0001581760-26-000016 | 10-K | XBRL Viewer

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Defined Contribution Plan (Details) - USD ($) $ in Millions	12 Months Ended
Defined Contribution Plan (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
Employer contributions	$ 1.4	$ 1.2	$ 1.1

Income Taxes - Schedule of Aggregate Changes in the Balance of Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Unrecognized Tax Benefits [Roll Forward]
Beginning balance	$ 12,032	$ 12,059
Additions based on tax positions	1,816	2,050
Reductions for tax positions of prior years	(6,477)	(2,077)
Ending balance	$ 7,371	$ 12,032

Segment and Geographic Revenue (Details) $ in Thousands	12 Months Ended
Segment and Geographic Revenue (Details) $ in Thousands	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting [Abstract]
Number of operating segments \| segment	1
Disaggregation of Revenue [Line Items]
Total revenue	$ 489,481	$ 371,484	$ 304,518
North America
Disaggregation of Revenue [Line Items]
Total revenue	425,760	325,787	272,727
U.S.
Disaggregation of Revenue [Line Items]
Total revenue	$ 415,400	$ 318,600	$ 258,500
U.S. \| Revenues \| Geographic concentration risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	85.00%	86.00%	85.00%
Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Total revenue	$ 36,098	$ 27,322	$ 19,159
Other international regions
Disaggregation of Revenue [Line Items]
Total revenue	$ 27,623	$ 18,375	$ 12,632

Consolidated Statements of Stockholders’ Equity (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Statement of Stockholders' Equity [Abstract]
Issuance costs	$ 13,293

Derivative Liability (Details) - USD ($)	12 Months Ended
Derivative Liability (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gain on settlement of derivative liability	$ 0	$ 1,924,000	$ 0
Derivative liability, noncurrent	$ 0	$ 0

Warrants (Details) - $ / shares	1 Months Ended
Warrants (Details) - $ / shares	Sep. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
Other Liabilities Disclosure [Abstract]
Number of shares to purchase under warrants (in shares)		0	7,761
Exercise price or warrants (in usd per share)	$ 6.44		$ 6.44
Warrants exercised (in shares)	7,761
Exercise of warrants (in shares)	7,205

Segment and Geographic Revenue

12 Months Ended

Dec. 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 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 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 consolidated financial statements. All material long-lived assets are based in the U.S.

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):


	Year Ended December 31,
	2025		2024		2023

North America	$	425,760	$	325,787	$	272,727
Europe, Middle East and Africa	36,098		27,322		19,159
Other international regions	27,623		18,375		12,632
Total revenue	$	489,481	$	371,484	$	304,518

The Company’s revenues in the U.S. were $415.4 million, or 85%, of total revenue for the year ended December 31, 2025, $318.6 million, or 86%, of total revenue for the year ended December 31, 2024, and $258.5 million, or 85% of total revenue for the year ended December 31, 2023.

- 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

Balance Sheet Components - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Gross	$ 78,768	$ 68,176
Accumulated Amortization	(40,491)	(27,602)
Total future amortization expense	38,277	40,574
Trade name
Finite-Lived Intangible Assets [Line Items]
Gross	23,380	23,380
Accumulated Amortization	(9,575)	(7,100)
Total future amortization expense	13,805	16,280
Technology
Finite-Lived Intangible Assets [Line Items]
Gross	25,985	22,430
Accumulated Amortization	(18,756)	(13,677)
Total future amortization expense	7,229	8,753
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross	15,290	15,290
Accumulated Amortization	(7,595)	(5,668)
Total future amortization expense	7,695	9,622
Internally developed software
Finite-Lived Intangible Assets [Line Items]
Gross	14,113	7,076
Accumulated Amortization	(4,565)	(1,157)
Total future amortization expense	$ 9,548	$ 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.

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+ Details

Warrants	12 Months Ended
Warrants	Dec. 31, 2025
Other Liabilities Disclosure [Abstract]
Warrants	12. Warrants As of December 31, 2024, the Company had 7,761 outstanding warrants, entitling the holder thereof to purchase shares of the Company’s common stock with an exercise price of $6.44. In September 2025, all 7,761 outstanding warrants were exercised on a cashless basis at an exercise price of $6.44 per share, resulting in the issuance of 7,205 shares of common stock. As of December 31, 2025, no warrants remained outstanding.

Convertible Notes - Narrative (Details)	1 Months Ended			12 Months Ended
Convertible Notes - Narrative (Details)	Jun. 30, 2025 USD ($) day $ / shares	Jun. 30, 2024 USD ($) $ / shares shares	Apr. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2021 USD ($)	Jul. 31, 2021 USD ($)
Debt Instrument [Line Items]
Capped calls, strike price (in usd per share) \| $ / shares	$ 80.97
Capped calls, cap price (in usd per share) \| $ / shares	$ 122.22
Cost of capped calls	$ 33,700,000			$ 25,664,000
Release of capped calls valuation allowance				8,000,000.0
Loss on settlement of convertible notes				0	$ 440,000	$ 0
Convertible notes, net, noncurrent				310,386,000	0
Settlement of convertible notes					5,751,000
September 2021 Convertible Notes
Debt Instrument [Line Items]
Redemption price percentage	100.00%
June 2025 Convertible Notes \| September 2021 Convertible Notes
Debt Instrument [Line Items]
Aggregate principal amount	$ 320,000,000.0
Stated interest rate	0.00%
Convertible notes conversion ratio	0.0123501
Convertible notes conversion price (in usd per share) \| $ / shares	$ 80.97
Convertible notes, make-whole fundamental change, minimum conversion price (in usd per share) \| $ / shares	$ 61.11
Convertible notes, make-whole fundamental change, conversion ratio, cap	0.0163639
Effective interest rate	0.68%
Interest expense				1,300,000
Debt fair value				343,200,000
Convertible notes, net, noncurrent				310,386,000
June 2025 Convertible Notes \| September 2021 Convertible Notes \| Debt Conversion Terms One
Debt Instrument [Line Items]
Threshold trading days \| day	20
Threshold consecutive trading days \| day	30
Threshold percentage of stock price trigger	130.00%
June 2025 Convertible Notes \| September 2021 Convertible Notes \| Debt Conversion Terms Two
Debt Instrument [Line Items]
Threshold trading days \| day	5
Threshold consecutive trading days \| day	10
Threshold percentage of stock price trigger	98.00%
July 2021 Convertible Notes
Debt Instrument [Line Items]
Aggregate principal amount								$ 2,100,000
Convertible notes conversion price (in usd per share) \| $ / shares		$ 11.96
Interest expense				0	100,000	$ 400,000
Outstanding principal and accrued interest balance		$ 2,200,000
Conversion of common stock (in shares) \| shares		184,192
Loss on settlement of convertible notes		$ 900,000
Convertible notes, net, noncurrent				0	0
June 2025 Convertible Notes
Debt Instrument [Line Items]
Aggregate principal amount							$ 11,600,000
Convertible notes conversion price (in usd per share) \| $ / shares			$ 22.50
Loss on settlement of convertible notes			$ (500,000)
Outstanding principal and accrued interest			$ 3,500,000
Settlement of convertible notes (in shares) \| shares			157,685
Settlement of convertible notes			$ 3,500,000
Convertible notes, current				$ 0	$ 0
Convertible Debt, Revesting Notes
Debt Instrument [Line Items]
Aggregate principal amount							$ 1,600,000

Common Stock (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Reserved Shares of Common Stock

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


	As of December 31,
	2025	2024

Issuances under stock incentive plan, stock options	4,108,029	5,673,947
Issuances upon exercise of common stock warrants	—	7,761
Issuances upon vesting of restricted stock units	4,294,367	5,091,601

Shares reserved for shares available to be granted but not granted yet	15,118,992	12,815,029
	23,521,388	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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
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-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
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-Section 50
-Paragraph 3
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-4

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 2
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-10

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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-Paragraph 8
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Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Summary of Significant Accounting Policies - Narrative (Details) - USD ($)

1 Months Ended

12 Months Ended

May 12, 2025

Jan. 12, 2023

Dec. 31, 2024

Jan. 31, 2022

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Disaggregation of Revenue [Line Items]

Total revenue

$ 489,481,000

$ 371,484,000

$ 304,518,000

Product warranty term (up to)

12 months

Subscription warranty term (up to)

3 years

Remaining performance obligation, amount

$ 207,100,000

Remaining performance obligation, percentage

43.00%

Capitalized contract costs, amortization period

3 years

Allowance for credit losses

$ 394,000

$ 94,000

394,000

Provision for credit losses

799,000

300,000

Unbilled receivables

5,500,000

10,300,000

5,500,000

Advertising expense

36,100,000

23,800,000

28,600,000

Restricted cash, noncurrent

1,221,000

1,567,000

1,221,000

1,749,000

Capitalized software development costs

7,000,000.0

4,700,000

1,700,000

Impairment expense related to ROU assets

Percent reduction in workforce

14.00%

Non-recurring personnel and severance related expenses

153,000

4,024,000

Impairment of goodwill

Impairment of intangible assets

Impairment of long-lived assets

Gain on change in fair value of investments

^[1]

609,000

5,389,000

Payment for investment in related party SAFE

5,000,000

Payments to acquire investments

$ 25,000,000

Internal use software

Disaggregation of Revenue [Line Items]

Property and equipment, useful life

3 years

Minimum

Disaggregation of Revenue [Line Items]

Property and equipment, useful life

3 years

Service period

3 years

Maximum

Disaggregation of Revenue [Line Items]

Property and equipment, useful life

5 years

Service period

4 years

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01

Disaggregation of Revenue [Line Items]

Remaining performance obligation, expected timing of satisfaction

12 months

Related Party Warrant

Disaggregation of Revenue [Line Items]

Long-term investments

3,898,000

$ 3,898,000

3,898,000

Related Party Investment

Disaggregation of Revenue [Line Items]

Long-term investments

5,882,000

Convertible Note Investment

Disaggregation of Revenue [Line Items]

Long-term investments

$ 24,726,000

Investment in warrants (in shares)

6,147,574

Investment in warrants, exercise price (in usd per share)

$ 0.46

Carrying value of warrants

3,900,000

$ 3,900,000

3,900,000

Payment term

30 days

Gain on change in fair value of investments

$ 882,000

Payment for investment in related party SAFE

(5,000,000.0)

Related Party | Related Party Warrant

Disaggregation of Revenue [Line Items]

Long-term investments

3,898,000

Disaggregation of Revenue [Line Items]

Long-term investments

5,000,000.0

5,882,000

5,000,000.0

Data

Disaggregation of Revenue [Line Items]

Total revenue

32,700,000

26,600,000

21,600,000

Cost of other revenue

Disaggregation of Revenue [Line Items]

Total revenue

^[2]

68,412,000

36,050,000

25,546,000

Cost of other revenue | Related Party

Disaggregation of Revenue [Line Items]

Total revenue

890,000

Partnership

Disaggregation of Revenue [Line Items]

Total revenue

35,700,000

9,400,000

3,900,000

Data Revenue Partner

Disaggregation of Revenue [Line Items]

Partnership agreement term

5 years

Investment in warrants (in shares)

5,100,167

Investment in warrants, exercise price (in usd per share)

$ 4.90

Carrying value of warrants

10,900,000

$ 5,400,000

10,900,000

Gain on change in fair value of investments

$ 0

5,400,000

Hubble Network, Inc | Related Party

Disaggregation of Revenue [Line Items]

Investment in warrants (in shares)

2,049,191

Hubble Network, Inc | Related Party | Related Party Warrant

Disaggregation of Revenue [Line Items]

Long-term investments

$ 3,900,000

3,900,000

Hubble Network, Inc | Cost of other revenue | Related Party

Disaggregation of Revenue [Line Items]

Total revenue

$ 900,000

$ 0

Aura Consolidated Group, Inc

Disaggregation of Revenue [Line Items]

Advertising partnership and revenue sharing agreement, term

3 years

Aura Consolidated Group, Inc | Convertible Note Investment

Disaggregation of Revenue [Line Items]

Payments to acquire investments

$ 25,000,000.0

[1]	Includes a related party gain of $882, zero, and zero for the years ended December 31, 2025, 2024, and 2023, respectively.
[2]	Includes related party revenue of $890, zero, and zero for the years ended December 31, 2025, 2024, and 2023, respectively.

Fair Value Measurements - Narrative (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Gain on change in fair value of investments

^[1]

$ 609

$ 5,389

$ 0

Gain on change in fair value of investments

882

$ 0

Related Party SAFE

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Long-term investments

5,000

Related Party SAFE | Related Party

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Long-term investments

5,000

Related Party Investment

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Long-term investments

5,882

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Long-term investments

5,882

5,000

Hubble Network, Inc | Related Party SAFE

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Gain on change in fair value of investments

900

Convertible Note Investment

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Loss for change in fair value of liabilities

$ 300

608

Gain on settlement

509

Derivative Liability

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Loss for change in fair value of liabilities

1,707

Gain on settlement

$ 1,924

[1]	Includes a related party gain of $882, zero, and zero for the years ended December 31, 2025, 2024, and 2023, respectively.

Nature of Business	12 Months Ended
Nature of Business	Dec. 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 by Life360, Inc. (“Tile”) and Life360 Pet GPS 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. The Company also generates revenue through partnerships, including through the placement of ads within our platform, and the sale of aggregated, non-personally identifiable data for data insight purposes. Management and Board of Directors Transitions On August 11, 2025, the Company announced that its Board of Directors appointed Lauren Antonoff, then Chief Operating Officer, as the Company’s Chief Executive Officer and a member of the Company’s Board of Directors, and Chris Hulls, the Company’s Co-Founder and then Chief Executive Officer, as Executive Chairman of the Board. Effective the same date, the Company’s Board of Directors appointed Mark Goines as Lead Independent Director. 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. Refer to Note 15, "Related-Party Transactions" for further details. 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.

