amount

 

 

Estimated
Fair Value

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Note receivable, noncurrent

 

$

32,474

 

 

$

33,287

 

 

$

31,928

 

 

$

33,112

 

Deferred consideration from divestitures (1)

 

 

20,350

 

 

 

23,150

 

 

 

19,895

 

 

 

23,218

 

Total assets

 

$

52,824

 

 

$

56,437

 

 

$

51,823

 

 

$

56,330

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

AR Facility

 

$

40,000

 

 

$

40,000

 

 

$

40,000

 

 

$

40,000

 
(1)
Includes $12.0 million and $11.9 million as of March 31, 2026 and December 31, 2025, respectively, of the net carrying amount of the holdback consideration from the Perceive Transaction (as described in Note 6—Divestitures), which approximates its associated fair value and is classified as current in the consolidated balance sheets.

The fair value of the note receivable, including accrued interest, and the deferred consideration resulting from the AutoSense Divestiture and the Perceive Transaction were estimated based on an income and market approach with valuation inputs such as the U.S. Treasury constant maturity yields, comparable bond yields, and credit spreads over the term of the same or similarly issued instruments. They are classified within Level 2 of the fair value hierarchy.

The Company’s long-term debt includes the AR Facility (as defined in Note 8—Debt and Receivables Securitization) with a floating interest rate based on market conditions, whose carrying amount approximates its fair value. Long-term debt is classified within Level 2 of the fair value hierarchy.

v3.26.1
Divestitures
 3 Months Ended
Mar. 31, 2026
Discontinued Operations and Disposal Groups [Abstract]  
Divestitures

NOTE 6 – DIVESTITURES

Perceive Corporation

In August 2024, the Company and one of its former subsidiaries, Perceive (“Seller”), of which the Company owned approximately 76.4% of the equity interests, entered into an Asset Purchase Agreement (the “Agreement”) with Amazon.com Services LLC (“Buyer”) pursuant to which Buyer agreed to purchase and assume from Seller substantially all the assets and certain liabilities of Seller for $80.0 million in cash, including a holdback of $12.0 million to be held for 18 months after the closing of the transaction to secure the Company’s and Seller’s indemnification obligations (the “Perceive Transaction”). The Perceive Transaction was subsequently completed in October 2024.

The Perceive Transaction did not represent a strategic shift that would have a major effect on the Company’s consolidated results of operations, and therefore, its results of operations were not reported as discontinued operations.

Holdback Consideration

Upon completion of the Perceive Transaction, the holdback consideration of $12.0 million was estimated to have a then present value of $11.3 million, resulting in a discount of $0.7 million. For the three months ended March 31, 2026 and 2025, the amount of discount accreted as interest income was immaterial.

The net carrying amount of the holdback consideration is as follows (in thousands):

 

 

March 31, 2026

 

 

December 31, 2025

 

Holdback consideration

 

$

12,000

 

 

$

12,000

 

Less: unamortized discount on holdback consideration

 

 

(1

)

 

 

(120

)

Net carrying amount

 

$

11,999

 

 

$

11,880

 

 

AutoSense In-cabin Safety Business and Related Imaging Solutions

In January 2024, the AutoSense Divestiture was completed for total consideration of $44.3 million, comprised of $10.8 million of cash, a note receivable from Tobii (the “Tobii Note”) of $27.7 million, and deferred consideration (as described under Deferred Consideration below) totaling $15.0 million, which was estimated to have a fair value of $5.8 million based on a present value factor as of January 31, 2024. In addition, there may be potential earnout payments (as described under Contingent Consideration below) payable in 2031, contingent upon the future success of the divested AutoSense in-cabin safety business.

In connection with the AutoSense Divestiture, the Company also recorded a liability of $7.1 million for potential indemnification of certain pre-closing date matters.

Note Receivable from Tobii AB

The Tobii Note, with a fixed interest rate of 8% per annum, matures on April 1, 2029 and is payable in three annual installments. Tobii may, at any time and on any one or more occasions, prepay all or any portion of the outstanding principal amount, along with accrued interest, without any penalty. In the event of default, an additional interest of 2% per annum may be applied to the outstanding balance of the Tobii Note, and the Company has the right to demand full or partial payment on the outstanding balance with unpaid interest.

The Tobii Note is secured by a floating lien and security interest in certain of Tobii’s assets, rights, and properties, and contains customary affirmative and negative covenants including the restrictions on incurring certain indebtedness, and certain change of control and asset sale events, but does not include any financial covenants.

The Tobii Note has the following scheduled principal repayments (in thousands):

Date of Principal Payment:

 

Amount

 

April 1, 2027

 

$

10,000

 

April 1, 2028

 

 

10,000

 

April 1, 2029

 

 

7,676

 

Total principal payments

 

$

27,676

 

The Company elected to present accrued interest within the carrying amount of note receivable, noncurrent, in the condensed consolidated balance sheets. The carrying amount of the Tobii Note is as follows (in thousands):

 

 

March 31, 2026

 

 

December 31, 2025

 

Outstanding principal amount

 

$

27,676

 

 

$

27,676

 

Add: interest accrued to date

 

 

4,798

 

 

 

4,252

 

Carrying amount—note receivable, noncurrent

 

$

32,474

 

 

$

31,928

 

For the three months ended March 31, 2026 and 2025, the Company recognized interest income of $0.5 million and $0.6 million, respectively.

Deferred Consideration

The deferred consideration consists of guaranteed future cash payments, which are scheduled to be made by Tobii in four annual payments as follows (in thousands):

Date of Payment:

 

Amount

 

February 15, 2028

 

$

3,000

 

February 15, 2029

 

 

2,250

 

February 15, 2030

 

 

4,500

 

February 15, 2031

 

 

5,250

 

Total future payments

 

$

15,000

 

 

At the closing date of the Tobii Note, there was $9.2 million of discount on the deferred consideration to be accreted as interest income up to the date of the final payment. For each of the three months ended March 31, 2026 and 2025, the Company accreted $0.3 million of the discount as interest income.

The net carrying amount of the deferred consideration is as follows (in thousands):

 

 

March 31, 2026

 

 

December 31, 2025

 

Total deferred consideration

 

$

15,000

 

 

$

15,000

 

Less: unamortized discount on deferred consideration

 

 

(6,649

)

 

 

(6,985

)

Net carrying amount

 

$

8,351

 

 

$

8,015

 

Contingent Consideration

The earnout represents potential incremental cash consideration, and the payment is contingent upon the achievement of certain targeted shipments, between January 1, 2024 and December 31, 2030, of qualified automotive products featuring the AutoSense in-cabin safety technology and the related imaging solutions.

At the closing date of the AutoSense Divestiture, the Company elected to apply the gain contingency guidance under Accounting Standards Codification No. 450—Contingencies, as it could not reasonably estimate shipment amounts. As a result, the Company deferred the recognition of the contingent consideration until it becomes realized or realizable.
v3.26.1
Intangible Assets, Net
 3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, Net

NOTE 7 – INTANGIBLE ASSETS, NET

Identified intangible assets consisted of the following (in thousands):

 

 

March 31, 2026

 

 

 

Weighted-Average Remaining Useful Life
(in years)

 

 

Gross Amount

 

 

Accumulated
Amortization

 

 

Net Carrying Value

 

Finite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

Acquired patents

 

 

4.0

 

 

$

17,280

 

 

$

(8,446

)

 

$

8,834

 

Existing technology / content database

 

 

3.2

 

 

 

219,919

 

 

 

(203,636

)

 

 

16,283

 

Customer contracts and related relationships

 

 

3.1

 

 

 

493,685

 

 

 

(419,571

)

 

 

74,114

 

Trademarks/trade name

 

 

1.2

 

 

 

39,313

 

 

 

(39,106

)

 

 

207

 

Non-compete agreements

 

 

 

 

 

3,101

 

 

 

(3,101

)

 

 

—

 

Total finite-lived intangible assets

 

 

 

 

 

773,298

 

 

 

(673,860

)

 

 

99,438

 

Indefinite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

TiVo tradename/trademarks

 

N/A

 

 

 

21,400

 

 

 

—

 

 

 

21,400

 

Total intangible assets

 

 

 

 

$

794,698

 

 

$

(673,860

)

 

$

120,838

 

 

 

 

 

 

December 31, 2025

 

 

 

Weighted-Average Remaining Useful Life
(in years)

 

 

Gross Amount

 

 

Accumulated
Amortization

 

 

Net Carrying Value

 

Finite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

Acquired patents

 

 

4.2

 

 

$

17,281

 

 

$

(7,896

)

 

$

9,385

 

Existing technology / content database

 

 

3.4

 

 

 

219,919

 

 

 

(202,295

)

 

 

17,624

 

Customer contracts and related relationships

 

 

3.4

 

 

 

493,685

 

 

 

(413,461

)

 

 

80,224

 

Trademarks/trade name

 

 

1.5

 

 

 

39,313

 

 

 

(39,064

)

 

 

249

 

Non-compete agreements

 

 

 

 

 

3,101

 

 

 

(3,101

)

 

 

—

 

Total finite-lived intangible assets

 

 

 

 

 

773,299

 

 

 

(665,817

)

 

 

107,482

 

Indefinite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

TiVo tradename/trademarks

 

N/A

 

 

 

21,400

 

 

 

—

 

 

 

21,400

 

Total intangible assets

 

 

 

 

$

794,699

 

 

$

(665,817

)

 

$

128,882

 

As of March 31, 2026, the estimated future amortization expense of total finite-lived intangible assets was as follows (in thousands):

 

Year Ending December 31:

 

Amounts

 

2026 (remaining 9 months)

 

$

23,694

 

2027

 

 

30,895

 

2028

 

 

30,004

 

2029

 

 

14,207

 

2030

 

 

584

 

Thereafter

 

 

54

 

Total future amortization

 

$

99,438

 
v3.26.1
Debt and Receivables Securitization
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt and Receivables Securitization

NOTE 8 – DEBT AND RECEIVABLES SECURITIZATION

PNC AR Facility

In February 2025, the Company borrowed $40.0 million under an accounts receivable securitization program (the “AR Facility”) established with PNC Bank (“PNC”). Under the AR Facility, which matures on February 21, 2028, certain of the Company’s wholly-owned subsidiaries (collectively, the “Originators”) periodically transfer and sell their trade receivables such as accounts receivable and unbilled contracts receivable, along with all related rights to Xperi SPV LLC (“Xperi SPV”), the Company’s special purpose subsidiary, while the Company manages the associated collection and administrative responsibilities. In turn, Xperi SPV may borrow funds from PNC from time to time, secured by liens on the trade receivables.

The maximum amount potentially available to borrow, based on the eligibility of the trade receivables, is $55.0 million. Interest on the outstanding balance is accrued at the sum of the (i) monthly Term SOFR Rate (as defined in the RFA) and (ii) 1.90%. Additional interest of 0.50% is accrued on the unused borrowing limit. Interest is payable on a monthly basis.

The Company accounted for the $40.0 million borrowed under the AR Facility as a secured borrowing. As of March 31, 2026, trade receivables totaling $120.6 million were included in the balance sheet of Xperi SPV and pledged as collateral against the borrowing.

