MNTN, INC., 10-Q filed on 8/11/2025
Quarterly Report
v3.25.2
Cover - shares
 6 Months Ended
Jun. 30, 2025
Jul. 31, 2025
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
Document Transition Report false  
Entity File Number 001-42664  
Entity Registrant Name MNTN, Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 26-4741839  
Entity Address, Address Line One 823 Congress Avenue #1827  
Entity Address, City or Town Austin  
Entity Address, State or Province TX  
Entity Address, Postal Zip Code 78768  
City Area Code 310  
Local Phone Number 895-2110  
Title of 12(b) Security Class A Common Stock, par value $0.0001 per share  
Trading Symbol MNTN  
Security Exchange Name NYSE  
Entity Current Reporting Status No  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company true  
Entity Ex Transition Period false  
Entity Shell company false  
Entity Central Index Key 0001891027  
Amendment Flag false  
Document Fiscal Period Focus 2025  
Document Fiscal Year Focus Q2  
Current Fiscal Year End Date --12-31  
Class A Common Stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   43,620,578
Class B Common Stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   28,991,483
v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 175,158 $ 82,562
Accounts receivable, net of allowance for expected credit losses of $1,705 and $1,369 at June 30, 2025 and December 31, 2024, respectively 61,738 66,900
Prepaid expenses and other current assets 18,929 8,931
Total current assets 255,825 158,393
Internal use software, net 15,239 12,446
Property and equipment, net 0 100
Intangible assets, net 14,037 15,352
Goodwill 51,903 51,903
Other assets, non-current 0 550
Total assets 337,004 238,744
Current liabilities:    
Accounts payable and accrued expenses 69,709 63,564
Accrued payroll and related liabilities 3,020 3,238
Short-term note payable 0 579
Convertible debt 0 49,670
Embedded derivative liability 0 24,931
Other current liabilities 5,352 13,264
Total current liabilities 78,081 155,246
Warrant liabilities 11,687 18,858
Other liabilities, non-current 8,317 3,351
Total liabilities 98,085 177,455
Commitments and contingencies (Note 10)
Redeemable convertible preferred stock, $0.0001 par value: no shares authorized, issued, or outstanding at June 30, 2025; 55,504,004 shares authorized, 41,994,022 shares issued and outstanding, liquidation preference of $165,776 at December 31, 2024 0 168,888
Stockholders' equity (deficit):    
Common stock 7 1
Additional paid-in capital 551,135 147,255
Treasury stock (10,025) 0
Notes receivable from employees (177) (173)
Accumulated deficit (302,021) (254,682)
Total stockholders' equity (deficit) 238,919 (107,599)
Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit) $ 337,004 $ 238,744
Redeemable convertible preferred stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Redeemable convertible preferred stock, shares outstanding (in shares) 0 41,994,022
Temporary equity, shares issued (in shares) 0 41,994,022
Redeemable convertible preferred stock, shares authorized (in shares) 0 55,504,004
v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Accounts receivable, allowance for expected credit losses $ 1,705 $ 1,369
Convertible debt $ 0 $ 49,670
Redeemable convertible preferred stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Redeemable convertible preferred stock, shares authorized (in shares) 0 55,504,004
Redeemable convertible preferred stock, shares issued (in shares) 0 41,994,022
Redeemable convertible preferred stock, shares outstanding (in shares) 0 41,994,022
Redeemable convertible preferred stock, liquidation preference   $ 165,776
Common stock, par value (in dollars per share)   $ 0.0001
Common stock, shares authorized (in shares)   104,100,000
Common stock, shares issued (in shares)   14,247,476
Common stock, shares outstanding (in shares)   14,247,476
Class A Common Stock    
Common stock, par value (in dollars per share) $ 0.0001  
Common stock, shares authorized (in shares) 400,000,000  
Common stock, shares issued (in shares) 43,579,379  
Common stock, shares outstanding (in shares) 43,579,379  
Class B Common Stock    
Common stock, par value (in dollars per share) $ 0.0001  
Common stock, shares authorized (in shares) 100,000,000  
Common stock, shares issued (in shares) 28,991,483  
Common stock, shares outstanding (in shares) 28,991,483  
Related Party    
Convertible debt $ 0 $ 22,673
Common stock, shares issued (in shares) 138,375  
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Statement [Abstract]        
Revenue $ 68,460 $ 54,821 $ 132,972 $ 98,632
Cost of revenues 15,899 16,678 35,734 31,690
Gross profit 52,561 38,143 97,238 66,942
Operating expenses:        
Technology and development 10,732 7,797 20,340 15,603
Sales and marketing 24,318 19,095 45,982 36,381
General and administrative 13,137 12,871 33,608 25,533
Amortization of acquired intangibles 658 657 1,316 1,315
Total operating expenses 48,845 40,420 101,246 78,832
Operating income (loss) 3,716 (2,277) (4,008) (11,890)
Other (expense) income:        
Interest income (expense), net 708 (1,769) (447) (4,712)
Other expense, net (28,666) (5,106) (45,207) (8,238)
Total other (expense) income (27,958) (6,875) (45,654) (12,950)
Loss before income tax provision (24,242) (9,152) (49,662) (24,840)
Income tax expense (benefit) 1,986 122 (2,323) 133
Net loss (26,228) (9,274) (47,339) (24,973)
Net loss attributable to common stockholders $ (26,228) $ (9,274) $ (47,339) $ (24,973)
Earnings per share:        
Basic (in dollars per share) $ (0.65) $ (0.69) $ (1.71) $ (1.86)
Diluted (in dollars per share) $ (0.65) $ (0.69) $ (1.71) $ (1.86)
Weighted average shares outstanding:        
Basic (in shares) 40,120,402 13,479,500 27,663,863 13,450,577
Diluted (in shares) 40,120,402 13,479,500 27,663,863 13,450,577
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT) - USD ($)
$ in Thousands
Total
Conversion of redeemable convertible preferred stock to Class A common stock in connection with initial public offering
Conversion of convertible debt to Class A common stock upon initial public offering
Common Stock
Common Stock
Conversion of redeemable convertible preferred stock to Class A common stock in connection with initial public offering
Common Stock
Conversion of convertible debt to Class A common stock upon initial public offering
Additional Paid-In Capital
Additional Paid-In Capital
Conversion of redeemable convertible preferred stock to Class A common stock in connection with initial public offering
Additional Paid-In Capital
Conversion of convertible debt to Class A common stock upon initial public offering
Treasury Stock
Notes Receivable from Employees
Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2023 41,994,022                      
Beginning balance at Dec. 31, 2023 $ 168,888                      
Ending balance (in shares) at Mar. 31, 2024 41,994,022                      
Ending balance at Mar. 31, 2024 $ 168,888                      
Beginning balance (in shares) at Dec. 31, 2023 [1]       13,400,272                
Beginning balance at Dec. 31, 2023 (105,913)     $ 1 [1]     $ 115,891     $ 0 $ 0 $ (221,805)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Issuance of common stock upon exercise of options (in shares) [1]       39,889                
Issuance of common stock upon exercise of options 78           78          
Stock-based compensation 7,803           7,803          
Net loss (15,699)                     (15,699)
Ending balance (in shares) at Mar. 31, 2024 [1]       13,440,161                
Ending balance at Mar. 31, 2024 $ (113,731)     $ 1 [1]     123,772     0 0 (237,504)
Beginning balance (in shares) at Dec. 31, 2023 41,994,022                      
Beginning balance at Dec. 31, 2023 $ 168,888                      
Ending balance (in shares) at Jun. 30, 2024 41,994,022                      
Ending balance at Jun. 30, 2024 $ 168,888                      
Beginning balance (in shares) at Dec. 31, 2023 [1]       13,400,272                
Beginning balance at Dec. 31, 2023 (105,913)     $ 1 [1]     115,891     0 0 (221,805)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net loss (24,973)                      
Ending balance (in shares) at Jun. 30, 2024 [1]       13,518,101                
Ending balance at Jun. 30, 2024 $ (115,060)     $ 1 [1]     131,717     0 0 (246,778)
Beginning balance (in shares) at Mar. 31, 2024 41,994,022                      
Beginning balance at Mar. 31, 2024 $ 168,888                      
Ending balance (in shares) at Jun. 30, 2024 41,994,022                      
Ending balance at Jun. 30, 2024 $ 168,888                      
Beginning balance (in shares) at Mar. 31, 2024 [1]       13,440,161                
Beginning balance at Mar. 31, 2024 (113,731)     $ 1 [1]     123,772     0 0 (237,504)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Issuance of common stock upon exercise of options (in shares) [1]       77,940                
Issuance of common stock upon exercise of options 117           117          
Stock-based compensation 7,828           7,828          
Net loss (9,274)                     (9,274)
Ending balance (in shares) at Jun. 30, 2024 [1]       13,518,101                
Ending balance at Jun. 30, 2024 $ (115,060)     $ 1 [1]     131,717     0 0 (246,778)
Beginning balance (in shares) at Dec. 31, 2024 41,994,022                      
Beginning balance at Dec. 31, 2024 $ 168,888                      
Ending balance (in shares) at Mar. 31, 2025 41,994,022                      
Ending balance at Mar. 31, 2025 $ 168,888                      
Beginning balance (in shares) at Dec. 31, 2024 14,247,476     14,247,476 [1]                
Beginning balance at Dec. 31, 2024 $ (107,599)     $ 1 [1]     147,255     0 (173) (254,682)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Issuance of common stock upon exercise of options (in shares) [1]       299,640                
Issuance of common stock upon exercise of options 744           744          
Stock-based compensation 14,060           14,060          
Release of shares due to loan forgiveness (in shares) [1]       1,894,054                
Release of shares due to loan forgiveness 1     $ 1 [1]                
Interest accrued on notes receivable from employees (2)                   (2)  
Net loss (21,111)                     (21,111)
Ending balance (in shares) at Mar. 31, 2025 [1]       16,441,170                
Ending balance at Mar. 31, 2025 $ (113,907)     $ 2 [1]     162,059     0 (175) (275,793)
Beginning balance (in shares) at Dec. 31, 2024 41,994,022                      
Beginning balance at Dec. 31, 2024 $ 168,888                      
Ending balance (in shares) at Jun. 30, 2025 0                      
Ending balance at Jun. 30, 2025 $ 0                      
Beginning balance (in shares) at Dec. 31, 2024 14,247,476     14,247,476 [1]                
Beginning balance at Dec. 31, 2024 $ (107,599)     $ 1 [1]     147,255     0 (173) (254,682)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net loss (47,339)                      
Ending balance (in shares) at Jun. 30, 2025 [1]       72,570,862                
Ending balance at Jun. 30, 2025 $ 238,919     $ 7 [1]     551,135     (10,025) (177) (302,021)
Beginning balance (in shares) at Mar. 31, 2025 41,994,022                      
Beginning balance at Mar. 31, 2025 $ 168,888                      
Increase (Decrease) in Temporary Equity [Roll Forward]                        
Conversion of redeemable convertible preferred stock to Class A common stock in connection with initial public offering (in shares) (41,994,022)                      
Conversion of redeemable convertible preferred stock to Class A common stock in connection with initial public offering $ (168,888)                      
Ending balance (in shares) at Jun. 30, 2025 0                      
Ending balance at Jun. 30, 2025 $ 0                      
Beginning balance (in shares) at Mar. 31, 2025 [1]       16,441,170                
Beginning balance at Mar. 31, 2025 (113,907)     $ 2 [1]     162,059     0 (175) (275,793)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Conversion of shares or debt (in shares) [1]         41,994,022 6,056,425            
Conversion of shares or debt   $ 168,888 $ 96,902   $ 4 [1]     $ 168,884 $ 96,902      
Issuance of Class A common stock in connection with initial public offering, net of underwriting discounts, commission, and other offering costs (in shares) [1]       8,400,000                
Issuance of Class A common stock in connection with initial public offering, net of underwriting discounts, commissions, and other offering costs 114,772     $ 1 [1]     114,771          
Repurchase of Class A common stock due to convertible debt put option election upon initial public offering (in shares) [1]       (626,588)                
Repurchase of Class A common stock due to convertible debt put option election upon initial public offering (10,025)                 (10,025)    
Issuance of common stock upon exercise of options (in shares) [1]       305,833                
Issuance of common stock upon exercise of options 895           895          
Stock-based compensation 7,624           7,624          
Interest accrued on notes receivable from employees (2)                   (2)  
Net loss (26,228)                     (26,228)
Ending balance (in shares) at Jun. 30, 2025 [1]       72,570,862                
Ending balance at Jun. 30, 2025 $ 238,919     $ 7 [1]     $ 551,135     $ (10,025) $ (177) $ (302,021)
[1] Amounts combine the Company's common stock, Class A common stock, and Class B common stock. See Note 11, Capitalization, for discussion of the establishment of the Company's two classes of common stock and the reclassification of its common stock into Class A common stock in connection with the Company's initial public offering in May 2025.