Deferred Revenue (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Roll Forward of Deferred Revenue

The following table represents a roll forward of the Company’s deferred revenue (in thousands):


	Year Ended December 31,
	2025		2024
Deferred revenue, beginning of period	$	45,198	$	35,774

Additions to deferred revenue	386,753		304,903
Recognized revenue in the period	(381,244)		(295,479)
Deferred revenue, end of period	$	50,707	$	45,198

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Provision for (Benefit from) Income Taxes

The Provision for (benefit from) income taxes is composed of the following (in thousands):


	Year Ended December 31,
	2025		2024		2023
Current

State and local	$	181	$	(71)	$	616

Total current	181		(71)		616
Deferred
Federal	(104,351)		—		—
State and local	(14,003)		—		—

Total deferred	(118,354)		—		—




Provision for (benefit from) income taxes	$	(118,173)	$	(71)	$	616

Schedule of Reconciliation of Effective Tax

The reconciliation of the Company’s effective tax to the U.S. statutory federal income tax is as follows:


	Year Ended December 31,
	2025				2024				2023
	(in thousands)		Percent		(in thousands)		Percent		(in thousands)		Percent
Statutory federal income tax	$	6,858	21	%	$	(972)	21	%	$	(5,640)	21	%
State and local income taxes, net of federal income tax effect (1)	(10,264)		(31)	%	114		(2)	%	338		(1)	%
Tax credits
Research & development tax credits	(2,915)		(9)	%	(4,805)		104	%	(2,296)		9	%
Change in valuation allowance	(87,509)		(269)	%	11,936		(259)	%	4,475		(18)	%
Nondeductible items
Stock issuance cost			—	%	1,178		(25)	%			—	%
Stock-based compensation	(30,207)		(92)	%	(12,641)		273	%	(267)		1	%
Other permanent differences	1,069		3	%	157		(3)	%	239		(1)	%
Officer compensation - 162(m)	7,794		24	%	4,701		(102)	%	2,666		(10)	%
Fair value adjustment			—	%	154		(3)	%	181		(1)	%
Meals & entertainment	80		—	%	53		(1)	%	72		—	%
Worldwide changes in unrecognized tax benefits	(3,079)		(9)	%	54		(1)	%	909		(3)	%
Foreign tax effects
Canadian rate differential	128		—	%	71		(2)	%	18		—	%
Canadian SRED credit(2)	(406)		(1)	%	1,065		(23)	%	(704)		3	%
Canadian valuation allowance	278		1	%	(1,136)		25	%	625		(2)	%
Effective income tax	$	(118,173)	(362)	%	$	(71)	2	%	$	616	(2)	%

(1) The states and local jurisdictions that contribute to the majority (greater than 50%) of the tax effect in this category include Illinois, California, New York, Georgia, Pennsylvania, and Tennessee.

(2) Canadian SRED credit refers to the Canadian Scientific Research and Experimental Development tax incentive program.

Schedule of Significant Components of Net Deferred Income Tax Assets

The significant components of net deferred income tax assets were as follows (in thousands):


	Year Ended December 31,
	2025		2024
Deferred tax assets
Reserves and allowances	$	3,400	$	2,977
Lease liability	85		175

Net operating loss carryforward	80,404		52,776
Stock-based compensation	3,907		3,307
Capitalized research and development	28,441		42,610
Credits carryforward	22,033		16,937
June 2025 Convertible Notes	7,157		—
Total deferred tax assets	145,427		118,782
Deferred tax liabilities
Operating lease ROU asset	(80)		(165)
Depreciable assets	(274)		(125)
Acquired intangibles	(7,764)		(9,178)
Data Revenue Partner Warrant	(2,347)		(2,302)
Total deferred tax liabilities	(10,465)		(11,770)
Less: Valuation allowance and other reserves	(8,544)		(107,012)
Deferred tax assets, net	$	126,418	$	—

Schedule of Aggregate Changes in the Balance of Gross Unrecognized Tax Benefits

The aggregate changes in the balance of gross unrecognized tax benefits were as follows (in thousands):


Balance as of December 31, 2023	$	12,059
Additions based on tax positions related to 2024	2,050
Reductions for tax positions of prior years	(2,077)
Balance as of December 31, 2024	12,032
Additions based on tax positions related to 2025	1,816
Reductions for tax positions of prior years	(6,477)
Balance as of December 31, 2025	$	7,371

Schedule of Amounts of Cash Paid (Refunds Received) for Income Taxes, Net

The amounts of cash paid (refunds received) during the period for income taxes, net were as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Federal	$	—	$	481	$	—
State and local	(893)		1,900		697

Cash paid (refunds received) during the period for income taxes, net	$	(893)	$	2,381	$	697

Subsequent Events (Details) - USD ($) $ in Thousands		12 Months Ended
Subsequent Events (Details) - USD ($) $ in Thousands	Jan. 02, 2026	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Common stock shares portion of total consideration		$ 1,000	$ 0	$ 0
Subsequent Event \| Nativo, Inc.
Subsequent Event [Line Items]
Total consideration	$ 106,000
Cash portion of total consideration	78,000
Common stock shares portion of total consideration	$ 28,000

Segment and Geographic Revenue (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Revenue by Geographic Region

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


	Year Ended December 31,
	2025		2024		2023

North America	$	425,760	$	325,787	$	272,727
Europe, Middle East and Africa	36,098		27,322		19,159
Other international regions	27,623		18,375		12,632
Total revenue	$	489,481	$	371,484	$	304,518

Equity Incentive Plan - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Number of Shares Underlying Outstanding Options
Balance (in shares)	5,673,947
Options granted (in shares)	0	0	0
Options exercised (in shares)	(1,545,786)
Options cancelled/forfeited (in shares)	(20,132)
Balance (in shares)	4,108,029	5,673,947
Exercisable (in shares)	4,064,254
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)	7.43
Options cancelled/forfeited (in usd per share)	10.30
Balance (in usd per share)	5.66	$ 6.16
Exercisable (in usd per share)	$ 5.60
Weighted Average Remaining Contractual Life, Balance (in Years)	2 years 9 months 18 days	3 years 10 months 24 days
Weighted Average Remaining Contractual Life, Exercisable (in Years)	2 years 9 months 18 days
Aggregate Intrinsic Value, Balance	$ 240,230	$ 199,239
Aggregate Intrinsic Value, Exercisable	$ 237,923

Balance Sheet Components - Schedule of Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 40	$ 24
Finished goods	9,827	8,033
Total inventory	$ 9,867	$ 8,057

Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Notes Due from Affiliates	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2022		65,239,843
Beginning balance at Dec. 31, 2022	$ 244,538	$ 67	$ 501,763	$ (314)	$ (256,972)	$ (6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		935,007
Exercise of stock options	5,811	$ 1	5,810
Vesting of restricted stock units (in shares)		1,980,980
Vesting of restricted stock units	0	$ 2	(2)
Taxes paid related to the settlement of equity awards, net of settlement proceeds received	(14,033)		(14,033)
Repayment of notes due from affiliate	352		78	274
Stock-based compensation expense	38,512		38,512
Interest accrued relating to notes due from affiliates	40			40
Change in foreign currency translation adjustment	15					15
Net income (loss)	(28,171)				(28,171)
Ending balance (in shares) at Dec. 31, 2023		68,155,830
Ending balance at Dec. 31, 2023	247,064	$ 70	532,128	0	(285,143)	9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		758,101
Exercise of stock options	5,780		5,780
Exercise of warrants (in shares)		129,897
Exercise of warrants	1,149		1,149
Vesting of restricted stock units (in shares)		2,315,587
Vesting of restricted stock units	1	$ 2	(1)
Taxes paid related to the settlement of equity awards, net of settlement proceeds received	(26,370)		(26,370)
Stock-based compensation expense	42,983		42,983
Settlement of convertible notes (in shares)		341,877
Settlement of convertible notes	5,751		5,751
Issuance of common stock net of issuance costs (in shares)		3,703,704
Issuance of common stock net of issuance costs	86,707	$ 3	86,704
Change in foreign currency translation adjustment	35					35
Net income (loss)	$ (4,555)				(4,555)
Ending balance (in shares) at Dec. 31, 2024	75,404,996	75,404,996
Ending balance at Dec. 31, 2024	$ 358,545	$ 75	648,124	0	(289,698)	44
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)	1,545,786	1,545,786
Exercise of stock options	$ 11,486	$ 2	11,484
Exercise of warrants (in shares)		7,205
Vesting of restricted stock units (in shares)		2,379,350
Vesting of restricted stock units	0	$ 2	(2)
Taxes paid related to the settlement of equity awards, net of settlement proceeds received	(4,802)		(4,802)
Stock-based compensation expense	56,781		56,781
Shares issued in connection with an acquisition (in shares)		22,252
Shares issued in connection with an acquisition	1,000		1,000
Purchase of capped calls related to the June 2025 Convertible Notes, net of tax	(25,664)		(25,664)
Change in foreign currency translation adjustment	4					4
Net income (loss)	$ 150,832				150,832
Ending balance (in shares) at Dec. 31, 2025	79,359,589	79,359,589
Ending balance at Dec. 31, 2025	$ 548,182	$ 79	$ 686,921	$ 0	$ (138,866)	$ 48

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Management and Strategy We take a layered approach to cybersecurity and leverage multiple levels of controls designed to mitigate and minimize cybersecurity risks and protect the confidentiality, integrity, and availability of our critical systems and information. We have established and implemented policies and processes designed to assess, identify, and manage risks from cybersecurity threats, including those related to our products and SaaS security, and have integrated these activities into our operating model and enterprise risk management processes. We monitor for, and assess, material risks from cybersecurity threats such as unauthorized occurrences or events on or conducted through our information systems that may result in adverse effects to the confidentiality, integrity, or availability of our information systems or information, including personal information, proprietary information, and intellectual property. Identification and Assessment To identify and assess risk, we maintain a cybersecurity risk register that is reviewed regularly and updated as appropriate. These risk assessments include identification of reasonably foreseeable internal and external risks, consideration of our use of third-party service providers and vendors, the likelihood and potential damages that could result from such risks (to the extent known), and the potential sufficiency of existing mitigating policies, procedures, systems, and safeguards. Risk is scored based on the potential impact to the business (inherent risk) and re-scored based on mitigations in place (residual risk). Following this assessment, we determine opportunities to further mitigate identified risks, including potential changes to controls and processes. Risk Mitigation We implement and maintain various technical, physical, and organizational measures, processes, standards, and policies designed to manage and mitigate material risks from cybersecurity threats, including those related to our products and SaaS security. These measures include monitoring our information systems, networks, and devices for potential threats, managing vulnerabilities, and updating systems and tools to address identified risks or emerging threat vectors. Changes to material systems are governed by our change management processes, and we evaluate certain systems for potential vulnerabilities on a periodic basis. We also maintain processes designed to control access to material systems, which are reviewed and updated as appropriate. We also use third-party service providers, some of which incorporate machine-learning or AI capabilities, to assist in detecting anomalous activity and identifying potential cybersecurity threats. As part of our product development and operational practices, we incorporate security reviews intended to identify and mitigate potential risks in our products and services. These reviews may include penetration testing, secure development practices, and the use of automated tools to help identify potential vulnerabilities. Vendor Management In providing our products and services, we use third-party vendors and applications extensively. We onboard material vendors through a vendor review process, which includes a security assessment, and evaluate certifications and testing as relevant. Vendors are reviewed periodically to assess compliance and related cybersecurity risk.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We take a layered approach to cybersecurity and leverage multiple levels of controls designed to mitigate and minimize cybersecurity risks and protect the confidentiality, integrity, and availability of our critical systems and information. We have established and implemented policies and processes designed to assess, identify, and manage risks from cybersecurity threats, including those related to our products and SaaS security, and have integrated these activities into our operating model and enterprise risk management processes. We monitor for, and assess, material risks from cybersecurity threats such as unauthorized occurrences or events on or conducted through our information systems that may result in adverse effects to the confidentiality, integrity, or availability of our information systems or information, including personal information, proprietary information, and intellectual property.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Governance Responsibilities of the Board of Directors Our Board provides oversight of our risk management process, including risks from cybersecurity threats. Our Board is responsible for monitoring and assessing strategic risk exposure and the mitigation and remediation of cybersecurity incidents, and our executive officers (including our Chief Executive Officer and Chief Financial Officer) are responsible for the day-to-day management of the material risks we face, including cybersecurity risks. Our Board administers its cybersecurity risk oversight function as a whole, as well as through the Audit Committee (“AC”). Our corporate information security team informs the Board and AC of certain cybersecurity risks and threats during quarterly meetings and provides materials shared in connection with such meetings, as well as ad hoc updates when there are material developments or changes that may impact cybersecurity risk to the company. Refer to “Item 10. Directors, Executive Officers and Corporate Governance” section of this Annual Report for additional information regarding the AC and other committees of the Board as well as the AC charter. Responsibilities of Management Our corporate information security team, reporting to our Chief Technology Officer, is primarily responsible for assessing and managing material risks from cybersecurity threats, defining and overseeing our corporate security program, reviewing technical designs and vendors for security risks, and managing our security tools and infrastructure. The team supervises efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include threat intelligence and other information obtained from governmental, public, or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in the information technology systems environment, including those described in “Item 1C. Cybersecurity — Risk Management and Strategy.” Our corporate information security team provides frequent briefings to management regarding the Company’s cyber security risks and risk-mitigation efforts, which may include recent incidents and related responses, newly identified risks, changes to the security program, and activities of third parties and vendors, as appropriate. Management provides cybersecurity updates to executive management and the Board through meetings and materials shared in connection with those meetings, as well as ad hoc updates when there are material developments or changes. Incident Response Procedures We maintain cybersecurity incident response procedures designed to identify, assess, escalate, and remediate cybersecurity incidents. These procedures include processes for evaluating the nature and potential impact of an incident, determining whether disclosure or regulatory reporting is required, and coordinating response efforts across relevant internal teams and external specialists, as appropriate. Significant cybersecurity incidents are reported to senior management and, when appropriate, to the Board of Directors or the AC.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Responsibilities of the Board of Directors Our Board provides oversight of our risk management process, including risks from cybersecurity threats. Our Board is responsible for monitoring and assessing strategic risk exposure and the mitigation and remediation of cybersecurity incidents, and our executive officers (including our Chief Executive Officer and Chief Financial Officer) are responsible for the day-to-day management of the material risks we face, including cybersecurity risks. Our Board administers its cybersecurity risk oversight function as a whole, as well as through the Audit Committee (“AC”). Our corporate information security team informs the Board and AC of certain cybersecurity risks and threats during quarterly meetings and provides materials shared in connection with such meetings, as well as ad hoc updates when there are material developments or changes that may impact cybersecurity risk to the company. Refer to “Item 10. Directors, Executive Officers and Corporate Governance” section of this Annual Report for additional information regarding the AC and other committees of the Board as well as the AC charter.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Responsibilities of the Board of Directors Our Board provides oversight of our risk management process, including risks from cybersecurity threats. Our Board is responsible for monitoring and assessing strategic risk exposure and the mitigation and remediation of cybersecurity incidents, and our executive officers (including our Chief Executive Officer and Chief Financial Officer) are responsible for the day-to-day management of the material risks we face, including cybersecurity risks. Our Board administers its cybersecurity risk oversight function as a whole, as well as through the Audit Committee (“AC”). Our corporate information security team informs the Board and AC of certain cybersecurity risks and threats during quarterly meetings and provides materials shared in connection with such meetings, as well as ad hoc updates when there are material developments or changes that may impact cybersecurity risk to the company. Refer to “Item 10. Directors, Executive Officers and Corporate Governance” section of this Annual Report for additional information regarding the AC and other committees of the Board as well as the AC charter. Responsibilities of Management Our corporate information security team, reporting to our Chief Technology Officer, is primarily responsible for assessing and managing material risks from cybersecurity threats, defining and overseeing our corporate security program, reviewing technical designs and vendors for security risks, and managing our security tools and infrastructure. The team supervises efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include threat intelligence and other information obtained from governmental, public, or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in the information technology systems environment, including those described in “Item 1C. Cybersecurity — Risk Management and Strategy.” Our corporate information security team provides frequent briefings to management regarding the Company’s cyber security risks and risk-mitigation efforts, which may include recent incidents and related responses, newly identified risks, changes to the security program, and activities of third parties and vendors, as appropriate. Management provides cybersecurity updates to executive management and the Board through meetings and materials shared in connection with those meetings, as well as ad hoc updates when there are material developments or changes.
Cybersecurity Risk Role of Management [Text Block]	Responsibilities of Management Our corporate information security team, reporting to our Chief Technology Officer, is primarily responsible for assessing and managing material risks from cybersecurity threats, defining and overseeing our corporate security program, reviewing technical designs and vendors for security risks, and managing our security tools and infrastructure. The team supervises efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include threat intelligence and other information obtained from governmental, public, or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in the information technology systems environment, including those described in “Item 1C. Cybersecurity — Risk Management and Strategy.” Our corporate information security team provides frequent briefings to management regarding the Company’s cyber security risks and risk-mitigation efforts, which may include recent incidents and related responses, newly identified risks, changes to the security program, and activities of third parties and vendors, as appropriate. Management provides cybersecurity updates to executive management and the Board through meetings and materials shared in connection with those meetings, as well as ad hoc updates when there are material developments or changes.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our corporate information security team, reporting to our Chief Technology Officer, is primarily responsible for assessing and managing material risks from cybersecurity threats, defining and overseeing our corporate security program, reviewing technical designs and vendors for security risks, and managing our security tools and infrastructure. The team supervises efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include threat intelligence and other information obtained from governmental, public, or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in the information technology systems environment, including those described in “Item 1C. Cybersecurity — Risk Management and Strategy.”
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our corporate information security team, reporting to our Chief Technology Officer, is primarily responsible for assessing and managing material risks from cybersecurity threats, defining and overseeing our corporate security program, reviewing technical designs and vendors for security risks, and managing our security tools and infrastructure. The team supervises efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include threat intelligence and other information obtained from governmental, public, or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in the information technology systems environment, including those described in “Item 1C. Cybersecurity — Risk Management and Strategy.” Our corporate information security team provides frequent briefings to management regarding the Company’s cyber security risks and risk-mitigation efforts, which may include recent incidents and related responses, newly identified risks, changes to the security program, and activities of third parties and vendors, as appropriate. Management provides cybersecurity updates to executive management and the Board through meetings and materials shared in connection with those meetings, as well as ad hoc updates when there are material developments or changes.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value and Classification of Instruments