The Company capitalized fees incurred to establish the securitization program of $1.2 million, which are amortized on a straight-line basis over the commitment term of three years. Fees amortized were immaterial for the three months ended March 31, 2026 and 2025, and recognized under “interest expense—debt” in the condensed consolidated statements of operations.

The AR Facility contains customary covenants included in debt arrangements, and certain liquidity and related covenants involving various types of financial performance measures. If, at any time, the aggregate outstanding principal exceeds the

eligibility limit of the receivables, the Company is required to repay the excess amount borrowed immediately. The Company was in compliance with all covenants as of March 31, 2026.

Refer to Note 9—Debt and Receivables Securitization in the notes to the consolidated financial statements in the Form 10-K for further information related to the AR Facility.

Vewd Promissory Note

In connection with the acquisition of Vewd Software Holdings Limited (“Vewd”) on July 1, 2022, the Company issued a senior unsecured promissory note (the “Promissory Note”), scheduled to mature on July 1, 2025, to the sellers of Vewd in a principal amount of $50.0 million. Indebtedness outstanding under the Promissory Note bore an interest rate of 6.00% per annum, payable in cash on a quarterly basis. In February 2025, the Company repaid the full outstanding principal along with accrued interest, with $40.0 million in loan proceeds from the AR Facility with PNC (as described above) and the remainder with cash on hand.

Total interest expense for debt was $0.7 million for each of the three months ended March 31, 2026 and 2025.
v3.26.1
Net Loss Per Share
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Net Loss Per Share

NOTE 9 – NET LOSS PER SHARE

The following table sets forth the computation of basic and diluted net loss per share (in thousands, except per share amounts):

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Numerator:

 

 

 

 

 

 

Net loss - basic and diluted

 

$

(7,826

)

 

$

(18,366

)

Denominator:

 

 

 

 

 

 

Weighted-average number of shares used in computing net loss per share - basic and diluted

 

 

47,352

 

 

 

44,773

 

Net loss per share - basic and diluted

 

$

(0.17

)

 

$

(0.41

)

The following potentially dilutive shares were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented (in thousands):

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Restricted stock units

 

 

7,333

 

 

 

7,982

 

ESPP

 

 

304

 

 

 

301

 

Total

 

 

7,637

 

 

 

8,283

 
v3.26.1
Stockholders' Equity And Stock-Based Compensation
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Stockholders' Equity And Stock-Based Compensation

NOTE 10 – STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION

Equity Incentive Plans

In October 2022, the Company adopted the Xperi Inc. 2022 Equity Incentive Plan (the “2022 EIP”), which allows the Company to grant equity-based awards to employees, non-employee directors, and consultants for services rendered to the Company. These awards are typically in the form of stock options, restricted stock units (“RSUs”), and performance-based awards.

As of March 31, 2026, there were 5.8 million shares reserved for future grants under the 2022 EIP.

Stock Options

The Company has not granted additional stock options since October 2022. All outstanding stock options were fully vested and exercisable as of March 31, 2026, and were immaterial for financial statement disclosure purposes.

Restricted Stock Units

RSUs are granted at fair market value on the date of grant and typically have a time-based service condition with a vesting period of three or four years. RSUs also include performance-based awards (“PSUs”), which consist of both service and performance conditions and vest typically over three years.

RSU activity for the three months ended March 31, 2026 is as follows (in thousands, except per share amounts):

 

 

 

Number of
Shares
Subject to
Time-
based Vesting

 

 

Number of
Shares
Subject to
Performance-
based Vesting

 

 

Total
Number of
Shares

 

 

Weighted
Average
Grant Date
Fair Value
Per Share

 

Balance at December 31, 2025

 

 

4,619

 

 

 

2,031

 

 

 

6,650

 

 

$

10.50

 

Granted

 

 

2,284

 

 

 

1,040

 

 

 

3,324

 

 

$

6.17

 

Vested / released

 

 

(1,858

)

 

 

—

 

 

 

(1,858

)

 

$

10.94

 

Canceled / forfeited

 

 

(105

)

 

 

(678

)

 

 

(783

)

 

$

13.06

 

Balance at March 31, 2026

 

 

4,940

 

 

 

2,393

 

 

 

7,333

 

 

$

8.15

 

Performance-Based Awards

From time to time, the Company may grant PSUs to senior executives, certain employees, and consultants. PSUs usually have a service condition, combined with either a performance or market condition. The performance condition is generally linked to one or more performance metrics of the Company, while the market condition is usually based on the achievement of specified stock price targets over a performance period determined by the Company, with the potential payout ranging from zero to 200% of the number of shares granted. For PSUs subject to a market condition, the fair value per award is fixed at the grant date and the amount of compensation expense is not adjusted during the performance period regardless of changes in the level of achievement of the market condition.

For PSUs granted during the period with a market condition, the Company determined the fair value on the date of grant by using a Monte Carlo simulation on the date of grant with the following assumptions:

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Expected life (years)

 

 

3.0

 

 

 

3.0

 

Risk-free interest rate

 

 

3.4

%

 

 

3.9

%

Dividend yield

 

 

0.0

%

 

 

0.0

%

Expected volatility

 

 

44.5

%

 

 

46.2

%

Employee Stock Purchase Plans

In October 2022, the Company adopted the Xperi Inc. 2022 Employee Stock Purchase Plan (as amended in December 2023, the “2022 ESPP”). The 2022 ESPP provides an offering period of 12 months, commencing on each December 1 and June 1 during each period. Additionally, it includes a reset provision which is triggered if the fair market value per share of the Company’s common stock on any purchase date during an offering period is less than the fair market value per share on the start date of any 12-month offering period. Upon occurrence of the reset, the existing offering period will automatically terminate and a new 12-month offering period will begin on the next business day.

As of March 31, 2026, there were 1.5 million shares reserved for future issuance under the 2022 ESPP.

Stock-Based Compensation

Total stock-based compensation expense for the three months ended March 31, 2026 and 2025 is as follows (in thousands):

 

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Cost of revenue, excluding depreciation and amortization of intangible assets

 

$

656

 

 

$

1,044

 

Research and development

 

 

2,263

 

 

 

4,423

 

Selling, general and administrative

 

 

4,917

 

 

 

6,635

 

Total stock-based compensation expense

 

$

7,836

 

 

$

12,102

 

Stock-based compensation expense categorized by award type for the three months ended March 31, 2026 and 2025 is summarized in the table below (in thousands):

 

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

RSUs

 

$

6,099

 

 

$

9,872

 

PSUs

 

 

1,161

 

 

 

1,040

 

ESPP

 

 

576

 

 

 

1,190

 

Total stock-based compensation expense

 

$

7,836

 

 

$

12,102

 

As of March 31, 2026, unrecognized stock-based compensation expense related to unvested equity-based awards is as follows (amounts in thousands):

 

 

March 31, 2026

 

 

 

Unrecognized Stock-Based Compensation

 

 

Weighted-Average Period to Recognize Expense
(in years)

 

RSUs

 

$

28,918

 

 

 

2.3

 

PSUs

 

 

11,670

 

 

 

2.1

 

ESPP

 

 

1,264

 

 

 

0.4

 

Total unrecognized stock-based compensation expense

 

$

41,852

 

 

 

 
v3.26.1
Income Taxes
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes

NOTE 11 – INCOME TAXES

For the three months ended March 31, 2026, the Company recorded an income tax expense of $10.1 million on a pretax income of $2.3 million, which resulted in an effective tax rate of 441.4%. The income tax expense for the three months ended March 31, 2026 was primarily related to foreign withholding taxes and foreign income taxes.

For the three months ended March 31, 2025, the Company recorded an income tax expense of $3.5 million on a pretax loss of $14.9 million, which resulted in an effective tax rate of (23.5)%. The income tax expense for the three months ended March 31, 2025 was primarily related to foreign withholding taxes and foreign income taxes.

As of March 31, 2026, gross unrecognized tax benefits of $15.5 million did not materially change as compared to December 31, 2025. Of the $15.5 million gross unrecognized tax benefits, $1.1 million would affect the effective tax rate, if recognized. The Company is unable to reasonably estimate the timing of the long-term payments or the amount by which the liability will increase or decrease.

It is the Company’s policy to classify accrued interest and penalties related to unrecognized tax benefits in the provision for income taxes. Recognition of interest and penalties related to unrecognized tax benefits was immaterial for the three months ended March 31, 2026 and 2025. As of March 31, 2026, accrued interest and penalties remained at $0.3 million as compared to December 31, 2025.

As of March 31, 2026, the Company’s 2021 through 2026 tax years are generally open and subject to potential examination in one or more jurisdictions. In addition, in the United States, any net operating losses or credits that were generated in prior years but not yet fully utilized in a year that is closed under the statute of limitations may also be subject to examination.

v3.26.1
Leases
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Leases

NOTE 12 – LEASES

The Company leases office and research facilities, data centers and office equipment under operating leases with various expiration dates through 2032. Certain leases offer the option to renew and to terminate before the expiration date. Leases with an initial term of 12 months or less are not recognized on the balance sheets; expense for these leases is recognized on a straight-line basis over the lease term. Variable lease payments are expensed as incurred and are not considered when evaluating the operating lease right-of-use (“ROU”) assets and lease liabilities.

The Company subleases certain real estate to third parties. The sublease portfolio consists of operating leases for previously exited office space. Certain subleases include variable payments for operating costs. The subleases are generally co-terminus with the head lease, or shorter. Subleases generally do not include any residual value guarantees or restrictions or covenants imposed by the leases. Income from subleases is recognized as a reduction to selling, general and administrative expenses.

The components of operating lease costs were as follows (in thousands):

 

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Fixed lease cost (1)

 

$

3,383

 

 

$

4,170

 

Variable lease cost

 

 

862

 

 

 

1,172

 

Less: sublease income

 

 

(1,130

)

 

 

(2,120

)

Total operating lease cost

 

$

3,115

 

 

$

3,222

 

 

(1)
Includes short-term leases expensed on a straight-line basis.

The following table presents supplemental cash flow information arising from lease transactions (in thousands):

 

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Cash payments included in the measurement of operating lease liabilities

 

$

2,905

 

 

$

4,419

 

ROU assets obtained in exchange for lease obligations

 

$

—

 

 

$

6,824

 

 

The weighted-average remaining term of the Company’s operating leases and the weighted-average discount rate used to measure the present value of the operating lease liabilities are as follows:

 

 

 

March 31, 2026

 

 

December 31, 2025

 

Weighted-average remaining lease term (in years)

 

 

4.3

 

 

 

4.4

 

Weighted-average discount rate

 

 

6.9

%

 

 

6.9

%

 

Future minimum lease payments and related lease liabilities as of March 31, 2026 were as follows (in thousands):

 

Year Ending December 31:

 

Operating Lease Payments (1)

 

 

Sublease Income

 

 

Net Operating Lease Payments

 

2026 (remaining 9 months)

 

$

7,457

 

 

$

(411

)

 

$

7,046

 

2027

 

 

8,591

 

 

 

(368

)

 

 

8,223

 

2028

 

 

5,981

 

 

 

(379

)

 

 

5,602

 

2029

 

 

3,906

 

 

 

(291

)

 

 

3,615

 

2030

 

 

2,404

 

 

 

—

 

 

 

2,404

 

Thereafter

 

 

3,879

 

 

 

—

 

 

 

3,879

 

Total lease payments

 

 

32,218

 

 

$

(1,449

)

 

$

30,769

 

Less: imputed interest

 

 

(4,569

)

 

 

 

 

 

 

Present value of operating lease liabilities

 

$

27,649

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: operating lease liabilities, current portion

 

 

(8,063

)

 

 

 

 

 

 

Noncurrent operating lease liabilities

 

$

19,586

 

 

 

 

 

 

 

(1) Future minimum lease payments exclude short-term leases as well as payments to landlords for variable common area maintenance, insurance, and real estate taxes.
v3.26.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

NOTE 13 – COMMITMENTS AND CONTINGENCIES

 

Purchase and Other Contractual Obligations

 

In the ordinary course of business, the Company enters into contractual agreements with third parties that include non-cancelable payment obligations, for which it is liable in future periods. These arrangements primarily include unconditional purchase obligations to service providers. As of March 31, 2026, the Company’s total future unconditional purchase obligations were approximately $108.8 million.