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net loss $ (47,339) $ (24,973)
Adjustments to reconcile net loss to net cash provided in operating activities:    
Stock-based compensation 21,684 15,631
Change in value of embedded derivative 16,574 7,394
Change in value of warrant liabilities (7,171) 1,158
Change in value of contingent liabilities 4,966 (329)
Change in value of convertible debt, excluding interest 4,395 0
Depreciation and amortization 4,802 3,775
Loss on extinguishment of convertible debt 26,436 0
Accretion of warrant discount on convertible debt 949 4,145
Interest accrued on convertible debt and short-term note payable 1,092 1,417
Provision for bad debts 671 898
Release of indemnification related to QuickFrame Holdback (579) 0
Interest income from notes receivable (144) 0
Change in operating assets and liabilities    
Accounts receivable 3,320 (7,368)
Prepaid expenses and other assets (5,955) (1,451)
Accounts payable and accrued expenses 2,555 2,135
Accrued payroll and related liabilities (218) (991)
Other current liabilities (8,451) 1,536
Net cash provided by operating activities 17,587 2,977
Cash flows from investing activities:    
Issuance of short term notes receivable (9,611) 0
Capitalized internal use software costs (6,185) (4,799)
Net cash used in investing activities (15,796) (4,799)
Cash flows from financing activities:    
Proceeds from issuance of Class A common stock in initial public offering, net of underwriting discounts and commissions 125,328 0
Payments of initial public offering costs (2,137) 0
Payments on revolving credit facility 0 (7,500)
Proceeds from revolving credit facility 0 2,500
Payments on settlement of convertible debt (24,000) 0
Proceeds from exercises of stock options 1,639 196
Payments to repurchase and retire common stock (10,025) 0
Net cash provided by (used in) financing activities 90,805 (4,804)
Net increase (decrease) in cash and cash equivalents 92,596 (6,626)
Cash and cash equivalents, beginning of period 82,562 54,968
Cash and cash equivalents, end of period 175,158 48,342
Supplemental disclosure of cash flow information:    
Cash paid for interest 3,143 178
Cash paid (received) for income taxes 3,318 (1,371)
Non-cash investing and financing activities:    
Reclassification of deferred offering costs to additional paid-in capital in connection with initial public offering 4,830 0
Deferred offering costs not yet paid 3,590 0
Issuance of warrants in connection with convertible debt modification 0 2,418
Net settlement of employee note receivable and payable 0 484
Conversion of redeemable convertible preferred stock to Class A common stock in connection with initial public offering    
Non-cash investing and financing activities:    
Conversion of stock and debt during the period 168,888 0
Conversion of convertible debt into Class A common stock upon initial public offering    
Non-cash investing and financing activities:    
Conversion of stock and debt during the period 96,902 0
Conversion of common stock to Class A and Class B common stock upon initial public offering    
Non-cash investing and financing activities:    
Conversion of stock and debt during the period $ 2 $ 0
v3.25.2
Business and Basis of Presentation
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Business and Basis of Presentation Business and Basis of Presentation
MNTN, Inc. (the “Company”) was formed in 2009 as a Delaware corporation. The Company is a performance TV software company focused on providing performance advertising services through a unified online advertising platform that includes segmentation tools, intelligent campaign planning, advance audience targeting, prospecting, creative ad builder, and data analytics reporting. The Company was headquartered in Culver City, California until 2021, when the headquarters were officially moved to Austin, Texas. On August 25, 2021, the Company completed the acquisition of Maximum Effort Marketing, LLC (“Maximum Effort Marketing”), a creative marketing agency primarily focused on the production of television ads. On December 30, 2021, the Company completed the acquisition of QuickFrame, Inc. (“QuickFrame”), a marketplace platform that uses a video-as-a-service solution to make video creation fast and affordable. On April 1, 2025 the Company closed a new arrangement to continue its relationship with Maximum Effort Marketing. In connection with the new arrangement, Maximum Effort Marketing will continue to provide creative services to the Company and the Company transferred its interest in Maximum Effort Marketing to an affiliate of its original owner (the "Maximum Effort Marketing Transaction").
Initial Public Offering
On May 23, 2025, the Company closed its initial public offering ("IPO"), in which 8,400,000 shares of Class A common stock were issued and sold by the Company at $16.00 per share ("IPO Price"). The Company received net proceeds of $114.8 million after deducting underwriting discounts and commissions of $9.1 million and offering costs of approximately $10.6 million. Certain of the Company's existing stockholders ("Selling Stockholders") offered and sold an additional 3,300,000 shares of the Company's Class A common stock at the IPO Price in a secondary offering, for which the Company received no proceeds and all net proceeds were received by the Selling Stockholders. In connection with the secondary offering, on May 23, 2025, the underwriters for the IPO purchased an additional 1,755,000 shares of the Company's Class A common stock pursuant to the exercise of their option in full to purchase additional shares of the Company's Class A common stock from the Selling Stockholders at the IPO Price less underwriting discounts and commissions, with all net proceeds going to the Selling Stockholders. Following the IPO, the Company has two classes of authorized common stock - Class A common stock, and Class B common stock - and one class of authorized preferred stock.
In connection with the IPO, 41,994,022 shares of redeemable convertible preferred stock automatically converted into an equal number of shares of the Company's common stock, which were then reclassified into an equal number of shares of the Company's Class A common stock. These shares, plus the previously outstanding 16,441,170 shares of the Company's common stock, for an aggregate of 58,435,192 shares, were then reclassified into an equal number of shares of the Company's Class A common stock. Thereafter, 28,991,483 shares of the Company's Class A common stock were then exchanged into an equal number of shares of the Company's Class B common stock. Additionally, the Convertible Notes converted into shares of the Company's Class A common stock, see Note 8, Convertible Debt and Warrant Liabilities.
Unaudited Condensed Consolidated Financial Statements
The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial statements and pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for fair presentation have been included. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes thereto included for the year ended December 31, 2024, which can be found in the Company's final prospectus dated May 22, 2025, filed with the SEC pursuant to Rule 424(b)(4) under the Securities Act of 1933.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period.
On an ongoing basis, management evaluates its estimates, including those related to the valuation of common stock, contingently redeemable convertible preferred stock and warrants, embedded derivative liabilities, the recognition and
disclosure of contingent liabilities, the amounts in the provision for expected credit losses, assumptions used in the Black-Scholes model to determine the fair value of stock options, determination of useful lives of internal use software, valuation of intangible assets and goodwill, valuation of and the realization of tax assets and estimates of tax liabilities. These estimates are based on historical data and experience, as well as various other factors that management believes to be reasonable under the circumstances, the result of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. The Company may engage third party valuation specialists to assist with estimates related to the valuation of its common stock, intangible assets and goodwill, contingent liabilities, warrant liabilities, convertible debt and embedded derivative liabilities. Such estimates often require the selection of appropriate valuation methodologies and models, and significant judgment in evaluating ranges of assumptions and financial inputs. By their nature, estimates are subject to an inherent degree of uncertainty and actual results could differ from those estimates.
Emerging Growth Company Status
The Company is an "emerging growth company," as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act, until such time as those standards apply to private companies. The Company has not opted out of the extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates.
Recently Issued Accounting Pronouncements Not Yet Adopted
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires greater disaggregation of information and consistent categories in the effective tax rate reconciliation and income taxes paid disaggregated by jurisdictions. It also includes certain other amendments to improve the effectiveness of income tax disclosures. For public entities, this guidance will be effective on a prospective basis, with an option to apply it retrospectively, for annual periods beginning after December 15, 2024, with early adoption permitted. As an emerging growth company that has not opted out of the extended transition period for complying with new or revised financial accounting standards, the amendments in ASU No. 2023-09 are effective for the Company for fiscal years beginning after December 15, 2025, with early adoption permitted. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements and notes.
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, which requires entities to disclose additional information about certain expense categories in the notes to the financial statements. This guidance may be applied retrospectively or prospectively for annual reporting periods beginning with the Company’s consolidated financial statements for the fiscal year ended December 31, 2027, and interim periods beginning with the Company’s condensed consolidated financial statements for the fiscal quarter ended March 31, 2028. Early adoption is permitted. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements and notes.
Significant Accounting Policies
The Company's significant accounting policies are disclosed in its audited consolidated financial statements and related notes thereto included for the year ended December 31, 2024, which can be found in the Company's final prospectus dated May 22, 2025, filed with the SEC pursuant to Rule 424(b)(4) under the Securities Act of 1933. Other than the accounting policies discussed below, there have been no material changes to the Company's significant accounting policies during the six months ended June 30, 2025.
Deferred offering costs
Deferred offering costs, which consist of direct incremental legal, consulting, accounting and other fees related to the anticipated sale of the Company's common stock in the IPO, were capitalized and recorded in prepaid expenses and other current assets on the condensed consolidated balance sheets prior to the IPO. After the IPO, all deferred offering costs were reclassified into additional paid-in capital as a reduction of proceeds, net of underwriting discount and commissions, received from the IPO on the condensed consolidated balance sheets.
v3.25.2
Net Loss Per Share Attributable to Common Stockholders
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Net Loss Per Share Attributable to Common Stockholders Net Loss Per Share Attributable to Common Stockholders
Net loss per share attributable to common stockholders consists of the following (in thousands, except share and per share information):
For the Three Months Ended
June 30,		For the Six Months Ended
June 30,
2025202420252024
Numerator
Net loss$(26,228)$(9,274)$(47,339)$(24,973)
Numerator for basic EPS – income available to common stockholders$(26,228)$(9,274)$(47,339)$(24,973)
Denominator
Denominator for basic EPS – weighted average shares40,120,40213,479,50027,663,86313,450,577
Denominator for diluted EPS – adjusted weighted average shares and assumed conversions40,120,40213,479,50027,663,86313,450,577
Basic and Diluted EPS$(0.65)$(0.69)$(1.71)$(1.86)
Anti-Dilutive Securities excluded in the calculation EPS
Stock options7,239,2258,468,1947,459,1598,336,987
Preferred stock—41,994,022—41,994,022
Warrants534,1393,169,825534,1343,389,549
Convertible debt—2,200,165—2,184,826
Total potentially dilutive shares7,773,36455,832,2067,993,29355,905,384
v3.25.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company follows the Financial Accounting Standards Board (the "FASB") ASC 820, Fair Value Measurements and Disclosures (“ASC 820”) in accounting for fair value measurements. ASC 820 defines fair value and prescribes a framework for measuring fair value in accordance with existing generally accepted accounting principles. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Fair value measurements are based on a fair value hierarchy, based on three levels of inputs, of which the first two are considered observable and the last unobservable, which are based on the following:
-Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.
-Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, such as quoted market prices for similar assets and liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability.
-Level 3: Unobservable inputs that reflect management's best estimate of what market participants would use in pricing the asset or liability at the measurement date.
Observable inputs are based on market data, obtained from independent sources.
The carrying values of cash and cash equivalents, accounts receivable, prepaid expenses and other current and non-current assets, accounts payable and accrued expenses approximate their fair value due to the short maturity of these instruments. The fair value of the Company’s short-term note payable approximates its carrying values due to the variable rate of interest and borrowing rates available to the Company with similar terms.
The Company’s financial liabilities measured at fair value on a recurring basis and the level of inputs used for such measurements were as follows (in thousands):
Fair Value Measured as of
June 30, 2025December 31, 2024
Level 1
Common stock warrants
11,687 — 
Level 3
Series D warrants— 7,882 
Common stock warrants— 10,976 
Embedded derivative liabilities— 24,931 
Contingent liabilities4,966 — 
Total financial liabilities$16,653 $43,789 
The Company’s financial liabilities subject to fair value procedures were comprised of the following:
Series D warrants: These warrants were issued to noteholders in connection with the Subordinated Convertible Promissory Notes (the “Convertible Notes”) in 2023. The fair value of these warrants is estimated using the fair value of the Company’s Series D Preferred Stock adjusted for the probability that the Convertible Notes will reach maturity at each measurement date, which are unobservable inputs. The Series D warrants are recorded within warrant liabilities on the condensed consolidated balance sheets. See Note 8, Convertible Debt and Warrant Liabilities, for details of the terms and conditions of the Series D warrants.
Common stock warrants: These warrants were issued to a lender in connection with a bank loan facility extension in 2018. The fair value of these warrants is estimated using the fair value of the Company’s common stock at each measurement date, which, prior to the IPO, was an unobservable input. Subsequent to the IPO, the fair value of the Company's common stock is based on the closing price of the Company's Class A common stock on the valuation date, which is an observable input. The common stock warrants are recorded within warrant liabilities on the condensed consolidated balance sheets and were transferred from Level 3 to Level 1 on the fair value hierarchy subsequent to the IPO in May 2025. See Note 8, Convertible Debt and Warrant Liabilities, for details of the terms and conditions of the common stock warrants.
Embedded derivative liabilities: The embedded derivative liabilities represent the embedded features of the Convertible Notes issued in 2023. The Company estimates the fair value of the embedded derivative liabilities using a with-and-without model which compares the estimated fair value of the underlying instrument with the embedded features to the estimated fair value of the underlying instrument without the embedded features, with the difference representing the estimated fair value of the embedded derivative features. The with-and-without model includes significant unobservable inputs including the timing and probability weighting of potential liquidity events, discount rate, illiquidity discount, and expected volatility. Other assumptions used in the model that are not significant unobservable estimates are interest rate and risk-free rate. See Note 8, Convertible Debt and Warrant Liabilities, for details on the embedded derivative liabilities.
Contingent liabilities: The Company issued contingent consideration in connection with its 2021 acquisition of Maximum Effort Marketing. The Company estimates the fair value of its contingent liabilities using a Monte Carlo simulation model. Contingent liabilities are recorded within other non-current liabilities on the condensed consolidated balance sheets. See Note 9, Other Liabilities, for details of the terms and conditions of the contingent liabilities.
Convertible debt: On April 1, 2025, the Company and the holders of the Convertible Notes executed an Omnibus Amendment and Note Conversion Agreement (the "Note Conversion Amendment"). As the terms of the Note Conversion Amendment were determined to be substantially different than the terms of the Convertible Notes prior to the Note Conversion Amendment, the modification was accounted for as a debt extinguishment and the modified Convertible Notes were recorded on the condensed consolidated balance sheets at fair value. The Company estimates the fair value of the Convertible Notes using a scenario-based approach and unobservable inputs including the timing and probability weighting of potential liquidity events, discount for lack of marketability on securities, discount rate, interest rates, expected volatility, and dividend yields. See Note 8, Convertible Debt and Warrant Liabilities, for details on the terms and conditions of the modified Convertible Notes and the Company's election of the fair value option.
Any changes in these assumptions can change the valuation significantly. Changes in fair value are recognized within other expense, net and interest income (expense), net on the condensed consolidated statements of operations.
