ZETA GLOBAL HOLDINGS CORP., 10-Q filed on 8/5/2026
Quarterly Report
v3.26.1
Cover Page - shares
 6 Months Ended
Jun. 30, 2026
Jul. 29, 2026
Document Information [Line Items]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Jun. 30, 2026  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q2  
Document Quarterly Report true  
Document Transition Report false  
Entity Registrant Name ZETA GLOBAL HOLDINGS CORP.  
Entity Central Index Key 0001851003  
Current Fiscal Year End Date --12-31  
Entity Filer Category Large Accelerated Filer  
Trading Symbol ZETA  
Entity Emerging Growth Company false  
Entity Small Business false  
Entity Interactive Data Current Yes  
Title of 12(b) Security Class A Common Stock  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Shell Company false  
Entity File Number 001-40464  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 80-0814458  
Entity Address, Address Line One 3 Park Ave, 33rd Floor  
Entity Address, City or Town New York  
Entity Address, State or Province NY  
Entity Address, Postal Zip Code 10016  
City Area Code 212  
Local Phone Number 967-5055  
Common Class A and Common Class B [Member]    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   251,013,605
Common Class A [Member]    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   227,375,179
Common Class B [Member]    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   23,638,426
v3.26.1
Condensed Unaudited Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 309,952 $ 319,764
Accounts receivable, net of allowance of $4,604 and $3,832 as of June 30, 2026 and December 31, 2025, respectively 327,132 322,391
Prepaid expenses 28,450 28,970
Other current assets 12,197 14,658
Total current assets 677,731 685,783
Non-current assets:    
Property and equipment, net 18,495 15,393
Website and software development costs, net 34,629 31,520
Right-to-use assets - operating leases, net 21,508 19,101
Intangible assets, net 185,350 217,943
Goodwill 524,708 527,886
Deferred tax assets, net 1,131 1,211
Other non-current assets 4,292 4,687
Total non-current assets 790,113 817,741
Total assets 1,467,844 1,503,524
Current liabilities:    
Accounts payable 32,353 40,136
Accrued expenses 165,243 179,087
Acquisition-related liabilities 24,792 149,036
Deferred revenue 33,859 35,398
Other current liabilities 28,326 25,824
Total current liabilities 284,573 429,481
Non-current liabilities:    
Long-term borrowings 197,481 197,083
Acquisition-related liabilities 26,113 39,447
Deferred tax liabilities, net 17,134 17,268
Other non-current liabilities 16,046 15,656
Total non-current liabilities 256,774 269,454
Total liabilities 541,347 698,935
Commitments and contingencies (Note 8)
Stockholders' equity:    
Additional paid-in capital 1,997,492 1,863,695
Accumulated deficit (1,064,891) (1,059,817)
Accumulated other comprehensive (loss) / gain (6,355) 466
Total stockholders' equity 926,497 [1] 804,589 [2]
Total liabilities and stockholders' equity 1,467,844 1,503,524
Common Class A [Member]    
Stockholders' equity:    
Common stock value 227 221
Common Class B [Member]    
Stockholders' equity:    
Common stock value $ 24 $ 24
[1] Includes 224,718,145 outstanding shares of Class A Common Stock, 23,638,426 outstanding shares of Class B Common Stock, 1,996,431 unvested shares of Class A restricted stock and no unvested shares of Class B restricted stock.
[2] Includes 214,394,747 outstanding shares of Class A Common Stock, 21,296,445 outstanding shares of Class B Common Stock, 6,787,559 unvested shares of Class A restricted stock and 2,341,981 unvested shares of Class B restricted stock.
v3.26.1
Condensed Unaudited Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Accounts receivable, net of allowance $ 4,604 $ 3,832
Common Class A [Member]    
Common Stock, Par or Stated Value Per Share $ 0.001 $ 0.001
Common Stock, Shares Authorized 3,750,000,000 3,750,000,000
Common Stock, Shares Issued 226,714,576 221,182,306
Common Stock, Shares Outstanding 226,714,576 221,182,306
Common Class B [Member]    
Common Stock, Par or Stated Value Per Share $ 0.001 $ 0.001
Common Stock, Shares Authorized 50,000,000 50,000,000
Common Stock, Shares Issued 23,638,426 23,638,426
Common Stock, Shares Outstanding 23,638,426 23,638,426
v3.26.1
Condensed Unaudited Consolidated Statements of Operations and Comprehensive Income / (Loss) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Income Statement [Abstract]        
Revenues $ 442,766 $ 308,442 $ 839,070 $ 572,861
Operating expenses:        
Cost of revenues (excluding depreciation and amortization) 180,997 116,988 343,443 220,476
General and administrative expenses 75,915 62,172 149,312 116,209
Selling and marketing expenses 104,037 86,392 206,440 161,761
Research and development expenses 42,235 30,592 87,185 57,391
Depreciation and amortization 22,658 17,403 46,187 35,090
Acquisition-related expenses 0 0 1,666 0
Restructuring expenses 0 0 6,752 3,152
Total operating expenses 425,842 313,547 840,985 594,079
Income / (loss) from operations 16,924 (5,105) (1,915) (21,218)
Interest expenses, net 898 166 1,659 497
Other expenses, net 8,226 6,351 4,450 9,863
Total other expenses 9,124 6,517 6,109 10,360
Income / (loss) before income taxes 7,800 (11,622) (8,024) (31,578)
Income tax (benefit) / provision (373) 1,192 (2,950) 2,836
Net income / (loss) 8,173 (12,814) (5,074) (34,414)
Other comprehensive loss:        
Foreign currency translation adjustment 946 65 6,821 86
Total comprehensive income / (loss) 7,227 (12,879) (11,895) (34,500)
Net income / (loss) per share        
Net income / (loss) available to common stockholders $ 8,173 $ (12,814) $ (5,074) $ (34,414)
Basic income / (loss) per share $ 0.03 $ (0.06) $ (0.02) $ (0.16)
Diluted income / (loss) per share $ 0.03 $ (0.06) $ (0.02) $ (0.16)
Weighted average number of shares used to compute net income / (loss) per share        
Basic 245,335,221 217,253,856 241,962,643 214,918,925
Diluted 256,581,527 217,253,856 241,962,643 214,918,925
v3.26.1
Condensed Unaudited Consolidated Statements of Operations and Comprehensive Income / (Loss) (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Share-based Payment Arrangement, Expense $ 52,115 $ 46,471 $ 105,147 $ 88,458
Cost of revenues (excluding depreciation and amortization) [Member]        
Share-based Payment Arrangement, Expense 160 302 430 563
General and administrative expenses [Member]        
Share-based Payment Arrangement, Expense 16,138 14,896 30,916 30,315
Selling and marketing expenses [Member]        
Share-based Payment Arrangement, Expense 23,418 22,460 48,574 42,005
Research and development expenses [Member]        
Share-based Payment Arrangement, Expense $ 12,399 $ 8,813 $ 25,227 $ 15,575
v3.26.1
Condensed Unaudited Consolidated Statements of Changes in Stockholders' Equity - USD ($)
$ in Thousands
Total
Additional Paid-in Capital [Member]
Accumulated Deficit [Member]
Accumulated Other Comprehensive Gain / (Loss) [Member]
Class A Common Stock [Member]
Class A Common Stock [Member]
Common Stock [Member]
Class B Common Stock [Member]
Class B Common Stock [Member]
Common Stock [Member]
Balance at Dec. 31, 2024 [1] $ 676,801 $ 1,706,885 $ (1,028,308) $ (2,013)   $ 213   $ 24
Balance (in shares) at Dec. 31, 2024         193,189,610 213,175,179 [1] 17,776,198 24,095,071 [1]
Shares issued in connection with certain agreements 3,667 3,667            
Shares issued in connection with certain agreements (in shares)           197,028    
Restricted stock grants (in shares)           30,388    
Shares repurchased (25,011) (25,010)       $ (1)    
Shares repurchased (in shares)           (1,616,625)    
Restricted stock forfeitures (in shares)           (247,629)    
Performance stock units vested (in shares)           312,724    
Options exercised 123 123            
Options exercised (in shares)           15,368    
Stock-based compensation 42,638 42,638            
Restricted stock units vested (in shares)           100,513    
Foreign currency translation adjustment (21)     (21)        
Net income (loss) (21,600)   (21,600)          
Balance at Mar. 31, 2025 [2] 676,597 1,728,303 (1,049,908) (2,034)   $ 212   $ 24
Balance (in shares) at Mar. 31, 2025         196,372,966 211,966,946 [2] 18,593,583 24,095,071 [2]
Balance at Dec. 31, 2024 [1] 676,801 1,706,885 (1,028,308) (2,013)   $ 213   $ 24
Balance (in shares) at Dec. 31, 2024         193,189,610 213,175,179 [1] 17,776,198 24,095,071 [1]
Foreign currency translation adjustment (86)              
Net income (loss) (34,414)              
Balance at Jun. 30, 2025 [3] 673,256 1,737,840 (1,062,722) (2,099)   $ 213   $ 24
Balance (in shares) at Jun. 30, 2025         200,966,624 213,263,264 [3] 19,410,968 24,095,071 [3]
Balance at Mar. 31, 2025 [2] 676,597 1,728,303 (1,049,908) (2,034)   $ 212   $ 24
Balance (in shares) at Mar. 31, 2025         196,372,966 211,966,946 [2] 18,593,583 24,095,071 [2]
Shares issued in connection with certain agreements 667 667            
Shares issued in connection with certain agreements (in shares)           50,736    
Purchase price allocation adjustments (9,006) (9,006)            
Restricted stock grants (in shares)           189,508    
Shares issued in connection with employee stock purchase plan 1,904 1,904            
Shares issued in connection with employee stock purchase plan (in shares)           170,483    
Shares repurchased (32,048) (32,046)       $ (2)    
Shares repurchased (in shares)           (2,673,451)    
Restricted stock forfeitures (in shares)           (101,057)    
Performance stock units vested   (2)       $ 2    
Performance stock units vested (in shares)           2,201,123    
Options exercised 853 853            
Options exercised (in shares)           129,712    
Stock-based compensation 47,168 47,168            
Restricted stock units vested   (1)       $ 1    
Restricted stock units vested (in shares)           1,329,264    
Foreign currency translation adjustment (65)     (65)        
Net income (loss) (12,814)   (12,814)          
Balance at Jun. 30, 2025 [3] 673,256 1,737,840 (1,062,722) (2,099)   $ 213   $ 24
Balance (in shares) at Jun. 30, 2025         200,966,624 213,263,264 [3] 19,410,968 24,095,071 [3]
Balance at Dec. 31, 2025 [4] 804,589 1,863,695 (1,059,817) 466   $ 221   $ 24
Balance (in shares) at Dec. 31, 2025         214,394,747 221,182,306 [4] 21,296,445 23,638,426 [4]
Shares issued in connection with certain agreements 66,322 66,318       $ 4    
Shares issued in connection with certain agreements (in shares)           3,905,904    
Restricted stock grants (in shares)           1,228    
Shares repurchased (25,727) (25,725)       $ (2)    
Shares repurchased (in shares)           (1,549,368)    
Restricted stock forfeitures (in shares)           (42,970)    
Performance stock units vested   (1)       $ 1    
Performance stock units vested (in shares)           686,553    
Options exercised 302 302            
Options exercised (in shares)           45,275    
Stock-based compensation 53,961 53,961            
Restricted stock units vested   (1)       $ 1    
Restricted stock units vested (in shares)           836,032    
Foreign currency translation adjustment (5,875)     (5,875)        
Net income (loss) (13,247)   (13,247)          
Balance at Mar. 31, 2026 [5] 880,325 1,958,549 (1,073,064) (5,409)   $ 225   $ 24
Balance (in shares) at Mar. 31, 2026         220,904,536 225,064,960 [5] 22,467,506 23,638,426 [5]
Balance at Dec. 31, 2025 [4] 804,589 1,863,695 (1,059,817) 466   $ 221   $ 24
Balance (in shares) at Dec. 31, 2025         214,394,747 221,182,306 [4] 21,296,445 23,638,426 [4]
Shares repurchased (55,629)              
Shares repurchased (in shares)           (3,196,990)    
Foreign currency translation adjustment (6,821)              
Net income (loss) (5,074)              
Balance at Jun. 30, 2026 [6] 926,497 1,997,492 (1,064,891) (6,355)   $ 227   $ 24
Balance (in shares) at Jun. 30, 2026         224,718,145 226,714,576 [6] 23,638,426 23,638,426 [6]
Balance at Mar. 31, 2026 [5] 880,325 1,958,549 (1,073,064) (5,409)   $ 225   $ 24
Balance (in shares) at Mar. 31, 2026         220,904,536 225,064,960 [5] 22,467,506 23,638,426 [5]
Shares issued in connection with certain agreements 10,740 10,739       $ 1    
Shares issued in connection with certain agreements (in shares)           648,239    
Restricted stock grants (in shares)           1,695    
Shares issued in connection with employee stock purchase plan 2,456 2,456            
Shares issued in connection with employee stock purchase plan (in shares)           161,061    
Shares repurchased (29,902) (29,901)       $ (1)    
Shares repurchased (in shares)           (1,647,622)    
Restricted stock forfeitures (in shares)           (20,694)    
Performance stock units vested   (1)       $ 1    
Performance stock units vested (in shares)           960,441    
Options exercised 2,606 2,606            
Options exercised (in shares)           455,486    
Stock-based compensation 53,045 53,045            
Restricted stock units vested   (1)       $ 1    
Restricted stock units vested (in shares)           1,091,010    
Foreign currency translation adjustment (946)     (946)        
Net income (loss) 8,173   8,173          
Balance at Jun. 30, 2026 [6] $ 926,497 $ 1,997,492 $ (1,064,891) $ (6,355)   $ 227   $ 24
Balance (in shares) at Jun. 30, 2026         224,718,145 226,714,576 [6] 23,638,426 23,638,426 [6]
[1] Includes 193,189,610 outstanding shares of Class A Common Stock, 17,776,198 outstanding shares of Class B Common Stock, 19,985,569 unvested shares of Class A restricted stock and 6,318,873 unvested shares of Class B restricted stock.
[2] Includes 196,372,966 outstanding shares of Class A Common Stock, 18,593,583 outstanding shares of Class B Common Stock, 15,593,980 unvested shares of Class A restricted stock and 5,501,488 unvested shares of Class B restricted stock.
[3] Includes 200,966,624 outstanding shares of Class A Common Stock, 19,410,968 outstanding shares of Class B Common Stock, 12,296,640 unvested shares of Class A restricted stock and 4,684,103 unvested shares of Class B restricted stock.
[4] Includes 214,394,747 outstanding shares of Class A Common Stock, 21,296,445 outstanding shares of Class B Common Stock, 6,787,559 unvested shares of Class A restricted stock and 2,341,981 unvested shares of Class B restricted stock.
[5] Includes 220,904,536 outstanding shares of Class A Common Stock, 22,467,506 outstanding shares of Class B Common Stock, 4,160,424 unvested shares of Class A restricted stock and 1,170,920 unvested shares of Class B restricted stock.
[6] Includes 224,718,145 outstanding shares of Class A Common Stock, 23,638,426 outstanding shares of Class B Common Stock, 1,996,431 unvested shares of Class A restricted stock and no unvested shares of Class B restricted stock.
v3.26.1
Condensed Unaudited Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - shares
Jun. 30, 2026
Mar. 31, 2026
Dec. 31, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Unvested stock 12,031,329 [1]   19,320,297      
Class A Common Stock [Member]            
Shares outstanding 224,718,145 220,904,536 214,394,747 200,966,624 196,372,966 193,189,610
Class B Common Stock [Member]            
Shares outstanding 23,638,426 22,467,506 21,296,445 19,410,968 18,593,583 17,776,198
Unvested Class A Restricted Stock [Member]            
Unvested stock 1,996,431 4,160,424 6,787,559 12,296,640 15,593,980 19,985,569
Unvested Class B Restricted Stock [Member]            
Unvested stock 0 1,170,920 2,341,981 4,684,103 5,501,488 6,318,873
[1] Includes 1,996,431 unvested shares of Class A restricted stock, no unvested shares of Class B restricted stock and 10,034,898 unvested RSUs, each as of June 30, 2026.
v3.26.1
Condensed Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net loss $ (5,074) $ (34,414)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 46,187 35,090
Stock-based compensation 105,147 88,458
Deferred income taxes (536) (345)
Change in fair value of acquisition-related liabilities 2,759 9,165
Others, net (1,003) 2,761
Changes in operating assets and liabilities (net of acquisitions):    
Account receivable (5,307) (19,067)
Prepaid expenses (45) 1,938
Other current assets 2,441 (723)
Other non-current assets 256 156
Deferred revenue (1,301) (6,543)
Accounts payable (8,550) 2,703
Accrued expenses and other current liabilities (11,488) (3,515)
Other non-current liabilities 248 1,184
Payment of acquisition-related liabilities (4,820)  
Net cash provided by operating activities 118,914 76,848
Cash flows from investing activities:    
Capital expenditures (7,833) (5,085)
Website and software development costs (12,272) (9,953)
Acquisitions and other investments, net of cash acquired (50,811) (1,202)
Net cash used for investing activities (70,916) (16,240)
Cash flows from financing activities:    
Cash paid for acquisition-related liabilities (8,382) (6,333)
Proceeds from credit facilities, net of issuance costs 10,000 6,250
Issuance under employee stock purchase plan 2,456 1,904
Exercise of options 2,908 964
Repurchase of shares (55,629) (57,931)
Repayments against the credit facilities (10,000) (6,250)
Net cash used for financing activities (58,647) (61,396)
Effect of exchange rate changes on cash and cash equivalents 837 (55)
Net decrease in cash and cash equivalents (9,812) (843)
Cash and cash equivalents, beginning of period 319,764 366,157
Cash and cash equivalents, end of period 309,952 365,314
Supplemental cash flow disclosures including non-cash activities:    
Cash paid for interest, net 1,178 1,415
Cash paid for income taxes, net 5,279 1,459
Liability established in connection with acquisitions 9,713 9,165
Capitalized stock-based compensation as website and software development 1,859 1,348
Shares issued in connection with acquisitions and other agreements 77,062 4,333
Right-to-use assets established 6,993 1,792
Operating lease liabilities established 6,991 1,792
Non-cash consideration for website and software development $ 647 $ 774
v3.26.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Mar. 31, 2026
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2026
Jun. 30, 2025
Pay vs Performance Disclosure            
Net Income (Loss) $ 8,173 $ (13,247) $ (12,814) $ (21,600) $ (5,074) $ (34,414)
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
Organization and Background
 6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Background