Indemnifications

In the normal course of business, the Company provides indemnifications of varying scopes and amounts to certain of its licensees, customers, and business partners against claims made by third parties arising from the use of the Company's products, intellectual property, services or technologies. The Company cannot reasonably estimate the possible range of losses that may be incurred pursuant to its indemnification obligations, if any. Variables affecting any such assessment include, but are not limited to: the scope of the contractual indemnification obligation; the nature of the third party claim asserted; the relative merits of the third party claim; the financial ability of the third party claimant to engage in protracted litigation; the number of parties seeking indemnification; the nature and amount of damages claimed by the party suing the indemnified party; and the willingness of such party to engage in settlement negotiations. The Company has received requests for indemnification, but to date none has been material and no liability has been recorded in the Company’s financial statements.

As permitted under Delaware law, the Company has agreements whereby it indemnifies its officers and directors for certain events or occurrences while the officer or director is, or was, serving at the Company’s request in such capacity. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited; however, the Company believes, given the absence of any such payments in the Company’s history, and the estimated low probability of such payments in the future, that the estimated fair value of these indemnification agreements is not material. In addition, the Company has directors’ and officers’ liability insurance coverage that is intended to reduce its financial exposure and may enable the Company to recover any payments under the indemnification agreements from its insurers, should they occur.

Contingencies

The Company and its subsidiaries have been involved in litigation matters and claims in the normal course of business. In the past, the Company or its subsidiaries have litigated to enforce their respective patents and other intellectual property rights, to enforce the terms of license agreements, to determine infringement or validity of intellectual property rights, and to defend themselves or their customers against claims of infringement or breach of contract. The Company expects it or its subsidiaries may be involved in similar legal proceedings in the future, including proceedings to ensure proper and full payment of royalties

by licensees under the terms of their license agreements. Accruals for loss contingencies are recognized when a loss is probable, and the amount of such loss can be reasonably estimated.

An adverse decision in any legal actions could result in a loss of the Company’s proprietary rights, subject the Company to significant liabilities, require the Company to seek licenses from others, limit the value of the Company’s licensed technology or otherwise negatively impact the Company’s stock price or its business and consolidated financial results. Although considerable uncertainty exists, the Company does not anticipate that the disposition of any of these matters will have a material effect on its business or consolidated financial statements.
v3.26.1
Restructuring
 3 Months Ended
Mar. 31, 2026
Restructuring and Related Activities [Abstract]  
Restructuring

NOTE 14 - RESTRUCTURING

In November 2025, the Company approved a restructuring plan to improve cost efficiency and better align the operating structure with its long-term strategies and current market conditions. The plan involved reducing the Company’s global workforce by approximately 250 employees and impacted all business and functional areas.

As a result of the workforce reduction, the Company recognized restructuring charges totaling $13.9 million for the year ended December 31, 2025, primarily consisting of one-time employee termination benefits such as severance and related payroll taxes, post-termination medical benefits, and other related costs. The plan is expected to be substantially completed by the end of the first half of 2026.

The following table shows the amount of restructuring charges incurred and paid during the three months ended March 31, 2026 (in thousands):

 

 

Amounts

 

Accrued restructuring charges at December 31, 2025

 

$

8,736

 

Restructuring charges incurred during the period

 

 

306

 

Amounts paid during the period

 

 

(8,030

)

Accrued restructuring charges at March 31, 2026

 

$

1,012

 
v3.26.1
Segment Related Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Related Information

NOTE 15 - SEGMENT RELATED INFORMATION

Xperi is a leading media and entertainment technology company and operates as a single operating and reportable segment. The Company’s Chief Executive Officer has been determined to be the chief operating decision maker (“CODM”) in accordance with the authoritative guidance on segment reporting. The accounting policies of the segment are the same as those described in the summary of significant accounting policies. The CODM assesses performance and decides how to allocate resources based on net income (loss) that also is reported on the statements of operations as consolidated net income (loss). The measure of segment assets is reported on the balance sheet as total consolidated assets.

The following table presents information about reported segment revenue, significant segment expenses, and segment net loss for the three months ended March 31, 2026 and 2025 (in thousands):

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Revenue

 

$

114,206

 

 

$

114,033

 

Less:

 

 

 

 

 

 

Cost of revenue, excluding depreciation and amortization of intangible assets (1)

 

 

30,880

 

 

 

29,599

 

Research and development (1)

 

 

27,083

 

 

 

39,549

 

Selling, general and administrative (1)

 

 

41,787

 

 

 

48,698

 

Depreciation expense

 

 

4,261

 

 

 

2,905

 

Amortization expense

 

 

8,044

 

 

 

9,722

 

Interest and other income, net

 

 

(819

)

 

 

(2,295

)

Interest expense—debt

 

 

678

 

 

 

732

 

Provision for income taxes

 

 

10,118

 

 

 

3,489

 

Consolidated net loss

 

$

(7,826

)

 

$

(18,366

)

 

(1)
Includes total salaries, bonuses, and employee benefits of $55.4 million and $68.5 million for the three months ended March 31, 2026 and 2025, respectively.
v3.26.1
Description of Business and Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Basis of Presentation and Principles of Consolidation

Basis of Presentation and Principles of Consolidation

The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). The Company’s financial statements were prepared on a consolidated basis and include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
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 amounts reported in the consolidated financial statements and accompanying notes. The accounting estimates and assumptions that require management’s most significant, challenging, and subjective judgment include the estimation of licensees’ quarterly royalties prior to receiving the royalty reports, the determination of stand-alone selling price and the transaction price in an arrangement with multiple performance obligations, the fair value of note receivable and deferred consideration in connection with the AutoSense in-cabin safety business and related imaging solutions (the “AutoSense Divestiture”), the assessment of useful lives and recoverability of other intangible assets and long-lived assets, recognition and measurement of current and deferred income tax assets and liabilities, the assessment of unrecognized tax benefits, and valuation of performance-based awards with a market condition. Actual results experienced by the Company may differ from management’s estimates.
Concentration of Credit and Other Risks

Concentration of Credit and Other Risks

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents, accounts receivable, unbilled contracts receivable, a note receivable and deferred consideration from divestitures. The Company maintains cash and cash equivalents with large financial institutions, and at times, the deposits may exceed the federally insured limits. As part of its risk management processes, the Company performs periodic evaluations of the relative credit standing of these financial institutions. The Company has not sustained material credit losses from

instruments held at these financial institutions. In addition, the Company has cash and cash equivalents held in international bank accounts that are denominated in various foreign currencies and has established risk management strategies designed to minimize the impact of certain currency exchange rate fluctuations.

The Company believes that any concentration of credit risk in its accounts receivable and unbilled contracts receivable is substantially mitigated by its evaluation process and the high level of creditworthiness of its customers. The Company performs ongoing credit evaluations of its customers’ financial condition and limits the amount of credit extended when deemed necessary, but generally requires no collateral.

One customer accounted for 10% or more of total revenue for the three months ended March 31, 2026, whereas no customer accounted for 10% or more of total revenue for the three months ended March 31, 2025. As of March 31, 2026, no customer represented 10% or more of the Company’s net balance of accounts receivable, and one customer exceeded 10% of the Company’s combined net balance of current and noncurrent unbilled contracts receivable. As of December 31, 2025, no customer represented 10% or more of the Company’s net balance of accounts receivable, and two customers exceeded 10% of the Company’s combined net balance of current and noncurrent unbilled contracts receivable.

As part of the consideration for the AutoSense Divestiture, the Company received a note receivable and deferred consideration from Tobii AB (“Tobii”). Both of these instruments are exposed to credit risk arising from default on repayment from Tobii. The credit risk associated with the note receivable is mitigated by establishing a floating lien and security interest in certain of Tobii’s assets, rights, and properties, whereas the deferred consideration is not secured by any collateral. The Company utilizes valuation methodologies such as internally generated cash flow projections on the principal and interest of each instrument, along with the review of certain other data points, to determine the likelihood that the note receivable or deferred consideration will be repaid. Further, the Company assesses each instrument for credit losses and provides a reserve if full payment on the instruments may not occur as expected, in which case the reserve reflects the excess of the amortized cost basis over the results of the cash flow projections. The Company expects Tobii to make full payment on both instruments in accordance with the underlying agreement. Accordingly, no allowance for credit losses was recorded as of March 31, 2026 and December 31, 2025.
Recent Accounting Pronouncements

Recent Accounting Pronouncements

The following are Accounting Standards Update (“ASU”) issued by the Financial Accounting Standards Board (“FASB”) that are relevant to the Company’s consolidated financial statements and related disclosures.

Accounting Standard Adopted

In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The updated guidance simplifies the methodology of estimating expected credit losses for outstanding trade and other related receivables arising from revenue transactions by no longer requiring forecasted information to be considered, but only historical and current economic conditions pertaining to the collectibility of such receivables, if elected as a practical expedient upon adoption. The Company adopted this guidance in the first quarter of 2026 on a prospective basis and elected the practical expedient. The impact upon adoption was not material to its consolidated financial statements.

Accounting Standards Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The standard requires that public business entities disclose additional information about specific expense categories in the notes to financial statements for interim and annual reporting periods. The standard will become effective for the Company’s 2027 annual financial statements and interim financial statements thereafter and may be applied prospectively to periods after the adoption date or retrospectively for all prior periods presented in the financial statements, with early adoption permitted. The Company is currently evaluating the impact of this guidance on the disclosures within 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. This updated guidance eliminates the consideration of software project development stages and introduces additional considerations for the existing probability threshold assessment on completing a software development project. Entities are required to assess whether significant uncertainty exists in the development activities of the software before capitalizing any software costs, and such uncertainty is considered to exist if the project involves any technological innovations with novel and unproven features or unidentified significant performance requirements. The updated guidance will become effective for the Company in the first quarter of 2028 and may be adopted on

either a prospective basis, full retrospective basis, or modified prospective basis with a cumulative-effect adjustment through retained earnings. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

Revenue Recognition

The Company derives the majority of its revenue from licensing its technologies and solutions to customers and groups its revenue into four categories: Pay-TV, Consumer Electronics (“CE”), Connected Car, and Media Platform product categories. Refer to Note 3—Revenue in the notes to the consolidated financial statements in the Form 10-K for detailed information regarding how revenue is recognized from these product categories.

