0001581760-25-000106 | 10-Q | XBRL Viewer

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Fair Value Measurements - Narrative (Details) - USD ($)	3 Months Ended		12 Months Ended
Fair Value Measurements - Narrative (Details) - USD ($)	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Derivative liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (loss) for change in fair value	$ 0	$ (1,700,000)	$ (1,707,000)
Convertible notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (loss) for change in fair value	$ 0	$ (600,000)	$ (608,000)

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Income Taxes	12. Income Taxes The provision for income taxes for interim quarterly reporting periods is based on the Company's estimates of the effective tax rates for the full fiscal year, in accordance with ASC 740-270, Income Taxes, Interim Reporting. ASC 740-270-25-2 requires that an annual effective tax rate be determined and such annual effective rate be applied to year to date income/loss in interim periods. The effective tax rate in any quarter may be subject to fluctuations during the year as new information is obtained, which may positively or negatively affect the assumptions used to estimate the annual effective tax rate, including factors such as valuation allowances against deferred tax assets, the recognition or de-recognition of tax benefits related to uncertain tax position, if any, and changes in or the interpretation of tax laws in jurisdictions where the Company conducts business. In accordance with the Tax Cuts and Jobs Act of 2017, research and experimental (“R&E”) expenses under Internal Revenue Code Section 174 are required to be capitalized beginning in 2022. R&E expenses are required to be amortized over a period of five years for domestic expenses and fifteen years for foreign expenses. The Company has capitalized R&E expenditures in its income tax provision. This is a driver for the annual estimated income tax rate used to calculate the provision for income taxes. For the three months ended March 31, 2025 and 2024, the Company recorded a benefit from income taxes of $0.2 million and a provision for income taxes of $1.4 million, respectively.

- Definition

The entire disclosure for income tax.

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+ Details

Commitments and Contingencies

3 Months Ended

Mar. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

8. Commitments and Contingencies

Purchase Commitments

The Company has contractual commitments with our cloud platform provider and contract manufacturer that are non-cancellable. As of March 31, 2025, future non-cancellable commitments under these arrangements were as follows (in thousands):


	Amount
Remainder of 2025	$	25,242
2026	25,500
2027	26,000



Total purchase commitments	$	76,742

Contingencies

From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of business activities. The Company accrues a liability for such matters when it is probable that future expenditures will be made, and such expenditures can be reasonably estimated. The Company is not subject to any current pending legal matters or claims that the Company believes could have a material adverse effect on its financial position, results of operations or cash flows.

Indemnification

To date, the Company has not incurred significant costs and has not accrued any material liabilities in the accompanying condensed consolidated financial statements as a result of its indemnification obligations.

Litigation

Occasionally, the Company is involved in various legal proceedings, claims and government investigations in the ordinary course of business. The outcome of litigation and other legal matters is inherently uncertain, though the Company intends to vigorously defend any such matters. In making a determination regarding accruals, using available information, the Company evaluates the likelihood of an unfavorable outcome in legal or regulatory proceedings to which the Company is a party and records a loss contingency when it is probable a liability has been incurred and the amount of the loss can be reasonably estimated. When the Company determines an unfavorable outcome is not probable or reasonably estimable the Company does not accrue for any potential litigation loss. Actual outcomes of these legal and regulatory proceedings may materially differ from the Company’s estimates.

On March 12, 2019, a former alleged competitor of Tile, Cellwitch, Inc, filed a patent infringement claim against Tile in the U.S. District Court, Northern District of California, seeking permanent injunction and damages. On December 18, 2019, Tile filed an inter partes review petition with the Patent Trial and Appeal Board (“PTAB”) challenging the validity of the patent. On May 13, 2021, the PTAB issued a Final Written Decision on Tile’s inter partes review petition (the “Final Written Decision”), finding a majority of the claims invalid. The Final Written Decision was affirmed by the U.S. Court of Appeals for the Federal Circuit on May 13, 2022. The case is currently in trial court. The claim construction hearing took place on January 18, 2024, and on April 23, 2024, the court released its order which found 10 of the claims invalid, leaving only 2 active claims remaining. At this time, a loss is reasonably possible but not estimable, and as a result, no litigation reserve has been recorded on our condensed consolidated balance sheet as of March 31, 2025.

On August 14, 2023, plaintiffs Stephanie Ireland-Gordy and Shannon Ireland-Gordy filed a putative class action lawsuit against Tile, Life360, and Amazon.com, Inc. in the U.S. District Court for the Northern District of California. An amended complaint was filed on April 26, 2024, adding named plaintiffs Melissa Broad and Jane Doe. Plaintiffs allege that Tile trackers were used by third parties to monitor their movements without their consent, and assert product liability and other claims. At this time, a loss is not probable nor estimable, and as a result, no legal accrual has been recorded on our consolidated balance sheets as of March 31, 2025.

No litigation reserve was recorded on our condensed consolidated balance sheets as of March 31, 2025 and December 31, 2024, respectively.

Related-Party Transactions	3 Months Ended
Related-Party Transactions	Mar. 31, 2025
Related Party Transactions [Abstract]
Related-Party Transactions	13. Related-Party Transactions Hubble Transactions In November and December 2024, the Company entered into a strategic partnership and series of transactions with Hubble Network, Inc. (“Hubble”), including (i) a technology exclusivity and revenue share agreement (“Hubble Agreement”), (ii) the Related Party SAFE; and (iii) Hubble’s issuance of the Related Party Warrant. The Hubble Agreement has an initial term of 5 years beginning on November 12, 2024. As part of this partnership, the Company will leverage Hubble’s global satellite infrastructure to introduce a new global location-tracking network service offering. The partnership agreement includes revenue-share payments in which Hubble will pay the Company a percentage of revenue earned from leveraging the new global location-tracking network service offering. The partnership also allows Hubble to purchase Tile hardware devices at a price equal to the Company’s burdened cost of goods sold plus 12.5%. The grant of the Related Party Warrant was considered non-cash consideration, which the Company measured at fair value on the date of issuance. The Related Party Warrant includes various performance-based vesting conditions based on revenue and operational milestones to be measured and assessed throughout the term of the agreement. The first tranche, consisting of 2,049,191 shares, of the Related Party Warrant vested as of March 31, 2025. The warrant was valued using a Black Scholes option-pricing model, and the fair value of approximately $3.9 million is also included in prepaid expenses and other assets, noncurrent and deferred revenue on the Company’s consolidated balance sheets. The fair value of the warrant included within deferred revenue is amortized to other revenue over the life of the agreement. The Company recognized $0.3 million in other revenue on the condensed consolidated statements of operation and comprehensive income (loss) in connection with the Related Party Warrant during the three months ended March 31, 2025. Alex Haro, the founder, and Chief Executive Officer of Hubble is a co-founder, former executive, and existing member of the Company’s Board of Directors. In addition, as part of the agreement, the Company obtained an observer right to Hubble’s board of directors. As a result, all transactions with Hubble entered into in connection with the strategic partnership are considered related party transactions.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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+ Details

Balance Sheet Components - Intangible Assets, Weighted-Average Remaining Useful Life (Details)	Mar. 31, 2025	Dec. 31, 2024
Trade name
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Remaining Useful Life	6 years 8 months 12 days	7 years
Technology
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Remaining Useful Life	2 years 8 months 12 days	1 year 10 months 24 days
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Remaining Useful Life	4 years 10 months 24 days	5 years 1 month 6 days
Internally developed software
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Remaining Useful Life	2 years 6 months	2 years 7 months 6 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Net Income (Loss) Per Share (Tables)

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Computation of Basic and Diluted Net Income (Loss) Per Share

The following table presents the calculation of basic and diluted net income (loss) per share (in thousands, except share and per share information):


	Three Months Ended March 31,
	2025		2024
Net income (loss)	$	4,378	$	(9,777)
Weighted-average shares outstanding:
Basic	75,699,493		68,535,626
Dilutive effect of outstanding options, RSUs and warrants	7,745,844		—
Diluted	83,445,337		68,535,626
Net income (loss) per share:
Basic	$	0.06	$	(0.14)
Diluted	$	0.05	$	(0.14)

Antidilutive Common Shares Excluded from Computation

Certain potential shares of common stock were excluded from the diluted net income (loss) per share calculation as their inclusion would have been antidilutive. Excluded shares are as follows:


	Three Months Ended March 31,
	2025	2024

Issuances under stock incentive plan, stock options	—	6,186,944
Issuances upon exercise of common stock warrants	—	95,973
Issuances upon vesting of restricted stock units	102,180	5,408,458
Issuances upon conversion of convertible notes	—	325,981
Total	102,180	12,017,356