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


	As of December 31, 2025
	Level 1		Level 2		Level 3		Total

Assets:
Money market funds	$	332,808	$	—	$	—	$	332,808
Convertible Note Investment	—		—		24,726		24,726
Total assets	$	332,808	$	—	$	24,726	$	357,534


	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

Schedule of Change in Fair Value of Level 3 Instruments

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


	As of December 31, 2025
	Convertible Note Investment

Fair value, beginning of the year	$	—
Initial investment	25,000
Changes in fair value	(274)
Fair value, end of period	$	24,726


	As of December 31, 2024
	Derivative Liability		September 2021 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 (Note 8)	—		(3,548)
Gain on settlement of September 2021 Convertible Notes (Note 8)	—		(509)
Gain on settlement of derivative liability (Note 9)	(1,924)		—
Fair value, end of period	$	—	$	—

Income Taxes - Schedule of Provision for (Benefit from) Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current
State and local	$ 181	$ (71)	$ 616
Total current	181	(71)	616
Deferred
Federal	(104,351)	0	0
State and local	(14,003)	0	0
Total deferred	(118,354)	0	0
Provision for (benefit from) income taxes	$ (118,173)	$ (71)	$ 616

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Total revenue

$ 489,481

$ 371,484

$ 304,518

Total cost of revenue

108,639

92,327

81,881

Gross profit

380,842

279,157

222,637

Operating expenses:

Research and development

128,409

113,071

100,965

Sales and marketing

154,963

113,350

99,072

General and administrative

78,644

60,712

52,583

Total operating expenses

362,016

287,133

252,620

Income (loss) from operations

18,826

(7,976)

(29,983)

Other income (expense):

Convertible notes fair value adjustment

(608)

(684)

Derivative liability fair value adjustment

(1,707)

(116)

Loss on settlement of convertible notes

(440)

Gain on settlement of derivative liability

1,924

Gain on change in fair value of investments

^[1]

609

5,389

Interest income

13,705

6,009

3,083

Other income (expense), net

^[2]

(481)

(7,217)

145

Total other income (expense), net

13,833

3,350

2,428

Income (loss) before income taxes

32,659

(4,626)

(27,555)

Provision for (benefit from) income taxes

(118,173)

(71)

616

Net income (loss)

$ 150,832

$ (4,555)

$ (28,171)

Net income (loss) per share, basic (in usd per share)

$ 1.95

$ (0.06)

$ (0.42)

Net income (loss) per share, diluted (in usd per share)

$ 1.77

$ (0.06)

$ (0.42)

Weighted-average shares used in computing net income (loss) per share, basic (in shares)

77,251,239

72,125,571

66,748,542

Weighted-average shares used in computing net income (loss) per share, diluted (in shares)

85,172,415

72,125,571

66,748,542

Comprehensive income (loss)

Net income (loss)

$ 150,832

$ (4,555)

$ (28,171)

Change in foreign currency translation adjustment

Total comprehensive income (loss)

150,836

(4,520)

(28,156)

Cost of subscription revenue

Total revenue

369,253

277,845

220,794

Total cost of revenue

50,968

41,014

30,975

Cost of hardware revenue

Total revenue

^[3]

51,816

57,589

58,178

Total cost of revenue

^[4]

51,175

47,225

47,384

Cost of other revenue

Total revenue

^[5]

68,412

36,050

25,546

Total cost of revenue

$ 6,496

$ 4,088

$ 3,522

[1]	Includes a related party gain of $882, zero, and zero for the years ended December 31, 2025, 2024, and 2023, respectively.
[2]	Includes related party other expense of zero, $5,498, and zero for the years ended December 31, 2025, 2024, and 2023, respectively.
[3]	Includes related party revenue of $195, $55, and zero for the years ended December 31, 2025, 2024, and 2023, respectively.
[4]	Includes related party cost of revenue of $137, zero, and zero for the years ended December 31, 2025, 2024, and 2023, respectively.
[5]	Includes related party revenue of $890, zero, and zero for the years ended December 31, 2025, 2024, and 2023, respectively.

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Income Taxes - Schedule of Significant Components of Net Deferred Income Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets
Reserves and allowances	$ 3,400	$ 2,977
Lease liability	85	175
Net operating loss carryforward	80,404	52,776
Stock-based compensation	3,907	3,307
Capitalized research and development	28,441	42,610
Credits carryforward	22,033	16,937
June 2025 Convertible Notes	7,157	0
Total deferred tax assets	145,427	118,782
Deferred tax liabilities
Operating lease ROU asset	(80)	(165)
Depreciable assets	(274)	(125)
Acquired intangibles	(7,764)	(9,178)
Data Revenue Partner Warrant	(2,347)	(2,302)
Total deferred tax liabilities	(10,465)	(11,770)
Less: Valuation allowance and other reserves	(8,544)	(107,012)
Deferred tax assets, net	$ 126,418	$ 0

Balance Sheet Components

12 Months Ended

Dec. 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 December 31,
	2025		2024

Accounts receivable	$	80,809	$	58,391
Allowance for credit losses	(94)		(394)
Total accounts receivable, net	$	80,715	$	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 December 31, 2025 and 2024, respectively.

Inventory

Inventory consists of the following (in thousands):


	As of December 31,
	2025		2024

Raw materials	$	40	$	24
Finished goods	9,827		8,033
Total inventory	$	9,867	$	8,057

There were no inventory write-offs recorded for the years ended December 31, 2025 and 2024. The Company recorded a raw materials inventory write-off of $0.9 million for the year ended December 31, 2023. The write-off resulted from a discontinuation of a product line in the Company’s product roadmap where the raw materials had no alternative use.

Prepaid Expenses and Other Current Assets

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


	As of December 31,
	2025		2024

Prepaid expenses	$	17,838	$	11,074
Other receivables	2,212		3,525
Total prepaid expenses and other current assets	$	20,050	$	14,599

Prepaid expenses primarily consist of advance payments for certain cloud platform costs, advertising, information technology solutions, insurance, and inventory. Other receivables primarily consist of 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 December 31,
	2025		2024

Computer equipment	$	297	$	297
Leasehold improvements	86		101
Production manufacturing equipment	4,067		2,026
Construction in progress	—		362
Furniture and fixtures	29		29
Total property and equipment, gross	4,479		2,815
Less: accumulated depreciation	(1,460)		(1,036)
Total property and equipment, net	$	3,019	$	1,779

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

Depreciation expense was $0.4 million, $0.3 million, and $0.1 million for the years ended December 31, 2025, 2024, and 2023, respectively.

Prepaid Expenses and Other Assets, noncurrent

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


	As of December 31,
	2025		2024

Prepaid expenses, noncurrent	$	3,110	$	1,849
Convertible Note Investment	24,726		—
Data Revenue Partner Warrant	10,864		10,864
Related Party Investment	5,882		—
Related Party Warrant	3,898		3,898
Related Party SAFE	—		5,000
Total prepaid expenses and other assets, noncurrent	$	48,480	$	21,611

Prepaid expenses, noncurrent primarily consist of cloud platform costs. As of December 31, 2025, other assets consists of investments, including the Convertible Note Investment, Data Revenue Partner Warrant, Related Party Investment, and Related Party Warrant. As of December 31, 2024, investments relate to the Data Revenue Partner Warrant, the Related Party Warrant, and the Related Party SAFE. Refer to Note 2, "Summary of Significant Accounting Policies" for additional information.

Leases

The Company leases office space under a non-cancelable operating lease with a remaining lease term of up to 0.9 years, which includes the option to extend the lease.

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

Operating lease costs were as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023

Operating lease cost (1)	$	502	$	452	$	924

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

For the years ended December 31, 2025, 2024, and 2023, payments for operating leases included in cash from operating activities were $0.4 million, $0.4 million and $0.9 million, respectively.

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


	As of December 31,
	2025		2024
Operating lease right-of-use asset	$	335	$	683
Operating lease liability, current (included in accrued expenses and other current liabilities)	359		364
Operating lease liability, noncurrent (included in other liabilities, noncurrent)	—		359
Weighted-average remaining term for operating lease (in years)	0.9		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 liabilities as of December 31, 2025, were as follows (in thousands):


	Operating leases
2026	$	367




Total future minimum lease payments	367
Less imputed interest	(8)
Total operating lease liability	$	359

Goodwill and Intangible Assets, net

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


	As of December 31, 2025
	Gross		Accumulated Amortization		Net
Trade name	$	23,380	$	(9,575)	$	13,805
Technology	25,985		(18,756)		7,229
Customer relationships	15,290		(7,595)		7,695
Internally developed software	14,113		(4,565)		9,548
Total	$	78,768	$	(40,491)	$	38,277


	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 years ended December 31, 2025 and 2024, the Company capitalized $7.0 million and $4.7 million, respectively, in internally developed software.

For the years ended December 31, 2025, 2024, and 2023, amortization expense was $12.9 million, $9.5 million, and $9.0 million, respectively.

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


	Amount


2026	$	13,013
2027	8,320
2028	5,454
2029	4,498
2030	2,143
Thereafter	2,027
Total future amortization expense	35,455
Internally developed software not yet in service	2,822
Total future amortization expense	$	38,277

The weighted-average remaining useful lives of the Company’s acquired intangible assets are as follows:


	Weighted-Average Remaining Useful Life
	As of December 31,
	2025	2024

Trade name	5.5 years	7.0 years
Technology	2.3 years	1.9 years
Customer relationships	3.9 years	5.1 years
Internally developed software	2.3 years	2.6 years

As of December 31, 2025 and December 31, 2024, the Company had $2.8 million and $0.9 million of capitalized internally developed software projects that were not yet in service, respectively. These projects have been excluded from the weighted-average remaining useful life calculation for internally developed software in the table above.