Revenue from the Pay-TV category primarily includes licensing of the Company’s Pay-TV solutions, including Electronic Program Guides, TiVo video-over-broadband (“IPTV”) Solutions, Personalized Content Discovery and enriched Metadata. Revenue from the CE category primarily includes licensing of the Company’s audio technologies to CE manufacturers or their supply partners, generally in the form of royalty revenue based on units shipped or manufactured. Similar to CE, revenue from the Connected Car category primarily includes licensing of the Company’s digital radio solutions, automotive infotainment and related offerings to automotive manufacturers or their supply chain partners. Revenue from the Media Platform category primarily includes advertising, TV viewership data, metadata for ad measurement and programming analytics, and licensing of the Company’s middleware solutions.

The Company also generates non-recurring engineering (“NRE”) revenue within all of its product categories.

Revenue from each of advertising and NRE services was less than 10% of total revenue for all periods presented.
v3.26.1
Revenue (Tables)
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Revenue by Product Category and Timing of Recognition

The following table summarizes revenue by timing of recognition (in thousands):

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Recognized over time

 

$

70,556

 

 

$

79,066

 

Recognized at a point in time

 

 

43,650

 

 

 

34,967

 

Total revenue

 

$

114,206

 

 

$

114,033

 
The following table summarizes revenue by product category (in thousands):

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Pay-TV

 

$

45,975

 

 

$

49,864

 

Consumer Electronics

 

 

18,431

 

 

 

22,798

 

Connected Car

 

 

38,064

 

 

 

33,286

 

Media Platform

 

 

11,736

 

 

 

8,085

 

Total revenue

 

$

114,206

 

 

$

114,033

 

 
Schedule of Geographic Revenue Information

The following table summarizes revenue by geographic location (in thousands):

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

 

 

Amount

 

 

Percentage of Revenue

 

 

Amount

 

 

Percentage of Revenue

 

U.S. and Canada (1)

 

$

50,892

 

 

 

45

%

 

$

49,711

 

 

 

44

%

Asia Pacific

 

 

46,649

 

 

 

41

 

 

 

46,944

 

 

 

41

 

Europe, Middle East and Africa

 

 

10,128

 

 

 

9

 

 

 

10,079

 

 

 

9

 

Other

 

 

6,537

 

 

 

5

 

 

 

7,299

 

 

 

6

 

Total revenue

 

$

114,206

 

 

 

100

%

 

$

114,033

 

 

 

100

%
(1)
For the three months ended March 31, 2026 and 2025, the Company recognized $47.2 million and $45.4 million of revenue from the U.S., which represented 41% and 40% of total revenue for the respective periods.

The Company recognized a significant amount of revenue from licensees headquartered in Japan, China, and South Korea, which are within the Asia Pacific region. Revenue recognized from these countries is shown in the following table (in thousands):

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

 

 

Amount

 

 

Percentage of Revenue

 

 

Amount

 

 

Percentage of Revenue

 

Japan

 

$

30,239

 

 

 

27

%

 

$

17,789

 

 

 

16

%

China

 

 

9,767

 

 

 

9

 

 

 

14,834

 

 

 

13

 

South Korea

 

 

4,891

 

 

 

4

 

 

 

12,757

 

 

 

11

 
Schedule of Revenue Recognized in Period

The following table presents additional revenue disclosures (in thousands):

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Revenue recognized in the period from:

 

 

 

 

 

 

Amounts included in deferred revenue at the beginning of
   the period

 

$

5,803

 

 

$

8,039

 

Performance obligations satisfied in previous periods (true
   ups, recoveries, and settlements) (1)

 

$

(2,330

)

 

$

(209

)
(1)
True ups represent the differences between the Company’s quarterly estimates of per-unit royalty revenue and actual production/sales-based royalties reported by licensees in reports that are generally received in the following period and may include other changes in estimates. Recoveries represent corrections or revisions to previously reported per-unit royalties by licensees, generally resulting from the Company’s inquiries or compliance audits. Settlements represent resolutions of disputes or litigation during the period for past royalties owed.
Schedule of Remaining Performance Obligations Company’s remaining performance obligations and the period over which they are expected to be recognized were as follows (in thousands):

 

Year Ending December 31:

 

Amounts

 

2026 (remaining 9 months)

 

$

42,930

 

2027

 

 

27,092

 

2028

 

 

16,156

 

2029

 

 

10,207

 

2030

 

 

7,100

 

Thereafter

 

 

273

 

Total

 

$

103,758

 

 
Schedule of Allowance for Credit Losses

The following table presents the activity in the allowance for credit losses for the three months ended March 31, 2026 and 2025 (in thousands):

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

 

 

Accounts Receivable

 

 

Unbilled Contracts Receivable

 

 

Accounts Receivable

 

 

Unbilled Contracts Receivable

 

Beginning balance

 

$

2,848

 

 

$

1,151

 

 

$

946

 

 

$

499

 

Provision for credit losses

 

 

118

 

 

 

(280

)

 

 

202

 

 

 

(44

)

Recoveries/charge-off

 

 

(45

)

 

 

—

 

 

 

(76

)

 

 

(5

)

Ending balance

 

$

2,921

 

 

$

871

 

 

$

1,072

 

 

$

450

 

 

 

 

 

 

 

 

 

 

 

 

 

 
v3.26.1
Composition of Certain Financial Statement Captions (Tables)
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):

 

 

 

March 31, 2026

 

 

December 31, 2025

 

Prepaid expenses

 

$

16,800

 

 

$

12,874

 

Prepaid income taxes

 

 

7,956

 

 

 

7,401

 

Prepaid other taxes

 

 

2,799

 

 

 

2,791

 

Other

 

 

1,130

 

 

 

565

 

Total

 

$

28,685

 

 

$

23,631

 
Schedule of Property and Equipment, Net

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

 

 

 

March 31, 2026

 

 

December 31, 2025

 

Computer equipment and software

 

$

55,247

 

 

$

54,840

 

Capitalized internal-use software

 

 

42,490

 

 

 

38,699

 

Office equipment and furniture

 

 

10,453

 

 

 

10,470

 

Building

 

 

17,876

 

 

 

17,876

 

Land

 

 

5,300

 

 

 

5,300

 

Leasehold improvements

 

 

10,810

 

 

 

10,810

 

Construction in progress

 

 

766

 

 

 

1,325

 

Total property and equipment

 

 

142,942

 

 

 

139,320

 

Less: accumulated depreciation and amortization(1)

 

 

(91,471

)

 

 

(87,394

)

Property and equipment, net

 

$

51,471

 

 

$

51,926

 
(1)
Includes $14.2 million and $11.3 million as of March 31, 2026 and December 31, 2025, respectively, of accumulated amortization associated with capitalized internal-use software.
Schedule of Capitalization and Amortization of Internal-use Software

The following table summarizes the capitalization and amortization of internal-use software for the three months ended March 31, 2026 and 2025 (in thousands):

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Costs capitalized associated with internal-use software

 

$

3,791

 

 

$

3,444

 

Amortization of capitalized internal-use software

 

 

2,834

 

 

 

1,348

 

 
Schedule of Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):

 

 

 

March 31, 2026

 

 

December 31, 2025

 

Employee compensation and benefits

 

$

25,831

 

 

$

38,125

 

Accrued expenses

 

 

16,313

 

 

 

15,718

 

Accrued income taxes

 

 

15,691

 

 

 

5,913

 

Current portion of operating lease liabilities

 

 

8,063

 

 

 

8,858

 

Accrued royalties to third-parties

 

 

4,496

 

 

 

3,300

 

Accrued rebates and other payments to customers

 

 

3,756

 

 

 

3,914

 

Accrued revenue share

 

 

3,545

 

 

 

4,186

 

Accrued other taxes

 

 

2,575

 

 

 

1,889

 

Derivative liability associated with foreign exchange contracts

 

 

2,085

 

 

 

257

 

Total

 

$

82,355

 

 

$

82,160

 
v3.26.1
Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Notional and Fair Values of All Derivative Instruments

The notional and fair values of all derivative financial instruments were as follows (in thousands):

 

Location in Balance Sheet

 

March 31, 2026

 

 

December 31, 2025

 

Derivative instruments designated as cash flow hedges:

 

 

 

 

 

 

 

Fair value—foreign exchange contract liabilities, net amount

Accrued liabilities

 

$

2,085

 

 

$

257

 

 

 

 

 

 

 

 

 

Notional value held to buy U.S. dollars in exchange for other currencies

 

 

$

4,120

 

 

$

8,196

 

Notional value held to sell U.S. dollars in exchange for other currencies

 

 

$

60,878

 

 

$

66,476

 
Schedule of Gross Amounts of Foreign Currency Forward Contracts

The gross amounts of the Company’s foreign currency forward contracts and the net amounts recorded in the Company’s condensed consolidated balance sheets were as follows (in thousands):

 

 

March 31, 2026

 

 

December 31, 2025

 

Gross amount of recognized assets

 

$

146

 

 

$

1,009

 

Gross amount of recognized liabilities

 

 

(2,231

)

 

 

(1,266

)

Net derivative liabilities

 

$

(2,085

)

 

$

(257

)
Schedule of Accumulated Other Comprehensive Loss (AOCL)

The changes in AOCL related to the cash flow hedges consisted of the following (in thousands):

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Beginning balance

 

$

(257

)

 

$

(1,858

)

Other comprehensive (loss) income before reclassification

 

 

(1,836

)

 

 

1,577

 

Amounts reclassified from accumulated other comprehensive loss (income) into net loss

 

 

8

 

 

 

581

 

Net current period other comprehensive (loss) income

 

 

(1,828

)

 

 

2,158

 

Ending balance

 

$

(2,085

)

 

$

300

 
Summary of the Gains (Losses) Recognized upon Settlement of the Hedged Transactions

The following table summarizes the gains (losses) recognized upon settlement of the hedged transactions in the condensed consolidated statements of operations for the three months ended March 31, 2026 and 2025 (in thousands):

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Research and development

 

$

41

 

 

$

(259

)

Selling, general and administrative

 

 

(49

)

 

 

(106

)

Total

 

$

(8

)

 

$

(365

)
v3.26.1
Fair Value (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Carrying Amounts and Estimated Fair Values

The following table presents the Company’s financial assets and liabilities recorded at their carrying amount, but for which the fair value is disclosed (in thousands):

 

 

March 31, 2026

 

 

December 31, 2025

 

 

 

Carrying
Amount

 

 

Estimated
Fair Value

 

 

Carrying
Amount

 

 

Estimated
Fair Value

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Note receivable, noncurrent

 

$

32,474

 

 

$

33,287

 

 

$

31,928

 

 

$

33,112

 

Deferred consideration from divestitures (1)

 

 

20,350

 

 

 

23,150

 

 

 

19,895

 

 

 

23,218

 

Total assets

 

$

52,824

 

 

$

56,437

 

 

$

51,823

 

 

$

56,330

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

AR Facility

 

$

40,000

 

 

$

40,000

 

 

$

40,000

 

 