Related-Party Transactions (Details) - USD ($) $ in Thousands		3 Months Ended
	Nov. 12, 2024	Mar. 31, 2025	Mar. 31, 2024
Related Party Transaction [Line Items]
Total revenue		$ 103,624	$ 78,227
Hardware
Related Party Transaction [Line Items]
Total revenue		8,907	10,188
Other
Related Party Transaction [Line Items]
Total revenue		$ 12,843	6,460
Related party
Related Party Transaction [Line Items]
Technology exclusivity and revenue sharing agreement, term	5 years
Investment in warrants (in shares)		2,049,191
Investment warrants		$ 3,900
Total revenue		$ 292	$ 0
Related party \| Hardware
Related Party Transaction [Line Items]
Revenue, price calculation, percentage over cost of goods sold		12.50%
Related party \| Other
Related Party Transaction [Line Items]
Total revenue		$ 300

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Business Combinations (Details) - USD ($) $ in Thousands		3 Months Ended
Business Combinations (Details) - USD ($) $ in Thousands	Feb. 27, 2025	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Business Acquisition [Line Items]
Consideration, stock issued		$ 1,000	$ 0
Goodwill		$ 134,619		$ 133,674
Fantix, Inc
Business Acquisition [Line Items]
Total consideration	$ 4,500
Consideration, payable in cash	3,500
Consideration, stock issued	1,000
Consideration paid	2,800
Consideration payable one year from closing date	700
Intangible assets, net	3,600
Goodwill	$ 900

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2025

Accounting Policies [Abstract]

Channel and Retail Partners Who Represented Greater Than 10% of Revenue or Accounts Receivable

The following tables set forth the information about the Company’s Channel Partners that processed the Company’s overall revenue transactions and retail partners who represented greater than 10% of the Company’s revenue or accounts receivable, respectively:


	Percentage of Revenue
	Three Months Ended March 31,
	2025		2024
Channel Partner (Apple)	56	%	57	%
Channel Partner (Google)	19	%	18	%


	Percentage of Gross Accounts Receivable
	As of March 31,		As of December 31,
	2025		2024
Channel Partner (Apple)	59	%	*
Channel Partner (Google)	12	%	49	%
Data Partner A	10	%	11	%
Retail Partner A	10	%	17	%

* Represents less than 10%

Deferred Revenue	3 Months Ended
Deferred Revenue	Mar. 31, 2025
Revenue from Contract with Customer [Abstract]
Deferred Revenue	4. Deferred Revenue Deferred revenue consists primarily of payments received and accounts receivable recorded in advance of revenue recognition under the Company’s subscription service arrangements and is recognized as the revenue recognition criteria is met. The Company primarily invoices its customers for its subscription services arrangements in advance. Amounts anticipated to be recognized within one year of the balance sheet date are recorded as deferred revenue, current and the remaining portion is recorded as deferred revenue, noncurrent on the condensed consolidated balance sheets. During the three months ended March 31, 2025, the Company recognized revenue of $23.0 million that was included in the deferred revenue balance at December 31, 2024. During the three months ended March 31, 2024, the Company recognized revenue of $18.4 million that was included in the deferred revenue balance at December 31, 2023. Remaining performance obligations represent the amount of contracted future revenue not yet recognized as the amounts relate to undelivered performance obligations, including both deferred revenue and non-cancelable contracted amounts that will be invoiced and recognized as revenue in future periods. Revenue expected to be recognized in connection with remaining performance obligations was $215.0 million as of March 31, 2025, of which the Company expects 39% to be recognized over the next twelve months.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 9
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+ Details

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Provision for (benefit from) income taxes	$ (214)	$ 1,394

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

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+ Details

Balance Sheet Components- Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts receivable	$ 52,766	$ 58,391
Allowance for credit losses	(757)	(394)
Total accounts receivable, net	$ 52,009	$ 57,997

Nature of Business (Details) - USD ($) $ / shares in Units, $ in Millions	Jun. 06, 2024	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Expenses paid on behalf of selling stockholders	$ 5.5
Common stock, authorized (in shares)	500,000,000	500,000,000	500,000,000	100,000,000
U.S. IPO
Restructuring Cost and Reserve [Line Items]
Shares issued (in shares)	3,703,704
Sale of stock, price (in usd per share)	$ 27.00
Proceeds after deducting underwriting discounts and commissions	$ 93.0
Underwriting discounts and commissions	$ 7.0
U.S. IPO \| Selling Securityholders
Restructuring Cost and Reserve [Line Items]
Shares issued (in shares)	2,908,796
Over-Allotment Option
Restructuring Cost and Reserve [Line Items]
Shares issued (in shares)	862,500

Equity Incentive Plan - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation, net of amounts capitalized	$ 9,889	$ 8,261
Cost of revenue
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation, net of amounts capitalized	403	347
Cost of revenue \| Subscription
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation, net of amounts capitalized	168	159
Cost of revenue \| Hardware
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation, net of amounts capitalized	235	184
Cost of revenue \| Other
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation, net of amounts capitalized	0	4
Research and development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation, net of amounts capitalized	5,709	5,325
Sales and marketing
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation, net of amounts capitalized	1,326	632
General and administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation, net of amounts capitalized	$ 2,451	$ 1,957

Common Stock (Tables)

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Reserved Shares of Common Stock

The Company has the following potentially outstanding common stock reserved for issuance:


	As of March 31,	As of December 31,
	2025	2024
Issuances under stock incentive plan, stock options	5,326,260	5,673,947
Issuances upon exercise of common stock warrants	7,761	7,761
Issuances upon vesting of restricted stock units	4,465,914	5,091,601

Shares reserved for shares available to be granted but not granted yet	16,567,240	12,815,029
	26,367,175	23,588,338

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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+ Details

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2025	May 06, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2025
Document Transition Report	false
Entity File Number	001-42120
Entity Registrant Name	Life360, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-0197666
Entity Address, Address Line One	1900 South Norfolk Street
Entity Address, Address Line Two	Suite 310
Entity Address, City or Town	San Mateo
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94403
City Area Code	415
Local Phone Number	484-5244
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	LIF
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		76,528,724
Entity Central Index Key	0001581760
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Amendment Flag	false

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024
Accounting Policies [Abstract]
Restricted cash, noncurrent	$ 1,503	$ 1,221	$ 1,202

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Included below are select significant accounting policies. Refer to Note 2, "Summary of Significant Accounting Policies" in the Company’s Annual Report for a full list of the Company’s significant accounting policies.

Basis of Presentation and Consolidation

The accompanying unaudited condensed consolidated financial statements, which include the accounts of the Company and its wholly owned subsidiaries, have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim periods and following the requirements of the SEC for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted. All intercompany balances and transactions have been eliminated in consolidation.

The condensed consolidated balance sheet as of December 31, 2024, included herein, was derived from the audited financial statements as of that date. In the opinion of the Company’s management, the condensed consolidated financial statements reflect all normal recurring adjustments necessary to provide a fair presentation of the Company’s financial position, results of operations, stockholders’ equity, and cash flows for the interim periods presented. Operating results for these interim periods are not necessarily indicative of the Company’s future results of operations.

The condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report.

Use of Estimates

The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates, judgments, and assumptions that affect the reported amounts of assets, liabilities, net revenue, and expenses. Significant items subject to such estimates, judgments, and assumptions include:

•revenue recognition, including the determination of selling prices for distinct performance obligations sold in multiple performance obligation arrangements, the period over which revenue is recognized for certain arrangements, and estimated delivery dates for orders with title transfer upon delivery;

•allowance for credit losses and product returns;

•promotional and marketing allowances;

•inventory valuation;

•average useful customer life;

•valuation of stock-based awards;

•achievement of performance-based restricted stock units (“PRSUs”);

•legal contingencies;

•impairment of long-lived assets and goodwill;

•valuation of non-cash consideration, contingent consideration, convertible notes and embedded derivatives;

•useful lives of long-lived assets; and

•income taxes including valuation allowances on deferred tax assets.

The Company bases its estimates and judgments on historical experience and on various assumptions that it believes are reasonable under the circumstances. Actual results could differ significantly from those estimates.

Accounting pronouncements not yet adopted

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation (Subtopic 220-40): Disaggregation of Income Statement Expenses. The ASU requires the disclosure of additional information related to certain costs and expenses, including amounts of inventory purchases, employee compensation, and depreciation and amortization included in each income statement line item. The ASU is effective for the Company beginning in fiscal year 2027 and interim periods beginning in fiscal year 2028, with early adoption permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The updates in this ASU are effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company does not expect adoption of this ASU will have a material impact on its financial position or results of operations.