As of December 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.

Accrued Expenses and Other Current Liabilities

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


	As of December 31,
	2025		2024

Accrued vendor expenses	$	14,891	$	13,856
Customer related promotions and discounts	14,013		9,761
Accrued compensation	7,121		3,834

Sales return reserves	2,072		2,817
Other current liabilities	3,905		1,747
Total accrued expenses and other current liabilities	$	42,002	$	32,015

As of December 31, 2025, other current liabilities primarily relate to the Company’s deferred purchase price liability related to the Fantix, Inc. acquisition, inventory received but not yet billed, and sales taxes payable. As of December 31, 2024, other current liabilities primarily relate to the operating lease liability and sales tax payable.

Convertible Notes - Schedule of Net Carrying Amount of Convertible Notes (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Net carrying amount	$ 310,386	$ 0
June 2025 Convertible Notes \| September 2021 Convertible Notes
Debt Instrument [Line Items]
Principal	320,000
Unamortized debt issuance costs	(9,614)
Net carrying amount	$ 310,386

- 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 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Name Accounting Standards Codification
-Section S50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Subparagraph (SX 210.12-04(a))
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Subparagraph (SX 210.4-08(f))
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
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Reference 10: http://www.xbrl.org/2003/role/exampleRef
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Reference 11: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 12: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69F

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: 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 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
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Reference 31: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

Summary of Significant Accounting Policies - Schedule of Restructuring Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Personnel and Severance Related Expenses	$ 0	$ 153	$ 4,024
Research and development
Restructuring Cost and Reserve [Line Items]
Personnel and Severance Related Expenses		$ 0	$ 1,824
Restructuring charges, location		Research and development	Research and development
Sales and marketing
Restructuring Cost and Reserve [Line Items]
Personnel and Severance Related Expenses		$ 0	$ 872
Restructuring charges, location		Sales and marketing	Sales and marketing
General and administrative
Restructuring Cost and Reserve [Line Items]
Personnel and Severance Related Expenses		$ 153	$ 1,170
Restructuring charges, location		General and administrative	General and administrative
Cost of subscription revenue
Restructuring Cost and Reserve [Line Items]
Personnel and Severance Related Expenses		$ 0	$ 64
Restructuring charges, location		Total cost of revenue	Total cost of revenue
Cost of hardware revenue
Restructuring Cost and Reserve [Line Items]
Personnel and Severance Related Expenses		$ 0	$ 94
Restructuring charges, location		Total cost of revenue	Total cost of revenue

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

- 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

Summary of Significant Accounting Policies - Schedule of Channel and Retail Partners Who Represented Greater Than 10% of Revenue or Accounts Receivable (Details) - Customer concentration risk	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue benchmark \| Channel Partner (Apple)
Concentration Risk [Line Items]
Concentration risk, percentage	52.00%	53.00%	53.00%
Revenue benchmark \| Channel Partner (Google)
Concentration Risk [Line Items]
Concentration risk, percentage	19.00%	18.00%	16.00%
Accounts receivable \| Channel Partner (Apple)
Concentration Risk [Line Items]
Concentration risk, percentage	48.00%
Accounts receivable \| Channel Partner (Google)
Concentration Risk [Line Items]
Concentration risk, percentage	10.00%	49.00%
Accounts receivable \| Data Partner A
Concentration Risk [Line Items]
Concentration risk, percentage		11.00%
Accounts receivable \| Retail Partner A
Concentration Risk [Line Items]
Concentration risk, percentage	17.00%	17.00%

- 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/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-20

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
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-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-18

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147482861/275-10-50-20

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 954
-SubTopic 310
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478785/954-310-50-2

+ Details

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Consolidated Balance Sheets - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Current Assets:

Cash and cash equivalents

$ 494,261

$ 159,238

Accounts receivable, net

^[1]

80,715

57,997

Inventory

9,867

8,057

Costs capitalized to obtain contracts, net

1,211

1,098

Prepaid expenses and other current assets

20,050

14,599

Total current assets

606,104

240,989

Restricted cash, noncurrent

1,567

1,221

Property and equipment, net

3,019

1,779

Costs capitalized to obtain contracts, noncurrent

869

1,049

Prepaid expenses and other assets, noncurrent

^[2],[3]

48,480

21,611

Operating lease right-of-use asset

335

683

Intangible assets, net

38,277

40,574

Goodwill

134,619

133,674

Deferred tax assets, net

126,418

Total Assets

959,688

441,580

Current Liabilities:

Accounts payable

8,411

5,463

Accrued expenses and other current liabilities

42,002

32,015

Deferred revenue, current

^[4]

46,377

39,860

Total current liabilities

96,790

77,338

Convertible notes, net, noncurrent

310,386

Deferred revenue, noncurrent

^[5]

4,330

5,338

Other liabilities, noncurrent

359

Total Liabilities

411,506

83,035

Commitments and Contingencies (Note 10)

Stockholders’ Equity

Common Stock, $0.001 par value; 500,000,000 shares authorized as of December 31, 2025 and December 31, 2024, respectively; 79,359,589 and 75,404,996 issued and outstanding as of December 31, 2025 and December 31, 2024, respectively

Additional paid-in capital

686,921

648,124

Accumulated deficit

(138,866)

(289,698)

Accumulated other comprehensive income

Total stockholders’ equity

548,182

358,545

Total Liabilities and Stockholders’ Equity

$ 959,688

$ 441,580

[1]	Includes related party receivables of $3 and $55 as of December 31, 2025 and December 31, 2024, respectively.
[2]	Includes $24,726 and zero measured using the fair value option as of December 31, 2025 and December 31, 2024, respectively, related to the Convertible Note Investment. Refer to Note 5, "Fair Value Measurements" for additional information.
[3]	The balance as of December 31, 2025 includes the $5,882 Related Party Investment and the $3,898 Related Party Warrant. The balance as of December 31, 2024 includes the $5,000 Related Party SAFE and the $3,898 Related Party Warrant. Refer to Note 5, "Fair Value Measurements" and Note 15, "Related-Party Transactions" for additional information.
[4]	Includes related party deferred revenue, current of $780 and $877 as of December 31, 2025 and December 31, 2024, respectively.
[5]	Includes related party deferred revenue, noncurrent of $2,242 and $3,021 as of December 31, 2025 and December 31, 2024, respectively.

Convertible Notes

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Convertible Notes

8. Convertible Notes

June 2025 Convertible Notes

In June 2025, the Company issued $320.0 million aggregate principal amount of 0.00% convertible senior notes due June 1, 2030. The June 2025 Convertible Notes are senior unsecured obligations and do not bear regular interest. Each $1,000 principal amount of the notes is initially convertible into 12.3501 shares of the Company’s common stock, which represents a conversion price of approximately $80.97 per share, subject to adjustment upon the occurrence of specified events. In certain circumstances, including conversions in connection with a make-whole fundamental change, the conversion rate may be increased, resulting in a conversion price as low as $61.11. However, the maximum number of shares issuable per $1,000 principal amount is capped at 16.3639, which is subject to the same adjustment provisions as the initial conversion rate.

The June 2025 Convertible Notes are convertible at the option of the holders prior to the close of business on the business day immediately preceding March 1, 2030, only under the following circumstances: (1) during any fiscal quarter (and only during such quarter) beginning after September 30, 2025, if the closing price of the Company’s common stock for at least 20 trading days in any 30 consecutive trading day period ending on the last trading day of the prior fiscal quarter is greater than or equal to 130% of the then-applicable conversion price; (2) during the five business days immediately following any 10 consecutive trading day period in which the trading price per $1,000 principal amount of notes was less than 98% of the product of the closing price of the Company’s common stock and the conversion rate on each applicable trading day, following a request for such determination by a holder; (3) if the Company calls the notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date; or (4) upon the occurrence of specified corporate events, such as certain mergers, reorganizations, or other changes of control.

The June 2025 Convertible Notes are convertible at the option of the holders on or after March 1, 2030, at any time prior to the close of business on the second scheduled trading day prior to the maturity date. Upon conversion, the Company will settle the principal portion of any June 2025 Convertible Notes in cash. Any amounts due on conversion over the principal portion may be settled, at the Company’s election, in cash, shares of common stock, or a combination thereof.

The Company may not redeem the June 2025 Convertible Notes prior to June 5, 2028. On or after that date, the Company may redeem all or a portion of the notes for cash if the closing price of the Company’s common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during a 30 consecutive trading day period ending on the trading day immediately preceding the date on which the Company provides notice of redemption. The redemption price will equal the principal amount of the notes to be redeemed, plus any accrued and unpaid interest up to, but excluding, the redemption date.

Upon the occurrence of a fundamental change, which includes certain change-of-control transactions, a delisting of the Company’s common stock, or a liquidation event, holders may require the Company to repurchase up to 100% of their notes, plus accrued and unpaid special interest, if any, to, but excluding, the fundamental change repurchase date for cash.

The Company accounts for the June 2025 Convertible Notes entirely as a liability in accordance with ASC 470-20, Debt with Conversion and Other Options, as amended by ASU 2020-06. The embedded conversion feature is not separately accounted for as it does not require bifurcation under ASC 815, Derivatives and Hedging, as it is considered clearly and closely related to the host debt contract and does not meet the criteria for derivative accounting. The notes were issued at par and are recorded net of debt issuance costs.

As of December 31, 2025, the June 2025 Convertible Notes are classified as noncurrent as the conditions allowing holders of the notes to convert have not been met and the notes are not redeemable until June 5, 2028. The balance has been recorded within convertible notes, net, noncurrent on the Company’s consolidated balance sheet.

The net carrying amount of the June 2025 Convertible Notes consists of the following (in thousands):


	As of December 31,
	2025
Principal	$	320,000
Unamortized debt issuance costs	(9,614)
Net carrying amount	$	310,386

The debt issuance costs are amortized to interest expense over the term of the June 2025 Convertible Notes using the effective interest rate method. The effective interest rate used to amortize the debt issuance costs is 0.68%. Interest expense recognized related to the June 2025 Convertible Notes was $1.3 million for the year ended December 31, 2025. Interest expense is included within other income (expense), net on the consolidated statements of operations and comprehensive income (loss).

The estimated fair value of the June 2025 Convertible Notes, which we classify as Level 2 financial instruments, was determined using observable market prices. As of December 31, 2025, the estimated fair value of the June 2025 Convertible Notes was $343.2 million.

June 2025 Capped Calls

In connection with the pricing of the June 2025 Convertible Notes, the Company entered into privately-negotiated capped call transactions with certain dealer counterparties (the “June 2025 Capped Calls”). The June 2025 Capped Calls have an initial strike price of approximately $80.97 per share, which corresponds to the initial conversion price of the June 2025 Convertible Notes and is subject to certain adjustments. The June 2025 Capped Calls have a cap price of $122.22 per share, which is also subject to certain adjustments. The $33.7 million cost incurred in connection with the June 2025 Capped Calls was recorded as a reduction to Additional paid-in capital on the Company’s consolidated balance sheet. This was partially offset by an $8.0 million increase to Additional paid-in capital related to the release of the associated valuation allowance as of December 31, 2025. Conditions triggering adjustments to the initial strike price and the initial cap price of these capped calls are similar to those causing adjustments for the June 2025 Convertible Notes.

The June 2025 Capped Calls are intended to reduce or offset potential dilution to our common stock upon any conversion of the June 2025 Convertible Notes, with this reduction or offset subject to the specified cap price. The June 2025 Capped Calls are separate transactions, and are not part of the terms of the June 2025 Convertible Notes. These transactions are classified as equity in accordance with ASC 815, Derivatives and Hedging, as they are (i) indexed to the Company’s own stock, (ii) settled in shares or permitted net-share settlement, and (iii) do not require net cash settlement. As such, the June 2025 Capped Calls have been recorded within stockholders’ equity and are not accounted for as derivatives.

July 2021 Convertible Notes

In July 2021, the Company issued the July 2021 Convertible Notes to investors with an underlying principal amount of $2.1 million. In June 2024, the July 2021 Convertible Notes were converted to common stock based on a fixed conversion price of $11.96 per share. At the time of conversion, the July 2021 Convertible Notes had an outstanding principal and accrued interest balance of $2.2 million. As a result of the conversion, 184,192 shares of common stock were issued to the holders in redemption of the outstanding July 2021 Convertible Notes. In June 2024, the fair value of the issued common stock was recorded within additional paid-in capital on the Company’s consolidated balance sheet and a $0.9 million loss on the settlement of the July 2021 Convertible Notes was recorded in other income (expense), net on the consolidated statements of operations and comprehensive income (loss). As of December 31, 2025 and 2024, the balance of the July 2021 Convertible Notes is zero on the Company’s consolidated balance sheets.

The Company recognized a total of zero, $0.1 million, and $0.4 million in non-cash interest expense related to the July 2021 Convertible Notes for the years ended December 31, 2025, 2024, and 2023, respectively.

September 2021 Convertible Notes

In September 2021, the Company issued $11.6 million representing the fair value of convertible notes (the “September 2021 Convertible Notes”) and $1.6 million of revesting convertible notes that vested over time. In April 2024, the holders of the September 2021 Convertible Notes elected to convert their notes and accrued interest to common stock based on a fixed conversion price of $22.50 per share. At the time of conversion, the September 2021 Convertible Notes had an outstanding principal and accrued interest balance of $3.5 million. As a result of the conversion, 157,685 shares of common stock with a fair value of $3.5 million were issued to the holders in redemption of the outstanding September 2021 Convertible Notes. In April 2024, the fair value of the issued common stock was recorded within additional paid-in capital on the Company’s consolidated balance sheet and a $0.5 million gain on settlement of the September 2021 Convertible Notes was recorded in other income (expense), net on the consolidated statements of operations and comprehensive income (loss). As of December 31, 2025 and 2024, the balance of the September 2021 Convertible Notes is zero on the Company’s consolidated balance sheets.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net Income (Loss) Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

17. Net Income (Loss) Per Share

The Company computes basic and diluted net income (loss) per share in conformity with ASC 260, Earnings per Share. Basic net income (loss) per share is calculated by dividing the net income (loss) by the weighted-average number of shares of common stock outstanding during the period.