The following table presents a summary of the changes in fair value of the Company’s Level 3 financial instruments for the six months ended June 30, 2025 (in thousands):
Series D
Warrants		Common Stock
Warrants		Embedded Derivative
Liabilities		Contingent
Liabilities		Convertible DebtTotal
Balance at December 31, 2024$7,882 $10,976 $24,931 $— $— $43,789 
Additions— — — — 119,257 119,257 
Extinguishments— — (41,505)— (124,047)(165,552)
Change in fair value included in other expense, net(7,882)711 16,574 4,966 4,395 18,764 
Change in fair value included in interest income (expense), net— — — — 395 395 
Transfers out of Level 3— (11,687)— — — (11,687)
Balance at June 30, 2025$— $— $— $4,966 $— $4,966 
The range of assumptions used to calculate the fair value of the Series D Warrants, embedded derivative liabilities, contingent liabilities, and convertible debt during the six months ended June 30, 2025 were as follows:
Series D WarrantsEmbedded
Derivative Liability		Contingent LiabilitiesConvertible Debt
Interest rate-6.0%-6.0%
Risk-free rate4.2%
3.9% - 4.3%
3.7%
3.9% - 4.3%
Discount rate-40.0%-40.0%
Probability weight10.0%
1.3% - 75.0%
-
1.3% - 75.0%
Expected volatility65.0%65.0%61.0%65.0%
Expected term (years)0.8
0.3 - 2.0
1.8
0.3 - 2.0
v3.25.2
Prepaid Expenses and Other Current Assets
 6 Months Ended
Jun. 30, 2025
Prepaid Expense and Other Assets, Current [Abstract]  
Prepaid Expenses and Other Current Assets Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consist of the following (in thousands):
As of
June 30, 2025December 31, 2024
Prepaid expenses and events$5,498 $2,934 
Creative production advances695 1,048 
Deferred offering costs— 4,825 
Income tax overpayment2,314 18 
Notes receivable
10,301 — 
Other121 106 
Total$18,929 $8,931 
Notes Receivable - Maximum Effort Marketing
As part of the closing of the Maximum Effort Marketing Transaction, the Company made available to the buyer a line of credit of up to $5.0 million. The line of credit, once drawn upon, shall accrue interest on the unpaid principal amount then outstanding at a per annum rate equal to 8.00%. Payments of the outstanding principal amount and any accrued and unpaid interest shall be due and payable in cash on the Maturity Date of December 31, 2025. Amounts outstanding may be repaid to the Company at any time up to the Maturity Date. As of June 30, 2025, $5.1 million of principal and accrued interest is outstanding.
Notes Receivable - AMT Notes
In April 2025, the Company issued full recourse promissory notes and pledge agreements with four employees to facilitate alternative minimum tax liability payments for a total of $4.6 million (the "AMT Notes"). The AMT Notes accrue interest at a rate of 4.46% per annum. The notes are due upon the earliest of (i) the seven-year anniversary of the note, (ii) thirty calendar days following the date of the borrower's termination of employment with the Company, (iii) the date immediately prior to the day that the existence of the note would otherwise violate the Sarbanes-Oxley Act of 2002, (iv) immediately prior to the closing of a change in control of the Company, or (v) five calendar days following the expiration of the Company's Market Stand-off Period, which is defined as the earlier of (i) the second trading day immediately following the Company's public release of earnings for the quarter ending September 30, 2025, and (ii) 180 days after the date of the Company's final prospectus related to the IPO. As the Company filed its final prospectus on May 22, 2025, the Market Stand-off Period expires no later than November 17, 2025, and the AMT Notes will mature no later than November 22, 2025. The AMT Notes are collateralized by shares of common stock held by the employees. As of June 30, 2025, $4.7 million of principal and accrued interest is outstanding.
v3.25.2
Divestiture
 6 Months Ended
Jun. 30, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Divestiture Divestiture
On February 28, 2025, the Company entered into a membership interest purchase agreement to transfer its interest in Maximum Effort Marketing to an affiliate of its original owner. The Maximum Effort Marketing Transaction closed on April 1, 2025. Maximum Effort Marketing has provided strategic brand marketing services to the Company since the acquisition in August 2021 and will continue to provide strategic creative services to the Company after the closing of the Maximum Effort Marketing Transaction through a creative services agreement. The Company determined that the carrying value of the Maximum Effort Marketing assets and liabilities met the held for sale criteria as of March 31, 2025. The fair value of the assets and liabilities being sold was greater than the carrying value as of March 31, 2025, and therefore no loss was recognized. Any gain or loss calculated on the derecognition of the assets and liabilities of Maximum Effort Marketing is the difference between the carrying amount of the derecognized assets and liabilities, and the fair value of the consideration received, net of costs to sell. The Company recorded a gain of $100 (one hundred dollars) within other expense, net on the condensed consolidated statements of operations.
Upon the closing of the Maximum Effort Marketing Transaction, the Company no longer controlled Maximum Effort Marketing and derecognized the following assets and liabilities at carrying value on April 1, 2025 (in thousands).
Accounts receivable, net$1,171 
Prepaid expenses and other assets1,434 
Other current liabilities(2,605)
Net assets disposed$— 
The Company determined that the Maximum Effort Marketing Transaction did not represent a strategic shift and did not have a major effect on the Company’s operations or financial results and as such, did not meet the criteria for classification as discontinued operations.
v3.25.2
Intangible Assets
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets Intangible Assets
Internal use software
Internal use software, net consists of the following (in thousands):
June 30,
2025		December 31,
2024
Internal use software
$34,217 $28,894 
Less: Accumulated amortization
(18,978)(16,448)
Internal use software, net
$15,239 $12,446 
Amortization expense for internal use software, which was recorded in cost of revenues in the condensed consolidated statements of operations, was $2.0 million and $3.4 million for the three and six months ended June 30, 2025, respectively. Amortization expense for internal use software was $1.2 million and $2.4 million for the three and six months ended June 30, 2024, respectively. The carrying value of internal use software that was disposed of due to obsolescence during the three and six months ended June 30, 2025 was $0.5 million and $0.5 million, respectively. The Company did not dispose of internal use software during the three and six months ended June 30, 2024.
Intangible assets, net
Intangible assets consist primarily of acquired intangible assets assumed in prior acquisitions. The Company’s intangible assets as of June 30, 2025, and December 31, 2024 included the following (in thousands):
June 30, 2025December 31, 2024
Weighted Average Amortizable Life In YearsGross Carrying AmountAccumulated AmortizationGross Carrying AmountAccumulated Amortization
Intangible assets subject to amortization
Customer contracts 2$— $— $1,900 $(1,900)
Customer relationships 109,400 (3,290)9,400 (2,820)
Content creator network 220,300 (20,300)20,300 (20,300)
Trademarks and trade name 108,500 (2,975)8,500 (2,550)
Developed technology 54,200 (2,940)4,200 (2,520)
42,400 (29,505)44,300 (30,090)
Intangible assets not subject to amortization
Domain names —1,142 — 1,142 — 
$43,542 $(29,505)$45,442 $(30,090)
Intangible assets subject to amortization are amortized using a straight-line method over the estimated useful life. The Company recorded $0.7 million and $1.3 million of amortization associated with acquired intangibles for the three and six months ended June 30, 2025, respectively. The Company recorded $0.7 million and $1.3 million of amortization associated with acquired intangibles for the three and six months ended June 30, 2024, respectively. Customer contracts intangibles were sold during the six months ended June 30, 2025 as part of the Maximum Effort Marketing transaction, see Note 5, Divestiture.
v3.25.2
Debt
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Debt Debt
Short-term note payable
The balance of the short-term note payable as of December 31, 2024 of $0.6 million represented the remaining holdback amount for recovery for indemnification claims associated with the Company's acquisition of QuickFrame in 2021. In the first quarter of 2025 the indemnification claims were settled and the remaining balance of the holdback amount was used to cover legal expenses, resulting in a remaining payable balance of $0 as of June 30, 2025.
Revolving credit facility
The Company entered into a Business Financing Agreement on December 5, 2018 (“2018 Financing Agreement”) with Western Alliance Bank, which provided for a revolving credit line (“Revolving Credit Facility”). After subsequent amendments to the 2018 Financing Agreement, with the most recent amendments occurring on April 3, 2025 and May 9, 2025, the Revolving Credit Facility provides for up to $50.0 million in aggregate principal amount of revolver borrowings with the option to request from time to time up to an additional $30.0 million in borrowings. The Revolving Credit Facility matures on May 28, 2029. Borrowings under the Revolving Credit Facility bear annual interest at a floating per annum rate equal to SOFR plus 3.00%, with a floor of 1.00%. The 2018 Financing Agreement provides for certain events of default such as nonpayment of principal and interest when due, breaches of representations and warranties, noncompliance with covenants, acts of insolvency, and default on certain agreements related to indebtedness. Upon the occurrence of a continuing event of default and at the option of the bank (as defined in the 2018 Financing Agreement), all of the amounts outstanding under the 2018 Financing Agreement may be declared to be immediately due and payable and any amount outstanding will bear interest at 3.00% above the interest rate otherwise applicable. The availability under the 2018 Financing Agreement for which the Company may request an advance against is the lower of the $50.0 million maximum or the calculated borrowing base of 85% of eligible receivables as defined in the 2018 Financing Agreement, less any outstanding borrowings.
Outstanding borrowings against the Revolving Credit Facility were $0 as of both June 30, 2025 and December 31, 2024. The Company had up to $47.1 million available under its financing agreement as of June 30, 2025.
Under the 2018 Financing Agreement, as amended, the Company must maintain compliance with an Adjusted Quick Ratio (defined as unrestricted cash maintained with the lender plus eligible receivables divided by the sum of outstanding loans plus accounts payable aged over 60 days from the invoice date) covenant of at least 1.35 to 1.00 if the unrestricted cash balance with the lender is less than $35.0 million and there are outstanding borrowings. Such covenant will be tested as of the last day of the most recently completed fiscal period for which financial statements have been delivered and for each fiscal period thereafter until the unrestricted cash balance is above $35.0 million and there are outstanding borrowings. The Company was in compliance with all covenants as of June 30, 2025.
v3.25.2
Convertible Debt and Warrant Liabilities
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Convertible Debt and Warrant Liabilities Convertible Debt and Warrant Liabilities
Convertible Debt, Embedded Derivative Liabilities, and Series D Warrants
From January through May 11, 2023, the Company issued convertible debt, Subordinated Convertible Promissory Notes (the “Convertible Notes),” for an aggregate $47.1 million in principal amount, $21.5 million of which were issued to related parties. On May 9, 2024, the Company and the holders of the Convertible Notes executed an Omnibus Amendment to Notes and Warrants (the "2024 Amendment"). The Convertible Notes accrued interest on an annual basis at the rate of 6% per annum, and the outstanding principal amount and any unpaid accrued interest would be due and payable upon request on or after July 27, 2025. The holders of the Convertible Notes could elect to convert the Convertible Notes into shares of Series D Preferred Stock at a conversion price equal to $22.9653, with the shares issued to be calculated by dividing the outstanding principal and unpaid accrued interest by the conversion price. Voluntary conversion could be elected on or after the maturity date, upon an equity financing event in which the Company receives cash in exchange for the sale of equity securities, upon a change in control of the Company, or upon an initial public offering. In the event of either a change in control of the Company or an initial public offering occurring after December 31, 2024, but before the maturity of the Convertible Notes, the noteholders could elect for the Company to pay two and one half times (2.5x) the aggregate principal amount of such note plus all unpaid accrued interest.
In connection with the issuance of the Convertible Notes in 2023 and the 2024 Amendment, the Company also issued to each of the noteholders a warrant to purchase shares of Series D Preferred Stock for $0.01 per share (the “Series D Warrants”). Each warrant shall be exercisable for the number of shares of Series D Preferred Stock determined by dividing the principal Convertible Note amount by the Series D original issue price of $22.9653 per share. Warrants were issued for an aggregate 3,076,358 of Series D Preferred Stock, comprised of 2,050,909 warrants with the original issuance of the Convertible Notes and 1,025,449 warrants in connection with the 2024 Amendment. The warrants would not be exercisable until July 27, 2025, and would be terminated upon the earliest to occur of (a) 60 days following July 27, 2025, (b) immediately prior to the closing of an initial public offering, (c) immediately prior to the effective time of an acquisition or change in control of the Company, or (d) immediately prior to the closing of an equity financing in which the Convertible Notes convert.
The Company analyzed the embedded features of the Convertible Notes for derivative accounting considerations in accordance with ASC 815-10, Derivatives and Hedging. The embedded cash redemption features that allow the noteholders to elect to contingently receive 2.5x the aggregate principal amount of the note plus all unpaid accrued interest were determined to be embedded derivatives because the economic characteristics and risks are not clearly and closely related to the host contract, the hybrid instrument is not measured at fair value, and it allows the contract to be net settled outside of the Company’s control. Therefore, the Company bifurcated the embedded feature from the convertible notes and recorded an embedded derivative liability on the condensed consolidated balance sheets. The Company measured the fair value of the embedded derivative liability at issuance by determining the fair value in accordance with ASC 820 and re-measured the fair value at each reporting period, with any changes recorded to other expense, net as fair value adjustments.
The Series D Warrants issued were determined to be freestanding financial instruments as they are legally detachable and separately exercisable, and therefore are evaluated independently of the related Convertible Notes. The Series D Preferred Shares were contingently redeemable outside of the Company’s control and therefore, the warrants were classified as a liability on the condensed consolidated balance sheets. The Company measured the value of the warrants at the date of issuance by determining the fair value in accordance with ASC 820 and re-measures the fair value at each reporting period, with any changes recorded to other expense, net as fair value adjustments.
The Convertible Notes were originally recorded at face value upon issuance and the warrant value and embedded derivative value as a discount on the carrying value of the debt. As the terms of the 2024 Amendment were not substantially different than the terms of the Convertible Notes prior to the 2024 Amendment, the 2024 Amendment was accounted for as a debt modification. Accordingly, the fair value of the new warrants issued as part of the 2024 Amendment were treated as an incremental discount on the carrying value of debt. The Company recognized accrued
interest and accretion of the warrant and embedded derivative liability discount as interest expense using the effective interest method over the life of the debt.
2025 Note Conversion Amendment
On April 1, 2025, the Company and the holders of the Convertible Notes executed an Omnibus Amendment and Note Conversion Agreement (the "Note Conversion Amendment"). The terms of the Note Conversion Amendment provided that an aggregate principal amount of $23.1 million of the Convertible Notes (plus accrued and unpaid interest) would convert into a number of shares of the Company's Class A common stock at closing of the IPO (the “First Convertible Notes Conversion”) at a ratio based on the First Conversion Price. The “First Conversion Price” was (a) with respect to the conversion of the principal amount of such Convertible Notes, an amount equal to the lesser of (x) 40.0% of the IPO Price and (y) $9.18612 and (b) with respect to the conversion of the interest on such Convertible Notes, an amount equal to the lesser of (x) the IPO Price and (y) $22.9653. In addition, the remaining Convertible Notes would, with respect to the principal amount of $24.0 million, (x) be repaid in cash, plus accrued and unpaid interest, (the “Second Conversion Repayment”) and (y) convert into a number of shares of our Class A common stock (the “Second Convertible Notes Conversion” and, together with the First Convertible Notes Conversion, the “Convertible Notes Conversions”) at a ratio based on the Second Conversion Price. The “Second Conversion Price” is the lower of (a) 66.6667% of the initial public offering price per share of Class A common stock and (b) $15.3102.