NOTE 1. Organization and Background

(a) Nature of Business

Zeta Global Holdings Corp., a Delaware Corporation (“Zeta” or “Zeta Global Holdings”), and Zeta Global Corp., a Delaware Corporation and the operating company (“Zeta Global” individually, or collectively with Zeta Global Holdings Corp. and its consolidated entities, as context dictates, the “Company”) is a marketing technology company that uses proprietary data, AI and software to create a technology platform that enables marketers to acquire, retain and grow customer relationships. The Company’s technology platform powers data-driven marketing programs for enterprises across a wide range of industries and utilizes all digital distribution channels including email, search, social, mobile, display and connected TV. Zeta Global was incorporated and began operations in October 2007.
v3.26.1
Basis of Presentation and Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]  
Basis of Presentation and Summary of Significant Accounting Policies

NOTE 2. Basis of Presentation and Summary of Significant Accounting Policies

(a) Principles of consolidation:

The accompanying condensed unaudited consolidated financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial reporting and as required by Rule 10-01 of Regulation S-X. Accordingly, the condensed unaudited consolidated financial statements may not include all of the information and notes required by GAAP for audited financial statements. The year-end December 31, 2025 consolidated financial statements data included herein was derived from audited financial statements but does not include all disclosures required by GAAP for complete financial statements. In the opinion of the Company’s management, the accompanying condensed unaudited consolidated financial statements contain all adjustments, consisting of items of a normal and recurring nature, necessary to present fairly the Company’s financial position as of June 30, 2026, the results of operations, comprehensive income / (loss) and changes in stockholders’ equity for the three and six months ended June 30, 2026 and 2025, and cash flows for the six months ended June 30, 2026 and 2025. The results of operations for the three and six months ended June 30, 2026 and 2025 are not necessarily indicative of the results to be expected for the full year. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities, and related disclosures, as of the date of the financial statements, and the amounts of revenues and expenses reported during the period. Actual results could differ from estimates. The accompanying condensed unaudited consolidated financial statements should be read in conjunction with the Company’s audited financial statements and the accompanying notes for the year ended December 31, 2025, which were included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 25, 2026.

The accompanying condensed unaudited consolidated financial statements include the accounts of Zeta and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

The Company’s management considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. Subsequent events have been evaluated through the date of issuance of these financial statements.

(b) Revenue recognition:

Revenues arise primarily from the Company’s technology platform via subscription fees, volume-based utilization fees and fees for professional services designed to maximize the customers usage of the technology.

Revenues are recognized when control of these services is transferred to the customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. Sales and other taxes collected by the Company concurrent with revenue-producing activities are excluded from revenues.

When the Company enters into contracts with third parties in which the Company is acting as both a vendor and a customer, the Company performs an assessment of the services transferred to determine the independent nature of both the transactions. The Company presents the revenue and expense based on the fair value of the services provided or received.

Contract assets and liabilities

Contract assets represent revenue recognized for contracts that have not been invoiced to customers. Total contract assets were $23,638 and $12,924 as of June 30, 2026 and December 31, 2025, respectively, and are included in the accounts receivables, net, in the condensed unaudited consolidated balance sheets.

Contract liabilities consist of deferred revenues that represent amounts billed to the customers in excess of the revenue recognized. Deferred revenues are subsequently recorded as revenues when earned in accordance with the Company’s revenue recognition policies. Deferred revenue as of June 30, 2026 and December 31, 2025, were $33,859 and $35,398, respectively. During the six months ended June 30, 2026 and 2025, revenue recognized from deferred revenue as of the beginning of the year was $29,922 and $17,337, respectively.

Remaining performance obligations

Remaining performance obligations represents contractual obligations that are not yet fulfilled. Revenues for such contractual obligations will be recognized in future periods. The remaining performance obligations are influenced by several factors, including seasonality, the timing of renewals, average contract terms and foreign currency exchange rates. The remaining performance obligations are subject to future economic risks including counterparty risks, bankruptcies, regulatory changes and other market factors.

As of June 30, 2026, the Company’s remaining performance obligations for the next 12 months and thereafter were approximately $218,700 and $133,500, respectively.

Disaggregation of revenues from contracts with customers

The Company reports disaggregation of revenues based on primary geographical markets and delivery channels / platforms. Revenues by delivery channels / platforms are based on whether the customer requirements necessitate integration with platforms or delivery channels not owned by the Company. When the Company generates revenues entirely through the Company platform, the Company considers it to be direct platform revenue. When the Company generates revenue by leveraging its platform’s integration with third parties, it is considered integrated platform revenue.

The following table summarizes disaggregation for the three and six months ended June 30, 2026 and 2025:

 

Three months ended June 30,

 

Six months ended June 30,

 

2026

 

2025

 

2026

 

2025

Direct platform revenue

 

72%

 

75%

 

73%

 

74%

Integrated platform revenue

 

28%

 

25%

 

27%

 

26%

 

Refer to the Company’s accounting policy on “Segments” below for more information about disaggregation based on primary geographical markets.

(c) Stock-based compensation and other stock-based payments:

The measurement of stock-based compensation for all stock-based payment awards, including restricted stock, restricted stock units (“RSUs”), performance-based stock units (“PSUs”), and stock options granted to the employees, consultants or advisors and non-employee directors, as well as shares purchased under the Company’s 2021 Employee Stock Purchase Plan (“2021 ESPP”), is based on the estimated fair value of the awards on the date of grant or date of modification of such grants. The Company accounts for the modification to already issued awards as per guidance in ASC 718-20-35-3 (Refer to “Note 9. Stock-Based Compensation”).

The Company accounts for all stock-based payment awards using a fair value-based method. The fair value of the stock options granted to employees and the shares purchased under the 2021 ESPP is estimated on the date of the grant using the Black-Scholes-Merton pricing model, and the related stock-based compensation is recognized over the vesting term of the option. The fair value of the restricted shares granted prior to the Company’s initial public offering (the “IPO”) was determined using the Monte-Carlo simulation method and for the restricted shares granted post-IPO is based on the Company’s closing stock price as of the day prior to the date of the grants.

The Company accounts for its PSU awards that are subject to market conditions based on the fair value determined using the Monte-Carlo simulation method, by a third-party valuation firm engaged by the Company. The Company accounts for PSU awards that are not subject to market conditions based on the Company’s closing stock price as of the day prior to the date of grant. The Company accounts for the forfeitures, as they occur. The Company uses the graded vesting attribution method to recognize the stock-based compensation related to restricted stock awards, RSUs and stock options and straight-line over the term method for all the other awards.

 

(d) Segments:

The Company operates as one operating segment. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company’s CODM is the Chief Executive Officer. Since it operates as one operating segment, all required significant financial segment information can be found in the condensed unaudited consolidated financial statements. There are no other significant segment expenses that would require disclosure. The measure of segment assets is reported on the consolidated balance sheets as total consolidated assets.

The CODM uses net income / (loss) and Adjusted EBITDA to allocate resources. Adjusted EBITDA is defined as the Company’s net income / (loss) adjusted for stock-based compensation, interest expenses, net, income taxes, depreciation and amortization, acquisition-related expenses, restructuring expenses, other expenses / (income) and certain non-recurring expenses. The CODM uses net income / (loss) for budget-to-actual variances on a quarterly basis when making decisions about allocating capital and personnel resources of the Company.

Revenues and long-lived assets by geographic region are based on the physical location of the customers being served or the assets are as follows:

Revenues by geographic region consisted of the following:

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

US

 

$

402,579

 

 

$

298,490

 

 

$

761,987

 

 

$

553,151

 

International

 

 

40,187

 

 

 

9,952

 

 

 

77,083

 

 

 

19,710

 

Total revenues

 

$

442,766

 

 

$

308,442

 

 

$

839,070

 

 

$

572,861

 

 

Total long-lived assets (including right-to-use assets) by geographic region consisted of the following:

 

As of

 

 

June 30, 2026

 

 

December 31, 2025

 

US

 

$

27,662

 

 

$

22,882

 

International

 

 

12,341

 

 

 

11,612

 

Total long-lived assets

 

$

40,003

 

 

$

34,494

 

 

(e) Concentration of credit risk:

One customer accounted for more than 10% of the Company’s total revenues during both the six months ended June 30, 2026 and 2025.

Financial instruments that potentially subject the Company to concentration risk consist primarily of accounts receivable from customers. As of both June 30, 2026 and December 31, 2025, there was one customer that represented more than 10% of the Company’s accounts receivables balance. The Company continuously monitors whether there is an expected credit loss arising from customers, and accordingly makes provisions as warranted.

(f) Operating leases:

The Company determines if an arrangement is, or contains, a lease at inception, and whether lease and non-lease components are combined or not. A contract is or contains a lease when, (1) the contract contains an identified asset and (2) the customer obtains substantially all of the economic benefits from the use of that underlying asset and directs how and for what purpose the asset is used during the term of the contract in exchange for consideration.

Right-to-use assets and lease liabilities are initially recorded based on the present value of lease payments over the lease term, which includes the minimum unconditional term of the lease, and may include options to extend or terminate the lease when it is reasonably certain at the commencement date that such options will be exercised. Leases with an initial term of 12 months or less are not recognized on the consolidated balance sheets.

As the rate implicit for each of the Company’s leases is not readily determinable, the Company uses its incremental borrowing rate at commencement date in determining the present value of lease payments. Right-to-use assets also include any initial direct costs and any lease payments made prior to the lease commencement date and are reduced by any lease incentives received. Lease expense is recognized on a straight-line basis over the term of the lease. Lease expense is a combination of interest on lease liability and amortization of Right-to-use assets. Operating lease expenses are included in general and administrative expenses in the condensed unaudited consolidated statements of operations and comprehensive income / (loss). Refer to “Note 11. Leases” for additional information.

New Accounting Pronouncements

Recently adopted:

In July 2025, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”), introducing a practical expedient whereby when developing reasonable and supportable forecasts as part of estimating expected credit losses, entities may elect to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset. The amendment in ASU 2025-05 is effective for fiscal years beginning after December 15, 2025, and interim periods within those fiscal years, with early adoption permitted. The guidance was adopted by the Company effective January 1, 2026. The adoption of ASU 2025-05 did not have any material impact on the Company’s condensed unaudited consolidated financial statements.

Not yet adopted:

In May 2026, the FASB issued ASU No. 2026-02, Environmental Credits and Environmental Credit Obligations (Topic 818) (“ASU 2026-02”). ASU 2026-02 provides guidance for the recognition, measurement, presentation, and disclosure of environmental credits and related obligations. This guidance is effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years on retrospective basis, with early adoption permitted. The Company is currently evaluating the impact of ASU 2026-02 guidance on its consolidated financial statements and related disclosures.

In December 2025, the FASB issued ASU No. 2025-12, Codification Improvements (“ASU 2025-12”), ASU 2025-12 represents changes to the Codification that (1) clarify, (2) correct errors, or (3) make minor improvements. The amendments in ASU 2025-12 are effective for fiscal years beginning after December 15, 2026, and interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of ASU 2025-12 guidance on its consolidated financial statements and related disclosures.