Concentrations of Risk and Significant Customers

Major Customers

The Company’s customers primarily consist of individual consumers, who subscribe to the Company’s product offerings through its third-party platforms (each a “Channel Partner”), data revenue customers, and retail partners, who purchase hardware tracking devices from the Company and resell them directly to individual consumers. Any changes in customer preferences and trends or changes in terms of use of Channel Partners’ platforms could have an adverse impact on the Company’s results of operations and financial condition.

The Company derives its accounts receivable from revenue earned from customers located in the United States and internationally. Channel and retail partners account for the majority of the Company’s revenue and accounts receivable for all periods presented.


	Percentage of Revenue
	Three Months Ended March 31,
	2025		2024
Channel Partner (Apple)	56	%	57	%
Channel Partner (Google)	19	%	18	%


	Percentage of Gross Accounts Receivable
	As of March 31,		As of December 31,
	2025		2024
Channel Partner (Apple)	59	%	*
Channel Partner (Google)	12	%	49	%
Data Partner A	10	%	11	%
Retail Partner A	10	%	17	%

* Represents less than 10%

Supplier Concentration

The Company currently outsources the manufacturing of its hardware devices to a sole contract manufacturer. Although there are a limited number of manufacturers, management believes that other suppliers could provide similar manufacturing services on comparable terms.

Cash and Cash Equivalents

The Company considers all highly liquid investment securities with remaining maturities at the date of purchase of three months or less to be cash equivalents. Cash and cash equivalents include deposit and money market funds. Money market mutual funds are valued using quoted market prices and therefore are classified within Level 1 of the fair value hierarchy.

Restricted Cash

The restricted cash, noncurrent balance of $1.5 million and $1.2 million as of March 31, 2025 and December 31, 2024, respectively, relates to cash deposits restricted under letters of credit issued on behalf of the Company in support of indebtedness to trade creditors incurred in the ordinary course of business.

Balance Sheet Components - Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 67	$ 24
Finished goods	9,504	8,033
Total inventory	$ 9,571	$ 8,057

Warrants (Details) - $ / shares	Mar. 31, 2025	Dec. 31, 2024
Other Liabilities Disclosure [Abstract]
Number of shares to purchase under warrants (in shares)	7,761	7,761
Exercise price or warrants (in usd per share)	$ 6.44	$ 6.44

Equity Incentive Plan - RSU Activity (Details) - Restricted stock units	3 Months Ended
	Mar. 31, 2025 $ / shares shares
Number of Shares
Balance (in shares) \| shares	5,091,601
RSUs granted (in shares) \| shares	214,622
RSUs vested and settled (in shares) \| shares	(663,207)
RSUs cancelled/forfeited (in shares) \| shares	(177,102)
Balance (in shares) \| shares	4,465,914
Weighted average grant date fair value
Balance (in usd per share) \| $ / shares	$ 19.22
RSUs granted (in usd per share) \| $ / shares	43.02
RSUs vested and settled (in usd per share) \| $ / shares	15.82
RSUs cancelled/forfeited (in usd per share) \| $ / shares	15.88
Balance (in usd per share) \| $ / shares	$ 20.86

Balance Sheet Components (Tables)

3 Months Ended

Mar. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Accounts Receivable, Net

Accounts receivable, net consists of the following (in thousands):


	As of March 31,		As of December 31,
	2025		2024

Accounts receivable	$	52,766	$	58,391
Allowance for credit losses	(757)		(394)
Total accounts receivable, net	$	52,009	$	57,997

Inventory

Inventory consists of the following (in thousands):


	As of March 31,		As of December 31,
	2025		2024

Raw materials	$	67	$	24
Finished goods	9,504		8,033
Total inventory	$	9,571	$	8,057

Prepaid Expenses and Other Assets

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


	As of March 31,		As of December 31,
	2025		2024

Prepaid expenses	$	14,972	$	11,074
Other receivables	3,527		3,525
Total prepaid expenses and other current assets	$	18,499	$	14,599

Prepaid expenses and other assets, noncurrent consist of the following (in thousands):


	As of March 31,		As of December 31,
	2025		2024
Prepaid expenses, noncurrent	$	2,189	$	1,849
Investments	19,762		19,762

Total prepaid expenses and other assets, noncurrent	$	21,951	$	21,611

Property and Equipment, Net

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


	As of March 31,		As of December 31,
	2025		2024
Computer equipment	$	297	$	297
Leasehold improvements	86		101
Production manufacturing equipment	2,038		2,026
Construction in progress	1,263		362
Furniture and fixtures	29		29
Total property and equipment, gross	3,713		2,815
Less: accumulated depreciation	(1,115)		(1,036)
Total property and equipment, net	$	2,598	$	1,779

Operating Lease Costs

The components of lease expense are as follows (in thousands):


	Three Months Ended March 31,
	2025		2024

Operating lease cost (1)	$	118	$	110

(1) Amounts include short-term leases, which are immaterial.

Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases is as follows (in thousands, except lease term):


	As of March 31,		As of December 31,
	2025		2024
Operating lease right-of-use asset	$	598	$	683
Operating lease liability, current (included in accrued expenses and other current liabilities)	371		364
Operating lease liability, noncurrent (included in other liabilities, noncurrent)	263		359
Weighted-average remaining term for operating lease (in years)	1.7		1.9

Maturities of Operating Lease Liabilities

Maturities of the Company’s operating lease liability, which does not include short-term leases, as of March 31, 2025 were as follows (in thousands):


	Operating leases
Remainder of 2025	$	293
2026	367




Total future minimum lease payments	660
Less imputed interest	(26)
Total operating lease liability	$	634

Intangibles, Net

Intangible assets, net consists of the following (in thousands):


	As of March 31, 2025
	Gross		Accumulated Amortization		Net
Trade name	$	23,380	$	(7,684)	$	15,696
Technology	25,985		(14,858)		11,127
Customer relationships	15,290		(6,140)		9,150
Internally developed software	8,757		(1,686)		7,071
Total	$	73,412	$	(30,368)	$	43,044


	As of December 31, 2024
	Gross		Accumulated Amortization		Net
Trade name	$	23,380	$	(7,100)	$	16,280
Technology	22,430		(13,677)		8,753
Customer relationships	15,290		(5,668)		9,622
Internally developed software	7,076		(1,157)		5,919
Total	$	68,176	$	(27,602)	$	40,574

The weighted-average remaining useful lives of the Company’s acquired intangible assets, excluding internally developed software projects that were not yet in service, are as follows:


	Weighted-Average Remaining Useful Life
	As of March 31,	As of December 31,
	2025	2024
Trade name	6.7 years	7.0 years
Technology	2.7 years	1.9 years
Customer relationships	4.9 years	5.1 years
Internally developed software	2.5 years	2.6 years

Estimated Remaining Amortization Expense for Intangible Assets

As of March 31, 2025, the estimated remaining amortization expense for intangible assets by fiscal year is as follows (in thousands):


	Amount

Remainder of 2025	$	8,804
2026	11,324
2027	6,609
2028	5,014
2029	4,935
Thereafter	4,898
Total future amortization expense	41,584
Internally developed software not yet in service	1,460
Total	$	43,044

Accrued Expenses and Other Current Liabilities

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


	As of March 31,		As of December 31,
	2025		2024

Accrued vendor expenses	$	14,298	$	13,856
Accrued compensation	5,566		3,834
Customer related promotions and discounts	3,337		9,761

Sales return reserves	1,823		2,817

Other current liabilities	2,041		1,747
Total accrued expenses and other current liabilities	$	27,065	$	32,015

Summary of Significant Accounting Policies - Channel and Retail Partners Greater Than 10% (Details) - Customer concentration risk	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Revenue benchmark \| Channel Partner (Apple)
Concentration Risk [Line Items]
Concentration risk, percentage	56.00%	57.00%
Revenue benchmark \| Channel Partner (Google)
Concentration Risk [Line Items]
Concentration risk, percentage	19.00%	18.00%
Accounts receivable \| Channel Partner (Apple)
Concentration Risk [Line Items]
Concentration risk, percentage	59.00%
Accounts receivable \| Channel Partner (Google)
Concentration Risk [Line Items]
Concentration risk, percentage	12.00%		49.00%
Accounts receivable \| Data Partner A
Concentration Risk [Line Items]
Concentration risk, percentage	10.00%		11.00%
Accounts receivable \| Retail Partner A
Concentration Risk [Line Items]
Concentration risk, percentage	10.00%		17.00%