Additionally, pursuant to the terms of the Note Conversion Amendment, certain holders of the Convertible Notes converting in connection with the First Convertible Notes Conversion irrevocably elected to cause the Company to purchase an aggregate principal amount of $8.9 million of shares of Class A common stock at the lower of (a) the IPO Price and (b) $22.9653 (the “Share Purchase”).
The terms of the Note Conversion Amendment were determined to be substantially different than the terms of the Convertible Notes prior to the Note Conversion Amendment, and as such, in accordance with ASC 470, the modification was accounted for as a debt extinguishment, with the difference between the fair value of the modified Convertible Notes and the net carrying amount of the extinguished Convertible Notes, including the fair value of the embedded derivative liability on date of extinguishment, recognized as a loss on extinguishment within other expense, net on the condensed consolidated statements of operations.
As the modified Convertible Notes were treated as a new financial instrument, the Company elected to apply the fair value measurement option on the date that the Company first recognized the modified Convertible Notes on April 1, 2025. The fair value measurement option election was made to align the accounting for the modified Convertible Notes with the Company's financial reporting objectives. The Company acknowledges that its election to apply the fair value option is irrevocable. As a result of adopting the fair value option no embedded derivatives should be bifurcated from the Convertible Notes. The Company records interest expense related to these Convertible Notes as a change in fair value within interest (income) expense, net in the condensed consolidated statements of operations. Remaining changes in fair value are recorded within other expense, net in the condensed consolidated statements of operations and changes in fair value related to instrument specific credit risk are recorded in other comprehensive loss.
The following table represents a reconciliation of the carrying value of the Convertible Notes immediately prior to extinguishment, fair value of the modified Convertible Notes recorded on the condensed consolidated balance sheets as of April 1, 2025, and the resulting loss on extinguishment recorded in the period (in thousands):
Gross carrying value of Convertible Notes
$47,100 
Unamortized Debt Discount
(1,685)
Accrued interest5,901 
Net carrying value of Convertible Notes prior to extinguishment 51,316 
Fair value of embedded derivative liability prior to extinguishment
41,505 
Total value prior to extinguishment $92,821 
Fair value of modified Convertible Notes as of April 1, 2025$119,257 
Loss on extinguishment of Convertible Notes$(26,436)
Convertible Note Settlement
In connection with the closing of the Company's IPO on May 23, 2025, the Company settled the Convertible Notes in full with the noteholders as follows:
•3,806,425 shares of the Company's Class A common stock were issued in the First Convertible Notes Conversion for an aggregate principal amount of $23.1 million plus accrued interest of $3.2 million. 2,556,313 of the First Convertible Notes Conversion shares were issued to related parties.
•$24.0 million of principal and $3.1 million of accrued interest was paid to the noteholders in the Second Conversion Repayment. $6.8 million of the Second Conversion Repayment was paid to related parties.
•2,250,000 shares of the Company's Class A common stock were issued in the Second Convertible Notes Conversion for an aggregate principal amount of $24.0 million. 562,500 of the Second Convertible Notes Conversion shares were issued to related parties.
•626,588 shares issued in the First Convertible Notes Conversion were repurchased by the Company in the Share Purchase for $8.9 million of principal and $1.1 million of accrued interest. 88,976 of the Share Purchase were repurchased from related parties.
Immediately prior to the settlement, the Convertible Notes were marked to fair value of $124.0 million with the change in fair value recorded within other expense, net. Additionally, the Series D Warrants terminated immediately prior to the closing of the IPO and were marked to fair value of $0 with the change in fair value recorded within other expense, net. As of June 30, 2025, the Convertible Notes have no outstanding balance as all principal and accrued interest was fully settled in connection with the Company's IPO.
The Company recognized $0.4 million and $2.0 million in effective interest for the three and six months ended June 30, 2025, respectively, using an annual effective interest rate of 19.90%. The effective interest is inclusive of $0.4 million and $1.1 million of stated interest for the three and six months ended June 30, 2025, respectively, and accretion of the debt discount of $0 and $0.9 million for the three and six months ended June 30, 2025, respectively.
The Company recognized $2.2 million and $5.6 million in effective interest for the three and six months ended June 30, 2024, respectively, using an annual effective interest rate of 30.45% to 35.98% prior to the 2024 Amendment, and an annual effective interest rate of 19.90% subsequent to the 2024 Amendment. The effective interest is inclusive of $0.7 million and $1.4 million of stated interest for the three and six months ended June 30, 2024, respectively, and accretion of the debt discount of $1.5 million and $4.1 million for the three and six months ended June 30, 2024, respectively.
Common Stock Warrants
In connection with a bank loan facility extension on April 5, 2018, the Company issued a warrant to a lender to purchase 267,194 shares of common stock, along with an option for an additional 267,194 shares as a result of the Company not achieving a $4,500,000 minimum capital raise requirement by June 30, 2018. Immediately upon issuance of the warrants, all 534,388 shares were vested and exercisable at an exercise price of $0.01 per share. In the event of an acquisition in which the consideration received by the Company’s stockholders consists solely of cash and/or marketable securities (a “Cash/Public Acquisition”), and in which the fair market value of one share would be greater than the exercise price in effect, the warrants are automatically settled through a cashless exercise. In the event of a Cash/Public Acquisition where the fair market value of one share would be less than the warrant price in effect, the warrants will expire. In the event of any other acquisition, the warrant holder may require the Company to purchase the warrant for $500,000. As a result of this conditional obligation for the Company to repurchase the warrant shares, the Common Stock Warrants are classified as liabilities and carried at fair value at date of issuance with decreases or increases in fair value at each reporting date recorded within other expense, net in the condensed consolidated statements of operations. As of June 30, 2025, none of the Common Stock Warrants were exercised and all are outstanding. The Common Stock Warrants have an expiration date of April 5, 2028.
v3.25.2
Other Liabilities
 6 Months Ended
Jun. 30, 2025
Other Liabilities Disclosure [Abstract]  
Other Liabilities Other Liabilities
Other current liabilities
Other current liabilities consisted of the following (in thousands):
June 30,
2025		December 31,
2024
Income taxes payable$— $3,412 
Deferred revenue5,316 8,966 
Other36 886 
Total other current liabilities$5,352 $13,264 
Deferred revenue primarily relates to creative production services in progress. Total deferred revenue as of December 31, 2024, was $9.0 million, of which $6.9 million was recognized as revenue during the six months ended June 30, 2025. $2.6 million was sold during the six months ended June 30, 2025 as part of the Maximum Effort Marketing Transaction, see Note 5, Divestiture. Total deferred revenue as of June 30, 2025, was $5.3 million, which is expected to be recognized over the next 12 months.
Other liabilities, non-current
Other liabilities, non-current, consisted of the following (in thousands):
June 30,
2025		December 31,
2024
Income taxes payable$3,351 $3,351 
Contingent liability4,966 — 
Total other non-current liabilities$8,317 $3,351 
Contingent liability
In connection with the Maximum Effort Marketing acquisition on August 25, 2021, the Company issued contingent consideration worth up to 1,574,721 shares ("Earnout Shares"), based upon achievement of certain market conditions, which was initially valued at $1.6 million at the date of acquisition. The contingent liability is carried at fair value with decreases or increases in fair value at each reporting date recorded as other income (expense) in the condensed consolidated statements of operations. In connection with the closing of the Maximum Effort Marketing Transaction on April 1, 2025, the market conditions associated with the Earnout Shares were subsequently amended. The balance of the contingent liability included in other liabilities on the condensed consolidated balance sheets was $5.0 million as of June 30, 2025 and $0 as of December 31, 2024.
v3.25.2
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Legal Proceedings
The Company may from time to time be party to legal or regulatory proceedings, lawsuits and other claims incident to its business activities and to its status as a public company. Such routine matters may include, among other things, assertions of contract breach or intellectual property infringement, claims for indemnity arising in the course of its business, regulatory investigations or enforcement proceedings, and claims by persons whose employment has been terminated. Such matters are subject to many uncertainties, and outcomes are not predictable with assurance. Consequently, the Company is unable to ascertain the ultimate aggregate amount of monetary liability, amounts which may be covered by insurance or recoverable from third parties, or the financial impact with respect to such matters as of June 30, 2025. The Company is not currently a party to any material legal proceedings, nor is the Company aware of any other pending or threatened litigation that would have a material adverse effect on the Company’s business, operating results, cash flows or financial condition should such litigation be resolved unfavorably. Based on the Company's knowledge as of June 30, 2025, the Company believes that the final resolution of such matters pending at the time of this report, individually and in the aggregate, will not have a material adverse effect upon its condensed consolidated financial statements.
Indemnification
In the ordinary course of business, the Company may provide indemnification of varying scope and terms to customers, investors, directors and officers with respect to certain matters, including, but not limited to, losses arising out of the Company’s breach of such agreements, services to be provided by the Company, or from certain claims made by third parties. These indemnification provisions may survive termination of the underlying agreement and the maximum potential amount of future payments the Company could be required to make under these indemnification provisions may not be subject to maximum loss clauses. The maximum potential amount of future payments the Company could be required to make under these indemnification provisions is indeterminable. The Company has never paid a material claim, nor has the Company been sued in connection with these indemnification arrangements. As of June 30, 2025 and December 31, 2024, the Company has not accrued a liability for these indemnification arrangements because the likelihood of incurring a payment obligation, if any, in connection with these indemnification arrangements is not probable or reasonably estimable.
v3.25.2
Capitalization
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Capitalization Capitalization
Initial Public Offering and Capital Stock
On May 23, 2025, the Company closed its IPO, in which 8,400,000 shares of Class A common stock were issued and sold at the IPO Price. The Company received net proceeds of $114.8 million after deducting underwriting discounts and commissions of $9.1 million and offering costs of approximately $10.6 million. The Selling Stockholders offered an additional 3,300,000 shares of the Company's Class A common stock at the IPO Price less underwriting discounts and commissions, in a secondary offering, for which the Company received no proceeds with all net proceeds received by the Selling Stockholders. In connection with the secondary offering, on May 23, 2025, the underwriters for the IPO purchased an additional 1,755,000 shares of the Company's Class A common stock pursuant to the exercise of their option in full to purchase additional shares of the Company's Class A common stock from the Selling Stockholders at the IPO Price less underwriting discounts and commissions, with all net proceeds going to the Selling Stockholders.
In connection with the IPO, on May 23, 2025, the Company filed an amended and restated certificate of incorporation ("Post-IPO Certificate of Incorporation"). Immediately prior to the effectiveness of the Post-IPO Certificate of Incorporation, all 41,994,022 shares of redeemable convertible preferred stock automatically converted into an equal number of shares of the Company's common stock, which were then reclassified into an equal number of shares of the Company's Class A common stock. These shares, plus the previously outstanding 16,441,170 shares of the Company's common stock, for an aggregate of 58,435,192 shares, were then reclassified into an equal number of shares of the Company's Class A common stock. Immediately following the effectiveness of the Post-IPO Certificate of Incorporation and common stock reclassification, 28,991,483 shares of the Company's Class A common stock outstanding and beneficially owned by the Company's CEO, and certain related entities, were then exchanged for an equivalent number of shares of the Company's Class B common stock. Concurrently upon closing of the IPO, the Convertible Notes converted into 5,429,837 shares of the Company's Class A common stock - see Note 8, Convertible Debt and Warrant Liabilities.
Upon the completion of the IPO and filing of the Post-IPO Certificate of Incorporation, the Company's authorized capital stock consists of 400,000,000 shares of Class A common stock, par value of $0.0001 per share, 100,000,000 shares of Class B common stock, par value of $0.0001 per share, and 50,000,000 shares of undesignated preferred stock, par value of $0.0001 per share.
Redeemable Convertible Preferred Stock
As of June 30, 2025, there were no outstanding shares of redeemable convertible preferred stock issued and outstanding.
Undesignated Preferred Stock
As of June 30, 2025, there were no shares of preferred stock issued or outstanding. The Company’s Board of Directors is authorized to determine the rights of each offering of stock including, among other terms, dividend rights, voting rights, conversion rights, redemption prices and liquidation preferences, if any, subject to the limitations of applicable laws, regulations, and the Company’s charter.
Class A and Class B Common Stock
The rights and the holders of the Company's Class A common stock and Class B common stock are identical, except with respect to voting, conversion and transfer rights. Each share of the Company's Class A common stock is entitled to one vote per share and is not convertible into any other shares of the Company's capital stock. Each share of the Company's
Class B common stock is entitled to 10 votes per share and is convertible at any time into one share of the Company's Class A common stock. The holders of Class A common stock and Class B common stock vote together as a single class, unless otherwise required by law or our Post-IPO Certificate of Incorporation.
The outstanding Class A common stock reflected in these financial statements excludes 3,119,354 shares issued via execution of partial recourse promissory notes and 1,574,721 shares issued for the Maximum Effort contingent earnout (“Earnout Shares”) that has not yet been satisfied. As the Earnout Shares are subject to unsatisfied conditions or contingencies that have been excluded from outstanding common stock and the denominator used to calculate basic earnings per share for as long as the conditions remain unsatisfied.
In May 2025, the Company's board of directors adopted the 2025 Equity Incentive Award Plan (the "2025 Plan"), which became effective in connection with the IPO. Under the 2025 Plan, 11,112,234 shares of the Company's Class A common stock were initially reserved for issuance pursuant to a variety of stock-based compensation awards, including stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards and other stock-based awards. The number of shares initially reserved for issuance or transfer pursuant to awards under the 2025 Plan will be increased by an annual increase on the first day of each fiscal year beginning in 2026 and ending in 2035, equal to the lesser of (a) 5% of shares of the Company's common stock outstanding (on an as converted Class A common stock basis) or underlying outstanding warrants to purchase our common stock that have an exercise price of $0.10 per share or less, in each case, on the last day of the immediately preceding fiscal year and (b) such smaller number of shares of stock as determined by the Company's board of directors; provided, however, that no more than 82,898,071 shares of Class A common stock may be issued upon the exercise of incentive stock options. As of June 30, 2025, 10,409,889 shares were available for future issuance under the 2025 Plan.