In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). ASU 2025-06 amends the existing standard to remove all references to “software development stages.” Under this guidance, eligible software development costs will begin capitalization when management has authorized and committed to funding the software project, it is probable that the project will be completed, and the software will be used to perform the function intended. The amendments in this ASU are effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of ASU 2025-06 guidance on its consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The new guidance is intended to provide investors more detailed disclosures about specified categories of expenses (including purchases of inventory, employee compensation, intangible asset amortization, and depreciation) included in certain expense captions presented on the face of the income statement. The amendments in this ASU are effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures.
v3.26.1
Intangible Assets, Net
 6 Months Ended
Jun. 30, 2026
Intangible Assets Disclosure [Abstract]  
Intangible Assets, Net

NOTE 3. Intangible Assets, Net

The details of intangible assets and related accumulated amortization are set forth below:

 

 

As of June 30, 2026

 

 

As of December 31, 2025

 

 

Gross
value

 

 

Accumulated
amortization

 

 

Net
Value

 

 

Gross
value

 

 

Accumulated
amortization

 

 

Net
Value

 

Data supply relationships

 

$

67,675

 

 

$

(57,806

)

 

$

9,869

 

 

$

66,425

 

 

$

(51,824

)

 

$

14,601

 

Tradenames

 

 

27,074

 

 

 

(7,510

)

 

 

19,564

 

 

 

27,280

 

 

 

(5,125

)

 

 

22,155

 

Completed technologies

 

 

122,557

 

 

 

(60,831

)

 

 

61,726

 

 

 

123,232

 

 

 

(48,759

)

 

 

74,473

 

Customer relationships

 

 

182,572

 

 

 

(88,381

)

 

 

94,191

 

 

 

183,993

 

 

 

(77,279

)

 

 

106,714

 

Intangible assets, net

 

$

399,878

 

 

$

(214,528

)

 

$

185,350

 

 

$

400,930

 

 

$

(182,987

)

 

$

217,943

 

 

Amortization expense of intangible assets for the three and six months ended June 30, 2026 was $15,416 and $31,754, respectively, and for the three and six months ended June 30, 2025 was $11,173 and $22,582, respectively. As of June 30, 2026, the cumulative foreign currency translation adjustment related to intangible assets was $2,262.

Weighted average useful life of the unamortized intangible assets as of June 30, 2026 was 4.55 years. As of June 30, 2026, based on the amount of intangible assets subject to amortization, the Company’s estimated future amortization over the next five years and beyond are as follows:

 

Year ending December 31,

 

 

 

Remainder of 2026

 

$

29,525

 

2027

 

 

50,291

 

2028

 

 

34,771

 

2029

 

 

25,951

 

2030

 

 

22,171

 

2031 and thereafter

 

 

22,641

 

Total

 

$

185,350

 
v3.26.1
Goodwill
 6 Months Ended
Jun. 30, 2026
Goodwill Disclosure [Abstract]  
Goodwill

NOTE 4. Goodwill

The following is a summary of the carrying amount of goodwill:

 

Balance as of January 1, 2026

 

$

527,886

 

Purchase price allocation adjustments

 

 

1,765

 

Foreign currency translation

 

 

(4,943

)

Balance as of June 30, 2026

 

$

524,708

 

 

There were no events during the six months ended June 30, 2026 to which an impairment analysis would be warranted.
v3.26.1
Acquisition
 6 Months Ended
Jun. 30, 2026
Business Combination [Abstract]  
Acquisition

NOTE 5. Acquisition

The Company uses the purchase method of accounting in accordance with ASC 805, Business Combinations. This standard requires that the total cost of an acquisition be allocated to the tangible and intangible assets acquired and liabilities assumed based on the fair value of the tangible and intangible assets acquired and liabilities assumed at the acquisition date. The Company’s estimates and assumptions used in assessing fair value are inherently uncertain and subject to refinement. During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed, with the corresponding offset to goodwill. In addition, uncertain tax positions and tax-related valuation allowances are initially recorded in connection with a business combination as of the acquisition date. Acquisition-related expenses are expensed when incurred.

The Company may also agree to pay a portion of the purchase price for certain acquisitions in the form of contingent consideration. The unpaid amounts of these liabilities are included in the acquisition-related liabilities on the condensed unaudited consolidated balance sheets as of June 30, 2026 and December 31, 2025.

Marigold’s Enterprise Business

On September 27, 2025, the Company entered into a Purchase Agreement with Marigold Group, Inc. (“MGI”), Campaign Monitor Europe UK Ltd. (“CMEUK”), and Selligent Holdings Limited (“Selligent Holdings” together with MGI and CMEUK, the “Sellers”) to acquire the Sellers’ enterprise business (“Marigold’s Enterprise Business”). The Company closed this acquisition on November 24, 2025 (the “Closing”). The Company concluded that the transaction represents an acquisition of a business under ASC 805, Business Combinations. The fair value of the aggregate purchase consideration for the Marigold’s Enterprise Business acquisition was $303,608, including $13,394 paid for cash acquired as part of this acquisition. The Company paid $89,101 (net of cash acquired) and issued 5,329,070 shares of Class A Common Stock with the remaining consideration as seller notes (the “Seller Notes”). During the three and six months ended June 30, 2026, the Company made cash payments of $3,811 and $50,811, respectively, related to the Seller Notes and the working capital adjustment under the Purchase Agreement. During the six months ended June 30, 2026, the Company also issued 3,905,904 shares of Class A Common Stock valued at $66,322 in settlement of the Seller Notes.

The Company has recorded this transaction based on the preliminary purchase price allocation. Accordingly, the Company has recognized $79,780 as customer relationships intangibles, $52,120 as completed technologies, $12,340 as tradenames, $209,674 as goodwill, and $50,306 as other net liabilities associated with this acquisition. The Company amortizes the intangible assets over the weighted average life of 6.02 years.

 

Prior to the acquisition, Marigold’s Enterprise Business was a global marketing software business. The principal activities of Marigold’s Enterprise Business consisted of loyalty services, development and provision of marketing technologies, including email marketing software to marketers and agencies both domestically and overseas. Marigold’s Enterprise Business primarily focuses on enterprise customers with sophisticated, large-scale and complex requirements. The Company incurred nil, $1,666 and $20,281 as acquisition-related expenses related to this acquisition during the three and six months ended June 30, 2026 and the year ended December 31, 2025, respectively.

Goodwill acquired by the Company in its Marigold’s Enterprise Business acquisition is not deductible for tax purposes.

v3.26.1
Acquisition-Related Liabilities
 6 Months Ended
Jun. 30, 2026
Acquisition Related Liabilities [Abstract]  
Acquisition-Related Liabilities

NOTE 6. Acquisition-Related Liabilities

The following is a summary of acquisition-related liabilities:

 

LiveIntent

 

 

Marigold’s
Enterprise Business

 

 

Total

 

Balance as of January 1, 2026

 

$

65,353

 

 

$

123,130

 

 

$

188,483

 

Payments made during the period

 

 

(24,161

)

 

 

(116,322

)

 

 

(140,483

)

Change in fair value

 

 

9,713

 

 

 

(6,808

)

 

 

2,905

 

Balance as of June 30, 2026

 

$

50,905

 

 

$

—

 

 

$

50,905

 

 

As of June 30, 2026, the Company revised the forecasted financial performance of the business acquired in its LiveIntent acquisition compared to the estimates used in the initial purchase price allocation. As such, the Company recorded changes in the fair value, which are included in “Other expenses, net” on the condensed unaudited consolidated statements of operations and comprehensive income / (loss).
v3.26.1
Credit Facilities
 6 Months Ended
Jun. 30, 2026
Line of Credit Facility [Abstract]  
Credit Facilities

NOTE 7. Credit Facilities

The Company’s long-term borrowings are as follows:

 

As of June 30, 2026

 

 

As of December 31, 2025

 

Credit facility

 

$

200,000

 

 

$

200,000

 

Less: Unamortized deferred financing cost

 

 

(2,519

)

 

 

(2,917

)

Long-term borrowings

 

$

197,481

 

 

$

197,083

 

On August 30, 2024, the Company refinanced and replaced its previous senior secured credit facility, dated February 3, 2021, by entering into a new credit agreement (the “Credit Agreement”) with a syndicate of financial institutions and institutional lenders, providing for a five-year $550,000 senior secured credit facility (the “Senior Secured Credit Facility”), which consists of (i) a senior secured term loan in an aggregate principal amount of $200,000 (the “Term Loan”) and (ii) a $350,000 senior secured revolving credit facility (the “Revolving Facility”). Concurrently with entering into the Credit Agreement, the Company drew down the $200,000 Term Loan and repaid all outstanding obligations in the amount of $185,000 under the previous senior secured credit facility and terminated all commitments thereunder. The Senior Secured Credit Facility is fully secured with a first lien on the Company’s assets. The extensions of credit may be used solely (a) to refinance existing indebtedness, (b) to pay any expenses associated with this line of credit agreement, (c) for acquisitions, and (d) for other general corporate purposes. The Company is required to repay the principal balance and any unpaid accrued interest on the Senior Secured Credit Facility on August 30, 2029. Out of the total Senior Secured Credit Facility, $332,500 remains undrawn as of June 30, 2026. In addition, the Company has an outstanding letter of credit amounting to $771 against the available Revolving Facility.

At the Company’s election, loans made under the Credit Agreement will bear interest at (i) Secured Overnight Financing Rate (“SOFR”) plus a margin of between 1.875% and 2.625% per annum depending on the Company’s Consolidated Net Leverage Ratio (as defined in the Credit Agreement), plus an adjustment of 0.10% per annum or (ii) the Base Rate (as defined in the Credit Agreement) plus a margin of between 0.875% and 1.625% per annum depending on the Company’s Consolidated Net Leverage Ratio. Interest shall be payable at the end of the selected interest period. The effective interest rate of the facility was 5.6% and 6.4% for the six months ended June 30, 2026 and 2025, respectively.

The Company accounted for the refinancing in accordance with ASC 470, Debt, as a modification of existing debt, and accordingly the debt issuance cost of $3,397 incurred on the Senior Secured Credit Facility along with the $580 of remaining deferred financing costs of the previous senior secured credit facility were capitalized and were recognized as a reduction in long-term borrowings in the condensed unaudited consolidated balance sheets. These deferred financing costs are being amortized over the term of the Senior Secured Credit Facility on a straight-line basis. During the six months ended June 30, 2026, the Company borrowed $10,000 against the Revolving Facility and repaid the same amount against the Term Loan under the Senior Secured Credit Facility. As of June 30, 2026, the outstanding balance of the Term Loan was $182,500 and Revolving Facility was $17,500.

The Senior Secured Credit Facility contains certain financial maintenance covenants including a Consolidated Net Leverage Ratio and Consolidated Fixed Charge Coverage Ratio (each as defined in the Credit Agreement). The Credit Agreement includes customary negative covenants that, among other things, restrict the Company’s ability to incur additional indebtedness, grant liens, engage in transactions with affiliates and make certain asset dispositions. Additionally, the Company is required to submit periodic financial covenant letters that would include the Company’s current Consolidated Net Leverage Ratio and Consolidated Fixed Charge Coverage Ratio, among others. As of June 30, 2026, the applicable Consolidated Net Leverage Ratio and Consolidated Fixed Charge Coverage Ratio were 3.25 and 1.25, respectively, and the Company was in compliance with these covenants.

The Company determined that the Term Loan is classified as Level 3 and the relevant fair value as of June 30, 2026 was approximately equal to its carrying value. The fair value of the Term Loan as of December 31, 2025 was $193,852.

As of June 30, 2026, the repayment schedule for the Term Loan and Revolving Facility borrowings was as follows:

 

Year ended December 31,

 

 

 

Remainder of 2026

 

$

—

 

2027

 

 

12,500

 

2028

 

 

20,000

 

2029

 

 

167,500

 

2030

 

 

—

 

2031 and thereafter

 

 

—

 

Total*

 

$

200,000

 

 

*Includes $5,000 repayable against the Term Loan within the 12-month period ending June 30, 2027. The Company intends to draw against the available Revolving Facility to pay off Term Loan installments and therefore the total borrowings are included in “Long-term borrowings” on the condensed unaudited consolidated balance sheets as of June 30, 2026.
v3.26.1
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

NOTE 8. Commitments and Contingencies

(a) Purchase obligations

The Company entered into non-cancelable vendor agreements to purchase services. As of June 30, 2026, the Company was party to outstanding purchase contracts as follows:

Year ended December 31,

 

 

 

Remainder of 2026

 

$

95,167

 

2027

 

 

145,742

 

2028

 

 

98,483

 

2029

 

 

53,191

 

2030

 

 

2,318

 

2031 and thereafter

 

 

20,000

 

Total*

 

$

414,902

 

*Includes obligations to issue shares of Class A Common Stock valued at $50,000, under a long-term strategic partnership agreement.

(b) Other contingencies

The Company is a party to various litigations and administrative proceedings related to claims arising from its operations in the ordinary course of business. The Company records provisions for losses when claims become probable and the amounts are estimable. Although the outcome of these matters cannot be predicted with certainty, the Company’s management believes that the resolution of the matters will not have a material impact on the Company’s business, results of operations, financial condition, or cash flows.
v3.26.1
Stock-Based Compensation
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation

NOTE 9. Stock-Based Compensation

Stock-based compensation plan

In 2008, the Company adopted its 2008 Stock Option/Stock Issuance Plan, and, in 2017, adopted the Zeta Global Holdings Corp. 2017 Incentive Plan (collectively, the “Plans”).

The Plans permitted the issuance of stock options, restricted stock and RSUs to employees, officers, consultants or advisors and non-employee directors of the Company. Options granted under the Plans expire no later than ten years from the grant date. Prior to the IPO, the restricted stock and RSUs granted under the Plans generally did not vest until a change in control. Upon a change in control, restricted stock and RSUs vest as to 25% of the shares with the balance of the shares vesting in equal quarterly installments following the change in control over the remainder of a five-year term from the original date of grant. The restricted stock and RSUs fully vest upon a change in control to the extent five years have passed from the original date of grant of the restricted stock or RSUs. Since the vesting of these awards was contingent upon the change of control event, which was not considered probable until it occurred, the Company did not record any stock-based compensation for such awards prior to the IPO, a change in control event. The stock-based compensation has been recognized following the vesting of restricted stock, RSUs and options as described below. The Company ceased granting awards under the Plans following its adoption of the 2021 Plan (as defined below) in connection with the IPO.

In connection with the IPO, the Company adopted the Zeta Global Holdings Corp. 2021 Incentive Award Plan (the “2021 Plan”), which was effective as of the day prior to the first public trading date of the Company’s Class A Common Stock and under which restricted stock, RSUs and options have been granted to service providers. With certain exceptions, the equity awards granted under the 2021 Plan generally vest over four years, with 25% of the shares vesting upon the first anniversary of the grant date and the remainder of the shares vesting in equal quarterly installments thereafter.

During the three months ended June 30, 2026 and 2025, the Company recognized stock-based compensation expense of $52,115 and $46,471, respectively. During the six months ended June 30, 2026 and 2025, the Company recognized stock-based compensation expense of $105,147 and $88,458, respectively.