$

40,000

 
(1)
Includes $12.0 million and $11.9 million as of March 31, 2026 and December 31, 2025, respectively, of the net carrying amount of the holdback consideration from the Perceive Transaction (as described in Note 6—Divestitures), which approximates its associated fair value and is classified as current in the consolidated balance sheets.
v3.26.1
Divestitures (Tables)
 3 Months Ended
Mar. 31, 2026
Business Combination [Line Items]  
Schedule of Net Carrying Amount of Holdback Consideration net carrying amount of the holdback consideration is as follows (in thousands):

 

 

March 31, 2026

 

 

December 31, 2025

 

Holdback consideration

 

$

12,000

 

 

$

12,000

 

Less: unamortized discount on holdback consideration

 

 

(1

)

 

 

(120

)

Net carrying amount

 

$

11,999

 

 

$

11,880

 

 
Schedule of Carrying Amount of Note

The Company elected to present accrued interest within the carrying amount of note receivable, noncurrent, in the condensed consolidated balance sheets. The carrying amount of the Tobii Note is as follows (in thousands):

 

 

March 31, 2026

 

 

December 31, 2025

 

Outstanding principal amount

 

$

27,676

 

 

$

27,676

 

Add: interest accrued to date

 

 

4,798

 

 

 

4,252

 

Carrying amount—note receivable, noncurrent

 

$

32,474

 

 

$

31,928

 
Schedule of Deferred Cash Consideration

The deferred consideration consists of guaranteed future cash payments, which are scheduled to be made by Tobii in four annual payments as follows (in thousands):

Date of Payment:

 

Amount

 

February 15, 2028

 

$

3,000

 

February 15, 2029

 

 

2,250

 

February 15, 2030

 

 

4,500

 

February 15, 2031

 

 

5,250

 

Total future payments

 

$

15,000

 

 
Schedule of Net Carrying Amount of Deferred Consideration net carrying amount of the deferred consideration is as follows (in thousands):

 

 

March 31, 2026

 

 

December 31, 2025

 

Total deferred consideration

 

$

15,000

 

 

$

15,000

 

Less: unamortized discount on deferred consideration

 

 

(6,649

)

 

 

(6,985

)

Net carrying amount

 

$

8,351

 

 

$

8,015

 
Tobii AB  
Business Combination [Line Items]  
Schedule of Principal Payments

The Tobii Note has the following scheduled principal repayments (in thousands):

Date of Principal Payment:

 

Amount

 

April 1, 2027

 

$

10,000

 

April 1, 2028

 

 

10,000

 

April 1, 2029

 

 

7,676

 

Total principal payments

 

$

27,676

 
v3.26.1
Intangible Assets, Net (Tables)
 3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Identified Intangible Assets

Identified intangible assets consisted of the following (in thousands):

 

 

March 31, 2026

 

 

 

Weighted-Average Remaining Useful Life
(in years)

 

 

Gross Amount

 

 

Accumulated
Amortization

 

 

Net Carrying Value

 

Finite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

Acquired patents

 

 

4.0

 

 

$

17,280

 

 

$

(8,446

)

 

$

8,834

 

Existing technology / content database

 

 

3.2

 

 

 

219,919

 

 

 

(203,636

)

 

 

16,283

 

Customer contracts and related relationships

 

 

3.1

 

 

 

493,685

 

 

 

(419,571

)

 

 

74,114

 

Trademarks/trade name

 

 

1.2

 

 

 

39,313

 

 

 

(39,106

)

 

 

207

 

Non-compete agreements

 

 

 

 

 

3,101

 

 

 

(3,101

)

 

 

—

 

Total finite-lived intangible assets

 

 

 

 

 

773,298

 

 

 

(673,860

)

 

 

99,438

 

Indefinite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

TiVo tradename/trademarks

 

N/A

 

 

 

21,400

 

 

 

—

 

 

 

21,400

 

Total intangible assets

 

 

 

 

$

794,698

 

 

$

(673,860

)

 

$

120,838

 

 

 

 

 

 

December 31, 2025

 

 

 

Weighted-Average Remaining Useful Life
(in years)

 

 

Gross Amount

 

 

Accumulated
Amortization

 

 

Net Carrying Value

 

Finite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

Acquired patents

 

 

4.2

 

 

$

17,281

 

 

$

(7,896

)

 

$

9,385

 

Existing technology / content database

 

 

3.4

 

 

 

219,919

 

 

 

(202,295

)

 

 

17,624

 

Customer contracts and related relationships

 

 

3.4

 

 

 

493,685

 

 

 

(413,461

)

 

 

80,224

 

Trademarks/trade name

 

 

1.5

 

 

 

39,313

 

 

 

(39,064

)

 

 

249

 

Non-compete agreements

 

 

 

 

 

3,101

 

 

 

(3,101

)

 

 

—

 

Total finite-lived intangible assets

 

 

 

 

 

773,299

 

 

 

(665,817

)

 

 

107,482

 

Indefinite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

TiVo tradename/trademarks

 

N/A

 

 

 

21,400

 

 

 

—

 

 

 

21,400

 

Total intangible assets

 

 

 

 

$

794,699

 

 

$

(665,817

)

 

$

128,882

 
A
Estimated Future Amortization Expense

As of March 31, 2026, the estimated future amortization expense of total finite-lived intangible assets was as follows (in thousands):

 

Year Ending December 31:

 

Amounts

 

2026 (remaining 9 months)

 

$

23,694

 

2027

 

 

30,895

 

2028

 

 

30,004

 

2029

 

 

14,207

 

2030

 

 

584

 

Thereafter

 

 

54

 

Total future amortization

 

$

99,438

 
v3.26.1
Net Loss Per Share (Tables)
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Computation of Basic and Diluted Net Loss Per Share

The following table sets forth the computation of basic and diluted net loss per share (in thousands, except per share amounts):

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Numerator:

 

 

 

 

 

 

Net loss - basic and diluted

 

$

(7,826

)

 

$

(18,366

)

Denominator:

 

 

 

 

 

 

Weighted-average number of shares used in computing net loss per share - basic and diluted

 

 

47,352

 

 

 

44,773

 

Net loss per share - basic and diluted

 

$

(0.17

)

 

$

(0.41

)
Schedule of Potentially Dilutive Shares Were Excluded From Calculation of Diluted Net Loss Per Share

The following potentially dilutive shares were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented (in thousands):

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Restricted stock units

 

 

7,333

 

 

 

7,982

 

ESPP

 

 

304

 

 

 

301

 

Total

 

 

7,637

 

 

 

8,283

 
v3.26.1
Stockholders' Equity And Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2026
Summary of Restricted Stock Awards and Units

RSU activity for the three months ended March 31, 2026 is as follows (in thousands, except per share amounts):

 

 

 

Number of
Shares
Subject to
Time-
based Vesting

 

 

Number of
Shares
Subject to
Performance-
based Vesting

 

 

Total
Number of
Shares

 

 

Weighted
Average
Grant Date
Fair Value
Per Share

 

Balance at December 31, 2025

 

 

4,619

 

 

 

2,031

 

 

 

6,650

 

 

$

10.50

 

Granted

 

 

2,284

 

 

 

1,040

 

 

 

3,324

 

 

$

6.17

 

Vested / released

 

 

(1,858

)

 

 

—

 

 

 

(1,858

)

 

$

10.94

 

Canceled / forfeited

 

 

(105

)

 

 

(678

)

 

 

(783

)

 

$

13.06

 

Balance at March 31, 2026

 

 

4,940

 

 

 

2,393

 

 

 

7,333

 

 

$

8.15

 
Summary of Stock-Based Compensation Expense

Total stock-based compensation expense for the three months ended March 31, 2026 and 2025 is as follows (in thousands):

 

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Cost of revenue, excluding depreciation and amortization of intangible assets

 

$

656

 

 

$

1,044

 

Research and development

 

 

2,263

 

 

 

4,423

 

Selling, general and administrative

 

 

4,917

 

 

 

6,635

 

Total stock-based compensation expense

 

$

7,836

 

 

$

12,102

 
Stock-Based Compensation Expense Categorized by Award Type

Stock-based compensation expense categorized by award type for the three months ended March 31, 2026 and 2025 is summarized in the table below (in thousands):

 

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

RSUs

 

$

6,099

 

 

$

9,872

 

PSUs

 

 

1,161

 

 

 

1,040

 

ESPP

 

 

576

 

 

 

1,190

 

Total stock-based compensation expense

 

$

7,836

 

 

$

12,102

 
Summary of Unrecognized Stock-based Compensation Expense

As of March 31, 2026, unrecognized stock-based compensation expense related to unvested equity-based awards is as follows (amounts in thousands):

 

 

March 31, 2026

 

 

 

Unrecognized Stock-Based Compensation

 

 

Weighted-Average Period to Recognize Expense
(in years)

 

RSUs

 

$

28,918

 

 

 

2.3

 

PSUs

 

 

11,670

 

 

 

2.1

 

ESPP

 

 

1,264

 

 

 

0.4

 

Total unrecognized stock-based compensation expense

 

$

41,852

 

 

 

 
Market-Based Performance Stock Units  
Schedule of Assumptions Used to Value Awards Granted

For PSUs granted during the period with a market condition, the Company determined the fair value on the date of grant by using a Monte Carlo simulation on the date of grant with the following assumptions:

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Expected life (years)

 

 

3.0

 

 

 

3.0

 

Risk-free interest rate

 

 

3.4

%

 

 

3.9

%

Dividend yield

 

 

0.0

%

 

 

0.0

%

Expected volatility

 

 

44.5

%

 

 

46.2

%
v3.26.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Schedule of Operating Lease Costs

The components of operating lease costs were as follows (in thousands):

 

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Fixed lease cost (1)

 

$

3,383

 

 

$

4,170

 

Variable lease cost

 

 

862

 

 

 

1,172

 

Less: sublease income

 

 

(1,130

)

 

 

(2,120

)

Total operating lease cost

 

$

3,115

 

 

$

3,222

 

 

(1)
Includes short-term leases expensed on a straight-line basis.
Schedule of Supplemental Cash Flow Information arising from Lease Transactions

The following table presents supplemental cash flow information arising from lease transactions (in thousands):

 

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Cash payments included in the measurement of operating lease liabilities

 

$

2,905

 

 

$

4,419

 

ROU assets obtained in exchange for lease obligations

 

$

—

 

 

$

6,824

 
Schedule of Weighted-average Remaining Term of Operating Leases and Weighted-average of Discount Rate of Present Value of Operating Lease Liabilities

The weighted-average remaining term of the Company’s operating leases and the weighted-average discount rate used to measure the present value of the operating lease liabilities are as follows:

 

 

 

March 31, 2026

 

 

December 31, 2025

 

Weighted-average remaining lease term (in years)

 

 

4.3

 

 

 

4.4

 

Weighted-average discount rate

 

 

6.9

%

 

 

6.9

%
Schedule of Future Minimum Lease Payments and Related Lease Liabilities

Future minimum lease payments and related lease liabilities as of March 31, 2026 were as follows (in thousands):

 

Year Ending December 31:

 

Operating Lease Payments (1)

 

 

Sublease Income

 

 

Net Operating Lease Payments

 

2026 (remaining 9 months)