In May 2025, the Company adopted the 2025 Employee Stock Purchase Plan ("ESPP"), which became effective in connection with the IPO. Under the ESPP, the maximum number of shares of the Company's Class A common stock which are authorized for sale under the ESPP is equal to the sum of (a) 1,111,234 shares of Class A common stock and (b) an annual increase on the first day of each fiscal year beginning 2025 and ending 2035, equal to the lesser of (i) 1% of the aggregate shares of all classes of our common stock outstanding (on an as converted to Class A common stock basis), on the last day of the immediately preceding fiscal year and (ii) such number of shares of Class A common stock as determined by the Company's board of directors; provided, however, no more than 15,279,470 shares of the Company's Class A common stock may be issued under the ESPP. As of June 30, 2025, 1,111,234 shares were available for future issuance under the ESPP.
v3.25.2
Stock-Based Compensation
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Stock-Based Compensation Expense
Total stock-based compensation expenses recognized in the condensed consolidated statements of operations is as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Cost of revenues$96 $272 $330 $516 
Technology and development880 538 1,649 1,050 
Sales and marketing716 887 1,864 1,774 
General and administrative5,932 6,131 17,841 12,291 
Total stock-based compensation$7,624 $7,828 $21,684 $15,631 
Stock Options Granted
For the three and six months ended June 30, 2025, the Company has granted options to employees to purchase an aggregate 707,453 and 1,945,215 shares of the Company’s common stock, respectively. The exercise prices range from $16.00 to $21.87 per share, and generally vest over four years subject to continued service requirements. Included within the grants during the three months ended June 30, 2025 were grants to the Company's chief operating officer and grants to certain individuals in connection with providing creative services of 188,728 and 201,725, respectively, which were granted upon the closing of the Company's IPO with an exercise price of the IPO price of $16.00.
The fair values of stock option awards are estimated on the grant date using the Black-Scholes option pricing model, which requires the Company to make certain assumptions including the fair value of the underlying common stock, expected term, expected volatility, risk-free interest rate, dividend yield, and derived service period, summarized as follows:
Fair Value of the Underlying Common Stock – Prior to the IPO, the Company estimated the fair value of its stock with the assistance of a third-party valuation specialist, who derived the value using a combination of market and income approach valuation models. Subsequent to the IPO, the fair value of common stock is based on the closing price of the Company's Class A common stock on grant date.
Risk-Free Interest Rate - The risk-free interest rate used is based on the implied yield in effect at the time of grant of U.S. Treasury securities with maturities similar to the expected term of the options.
Expected Term - The Company calculates the expected term of its employee options based upon the simplified method, which estimates the expected term as the average of the contractual life of the option and its vesting period.
Volatility - The expected volatility is based on the historical volatility of comparable companies from a representative peer group selected based on industry, financial, and market-capitalization data as the Company does not have sufficient trading history for its Class A common stock.
Dividend Yield - The dividend yield is zero as the Company has not declared or paid any dividends to date and does not currently expect to do so in the future.
Derived Service Period – For the performance options, the derived service period is the time from the service inception date to the expected date of satisfaction of the market condition. The Company estimates the derived service period with the assistance of a third-party valuation specialist, utilizing a Monte Carlo simulation representing the median of all paths to vest by tranche.
The range of assumptions that were used to calculate the grant date fair value of the Company’s stock option grants for the six months ended June 30, 2025 are as follows:
Expected dividend yield0%
Expected stock price volatility
65.1% - 66.1%
Risk-free interest rate
3.9% - 4.4%
Expected term (years)
6.0 – 6.1
Performance Stock Options Granted
On February 13, 2025, the Company granted market-based performance stock options to the Company’s COO (“COO Performance Options”) to purchase an aggregate of 188,728 shares of the Company’s stock at an exercise price of $20.54. The options vest in seven different tranches upon the Company achieving stock price hurdles between $25.40 and $508.04 per share over a maximum term of 10 years, subject to the COO's continued service to the Company through each vesting date.
The grant date fair value of the COO Performance Options was $0.9 million, which was estimated using a Monte-Carlo simulation model using the following assumptions:
Expected dividend yield0%
Expected stock price volatility60.0%
Risk-free interest rate4.5%
The related stock-based compensation expense for the COO Performance Options is expected to be recognized on a graded-vesting basis over a derived service period of approximately seven years, but may be accelerated if the vesting criteria are fulfilled prior to the estimated performance period.
Forgiveness of Partial Recourse Promissory Notes from Early Exercises
On August 25, 2021, a related party transaction took place in which three employees, including the Company’s chief financial officer and chief operating officer, early exercised outstanding stock options (the “Early Exercises”) for a total of 2,032,429 shares of common stock. However, the exercises were paid via issuance of partial recourse promissory notes, and as a result, the Company concluded that the early exercises of the stock options will continue to be accounted for as a
stock option grant until the time that the notes were repaid. The shares were considered legally issued and outstanding but were not reflected as outstanding shares on the condensed consolidated balance sheets and were excluded from the denominator of basic earnings per share. The Company continued to recognize stock-based compensation expense for these awards. Because the transaction represented an early exercise, the unvested portion was legally considered restricted stock.
On February 28, 2025, the Company forgave the outstanding principal and accrued interest associated with the partial recourse promissory notes for two employees — the Company’s chief financial officer and chief operating officer. The forgiveness of the promissory notes was treated as a repricing of the associated options’ original exercise price of $3.79 to $0.00. As a result, the Company applied modification accounting under ASC 718 and recognized incremental stock-based compensation expense of $4.8 million during the three months ended March 31, 2025. The 1,894,054 shares of common stock associated with the forgiven promissory notes for the chief financial officer and chief operating officer are reflected as outstanding shares on the condensed consolidated balance sheets and are included in the denominator of basic earnings per share as of June 30, 2025.
There is one remaining partial recourse promissory note from the Early Exercises outstanding as of June 30, 2025 associated with 138,375 shares of common stock, which continue to be excluded from outstanding shares on the condensed consolidated balance sheets and from the denominator of basic earnings per share.
Modification of Awards
The Company modified unvested options to purchase 61,526 shares of common stock and 44,289 unvested restricted stock awards on March 31, 2025 which were previously granted to certain employees. The awards were modified to accelerate the vesting, eliminating the remaining service requirement, and were deemed fully vested on March 31, 2025. The modification resulted in additional stock-based compensation expense of $0.7 million during the three months ended March 31, 2025.
v3.25.2
Income Taxes
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company’s tax provision for interim periods is determined using an estimated annual effective tax rate, adjusted for discrete items that occur during the period. These estimates are updated at each reporting period.
During the three and six months ended June 30, 2025, the Company recognized $2.0 million in income tax expense and $2.3 million in income tax benefit, respectively. The effective tax rate for the three and six months ended June 30, 2025, of (8.1)% and 4.7%, respectively, was inclusive of the federal statutory rate of 21.0% and a blended state tax rate of 6.4%, offset by decreases related to incentive stock options and change in valuation allowance. As of June 30, 2025, the Company continued to maintain a valuation allowance related to federal and state attributes which are not expected to be utilized prior to expiration.
During the three and six months ended June 30, 2024, the Company maintained a valuation allowance relating to the realization of its deferred tax assets, and therefore recognized less than $0.1 million in tax expense, representing a (0.5)% estimated annual effective tax rate. Our effective tax rate for the three and six months ended June 30, 2024, was inclusive of the federal statutory rate of 21.0% and a blended state tax rate of 3.8%, partially offset by decreases related to incentive stock options and other discrete items, and a change in valuation allowance.
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted. This legislation introduces several provisions affecting businesses, including the permanent extension of certain expiring elements of the Tax Cuts and Jobs Act, modifications to the international tax framework, and favorable tax treatment for certain other business provisions. The OBBBA contains multiple effective dates, with some provisions applicable beginning in 2025. The legislation does not impact the Company’s financial statements as of, or for the years ended, December 31, 2024 and 2023. The Company is currently evaluating the legislation and, at this time, is unable to estimate its financial impact on future periods. However, given the Company’s history of losses and the existence of a full valuation allowance, these legislative changes are not expected to have a material impact on the Company’s income tax position in the financial statements.
For the Company, the most significant adjustment has historically related to Section 174. The OBBBA introduces new Section 174 provisions, which permanently allows an immediate deduction for domestic research or experimental expenditures paid or incurred in taxable years beginning after December 31, 2024. All other provisions of the OBBBA are either immaterial or beneficial to the taxpayer, and the Company has no foreign tax considerations. Due to the historic full valuation allowance, while the Company is still finalizing the calculations we expect these provisions to increase the taxable loss and consistent with prior years, increase the valuation allowance.
v3.25.2
Segment and Geographic Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment and Geographic Information Segment and Geographic Information
The Company is organized and managed as one consolidated operating and reportable segment, entirely within the United States. The Company derives its revenues from customers by providing performance advertising services through its online advertising platform as well as advertising production or creative services. The Company’s Chief Executive Officer serves as the Chief Operating Decision Maker (“CODM”). The Company’s reported measure of the segment’s profit or loss is consolidated net loss reported in the condensed consolidated statements of operations. The CODM reviews financial information on a consolidated basis for purposes of allocating resources and evaluating financial performance. The Company’s CODM does not evaluate its reportable segment using asset information. The measure of segment assets is reported on the Company’s condensed consolidated balance sheets as total assets.
v3.25.2
Subsequent Events
 6 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Warrant Exercise
On July 17, 2025, all 534,388 Common Stock Warrants were exercised on a cashless basis resulting in 534,196 shares of Class A common stock issued.
Stock-Based Compensation Grants
On July 29, 2025, the Company granted 15,174 restricted stock units to a director which vest quarterly over three years subject to continued service requirements. On July 31, 2025, the Company granted options to certain employees to purchase an aggregate of 116,000 shares of the Company's common stock. The exercise price of the options is $28.16 and generally vest over four years subject to continued service requirements.
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.2
Business and Basis of Presentation (Policies)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Unaudited Condensed Consolidated Financial Statements
Unaudited Condensed Consolidated Financial Statements
The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial statements and pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for fair presentation have been included. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes thereto included for the year ended December 31, 2024, which can be found in the Company's final prospectus dated May 22, 2025, filed with the SEC pursuant to Rule 424(b)(4) under the Securities Act of 1933.
Use of Estimates
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period.
On an ongoing basis, management evaluates its estimates, including those related to the valuation of common stock, contingently redeemable convertible preferred stock and warrants, embedded derivative liabilities, the recognition and
disclosure of contingent liabilities, the amounts in the provision for expected credit losses, assumptions used in the Black-Scholes model to determine the fair value of stock options, determination of useful lives of internal use software, valuation of intangible assets and goodwill, valuation of and the realization of tax assets and estimates of tax liabilities. These estimates are based on historical data and experience, as well as various other factors that management believes to be reasonable under the circumstances, the result of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. The Company may engage third party valuation specialists to assist with estimates related to the valuation of its common stock, intangible assets and goodwill, contingent liabilities, warrant liabilities, convertible debt and embedded derivative liabilities. Such estimates often require the selection of appropriate valuation methodologies and models, and significant judgment in evaluating ranges of assumptions and financial inputs. By their nature, estimates are subject to an inherent degree of uncertainty and actual results could differ from those estimates.
Recently Adopted Accounting Standards and Recently Issued Accounting Pronouncements Not Yet Adopted
Recently Issued Accounting Pronouncements Not Yet Adopted
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires greater disaggregation of information and consistent categories in the effective tax rate reconciliation and income taxes paid disaggregated by jurisdictions. It also includes certain other amendments to improve the effectiveness of income tax disclosures. For public entities, this guidance will be effective on a prospective basis, with an option to apply it retrospectively, for annual periods beginning after December 15, 2024, with early adoption permitted. As an emerging growth company that has not opted out of the extended transition period for complying with new or revised financial accounting standards, the amendments in ASU No. 2023-09 are effective for the Company for fiscal years beginning after December 15, 2025, with early adoption permitted. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements and notes.
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, which requires entities to disclose additional information about certain expense categories in the notes to the financial statements. This guidance may be applied retrospectively or prospectively for annual reporting periods beginning with the Company’s consolidated financial statements for the fiscal year ended December 31, 2027, and interim periods beginning with the Company’s condensed consolidated financial statements for the fiscal quarter ended March 31, 2028. Early adoption is permitted. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements and notes.
Deferred Offering Costs
Deferred offering costs
Deferred offering costs, which consist of direct incremental legal, consulting, accounting and other fees related to the anticipated sale of the Company's common stock in the IPO, were capitalized and recorded in prepaid expenses and other current assets on the condensed consolidated balance sheets prior to the IPO. After the IPO, all deferred offering costs were reclassified into additional paid-in capital as a reduction of proceeds, net of underwriting discount and commissions, received from the IPO on the condensed consolidated balance sheets.
Fair Value Measurements
The Company follows the Financial Accounting Standards Board (the "FASB") ASC 820, Fair Value Measurements and Disclosures (“ASC 820”) in accounting for fair value measurements. ASC 820 defines fair value and prescribes a framework for measuring fair value in accordance with existing generally accepted accounting principles. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Fair value measurements are based on a fair value hierarchy, based on three levels of inputs, of which the first two are considered observable and the last unobservable, which are based on the following:
-Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.
-Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, such as quoted market prices for similar assets and liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability.
-Level 3: Unobservable inputs that reflect management's best estimate of what market participants would use in pricing the asset or liability at the measurement date.
Observable inputs are based on market data, obtained from independent sources.
The carrying values of cash and cash equivalents, accounts receivable, prepaid expenses and other current and non-current assets, accounts payable and accrued expenses approximate their fair value due to the short maturity of these instruments. The fair value of the Company’s short-term note payable approximates its carrying values due to the variable rate of interest and borrowing rates available to the Company with similar terms.
Series D warrants: These warrants were issued to noteholders in connection with the Subordinated Convertible Promissory Notes (the “Convertible Notes”) in 2023. The fair value of these warrants is estimated using the fair value of the Company’s Series D Preferred Stock adjusted for the probability that the Convertible Notes will reach maturity at each measurement date, which are unobservable inputs. The Series D warrants are recorded within warrant liabilities on the condensed consolidated balance sheets. See Note 8, Convertible Debt and Warrant Liabilities, for details of the terms and conditions of the Series D warrants.