Restricted Stock and Restricted Stock Units

As noted above, the Company’s restricted stock and RSUs granted prior to the IPO did not vest until a change of control. On March 24, 2021, the Company’s board of directors approved a modification in the vesting terms of its restricted stock and RSU awards. This modification was accounted for under the guidance in ASC 718-20-35-3. Given the vesting of the modified awards contained a performance condition associated with the IPO, the Company had determined that the modification was considered improbable-to-improbable under ASC 718-20-55-118 through 119. The Company recognized compensation expense over the modified vesting terms, based on the fair value as of the date of modification.

Following is the activity of restricted stock and RSUs granted by the Company:

 

 

Shares

 

 

Weighted-Average
Grant Date Fair
Value

 

Non-vested as of January 1, 2026

 

 

19,320,297

 

 

$

13.75

 

Granted (1)

 

 

2,263,844

 

 

$

19.12

 

Vested (2)

 

 

(8,999,410

)

 

$

11.41

 

Forfeited (3)

 

 

(553,402

)

 

$

15.95

 

Non-vested as of June 30, 2026 (4)

 

 

12,031,329

 

 

$

16.41

 

 

 

(1)
During the six months ended June 30, 2026, the Company granted 2,923 shares of restricted stock and 2,260,921 RSUs to its employees, advisors and non-employee directors.
(2)
During the six months ended June 30, 2026, 7,072,368 shares of restricted stock and 1,927,042 RSUs vested.
(3)
During the six months ended June 30, 2026, 63,664 shares of restricted stock and 489,738 RSUs were forfeited.
(4)
Includes 1,996,431 unvested shares of Class A restricted stock, no unvested shares of Class B restricted stock and 10,034,898 unvested RSUs, each as of June 30, 2026.

Stock options

Following is the summary of transactions under the Plans and the 2021 Plan:

 

 

Number of
options

 

 

Weighted-
average
exercise
price

 

 

Weighted-
average
remaining
contractual
life (years)

 

 

Aggregate
intrinsic
value (per share)

 

Outstanding options as of January 1, 2026

 

 

15,633,746

 

 

$

13.17

 

 

 

9.18

 

 

$

4.04

 

Granted

 

 

825,500

 

 

$

17.41

 

 

 

—

 

 

$

—

 

Exercised

 

 

(747,742

)

 

$

10.83

 

 

 

—

 

 

$

—

 

Forfeited

 

 

(622,877

)

 

$

13.61

 

 

 

—

 

 

$

—

 

Outstanding options as of June 30, 2026

 

 

15,088,627

 

 

$

13.50

 

 

 

8.78

 

 

$

5.14

 

 

As of June 30, 2026, the Company had 3,454,028 outstanding exercisable options with a weighted-average exercise price of $11.10.

The Company granted 825,500 options during the six months ended June 30, 2026. The Company determined the estimated weighted-average fair value of the options using the Black-Scholes-Merton method as $10.14. The following assumptions were used by the Company for the options valuation:

 

 

 

As of June 30, 2026

 

Dividend yield

 

0.0%

 

Volatility

 

57.1% - 58.6%

 

Expected Term (years)

 

 

6.1

 

Risk free rate of interest

 

3.9% - 4.2%

 

 

Performance-Based Stock Unit (“PSUs”) Award

On March 2, 2026, the Compensation Committee of the Board of Directors approved the grant of 10,756,758 PSUs (the “Target PSUs”) subject to certain performance conditions under the 2021 Plan (the “2026 PSUs”). Upon achievement of certain revenue targets beginning at $2.0 billion and up to $3.0 billion and adjusted EBITDA margin targets starting at 20% and growing 100 basis points per year, the 2026 PSUs could result in the issuance of shares of Class A Common Stock up to 185% of the Target PSUs, through the performance period that ends on December 31, 2030.

The 2026 PSUs may be earned on the determination date, which is after the end of each fiscal quarter beginning with the three-month period ending on December 31, 2026 and ending with, and including, the three-month period ending on December 31, 2030, based on the Company’s revenue and adjusted EBITDA for the last 12-month period ending as of the end of the applicable quarter. The number of 2026 PSUs earned for such quarter shall be reduced by the number of 2026 PSUs, if any, earned in any prior quarter.

Each 2026 PSU represents the right to receive shares of Class A Common Stock as set forth in the 2026 PSU grant agreement or, at the option of the Company, an equivalent amount of cash. Participants have no right to the distribution of any shares or payment of any cash until the time the 2026 PSUs are earned and have vested. Each 2026 PSU provides for the right to receive a dividend equivalent to the value of any ordinary cash dividends paid on substantially all the outstanding shares of Class A Common Stock if the 2026 PSUs are earned and vested. Earned 2026 PSUs vest as to 25% on the date the Company determines the number of 2026 PSUs that are earned for such quarter, and the remaining earned 2026 PSUs vest in 12 equal quarterly installments thereafter, subject to accelerated vesting in connection with certain qualifying terminations of employment or a change in control.

The following is a summary of PSUs not subject to market conditions under the Company’s 2021 Plan:

 

 

Number of
PSUs

 

 

Weighted Average
Grant Date Fair
Value

 

Outstanding PSUs as of January 1, 2026

 

 

849,183

 

 

$

27.68

 

Granted

 

 

10,756,758

 

 

$

16.95

 

Vested and Issued

 

 

(94,353

)

 

$

27.68

 

Forfeited

 

 

—

 

 

$

—

 

Outstanding PSUs as of June 30, 2026

 

 

11,511,588

 

 

$

17.65

 

 

Of the total PSUs not subject to market conditions granted by the Company, the Company determined that 283,061 PSUs were earned through June 30, 2026, of which 188,708 earned PSUs remained unissued.

The following is a summary of PSUs subject to market conditions under the Company’s 2021 Plan:

 

 

 

Number of
PSUs

 

 

Weighted Average
Grant Date Fair
Value

 

Outstanding PSUs as of January 1, 2026

 

 

5,656,459

 

 

$

16.02

 

Granted

 

 

—

 

 

$

—

 

Vested and Issued

 

 

(1,552,641

)

 

$

16.85

 

Forfeited

 

 

(27,464

)

 

$

20.79

 

Outstanding PSUs as of June 30, 2026

 

 

4,076,354

 

 

$

15.67

 

Of the total PSUs subject to market conditions granted by the Company, the Company determined that 16,317,251 PSUs were earned through June 30, 2026, of which 4,076,354 earned PSUs remained unissued.

The number of shares to be issued upon achievement of the applicable performance condition and satisfaction of the vesting schedule are specified in the applicable PSU award agreements. In the tables above, the number of “granted” PSUs are presented at 100% of the specified target shares.

2021 Employee Stock Purchase Plan

The Company maintains the 2021 ESPP. The 2021 ESPP permits participants to purchase the Company’s Class A Common Stock through contributions up to a specified percentage of their eligible compensation. The maximum number of shares that may be purchased by a participant during any offering period is capped at 10,000. In addition, no employee will be permitted to accrue the right to purchase shares under the Section 423 component at a rate in excess of $25 worth of shares during any calendar year during which such a purchase right is outstanding (based on the fair market value per share of the Company’s Class A Common Stock as of the first day of the offering period).

The 2021 ESPP has consecutive offering periods of approximately six months in length commencing each year on December 1 and June 1 and ending on each May 31 and November 30, as applicable. The Company determined the estimated fair value of the shares purchased under the 2021 ESPP using the Black-Scholes-Merton method.

During the six months ended June 30, 2026, the Company issued 161,061 shares of Class A Common Stock related to the 2021 ESPP offering that ended on May 31, 2026.

The fair value of shares for the offering that commenced on June 1, 2026 was estimated at $9.50 per share, using the following assumptions, and expected to result in the issuance of approximately 158,340 shares of Class A Common Stock under this offering that will end on November 30, 2026.

 

 

 

As of June 30, 2026

 

Dividend yield

 

 

0.0

%

Risk free interest rate

 

 

3.8

%

Volatility

 

 

79.0

%

 

Unrecognized stock-based compensation

The Company has $381,383 of unrecognized compensation expense related to its 12,031,329 shares of unvested restricted stock and RSUs, 13,155,088 PSUs subject to market conditions, 11,634,599 options, 11,605,941 additional PSUs that are not subject to market conditions and approximately 158,340 shares of Class A Common Stock to be issued under the 2021 ESPP offering that will end on November 30, 2026. This unrecognized stock-based compensation will be recognized over a weighted average period of 1.80 years.
v3.26.1
Stockholders' Equity
 6 Months Ended
Jun. 30, 2026
Stockholders' Equity Note [Abstract]  
Stockholders' Equity

NOTE 10. Stockholders’ Equity

Share repurchase plan

On July 23, 2025, the Company’s Board of Directors authorized a new stock repurchase and withholding program (the “2025 SRP”) of up to $200,000 in the aggregate for repurchase of the Company’s outstanding Class A Common Stock through December 31, 2027. The 2025 SRP supplements the Company’s prior stock repurchase program authorized in 2024. In addition to repurchases, the 2025 SRP also allow for the withholding of shares as an alternative to market sales by certain executives and other employees to satisfy tax withholding requirements upon vesting of restricted stock awards (the “RSA Withholding Program”).

During the three and six months ended June 30, 2026, the Company repurchased 1,647,622 and 3,196,990 shares of Class A Common Stock, respectively, for a value of $29,902 and $55,629, respectively. As of June 30, 2026, $108,410 remained available for purchases under this discretionary plan.

Issuance of Class A Common Stock

During the six months ended June 30, 2026, the Company issued 3,905,904 shares of Class A Common Stock valued at $66,322 for the Seller Notes payment related to its Marigold’s Enterprise Business acquisition and 660,937 shares of Class A Common Stock valued at $10,958 for the earn-out payment related to its LiveIntent acquisition. In addition, 12,698 shares of Class A Common Stock valued at $218 were returned and retired due to fair value adjustment.
v3.26.1
Leases
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Leases

NOTE 11. Leases

The Company maintains leased offices and data center space in the United States of America, India, United Kingdom, Denmark, Netherlands, Czech Republic, France and Germany.

The balance for right-to-use assets and lease liabilities are as follows:

 

Operating Leases

 

As of June 30, 2026

 

 

As of December 31, 2025

 

Right-to-use assets - operating leases, net

 

$

21,508

 

 

$

19,101

 

Current portion of long-term operating lease liabilities*

 

$

10,553

 

 

$

8,944

 

Long-term operating lease liabilities*

 

$

12,214

 

 

$

11,715

 

 

*Current portion of long-term operating lease liabilities and long-term operating lease liabilities are included in other current liabilities and other non-current liabilities, respectively, in the condensed unaudited consolidated balance sheets.

Minimum lease obligations - future minimum payments under all operating leases as of June 30, 2026 are as follows:

 

Year ended December 31,

 

 

 

Remainder of 2026

 

$

5,816

 

2027

 

 

9,485

 

2028

 

 

5,091

 

2029

 

 

3,596

 

2030

 

 

696

 

2031 and thereafter

 

 

81

 

Total undiscounted lease commitments

 

$

24,765

 

Less: Imputed interest

 

 

(1,998

)

Total discounted operating lease liabilities

 

$

22,767

 
v3.26.1
Fair Value Disclosures
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Disclosures

NOTE 12. Fair Value Disclosures

Fair value is the price that would be received from the sale of an asset or paid to transfer a liability assuming an orderly transaction in the most advantageous market at the measurement date. U.S. GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of observability of inputs used in measuring fair value. These tiers include Level 1, Level 2 and Level 3.

Level 1 is defined as observable inputs such as quoted prices in active markets for identical assets;

Level 2 is defined as observable inputs other than Level 1 prices such as quoted prices for similar assets; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and

Level 3 is defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

The following table represents the fair value of the financial instruments measured at fair value on a recurring basis:

 

 

 

As of June 30, 2026

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents*

 

$

265,763

 

 

$

—

 

 

$

—

 

 

$

265,763

 

Total assets measured at fair value

 

$

265,763

 

 

$

—

 

 

$

—

 

 

$

265,763

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition-related liabilities

 

$

—

 

 

$

—

 

 

$

50,905

 

 

$

50,905

 

Total liabilities measured at fair value

 

$

—

 

 

$

—

 

 

$

50,905

 

 

$

50,905

 

 

 

As of December 31, 2025

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents*

 

$

275,401

 

 

$

—

 

 

$

—

 

 

$

275,401

 

Total assets measured at fair value

 

$

275,401

 

 

$

—

 

 

$

—

 

 

$

275,401

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition-related liabilities

 

$

—

 

 

$

—

 

 

$

188,483

 

 

$

188,483

 

Total liabilities measured at fair value

 

$

—

 

 

$

—

 

 

$

188,483

 

 

$

188,483

 

 

*Includes cash invested by the Company in money market accounts with certain financial institutions.

The fair value of the acquisition-related liabilities was estimated using the Monte-Carlo simulation model and was classified as a Level 3 financial instrument. The significant assumptions used in the model are the forecasted financial performance of the acquired businesses in future periods.

There were no transfers of financial instruments into or out of Level 3 during the six months ended June 30, 2026 and 2025.

The following table reconciles the changes in the fair value of the liabilities categorized within Level 3 of the fair value hierarchy for the three and six months ended June 30, 2026 and 2025:

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Balance, beginning of period

 

$

70,176

 

 

$

37,461

 

 

$

188,483

 

 

$

41,864

 

Payments made during the period

 

 

(26,920

)

 

 

(4,005

)

 

 

(140,483

)

 

 

(11,868

)

Change in fair value

 

 

7,649

 

 

 

5,705

 

 

 

2,905

 

 

 

9,165

 

Balance, end of period

 

$

50,905

 

 

$

39,161

 

 

$

50,905

 

 

$

39,161

 

 

In connection with certain business combinations, the Company may owe additional purchase consideration (contingent consideration included in the acquisition-related liabilities) based on the financial performance of the acquired entities after their acquisition. The fair value of the contingent consideration was determined using an unobservable input such as projected revenues, collections of accounts receivables, etc. Changes in any of the assumptions related to the unobservable inputs identified above may change the fair value of the contingent consideration.
v3.26.1
Income Taxes
 6 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
Income Taxes

NOTE 13. Income Taxes

The Company’s income tax provision consists of federal, foreign, and state taxes necessary to align the Company’s year-to-date tax provision with the annual effective rate that it expects to achieve for the full year. At each interim period, the Company updates its estimate of the annual effective tax rate and records cumulative adjustments as necessary.

For the three and six months ended June 30, 2026, the Company recorded an income tax benefit of $373 and $2,950, respectively, which included a discrete tax benefit of $688 and $1,368, respectively, related to windfall tax benefits for stock-based compensation. The effective tax rate for the three months ended June 30, 2026 was negative 4.8% on a pre-tax income of $7,800 and for the six months ended June 30, 2026 was positive 36.8% on a pre-tax loss of $8,024.