Deferred Revenue (Details) - USD ($) $ in Millions	3 Months Ended
Deferred Revenue (Details) - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue recognized	$ 23.0	$ 18.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, amount	$ 215.0
Revenue, remaining performance obligation, percentage	39.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing of satisfaction	12 months

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Future Non-Cancellable Contractual Commitments

As of March 31, 2025, future non-cancellable commitments under these arrangements were as follows (in thousands):


	Amount
Remainder of 2025	$	25,242
2026	25,500
2027	26,000



Total purchase commitments	$	76,742

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Accounts receivable, net	$ 52,009	$ 57,997
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	500,000,000	500,000,000
Common stock, issued (in shares)	76,418,660	75,404,996
Common stock, outstanding (in shares)	76,418,660	75,404,996
Related party
Accounts receivable, net	$ 0	$ 55

Balance Sheet Components - Accrued Expenses and Current Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued vendor expenses	$ 14,298	$ 13,856
Accrued compensation	5,566	3,834
Customer related promotions and discounts	3,337	9,761
Sales return reserves	1,823	2,817
Other current liabilities	2,041	1,747
Total accrued expenses and other current liabilities	$ 27,065	$ 32,015

Fair Value Measurements

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

5. Fair Value Measurements

The Company measures its financial assets at fair value each reporting period using a fair value hierarchy that prioritizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. A financial instrument’s classification within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

The three levels of inputs which may be used to measure fair value are as follows:

Level 1 - Observable inputs, such as quoted prices in active markets for identical assets or liabilities.

Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 - Valuations based on unobservable inputs to the valuation methodology and including data about assumptions market participants would use in pricing the asset or liability based on the best information available under the circumstances.

The carrying amounts of certain financial instruments, including cash and cash equivalents, prepaid expenses, accounts receivable, and accounts payable approximate fair value due to their short-term maturities.

The Company measures and reports certain assets and liabilities at fair value on a recurring basis. The fair value of these assets and liabilities as of March 31, 2025 and December 31, 2024 are classified as follows (in thousands):


	As of March 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	135,377	$	—	$	—	$	135,377
Total assets	$	135,377	$	—	$	—	$	135,377


	As of December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	133,959	$	—	$	—	$	133,959
Total assets	$	133,959	$	—	$	—	$	133,959

The change in fair value of the Level 3 instruments were as follows (in thousands):


	As of December 31, 2024
	Derivative liability		Convertible notes
Fair value, beginning of the year	$	217	$	3,449
Changes in fair value	1,707		608
Settlement of September 2021 Convertible Notes upon conversion	—		(3,548)
Gain on settlement of September 2021 Convertible Notes	—		(509)
Gain on settlement of derivative liability	$	(1,924)	$	—
Fair value, end of period	$	—	$	—

For the three months ended March 31, 2025, the Company recorded no gain or loss associated with the change in fair value of the derivative liability and convertible notes. For the three months ended March 31, 2024, the Company recorded losses associated with the change in fair value of the derivative liability and convertible notes of $1.7 million and $0.6 million, respectively. The amounts have been recorded in other income (expense), net in the condensed consolidated statements of operations and comprehensive income (loss).

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Balance Sheet Components - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid expenses	$ 14,972	$ 11,074
Other receivables	3,527	3,525
Total prepaid expenses and other current assets	$ 18,499	$ 14,599

Balance Sheet Components - Intangible Assets Remaining Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Remainder of 2025	$ 8,804
2026	11,324
2027	6,609
2028	5,014
2029	4,935
Thereafter	4,898
Total future amortization expense	41,584
Internally developed software not yet in service	1,460
Total	$ 43,044	$ 40,574

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	15. Subsequent Events On May 12, 2025, the Company entered into a series of transactions with Aura Consolidated Group, Inc (“Aura”) including (i) a 3 year advertising partnership and revenue sharing agreement intended to expand the Company's other revenue channels and subscription membership offerings, and (ii) a $25 million convertible note investment by the Company into Aura.

Net Income (Loss) Per Share - Computation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Earnings Per Share [Abstract]
Net income (loss)	$ 4,378	$ (9,777)
Weighted-average shares outstanding:
Basic (in shares)	75,699,493	68,535,626
Dilutive effect of outstanding options, RSUs and warrants (in shares)	7,745,844	0
Diluted (in shares)	83,445,337	68,535,626
Net income (loss) per share:
Basic (in usd per share)	$ 0.06	$ (0.14)
Diluted (in usd per share)	$ 0.05	$ (0.14)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

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-Paragraph 60B
-Subparagraph (a)
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+ Details

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Total revenue	$ 103,624	$ 78,227
Related party
Total revenue	$ 292	$ 0

- Definition

+ References

+ Details

Fair Value Measurements - Change in Fair Value of Convertible Notes and Contingent Liability (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Derivative liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning of the year	$ 0	$ 217,000	$ 217,000
Changes in fair value	0	1,700,000	1,707,000
Gain on settlement of derivative liability			(1,924,000)
Fair value, end of period			0
Convertible notes
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning of the year	0	3,449,000	3,449,000
Changes in fair value	$ 0	$ 600,000	608,000
Settlement of September 2021 Convertible Notes upon conversion			(3,548,000)
Gain on settlement of derivative liability			(509,000)
Fair value, end of period			$ 0

Insider Trading Arrangements

3 Months Ended

Mar. 31, 2025

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

Rule 10b5-1 Trading Plans

Our officers, as defined in Rule 16a-1(f) of the Exchange Act (“Section 16 Officers”), may from time to time enter into plans for the purchase or sale of our common stock that are intended to satisfy the affirmative defense in Rule 10b5-1(c) of the Exchange Act. During the three months ended March 31, 2025, the following Section 16 Officers adopted a “Rule 10b5-1 trading arrangement” as defined in Item 408 of Regulation S-K of the Exchange Act:

Name

Title

Action

Adoption Date

Expiration Date

Total number of securities to be sold

Charles (CJ) Prober

Director

Adoption

3/14/2025

11/30/2026

Up to 142,752 shares

Brit Morin

Director

Adoption

3/17/2025

3/16/2026

Up to 48,032 shares

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Charles (CJ) Prober [Member]

Trading Arrangements, by Individual

Name

Charles (CJ) Prober

Title

Director

Rule 10b5-1 Arrangement Adopted

true

3/14/2025

11/30/2026

626 days

142,752

Trading Arrangements, by Individual

Name

Brit Morin

Title

Director

Rule 10b5-1 Arrangement Adopted

true

3/17/2025

3/16/2026

364 days

48,032

Equity Incentive Plan - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Number of Shares Underlying Outstanding Options
Balance (in shares)	5,673,947
Options granted (in shares)	0
Options exercised (in shares)	(346,874)
Options cancelled/forfeited (in shares)	(813)
Balance (in shares)	5,326,260	5,673,947
Exercisable (in shares)	5,040,826
Weighted Average Exercise Price per Share
Balance (in usd per share)	$ 6.16
Options granted (in usd per share)	0
Options exercised (in usd per share)	8.71
Options cancelled/forfeited (in usd per share)	5.71
Balance (in usd per share)	5.99	$ 6.16
Exercisable (in usd per share)	$ 5.65
Weighted Average Remaining Contractual Life, Balance (in Years)	3 years 4 months 24 days	3 years 10 months 24 days
Weighted Average Remaining Contractual Life, Exercisable (in Years)	3 years 4 months 24 days
Aggregate Intrinsic Value, Balance	$ 172,495	$ 199,239
Aggregate Intrinsic Value, Exercisable	$ 165,061

Commitments and Contingencies - Purchase Commitments (Details) $ in Thousands	Mar. 31, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2025	$ 25,242
2026	25,500
2027	26,000
Total purchase commitments	$ 76,742

Segment and Geographic Revenue

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment and Geographic Revenue

3. Segment and Geographic Revenue

The Company operates as one operating segment. Operating segments are defined as components of an entity for which separate financial information is regularly evaluated by the chief operating decision maker (“CODM”), which is the Company’s Chief Executive Officer, in deciding how to allocate resources and assess performance. The Company’s CODM evaluates financial information and resources and assesses the performance of these resources on a consolidated basis. There is no expense or asset information that is supplemental to information disclosed within the condensed consolidated financial statements, that is regularly provided to the CODM. The allocation of resources and assessment of performance of the operating segment is based on consolidated net income (loss) and functional expenses as reported on our condensed consolidated statements of operations and comprehensive income (loss). Because the Company operates as one operating segment, financial segment information, including expense and asset information, can be found in the condensed consolidated financial statements. All material long-lived assets are based in the United States.