Common stock warrants: These warrants were issued to a lender in connection with a bank loan facility extension in 2018. The fair value of these warrants is estimated using the fair value of the Company’s common stock at each measurement date, which, prior to the IPO, was an unobservable input. Subsequent to the IPO, the fair value of the Company's common stock is based on the closing price of the Company's Class A common stock on the valuation date, which is an observable input. The common stock warrants are recorded within warrant liabilities on the condensed consolidated balance sheets and were transferred from Level 3 to Level 1 on the fair value hierarchy subsequent to the IPO in May 2025. See Note 8, Convertible Debt and Warrant Liabilities, for details of the terms and conditions of the common stock warrants.
Embedded derivative liabilities: The embedded derivative liabilities represent the embedded features of the Convertible Notes issued in 2023. The Company estimates the fair value of the embedded derivative liabilities using a with-and-without model which compares the estimated fair value of the underlying instrument with the embedded features to the estimated fair value of the underlying instrument without the embedded features, with the difference representing the estimated fair value of the embedded derivative features. The with-and-without model includes significant unobservable inputs including the timing and probability weighting of potential liquidity events, discount rate, illiquidity discount, and expected volatility. Other assumptions used in the model that are not significant unobservable estimates are interest rate and risk-free rate. See Note 8, Convertible Debt and Warrant Liabilities, for details on the embedded derivative liabilities.
Contingent liabilities: The Company issued contingent consideration in connection with its 2021 acquisition of Maximum Effort Marketing. The Company estimates the fair value of its contingent liabilities using a Monte Carlo simulation model. Contingent liabilities are recorded within other non-current liabilities on the condensed consolidated balance sheets. See Note 9, Other Liabilities, for details of the terms and conditions of the contingent liabilities.
Convertible debt: On April 1, 2025, the Company and the holders of the Convertible Notes executed an Omnibus Amendment and Note Conversion Agreement (the "Note Conversion Amendment"). As the terms of the Note Conversion Amendment were determined to be substantially different than the terms of the Convertible Notes prior to the Note Conversion Amendment, the modification was accounted for as a debt extinguishment and the modified Convertible Notes were recorded on the condensed consolidated balance sheets at fair value. The Company estimates the fair value of the Convertible Notes using a scenario-based approach and unobservable inputs including the timing and probability weighting of potential liquidity events, discount for lack of marketability on securities, discount rate, interest rates, expected volatility, and dividend yields. See Note 8, Convertible Debt and Warrant Liabilities, for details on the terms and conditions of the modified Convertible Notes and the Company's election of the fair value option.
Any changes in these assumptions can change the valuation significantly. Changes in fair value are recognized within other expense, net and interest income (expense), net on the condensed consolidated statements of operations.
The Series D Warrants issued were determined to be freestanding financial instruments as they are legally detachable and separately exercisable, and therefore are evaluated independently of the related Convertible Notes. The Series D Preferred Shares were contingently redeemable outside of the Company’s control and therefore, the warrants were classified as a liability on the condensed consolidated balance sheets. The Company measured the value of the warrants at the date of issuance by determining the fair value in accordance with ASC 820 and re-measures the fair value at each reporting period, with any changes recorded to other expense, net as fair value adjustments.
The Convertible Notes were originally recorded at face value upon issuance and the warrant value and embedded derivative value as a discount on the carrying value of the debt. As the terms of the 2024 Amendment were not substantially different than the terms of the Convertible Notes prior to the 2024 Amendment, the 2024 Amendment was accounted for as a debt modification. Accordingly, the fair value of the new warrants issued as part of the 2024 Amendment were treated as an incremental discount on the carrying value of debt. The Company recognized accrued
interest and accretion of the warrant and embedded derivative liability discount as interest expense using the effective interest method over the life of the debt.
Embedded Derivatives The Company analyzed the embedded features of the Convertible Notes for derivative accounting considerations in accordance with ASC 815-10, Derivatives and Hedging. The embedded cash redemption features that allow the noteholders to elect to contingently receive 2.5x the aggregate principal amount of the note plus all unpaid accrued interest were determined to be embedded derivatives because the economic characteristics and risks are not clearly and closely related to the host contract, the hybrid instrument is not measured at fair value, and it allows the contract to be net settled outside of the Company’s control. Therefore, the Company bifurcated the embedded feature from the convertible notes and recorded an embedded derivative liability on the condensed consolidated balance sheets. The Company measured the fair value of the embedded derivative liability at issuance by determining the fair value in accordance with ASC 820 and re-measured the fair value at each reporting period, with any changes recorded to other expense, net as fair value adjustments.
Stock-Based Compensation
The fair values of stock option awards are estimated on the grant date using the Black-Scholes option pricing model, which requires the Company to make certain assumptions including the fair value of the underlying common stock, expected term, expected volatility, risk-free interest rate, dividend yield, and derived service period, summarized as follows:
Fair Value of the Underlying Common Stock – Prior to the IPO, the Company estimated the fair value of its stock with the assistance of a third-party valuation specialist, who derived the value using a combination of market and income approach valuation models. Subsequent to the IPO, the fair value of common stock is based on the closing price of the Company's Class A common stock on grant date.
Risk-Free Interest Rate - The risk-free interest rate used is based on the implied yield in effect at the time of grant of U.S. Treasury securities with maturities similar to the expected term of the options.
Expected Term - The Company calculates the expected term of its employee options based upon the simplified method, which estimates the expected term as the average of the contractual life of the option and its vesting period.
Volatility - The expected volatility is based on the historical volatility of comparable companies from a representative peer group selected based on industry, financial, and market-capitalization data as the Company does not have sufficient trading history for its Class A common stock.
Dividend Yield - The dividend yield is zero as the Company has not declared or paid any dividends to date and does not currently expect to do so in the future.
Derived Service Period – For the performance options, the derived service period is the time from the service inception date to the expected date of satisfaction of the market condition. The Company estimates the derived service period with the assistance of a third-party valuation specialist, utilizing a Monte Carlo simulation representing the median of all paths to vest by tranche.
v3.25.2
Net Loss Per Share Attributable to Common Stockholders (Tables)
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Net Loss Per Share Attributable to Common Stockholders
Net loss per share attributable to common stockholders consists of the following (in thousands, except share and per share information):
For the Three Months Ended
June 30,		For the Six Months Ended
June 30,
2025202420252024
Numerator
Net loss$(26,228)$(9,274)$(47,339)$(24,973)
Numerator for basic EPS – income available to common stockholders$(26,228)$(9,274)$(47,339)$(24,973)
Denominator
Denominator for basic EPS – weighted average shares40,120,40213,479,50027,663,86313,450,577
Denominator for diluted EPS – adjusted weighted average shares and assumed conversions40,120,40213,479,50027,663,86313,450,577
Basic and Diluted EPS$(0.65)$(0.69)$(1.71)$(1.86)
Anti-Dilutive Securities excluded in the calculation EPS
Stock options7,239,2258,468,1947,459,1598,336,987
Preferred stock—41,994,022—41,994,022
Warrants534,1393,169,825534,1343,389,549
Convertible debt—2,200,165—2,184,826
Total potentially dilutive shares7,773,36455,832,2067,993,29355,905,384
v3.25.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Financial Liabilities Measured at Fair Value on a Recurring Basi
The Company’s financial liabilities measured at fair value on a recurring basis and the level of inputs used for such measurements were as follows (in thousands):
Fair Value Measured as of
June 30, 2025December 31, 2024
Level 1
Common stock warrants
11,687 — 
Level 3
Series D warrants— 7,882 
Common stock warrants— 10,976 
Embedded derivative liabilities— 24,931 
Contingent liabilities4,966 — 
Total financial liabilities$16,653 $43,789 
Summary of the Changes In Fair Value of the Company’s Level 3 Financial Instruments
The following table presents a summary of the changes in fair value of the Company’s Level 3 financial instruments for the six months ended June 30, 2025 (in thousands):
Series D
Warrants		Common Stock
Warrants		Embedded Derivative
Liabilities		Contingent
Liabilities		Convertible DebtTotal
Balance at December 31, 2024$7,882 $10,976 $24,931 $— $— $43,789 
Additions— — — — 119,257 119,257 
Extinguishments— — (41,505)— (124,047)(165,552)
Change in fair value included in other expense, net(7,882)711 16,574 4,966 4,395 18,764 
Change in fair value included in interest income (expense), net— — — — 395 395 
Transfers out of Level 3— (11,687)— — — (11,687)
Balance at June 30, 2025$— $— $— $4,966 $— $4,966 
Fair Value Measurement Inputs and Valuation Techniques
The range of assumptions used to calculate the fair value of the Series D Warrants, embedded derivative liabilities, contingent liabilities, and convertible debt during the six months ended June 30, 2025 were as follows:
Series D WarrantsEmbedded
Derivative Liability		Contingent LiabilitiesConvertible Debt
Interest rate-6.0%-6.0%
Risk-free rate4.2%
3.9% - 4.3%
3.7%
3.9% - 4.3%
Discount rate-40.0%-40.0%
Probability weight10.0%
1.3% - 75.0%
-
1.3% - 75.0%
Expected volatility65.0%65.0%61.0%65.0%
Expected term (years)0.8
0.3 - 2.0
1.8
0.3 - 2.0
v3.25.2
Prepaid Expenses and Other Current Assets (Tables)
 6 Months Ended
Jun. 30, 2025
Prepaid Expense and Other Assets, Current [Abstract]  
Schedule of Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consist of the following (in thousands):
As of
June 30, 2025December 31, 2024
Prepaid expenses and events$5,498 $2,934 
Creative production advances695 1,048 
Deferred offering costs— 4,825 
Income tax overpayment2,314 18 
Notes receivable
10,301 — 
Other121 106 
Total$18,929 $8,931 
v3.25.2
Divestiture (Tables)
 6 Months Ended
Jun. 30, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Divestiture
Upon the closing of the Maximum Effort Marketing Transaction, the Company no longer controlled Maximum Effort Marketing and derecognized the following assets and liabilities at carrying value on April 1, 2025 (in thousands).
Accounts receivable, net$1,171 
Prepaid expenses and other assets1,434 
Other current liabilities(2,605)
Net assets disposed$— 
v3.25.2
Intangible Assets (Tables)
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Internal Use Software, Net
Internal use software, net consists of the following (in thousands):
June 30,
2025		December 31,
2024
Internal use software
$34,217 $28,894 
Less: Accumulated amortization
(18,978)(16,448)
Internal use software, net
$15,239 $12,446 
The Company’s intangible assets as of June 30, 2025, and December 31, 2024 included the following (in thousands):
June 30, 2025December 31, 2024
Weighted Average Amortizable Life In YearsGross Carrying AmountAccumulated AmortizationGross Carrying AmountAccumulated Amortization
Intangible assets subject to amortization
Customer contracts 2$— $— $1,900 $(1,900)
Customer relationships 109,400 (3,290)9,400 (2,820)
Content creator network 220,300 (20,300)20,300 (20,300)
Trademarks and trade name 108,500 (2,975)8,500 (2,550)
Developed technology 54,200 (2,940)4,200 (2,520)
42,400 (29,505)44,300 (30,090)
Intangible assets not subject to amortization
Domain names —1,142 — 1,142 — 
$43,542 $(29,505)$45,442 $(30,090)
Schedule of Intangible Assets The Company’s intangible assets as of June 30, 2025, and December 31, 2024 included the following (in thousands):
June 30, 2025December 31, 2024
Weighted Average Amortizable Life In YearsGross Carrying AmountAccumulated AmortizationGross Carrying AmountAccumulated Amortization
Intangible assets subject to amortization
Customer contracts 2$— $— $1,900 $(1,900)
Customer relationships 109,400 (3,290)9,400 (2,820)
Content creator network 220,300 (20,300)20,300 (20,300)
Trademarks and trade name 108,500 (2,975)8,500 (2,550)
Developed technology 54,200 (2,940)4,200 (2,520)
42,400 (29,505)44,300 (30,090)
Intangible assets not subject to amortization
Domain names —1,142 — 1,142 — 
$43,542 $(29,505)$45,442 $(30,090)
v3.25.2
Convertible Debt and Warrant Liabilities (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Reconciliation of Carrying Value of Convertible Notes
The following table represents a reconciliation of the carrying value of the Convertible Notes immediately prior to extinguishment, fair value of the modified Convertible Notes recorded on the condensed consolidated balance sheets as of April 1, 2025, and the resulting loss on extinguishment recorded in the period (in thousands):
Gross carrying value of Convertible Notes
$47,100 
Unamortized Debt Discount
(1,685)
Accrued interest5,901 
Net carrying value of Convertible Notes prior to extinguishment 51,316 
Fair value of embedded derivative liability prior to extinguishment
41,505 
Total value prior to extinguishment $92,821 
Fair value of modified Convertible Notes as of April 1, 2025$119,257 
Loss on extinguishment of Convertible Notes$(26,436)
v3.25.2
Other Liabilities (Tables)
 6 Months Ended
Jun. 30, 2025
Other Liabilities Disclosure [Abstract]  
Schedule of Other Current Liabilities
Other current liabilities consisted of the following (in thousands):
June 30,
2025		December 31,
2024
Income taxes payable$— $3,412 
Deferred revenue5,316 8,966 
Other36 886 
Total other current liabilities$5,352 $13,264 
Schedule of Other Liabilities, Non-current
Other liabilities, non-current, consisted of the following (in thousands):
June 30,
2025		December 31,
2024
Income taxes payable$3,351 $3,351 
Contingent liability4,966 — 
Total other non-current liabilities$8,317 $3,351 
v3.25.2
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense
Total stock-based compensation expenses recognized in the condensed consolidated statements of operations is as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Cost of revenues$96 $272 $330 $516 
Technology and development880 538 1,649 1,050 
Sales and marketing716 887 1,864 1,774 
General and administrative5,932 6,131 17,841 12,291 
Total stock-based compensation$7,624 $7,828 $21,684 $15,631 
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions
The range of assumptions that were used to calculate the grant date fair value of the Company’s stock option grants for the six months ended June 30, 2025 are as follows:
Expected dividend yield0%
Expected stock price volatility
65.1% - 66.1%
Risk-free interest rate
3.9% - 4.4%
Expected term (years)
6.0 – 6.1
The grant date fair value of the COO Performance Options was $0.9 million, which was estimated using a Monte-Carlo simulation model using the following assumptions:
Expected dividend yield0%
Expected stock price volatility60.0%
Risk-free interest rate4.5%
v3.25.2
Business and Basis of Presentation (Details) - USD ($)
$ / shares in Units, $ in Thousands
 6 Months Ended
May 23, 2025
Jun. 30, 2025
Jun. 30, 2024
May 22, 2025
Dec. 31, 2024
Class of Stock [Line Items]          