The effective tax rate for the three months ended June 30, 2026 differs from the U.S. statutory rate primarily related to windfall tax benefits associated with stock-based compensation. The effective tax rate for the six months ended June 30, 2026 differs from the U.S. statutory tax rate primarily due to (i) the limited tax benefit recognized on U.S. operating losses incurred year-to-date as the Company continues to maintain a full valuation allowance against its U.S. deferred tax assets, (ii) non-deductible executive compensation under IRC Section 162(m), (iii) state and local taxes, (iv) incremental tax related to the base erosion and anti-abuse tax, and (v) the impact of windfall tax benefits associated with stock-based compensation.

For the three and six months ended June 30, 2025, the Company recorded an income tax provision of $1,192 and $2,836, respectively, which included a discrete tax benefit of $201 and $510, respectively, related to windfall tax benefits for stock-based compensation. The effective tax rate for the three months ended June 30, 2025 was negative 10.3% on a pre-tax loss of $11,622 and for the six months ended June 30, 2025 was negative 9.0% on a pre-tax loss of $31,578.

The effective tax rate differs from the U.S. statutory rate primarily related to limited tax benefit on its U.S. operating losses as the Company maintains a full valuation allowance against its U.S. deferred tax assets.
v3.26.1
Net Income / (Loss) Per Share Attributable to Common Stockholders
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Net Income / (Loss) Per Share Attributable to Common Stockholders

NOTE 14. Net Income / (Loss) Per Share Attributable to Common Stockholders

Basic net income / (loss) per share is computed using the two-class method, by dividing the net income / (loss) by the weighted-average number of shares of common stock of the Company outstanding during the period. Diluted net income / (loss) per share is computed by giving effect to all potential shares of common stock of the Company, outstanding stock options, warrants, to the extent dilutive. However, the unvested restricted stock, RSUs and PSUs as of June 30, 2026 and 2025 of 16,296,391 and 35,115,428, respectively, are not considered as participating securities and to the extent considered anti-dilutive are excluded from the weighted average number of shares used for calculating basic and diluted net income / (loss) per share. For periods in which the Company has reported net losses, diluted net loss per common share is the same as basic net loss per common share, since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive.

The following table sets forth the calculation of basic and diluted net income / (loss) per share attributable to common stockholders during the periods presented:

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Numerator for Basic and Diluted income / (loss) per share – net income / (loss) available to common stockholders

 

$

8,173

 

 

$

(12,814

)

 

$

(5,074

)

 

$

(34,414

)

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Class A Common Stock

 

 

222,648,972

 

 

 

198,507,575

 

 

 

219,850,998

 

 

 

196,573,719

 

Class B Common Stock

 

 

22,686,249

 

 

 

18,746,281

 

 

 

22,111,645

 

 

 

18,345,206

 

Denominator for Basic income / (loss) per share – weighted-average common stock

 

 

245,335,221

 

 

 

217,253,856

 

 

 

241,962,643

 

 

 

214,918,925

 

Effect of Dilutive securities

 

 

11,246,306

 

 

 

—

 

 

 

—

 

 

 

—

 

Denominator for Diluted income / (loss) per share – weighted-average common stock

 

 

256,581,527

 

 

 

217,253,856

 

 

 

241,962,643

 

 

 

214,918,925

 

Basic income / (loss) per share

 

$

0.03

 

 

$

(0.06

)

 

$

(0.02

)

 

$

(0.16

)

Diluted income / (loss) per share

 

$

0.03

 

 

$

(0.06

)

 

$

(0.02

)

 

$

(0.16

)

 

For the periods the Company was in a net loss position, the inclusion of all potential common equivalent shares outstanding would have been anti-dilutive. Therefore, net loss per share attributable to common stockholders was the same on a basic and diluted basis.

Anti-dilutive weighted-average common equivalent shares were as follows:

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Options

 

 

4,125,883

 

 

 

593,713

 

 

 

15,088,627

 

 

 

986,571

 

Restricted Stock and RSUs

 

 

33,110

 

 

 

17,824,761

 

 

 

12,031,328

 

 

 

19,058,743

 

PSUs

 

 

1,183,891

 

 

 

4,564,966

 

 

 

4,265,042

 

 

 

5,115,962

 
v3.26.1
Subsequent Event
 6 Months Ended
Jun. 30, 2026
Subsequent Events [Abstract]  
Subsequent Event

NOTE 15. Subsequent Event

On July 24, 2026, the Company refinanced and replaced the existing Senior Secured Credit Facility by entering into a new credit agreement (the “2026 Credit Agreement”) with a syndicate of financial institutions and institutional lenders, providing for a five-year $1,000,000 senior secured credit facility (the “2026 Senior Secured Credit Facility”), which consists of (i) a senior secured term loan in an aggregate principal amount of $250,000 (the “2026 Term Loan”) and (ii) a $750,000 senior secured revolving credit facility (the “2026 Revolving Facility”). As of the date of issuance of these condensed unaudited consolidated financial statements, the 2026 Revolving Facility remained undrawn.
v3.26.1
Basis of Presentation and Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]  
Principles of Consolidation

(a) Principles of consolidation:

The accompanying condensed unaudited consolidated financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial reporting and as required by Rule 10-01 of Regulation S-X. Accordingly, the condensed unaudited consolidated financial statements may not include all of the information and notes required by GAAP for audited financial statements. The year-end December 31, 2025 consolidated financial statements data included herein was derived from audited financial statements but does not include all disclosures required by GAAP for complete financial statements. In the opinion of the Company’s management, the accompanying condensed unaudited consolidated financial statements contain all adjustments, consisting of items of a normal and recurring nature, necessary to present fairly the Company’s financial position as of June 30, 2026, the results of operations, comprehensive income / (loss) and changes in stockholders’ equity for the three and six months ended June 30, 2026 and 2025, and cash flows for the six months ended June 30, 2026 and 2025. The results of operations for the three and six months ended June 30, 2026 and 2025 are not necessarily indicative of the results to be expected for the full year. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities, and related disclosures, as of the date of the financial statements, and the amounts of revenues and expenses reported during the period. Actual results could differ from estimates. The accompanying condensed unaudited consolidated financial statements should be read in conjunction with the Company’s audited financial statements and the accompanying notes for the year ended December 31, 2025, which were included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 25, 2026.

The accompanying condensed unaudited consolidated financial statements include the accounts of Zeta and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

The Company’s management considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. Subsequent events have been evaluated through the date of issuance of these financial statements.
Revenue Recognition

(b) Revenue recognition:

Revenues arise primarily from the Company’s technology platform via subscription fees, volume-based utilization fees and fees for professional services designed to maximize the customers usage of the technology.

Revenues are recognized when control of these services is transferred to the customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. Sales and other taxes collected by the Company concurrent with revenue-producing activities are excluded from revenues.

When the Company enters into contracts with third parties in which the Company is acting as both a vendor and a customer, the Company performs an assessment of the services transferred to determine the independent nature of both the transactions. The Company presents the revenue and expense based on the fair value of the services provided or received.

Contract assets and liabilities

Contract assets represent revenue recognized for contracts that have not been invoiced to customers. Total contract assets were $23,638 and $12,924 as of June 30, 2026 and December 31, 2025, respectively, and are included in the accounts receivables, net, in the condensed unaudited consolidated balance sheets.

Contract liabilities consist of deferred revenues that represent amounts billed to the customers in excess of the revenue recognized. Deferred revenues are subsequently recorded as revenues when earned in accordance with the Company’s revenue recognition policies. Deferred revenue as of June 30, 2026 and December 31, 2025, were $33,859 and $35,398, respectively. During the six months ended June 30, 2026 and 2025, revenue recognized from deferred revenue as of the beginning of the year was $29,922 and $17,337, respectively.

Remaining performance obligations

Remaining performance obligations represents contractual obligations that are not yet fulfilled. Revenues for such contractual obligations will be recognized in future periods. The remaining performance obligations are influenced by several factors, including seasonality, the timing of renewals, average contract terms and foreign currency exchange rates. The remaining performance obligations are subject to future economic risks including counterparty risks, bankruptcies, regulatory changes and other market factors.

As of June 30, 2026, the Company’s remaining performance obligations for the next 12 months and thereafter were approximately $218,700 and $133,500, respectively.

Disaggregation of revenues from contracts with customers

The Company reports disaggregation of revenues based on primary geographical markets and delivery channels / platforms. Revenues by delivery channels / platforms are based on whether the customer requirements necessitate integration with platforms or delivery channels not owned by the Company. When the Company generates revenues entirely through the Company platform, the Company considers it to be direct platform revenue. When the Company generates revenue by leveraging its platform’s integration with third parties, it is considered integrated platform revenue.

The following table summarizes disaggregation for the three and six months ended June 30, 2026 and 2025:

 

Three months ended June 30,

 

Six months ended June 30,

 

2026

 

2025

 

2026

 

2025

Direct platform revenue

 

72%

 

75%

 

73%

 

74%

Integrated platform revenue

 

28%

 

25%

 

27%

 

26%

 

Refer to the Company’s accounting policy on “Segments” below for more information about disaggregation based on primary geographical markets.
Stock-based Compensation and Other Stock-based Payments

(c) Stock-based compensation and other stock-based payments:

The measurement of stock-based compensation for all stock-based payment awards, including restricted stock, restricted stock units (“RSUs”), performance-based stock units (“PSUs”), and stock options granted to the employees, consultants or advisors and non-employee directors, as well as shares purchased under the Company’s 2021 Employee Stock Purchase Plan (“2021 ESPP”), is based on the estimated fair value of the awards on the date of grant or date of modification of such grants. The Company accounts for the modification to already issued awards as per guidance in ASC 718-20-35-3 (Refer to “Note 9. Stock-Based Compensation”).

The Company accounts for all stock-based payment awards using a fair value-based method. The fair value of the stock options granted to employees and the shares purchased under the 2021 ESPP is estimated on the date of the grant using the Black-Scholes-Merton pricing model, and the related stock-based compensation is recognized over the vesting term of the option. The fair value of the restricted shares granted prior to the Company’s initial public offering (the “IPO”) was determined using the Monte-Carlo simulation method and for the restricted shares granted post-IPO is based on the Company’s closing stock price as of the day prior to the date of the grants.

The Company accounts for its PSU awards that are subject to market conditions based on the fair value determined using the Monte-Carlo simulation method, by a third-party valuation firm engaged by the Company. The Company accounts for PSU awards that are not subject to market conditions based on the Company’s closing stock price as of the day prior to the date of grant. The Company accounts for the forfeitures, as they occur. The Company uses the graded vesting attribution method to recognize the stock-based compensation related to restricted stock awards, RSUs and stock options and straight-line over the term method for all the other awards.
Segments

(d) Segments:

The Company operates as one operating segment. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company’s CODM is the Chief Executive Officer. Since it operates as one operating segment, all required significant financial segment information can be found in the condensed unaudited consolidated financial statements. There are no other significant segment expenses that would require disclosure. The measure of segment assets is reported on the consolidated balance sheets as total consolidated assets.

The CODM uses net income / (loss) and Adjusted EBITDA to allocate resources. Adjusted EBITDA is defined as the Company’s net income / (loss) adjusted for stock-based compensation, interest expenses, net, income taxes, depreciation and amortization, acquisition-related expenses, restructuring expenses, other expenses / (income) and certain non-recurring expenses. The CODM uses net income / (loss) for budget-to-actual variances on a quarterly basis when making decisions about allocating capital and personnel resources of the Company.

Revenues and long-lived assets by geographic region are based on the physical location of the customers being served or the assets are as follows:

Revenues by geographic region consisted of the following:

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

US

 

$

402,579

 

 

$

298,490

 

 

$

761,987

 

 

$

553,151

 

International

 

 

40,187

 

 

 

9,952

 

 

 

77,083

 

 

 

19,710

 

Total revenues

 

$

442,766

 

 

$

308,442

 

 

$

839,070

 

 

$

572,861

 

 

Total long-lived assets (including right-to-use assets) by geographic region consisted of the following:

 

As of

 

 

June 30, 2026

 

 

December 31, 2025

 

US

 

$

27,662

 

 

$

22,882

 

International

 

 

12,341

 

 

 

11,612

 

Total long-lived assets

 

$

40,003

 

 

$

34,494

 
Concentration of Credit Risk

(e) Concentration of credit risk:

One customer accounted for more than 10% of the Company’s total revenues during both the six months ended June 30, 2026 and 2025.

Financial instruments that potentially subject the Company to concentration risk consist primarily of accounts receivable from customers. As of both June 30, 2026 and December 31, 2025, there was one customer that represented more than 10% of the Company’s accounts receivables balance. The Company continuously monitors whether there is an expected credit loss arising from customers, and accordingly makes provisions as warranted.
Operating Leases

(f) Operating leases:

The Company determines if an arrangement is, or contains, a lease at inception, and whether lease and non-lease components are combined or not. A contract is or contains a lease when, (1) the contract contains an identified asset and (2) the customer obtains substantially all of the economic benefits from the use of that underlying asset and directs how and for what purpose the asset is used during the term of the contract in exchange for consideration.

Right-to-use assets and lease liabilities are initially recorded based on the present value of lease payments over the lease term, which includes the minimum unconditional term of the lease, and may include options to extend or terminate the lease when it is reasonably certain at the commencement date that such options will be exercised. Leases with an initial term of 12 months or less are not recognized on the consolidated balance sheets.

As the rate implicit for each of the Company’s leases is not readily determinable, the Company uses its incremental borrowing rate at commencement date in determining the present value of lease payments. Right-to-use assets also include any initial direct costs and any lease payments made prior to the lease commencement date and are reduced by any lease incentives received. Lease expense is recognized on a straight-line basis over the term of the lease. Lease expense is a combination of interest on lease liability and amortization of Right-to-use assets. Operating lease expenses are included in general and administrative expenses in the condensed unaudited consolidated statements of operations and comprehensive income / (loss). Refer to “Note 11. Leases” for additional information.
New Accounting Pronouncements Recently Adopted

Recently adopted:

In July 2025, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”), introducing a practical expedient whereby when developing reasonable and supportable forecasts as part of estimating expected credit losses, entities may elect to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset. The amendment in ASU 2025-05 is effective for fiscal years beginning after December 15, 2025, and interim periods within those fiscal years, with early adoption permitted. The guidance was adopted by the Company effective January 1, 2026. The adoption of ASU 2025-05 did not have any material impact on the Company’s condensed unaudited consolidated financial statements.
New Accounting Pronouncements Not Yet Adopted

Not yet adopted:

In May 2026, the FASB issued ASU No. 2026-02, Environmental Credits and Environmental Credit Obligations (Topic 818) (“ASU 2026-02”). ASU 2026-02 provides guidance for the recognition, measurement, presentation, and disclosure of environmental credits and related obligations. This guidance is effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years on retrospective basis, with early adoption permitted. The Company is currently evaluating the impact of ASU 2026-02 guidance on its consolidated financial statements and related disclosures.

In December 2025, the FASB issued ASU No. 2025-12, Codification Improvements (“ASU 2025-12”), ASU 2025-12 represents changes to the Codification that (1) clarify, (2) correct errors, or (3) make minor improvements. The amendments in ASU 2025-12 are effective for fiscal years beginning after December 15, 2026, and interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of ASU 2025-12 guidance on its consolidated financial statements and related disclosures.