Diluted net income (loss) per share reflects the potential dilution that could occur from securities that may result in the issuance of common stock and is calculated using the treasury stock method. Diluted weighted-average shares outstanding include the effect of potential dilutive securities outstanding during the period, including stock options, restricted stock units, warrants, and other similar equity-based securities, which are calculated using the treasury stock method, as well as convertible debt instruments, which are calculated using the if-converted method. Potential common shares are excluded from diluted net income (loss) per share when their effect would be antidilutive.

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


	Year Ended December 31,
	2025		2024		2023

Numerator:
Net income (loss)	$	150,832	$	(4,555)	$	(28,171)
Denominator:
Weighted-average shares used in computing net income (loss) per share, basic	77,251,239		72,125,571		66,748,542
Net income (loss) per share, basic	$	1.95	$	(0.06)	$	(0.42)


	Year Ended December 31,
	2025		2024		2023

Numerator:
Net income (loss)	$	150,832	$	(4,555)	$	(28,171)


Denominator:
Weighted-average shares used in computing net income (loss) per share, basic	77,251,239		72,125,571		66,748,542
Effect of dilutive securities:
June 2025 Convertible Notes	43,432		—		—
Outstanding options, RSUs, and warrants	7,877,744		—		—
Adjusted weighted-average shares used in computing net income (loss) per share, diluted	85,172,415		72,125,571		66,748,542
Net income (loss) per share, diluted	$	1.77	$	(0.06)	$	(0.42)

The potential shares of common stock that were excluded from the computation of diluted net income (loss) per share for the periods presented because including them would have been antidilutive are as follows:


	Year Ended December 31,
	2025	2024	2023

Issuances under stock incentive plan, stock options	—	5,673,947	6,625,812
Issuances upon exercise of common stock warrants	—	7,761	137,658
Issuances upon vesting of restricted stock units	106,496	5,091,601	6,182,543
Issuances upon conversion of convertible notes	—	—	325,981
Total	106,496	10,773,309	13,271,994

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation and Consolidation

The consolidated financial statements and accompanying notes have been prepared in accordance with generally accepted accounting principles in the U.S., or (“GAAP”), are presented in U.S. dollars unless otherwise stated, and include the accounts of the Company and its wholly owned subsidiaries. All inter-company transactions and balances have been eliminated.

During the current period, the Company revised its presentation of Interest income in the consolidated statements of operations and comprehensive income (loss) to provide more meaningful information to financial statement users. Previously, Interest income was included within Other income (expense), net. Comparative prior period amounts have been reclassified to conform to the current period presentation. The reclassification had no impact on net income (loss).

Use of Estimates

The preparation of the Company’s 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, including market-based restricted stock units (“MRSUs”);

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

•legal contingencies;

•impairment of long-lived assets and goodwill;

•valuation of non-cash consideration, contingent consideration, investments, 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.

Recently adopted accounting pronouncements

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU 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, and can be applied either retrospectively or prospectively. The Company adopted the ASU and has opted for retrospective application to our income tax disclosures as presented in Note 14, "Income Taxes". The adoption of this ASU did not have a material impact on the Company’s financial position or results of operations. Prior-year income tax disclosures for 2024 and 2023 have been updated to conform to the current period presentation.

Accounting pronouncements not yet adopted

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270) Narrow-Scope Improvements. The ASU clarifies and reorganizes interim reporting guidance, including disclosure requirements related to events occurring since the end of the most recent annual reporting period, and improves the presentation and usability of interim financial statement disclosures. The ASU is effective for interim reporting periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this ASU on its interim financial reporting and does not expect the adoption of this ASU to have a material impact on its consolidated financial statements.

In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract. The ASU narrows the scope of derivative accounting by excluding certain non-exchange-traded contracts whose terms are based on the normal operations or activities of one of the parties, and clarifies that share-based noncash consideration received from a customer in a revenue contract should be accounted for under ASC 606 until the right to the consideration becomes unconditional. The ASU is effective for annual periods beginning after December 15, 2026, and interim periods within those annual periods, with early adoption permitted. The Company does not expect the adoption of this ASU to have a material impact on its financial position or results of operations.

In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The ASU eliminates project stages and requires software cost capitalization to begin after management has authorized and committed to funding the software project and it is probable the project will be completed and used to perform the function intended. The ASU also requires additional property, plant and equipment disclosures for all capitalized software costs. The ASU is effective for annual periods beginning after December 15, 2027, and interim periods within those years, with early adoption permitted. The Company is currently evaluating the impact of this ASU on its consolidated financial statements and related disclosures.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The ASU introduces a practical expedient for estimating expected credit losses on current accounts receivable and current contract assets arising from revenue transactions from contracts with customers. The ASU is effective for annual periods beginning after December 15, 2025, and interim periods within those annual periods, with early adoption permitted. The Company is currently evaluating the impact of this ASU on its consolidated financial statements and related disclosures.

In November 2024, the FASB issued 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.

Revenue Recognition

The Company generates revenue from direct and indirect streams. Direct revenue includes subscription and hardware revenue, while indirect revenue consists of all other revenue sources, such as data and partnership, which includes advertising.

The Company recognizes revenue upon transfer of control of promised goods or services to customers at transaction price, an amount that reflects the consideration the Company expects to receive in exchange for those goods or services. Transaction price is calculated as the net selling price of variable consideration, which may include estimates for future returns and sales incentives related to current period revenue. The Company determines revenue recognition through the following steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer.

Subscription Revenue

The Company’s subscription revenue is comprised of Life360 mobile application subscriptions and premium subscription service plans for hardware tracking devices. The Company’s subscription contracts with customers are established at the point of mobile application download and purchase as indicated through acceptance of the Company’s Terms of Use. The Company’s subscription agreements generally have monthly or annual contractual terms and are billed and paid in advance.

The cloud-based subscriptions are considered single combined performance obligations, consisting of multiple features that can be purchased separately, but which are bundled together and delivered to the customer as a combined output. The Company provides its customers with technical support along with unspecified updates and upgrades to the platform on an if and when available basis.

The premium subscription plan for hardware tracking devices is a distinct and separate performance obligation from the hardware. Subscription fees are fixed and recognized on a straight-line basis over the non-cancellable contractual term of the agreement, generally beginning on the date that the Company’s service is made available to the customer. The Company recognizes revenues on a straight-line basis because the customer receives and consumes the benefits of the service ratably throughout the contractual period. The Company’s contracts are generally non-cancelable and do not provide for refunds to customers in the event of cancellations.

Hardware Revenue

The Company’s hardware revenue consists of hardware and accessories, embedded software, customer support and unspecified upgrades and updates on a when and if-available basis, and includes amounts generated from a partnership with a related party, as described in Note 15, "Related-Party Transactions". The Company’s hardware and embedded operating system are considered one performance obligation as the embedded operation system is integral to the functionality of the hardware and only combined produce the essential functionality of the hardware. Revenue for the hardware and embedded software performance obligation is recognized when control is transferred to the customer. The allocated value of the unspecified updates and upgrades and customer support are recognized as hardware revenue ratably over the estimated economic life of the hardware. The Company offers certain rights of return and estimates return reserves based on historical experience, and the reserves are recorded as a reduction of revenue and an accrued liability. Amounts billed to customers for shipping and handling are classified as revenue, and the Company’s related shipping and handling costs incurred are classified as cost of revenue. Sales taxes collected from customers and remitted to respective governmental authorities are recorded as liabilities and are not included in revenue. The customers are billed upon shipment of hardware tracking devices.

The premium subscription service plans available for hardware tracking devices are separate and distinct from hardware performance obligations and are included in subscription revenue.

Other Revenue

The Company’s other revenue consists of data and partnership revenue, which includes advertising revenue.

Data revenue is generated primarily through an arrangement with a key data partner that provides location-based analytics to customers in the retail and real estate sectors, municipalities, and other private and public organizations (“Data Partner”). In January 2022, the Company announced a partnership agreement with a Data Partner, a prominent provider of aggregated analytics for the retail ecosystem, in which executives of the Company have an immaterial ownership interest through a passive investment vehicle. This agreement was amended and restated in August 2024, and the term was extended for a period of five years. As part of this partnership, the Data Partner will provide data processing and analytics services to the Company and will have the right to commercialize aggregated data related to place visits during the agreement term. The partnership agreement includes fixed and variable monthly revenue amounts, as well as quarterly minimum guarantees, for access to aggregated data for the duration of the five-year agreement. The Company has an obligation to provide aggregated user data over the term of the partnership agreement and recognizes revenue ratably over the performance period as data is delivered. In connection with the original agreement, the Data Partner issued the Company a warrant to purchase up to 5,100,167 shares of Series C Preferred Stock of the Data Partner (the “Data Revenue Partner Warrant”) at an exercise price of $4.90 per share. The Company estimates and includes variable consideration related to the Data Revenue Partner Warrant, in the transaction price at contract inception to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The partnership agreement has standard payment terms that require payment within 30 days.

The grant of the Data Revenue Partner Warrant is considered non-cash consideration, which the Company measured at fair value on the date of issuance. The warrant was valued using a Black-Scholes option pricing model, and the fair value at issuance of approximately $5.4 million has been included as variable consideration in the transaction price of the data partnership agreement, and is 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. Refer to the "Investments" section below for additional information regarding the Company's Data Revenue Partner Warrant.

Data revenue was $32.7 million, $26.6 million, and $21.6 million for the years ended December 31, 2025, 2024, and 2023, respectively.

Partnership revenue includes lead generation offerings and agreements with third parties that allow access to anonymized data insights or advertising on the Company’s mobile platform. Under these agreements, the Company may earn a percentage of the revenue generated from data insights or advertising spend. Revenue is recorded on a gross basis if the Company acts as the principal in the transaction, or a net basis if the Company acts as the agent. Variable amounts earned from partnership revenue arrangements are allocated to the month in which the partner’s related revenue is generated or advertising is delivered.

Partnership revenue also includes revenue related to the Company’s partnership with a related party. In 2024, the Company entered into a strategic partnership and series of transactions with a related party, including a partnership and revenue share agreement (the “Related Party Agreement”). Refer to Note 15, "Related-Party Transactions" for additional information. The Related Party Agreement includes revenue-share payments in which the related party will pay the Company a percentage of revenues earned from leveraging the new global location-tracking network service offering. In connection with the Related Party Agreement, the related party issued the Company a warrant to purchase up to 6,147,574 shares of its common stock at an exercise price of $0.46 per share (the “Related Party Warrant”). The Company estimates and includes variable consideration related to the Related Party Warrant, in the transaction price at contract inception to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The Related Party Agreement has standard payment terms that require payment within 30 days.

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. As of December 31, 2025, 2,049,191 shares of the Related Party Warrant have vested. The warrant was valued using a Black Scholes option-pricing model, and the fair value of approximately $3.9 million has been included as consideration in the transaction price of the Related Party Agreement, and 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 $0.9 million, zero, and zero in other revenue on the consolidated statements of operations and comprehensive income (loss) in connection with the Related Party Warrant during the years ended December 31, 2025, 2024, and 2023, respectively.

Partnership revenue was $35.7 million, $9.4 million, and $3.9 million for the years ended December 31, 2025, 2024, and 2023, respectively.

Performance Obligations

Some of the Company’s contracts with customers contain multiple performance obligations, primarily hardware and subscription services for hardware tracking devices and hardware bundles (bundled Life360 subscription and hardware offerings). For these contracts, the Company accounts for individual performance obligations separately if they are distinct and distinct within the context of the contract. The transaction price is allocated to the separate performance obligations on a relative stand-alone selling price (“SSP”) basis with the amounts allocated to ongoing services deferred and recognized over a period of time and amounts allocated to hardware tracking devices recognized at a point-in time with a portion of the consideration being allocated to application usage (maintenance) and support. The Company determines SSP based on observable, if available, prices for those related goods and services when sold separately. When such observable prices are not available, the Company determines SSP based on multiple factors including consumer behaviors, the Company’s internal pricing model, and relative costs incurred plus a normal margin. The factors may vary depending on the facts and circumstances related to each performance obligation.

Our hardware sales arrangements typically contain multiple performance obligations, consisting of the hardware sale, application usage, hardware support, and in some cases, premium subscriptions. The Company provides warranties of up to twelve months for products with manufacturing defects or hardware failures. As part of Tile Premium subscriptions, the Company offers warranties to end-users covering the contractual service period (up to 3 years) for products with manufacturing defects or hardware failures. The warranties are not sold separately and do not represent separate performance obligations. Payment terms and conditions vary by contract type and are billed either in advance or have a standard payment term generally requiring payment within 30 to 60 days. Therefore, such warranties are accounted for under ASC 460, Guarantees, and the estimated costs of warranty claims are generally accrued as cost of revenue in the period the related revenue is recorded.

Variable Consideration

The Company recognizes hardware revenue at the net sales price, which includes certain estimates for variable consideration with its customers. The Company’s variable consideration is primarily in the form of promotional agreements and marketing development fund agreements related to the hardware tracking devices.

These agreements are designed to enhance the sale of the Company’s products and consist of incentives to the Company’s customers. The Company estimates variable consideration using the expected value method. All forms of variable consideration are recorded as contra-revenue and a corresponding liability in its consolidated balance sheets. These estimates are based on the Company’s incentive program experience, historical and projected sales data and current contractual terms. The remaining portion of this liability is based on contractual amounts and does not require estimation.