 

$

7,457

 

 

$

(411

)

 

$

7,046

 

2027

 

 

8,591

 

 

 

(368

)

 

 

8,223

 

2028

 

 

5,981

 

 

 

(379

)

 

 

5,602

 

2029

 

 

3,906

 

 

 

(291

)

 

 

3,615

 

2030

 

 

2,404

 

 

 

—

 

 

 

2,404

 

Thereafter

 

 

3,879

 

 

 

—

 

 

 

3,879

 

Total lease payments

 

 

32,218

 

 

$

(1,449

)

 

$

30,769

 

Less: imputed interest

 

 

(4,569

)

 

 

 

 

 

 

Present value of operating lease liabilities

 

$

27,649

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: operating lease liabilities, current portion

 

 

(8,063

)

 

 

 

 

 

 

Noncurrent operating lease liabilities

 

$

19,586

 

 

 

 

 

 

 

(1) Future minimum lease payments exclude short-term leases as well as payments to landlords for variable common area maintenance, insurance, and real estate taxes.
v3.26.1
Restructuring (Tables)
 3 Months Ended
Mar. 31, 2026
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring Charges

The following table shows the amount of restructuring charges incurred and paid during the three months ended March 31, 2026 (in thousands):

 

 

Amounts

 

Accrued restructuring charges at December 31, 2025

 

$

8,736

 

Restructuring charges incurred during the period

 

 

306

 

Amounts paid during the period

 

 

(8,030

)

Accrued restructuring charges at March 31, 2026

 

$

1,012

 
v3.26.1
Segment Related Information (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Summary of Reported Segment Revenue, Significant Segment Expenses, and Segment Net Loss

The following table presents information about reported segment revenue, significant segment expenses, and segment net loss for the three months ended March 31, 2026 and 2025 (in thousands):

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Revenue

 

$

114,206

 

 

$

114,033

 

Less:

 

 

 

 

 

 

Cost of revenue, excluding depreciation and amortization of intangible assets (1)

 

 

30,880

 

 

 

29,599

 

Research and development (1)

 

 

27,083

 

 

 

39,549

 

Selling, general and administrative (1)

 

 

41,787

 

 

 

48,698

 

Depreciation expense

 

 

4,261

 

 

 

2,905

 

Amortization expense

 

 

8,044

 

 

 

9,722

 

Interest and other income, net

 

 

(819

)

 

 

(2,295

)

Interest expense—debt

 

 

678

 

 

 

732

 

Provision for income taxes

 

 

10,118

 

 

 

3,489

 

Consolidated net loss

 

$

(7,826

)

 

$

(18,366

)

 