In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). ASU 2025-06 amends the existing standard to remove all references to “software development stages.” Under this guidance, eligible software development costs will begin capitalization when management has authorized and committed to funding the software project, it is probable that the project will be completed, and the software will be used to perform the function intended. The amendments in this ASU are effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of ASU 2025-06 guidance on its consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The new guidance is intended to provide investors more detailed disclosures about specified categories of expenses (including purchases of inventory, employee compensation, intangible asset amortization, and depreciation) included in certain expense captions presented on the face of the income statement. The amendments in this ASU are effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures.
v3.26.1
Basis of Presentation and Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]  
Summary of Disaggregation of Revenue

The following table summarizes disaggregation for the three and six months ended June 30, 2026 and 2025:

 

Three months ended June 30,

 

Six months ended June 30,

 

2026

 

2025

 

2026

 

2025

Direct platform revenue

 

72%

 

75%

 

73%

 

74%

Integrated platform revenue

 

28%

 

25%

 

27%

 

26%
Schedule of Revenues and Long-Lived Assets by Geographic Region are Based on the Physical Location of the Customers Being Served or the Assets

Revenues by geographic region consisted of the following:

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

US

 

$

402,579

 

 

$

298,490

 

 

$

761,987

 

 

$

553,151

 

International

 

 

40,187

 

 

 

9,952

 

 

 

77,083

 

 

 

19,710

 

Total revenues

 

$

442,766

 

 

$

308,442

 

 

$

839,070

 

 

$

572,861

 

 

Total long-lived assets (including right-to-use assets) by geographic region consisted of the following:

 

As of

 

 

June 30, 2026

 

 

December 31, 2025

 

US

 

$

27,662

 

 

$

22,882

 

International

 

 

12,341

 

 

 

11,612

 

Total long-lived assets

 

$

40,003

 

 

$

34,494

 
v3.26.1
Intangible Assets, Net (Tables)
 6 Months Ended
Jun. 30, 2026
Intangible Assets Disclosure [Abstract]  
Summary of Intangible Assets and Related Accumulated Amortization

The details of intangible assets and related accumulated amortization are set forth below:

 

 

As of June 30, 2026

 

 

As of December 31, 2025

 

 

Gross
value

 

 

Accumulated
amortization

 

 

Net
Value

 

 

Gross
value

 

 

Accumulated
amortization

 

 

Net
Value

 

Data supply relationships

 

$

67,675

 

 

$

(57,806

)

 

$

9,869

 

 

$

66,425

 

 

$

(51,824

)

 

$

14,601

 

Tradenames

 

 

27,074

 

 

 

(7,510

)

 

 

19,564

 

 

 

27,280

 

 

 

(5,125

)

 

 

22,155

 

Completed technologies

 

 

122,557

 

 

 

(60,831

)

 

 

61,726

 

 

 

123,232

 

 

 

(48,759

)

 

 

74,473

 

Customer relationships

 

 

182,572

 

 

 

(88,381

)

 

 

94,191

 

 

 

183,993

 

 

 

(77,279

)

 

 

106,714

 

Intangible assets, net

 

$

399,878

 

 

$

(214,528

)

 

$

185,350

 

 

$

400,930

 

 

$

(182,987

)

 

$

217,943

 
Summary of Total Estimated Future Amortization As of June 30, 2026, based on the amount of intangible assets subject to amortization, the Company’s estimated future amortization over the next five years and beyond are as follows:

 

Year ending December 31,

 

 

 

Remainder of 2026

 

$

29,525

 

2027

 

 

50,291

 

2028

 

 

34,771

 

2029

 

 

25,951

 

2030

 

 

22,171

 

2031 and thereafter

 

 

22,641

 

Total

 

$

185,350

 
v3.26.1
Goodwill (Tables)
 6 Months Ended
Jun. 30, 2026
Goodwill Disclosure [Abstract]  
Summary of Goodwill

The following is a summary of the carrying amount of goodwill:

 

Balance as of January 1, 2026

 

$

527,886

 

Purchase price allocation adjustments

 

 

1,765

 

Foreign currency translation

 

 

(4,943

)

Balance as of June 30, 2026

 

$

524,708

 
v3.26.1
Acquisition-Related Liabilities (Tables)
 6 Months Ended
Jun. 30, 2026
Acquisition Related Liabilities [Abstract]  
Schedule of Acquisition-Related Liabilities

The following is a summary of acquisition-related liabilities:

 

LiveIntent

 

 

Marigold’s
Enterprise Business

 

 

Total

 

Balance as of January 1, 2026

 

$

65,353

 

 

$

123,130

 

 

$

188,483

 

Payments made during the period

 

 

(24,161

)

 

 

(116,322

)

 

 

(140,483

)

Change in fair value

 

 

9,713

 

 

 

(6,808

)

 

 

2,905

 

Balance as of June 30, 2026

 

$

50,905

 

 

$

—

 

 

$

50,905

 

 
v3.26.1
Credit Facilities (Tables)
 6 Months Ended
Jun. 30, 2026
Line of Credit Facility [Abstract]  
Schedule Of Long-Term Borrowings

The Company’s long-term borrowings are as follows:

 

As of June 30, 2026

 

 

As of December 31, 2025

 

Credit facility

 

$

200,000

 

 

$

200,000

 

Less: Unamortized deferred financing cost

 

 

(2,519

)

 

 

(2,917

)

Long-term borrowings

 

$

197,481

 

 

$

197,083

 
Summary of Maturities of Long-term Debt

As of June 30, 2026, the repayment schedule for the Term Loan and Revolving Facility borrowings was as follows:

 

Year ended December 31,

 

 

 

Remainder of 2026

 

$

—

 

2027

 

 

12,500

 

2028

 

 

20,000

 

2029

 

 

167,500

 

2030

 

 

—

 

2031 and thereafter

 

 

—

 

Total*

 

$

200,000

 

 

*Includes $5,000 repayable against the Term Loan within the 12-month period ending June 30, 2027. The Company intends to draw against the available Revolving Facility to pay off Term Loan installments and therefore the total borrowings are included in “Long-term borrowings” on the condensed unaudited consolidated balance sheets as of June 30, 2026.
v3.26.1
Commitments and Contingencies (Tables)
 6 Months Ended
Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]  
Summary of Long-term Purchase Commitment

The Company entered into non-cancelable vendor agreements to purchase services. As of June 30, 2026, the Company was party to outstanding purchase contracts as follows:

Year ended December 31,

 

 

 

Remainder of 2026

 

$

95,167

 

2027

 

 

145,742

 

2028

 

 

98,483

 

2029

 

 

53,191

 

2030

 

 

2,318

 

2031 and thereafter

 

 

20,000

 

Total*

 

$

414,902

 

*Includes obligations to issue shares of Class A Common Stock valued at $50,000, under a long-term strategic partnership agreement.
v3.26.1
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2026
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of The Activity of Restricted Stock And RSUs Granted By The Company

Following is the activity of restricted stock and RSUs granted by the Company:

 

 

Shares

 

 

Weighted-Average
Grant Date Fair
Value

 

Non-vested as of January 1, 2026

 

 

19,320,297

 

 

$

13.75

 

Granted (1)

 

 

2,263,844

 

 

$

19.12

 

Vested (2)

 

 

(8,999,410

)

 

$

11.41

 

Forfeited (3)

 

 

(553,402

)

 

$

15.95

 

Non-vested as of June 30, 2026 (4)

 

 

12,031,329

 

 

$

16.41

 

 

 

(1)
During the six months ended June 30, 2026, the Company granted 2,923 shares of restricted stock and 2,260,921 RSUs to its employees, advisors and non-employee directors.
(2)
During the six months ended June 30, 2026, 7,072,368 shares of restricted stock and 1,927,042 RSUs vested.
(3)
During the six months ended June 30, 2026, 63,664 shares of restricted stock and 489,738 RSUs were forfeited.
(4)
Includes 1,996,431 unvested shares of Class A restricted stock, no unvested shares of Class B restricted stock and 10,034,898 unvested RSUs, each as of June 30, 2026.
Summary of Transaction under the Plans and the 2021 Plan

Following is the summary of transactions under the Plans and the 2021 Plan:

 

 

Number of
options

 

 

Weighted-
average
exercise
price

 

 

Weighted-
average
remaining
contractual
life (years)

 

 

Aggregate
intrinsic
value (per share)

 

Outstanding options as of January 1, 2026

 

 

15,633,746

 

 

$

13.17

 

 

 

9.18

 

 

$

4.04

 

Granted

 

 

825,500

 

 

$

17.41

 

 

 

—

 

 

$

—

 

Exercised

 

 

(747,742

)

 

$

10.83

 

 

 

—

 

 

$

—

 

Forfeited

 

 

(622,877

)

 

$

13.61

 

 

 

—

 

 

$

—

 

Outstanding options as of June 30, 2026

 

 

15,088,627

 

 

$

13.50

 

 

 

8.78

 

 

$

5.14

 

 
Summary of Performance Stock Unit Award Activity

The following is a summary of PSUs not subject to market conditions under the Company’s 2021 Plan:

 

 

Number of
PSUs

 

 

Weighted Average
Grant Date Fair
Value

 

Outstanding PSUs as of January 1, 2026

 

 

849,183

 

 

$

27.68

 

Granted

 

 

10,756,758

 

 

$

16.95

 

Vested and Issued

 

 

(94,353

)

 

$

27.68

 

Forfeited

 

 

—

 

 

$

—

 

Outstanding PSUs as of June 30, 2026

 

 

11,511,588

 

 

$

17.65

 

 

Of the total PSUs not subject to market conditions granted by the Company, the Company determined that 283,061 PSUs were earned through June 30, 2026, of which 188,708 earned PSUs remained unissued.

The following is a summary of PSUs subject to market conditions under the Company’s 2021 Plan:

 

 

 

Number of
PSUs

 

 

Weighted Average
Grant Date Fair
Value

 

Outstanding PSUs as of January 1, 2026

 

 

5,656,459

 

 

$

16.02

 

Granted

 

 

—

 

 

$

—

 

Vested and Issued

 

 

(1,552,641

)

 

$

16.85

 

Forfeited

 

 

(27,464

)

 

$

20.79

 

Outstanding PSUs as of June 30, 2026

 

 

4,076,354

 

 

$

15.67

 
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions

 

 

As of June 30, 2026

 

Dividend yield

 

 

0.0

%

Risk free interest rate

 

 

3.8

%

Volatility

 

 

79.0

%

 
Stock Options [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Share Based Compensation Stock Options Valuation Assumptions

 

 

As of June 30, 2026

 

Dividend yield

 

0.0%

 

Volatility

 

57.1% - 58.6%

 

Expected Term (years)

 

 

6.1

 

Risk free rate of interest

 

3.9% - 4.2%

 
v3.26.1
Leases (Tables)
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Summary of Right-of-Use Assets and Lease Liabilities

The balance for right-to-use assets and lease liabilities are as follows:

 

Operating Leases

 

As of June 30, 2026

 

 

As of December 31, 2025

 

Right-to-use assets - operating leases, net

 

$

21,508

 

 

$

19,101

 

Current portion of long-term operating lease liabilities*

 

$

10,553

 

 

$

8,944

 

Long-term operating lease liabilities*

 

$

12,214

 

 

$

11,715

 

 

*Current portion of long-term operating lease liabilities and long-term operating lease liabilities are included in other current liabilities and other non-current liabilities, respectively, in the condensed unaudited consolidated balance sheets.
Summary of Future Minimum Payments Under Operating Leases

Minimum lease obligations - future minimum payments under all operating leases as of June 30, 2026 are as follows:

 

Year ended December 31,

 

 

 

Remainder of 2026

 

$

5,816

 

2027

 

 

9,485

 

2028

 

 

5,091

 

2029

 

 

3,596

 

2030

 

 

696

 

2031 and thereafter

 

 

81

 

Total undiscounted lease commitments

 

$

24,765

 

Less: Imputed interest

 

 

(1,998

)

Total discounted operating lease liabilities

 

$

22,767

 
v3.26.1
Fair Value Disclosures (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Summary of Financial Instruments Measured At Fair Value On a Recurring Basis

The following table represents the fair value of the financial instruments measured at fair value on a recurring basis:

 

 

 

As of June 30, 2026

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents*

 

$

265,763

 

 

$

—

 

 

$

—

 

 

$

265,763

 

Total assets measured at fair value

 

$

265,763

 

 

$

—

 

 

$

—

 

 

$

265,763

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition-related liabilities

 

$

—

 

 

$

—

 

 

$

50,905

 

 

$

50,905

 

Total liabilities measured at fair value

 

$

—

 

 

$

—

 

 

$

50,905

 

 

$

50,905

 

 

 

As of December 31, 2025

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents*

 

$

275,401

 

 

$

—

 

 

$

—

 

 

$

275,401

 

Total assets measured at fair value

 

$

275,401

 

 

$

—

 

 

$

—

 

 

$

275,401

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition-related liabilities

 

$

—

 

 

$

—

 

 

$

188,483

 

 

$

188,483

 

Total liabilities measured at fair value

 

$

—

 

 

$

—

 

 

$

188,483

 

 

$

188,483

 

 

*Includes cash invested by the Company in money market accounts with certain financial institutions.
Summary of Reconciliations of Changes In The Fair Value of The Liabilities

The following table reconciles the changes in the fair value of the liabilities categorized within Level 3 of the fair value hierarchy for the three and six months ended June 30, 2026 and 2025:

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Balance, beginning of period

 

$

70,176

 

 

$

37,461

 

 

$

188,483

 

 

$

41,864

 

Payments made during the period

 

 

(26,920

)

 

 

(4,005

)

 

 

(140,483

)

 

 

(11,868

)

Change in fair value

 

 

7,649

 

 

 

5,705

 

 

 

2,905

 

 

 

9,165

 

Balance, end of period

 

$

50,905

 

 

$

39,161

 

 

$

50,905

 

 

$

39,161

 
v3.26.1
Net Income / (Loss) Per Share Attributable to Common Stockholders (Tables)
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Summary of Basic and Diluted Net Income / (Loss) Per Share

The following table sets forth the calculation of basic and diluted net income / (loss) per share attributable to common stockholders during the periods presented:

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Numerator for Basic and Diluted income / (loss) per share – net income / (loss) available to common stockholders

 

$

8,173

 

 

$

(12,814

)

 

$

(5,074

)

 

$

(34,414

)

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Class A Common Stock

 

 

222,648,972

 

 

 

198,507,575

 

 

 

219,850,998

 

 

 

196,573,719

 

Class B Common Stock

 

 

22,686,249

 

 

 

18,746,281

 

 

 

22,111,645

 

 

 

18,345,206

 

Denominator for Basic income / (loss) per share – weighted-average common stock

 

 

245,335,221

 

 

 

217,253,856

 

 

 

241,962,643

 

 

 

214,918,925

 

Effect of Dilutive securities

 

 

11,246,306

 

 

 

—

 

 

 

—

 

 

 

—

 