Revenue by geography is generally based on the address of the customer as defined in the contract with the customer. The following table sets forth revenue by geographic region for the periods presented (in thousands):


	Three Months Ended March 31,
	2025		2024
North America	$	91,385	$	70,316
Europe, Middle East and Africa	6,557		4,633
Other international regions	5,682		3,278
Total revenue	$	103,624	$	78,227

The Company’s revenues in the United States were $89.3 million, or 86%, of total revenue for the three months ended March 31, 2025 and $68.9 million, or 88%, of total revenue for the three months ended March 31, 2024.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Subsequent Events (Details) - Subsequent event - Aura $ in Millions	May 12, 2025 USD ($)
Subsequent Event [Line Items]
Advertising partnership and revenue sharing agreement, term	3 years
Convertible note investment	$ 25

- Definition

Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

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+ Details

Segment and Geographic Revenue (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Revenue by Geographic Region

The following table sets forth revenue by geographic region for the periods presented (in thousands):


	Three Months Ended March 31,
	2025		2024
North America	$	91,385	$	70,316
Europe, Middle East and Africa	6,557		4,633
Other international regions	5,682		3,278
Total revenue	$	103,624	$	78,227

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements, which include the accounts of the Company and its wholly owned subsidiaries, have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim periods and following the requirements of the SEC for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted.
Consolidation	All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates, judgments, and assumptions that affect the reported amounts of assets, liabilities, net revenue, and expenses. Significant items subject to such estimates, judgments, and assumptions include: •revenue recognition, including the determination of selling prices for distinct performance obligations sold in multiple performance obligation arrangements, the period over which revenue is recognized for certain arrangements, and estimated delivery dates for orders with title transfer upon delivery; •allowance for credit losses and product returns; •promotional and marketing allowances; •inventory valuation; •average useful customer life; •valuation of stock-based awards; •achievement of performance-based restricted stock units (“PRSUs”); •legal contingencies; •impairment of long-lived assets and goodwill; •valuation of non-cash consideration, contingent consideration, convertible notes and embedded derivatives; •useful lives of long-lived assets; and •income taxes including valuation allowances on deferred tax assets. The Company bases its estimates and judgments on historical experience and on various assumptions that it believes are reasonable under the circumstances. Actual results could differ significantly from those estimates.
Accounting pronouncements not yet adopted	Accounting pronouncements not yet adopted In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation (Subtopic 220-40): Disaggregation of Income Statement Expenses. The ASU requires the disclosure of additional information related to certain costs and expenses, including amounts of inventory purchases, employee compensation, and depreciation and amortization included in each income statement line item. The ASU is effective for the Company beginning in fiscal year 2027 and interim periods beginning in fiscal year 2028, with early adoption permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The updates in this ASU are effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company does not expect adoption of this ASU will have a material impact on its financial position or results of operations.
Concentrations of Risk and Significant Customers and Supplier Concentration	Concentrations of Risk and Significant Customers Major Customers The Company’s customers primarily consist of individual consumers, who subscribe to the Company’s product offerings through its third-party platforms (each a “Channel Partner”), data revenue customers, and retail partners, who purchase hardware tracking devices from the Company and resell them directly to individual consumers. Any changes in customer preferences and trends or changes in terms of use of Channel Partners’ platforms could have an adverse impact on the Company’s results of operations and financial condition. The Company derives its accounts receivable from revenue earned from customers located in the United States and internationally. Channel and retail partners account for the majority of the Company’s revenue and accounts receivable for all periods presented. Supplier Concentration The Company currently outsources the manufacturing of its hardware devices to a sole contract manufacturer. Although there are a limited number of manufacturers, management believes that other suppliers could provide similar manufacturing services on comparable terms.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investment securities with remaining maturities at the date of purchase of three months or less to be cash equivalents. Cash and cash equivalents include deposit and money market funds. Money market mutual funds are valued using quoted market prices and therefore are classified within Level 1 of the fair value hierarchy.
Restricted Cash	Restricted Cash The restricted cash, noncurrent balance of $1.5 million and $1.2 million as of March 31, 2025 and December 31, 2024, respectively, relates to cash deposits restricted under letters of credit issued on behalf of the Company in support of indebtedness to trade creditors incurred in the ordinary course of business.

Business Combinations	3 Months Ended
Business Combinations	Mar. 31, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Business Combinations	6. Business Combinations On February 27, 2025, the Company entered into an Asset Purchase Agreement with Fantix, Inc., to purchase certain assets of Fantix, Inc. for total consideration of $4.5 million, consisting of $3.5 million in cash and $1.0 million in common stock. Of the $3.5 million in cash consideration, $2.8 million was paid at closing and $0.7 million, which is payable one year from the closing date, has been recorded in accrued expenses and other current liabilities on the Company’s condensed consolidated balance sheet. The transaction has been accounted for as a business combination. The Company also recorded $3.6 million to intangible assets, net and $0.9 million to goodwill. Goodwill represents the excess of the purchase price over the fair value of net assets acquired and reflects benefits from assets not individually identifiable, including anticipated synergies and growth opportunities. The goodwill is not deductible for tax purposes. The Company has not presented the pro forma results of operations for the acquisition as the impact is not material to the Company’s condensed consolidated results of operations.

Fair Value Measurements - Fair Value and Classification of Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Assets:
Money market funds	$ 135,377	$ 133,959
Total assets	135,377	133,959
Level 1
Assets:
Money market funds	135,377	133,959
Total assets	135,377	133,959
Level 2
Assets:
Money market funds	0	0
Total assets	0	0
Level 3
Assets:
Money market funds	0	0
Total assets	$ 0	$ 0

Balance Sheet Components - Intangible Assets Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Feb. 27, 2025	Dec. 31, 2024
Business Acquisition [Line Items]
Capitalized internal use software	$ 1,700	$ 1,100
Amortization expense	2,800	2,200
Impairment of intangible assets	0	0
Goodwill	134,619			$ 133,674
Goodwill impairments	$ 0	$ 0
Fantix, Inc
Business Acquisition [Line Items]
Goodwill			$ 900

- Definition

+ References

+ Details

Condensed Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income
Beginning balance (in shares) at Dec. 31, 2023		68,155,830
Beginning balance at Dec. 31, 2023	$ 247,064	$ 70	$ 532,128	$ (285,143)	$ 9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		277,309
Exercise of stock options	2,307		2,307
Exercise of warrants (in shares)		41,685
Exercise of warrants	94		94
Vesting of restricted stock units (in shares)		965,238
Vesting of restricted stock units	0	$ 1	(1)
Taxes paid related to the settlement of equity awards, net of settlement proceeds received	(8,110)		(8,110)
Stock-based compensation expense	8,261		8,261
Change in foreign currency translation adjustment	1				1
Net income (loss)	(9,777)			(9,777)
Ending balance (in shares) at Mar. 31, 2024		69,440,062
Ending balance at Mar. 31, 2024	$ 239,840	$ 71	534,679	(294,920)	10
Beginning balance (in shares) at Dec. 31, 2024	75,404,996	75,404,996
Beginning balance at Dec. 31, 2024	$ 358,545	$ 75	648,124	(289,698)	44
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)	346,874	346,874
Exercise of stock options	$ 3,039		3,039
Vesting of restricted stock units (in shares)		644,538
Vesting of restricted stock units	0	$ 1	(1)
Taxes paid related to the settlement of equity awards, net of settlement proceeds received	(856)		(856)
Stock-based compensation expense	10,173		10,173
Shares issued in connection with an acquisition (in shares)		22,252
Shares issued in connection with an acquisition	1,000		1,000
Change in foreign currency translation adjustment	1				1
Net income (loss)	$ 4,378			4,378
Ending balance (in shares) at Mar. 31, 2025	76,418,660	76,418,660
Ending balance at Mar. 31, 2025	$ 376,280	$ 76	$ 661,479	$ (285,320)	$ 45

Equity Incentive Plan

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Equity Incentive Plan

11. Equity Incentive Plan

2011 Equity Incentive Plan

The Company’s equity incentive plan allows the Company to grant restricted stock units (“RSUs”, which includes PRSUs), restricted stock, and stock options to employees and consultants of the Company and any of the Company’s parent, subsidiaries, or affiliates, and to the members of the Board of Directors.

The following summary of stock option activity for the periods presented is as follows (in thousands, except share and per share data):


	Number of Shares Underlying Outstanding Options	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Life (in Years)	Aggregate Intrinsic Value
Balance as of December 31, 2024	5,673,947	$	6.16	3.9	$	199,239
Options granted	—	—
Options exercised	(346,874)	8.71
Options cancelled/forfeited	(813)	5.71
Balance as of March 31, 2025	5,326,260	5.99		3.4	172,495
Exercisable as of March 31, 2025	5,040,826	$	5.65	3.4	$	165,061

As of March 31, 2025, there was total unrecognized compensation cost for outstanding stock options of $1.6 million to be recognized over a period of approximately 0.8 years.