(1)
Includes total salaries, bonuses, and employee benefits of $55.4 million and $68.5 million for the three months ended March 31, 2026 and 2025, respectively.
v3.26.1
Description of Business and Summary of Significant Accounting Policies - Additional Information (Details)
 3 Months Ended
Mar. 31, 2026
USD ($)
Customer
Business
Segment
Dec. 31, 2025
USD ($)
Customer
Mar. 31, 2025
Customer
Organization Consolidation And Presentation [Line Items]      
Number of reportable business segments | Segment 1    
Number of business category | Business 4    
Accounting Standards Update [Extensible Enumeration] Accounting Standards Update 2025 05 [Member]    
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] true    
Tobii AB      
Organization Consolidation And Presentation [Line Items]      
Allowance for credit losses | $ $ 0 $ 0  
Credit Concentration Risk | Revenue      
Organization Consolidation And Presentation [Line Items]      
Number of customers, concentration of risk disclosure 1    
Credit Concentration Risk | Accounts Receivable      
Organization Consolidation And Presentation [Line Items]      
Number of customers, concentration of risk disclosure 0    
Credit Concentration Risk | Unbilled Contracts Receivable      
Organization Consolidation And Presentation [Line Items]      
Number of customers, concentration of risk disclosure 1    
Customer Concentration Risk | Revenue      
Organization Consolidation And Presentation [Line Items]      
Number of customers, concentration of risk disclosure     0
Customer Concentration Risk | Accounts Receivable      
Organization Consolidation And Presentation [Line Items]      
Number of customers, concentration of risk disclosure   0  
Customer Concentration Risk | Unbilled Contracts Receivable      
Organization Consolidation And Presentation [Line Items]      
Number of customers, concentration of risk disclosure   2  
v3.26.1
Revenue - Additional Information (Details) - Total Revenue - Product Concentration Risk [Member]
 3 Months Ended
Mar. 31, 2026
Advertising  
Revenue Recognition [Line Items]  
Concentration Risk Percentage 10.00%
NRE services  
Revenue Recognition [Line Items]  
Concentration Risk Percentage 10.00%
Hardware Products  
Revenue Recognition [Line Items]  
Concentration Risk Percentage 10.00%
v3.26.1
Revenue - Schedule of Revenue by Timing of Recognition (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue [Line Items]    
Revenue $ 114,206 $ 114,033
Recognized over time    
Disaggregation of Revenue [Line Items]    
Revenue 70,556 79,066
Recognized at a point in time    
Disaggregation of Revenue [Line Items]    
Revenue $ 43,650 $ 34,967
v3.26.1
Revenue - Schedule of Revenue by Product Category (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue [Line Items]    
Total revenue $ 114,206 $ 114,033
Pay TV    
Disaggregation of Revenue [Line Items]    
Total revenue 45,975 49,864
Consumer Electronics    
Disaggregation of Revenue [Line Items]    
Total revenue 18,431 22,798
Connected Car    
Disaggregation of Revenue [Line Items]    
Total revenue 38,064 33,286
Media Platform    
Disaggregation of Revenue [Line Items]    
Total revenue $ 11,736 $ 8,085
v3.26.1
Revenue - Schedule of Geographic Revenue Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total revenue $ 114,206 $ 114,033
Total Revenue | Geographic Concentration Risk    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Concentration risk, percentage (or more) 100.00% 100.00%
U.S.    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total revenue $ 47,200 $ 45,400
U.S. | Total Revenue | Geographic Concentration Risk    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Concentration risk, percentage (or more) 41.00% 40.00%
U.S. and Canada    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total revenue $ 50,892 $ 49,711
U.S. and Canada | Total Revenue | Geographic Concentration Risk    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Concentration risk, percentage (or more) 45.00% 44.00%
Asia Pacific    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total revenue $ 46,649 $ 46,944
Asia Pacific | Total Revenue | Geographic Concentration Risk    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Concentration risk, percentage (or more) 41.00% 41.00%
Europe, Middle East and Africa    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total revenue $ 10,128 $ 10,079
Europe, Middle East and Africa | Total Revenue | Geographic Concentration Risk    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Concentration risk, percentage (or more) 9.00% 9.00%
Other    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total revenue $ 6,537 $ 7,299
Other | Total Revenue | Geographic Concentration Risk    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Concentration risk, percentage (or more) 5.00% 6.00%
Japan    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total revenue $ 30,239 $ 17,789
Japan | Total Revenue | Geographic Concentration Risk    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Concentration risk, percentage (or more) 27.00% 16.00%
China    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total revenue $ 9,767 $ 14,834
China | Total Revenue | Geographic Concentration Risk    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Concentration risk, percentage (or more) 9.00% 13.00%
South Korea    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total revenue $ 4,891 $ 12,757
South Korea | Total Revenue | Geographic Concentration Risk    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Concentration risk, percentage (or more) 4.00% 11.00%
v3.26.1
Revenue - Schedule of Geographic Revenue Information (Parenthetical) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total revenue $ 114,206 $ 114,033
Total Revenue | Geographic Concentration Risk    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Concentration risk, percentage (or more) 100.00% 100.00%
U.S.    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total revenue $ 47,200 $ 45,400
U.S. | Total Revenue | Geographic Concentration Risk    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Concentration risk, percentage (or more) 41.00% 40.00%
v3.26.1
Revenue - Schedule of Revenue Recognized in Period (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]    
Amounts included in deferred revenue at the beginning of the period $ 5,803 $ 8,039
Performance obligations satisfied in previous periods (true ups, recoveries and settlements) [1] $ (2,330) $ (209)
[1] True ups represent the differences between the Company’s quarterly estimates of per-unit royalty revenue and actual production/sales-based royalties reported by licensees in reports that are generally received in the following period and may include other changes in estimates. Recoveries represent corrections or revisions to previously reported per-unit royalties by licensees, generally resulting from the Company’s inquiries or compliance audits. Settlements represent resolutions of disputes or litigation during the period for past royalties owed.
v3.26.1
Revenue - Schedule of Remaining Performance Obligations (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Mar. 31, 2025
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]    
Remaining performance obligations   $ 103,758
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-04-01    
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]    
Remaining performance obligations $ 42,930  
Performance obligations expected to be satisfied, expected timing 9 months  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2027-01-01    
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]    
Remaining performance obligations $ 27,092  
Performance obligations expected to be satisfied, expected timing 1 year  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2028-01-01    
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]    
Remaining performance obligations $ 16,156  
Performance obligations expected to be satisfied, expected timing 1 year  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2029-01-01    
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]    
Remaining performance obligations $ 10,207  
Performance obligations expected to be satisfied, expected timing 1 year  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2030-01-01    
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]    
Remaining performance obligations $ 7,100  
Performance obligations expected to be satisfied, expected timing 1 year  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2031-01-01    
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]    
Remaining performance obligations $ 273  
Performance obligations expected to be satisfied, expected timing  
v3.26.1
Revenue - Schedule of Remaining Performance Obligations (Details 1)
$ in Thousands
Mar. 31, 2025
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligations $ 103,758
v3.26.1
Revenue - Schedule of Allowance for Credit Losses (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Accounts Receivable    
Accounts Notes And Loans Receivable [Line Items]    
Beginning balance $ 2,848 $ 946
Provision for credit losses 118 202
Recoveries/charge-off (45) (76)
Ending balance 2,921 1,072
Unbilled Contracts Receivable    
Accounts Notes And Loans Receivable [Line Items]    
Beginning balance 1,151 499
Provision for credit losses (280) (44)
Recoveries/charge-off 0 (5)
Ending balance $ 871 $ 450
v3.26.1
Composition of Certain Financial Statement Captions - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Prepaid expenses $ 16,800 $ 12,874
Prepaid income taxes 7,956 7,401
Prepaid other taxes 2,799 2,791
Other 1,130 565
Total $ 28,685 $ 23,631
v3.26.1
Composition of Certain Financial Statement Captions - Schedule of Property and Equipment, Net (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Property, Plant and Equipment [Line Items]    
Total property and equipment $ 142,942 $ 139,320
Less: accumulated depreciation and amortization (91,471) (87,394)
Property and equipment, net 51,471 51,926
Computer equipment and software    
Property, Plant and Equipment [Line Items]    
Total property and equipment 55,247 54,840
Capitalized internal-use software    
Property, Plant and Equipment [Line Items]    
Total property and equipment 42,490 38,699
Office equipment and furniture    
Property, Plant and Equipment [Line Items]    
Total property and equipment 10,453 10,470
Building    
Property, Plant and Equipment [Line Items]    
Total property and equipment 17,876 17,876
Land    
Property, Plant and Equipment [Line Items]    
Total property and equipment 5,300 5,300
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Total property and equipment 10,810 10,810
Construction in progress    
Property, Plant and Equipment [Line Items]    
Total property and equipment $ 766 $ 1,325
v3.26.1
Composition of Certain Financial Statement Captions - Schedule of Property and Equipment, Net (Parenthetical) (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Accumulated amortization associated with capitalized internal-use software $ 14.2 $ 11.3
v3.26.1
Composition of Certain Financial Statement Captions - Schedule of Capitalization and Amortization of Internal-Use Software (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Property, Plant and Equipment [Line Items]    
Costs capitalized associated with internal-use software $ 3,791 $ 3,444
Amortization of capitalized internal-use software $ 2,834 $ 1,348
v3.26.1
Composition of Certain Financial Statement Captions - Schedule of Accrued Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Employee compensation and benefits $ 25,831 $ 38,125
Accrued expenses 16,313 15,718
Accrued income taxes 15,691 5,913
Current portion of operating lease liabilities $ 8,063 [1] $ 8,858
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Total Total
Accrued royalties to third-parties $ 4,496 $ 3,300
Accrued rebates and other payments to customers 3,756 3,914
Accrued revenue share 3,545 4,186
Accrued other taxes 2,575 1,889
Derivative liability associated with foreign exchange contracts 2,085 257
Total $ 82,355 $ 82,160
[1] Future minimum lease payments exclude short-term leases as well as payments to landlords for variable common area maintenance, insurance, and real estate taxes.
v3.26.1
Financial Instruments - Additional Information (Details) - TiVo Merger - Non-marketable Equity Securities - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Schedule Of Investments [Line Items]      
Equity securities accounted for under equity method $ 4,500,000   $ 4,700,000
Impairment charges related to non-marketable equity securities $ 0 $ 0  
v3.26.1
Financial Instruments - Schedule of Notional and Fair Values of All Derivative Instruments (Details) - Foreign Exchange Contracts - Designated Derivative Instruments - Cash Flow Hedging [Member] - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Derivatives, Fair Value [Line Items]    
Fair value-foreign exchange contract liabilities, net amount $ 2,085 $ 257
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] Accrued Liabilities, Current Accrued Liabilities, Current
Total notional value $ 4,120 $ 8,196
Total notional value $ 60,878 $ 66,476
v3.26.1
Financial Instruments - Schedule of Gross Amounts of Foreign Currency Forward Contracts (Details) - Foreign Exchange Contracts - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Derivatives, Fair Value [Line Items]    
Gross amount of recognized assets $ 146 $ 1,009
Gross amount of recognized liabilities (2,231) (1,266)
Net derivative liabilities $ (2,085) $ (257)
v3.26.1
Financial Instruments - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Beginning balance $ 414,075 $ 429,077
Ending balance 408,009 418,902
Accumulated Other Comprehensive Loss    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Beginning balance (4,438) (6,084)
Ending balance (6,266) (3,892)
Accumulated Other Comprehensive Loss | Cash Flow Hedges    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Beginning balance (257) (1,858)
Other comprehensive (loss) income before reclassification (1,836) 1,577
Amounts reclassified from accumulated other comprehensive loss (income) into net loss 8 581
Net current period other comprehensive (loss) income (1,828) 2,158
Ending balance $ (2,085) $ 300
v3.26.1
Financial Instruments - Summary of the (Losses) Gains Recognized upon Settlement of the Hedged Transactions (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Derivatives, Fair Value [Line Items]    
Gain on fair value hedges $ (8) $ (365)
Research and Development    
Derivatives, Fair Value [Line Items]    
Gain on fair value hedges 41 (259)
Selling, General and Administrative    
Derivatives, Fair Value [Line Items]    
Gain on fair value hedges $ (49) $ (106)
v3.26.1
Fair Value - Schedule of Carrying Amounts and Estimated Fair Values (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Assets:    
Total assets, net - Carrying Amount $ 606,946 $ 615,829
Liabilities:    
Total long-term debt, net - Carrying Amount 27,676  
Recurring    
Assets:    
Total assets, net - Carrying Amount 52,824 51,823
Total assets, net - Estimated Fair Value 56,437 56,330
Recurring | AR Facility    
Liabilities:    
Total long-term debt, net - Carrying Amount 40,000 40,000
Total long-term debt, net - Estimated Fair Value 40,000 40,000
Recurring | Note Receivable, Noncurrent    
Assets:    
Total assets, net - Carrying Amount 32,474 31,928
Total assets, net - Estimated Fair Value 33,287 33,112
Recurring | Deferred Consideration From Divestiture    
Assets:    
Total assets, net - Carrying Amount [1] 20,350 19,895
Total assets, net - Estimated Fair Value [1] $ 23,150 $ 23,218
[1] Includes $12.0 million and $11.9 million as of March 31, 2026 and December 31, 2025, respectively, of the net carrying amount of the holdback consideration from the Perceive Transaction (as described in Note 6—Divestitures), which approximates its associated fair value and is classified as current in the consolidated balance sheets.
v3.26.1
Fair Value - Schedule of Carrying Amounts and Estimated Fair Values (Parenthetical) (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Holdback Consideration Net $ 11,999 $ 11,880
v3.26.1
Divestitures - Additional Information (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended
Jan. 31, 2024
Aug. 31, 2024
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Deferred cash consideration     $ 15,000   $ 15,000
Business divestiture, indemnification liability $ 7,100        
Holdback consideration     12,000   $ 12,000
Recognized interest income     500 $ 600  
Discount on deferred consideration     9,200    
Discount on Interest income     300 $ 300  
Perceive Corporation          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Fair value divestiture     11,300    
Ownership interest, percentage   76.40%      
Cash   $ 80,000      
Indemnification holdback amount   $ 12,000      
Indemnification held period after closing date   18 months      
Holdback consideration     12,000    
Discount on holdback consideration     $ 700    
Purchaser          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Total consideration 44,300        
Business divestiture, cash received 10,800        
Interest rate     8.00%    
Additional interest rate per annum     2.00%    
Purchaser | Senior Secured Promissory Note          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Deferred cash consideration 15,000        
Fair value divestiture 5,800        
Debt instrument, principal amount $ 27,700        
v3.26.1
Divestitures - Schedule of Net Carrying Amount of Holdback Consideration (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Discontinued Operations and Disposal Groups [Abstract]    
Holdback consideration $ 12,000 $ 12,000