Remaining Performance Obligations

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 $207.1 million as of December 31, 2025, of which the Company expects 43% to be recognized over the next twelve months.

Cost of Revenue

Cost of subscription revenue primarily consists of expenses related to hosting the Company’s services and providing support to the Company’s free members and paying subscribers. These expenses include personnel-related costs associated with the Company’s cloud-based infrastructure and the Company’s customer support organization, third-party hosting fees, software and maintenance costs, outside services associated with the delivery of subscription services, amortization of acquired intangibles and allocated overhead, such as facilities, including rent, utilities, depreciation on equipment shared by all departments, credit card and transaction processing fees, and shared information technology costs. Personnel-related expenses include salaries, bonuses, benefits, and stock-based compensation for operations personnel.

Cost of hardware revenue consists of product costs, including hardware production, contract manufacturers for production, shipping and handling, packaging, fulfillment, personnel-related expenses, manufacturing and equipment depreciation, warehousing, tariff costs, customer support costs, credit card and transaction processing fees, warranty replacement, and write-downs of excess and obsolete inventory. Personnel-related expenses include salaries, bonuses, benefits, and stock-based compensation for operations personnel.

Cost of other revenue includes cloud-based hosting costs, as well as costs of product operations functions and personnel-related costs associated with the Company’s data and advertising platforms. Personnel-related expenses include salaries, bonuses, benefits, and stock-based compensation for operations personnel.

Costs Capitalized to Obtain Contracts

Costs capitalized to obtain contracts are comprised of commission payments in connection with annual subscription sales of the Company’s mobile application through a third-party store platform. These costs that are incremental and directly related to new customer sales contracts are accrued and capitalized upon execution of a non-cancelable customer contract, and subsequently expensed over the estimated period of benefit, which is currently estimated to be three years. The Company has elected the practical expedient under ASC 340-40 to expense incremental costs of obtaining a contract if the amortization periods is one year or less.

Accounts Receivable and Allowances

Accounts receivable are recorded at the invoiced amount, net of allowance for credit losses. The allowance for credit losses is based on the Company’s assessment of the collectibility of accounts by considering the age of each outstanding invoice, the collection history of each customer, and an evaluation of the current expected risk of credit loss based on current economic conditions and reasonable and supportable forecasts of future economic conditions over the life of the receivable. The Company assesses collectibility by reviewing accounts receivable on an aggregated basis where similar characteristics exist and on an individual basis when specific customers with collectibility issues are identified. As of December 31, 2025 and 2024, the allowance for credit losses was $0.1 million and $0.4 million, respectively. For the years ended December 31, 2025, 2024, and 2023, respectively, the provision for credit losses expense was $0.8 million, $0.3 million, and zero.

Included in accounts receivable, net are unbilled receivables, which are amounts that have not yet been invoiced to customers as of the balance sheet date, but are contractually owed to the Company.. As of December 31, 2025 and 2024, unbilled receivables were $10.3 million and $5.5 million, respectively.

Inventory and Contract Manufacturing

Inventory is comprised of raw materials and finished goods related to hardware tracking devices and accessories. Inventory is stated at the lower of cost or net realizable value on a weighted average basis. The Company assesses the valuation of inventory and writes down the value for estimated excess and obsolete inventory based upon estimates of future demand and market conditions.

The Company outsources a significant portion of its manufacturing to an independent contract manufacturer in Asia. A significant portion of its cost of revenue consists of inventory purchased from this manufacturer. The Company’s inventory is held at third party warehouses and the contract manufacturer premises. The Company’s manufacturer procures components and manufactures the Company’s products based on the demand forecasts provided. These forecasts are based on estimates of future demand for the Company’s products, which are in turn based on historical trends and an analysis from the Company’s sales and marketing organizations, adjusted for overall market conditions. Shipments of inventory from the contract manufacturer are recorded as finished goods inventory upon shipment when title and the significant risks and reward of ownership have passed to the Company.

Concentrations of Risk and Significant Customers

The Company’s business, operations, and financial results are subject to various risks and uncertainties, including adverse global economic conditions and competition in the Company’s industry that could adversely affect the Company’s business, financial conditions, results of operations and cash flows. These important factors, among others, could cause actual results to differ materially from any future results.

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 and partnership 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 U.S. and internationally. Channel and retail partners account for the majority of the Company’s revenue and accounts receivable for all periods presented.

The following tables set forth the information about Channel Partners that processed revenue transactions and retail partners who accounted for more than 10% of revenue or accounts receivable, respectively:


	Percentage of Revenue
	Year Ended December 31,
	2025		2024		2023
Channel Partner (Apple)	52	%	53	%	53	%
Channel Partner (Google)	19	%	18	%	16	%

* Represents less than 10%


	Percentage of Gross Accounts Receivable
	As of December 31,
	2025		2024
Channel Partner (Apple)	48	%	*
Channel Partner (Google)	10	%	49	%
Data Partner A	*		11	%
Retail Partner A	17	%	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.

Research and Development Costs

The Company charges costs related to research and development which consist primarily of personnel-related costs for its engineering, product, and design teams, material costs of building and developing prototypes for new products, mobile app development, and allocated overhead.

Sales and Marketing Costs

The Company’s sales and marketing expenses consist primarily of commissions to Channel Partners, personnel-related costs, brand marketing costs, lead generation costs, sales incentives, sponsorships, amortization of acquired intangibles, bad debt expense, and allocated overhead. Commission payments to Channel Partners in connection with annual subscription sales of the Company’s mobile application on third-party store platforms are considered to be incremental and recoverable costs of obtaining a contract with a customer and are either expensed as incurred or deferred and amortized over an estimated period of benefit of three years depending on the subscription type.

Advertising Expense

Advertising expenses are recorded in the period in which cost is incurred, and are presented within sales and marketing expense on the consolidated statements of operations. Advertising expense was $36.1 million, $23.8 million, and $28.6 million for the years ended December 31, 2025, 2024 and 2023, respectively.

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 $1.6 million and $1.2 million as of December 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.

Fair Value of Financial Instruments

The Company measures and reports certain assets and liabilities 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 Company measures certain non-marketable equity securities and warrant investments at fair value on a nonrecurring basis in accordance with ASC 321, Investment - Equity Securities. Instruments are remeasured to fair value when observable price changes in orderly transactions for an identical or a similar investment of the same issuer occur.

The three levels of inputs that 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 recorded carrying amounts of certain financial instruments, including cash and cash equivalents, prepaid expenses, accounts payable, and accounts receivable as of December 31, 2025 and December 31, 2024, approximate fair value due to their short-term maturities. Refer to Note 5, "Fair Value Measurements" and Note 7, "Balance Sheet Components" for additional information on the assets and liabilities measured at fair value.

Property and Equipment, net

Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets. Equipment, computer software, furniture, and product manufacturing equipment, which includes construction-in-process that is capitalized and depreciated when placed into service, have estimated useful lives ranging from three to five years. Leasehold improvements are amortized on a straight-line basis over the lesser of the estimated useful life or the term of the lease with expected renewals.

Costs of maintenance and repairs that do not improve or extend the lives of the respective assets are expensed as incurred. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the balance sheets and the resulting gain or loss is reported in other income (expense), net in the period realized.

Internally Developed Software

For development costs related to internally developed software projects, including costs incurred in connection with the development of new features added to the Life360 app, the Company capitalizes costs incurred during the application development stage, which begins after the completion of the preliminary project phase and when it is probable that the project will be completed and used as intended. Capitalized costs include personnel and related expenses for employees and fees paid to third-party contractors and vendors directly involved in the development effort. The capitalization of costs stops once the software is substantially complete and ready for its intended use. Costs related to preliminary project activities and post implementation activities are expensed as incurred. Internally developed software is amortized to cost of subscription revenue on a straight-line basis over its estimated useful life, which is generally three years. The Company capitalized $7.0 million, $4.7 million, and $1.7 million during the years ended December 31, 2025, 2024 and 2023, respectively. Capitalized costs are included within intangible assets, net on the consolidated balance sheets.

Lease Obligation

Operating lease right-of-use (“ROU”) assets and lease liabilities are recognized at the present value of the future lease payments at commencement date. The interest rate implicit in the Company’s operating leases is not readily determinable, and therefore an incremental borrowing rate is estimated to determine the present value of future payments. The estimated incremental borrowing rate factors in a hypothetical interest rate on a collateralized basis with similar terms, payments, and economic environments. Operating lease ROU assets also include any prepaid lease payments and lease incentives. ROU assets are assessed for impairment in accordance with ASC 360 whenever events or changes in circumstances indicate the carrying value may not be recoverable. As of December 31, 2025, 2024, 2023, respectively, no impairment expense related to ROU assets has been recognized.

The operating lease agreement contains rent concession, rent escalation, and option to renew provisions. Rent concession and rent escalation provisions are considered in determining the straight-line single lease cost to be recorded over the lease term. Single lease cost is recognized on a straight-line basis over the lease term commencing on the date the Company has the right to use the leased property. The lease term includes the option to extend or terminate the lease. The Company generally uses the base, non-cancellable, lease term when recognizing the lease assets and liabilities, unless it is reasonably certain that the renewal option will be exercised.

In addition, the Company’s operating lease agreement contains tenant improvement allowances from its landlord. These allowances are accounted for as lease incentives and decrease the Company’s ROU asset and reduce single lease cost over the lease term. Refer to Note 7, "Balance Sheet Components" for additional lease disclosures.

Restructuring and Other Charges

Restructuring generally includes significant actions involving employee-related severance charges, facilities consolidation, and contract termination costs. Employee-related severance charges are largely based upon substantive severance plans, while some are mandated requirements in certain foreign jurisdictions. Severance costs generally include severance payments, outplacement services, health insurance coverage, and legal costs. These charges are reflected in the period when both the actions are probable, at the balance sheet date, and the amounts are reasonably estimable.

On January 12, 2023, the Company announced a workforce restructure which resulted in a reduction of the Company’s workforce of approximately 14%. The Company incurred $0.2 million, and $4.0 million in non-recurring personnel and severance related expenses in connection with the restructuring during the years ended December 31, 2024 and 2023 respectively. As of December 31, 2024, all expenses incurred had been paid.

The restructuring costs are recognized in the consolidated statements of operations for the years ended December 31, 2024 and 2023 are as follows (in thousands). The Company did not incur non-recurring personnel and severance related expenses during the year ended December 31, 2025.


	Personnel and Severance Related Expenses
	Year Ended December 31,
		2024		2023
Cost of subscription revenue		$	—	$	64
Cost of hardware revenue		—		94
Research and development		—		1,824
Sales and marketing		—		872
General and administrative		153		1,170
Total		$	153	$	4,024

Business Combinations

The Company uses best estimates and assumptions to assign a fair value to the tangible and intangible assets acquired and liabilities assumed in business combinations as of the acquisition date. These estimates are inherently uncertain and subject to refinement. During the measurement period, which may be up to one year from the acquisition date, adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed may be recorded, with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Company’s consolidated statements of operations.

Goodwill

Goodwill represents the excess of the purchase price in a business combination over the fair value of net tangible and intangible assets acquired and reflects benefits from assets not individually identifiable, including anticipated synergies and growth opportunities. Goodwill amounts are not amortized but are tested for impairment annually as of October 31 of each year, or more frequently if indicators of impairment exist. There was no impairment of goodwill during the years ended December 31, 2025, 2024 and 2023.

Intangible Assets, net

Intangible assets, including acquired, trade names, customer relationships, acquired developed technology, and internally developed software are carried at cost and amortized on a straight-line basis over their estimated useful lives. The Company determines the appropriate useful life of the Company’s intangible assets by measuring the expected cash flows of acquired assets. There was no impairment of intangible assets recorded during the years ended December 31, 2025, 2024 and 2023.

Impairment of Long-Lived Assets

The Company assesses the impairment of long-lived assets, such as property and equipment subject to depreciation and acquired intangibles subject to amortization, when events or changes in circumstances indicate that their carrying amount may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset.

The Company reviews long-lived assets for impairment at least annually, or more frequently if events or changes in circumstances would more likely than not reduce the fair value of its single reporting unit below its carrying value. There was no impairment of long-lived assets recognized during the years ended December 31, 2025, 2024 and 2023.

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. Deferred revenue also includes balances related to future performance obligations for hardware and other revenue. Amounts anticipated to be recognized within one year of the balance sheet date are recorded as deferred revenue, current; the remaining portion is recorded as deferred revenue, noncurrent in the consolidated balance sheets.

Investments

Investments relate to non-marketable equity securities held in privately held companies without readily determinable market values. Investments in non-public businesses that do not have readily determinable pricing, and for which the Company does not have control or does not exert significant influence, are carried at cost less impairments, if any, plus or minus changes in observable prices for those investments. Gains or losses resulting from changes in the carrying value of these investments are included as non-operating expenses on the Company’s consolidated statements of operations and comprehensive income (loss).

Data Revenue Partner Warrant

The Data Revenue Partner Warrant is a non-marketable equity security consisting of a warrant held to purchase shares of preferred stock of a Data Revenue Partner. Refer to the “Revenue Recognition” section above for additional information. In September 2024, an observable price change of the Data Revenue Partner Warrant took place. This resulted in a $5.4 million increase in the investment asset value and a corresponding gain on fair value adjustment recorded in other income (expense), net in the consolidated statements of operations and comprehensive income (loss). There was no gain or loss associated with the Data Revenue Partner Warrant in 2025. The carrying value of the Company’s investment in the Data Revenue Partner Warrant is included in prepaid expenses and other assets, noncurrent in the consolidated balance sheets. As of December 31, 2025 and 2024, the balance was $10.9 million and $10.9 million, respectively.