Denominator for Diluted income / (loss) per share – weighted-average common stock

 

 

256,581,527

 

 

 

217,253,856

 

 

 

241,962,643

 

 

 

214,918,925

 

Basic income / (loss) per share

 

$

0.03

 

 

$

(0.06

)

 

$

(0.02

)

 

$

(0.16

)

Diluted income / (loss) per share

 

$

0.03

 

 

$

(0.06

)

 

$

(0.02

)

 

$

(0.16

)

 
Schedule of Anti-Dilutive Common Equivalent Shares

Anti-dilutive weighted-average common equivalent shares were as follows:

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Options

 

 

4,125,883

 

 

 

593,713

 

 

 

15,088,627

 

 

 

986,571

 

Restricted Stock and RSUs

 

 

33,110

 

 

 

17,824,761

 

 

 

12,031,328

 

 

 

19,058,743

 

PSUs

 

 

1,183,891

 

 

 

4,564,966

 

 

 

4,265,042

 

 

 

5,115,962

 
v3.26.1
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2026
USD ($)
Customer
Unit
Jun. 30, 2025
USD ($)
Customer
Dec. 31, 2025
USD ($)
Customer
Accounting Policies [Line Items]      
Contract assets $ 23,638   $ 12,924
Revenue recognized from deferred revenue 29,922 $ 17,337  
Deferred revenue $ 33,859   $ 35,398
Number of operating segments | Unit 1    
Segment reporting, factors used to identify entity's reportable segments Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources and in assessing performance.    
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration] srt:ChiefExecutiveOfficerMember    
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description The CODM uses net income / (loss) and Adjusted EBITDA to allocate resources.    
Accounting Standards Update [Extensible Enumeration] Accounting Standards Update 2025-05 [Member]    
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] true    
Change in Accounting Principle, Accounting Standards Update, Adoption Date Jan. 01, 2026    
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] true    
Customer Concentration Risk [Member] | Revenue Benchmark [Member]      
Accounting Policies [Line Items]      
Number of customers involved in concentration risk | Customer 1 1  
Customer Concentration Risk [Member] | Accounts Receivable [Member]      
Accounting Policies [Line Items]      
Number of customers involved in concentration risk | Customer 1   1
v3.26.1
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information 1 (Details)
$ in Thousands
Jun. 30, 2026
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-07-01  
Accounting Policies [Line Items]  
Revenue, remaining performance obligation, amount $ 218,700
Revenue, remaining performance obligation, expected timing of satisfaction, period 12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-07-01  
Accounting Policies [Line Items]  
Revenue, remaining performance obligation, amount $ 133,500
Revenue, remaining performance obligation, expected timing of satisfaction, period
v3.26.1
Basis of Presentation and Summary of Significant Accounting Policies - Summary of Disaggregation of Revenue (Detail) - Revenue, Product and Service Benchmark [Member] - Product Concentration Risk [Member]
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Direct Platform Revenue [Member]        
Disaggregation of Revenue [Line Items]        
Revenue 72.00% 75.00% 73.00% 74.00%
Integrated Platform Revenue [Member]        
Disaggregation of Revenue [Line Items]        
Revenue 28.00% 25.00% 27.00% 26.00%
v3.26.1
Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Revenues and Long-lived Assets by Geographic Region are Based on the Physical Location of the Customers Being Served or the Assets (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Revenues from External Customers and Long-Lived Assets [Line Items]          
Revenues $ 442,766 $ 308,442 $ 839,070 $ 572,861  
Operating Segments [Member]          
Revenues from External Customers and Long-Lived Assets [Line Items]          
Revenues 442,766 308,442 839,070 572,861  
Long-lived assets 40,003   40,003   $ 34,494
Operating Segments [Member] | US [Member]          
Revenues from External Customers and Long-Lived Assets [Line Items]          
Revenues 402,579 298,490 761,987 553,151  
Long-lived assets 27,662   27,662   22,882
Operating Segments [Member] | International [Member]          
Revenues from External Customers and Long-Lived Assets [Line Items]          
Revenues 40,187 $ 9,952 77,083 $ 19,710  
Long-lived assets $ 12,341   $ 12,341   $ 11,612
v3.26.1
Intangible Assets, Net - Summary of Intangible Assets and Related Accumulated Amortization (Detail) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Finite-Lived Intangible Assets [Line Items]    
Gross value $ 399,878 $ 400,930
Accumulated amortization (214,528) (182,987)
Net value 185,350 217,943
Data supply relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross value 67,675 66,425
Accumulated amortization (57,806) (51,824)
Net value 9,869 14,601
Tradenames    
Finite-Lived Intangible Assets [Line Items]    
Gross value 27,074 27,280
Accumulated amortization (7,510) (5,125)
Net value 19,564 22,155
Completed technologies    
Finite-Lived Intangible Assets [Line Items]    
Gross value 122,557 123,232
Accumulated amortization (60,831) (48,759)
Net value 61,726 74,473
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross value 182,572 183,993
Accumulated amortization (88,381) (77,279)
Net value $ 94,191 $ 106,714
v3.26.1
Intangible Assets, Net - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Intangible Assets Disclosure [Abstract]        
Amortization expense $ 15,416 $ 11,173 $ 31,754 $ 22,582
Intangible asset, foreign currency translation adjustment     $ 2,262  
Weighted average useful life of the unamortized intangibles     4 years 6 months 18 days  
v3.26.1
Intangible Assets, Net - Summary of Total Estimated Future Amortization (Detail) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]    
Remainder of 2026 $ 29,525  
2027 50,291  
2028 34,771  
2029 25,951  
2030 22,171  
2031 and thereafter 22,641  
Net value $ 185,350 $ 217,943
v3.26.1
Goodwill - Summary of Goodwill (Detail)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
USD ($)
Goodwill Disclosure [Abstract]  
Balance as of January 1, 2025 $ 527,886
Purchase price allocation adjustments 1,765
Foreign currency translation (4,943)
Balance as of September 30, 2025 $ 524,708
v3.26.1
Acquisition - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Sep. 27, 2025
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Business Acquisition, Date of Acquisition Agreement            
Business acquisition, net of cash acquired       $ 50,811 $ 1,202  
Recognized of customer relationships as goodwill   $ 524,708   524,708   $ 527,886
Acquisition-related expenses   0 $ 0 1,666 $ 0  
Marigold Group, Inc [Member]            
Business Acquisition, Date of Acquisition Agreement            
Date of agreement Sep. 27, 2025          
Name of acquired entity Marigold Group, Inc          
Fair value of aggregate purchase consideration $ 303,608          
Amount paid for cash acquired 13,394          
Business acquisition, net of cash acquired 89,101          
Business combination cash payments   3,811   50,811    
Recognized of customer relationships intangibles 79,780          
Business combination, recognized identifiable, assets acquired and liabilities assumed, property, plant and equipment 52,120          
Recognized of customer relationships as goodwill 209,674          
Other net liabilities $ 50,306          
Finite lived intangible assets useful lives 6 years 7 days          
Acquisition-related expenses   0   $ 1,666   $ 20,281
Marigold Group, Inc [Member] | Tradenames [Member]            
Business Acquisition, Date of Acquisition Agreement            
Business combination, recognized identifiable assets acquired and liabilities assumed, indefinite lived intangible assets $ 12,340          
Marigold Group, Inc [Member] | Class A Common Stock [Member]            
Business Acquisition, Date of Acquisition Agreement            
Business acquisition, number of shares 5,329,070     3,905,904    
Business combination, shares issued, value   $ 66,322   $ 66,322    
v3.26.1
Acquisition-Related Liabilities - Schedule of Acquisition-Related Liabilities (Detail)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
USD ($)
Schedule of acquisition related liabilities [Line Items]  
Beginning Balance $ 188,483
Payments made during the period (140,483)
Change in fair value of earn-out 2,905
Ending Balance 50,905
LiveIntent [Member]  
Schedule of acquisition related liabilities [Line Items]  
Beginning Balance 65,353
Payments made during the period (24,161)
Change in fair value of earn-out 9,713
Ending Balance 50,905
Marigold Group, Inc [Member]  
Schedule of acquisition related liabilities [Line Items]  
Beginning Balance 123,130
Payments made during the period (116,322)
Change in fair value of earn-out (6,808)
Ending Balance $ 0
v3.26.1
Credit Facilities - Summary of Long-Term Borrowings (Detail) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Line of Credit Facility [Line Items]    
Total borrowings [1] $ 200,000  
Less: Unamortized deferred financing cost (2,519) $ (2,917)
Long term borrowings 197,481 197,083
Credit facility [Member]    
Line of Credit Facility [Line Items]    
Total borrowings $ 200,000 $ 200,000
[1]

*Includes $5,000 repayable against the Term Loan within the 12-month period ending June 30, 2027. The Company intends to draw against the available Revolving Facility to pay off Term Loan installments and therefore the total borrowings are included in “Long-term borrowings” on the condensed unaudited consolidated balance sheets as of June 30, 2026.
v3.26.1
Credit Facilities - Additional Information (Detail)
$ in Thousands
 6 Months Ended
Aug. 30, 2024
USD ($)
Jun. 30, 2026
USD ($)
Jun. 30, 2025
Dec. 31, 2025
USD ($)
Line of Credit Facility [Line Items]        
Total leverage ratio   3.25    
Fixed charge coverage ratio   1.25    
Debt issuance costs   $ 3,397    
Deferred financing costs remaining existing senior secured credit facility   580    
Outstanding balance [1]   200,000    
Level 3 [Member]        
Line of Credit Facility [Line Items]        
Loans payable, fair value disclosure       $ 193,852
Term Loan [Member]        
Line of Credit Facility [Line Items]        
Outstanding balance   182,500    
Credit agreement amount drew down $ 200,000      
Term Loan A [Member]        
Line of Credit Facility [Line Items]        
Secured debt   200,000    
Senior Debt Obligations [Member]        
Line of Credit Facility [Line Items]        
Secured debt 550,000      
Line of credit facility, remaining borrowing capacity   $ 332,500    
Debt instrument, interest rate during period   5.60% 6.40%  
Revolving Credit Facility [Member]        
Line of Credit Facility [Line Items]        
Long-term line of credit   $ 10,000    
Outstanding balance   17,500    
Line of credit facility, current borrowing capacity   350,000    
Letters of Credit Outstanding, Amount   $ 771    
Letter of Credit [Member]        
Line of Credit Facility [Line Items]        
Repaid outstanding obligations $ 185,000      
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]        
Line of Credit Facility [Line Items]        
Adjustment interest rate depends on net leverage ratio   0.10%    
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Maximum [Member]        
Line of Credit Facility [Line Items]        
Debt Instrument, basis spread on variable rate   2.625%    
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Minimum [Member]        
Line of Credit Facility [Line Items]        
Debt Instrument, basis spread on variable rate   1.875%    
Base Rate [Member] | Maximum [Member]        
Line of Credit Facility [Line Items]        
Debt Instrument, basis spread on variable rate   1.625%    
Base Rate [Member] | Minimum [Member]        
Line of Credit Facility [Line Items]        
Debt Instrument, basis spread on variable rate   0.875%    
[1]

*Includes $5,000 repayable against the Term Loan within the 12-month period ending June 30, 2027. The Company intends to draw against the available Revolving Facility to pay off Term Loan installments and therefore the total borrowings are included in “Long-term borrowings” on the condensed unaudited consolidated balance sheets as of June 30, 2026.
v3.26.1
Credit Facilities - Summary of Maturities of Long-term Debt (Detail)
$ in Thousands
Jun. 30, 2026
USD ($)
Line of Credit Facility [Abstract]  
2027 $ 12,500
2028 20,000
2029 167,500
Total $ 200,000 [1]
[1]