Offering costs   $ 2,137 $ 0    
Common stock, shares outstanding (in shares)       16,441,170 14,247,476
Issuance of shares (in shares) 58,435,192        
Conversion of redeemable convertible preferred stock to Class A common stock in connection with initial public offering          
Class of Stock [Line Items]          
Conversion of shares or debt (in shares) 41,994,022        
Reclassification of Common Class A to Common Class B          
Class of Stock [Line Items]          
Issuance of shares (in shares) 28,991,483        
IPO          
Class of Stock [Line Items]          
Shares issued in transaction (in shares) 8,400,000        
Shares sold price per share (in dollars per share) $ 16.00        
Sale of stock, proceeds received, net $ 114,800        
Underwriting discounts and commissions 9,100        
Offering costs $ 10,600        
Secondary Offering          
Class of Stock [Line Items]          
Shares issued in transaction (in shares) 3,300,000        
Over-Allotment Option          
Class of Stock [Line Items]          
Shares issued in transaction (in shares) 1,755,000        
v3.25.2
Net Loss Per Share Attributable to Common Stockholders (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Numerator            
Net loss $ (26,228) $ (21,111) $ (9,274) $ (15,699) $ (47,339) $ (24,973)
Numerator for basic EPS – income available to common stockholders $ (26,228)   $ (9,274)   $ (47,339) $ (24,973)
Denominator            
Denominator for basic EPS – weighted average shares (in shares) 40,120,402   13,479,500   27,663,863 13,450,577
Denominator for diluted EPS – adjusted weighted average shares and assumed conversions (in shares) 40,120,402   13,479,500   27,663,863 13,450,577
Basic EPS (in dollars per share) $ (0.65)   $ (0.69)   $ (1.71) $ (1.86)
Diluted EPS (in dollars per share) $ (0.65)   $ (0.69)   $ (1.71) $ (1.86)
Anti-Dilutive Securities excluded in the calculation EPS            
Total potentially dilutive shares (in shares) 7,773,364   55,832,206   7,993,293 55,905,384
Stock options            
Anti-Dilutive Securities excluded in the calculation EPS            
Total potentially dilutive shares (in shares) 7,239,225   8,468,194   7,459,159 8,336,987
Preferred stock            
Anti-Dilutive Securities excluded in the calculation EPS            
Total potentially dilutive shares (in shares) 0   41,994,022   0 41,994,022
Warrants            
Anti-Dilutive Securities excluded in the calculation EPS            
Total potentially dilutive shares (in shares) 534,139   3,169,825   534,134 3,389,549
Convertible debt            
Anti-Dilutive Securities excluded in the calculation EPS            
Total potentially dilutive shares (in shares) 0   2,200,165   0 2,184,826
v3.25.2
Fair Value Measurements - Financial Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
May 22, 2025
Apr. 01, 2025
Dec. 31, 2024
Fair Value Measurement Inputs and Valuation Techniques [Line Items]        
Warrants   $ 0    
Embedded derivative liabilities $ 0   $ 41,505 $ 24,931
Level 1 | Common stock warrants        
Fair Value Measurement Inputs and Valuation Techniques [Line Items]        
Warrants 11,687     0
Level 3        
Fair Value Measurement Inputs and Valuation Techniques [Line Items]        
Embedded derivative liabilities 0     24,931
Contingent consideration liability 4,966     0
Total financial liabilities 16,653     43,789
Level 3 | Common stock warrants        
Fair Value Measurement Inputs and Valuation Techniques [Line Items]        
Warrants 0     10,976
Level 3 | Series D warrants        
Fair Value Measurement Inputs and Valuation Techniques [Line Items]        
Warrants $ 0     $ 7,882
v3.25.2
Fair Value Measurements - Changes in Fair Value (Details) - Level 3
$ in Thousands
 6 Months Ended
Jun. 30, 2025
USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]  
Beginning balance $ 43,789
Additions 119,257
Extinguishments (165,552)
Transfers out of Level 3 (11,687)
Ending balance 4,966
Series D warrants  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]  
Beginning balance 7,882
Additions 0
Extinguishments 0
Transfers out of Level 3 0
Ending balance 0
Common Stock Warrants  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]  
Beginning balance 10,976
Additions 0
Extinguishments 0
Transfers out of Level 3 (11,687)
Ending balance 0
Embedded derivative liabilities  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]  
Beginning balance 24,931
Additions 0
Extinguishments (41,505)
Transfers out of Level 3 0
Ending balance 0
Contingent liabilities  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]  
Beginning balance 0
Additions 0
Extinguishments 0
Transfers out of Level 3 0
Ending balance 4,966
Convertible Debt  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]  
Beginning balance 0
Additions 119,257
Extinguishments (124,047)
Transfers out of Level 3 0
Ending balance 0
Change in fair value included in other expense, net  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]  
Change in fair value 18,764
Change in fair value included in other expense, net | Series D warrants  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]  
Change in fair value (7,882)
Change in fair value included in other expense, net | Common Stock Warrants  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]  
Change in fair value 711
Change in fair value included in other expense, net | Embedded derivative liabilities  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]  
Change in fair value 16,574
Change in fair value included in other expense, net | Contingent liabilities  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]  
Change in fair value 4,966
Change in fair value included in other expense, net | Convertible Debt  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]  
Change in fair value 4,395
Change in fair value included in interest income (expense), net  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]  
Change in fair value 395
Change in fair value included in interest income (expense), net | Series D warrants  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]  
Change in fair value 0
Change in fair value included in interest income (expense), net | Common Stock Warrants  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]  
Change in fair value 0
Change in fair value included in interest income (expense), net | Embedded derivative liabilities  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]  
Change in fair value 0
Change in fair value included in interest income (expense), net | Contingent liabilities  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]  
Change in fair value 0
Change in fair value included in interest income (expense), net | Convertible Debt  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]  
Change in fair value $ 395
v3.25.2
Fair Value Measurements - Fair Value Range Of Assumptions (Details)
Jun. 30, 2025
Interest rate  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Series D Warrants 0
Embedded Derivative Liability 0.060
Contingent Liabilities 0
Convertible Debt 0.060
Risk-free rate  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Series D Warrants 0.042
Contingent Liabilities 0.037
Risk-free rate | Minimum  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Embedded Derivative Liability 0.039
Convertible Debt 0.039
Risk-free rate | Maximum  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Embedded Derivative Liability 0.043
Convertible Debt 0.043
Discount rate  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Series D Warrants 0
Embedded Derivative Liability 0.400
Contingent Liabilities 0
Convertible Debt 0.400
Probability weight  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Series D Warrants 0.100
Contingent Liabilities 0
Probability weight | Minimum  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Embedded Derivative Liability 0.013
Convertible Debt 0.013
Probability weight | Maximum  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Embedded Derivative Liability 0.750
Convertible Debt 0.750
Expected volatility  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Series D Warrants 0.650
Embedded Derivative Liability 0.650
Contingent Liabilities 0.610
Convertible Debt 0.650
Expected term (years)  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Series D Warrants 0.8
Contingent Liabilities 1.8
Expected term (years) | Minimum  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Embedded Derivative Liability 0.3
Convertible Debt 0.3
Expected term (years) | Maximum  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Embedded Derivative Liability 2.0
Convertible Debt 2.0
v3.25.2
Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Prepaid Expense and Other Assets, Current [Abstract]    
Prepaid expenses and events $ 5,498 $ 2,934
Creative production advances 695 1,048
Deferred offering costs 0 4,825
Income tax overpayment 2,314 18
Notes receivable 10,301 0
Other 121 106
Total $ 18,929 $ 8,931
v3.25.2
Prepaid Expenses and Other Current Assets - Narrative (Details)
$ in Millions
Apr. 30, 2025
USD ($)
individual
Apr. 01, 2025
USD ($)
Jun. 30, 2025
USD ($)
Aug. 25, 2021
employee
Debt Instrument [Line Items]        
Number of employees for AMT Notes | employee       3
Maximum Effort Marketing        
Debt Instrument [Line Items]        
Note receivable   $ 5.0    
Interest on note receivable (as a percent)   8.00%    
Note receivable     $ 5.1  
Four Employees        
Debt Instrument [Line Items]        
Interest on note receivable (as a percent) 4.46%      
Note receivable $ 4.6   $ 4.7  
Number of employees for AMT Notes | individual 4      
Four Employees | Anniversary of Loan        
Debt Instrument [Line Items]        
Term for notes fully due 7 years      
Four Employees | Borrower's Termination of Employment        
Debt Instrument [Line Items]        
Term for notes fully due 30 days      
Four Employees | Expiration of Market Stand-Off Period        
Debt Instrument [Line Items]        
Term for notes fully due 5 days      
v3.25.2
Divestiture - Narrative (Details)
Feb. 28, 2025
USD ($)
Disposal Group, Disposed of by Sale, Not Discontinued Operations  
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]  
Gain on sale of interest $ 100
v3.25.2
Divestiture - Assets and Liabilities at Carrying Value (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations
$ in Thousands
Apr. 01, 2025
USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]  
Accounts receivable, net $ 1,171
Prepaid expenses and other assets 1,434
Other current liabilities (2,605)
Net assets disposed $ 0
v3.25.2
Intangible Assets - Schedule of Internal Use Software (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]    
Internal use software $ 34,217 $ 28,894
Less: Accumulated amortization (18,978) (16,448)
Internal use software, net $ 15,239 $ 12,446
v3.25.2
Intangible Assets - Narrative (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]        
Amortization expense for internal use software $ 2,000,000.0 $ 1,200,000 $ 3,400,000 $ 2,400,000
Carrying value of internal use software 500,000 0 500,000 0
Amortization of acquired intangibles $ 658,000 $ 657,000 $ 1,316,000 $ 1,315,000
v3.25.2
Intangible Assets - Schedule of Intangible Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Intangible assets subject to amortization    
Gross Carrying Amount $ 42,400 $ 44,300
Accumulated Amortization (29,505) (30,090)
Intangible assets not subject to amortization    
Gross Carrying Amount 43,542 45,442
Domain names    
Intangible assets not subject to amortization    
Gross Carrying Amount $ 1,142 1,142
Customer contracts    
Intangible assets subject to amortization    
Weighted Average Amortizable Life In Years 2 years  
Gross Carrying Amount $ 0 1,900
Accumulated Amortization $ 0 (1,900)
Customer relationships    
Intangible assets subject to amortization    
Weighted Average Amortizable Life In Years 10 years  
Gross Carrying Amount $ 9,400 9,400
Accumulated Amortization $ (3,290) (2,820)
Content creator network    
Intangible assets subject to amortization    
Weighted Average Amortizable Life In Years 2 years  
Gross Carrying Amount $ 20,300 20,300
Accumulated Amortization $ (20,300) (20,300)
Trademarks and trade name    
Intangible assets subject to amortization    
Weighted Average Amortizable Life In Years 10 years  
Gross Carrying Amount $ 8,500 8,500
Accumulated Amortization $ (2,975) (2,550)
Developed technology    
Intangible assets subject to amortization    
Weighted Average Amortizable Life In Years 5 years  
Gross Carrying Amount $ 4,200 4,200
Accumulated Amortization $ (2,940) $ (2,520)
v3.25.2
Debt (Details) - USD ($)
$ in Thousands
May 09, 2025
Jun. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]      
Short-term note payable   $ 0 $ 579
Revolving Credit Facility | Line of Credit | 2025 Financing Agreement      
Debt Instrument [Line Items]      
Aggregate principal amount $ 50,000    
Additional borrowings $ 30,000    
Debt instrument, basis spread on variable rate 3.00%    
Debt instrument, interest rate floor (as a percent) 0.0100    
Line of credit facility, interest rate 3.00%    
Borrowings base percentage 85.00%    
Remaining borrowing capacity   47,100  
Outstanding borrowings   $ 0 $ 0
Debt instrument, term 60 days    
Debt instrument, covenant, current ratio 1.35    
Unrestricted cash balance $ 35,000    
v3.25.2
Convertible Debt and Warrant Liabilities - Narrative (Details) - USD ($)
 3 Months Ended 6 Months Ended 87 Months Ended
May 23, 2025
Apr. 01, 2025
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
May 22, 2025
May 09, 2024
May 08, 2024
May 11, 2023
Jun. 30, 2018
Apr. 05, 2018
Debt Instrument [Line Items]                          
Exercise price (in dollars per share)                     $ 0.01   $ 0.01
Class of warrant or right, number of securities called by warrants or rights (in shares)     3,076,358   3,076,358   3,076,358   1,025,449   2,050,909    
Number of days for warrant termination         60 days                
Repayments of convertible notes         $ 24,000,000 $ 0              
Convertible debt, fair value disclosures   $ 119,257,000           $ 124,000,000.0          
Warrants fair value               $ 0          
Number of shares called by warrant (in shares)                       267,194 267,194
Class of warrants or right, minimum capital raise requirement                       $ 4,500,000  
Vested and exercisable warrants (in shares)                         534,388
Required purchase amount of warrants if acquisition occurs                         $ 500,000
Warrants exercised (in shares)             0            
Subordinated Convertible Promissory Notes | Convertible Debt                          
Debt Instrument [Line Items]                          
Debt principal                     $ 47,100,000    
Debt instrument, annual interest rate (as a percent)                     6.00%    
Conversion price (in dollars per share)                     $ 22.9653    
Conversion price as a percent of principal                     2.5    
Debt conversion, principal repurchase   8,900,000                      
Accrued interest   5,901,000                      
Interest expense on debt     $ 400,000 $ 2,200,000 $ 2,000,000.0 $ 5,600,000              
Effective interest rate (as a percent)     19.90% 19.90% 19.90% 19.90% 19.90%            
Stated interest expense     $ 400,000 $ 700,000 $ 1,100,000 $ 1,400,000              
Accretion of warrant discount on convertible debt     $ 0 $ 1,500,000 $ 900,000 $ 4,100,000              
Subordinated Convertible Promissory Notes | Convertible Debt | Minimum                          
Debt Instrument [Line Items]                          
Effective interest rate (as a percent)                   30.45%      
Subordinated Convertible Promissory Notes | Convertible Debt | Maximum                          
Debt Instrument [Line Items]                          
Effective interest rate (as a percent)                 35.98%        
Subordinated Convertible Promissory Notes | Convertible Debt | First Conversion Price                          
Debt Instrument [Line Items]                          
Debt principal   $ 23,100,000                      
Conversion price (in dollars per share)   $ 22.9653                      
Stock price trigger for note conversion (as a percent)   40.00%                      
Note conversion, stock price trigger (in dollars per share)   $ 9.18612                      
Subordinated Convertible Promissory Notes | Convertible Debt | Second Conversion Repayment                          
Debt Instrument [Line Items]                          
Debt principal   $ 24,000,000.0                      
Principal repaid $ 24,000,000.0                        