Related Party Simple Agreement for Future Equity (“SAFE”) Conversion to Related Party Investment

In December 2024, the Company entered into a SAFE with a related party and invested $5.0 million (the “Related Party SAFE”). Under the terms of the SAFE, the Company holds the right to receive equity upon the occurrence of specified future events. For additional information, refer to Note 15, "Related-Party Transactions". In April 2025, the Related Party SAFE was converted into shares of preferred stock in the related party (the “Related Party Investment”). As of December 31, 2024, the Related Party SAFE had a carrying balance of $5.0 million, and as of December 31, 2025, the Related Party Investment had a carrying balance of $5.9 million. Both investments are included in prepaid expenses and other assets, noncurrent on the consolidated balance sheets. Refer to Note 5, "Fair Value Measurements" for additional information on the conversion of the Related Party SAFE to the Related Party Investment.

Related Party Warrant

The Related Party Warrant is a non-marketable equity security consisting of a warrant held to purchase shares of common stock of a related party. Refer to the “Revenue Recognition” section above and Note 15, "Related-Party Transactions" for further details. As of December 31, 2025 and 2024, the carrying value of the Company’s investment in the Related Party Warrant is $3.9 million and is included in prepaid expenses and other assets, noncurrent on the consolidated balance sheets.

Convertible Note Investment

In May 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 $25.0 million convertible note investment by the Company into Aura (“Convertible Note Investment”). The note bears zero interest and matures on May 12, 2030. The principal is due at maturity and includes both optional and mandatory conversion features, which may result in conversion into the issuer’s equity upon the occurrence of specific events, including financing events, change in control, or at maturity. The Company elected to apply the fair value option in accordance with ASC 825, Financial Instruments, to account for the hybrid instrument as a single financial instrument. As a result, the entire instrument is measured at fair value, with changes in fair value recognized in the consolidated statements of operations and comprehensive income (loss) within other income (expense). The Convertible Note Investment is included within prepaid expenses and other assets, noncurrent on the consolidated balance sheets.

The Company classifies the Convertible Note Investment as Level 3 due to the absence of relevant observable inputs. The fair value of the Convertible Note Investment was estimated using a scenario-based, probability-weighted option pricing model. Significant assumptions include the discount rate as well as the timing and probability weighting of each settlement scenario.

Common Stock Warrants

The Company has issued freestanding warrants to purchase shares of common stock in connection with certain debt financing transactions. The warrants are recorded as equity instruments at the grant date fair value using the Black-Scholes option pricing model and are not subject to revaluation at each balance sheet date.

Stock-Based Compensation

The Company maintains an equity incentive plan under which various types of equity-based awards are granted. The Plan allows the Company to grant restricted stock units (“RSUs”), which include time-based, performance-based, and market-based restricted stock units, restricted stock, as well as 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 Company accounts for stock-based compensation in accordance with ASC 718, Compensation—Stock Compensation, and recognizes stock-based compensation expense based on the grant-date fair value of the awards. The fair value of RSUs and restricted stock awards is based on the fair value of the Company’s common stock on the grant date. For RSUs with market-based vesting conditions, the Company estimates fair value using a Monte Carlo simulation model. The fair value of stock options is determined using the Black-Scholes option pricing model.

Stock-based compensation expense is recognized over the requisite service period of the awards, which is generally three to four years. Awards with time-based vesting conditions, including RSUs, restricted stock, and stock options, are recognized on a straight-line basis. Awards with performance-based vesting conditions are recognized using an accelerated attribution method when achievement of the performance condition is considered probable and are reassessed each reporting period. Awards with market-based vesting conditions are recognized over the requisite service period and are not adjusted for actual performance outcomes. The Company accounts for forfeitures as they occur.

Refer to Note 13, "Equity Incentive Plan" for further details.

Foreign Currency

The functional currency of the Company’s foreign subsidiary is the respective local currency. Translation adjustments arising from the use of a differing exchange rate from period to period are included in accumulated other comprehensive income (loss) within the consolidated statements of stockholders’ equity. Foreign currency transaction gains and losses are included in other income (expense), net in the consolidated statements of operations and were not material during the years ended December 31, 2025, 2024 or 2023. All assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the exchange rate on the balance sheet date. Revenue and expenses are translated at the average exchange rate during the period.

Income Taxes

The Company accounts for income taxes under the asset and liability method. The Company estimates actual current tax exposure together with assessing temporary differences resulting from differences in accounting for reporting purposes and tax purposes for certain items, such as accruals and allowances not currently deductible for tax purposes. These temporary differences result in deferred tax assets and liabilities, which are included in the Company’s balance sheets. In general, deferred tax assets represent future tax benefits to be received when certain expenses previously recognized in the Company’s statements of operations and comprehensive income (loss) become deductible expenses under applicable income tax laws or when net operating loss or credit carryforwards are utilized. Accordingly, realization of the Company’s deferred tax assets is dependent on future taxable income against which these deductions, losses and credits can be utilized.

The Company must assess the likelihood that the Company’s deferred tax assets will be recovered from future taxable income, and to the extent the Company believes that recovery is not likely, the Company establishes a valuation allowance. To the extent recovery is not considered likely, any previously established valuation allowance is released in the period such determination is made. The assessment of whether a valuation allowance is required often requires significant judgment including current and historical operating results, the forecast of future taxable income and on-going prudent and feasible tax planning initiatives.

The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. The Company did not accrue any interest or penalties related to income tax positions during the years ended December 31, 2025, 2024, and 2023.

Net Income (Loss) Per Share

Diluted net income (loss) per share reflects the potential dilution that could occur from securities that may result in the issuance of common stock and is calculated by dividing net income (loss) by the diluted weighted-average number of shares outstanding. Diluted weighted-average shares outstanding include the effect of potential dilutive securities outstanding during the period, including stock options, restricted stock units, warrants, and other similar equity-based securities, which are calculated using the treasury stock method, as well as convertible debt instruments, which are calculated using the if-converted method. Potential common shares are excluded from diluted net income (loss) per share when their effect would be antidilutive.

Refer to Note 17, "Net Income (Loss) Per Share" for further details.

Related-Party Transactions - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands

1 Months Ended

12 Months Ended

Nov. 12, 2024

Jun. 06, 2024

Dec. 31, 2024

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Total revenue

$ 489,481

$ 371,484

$ 304,518

Total cost of revenue

108,639

92,327

81,881

Accounts receivable, net

^[1]

$ 57,997

80,715

57,997

Deferred revenue, current

^[2]

39,860

46,377

39,860

Deferred revenue, noncurrent

^[3]

5,338

4,330

5,338

Related Party SAFE

(5,000)

Gain on change in fair value of investments

^[4]

609

5,389

Underwriting discounts and commissions

6,292

Other expense

^[5]

481

7,217

(145)

U.S. IPO

Shares issued (in shares)

3,703,704

Sale of stock, price (in usd per share)

$ 27.00

Proceeds after deducting underwriting discounts and commissions

$ 93,000

Underwriting discounts and commissions

$ 7,000

U.S. IPO | Selling Securityholders

Shares issued (in shares)

2,908,796

Over-Allotment Option

Shares issued (in shares)

862,500

Related Party Warrant

Long-term investments

3,898

Related Party SAFE

Long-term investments

5,000

Related Party Investment

Long-term investments

5,882

Cost of hardware revenue

Total revenue

^[6]

51,816

57,589

58,178

Total cost of revenue

^[7]

51,175

47,225

47,384

Cost of other revenue

Total revenue

^[8]

68,412

36,050

25,546

Total cost of revenue

6,496

4,088

3,522

Accounts receivable, net

$ 3

Investment in warrants (in shares)

6,147,574

Carrying value of warrants

3,900

$ 3,900

3,900

Deferred revenue, current

877

780

877

Deferred revenue, noncurrent

3,021

2,242

3,021

Related Party SAFE

5,000

Gain on change in fair value of investments

882

Other expense

5,498

Related Party | Related Party Warrant

Long-term investments

3,898

Related Party | Related Party SAFE

Long-term investments

5,000

Long-term investments

5,000

5,882

5,000

Total revenue

195

Total cost of revenue

137

Related Party | Cost of other revenue

Total revenue

890

Hubble Network, Inc | Related Party SAFE

Gain on change in fair value of investments

$ 900

Hubble Network, Inc | Related Party

Technology exclusivity and revenue sharing agreement, term

5 years

Accounts receivable, net

100

Investment in warrants (in shares)

2,049,191

Deferred revenue, current

900

$ 800

900

Deferred revenue, noncurrent

3,000

2,200

3,000

Hubble Network, Inc | Related Party | Related Party Warrant

Long-term investments

$ 3,900

3,900

Hubble Network, Inc | Related Party | Cost of hardware revenue

Revenue, price calculation, percentage over cost of goods sold

12.50%

Total revenue

$ 200

100

Total cost of revenue

100

Hubble Network, Inc | Related Party | Cost of other revenue

Total revenue

$ 900

$ 0

[1]	Includes related party receivables of $3 and $55 as of December 31, 2025 and December 31, 2024, respectively.
[2]	Includes related party deferred revenue, current of $780 and $877 as of December 31, 2025 and December 31, 2024, respectively.
[3]	Includes related party deferred revenue, noncurrent of $2,242 and $3,021 as of December 31, 2025 and December 31, 2024, respectively.
[4]	Includes a related party gain of $882, zero, and zero for the years ended December 31, 2025, 2024, and 2023, respectively.
[5]	Includes related party other expense of zero, $5,498, and zero for the years ended December 31, 2025, 2024, and 2023, respectively.
[6]	Includes related party revenue of $195, $55, and zero for the years ended December 31, 2025, 2024, and 2023, respectively.
[7]	Includes related party cost of revenue of $137, zero, and zero for the years ended December 31, 2025, 2024, and 2023, respectively.
[8]	Includes related party revenue of $890, zero, and zero for the years ended December 31, 2025, 2024, and 2023, respectively.

Common Stock

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Common Stock

11. Common Stock

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


	As of December 31,
	2025	2024

Issuances under stock incentive plan, stock options	4,108,029	5,673,947
Issuances upon exercise of common stock warrants	—	7,761
Issuances upon vesting of restricted stock units	4,294,367	5,091,601

Shares reserved for shares available to be granted but not granted yet	15,118,992	12,815,029
	23,521,388	23,588,338

- Definition

The entire disclosure for equity.

+ References

+ Details

Balance Sheet Components- Schedule of Accounts Receivable, Net (Details) - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Accounts receivable

$ 80,809

$ 58,391

Allowance for credit losses

(94)

(394)

Total accounts receivable, net

^[1]

$ 80,715

$ 57,997

[1]	Includes related party receivables of $3 and $55 as of December 31, 2025 and December 31, 2024, respectively.

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

5. Fair Value Measurements

Recurring Fair Value Measurements

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 December 31, 2025 and December 31, 2024 are classified as follows (in thousands):


	As of December 31, 2025
	Level 1		Level 2		Level 3		Total

Assets:
Money market funds	$	332,808	$	—	$	—	$	332,808
Convertible Note Investment	—		—		24,726		24,726
Total assets	$	332,808	$	—	$	24,726	$	357,534


	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, 2025
	Convertible Note Investment

Fair value, beginning of the year	$	—
Initial investment	25,000
Changes in fair value	(274)
Fair value, end of period	$	24,726


	As of December 31, 2024
	Derivative Liability		September 2021 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 (Note 8)	—		(3,548)
Gain on settlement of September 2021 Convertible Notes (Note 8)	—		(509)
Gain on settlement of derivative liability (Note 9)	(1,924)		—
Fair value, end of period	$	—	$	—

For the year ended December 31, 2025, the Company recorded a loss associated with the change in fair value of the Convertible Note Investment of $0.3 million. The amounts have been recorded in other income (expense), net in the consolidated statement of operations and comprehensive income (loss).

For the year ended December 31, 2024, the Company recorded a loss associated with the change in fair value of the derivative liability of $1.7 million and a gain related to the settlement of the derivative liability upon conversion of the July 2021 Convertible Notes of $1.9 million. For the year ended December 31, 2024, the Company recorded a loss associated with the change in fair value of the September 2021 Convertible Notes of $0.6 million and a gain related to the settlement of the September 2021 Convertible Notes upon conversion of $0.5 million. The amounts have been recorded in other income (expense), net in the consolidated statement of operations and comprehensive income (loss).

Non-Recurring Fair Value Measurements

In April 2025, a related party completed a qualified equity financing and the Related Party SAFE was converted into the Related Party Investment. The conversion resulted in an observable price change based on the financing round for identical preferred shares. As a result, a $0.9 million gain on the change in the fair value of the investment was recorded within other income (expense), net on the consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2025. The Related Party Investment is classified within Level 2 of the fair value hierarchy as the valuation is based on an observable price for identical shares that are not readily determinable. The Related Party Investment balance as of December 31, 2025 was $5.9 million and is included within prepaid expenses and other assets, noncurrent on the consolidated balance sheet.

- 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/disclosureRef
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-Section 50
-Paragraph 2
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+ Details

Commitments and Contingencies - Narrative (Details)	Apr. 30, 2024 claim
Patent Infringement Claim
Loss Contingencies [Line Items]
Number of asserted claims	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

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+ Details

Fair Value Measurements - Schedule of Change in Fair Value of Level 3 Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	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
Changes in fair value		(1,707)
Gain on settlement		(1,924)
Fair value, end of period		0
September 2021 Convertible Notes
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning of the year	0	3,449
Changes in fair value	(300)	(608)
Settlement of September 2021 Convertible Notes upon conversion (Note 8)		(3,548)
Gain on settlement		(509)
Fair value, end of period		0
Convertible Note Investment
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning of the year	0
Initial investment	25,000
Changes in fair value	(274)
Fair value, end of period	$ 24,726	$ 0

Business Combinations	12 Months Ended
Business Combinations	Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]
Business Combinations	6. Business Combinations Fantix, Inc. 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 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 Fantix, Inc. acquisition as the impact is not material to the Company’s consolidated results of operations.

- Definition

The entire disclosure for business combination.