*Includes $5,000 repayable against the Term Loan within the 12-month period ending June 30, 2027. The Company intends to draw against the available Revolving Facility to pay off Term Loan installments and therefore the total borrowings are included in “Long-term borrowings” on the condensed unaudited consolidated balance sheets as of June 30, 2026.
v3.26.1
Credit Facilities - Summary of Maturities of Long-term Debt (Parenthetical) (Detail)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
USD ($)
Line of Credit Facility [Abstract]  
Repayable of long term debt $ 5,000
v3.26.1
Commitments and Contingencies - Summary of Long-term Purchase Commitment (Detail)
$ in Thousands
Jun. 30, 2026
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Remainder of 2026 $ 95,167
2027 145,742
2028 98,483
2029 53,191
2030 2,318
2031 and thereafter 20,000
Total $ 414,902 [1]
[1] Includes obligations to issue shares of Class A Common Stock valued at $50,000, under a long-term strategic partnership agreement.
v3.26.1
Commitments and Contingencies - Summary of Long-term Purchase Commitment (Parenthetical) (Detail)
$ in Thousands
Jun. 30, 2026
USD ($)
Long-Term Purchase Commitment [Line Items]  
Obligation to issue shares of common stock $ 414,902 [1]
Class A Common Stock [Member] | Long-term Strategic Partnership Agreement [Member]  
Long-Term Purchase Commitment [Line Items]  
Obligation to issue shares of common stock $ 50,000
[1] Includes obligations to issue shares of Class A Common Stock valued at $50,000, under a long-term strategic partnership agreement.
v3.26.1
Stock-Based Compensation - Additional Information (Detail)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Mar. 02, 2026
USD ($)
shares
Jun. 30, 2026
USD ($)
$ / shares
shares
Jun. 30, 2025
USD ($)
shares
Jun. 30, 2026
USD ($)
Installments
$ / shares
shares
Jun. 30, 2025
USD ($)
Dec. 31, 2021
USD ($)
shares
Dec. 31, 2025
$ / shares
shares
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]              
Unrecognized compensation expense related to unvested restricted stock   12,031,329 [1]   12,031,329 [1]     19,320,297
Weighted average contractual years       1 year 9 months 18 days      
Share-based payment award, number of shares granted target [2]       2,263,844      
Wighted average exercise price | $ / shares   $ 13.5   $ 13.5     $ 13.17
Share related expenses | $   $ 52,115 $ 46,471 $ 105,147 $ 88,458    
Number of options, exercisable outstanding   3,454,028   3,454,028      
Weighted average exercise price, exercisable | $ / shares   $ 11.1   $ 11.1      
Number of options, Granted       825,500      
December 1, 2025 To May 31, 2026 [Member]              
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]              
Issuance of shares       161,061      
December 1, 2025 To November 30, 2026 [Member]              
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]              
Unrecognized compensation expense related to unvested restricted stock   158,340   158,340      
Class A Common Stock [Member] | Common Stock [Member]              
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]              
Share-based payment award, number of shares issued   158,340   158,340      
Shares issued in connection with employee stock purchase plan (in shares)   161,061 170,483        
Stock Options [Member]              
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]              
Share-based payment award, number of shares issued   11,634,599   11,634,599      
Wighted average exercise price | $ / shares   $ 10.14   $ 10.14      
Number of options, Granted       825,500      
Stock Options [Member] | Maximum [Member]              
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]              
Share-based award expiration period       10 years      
Restricted Stock and RSUs [Member]              
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]              
Percentage of vesting of stocks       25.00%      
Share-based compensation arrangement by share-based payment award, award vesting period       4 years      
Restricted Stock and RSUs [Member] | Maximum [Member]              
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]              
Share-based compensation arrangement by share-based payment award, award vesting period       5 years      
Unvested Restricted Stock And Restricted Stock Units [Member]              
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]              
Unrecognized compensation expense | $   $ 381,383   $ 381,383      
Unvested restricted stock and stock units   12,031,329   12,031,329      
Performance Shares [Member]              
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]              
Share based compensation arrangement by share based payment award, equity instruments, other than options, remaining unissued number       4,076,354      
Share-based Payment Award, Number of Shares Authorized   13,155,088   13,155,088      
Share-based payment award, number of shares granted target       16,317,251      
Performance Shares [Member] | 2021 Plan              
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]              
Percentage of vesting of stocks       100.00%      
Performance Based PSU [Member]              
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]              
Percentage of vesting of stocks       25.00%      
Share based compensation arrangement by share based payment award, equity instruments, other than options, remaining unissued number       188,708      
Share-based payment award, number of shares issued   11,605,941   11,605,941      
Percentage of target PSUs 185.00%            
Performance period end date Dec. 31, 2030            
Share-based payment award, number of shares granted target 10,756,758     283,061      
EBITDA margin targets percentage 20.00%            
EBITDA margin targets points increase per year 1.00%            
Number of quarterly installments | Installments       12      
Performance Based PSU [Member] | Maximum [Member]              
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]              
Revenue target | $ $ 3,000,000            
Performance Based PSU [Member] | Minimum [Member]              
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]              
Revenue target | $ $ 2,000,000            
Employee Stock [Member]              
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]              
Wighted average exercise price | $ / shares   $ 9.5   $ 9.5      
Shares issued in connection with employee stock purchase plan (in shares)           10,000  
Employee Stock [Member] | Class A Common Stock [Member]              
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]              
Maximum Value of Shares Per Employee can purchase under the plan | $           $ 25  
[1] Includes 1,996,431 unvested shares of Class A restricted stock, no unvested shares of Class B restricted stock and 10,034,898 unvested RSUs, each as of June 30, 2026.
[2] During the six months ended June 30, 2026, the Company granted 2,923 shares of restricted stock and 2,260,921 RSUs to its employees, advisors and non-employee directors.
v3.26.1
Stock-Based Compensation - Summary of The Activity of Restricted Stock And RSUs Granted By The Company (Detail)
 6 Months Ended
Jun. 30, 2026
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Non-vested Shares, Beginning Balance 19,320,297
Granted 2,263,844 [1]
Vested (8,999,410) [2]
Forfeited (553,402) [3]
Non-vested Shares, Ending Balance 12,031,329 [4]
Non-vested Beginning Balance | $ / shares $ 13.75
Granted | $ / shares 19.12 [1]
Vested | $ / shares 11.41 [2]
Forfeited | $ / shares 15.95 [3]
Non-vested Ending Balance | $ / shares $ 16.41 [4]
Performance Shares [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Granted 16,317,251
PSUs Not Subject to Market Conditions [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Non-vested Shares, Beginning Balance 849,183
Granted 10,756,758
Vested and Issued (94,353)
Non-vested Shares, Ending Balance 11,511,588
Non-vested Beginning Balance | $ / shares $ 27.68
Granted | $ / shares 16.95
Vested and Issued | $ / shares 27.68
Non-vested Ending Balance | $ / shares $ 17.65
PSUs Subject to Market Conditions [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Non-vested Shares, Beginning Balance 5,656,459
Vested and Issued (1,552,641)
Forfeited (27,464)
Non-vested Shares, Ending Balance 4,076,354
Non-vested Beginning Balance | $ / shares $ 16.02
Vested and Issued | $ / shares 16.85
Forfeited | $ / shares 20.79
Non-vested Ending Balance | $ / shares $ 15.67
[1] During the six months ended June 30, 2026, the Company granted 2,923 shares of restricted stock and 2,260,921 RSUs to its employees, advisors and non-employee directors.
[2] During the six months ended June 30, 2026, 7,072,368 shares of restricted stock and 1,927,042 RSUs vested.
[3] During the six months ended June 30, 2026, 63,664 shares of restricted stock and 489,738 RSUs were forfeited.
[4] Includes 1,996,431 unvested shares of Class A restricted stock, no unvested shares of Class B restricted stock and 10,034,898 unvested RSUs, each as of June 30, 2026.
v3.26.1
Stock-Based Compensation - Summary of The Activity of Restricted Stock And Restricted Stock Units Granted By The Company (Parenthetical) (Detail) - shares
 6 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Number of shares vested during period [1] 8,999,410  
Unrecognized compensation expense related to unvested restricted stock 12,031,329 [2] 19,320,297
Restricted Stock [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Number of shares available for grant 2,923  
Number of shares vested during period 7,072,368  
Number of shares forfeited during period 63,664  
Unvested Restricted Stock [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Unrecognized compensation expense related to unvested restricted stock 10,034,898  
Restricted Stock Units (RSUs) [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Number of shares available for grant 2,260,921  
Number of shares vested during period 1,927,042  
Number of shares forfeited during period 489,738  
Unvested Class A Restricted Stock [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Unrecognized compensation expense related to unvested restricted stock 1,996,431  
Unvested Class B Restricted Stock [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Unrecognized compensation expense related to unvested restricted stock 0  
[1] During the six months ended June 30, 2026, 7,072,368 shares of restricted stock and 1,927,042 RSUs vested.
[2] Includes 1,996,431 unvested shares of Class A restricted stock, no unvested shares of Class B restricted stock and 10,034,898 unvested RSUs, each as of June 30, 2026.
v3.26.1
Stock-Based Compensation - Summary of Transaction under the Plans and the 2021 Plan (Detail) - $ / shares
 6 Months Ended 12 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]    
Number of options, Beginning Balance 15,633,746  
Number of options, Granted 825,500  
Number of options, Exercised (747,742)  
Number of options, Forfeited (622,877)  
Number of options, Ending Balance 15,088,627 15,633,746
Weighted average exercise price, Beginning Balance $ 13.17  
Weighted average exercise price, Granted 17.41  
Weighted average exercise price, Exercised 10.83  
Weighted average exercise price, Forfeited 13.61  
Weighted average exercise price, Ending Balance $ 13.5 $ 13.17
Weighted average remaining contractual life (years) 8 years 9 months 10 days 9 years 2 months 4 days
Aggregate intrinsic value (per share) $ 5.14 $ 4.04
v3.26.1
Stock-Based Compensation - Share Based Compensation Performance Shares Award Valuation Assumptions (Details) - Stock Options Member
 6 Months Ended
Jun. 30, 2026
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Dividend yield 0.00%
Volatility, Minimum 57.10%
Volatility, Maximum 58.60%
Expected Term (years) 6 years 1 month 6 days
Risk free rate of interest, Minimum 3.90%
Risk free rate of interest, Maximum 4.20%
v3.26.1
Stock-Based Compensation - Schedule Of Share Based Payment Award Employee Stock Purchase Plan Valuation Assumptions (Details) - Employee Stock [Member]
 6 Months Ended
Jun. 30, 2026
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Dividend yield 0.00%
Risk free interest rate 3.80%
Volatility 79.00%
v3.26.1
Stockholders' Equity - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Sep. 27, 2025
Jun. 30, 2026
Mar. 31, 2026
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2026
Jul. 23, 2025
Class of Stock [Line Items]              
Shares repurchased   $ 29,902 $ 25,727 $ 32,048 $ 25,011 $ 55,629  
Maximum [Member]              
Class of Stock [Line Items]              
Share repurchase program, authorized value             $ 200,000
Class A Common Stock [Member]              
Class of Stock [Line Items]              
Stock repurchase program, remaining authorized repurchase amount   $ 108,410       $ 108,410  
Class A Common Stock [Member] | Marigold Group, Inc [Member]              
Class of Stock [Line Items]              
Business acquisition, number of shares 5,329,070         3,905,904  
Business combination, fair value           $ 66,322  
Class A Common Stock [Member] | LiveIntent, Inc [Member]              
Class of Stock [Line Items]              
Business acquisition, number of shares           660,937  
Business combination, fair value           $ 10,958  
Business acquisition number of shares returned and retired due to fair value adjustment           12,698  
Business acquisition value of shares returned and retired due to fair value adjustment           $ 218  
Class A Common Stock [Member] | Common Stock [Member]              
Class of Stock [Line Items]              
Shares repurchased (in shares)   1,647,622 1,549,368 2,673,451 1,616,625 3,196,990  
Shares repurchased   $ 1 $ 2 $ 2 $ 1    
v3.26.1
Leases - Summary of Right-of-Use Assets and Lease Liabilities (Detail) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Leases [Abstract]    
Right-to-use assets - operating leases, net $ 21,508 $ 19,101
Current portion of long-term operating lease liabilities [1] $ 10,553 $ 8,944
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Other Liabilities, Current Other Liabilities, Current
Long-term operating lease liabilities [1] $ 12,214 $ 11,715
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other Liabilities, Noncurrent Other Liabilities, Noncurrent
[1] Current portion of long-term operating lease liabilities and long-term operating lease liabilities are included in other current liabilities and other non-current liabilities, respectively, in the condensed unaudited consolidated balance sheets.
v3.26.1
Leases - Summary of Future Minimum Payments Under Operating Leases (Detail)
$ in Thousands
Jun. 30, 2026
USD ($)
Leases [Abstract]  
Remainder of 2026 $ 5,816
2027 9,485
2028 5,091
2029 3,596
2030 696
2031 and thereafter 81
Total undiscounted lease commitments 24,765
Less: Imputed interest (1,998)
Total discounted operating lease liabilities $ 22,767
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] us-gaap:OtherLiabilities
v3.26.1
Fair Value Disclosures - Summary of Financial Instruments Measured At Fair Value On a Recurring Basis (Detail) - Fair Value, Recurring [Member] - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Assets    
Assets measured at fair value $ 265,763 $ 275,401
Liabilities    
Liabilities measured at fair value 50,905 188,483
Acquisition Related Liabilities [Member]    
Liabilities    
Liabilities measured at fair value 50,905 188,483
Cash and Cash Equivalents [Member]    
Assets    
Assets measured at fair value [1] 265,763 275,401
Level 1 [Member]    
Assets    
Assets measured at fair value 265,763 275,401
Level 1 [Member] | Cash and Cash Equivalents [Member]    
Assets    
Assets measured at fair value [1] 265,763 275,401
Level 3 [Member]    
Liabilities    
Liabilities measured at fair value 50,905 188,483
Level 3 [Member] | Acquisition Related Liabilities [Member]    
Liabilities    
Liabilities measured at fair value $ 50,905 $ 188,483
[1] Includes cash invested by the Company in money market accounts with certain financial institutions.
v3.26.1
Fair Value Disclosures - Additional Information (Detail) - USD ($)
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Fair Value Disclosures [Abstract]    
Fair value of financial instruments, transfer into level 3 $ 0 $ 0
Fair value of financial instruments, transfer out of level 3 $ 0 $ 0
v3.26.1
Fair Value Disclosures - Summary of Reconciliations of Changes In The Fair Value of The Liabilities (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Fair Value Disclosures [Abstract]        
Balance, beginning of period $ 70,176 $ 37,461 $ 188,483 $ 41,864
Payments made during the period (26,920) (4,005) (140,483) (11,868)
Change in fair value 7,649 5,705 2,905 9,165
Balance, end of period $ 50,905 $ 39,161 $ 50,905 $ 39,161
v3.26.1
Income Taxes - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Income Tax Disclosure [Abstract]        
Income tax (benefit) / provision $ (373) $ 1,192 $ (2,950) $ 2,836
Discrete tax benefit related to partial reversal $ 688 $ 201 $ 1,368 $ 510
Effective tax rate (4.80%) (10.30%) 36.80% (9.00%)
Pre-tax income (loss) $ 7,800 $ (11,622) $ (8,024) $ (31,578)
v3.26.1
Net Income / (Loss) Per Share Attributable to Common Stockholders - Additional Information (Detail) - shares
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Unvested Restricted Stock, RSUs and PSUs [Member]    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities 16,296,391 35,115,428
v3.26.1
Net Income / (Loss) Per Share Attributable to Common Stockholders - Summary of Basic and Diluted Net Loss Per Share (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]        
Numerator for Basic and Diluted income / (loss) per share - net income / (loss) available to common stockholders $ 8,173 $ (12,814) $ (5,074) $ (34,414)
Denominator:        
Denominator for Basic income / (loss) per share - weighted-average common stock 245,335,221 217,253,856 241,962,643 214,918,925
Denominator for Diluted income / (loss) per share - weighted-average common stock 256,581,527 217,253,856 241,962,643 214,918,925
Effect of Dilutive securities 11,246,306      
Basic income / (loss) per share $ 0.03 $ (0.06) $ (0.02) $ (0.16)
Diluted income / (loss) per share $ 0.03 $ (0.06) $ (0.02) $ (0.16)
Class A Common Stock [Member]        
Denominator:        
Denominator for Basic income / (loss) per share - weighted-average common stock 222,648,972 198,507,575 219,850,998 196,573,719
Denominator for Diluted income / (loss) per share - weighted-average common stock 222,648,972 198,507,575 219,850,998 196,573,719
Class B Common Stock [Member]        
Denominator:        
Denominator for Basic income / (loss) per share - weighted-average common stock 22,686,249 18,746,281 22,111,645 18,345,206
Denominator for Diluted income / (loss) per share - weighted-average common stock 22,686,249 18,746,281 22,111,645 18,345,206
v3.26.1
Net Income / (Loss) Per Share Attributable to Common Stockholders - Schedule of Anti-Dilutive Common Equivalent Shares (Detail) - shares
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Employee Stock Option        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Anti-dilutive common shares 4,125,883 593,713 15,088,627 986,571
Restricted Stock and RSUs [Member]        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Anti-dilutive common shares 33,110 17,824,761 12,031,328 19,058,743
PSUs [Member]        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Anti-dilutive common shares 1,183,891 4,564,966 4,265,042 5,115,962
v3.26.1
Subsequent Event - Additional Information (Detail) - USD ($)
$ in Thousands
Jul. 24, 2026
Jun. 30, 2026
Aug. 30, 2024
Revolving Credit Facility [Member]      
Subsequent Event [Line Items]      
Line of credit facility, current borrowing capacity   $ 350,000  
Senior Debt Obligations [Member]      
Subsequent Event [Line Items]      
Secured debt     $ 550,000
Subsequent Event [Member] | Term Loan [Member]      
Subsequent Event [Line Items]      
Secured debt $ 250,000    
Subsequent Event [Member] | Revolving Credit Facility [Member]      
Subsequent Event [Line Items]      
Line of credit facility, current borrowing capacity 750,000    
Subsequent Event [Member] | Senior Debt Obligations [Member]      
Subsequent Event [Line Items]      
Secured debt $ 1,000,000