Interest repaid $ 3,100,000                        
Subordinated Convertible Promissory Notes | Convertible Debt | Second Conversion Price                          
Debt Instrument [Line Items]                          
Stock price trigger for note conversion (as a percent)   66.6667%                      
Note conversion, stock price trigger (in dollars per share)   $ 15.3102                      
Debt conversion, converted instrument, shares issued (in shares) 2,250,000                        
Subordinated Convertible Promissory Notes | Convertible Debt | First Convertible Notes Conversion                          
Debt Instrument [Line Items]                          
Debt conversion, converted instrument, shares issued (in shares) 3,806,425                        
Debt conversion, principal $ 23,100,000                        
Accrued interest $ 3,200,000                        
Debt conversion, converted instrument, shares repurchased (in shares) 626,588                        
Debt conversion, converted instrument, amount repurchased $ 8,900,000                        
Repurchased accrued interest, amount 1,100,000                        
Subordinated Convertible Promissory Notes | Convertible Debt | Second Convertible Notes Conversion                          
Debt Instrument [Line Items]                          
Debt conversion, principal 24,000,000.0                        
Subordinated Convertible Promissory Notes | Convertible Debt | Related Party                          
Debt Instrument [Line Items]                          
Debt principal                     $ 21,500,000    
Subordinated Convertible Promissory Notes | Convertible Debt | Related Party | Second Conversion Repayment                          
Debt Instrument [Line Items]                          
Repayments of convertible notes $ 6,800,000                        
Subordinated Convertible Promissory Notes | Convertible Debt | Related Party | First Convertible Notes Conversion                          
Debt Instrument [Line Items]                          
Debt conversion, converted instrument, shares issued (in shares) 2,556,313                        
Debt conversion, converted instrument, shares repurchased (in shares) 88,976                        
Subordinated Convertible Promissory Notes | Convertible Debt | Related Party | Second Convertible Notes Conversion                          
Debt Instrument [Line Items]                          
Debt conversion, converted instrument, shares issued (in shares) 562,500                        
v3.25.2
Convertible Debt and Warrant Liabilities - Reconciliation of Carrying Value of Convertible Notes (Details) - USD ($)
 6 Months Ended
Apr. 01, 2025
Jun. 30, 2025
Jun. 30, 2024
May 22, 2025
Dec. 31, 2024
May 11, 2023
Debt Instrument [Line Items]            
Net carrying value of Convertible Notes prior to extinguishment $ 51,316,000 $ 0     $ 49,670,000  
Redemption Derivative 41,505,000 0     $ 24,931,000  
Total value prior to extinguishment 92,821,000          
Fair value of modified Convertible Notes as of April 1, 2025 119,257,000     $ 124,000,000.0    
Loss on extinguishment of Convertible Notes (26,436,000) $ (26,436,000) $ 0      
Subordinated Convertible Promissory Notes | Convertible Debt            
Debt Instrument [Line Items]            
Unamortized Debt Discount (1,685,000)          
Accrued interest $ 5,901,000          
Debt principal           $ 47,100,000
v3.25.2
Other Liabilities - Schedule of Other Current Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Other Liabilities Disclosure [Abstract]    
Income taxes payable $ 0 $ 3,412
Deferred revenue 5,316 8,966
Other 36 886
Total other current liabilities $ 5,352 $ 13,264
v3.25.2
Other Liabilities - Narrative (Details) - USD ($)
$ in Thousands
 6 Months Ended
Aug. 25, 2021
Jun. 30, 2025
Apr. 01, 2025
Dec. 31, 2024
Business Combination [Line Items]        
Deferred revenue   $ 5,316   $ 8,966
Revenue recognized   6,900    
Contingent liability   $ 4,966   $ 0
Disposal Group, Disposed of by Sale, Not Discontinued Operations        
Business Combination [Line Items]        
Deferred revenue disposed of     $ 2,600  
Maximum Effort Acquisition        
Business Combination [Line Items]        
Value of contingent consideration (in shares) 1,574,721      
Contingent liability $ 1,600      
v3.25.2
Other Liabilities - Schedule of Other Liabilities Non-current (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Other Liabilities Disclosure [Abstract]    
Income taxes payable $ 3,351 $ 3,351
Contingent liability 4,966 0
Total other non-current liabilities $ 8,317 $ 3,351
v3.25.2
Capitalization (Details)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
May 31, 2025
$ / shares
shares
May 23, 2025
USD ($)
$ / shares
shares
Jun. 30, 2025
vote
$ / shares
shares
Jun. 30, 2024
shares
Jun. 30, 2025
USD ($)
vote
$ / shares
shares
Jun. 30, 2024
USD ($)
shares
May 22, 2025
shares
Mar. 31, 2025
shares
Dec. 31, 2024
$ / shares
shares
Mar. 31, 2024
shares
Dec. 31, 2023
shares
May 11, 2023
$ / shares
Apr. 05, 2018
$ / shares
Subsidiary or Equity Method Investee [Line Items]                          
Offering costs | $         $ 2,137 $ 0              
Common stock, shares outstanding (in shares)             16,441,170   14,247,476        
Issuance of Class A common stock in connection with initial public offering, net of underwriting discounts, commission, and other offering costs (in shares)   58,435,192                      
Common stock, shares authorized (in shares)                 104,100,000        
Common stock, par value (in dollars per share) | $ / shares                 $ 0.0001        
Preferred stock, shares authorized (in shares)   50,000,000                      
Preferred stock par value (in dollars per share) | $ / shares   $ 0.0001                      
Temporary equity, shares issued (in shares)     0   0       41,994,022        
Redeemable convertible preferred stock, shares outstanding (in shares)     0 41,994,022 0 41,994,022   41,994,022 41,994,022 41,994,022 41,994,022    
Total potentially dilutive shares (in shares)     7,773,364 55,832,206 7,993,293 55,905,384              
Exercise price (in dollars per share) | $ / shares                       $ 0.01 $ 0.01
Class A Common Stock                          
Subsidiary or Equity Method Investee [Line Items]                          
Total potentially dilutive shares (in shares)         3,119,354                
Earnout Shares                          
Subsidiary or Equity Method Investee [Line Items]                          
Total potentially dilutive shares (in shares)         1,574,721                
2025 Incentive Plan                          
Subsidiary or Equity Method Investee [Line Items]                          
Capital shares reserved for future issuance (in shares) 11,112,234   10,409,889   10,409,889                
Equity award, annual increase, shares of stock outstanding (as a percent)   0.05                      
Exercise price (in dollars per share) | $ / shares $ 0.10                        
Maximum number of shares available under stock options (in shares) 82,898,071                        
Employee Stock Purchase Plan | Employee Stock                          
Subsidiary or Equity Method Investee [Line Items]                          
Capital shares reserved for future issuance (in shares) 1,111,234   1,111,234   1,111,234                
Equity award, annual increase, shares of stock outstanding (as a percent) 1.00%                        
Shares authorized (in shares) 15,279,470                        
Class A Common Stock                          
Subsidiary or Equity Method Investee [Line Items]                          
Common stock, shares outstanding (in shares)     43,579,379   43,579,379                
Common stock, shares authorized (in shares)   400,000,000 400,000,000   400,000,000                
Common stock, par value (in dollars per share) | $ / shares   $ 0.0001 $ 0.0001   $ 0.0001                
Common stock, voting rights per share | vote     1   1                
Class B Common Stock                          
Subsidiary or Equity Method Investee [Line Items]                          
Common stock, shares outstanding (in shares)     28,991,483   28,991,483                
Common stock, shares authorized (in shares)   100,000,000 100,000,000   100,000,000                
Common stock, par value (in dollars per share) | $ / shares   $ 0.0001 $ 0.0001   $ 0.0001                
Common stock, voting rights per share | vote     10   10                
Conversion of redeemable convertible preferred stock to Class A common stock in connection with initial public offering                          
Subsidiary or Equity Method Investee [Line Items]                          
Conversion of convertible debt (in shares)   41,994,022                      
Reclassification of Common Class A to Common Class B                          
Subsidiary or Equity Method Investee [Line Items]                          
Issuance of Class A common stock in connection with initial public offering, net of underwriting discounts, commission, and other offering costs (in shares)   28,991,483                      
Conversion of convertible debt to Class A common stock upon initial public offering                          
Subsidiary or Equity Method Investee [Line Items]                          
Conversion of convertible debt (in shares)   5,429,837                      
IPO                          
Subsidiary or Equity Method Investee [Line Items]                          
Shares issued in transaction (in shares)   8,400,000                      
Sale of stock, proceeds received, net | $   $ 114,800                      
Underwriting discounts and commissions | $   9,100                      
Offering costs | $   $ 10,600                      
Secondary Offering                          
Subsidiary or Equity Method Investee [Line Items]                          
Shares issued in transaction (in shares)   3,300,000                      
Over-Allotment Option                          
Subsidiary or Equity Method Investee [Line Items]                          
Shares issued in transaction (in shares)   1,755,000                      
v3.25.2
Stock-Based Compensation - Stock Based Compensation Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Total stock-based compensation $ 7,624 $ 7,828 $ 21,684 $ 15,631
Cost of revenues        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Total stock-based compensation 96 272 330 516
Technology and development        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Total stock-based compensation 880 538 1,649 1,050
Sales and marketing        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Total stock-based compensation 716 887 1,864 1,774
General and administrative        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Total stock-based compensation $ 5,932 $ 6,131 $ 17,841 $ 12,291
v3.25.2
Stock-Based Compensation - Narrative (Details)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2025
shares
Feb. 28, 2025
$ / shares
Feb. 13, 2025
USD ($)
tranches
$ / shares
shares
Aug. 25, 2021
employee
$ / shares
shares
Jun. 30, 2025
shares
Mar. 31, 2025
USD ($)
Jun. 30, 2025
$ / shares
shares
May 22, 2025
shares
Dec. 31, 2024
shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Options granted in period (in shares)         707,453   1,945,215    
Stock option exercise price (in dollars per share) | $ / shares             $ 16.00    
Number of employees for AMT Notes | employee       3          
Common stock, shares outstanding (in shares)               16,441,170 14,247,476
Common stock, shares issued (in shares)                 14,247,476
Accelerated stock-based compensation cost | $           $ 700      
Minimum                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Stock option exercise price (in dollars per share) | $ / shares             16.00    
Maximum                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Stock option exercise price (in dollars per share) | $ / shares             $ 21.87    
Share-Based Payment Arrangement, Employee                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Options granted in period (in shares)         188,728        
Share-Based Payment Arrangement, Nonemployee                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Options granted in period (in shares)         201,725        
Stock options                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Vesting period             4 years    
Expected dividend yield             0.00%    
Number of awards modified (in shares) 61,526                
Restricted Stock                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Number of awards modified (in shares) 44,289                
Performance stock options                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Options granted in period (in shares)     188,728            
Stock option exercise price (in dollars per share) | $ / shares     $ 20.54            
Vesting period     10 years            
Expected dividend yield     0.00%            
Vest in different tranches | tranches     7            
Fair value of option granted | $     $ 900            
Requisite service period     7 years            
Performance stock options | Minimum                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Stock price hurdle for market options (in dollars per share) | $ / shares     $ 25.40            
Performance stock options | Maximum                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Stock price hurdle for market options (in dollars per share) | $ / shares     $ 508.04            
Management                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Common stock, shares outstanding (in shares)         1,894,054   1,894,054    
Related Party                  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                  
Issuance of common stock upon exercise of options (in shares)       2,032,429          
Stock option exercises, exercise price (in dollars per share) | $ / shares   $ 0.00   $ 3.79          
Total stock-based compensation | $           $ 4,800      
Common stock, shares issued (in shares)         138,375   138,375    
v3.25.2
Stock-Based Compensation - Share-Based Payment Award, Stock Options, Valuation Assumptions (Details)
 6 Months Ended
Feb. 13, 2025
Jun. 30, 2025
Stock options    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Expected dividend yield   0.00%
Expected price volatility, minimum   65.10%
Expected price volatility, maximum   66.10%
Risk-free interest rate, minimum   3.90%
Risk-free interest rate, maximum   4.40%
Stock options | Minimum    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Expected term (years)   6 years
Stock options | Maximum    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Expected term (years)   6 years 1 month 6 days
Performance stock options    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Expected dividend yield 0.00%  
Expected stock price volatility 60.00%  
Risk-free interest rate 4.50%  
v3.25.2
Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Tax Disclosure [Abstract]        
Income tax expense $ 1,986 $ 122 $ (2,323) $ 133
Effective income tax rate (8.10%) (0.50%) 4.70% (0.50%)
Blended state income tax rate 6.40% 3.80% 6.40% 3.80%
v3.25.2
Segment and Geographic Information (Details)
 6 Months Ended
Jun. 30, 2025
segment
Segment Reporting [Abstract]  
Number of operating segments 1
Number of reportable segments 1
v3.25.2
Subsequent Events (Details) - $ / shares
 3 Months Ended 6 Months Ended 87 Months Ended
Jul. 31, 2025
Jul. 29, 2025
Jul. 17, 2025
Jun. 30, 2025
Jun. 30, 2025
Jun. 30, 2025
Subsequent Event [Line Items]            
Warrants exercised (in shares)           0
Options granted in period (in shares)       707,453 1,945,215  
Stock option exercise price (in dollars per share)         $ 16.00  
Stock options            
Subsequent Event [Line Items]            
Vesting period         4 years  
Subsequent Event            
Subsequent Event [Line Items]            
Warrants exercised (in shares)     534,388      
Conversion of convertible debt (in shares)     534,196      
Options granted in period (in shares) 116,000          
Stock option exercise price (in dollars per share) $ 28.16          
Subsequent Event | Restricted Stock Units (RSUs)            
Subsequent Event [Line Items]            
Stock units granted (in shares)   15,174        
Vesting period   3 years        
Subsequent Event | Stock options            
Subsequent Event [Line Items]            
Vesting period 4 years