Restricted Stock Units

The Company did not grant any new PRSUs during the three months ended March 31, 2025.

RSU activity for the periods presented is as follows:


	Number of Shares	Weighted average grant date fair value
Balance as of December 31, 2024	5,091,601	$	19.22
RSUs granted	214,622	43.02
RSUs vested and settled	(663,207)	15.82
RSUs cancelled/forfeited	(177,102)	15.88
Balance as of March 31, 2025	4,465,914	$	20.86

As of March 31, 2025, there was unrecognized compensation cost for outstanding RSUs of $81.7 million to be recognized over a period of approximately 2.7 years.

The number of RSUs vested and settled includes shares of common stock that the Company withheld on behalf of employees to satisfy the minimum statutory tax withholding requirements.

Stock-based Compensation

Stock-based compensation expense was allocated as follows (in thousands):


	Three Months Ended March 31,
	2025		2024

Cost of revenue
Cost of subscription revenue	$	168	$	159
Cost of hardware revenue	235		184
Cost of other revenue	—		4
Total cost of revenue	403		347
Research and development	5,709		5,325
Sales and marketing	1,326		632
General and administrative	2,451		1,957
Total stock-based compensation, net of amounts capitalized	$	9,889	$	8,261

There was $0.3 million and an immaterial amount of capitalized stock-based compensation costs recognized during the three months ended March 31, 2025 and 2024, respectively.

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Current Assets:
Cash and cash equivalents	$ 168,852	$ 159,238
Accounts receivable, net (including related party receivables of $0 and $55, respectively)	52,009	57,997
Inventory	9,571	8,057
Costs capitalized to obtain contracts, net	1,178	1,098
Prepaid expenses and other current assets	18,499	14,599
Total current assets	250,109	240,989
Restricted cash, noncurrent	1,503	1,221
Property and equipment, net	2,598	1,779
Costs capitalized to obtain contracts, noncurrent	1,000	1,049
Prepaid expenses and other assets, noncurrent	21,951	21,611
Operating lease right-of-use asset	598	683
Intangible assets, net	43,044	40,574
Goodwill	134,619	133,674
Total Assets	455,422	441,580
Current Liabilities:
Accounts payable	5,212	5,463
Accrued expenses and other current liabilities	27,065	32,015
Deferred revenue, current	41,757	39,860
Total current liabilities	74,034	77,338
Deferred revenue, noncurrent	4,845	5,338
Other liabilities, noncurrent	263	359
Total Liabilities	79,142	83,035
Commitments and Contingencies (Note 8)
Stockholders’ Equity
Common Stock, $0.001 par value; 500,000,000 authorized as of March 31, 2025 and December 31, 2024, respectively; 76,418,660 and 75,404,996 issued and outstanding as of March 31, 2025 and December 31, 2024, respectively	76	75
Additional paid-in capital	661,479	648,124
Accumulated deficit	(285,320)	(289,698)
Accumulated other comprehensive income	45	44
Total stockholders’ equity	376,280	358,545
Total Liabilities and Stockholders’ Equity	$ 455,422	$ 441,580

Equity Incentive Plan (Tables)

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock Option Activity

The following summary of stock option activity for the periods presented is as follows (in thousands, except share and per share data):


	Number of Shares Underlying Outstanding Options	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Life (in Years)	Aggregate Intrinsic Value
Balance as of December 31, 2024	5,673,947	$	6.16	3.9	$	199,239
Options granted	—	—
Options exercised	(346,874)	8.71
Options cancelled/forfeited	(813)	5.71
Balance as of March 31, 2025	5,326,260	5.99		3.4	172,495
Exercisable as of March 31, 2025	5,040,826	$	5.65	3.4	$	165,061

RSU Activity

RSU activity for the periods presented is as follows:


	Number of Shares	Weighted average grant date fair value
Balance as of December 31, 2024	5,091,601	$	19.22
RSUs granted	214,622	43.02
RSUs vested and settled	(663,207)	15.82
RSUs cancelled/forfeited	(177,102)	15.88
Balance as of March 31, 2025	4,465,914	$	20.86

Stock-Based Compensation Expense

Stock-based compensation expense was allocated as follows (in thousands):


	Three Months Ended March 31,
	2025		2024

Cost of revenue
Cost of subscription revenue	$	168	$	159
Cost of hardware revenue	235		184
Cost of other revenue	—		4
Total cost of revenue	403		347
Research and development	5,709		5,325
Sales and marketing	1,326		632
General and administrative	2,451		1,957
Total stock-based compensation, net of amounts capitalized	$	9,889	$	8,261

Balance Sheet Components - Prepaid Expenses and Other Assets, Non-Current (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid expenses, noncurrent	$ 2,189	$ 1,849
Investments	19,762	19,762
Total prepaid expenses and other assets, noncurrent	$ 21,951	$ 21,611

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash Flows from Operating Activities:
Net income (loss)	$ 4,378	$ (9,777)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	2,862	2,295
Amortization of costs capitalized to obtain contracts	283	341
Amortization of operating lease right-of-use asset	84	81
Stock-based compensation expense, net of amounts capitalized	9,889	8,261
Non-cash interest expense, net	0	128
Convertible notes fair value adjustment	0	608
Derivative liability fair value adjustment	0	1,707
Non-cash revenue from investments	(367)	(446)
Provision for credit losses	339	0
Changes in operating assets and liabilities, net of acquisition:
Accounts receivable, net	5,648	5,144
Prepaid expenses and other assets	(4,238)	3,272
Inventory	(1,514)	(2,239)
Costs capitalized to obtain contracts, net	(314)	(398)
Accounts payable	(139)	3,492
Accrued expenses and other current liabilities	(6,526)	(3,073)
Deferred revenue	1,771	1,381
Other liabilities, noncurrent	(96)	(89)
Net cash provided by operating activities	12,060	10,688
Cash Flows from Investing Activities:
Cash paid for acquisition	(2,825)	0
Internally developed software	(1,398)	(1,089)
Purchase of property and equipment	(124)	0
Net cash used in investing activities	(4,347)	(1,089)
Cash Flows from Financing Activities:
Proceeds related to tax withholdings on restricted stock settlements and the exercise of stock options and warrants	12,770	2,401
Taxes paid related to net settlement of equity awards	(10,587)	(8,110)
Net cash provided by (used in) financing activities	2,183	(5,709)
Net Increase in Cash, Cash Equivalents, and Restricted Cash	9,896	3,890
Cash, Cash Equivalents and Restricted Cash at the Beginning of the Period	160,459	70,713
Cash, Cash Equivalents, and Restricted Cash at the End of the Period	170,355	74,603
Supplemental disclosure:
Cash paid during the period for taxes	0	56
Cash paid during the period for interest	0	0
Cash payments included in the measurement of operating lease liabilities	97	94
Non-cash investing and financing activities:
Fair value of stock issued in connection with acquisition	1,000	0
Property and equipment included within accrued expenses and other current liabilities	901	0
Stock-based compensation included in internally developed software	284	0
Cash, cash equivalents and restricted cash
Cash and cash equivalents	168,852	73,401
Restricted cash, noncurrent	1,503	1,202
Total cash and cash equivalents, and restricted cash	$ 170,355	$ 74,603

Balance Sheet Components - Intangible Assets, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Gross	$ 73,412	$ 68,176
Accumulated Amortization	(30,368)	(27,602)
Total	43,044	40,574
Trade name
Finite-Lived Intangible Assets [Line Items]
Gross	23,380	23,380
Accumulated Amortization	(7,684)	(7,100)
Total	15,696	16,280
Technology
Finite-Lived Intangible Assets [Line Items]
Gross	25,985	22,430
Accumulated Amortization	(14,858)	(13,677)
Total	11,127	8,753
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross	15,290	15,290
Accumulated Amortization	(6,140)	(5,668)
Total	9,150	9,622
Internally developed software
Finite-Lived Intangible Assets [Line Items]
Gross	8,757	7,076
Accumulated Amortization	(1,686)	(1,157)
Total	$ 7,071	$ 5,919