Less: unamortized discount on holdback consideration (1) (120)
Net carrying amount $ 11,999 $ 11,880
v3.26.1
Divestitures - Schedule of Principal Payments (Details)
$ in Thousands
Mar. 31, 2026
USD ($)
Maturities of Long-Term Debt [Abstract]  
April 1, 2027 $ 10,000
April 1, 2028 10,000
April 1, 2029 7,676
Total principal payments $ 27,676
v3.26.1
Divestitures - Schedule of Carrying Amount of Note (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Long-Term Investments [Abstract]    
Outstanding principal amount $ 27,676 $ 27,676
Add: interest accrued to date 4,798 4,252
Carrying amount-note receivable, noncurrent $ 32,474 $ 31,928
v3.26.1
Divestitures - Schedule of Deferred Cash Consideration (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Discontinued Operations and Disposal Groups [Abstract]    
February 15, 2028 $ 3,000  
February 15, 2029 2,250  
February 15, 2030 4,500  
February 15, 2031 5,250  
Total future payments $ 15,000 $ 15,000
v3.26.1
Divestitures - Schedule of the Net Carrying Amount of the Deferred Consideration (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Discontinued Operations and Disposal Groups [Abstract]    
Total deferred consideration $ 15,000 $ 15,000
Less: unamortized discount on deferred consideration (6,649) (6,985)
Net carrying amount $ 8,351 $ 8,015
v3.26.1
Intangible Assets, Net - Identified Intangible Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible assets, Gross Amount $ 773,298 $ 773,299
Finite-lived intangible assets, Accumulated Amortization (673,860) (665,817)
Finite-lived intangible assets, Net 99,438 107,482
Intangible assets, gross 794,698 794,699
Intangible assets, net $ 120,838 $ 128,882
Acquired patents    
Finite-Lived Intangible Assets [Line Items]    
Estimated Useful Life (years) 4 years 4 years 2 months 12 days
Finite-lived intangible assets, Gross Amount $ 17,280 $ 17,281
Finite-lived intangible assets, Accumulated Amortization (8,446) (7,896)
Finite-lived intangible assets, Net $ 8,834 $ 9,385
Existing technology / content database    
Finite-Lived Intangible Assets [Line Items]    
Estimated Useful Life (years) 3 years 2 months 12 days 3 years 4 months 24 days
Finite-lived intangible assets, Gross Amount $ 219,919 $ 219,919
Finite-lived intangible assets, Accumulated Amortization (203,636) (202,295)
Finite-lived intangible assets, Net $ 16,283 $ 17,624
Customer contracts and related relationships    
Finite-Lived Intangible Assets [Line Items]    
Estimated Useful Life (years) 3 years 1 month 6 days 3 years 4 months 24 days
Finite-lived intangible assets, Gross Amount $ 493,685 $ 493,685
Finite-lived intangible assets, Accumulated Amortization (419,571) (413,461)
Finite-lived intangible assets, Net $ 74,114 $ 80,224
Trademarks/trade name    
Finite-Lived Intangible Assets [Line Items]    
Estimated Useful Life (years) 1 year 2 months 12 days 1 year 6 months
Finite-lived intangible assets, Gross Amount $ 39,313 $ 39,313
Finite-lived intangible assets, Accumulated Amortization (39,106) (39,064)
Finite-lived intangible assets, Net 207 249
Non-compete agreements    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible assets, Gross Amount 3,101 3,101
Finite-lived intangible assets, Accumulated Amortization (3,101) (3,101)
Finite-lived intangible assets, Net 0 0
TiVo tradename/trademarks    
Finite-Lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets, Gross Assets 21,400 21,400
Indefinite-lived intangible assets, Net $ 21,400 $ 21,400
v3.26.1
Intangible Assets, Net - Estimated Future Amortization Expense (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]    
2026 (remaining 9 months) $ 23,694  
2027 30,895  
2028 30,004  
2029 14,207  
2030 584  
Thereafter 54  
Finite-lived intangible assets, Net $ 99,438 $ 107,482
v3.26.1
Debt and Receivables Securitization - Additional Information (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended
Jul. 01, 2022
Feb. 28, 2025
Mar. 31, 2026
Mar. 31, 2025
Feb. 21, 2025
Promissory Note          
Line Of Credit Facility [Line Items]          
Interest expense     $ 0.7 $ 0.7  
Vewd          
Line Of Credit Facility [Line Items]          
Outstanding principal repaid with accrued interest   $ 40.0      
Vewd | Promissory Note          
Line Of Credit Facility [Line Items]          
Debt instrument, principal amount $ 50.0        
Interest rate 6.00%        
Debt instrument, maturity date Jul. 01, 2025        
AR Facility          
Line Of Credit Facility [Line Items]          
Borrowing capacity   55.0      
Accrued interest on unused borrowing limit         0.50%
Outstanding borrowings   40.0      
Capitalized fees incurred for securitization   $ 1.2      
Amortized on straight-line basis over commitment term   3 years      
Debt instrument, basis spread on variable rate   1.90%      
Debt instrument, maturity date   Feb. 21, 2028      
Accounts receivable and unbilled contracts receivable     $ 120.6    
v3.26.1
Net Loss Per Share - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Numerator:    
Net loss attributable to the Company - basic $ (7,826) $ (18,366)
Net loss attributable to the Company - diluted $ (7,826) $ (18,366)
Denominator:    
Weighted-average number of shares used in computing net loss per share attributable to the Company - basic 47,352 44,773
Weighted-average number of shares used in computing net loss per share attributable to the Company - diluted 47,352 44,773
Net loss per share attributable to the Company - basic $ (0.17) $ (0.41)
Net loss per share attributable to the Company - diluted $ (0.17) $ (0.41)
v3.26.1
Net Loss Per Share - Schedule of Potentially Dilutive Shares Were Excluded From Calculation of Diluted Net Loss Per Share (Details) - shares
shares in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Potentially dilutive common stock equivalents 7,637 8,283
Restricted Stock Units    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Potentially dilutive common stock equivalents 7,333 7,982
ESPP    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Potentially dilutive common stock equivalents 304 301
v3.26.1
Stockholders' Equity And Stock-Based Compensation - Additional Information (Details) - USD ($)
$ in Thousands, shares in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock-based compensation expense recognized $ 7,836 $ 12,102
Employee Stock Purchase Plan    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Expiration period 12 months  
Rolling expiration period 12 months  
Shares reserved for grant (in shares) 1.5  
Stock-based compensation expense recognized $ 576 1,190
Performance Shares    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock-based compensation expense recognized $ 1,161 $ 1,040
Performance Shares | Minimum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Performance awards, percentage of grant available to vest 0.00%  
Performance Shares | Maximum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Performance awards, percentage of grant available to vest 200.00%  
2022 EIP    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Shares reserved for grant (in shares) 5.8  
v3.26.1
Stockholders' Equity And Stock-Based Compensation - Summary of Restricted Stock Awards and Units (Details)
shares in Thousands
 3 Months Ended
Mar. 31, 2026
$ / shares
shares
Time Based Restricted Stock Units  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]  
Restricted stock units, beginning balance (shares) 4,619
Restricted stock awards and units, granted (shares) 2,284
Restricted stock awards and units, vested / released (shares) (1,858)
Restricted stock awards and units, canceled / forfeited (shares) (105)
Restricted stock units, ending balance (shares) 4,940
Performance Based Restricted Stock Units  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]  
Restricted stock units, beginning balance (shares) 2,031
Restricted stock awards and units, granted (shares) 1,040
Restricted stock awards and units, vested / released (shares) 0
Restricted stock awards and units, canceled / forfeited (shares) (678)
Restricted stock units, ending balance (shares) 2,393
Restricted Stock Units  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]  
Restricted stock units, beginning balance (shares) 6,650
Restricted stock awards and units, granted (shares) 3,324
Restricted stock awards and units, vested / released (shares) (1,858)
Restricted stock awards and units, canceled / forfeited (shares) (783)
Restricted stock units, ending balance (shares) 7,333
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]  
Weighted average grant date fair value per share of restricted stock units, beginning balance (USD per share) | $ / shares $ 10.5
Weighted average grant date fair value per share of restricted stock and units, granted (USD per share) | $ / shares 6.17
Weighted average grant date fair value per share of restricted stock and units, vested / released (USD per share) | $ / shares 10.94
Weighted average grant date fair value of restricted stock and units, canceled / forfeited (USD per share) | $ / shares 13.06
Weighted average grant date fair value per share of restricted stock units, ending balance (USD per share) | $ / shares $ 8.15
v3.26.1
Stockholders' Equity And Stock-Based Compensation - Schedule of Assumptions Used to Value Awards Granted (Details) - Market-Based Performance Stock Units
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions And Methodology [Abstract]    
Expected life (in years) 3 years 3 years
Risk-free interest rate 3.40% 3.90%
Dividend yield 0.00% 0.00%
Expected volatility 44.50% 46.20%
v3.26.1
Stockholder's Equity And Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]    
Total stock-based compensation expense $ 7,836 $ 12,102
Cost of Revenue, Excluding Depreciation and Amortization of Intangible Assets    
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]    
Total stock-based compensation expense 656 1,044
Research and Development    
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]    
Total stock-based compensation expense 2,263 4,423
Selling, General and Administrative    
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]    
Total stock-based compensation expense $ 4,917 $ 6,635
v3.26.1
Stockholder's Equity And Stock-Based Compensation - Stock-Based Compensation Expense Categorized by Award Type (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total stock-based compensation expense $ 7,836 $ 12,102
ESPP    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total stock-based compensation expense 576 1,190
RSUs    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total stock-based compensation expense 6,099 9,872
PSUs    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total stock-based compensation expense $ 1,161 $ 1,040
v3.26.1
Stockholder's Equity And Stock-Based Compensation - Summary of Unrecognized Stock-based Compensation Expense (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Total unrecognized stock-based compensation expense $ 41,852
RSUs  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Total unrecognized stock-based compensation expense $ 28,918
Weighted-Average Period to Recognize Expense 2 years 3 months 18 days
PSUs  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Total unrecognized stock-based compensation expense $ 11,670
Weighted-Average Period to Recognize Expense 2 years 1 month 6 days
ESPP  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Total unrecognized stock-based compensation expense $ 1,264
Weighted-Average Period to Recognize Expense 4 months 24 days
v3.26.1
Income Taxes - Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Tax Disclosure [Abstract]    
Provision for (benefit from) income taxes $ 10,118 $ 3,489
Effective tax rate (percent) 441.40% (23.50%)
Income (loss) before taxes $ 2,292 $ (14,877)
Gross unrecognized tax benefits 15,500  
Unrecognized tax benefits that would impact the effective income tax rate 1,100  
Accrued interest and tax penalties related to unrecognized tax benefits $ 300  
Income tax examination description As of March 31, 2026, the Company’s 2021 through 2026 tax years are generally open and subject to potential examination in one or more jurisdictions. In addition, in the United States, any net operating losses or credits that were generated in prior years but not yet fully utilized in a year that is closed under the statute of limitations may also be subject to examinatio  
Income tax year under examination 2021 2022 2023 2024 2025 2026  
v3.26.1
Leases - Additional Information (Details)
 3 Months Ended
Mar. 31, 2026
Lessee Lease Description [Line Items]  
Operating lease existence of option to renew true
Operating lease description The Company leases office and research facilities, data centers and office equipment under operating leases with various expiration dates through 2032. Certain leases offer the option to renew and to terminate before the expiration date. Leases with an initial term of 12 months or less are not recognized on the balance sheets
v3.26.1
Leases - Schedule of Operating Lease Costs (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Leases [Abstract]    
Fixed lease cost [1] $ 3,383 $ 4,170
Variable lease cost 862 1,172
Less: sublease income (1,130) (2,120)
Total operating lease cost $ 3,115 $ 3,222
[1] Includes short-term leases expensed on a straight-line basis.
v3.26.1
Leases - Schedule Of Cash Flow Supplemental Disclosures (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Leases [Abstract]    
Cash payments included in the measurement of operating lease liabilities $ 2,905 $ 4,419
ROU assets obtained in exchange for lease obligations   $ 6,824
v3.26.1
Leases - Schedule of Weighted-average Remaining Term of Operating Leases and Weighted-average of Discount Rate of Present Value of Operating Lease Liabilities (Details)
Mar. 31, 2026
Dec. 31, 2025
Leases [Abstract]    
Weighted-average remaining lease term (in years) 4 years 3 months 18 days 4 years 4 months 24 days
Weighted-average discount rate 6.90% 6.90%
v3.26.1
Leases - Schedule of Future Minimum Lease Payments and Related Lease Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Operating Lease Payments    
2026 (remaining 9 months) [1] $ 7,457  
2027 [1] 8,591  
2028 [1] 5,981  
2029 [1] 3,906  
2030 [1] 2,404  
Thereafter [1] 3,879  
Total lease payments [1] 32,218  
Less: imputed interest [1] (4,569)  
Present value of operating lease liabilities [1] 27,649  
Less: operating lease liabilities, current portion (8,063) [1] $ (8,858)
Noncurrent operating lease liabilities 19,586 [1] $ 21,487
Sublease Income    
2026 (remaining 9 months) (411)  
2027 (368)  
2028 (379)  
2029 (291)  
Total lease payments (1,449)  
Net Operating Lease Payments    
2026 (remaining 9 months) 7,046  
2027 8,223  
2028 5,602  
2029 3,615  
2030 2,404  
Thereafter 3,879  
Total lease payments $ 30,769  
[1] Future minimum lease payments exclude short-term leases as well as payments to landlords for variable common area maintenance, insurance, and real estate taxes.
v3.26.1
Commitments and Contingencies - Additional Information (Details)
$ in Millions
Mar. 31, 2026
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Purchase commitments $ 108.8
v3.26.1
Restructuring - Additional Information (Details)
$ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
Nov. 30, 2025
Employees
Mar. 31, 2026
USD ($)
Dec. 31, 2025
USD ($)
Restructuring and Related Activities [Abstract]      
Number of employees reduction in workforce | Employees 250    
Restructuring charges | $   $ 306 $ 13,900
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]     Operating Income (Loss)
Restructuring and related activities completion period 2026    
v3.26.1
Restructuring - Schedule of Restructuring Charges (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Restructuring and Related Activities [Abstract]    
Accrued restructuring charges at December 31, 2025 $ 8,736  
Restructuring charges incurred during the period 306 $ 13,900
Amounts paid during the period (8,030)  
Accrued restructuring charges at March 31,2026 $ 1,012 $ 8,736
v3.26.1
Segment Related Information - Additional Information (Details)
 3 Months Ended
Mar. 31, 2026
Segment
Segment Reporting Information [Line Items]  
Number of operating segments 1
Number of reportable business segments 1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration] srt:ChiefExecutiveOfficerMember
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description The Company’s Chief Executive Officer has been determined to be the chief operating decision maker (“CODM”) in accordance with the authoritative guidance on segment reporting. The accounting policies of the segment are the same as those described in the summary of significant accounting policies. The CODM assesses performance and decides how to allocate resources based on net income (loss) that also is reported on the statements of operations as consolidated net income (loss).
v3.26.1
Segment Related Information - Summary of Reported Segment Revenue, Significant Segment Expenses, and Segment Net Loss (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting Information [Line Items]    
Revenue $ 114,206 $ 114,033
Cost of revenue, excluding depreciation and amortization of intangible assets 30,880 29,599
Research and development 27,083 39,549
Selling, general and administrative 41,787 48,698
Depreciation expense 4,261 2,905
Amortization expense 8,044 9,722
Interest and other income, net (819) (2,295)
Interest expense - debt 678 732
Provision for income taxes 10,118 3,489
Net loss $ (7,826) $ (18,366)
v3.26.1
Segment Related Information - Summary of Reported Segment Revenue, Significant Segment Expenses, and Segment Net Income (Loss) (Parenthetical) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting Information [Line Items]    
Salaries, bonuses and employee benefits $ 55.4 $ 68.5