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Segment and Geographic Revenue (Details) $ in Thousands	3 Months Ended
Segment and Geographic Revenue (Details) $ in Thousands	Mar. 31, 2025 USD ($) segment	Mar. 31, 2024 USD ($)
Segment Reporting [Abstract]
Number of operating segments \| segment	1
Disaggregation of Revenue [Line Items]
Total revenue	$ 103,624	$ 78,227
North America
Disaggregation of Revenue [Line Items]
Total revenue	91,385	70,316
United States
Disaggregation of Revenue [Line Items]
Total revenue	$ 89,300	$ 68,900
United States \| Revenues \| Geographic concentration risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	86.00%	88.00%
Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Total revenue	$ 6,557	$ 4,633
Other international regions
Disaggregation of Revenue [Line Items]
Total revenue	$ 5,682	$ 3,278

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value and Classification of Instruments

The fair value of these assets and liabilities as of March 31, 2025 and December 31, 2024 are classified as follows (in thousands):


	As of March 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	135,377	$	—	$	—	$	135,377
Total assets	$	135,377	$	—	$	—	$	135,377


	As of December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	133,959	$	—	$	—	$	133,959
Total assets	$	133,959	$	—	$	—	$	133,959

Change in Fair Value of Convertible Notes and Contingent Liability

The change in fair value of the Level 3 instruments were as follows (in thousands):


	As of December 31, 2024
	Derivative liability		Convertible notes
Fair value, beginning of the year	$	217	$	3,449
Changes in fair value	1,707		608
Settlement of September 2021 Convertible Notes upon conversion	—		(3,548)
Gain on settlement of September 2021 Convertible Notes	—		(509)
Gain on settlement of derivative liability	$	(1,924)	$	—
Fair value, end of period	$	—	$	—

Warrants	3 Months Ended
Warrants	Mar. 31, 2025
Other Liabilities Disclosure [Abstract]
Warrants	10. Warrants As of March 31, 2025 and December 31, 2024, the Company had outstanding warrants entitling the holder thereof to purchase 7,761 shares of Company common stock with an exercise price of $6.44 and expiry date of September 2025.

Common Stock

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Common Stock

9. Common Stock

The Company has the following potentially outstanding common stock reserved for issuance:


	As of March 31,	As of December 31,
	2025	2024
Issuances under stock incentive plan, stock options	5,326,260	5,673,947
Issuances upon exercise of common stock warrants	7,761	7,761
Issuances upon vesting of restricted stock units	4,465,914	5,091,601

Shares reserved for shares available to be granted but not granted yet	16,567,240	12,815,029
	26,367,175	23,588,338

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
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-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Total revenue	$ 103,624	$ 78,227
Total cost of revenue	20,075	18,214
Gross profit	83,549	60,013
Operating expenses:
Research and development	30,403	27,258
Sales and marketing	35,308	24,733
General and administrative	15,649	14,401
Total operating expenses	81,360	66,392
Income (loss) from operations	2,189	(6,379)
Other income (expense):
Convertible notes fair value adjustment	0	(608)
Derivative liability fair value adjustment	0	(1,707)
Other income, net	1,975	311
Total other income (expense), net	1,975	(2,004)
Income (loss) before income taxes	4,164	(8,383)
Provision for (benefit from) income taxes	(214)	1,394
Net income (loss)	$ 4,378	$ (9,777)
Net income (loss) per share, basic (in usd per share)	$ 0.06	$ (0.14)
Net income (loss) per share, diluted (in usd per share)	$ 0.05	$ (0.14)
Weighted-average shares used in computing net income (loss) per share, basic (in shares)	75,699,493	68,535,626
Weighted-average shares used in computing net income (loss) per share, diluted (in shares)	83,445,337	68,535,626
Comprehensive income (loss)
Net income (loss)	$ 4,378	$ (9,777)
Change in foreign currency translation adjustment	1	1
Total comprehensive income (loss)	4,379	(9,776)
Subscription
Total revenue	81,874	61,579
Total cost of revenue	10,141	9,315
Hardware
Total revenue	8,907	10,188
Total cost of revenue	8,597	8,012
Other
Total revenue	12,843	6,460
Total cost of revenue	$ 1,337	$ 887

Balance Sheet Components - Property and Equipment, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 3,713		$ 2,815
Less: accumulated depreciation	(1,115)		(1,036)
Total property and equipment, net	2,598		1,779
Depreciation	95	$ 46
Impairment of long-lived assets	0	$ 0
Computer equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	297		297
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	86		101
Production manufacturing equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	2,038		2,026
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	1,263		362
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 29		$ 29

Commitments and Contingencies - Litigation (Details) - Patent infringement claim	Apr. 23, 2024 claim
Loss Contingencies [Line Items]
Claims found invalid	10
Claims remaining	2

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Equity Incentive Plan - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Capitalized stock-based compensation expense	$ 0.3	$ 0.0
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense, stock options	$ 1.6
Unrecognized compensation expense, period for recognition	9 months 18 days
Performance-based restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards granted (in shares)	0
Restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense, period for recognition	2 years 8 months 12 days
Awards granted (in shares)	214,622
Unrecognized compensation expense, other awards	$ 81.7

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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+ Details

Common Stock (Details) - shares	Mar. 31, 2025	Dec. 31, 2024
Class of Stock [Line Items]
Reserved shares of common stock (in shares)	26,367,175	23,588,338
Issuances under stock incentive plan, stock options
Class of Stock [Line Items]
Reserved shares of common stock (in shares)	5,326,260	5,673,947
Issuances upon exercise of common stock warrants
Class of Stock [Line Items]
Reserved shares of common stock (in shares)	7,761	7,761
Issuances upon vesting of restricted stock units
Class of Stock [Line Items]
Reserved shares of common stock (in shares)	4,465,914	5,091,601
Shares reserved for shares available to be granted but not granted yet
Class of Stock [Line Items]
Reserved shares of common stock (in shares)	16,567,240	12,815,029

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Net Income (Loss) Per Share - Antidilutive Shares (Details) - shares	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock (in shares)	102,180	12,017,356
Issuances under stock incentive plan, stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock (in shares)	0	6,186,944
Issuances upon exercise of common stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock (in shares)	0	95,973
Issuances upon vesting of restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock (in shares)	102,180	5,408,458
Issuances upon conversion of convertible notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock (in shares)	0	325,981

Nature of Business	3 Months Ended
Nature of Business	Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	1. Nature of Business Life360, Inc. (the “Company”) is a leading technology platform connecting millions of people throughout the world to the people, pets and things they care about most. The Company has created a new category at the intersection of family, technology, and safety to help keep families connected and safe. The Company’s core offering, the Life360 mobile application, includes features like communications, driving safety, digital safety and location sharing. Beyond the everyday, Life360 also provides much-needed protection and saves lives, which is crucial for families in emergency situations such as natural disasters, vehicle collisions, physical property theft, and digital identity theft. The Life360 mobile application operates under a “freemium” model where its core offering is available to members at no charge, with additional membership subscription options that are available but not required. In addition to the Life360 mobile application, the Company also offers hardware tracking devices through the sale of Tile, Inc. (“Tile”) and Jio, Inc. (“Jiobit”) products to keep members close to the people, pets and things they care about most. The Company’s suite of product and service offerings, including the Life360 and Tile mobile applications, and related third-party services, is system and platform-agnostic, allowing its products and services to work seamlessly for its members, regardless of the devices they use. U.S. Initial Public Offering (“U.S. IPO”) On June 6, 2024, the Company completed its U.S. IPO and began trading on the Nasdaq Global Select Market under the trading symbol “LIF”. The Company issued and sold 3,703,704 shares of common stock and certain selling securityholders sold 2,908,796 shares of common stock (including 862,500 shares sold pursuant to the underwriters’ full exercise of their option to purchase additional shares) in each case at an offering price of $27.00 per share. The Company received net proceeds of $93.0 million after deducting underwriting discounts and commissions of $7.0 million. An additional $5.5 million of expenses were paid on behalf of selling securityholders. The Company did not receive any proceeds from the sale of shares of common stock by the selling securityholders. In connection with the U.S. IPO, the Company restated its certificate of incorporation to increase the authorized number of shares of its common stock from 100,000,000 shares to 500,000,000 shares.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net income (loss)	$ 4,378	$ (9,777)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Balance Sheet Components

3 Months Ended

Mar. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Components

7. Balance Sheet Components

Accounts receivable, net

Accounts receivable, net consists of the following (in thousands):


	As of March 31,		As of December 31,
	2025		2024

Accounts receivable	$	52,766	$	58,391
Allowance for credit losses	(757)		(394)
Total accounts receivable, net	$	52,009	$	57,997

Accounts receivable, net is presented net of the allowance for credit losses, which represents management’s estimate of expected credit losses based on historical trends, current economic conditions, and other relevant factors as of March 31, 2025 and December 31, 2024, respectively.

Inventory

Inventory consists of the following (in thousands):


	As of March 31,		As of December 31,
	2025		2024

Raw materials	$	67	$	24
Finished goods	9,504		8,033
Total inventory	$	9,571	$	8,057

Prepaid Expenses and Other Current Assets

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


	As of March 31,		As of December 31,
	2025		2024

Prepaid expenses	$	14,972	$	11,074
Other receivables	3,527		3,525
Total prepaid expenses and other current assets	$	18,499	$	14,599

Prepaid expenses primarily consist of certain cloud platform costs, customer service program costs and prepaid advertising. Other receivables primarily consist of freight, refunds owed to the Company and other amounts which the Company is expected to receive in less than twelve months.

Property and Equipment, net

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


	As of March 31,		As of December 31,
	2025		2024
Computer equipment	$	297	$	297
Leasehold improvements	86		101
Production manufacturing equipment	2,038		2,026
Construction in progress	1,263		362
Furniture and fixtures	29		29
Total property and equipment, gross	3,713		2,815
Less: accumulated depreciation	(1,115)		(1,036)
Total property and equipment, net	$	2,598	$	1,779

Construction in progress relates to certain costs incurred with production manufacturing equipment.

Depreciation expense was $95 thousand and $46 thousand for the three months ended March 31, 2025 and 2024, respectively.

There was no impairment of property and equipment or long-lived assets recognized during the three months ended March 31, 2025 or 2024.

Prepaid Expenses and Other Assets, noncurrent

Prepaid expenses and other assets, noncurrent consist of the following (in thousands):


	As of March 31,		As of December 31,
	2025		2024
Prepaid expenses, noncurrent	$	2,189	$	1,849
Investments	19,762		19,762

Total prepaid expenses and other assets, noncurrent	$	21,951	$	21,611

Prepaid expenses, noncurrent primarily consist of cloud platform costs as of March 31, 2025 and December 31, 2024. Investments relate to a warrant to purchase shares of preferred stock of a current Data Revenue Partner, a warrant to purchase shares of common stock of a current Related Party (the “Related Party Warrant”), and a Simple Agreement for Future Equity with a related party (the “Related Party SAFE”) as of March 31, 2025 and December 31, 2024. Refer to Note 13, "Related-Party Transactions" for additional information.

Leases

The Company leases office space under a non-cancelable operating lease with a remaining lease term of 1.7 years, which includes the option to extend the lease.

The Company did not have any finance leases as of March 31, 2025 or December 31, 2024.

The components of lease expense are as follows (in thousands):


	Three Months Ended March 31,
	2025		2024

Operating lease cost (1)	$	118	$	110

(1) Amounts include short-term leases, which are immaterial.

Supplemental balance sheet information related to leases is as follows (in thousands, except lease term):


	As of March 31,		As of December 31,
	2025		2024
Operating lease right-of-use asset	$	598	$	683
Operating lease liability, current (included in accrued expenses and other current liabilities)	371		364
Operating lease liability, noncurrent (included in other liabilities, noncurrent)	263		359
Weighted-average remaining term for operating lease (in years)	1.7		1.9

The weighted-average discount rate used to measure the present value of the operating lease liabilities was 5.0% for each period presented.

Maturities of the Company’s operating lease liability, which does not include short-term leases, as of March 31, 2025 were as follows (in thousands):


	Operating leases
Remainder of 2025	$	293
2026	367




Total future minimum lease payments	660
Less imputed interest	(26)
Total operating lease liability	$	634

Goodwill and Intangible Assets, net

Intangible assets, net consists of the following (in thousands):


	As of March 31, 2025
	Gross		Accumulated Amortization		Net
Trade name	$	23,380	$	(7,684)	$	15,696
Technology	25,985		(14,858)		11,127
Customer relationships	15,290		(6,140)		9,150
Internally developed software	8,757		(1,686)		7,071
Total	$	73,412	$	(30,368)	$	43,044


	As of December 31, 2024
	Gross		Accumulated Amortization		Net
Trade name	$	23,380	$	(7,100)	$	16,280
Technology	22,430		(13,677)		8,753
Customer relationships	15,290		(5,668)		9,622
Internally developed software	7,076		(1,157)		5,919
Total	$	68,176	$	(27,602)	$	40,574

For the three months ended March 31, 2025 and 2024, the Company capitalized $1.7 million and $1.1 million, respectively, in internally developed software.

For the three months ended March 31, 2025 and 2024, amortization expense was $2.8 million and $2.2 million, respectively.

During the three months ended March 31, 2025 and 2024, there was no impairment of intangible assets recorded.

As of March 31, 2025, the estimated remaining amortization expense for intangible assets by fiscal year is as follows (in thousands):


	Amount

Remainder of 2025	$	8,804
2026	11,324
2027	6,609
2028	5,014
2029	4,935
Thereafter	4,898
Total future amortization expense	41,584
Internally developed software not yet in service	1,460
Total	$	43,044

The weighted-average remaining useful lives of the Company’s acquired intangible assets, excluding internally developed software projects that were not yet in service, are as follows:


	Weighted-Average Remaining Useful Life
	As of March 31,	As of December 31,
	2025	2024
Trade name	6.7 years	7.0 years
Technology	2.7 years	1.9 years
Customer relationships	4.9 years	5.1 years
Internally developed software	2.5 years	2.6 years

As of March 31, 2025 and December 31, 2024, goodwill was $134.6 million and $133.7 million, respectively. Goodwill increased $0.9 million in connection with the Fantix, Inc. acquisition. Refer to Note 6, "Business Combinations" for additional information. No goodwill impairment was recorded during the three months ended March 31, 2025 or 2024.

Accrued Expenses and Other Current Liabilities

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


	As of March 31,		As of December 31,
	2025		2024

Accrued vendor expenses	$	14,298	$	13,856
Accrued compensation	5,566		3,834
Customer related promotions and discounts	3,337		9,761

Sales return reserves	1,823		2,817

Other current liabilities	2,041		1,747
Total accrued expenses and other current liabilities	$	27,065	$	32,015

As of March 31, 2025, other current liabilities primarily relate to the Company’s operating lease liability, sales taxes payable, and a deferred purchase price liability related to the Fantix, Inc. acquisition. As of December 31, 2024, other current liabilities primarily relate to the Company’s operating lease liability and sales taxes payable.

Net Income (Loss) Per Share

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

14. Net Income (Loss) Per Share

Basic net income (loss) per share is calculated by dividing net income (loss) available to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted net income (loss) per share reflects the potential dilution that could occur if options, RSUs, PRSUs, warrants, or other securities with features that could result in the issuance of common stock were exercised or converted to common stock using the treasury-stock method.

The following table presents the calculation of basic and diluted net income (loss) per share (in thousands, except share and per share information):


	Three Months Ended March 31,
	2025		2024
Net income (loss)	$	4,378	$	(9,777)
Weighted-average shares outstanding:
Basic	75,699,493		68,535,626
Dilutive effect of outstanding options, RSUs and warrants	7,745,844		—
Diluted	83,445,337		68,535,626
Net income (loss) per share:
Basic	$	0.06	$	(0.14)
Diluted	$	0.05	$	(0.14)

Certain potential shares of common stock were excluded from the diluted net income (loss) per share calculation as their inclusion would have been antidilutive. Excluded shares are as follows:


	Three Months Ended March 31,
	2025	2024

Issuances under stock incentive plan, stock options	—	6,186,944
Issuances upon exercise of common stock warrants	—	95,973
Issuances upon vesting of restricted stock units	102,180	5,408,458
Issuances upon conversion of convertible notes	—	325,981
Total	102,180	12,017,356

Balance Sheet Components - Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Remaining lease terms	1 year 8 months 12 days
Operating lease costs	$ 118	$ 110
Operating lease right-of-use asset	$ 598		$ 683
Operating lease liability, current, location	Accrued expenses and other current liabilities		Accrued expenses and other current liabilities
Operating lease liability, current (included in accrued expenses and other current liabilities)	$ 371		$ 364
Operating lease liability, non-current, location	Other liabilities, noncurrent		Other liabilities, noncurrent
Operating lease liability, noncurrent (included in other liabilities, noncurrent)	$ 263		$ 359
Weighted-average remaining term for operating lease (in years)	1 year 8 months 12 days		1 year 10 months 24 days
Weighted-average discount rate	5.00%		5.00%
Operating leases
Remainder of 2025	$ 293
2026	367
Total future minimum lease payments	660
Less imputed interest	(26)
Total operating lease liability	$ 634