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+ Details

Net Income (Loss) Per Share - Schedule of Computation of Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Numerator:
Net income (loss)	$ 150,832	$ (4,555)	$ (28,171)
Denominator:
Weighted-average shares used in computing net income (loss) per share, basic (in shares)	77,251,239	72,125,571	66,748,542
Net income (loss) per share, basic (in usd per share)	$ 1.95	$ (0.06)	$ (0.42)
Numerator:
Net income (loss)	$ 150,832	$ (4,555)	$ (28,171)
Denominator:
Weighted-average shares used in computing net income (loss) per share, basic (in shares)	77,251,239	72,125,571	66,748,542
Effect of dilutive securities:
June 2025 Convertible Notes (in shares)	43,432	0	0
Outstanding options, RSUs, and warrants (in shares)	7,877,744	0	0
Adjusted weighted-average shares used in computing net income (loss) per share, diluted (in shares)	85,172,415	72,125,571	66,748,542
Net income (loss) per share, diluted (in usd per share)	$ 1.77	$ (0.06)	$ (0.42)

Related-Party Transactions (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Expenses Paid on Behalf of Selling Securityholders

A summary of the expenses paid on behalf of the selling securityholders is detailed below (in millions):


	Year Ended December 31, 2024
Executive Officers(1)	$	0.9
Board of Directors	3.9
Non-Executive Employees	0.1
Other	0.6
Total	$	5.5

(1) Includes $0.7 million in expenses paid on behalf of a securityholder who is both an executive officer and member of the board of directors.

Equity Incentive Plan - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Reserved shares of common stock (in shares)	23,521,388	23,588,338
Options granted (in shares)	0	0	0
Intrinsic value (in usd per share)	$ 64.14	$ 41.27	$ 15.46
Options exercised, intrinsic value	$ 88.8	$ 18.2	$ 7.7
Capitalized stock-based compensation expense	$ 1.3	$ 0.7
Restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards granted (in shares)	2,167,685
Awards granted, weighted-average grant-date fair value (in usd per share)	$ 49.79	$ 27.36	$ 13.15
Unrecognized compensation expense, other awards	$ 127.7
Unrecognized compensation expense, period for recognition	2 years 9 months 18 days
Award vested, fair value	$ 160.8	$ 101.0	$ 39.2
Time-Based Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	4 years
Unrecognized compensation expense, other awards	$ 116.2
Performance-Based Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Performance period	1 year
Awards granted (in shares)	225,386	115,403	0
Awards granted, weighted-average grant-date fair value (in usd per share)	$ 36.61	$ 27.40
Unrecognized compensation expense, other awards	$ 5.7
Market-Based Restriced Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards granted (in shares)	59,622	0	0
Awards granted, weighted-average grant-date fair value (in usd per share)	$ 114.73
Unrecognized compensation expense, other awards	$ 5.8
Market-Based Restriced Stock Units \| Tranche 1
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Performance period	1 year
Market-Based Restriced Stock Units \| Tranche 2
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Performance period	2 years
Market-Based Restriced Stock Units \| Tranche 3
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Performance period	3 years
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense, period for recognition	3 months 18 days
Unrecognized compensation expense, stock options	$ 0.1
Shares reserved for shares available to be granted but not granted yet
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Reserved shares of common stock (in shares)	15,118,992	12,815,029

Derivative Liability	12 Months Ended
Derivative Liability	Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Liability	9. Derivative Liability The Company’s derivative liability, which represented embedded share-settled redemption features bifurcated from its July 2021 Convertible Notes, was settled in June 2024 upon the conversion of the July 2021 Convertible Notes to common stock based on a fixed conversion price of $11.96 per share. A $1.9 million gain was recorded at the time of conversion within other income (expense), net on the consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2024. As of December 31, 2025 and 2024, the fair value of the derivative liability was zero on the Company’s consolidated balance sheets.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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+ Details

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

14. Income Taxes

During the year ended December 31, 2025, the Company incurred $30.6 million of pre-tax net operating income in the U.S. and $2.0 million of pre-tax net operating income internationally.

The Provision for (benefit from) income taxes is composed of the following (in thousands):


	Year Ended December 31,
	2025		2024		2023
Current

State and local	$	181	$	(71)	$	616

Total current	181		(71)		616
Deferred
Federal	(104,351)		—		—
State and local	(14,003)		—		—

Total deferred	(118,354)		—		—




Provision for (benefit from) income taxes	$	(118,173)	$	(71)	$	616

The reconciliation of the Company’s effective tax to the U.S. statutory federal income tax is as follows:


	Year Ended December 31,
	2025				2024				2023
	(in thousands)		Percent		(in thousands)		Percent		(in thousands)		Percent
Statutory federal income tax	$	6,858	21	%	$	(972)	21	%	$	(5,640)	21	%
State and local income taxes, net of federal income tax effect (1)	(10,264)		(31)	%	114		(2)	%	338		(1)	%
Tax credits
Research & development tax credits	(2,915)		(9)	%	(4,805)		104	%	(2,296)		9	%
Change in valuation allowance	(87,509)		(269)	%	11,936		(259)	%	4,475		(18)	%
Nondeductible items
Stock issuance cost			—	%	1,178		(25)	%			—	%
Stock-based compensation	(30,207)		(92)	%	(12,641)		273	%	(267)		1	%
Other permanent differences	1,069		3	%	157		(3)	%	239		(1)	%
Officer compensation - 162(m)	7,794		24	%	4,701		(102)	%	2,666		(10)	%
Fair value adjustment			—	%	154		(3)	%	181		(1)	%
Meals & entertainment	80		—	%	53		(1)	%	72		—	%
Worldwide changes in unrecognized tax benefits	(3,079)		(9)	%	54		(1)	%	909		(3)	%
Foreign tax effects
Canadian rate differential	128		—	%	71		(2)	%	18		—	%
Canadian SRED credit(2)	(406)		(1)	%	1,065		(23)	%	(704)		3	%
Canadian valuation allowance	278		1	%	(1,136)		25	%	625		(2)	%
Effective income tax	$	(118,173)	(362)	%	$	(71)	2	%	$	616	(2)	%

(2) Canadian SRED credit refers to the Canadian Scientific Research and Experimental Development tax incentive program.

The significant components of net deferred income tax assets were as follows (in thousands):


	Year Ended December 31,
	2025		2024
Deferred tax assets
Reserves and allowances	$	3,400	$	2,977
Lease liability	85		175

Net operating loss carryforward	80,404		52,776
Stock-based compensation	3,907		3,307
Capitalized research and development	28,441		42,610
Credits carryforward	22,033		16,937
June 2025 Convertible Notes	7,157		—
Total deferred tax assets	145,427		118,782
Deferred tax liabilities
Operating lease ROU asset	(80)		(165)
Depreciable assets	(274)		(125)
Acquired intangibles	(7,764)		(9,178)
Data Revenue Partner Warrant	(2,347)		(2,302)
Total deferred tax liabilities	(10,465)		(11,770)
Less: Valuation allowance and other reserves	(8,544)		(107,012)
Deferred tax assets, net	$	126,418	$	—

The valuation allowance decreased by $98.5 million during 2025 due to the release of the valuation allowance on the Company’s U.S. and state deferred tax assets. As a result of the release, the Company recognized $126.4 million of previously unrecognized net deferred tax assets on the consolidated balance sheet. Additionally, the Company recorded $118.4 million in Provision for (benefit from) income taxes on the consolidated statement of operations and comprehensive income (loss), and $8.0 million as an increase to Additional paid-in capital related to the purchase of the June 2025 Capped Calls on the consolidated statement of stockholders’ equity.

The remaining valuation allowance of $8.5 million primarily relates to California state tax credits and Canadian SRED credits as of December 31, 2025. Since the Company mainly conducts research and development activities in California, but earns a substantial portion of its U.S. income in other states, the Company could not assert, at the required more likely than not level of certainty, that it would generate future taxable California income sufficient to realize the benefit of those deferred tax assets. Similarly, the Company has historically generated more Canadian tax credits than it utilizes each year. Accordingly, the Company maintained a valuation allowance specific to California state tax credits and Canadian SRED credits.

At December 31, 2025 the Company had approximately $339.9 million and $135.4 million of federal and state net operating loss carryforwards, respectively, available to offset future taxable income. Such carryforwards expire in varying amounts beginning in 2027. The federal net operating loss carryforwards of $254.7 million arising after December 31, 2017 do not expire.

The Company also had federal and state research and development credit carryforwards of $18.5 million and $10.4 million, respectively. The federal tax credits expire in varying amounts beginning in 2034. The state tax credits do not expire. Additionally, the Company has approximately $0.5 million of tax credits in Canada, which are expected to expire in varying amounts beginning 2033.

The Tax Reform Act of 1986 limits the use of net operating loss carryforwards in certain situations where changes occur in the stock ownership of a Company. The annual limitation may result in the expiration of net operating losses and credits before utilization. The Company performed a Section 382 analysis through December 31, 2025. The Company does not expect any previous ownership changes (as defined under Sections 382 and 383 of the Internal Revenue Code of 1986, as amended) to result in a limitation that will materially reduce the total amount of net operating loss carryforwards and credits that can be utilized. Subsequent ownership changes may affect the limitation in future years.

The Company files income tax returns in the U.S. federal jurisdiction, various state jurisdictions and Canada. In the normal course of business, the Company is subject to examination by taxing authorities throughout the nation. The Company is not currently under audit by the Internal Revenue Service or other similar state and local authorities. All tax years remain open to examination by major taxing jurisdictions to which the Company is subject.

As of December 31, 2025 and 2024, the Company had $7.4 million and $12.0 million, respectively, of gross unrecognized tax benefits related to federal and state research credits. As of December 31, 2025, $5.0 million of these unrecognized tax benefits, if recognized, would affect the Company’s effective tax rate.

The aggregate changes in the balance of gross unrecognized tax benefits were as follows (in thousands):


Balance as of December 31, 2023	$	12,059
Additions based on tax positions related to 2024	2,050
Reductions for tax positions of prior years	(2,077)
Balance as of December 31, 2024	12,032
Additions based on tax positions related to 2025	1,816
Reductions for tax positions of prior years	(6,477)
Balance as of December 31, 2025	$	7,371

The amounts of cash paid (refunds received) during the period for income taxes, net were as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Federal	$	—	$	481	$	—
State and local	(893)		1,900		697

Cash paid (refunds received) during the period for income taxes, net	$	(893)	$	2,381	$	697

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Section 50
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+ Details

Defined Contribution Plan	12 Months Ended
Defined Contribution Plan	Dec. 31, 2025
Retirement Benefits [Abstract]
Defined Contribution Plan	16. Defined Contribution Plan The Company sponsors a defined contribution plan under Section 401(k) of the Internal Revenue Code covering substantially all employees over the age of 21 years. Contributions made by the Company are voluntary and are determined annually by the Board of Directors on an individual basis subject to the maximum allowable amount under federal tax regulations. Employer contributions to the plan were $1.4 million, $1.2 million, and $1.1 million for the years ended December 31, 2025, 2024, and 2023, respectively.

Deferred Revenue - Schedule of Roll Forward of Deferred Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Contract With Customer, Liability [Roll Forward]
Deferred revenue, beginning of period	$ 45,198	$ 35,774
Additions to deferred revenue	386,753	304,903
Recognized revenue in the period	(381,244)	(295,479)
Deferred revenue, end of period	$ 50,707	$ 45,198

Balance Sheet Components - Schedule of Accrued Expenses and Current Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued vendor expenses	$ 14,891	$ 13,856
Customer related promotions and discounts	14,013	9,761
Accrued compensation	7,121	3,834
Sales return reserves	2,072	2,817
Other current liabilities	3,905	1,747
Total accrued expenses and other current liabilities	$ 42,002	$ 32,015

Balance Sheet Components - Schedule of Estimated Remaining Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
2026	$ 13,013
2027	8,320
2028	5,454
2029	4,498
2030	2,143
Thereafter	2,027
Total future amortization expense	35,455
Internally developed software not yet in service	2,822	$ 900
Total future amortization expense	$ 38,277	$ 40,574

Commitments and Contingencies - Schedule of Future Non-Cancellable Contractual Commitments (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2026	$ 39,062
2027	26,000
Total purchase commitments	$ 65,062

Balance Sheet Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid expenses	$ 17,838	$ 11,074
Other receivables	2,212	3,525
Total prepaid expenses and other current assets	$ 20,050	$ 14,599

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Non-Cancellable Contractual Commitments

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


	Amount
2026	$	39,062
2027	26,000



Total purchase commitments	$	65,062

Balance Sheet Components - Schedule of Intangible Assets, Weighted-Average Remaining Useful Life (Details)	Dec. 31, 2025	Dec. 31, 2024
Trade name
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Remaining Useful Life	5 years 6 months	7 years
Technology
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Remaining Useful Life	2 years 3 months 18 days	1 year 10 months 24 days
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Remaining Useful Life	3 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 3 months 18 days	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

Income Taxes - Schedule of Amounts of Cash Paid (Refunds Received) for Income Taxes, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Federal	$ 0	$ 481	$ 0
State and local	(893)	1,900	697
Cash paid (refunds received) during the period for income taxes, net	$ (893)	$ 2,381	$ 697

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Name	Deloitte and Touche LLP
Auditor Location	San Francisco, CA
Auditor Firm ID	34

Insider Trading Arrangements

3 Months Ended

Dec. 31, 2025

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During the three months ended December 31, 2025, the following directors and officers adopted or terminated 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

Brit Morin

Director

Adoption

12/01/2025

12/31/2026

Up to 84,591 shares

Lauren Antonoff

Chief Executive Officer and Director

Adoption

12/02/2025

12/31/2026

Up to 21,000 shares

John Philip Coghlan

Director

Adoption

12/08/2025

12/01/2026

Up to 40,000 shares

Chris Hulls

Executive Chairman of the Board and Director

Adoption

12/16/2025

04/26/2027

Up to 1,156,000 shares

Alex Haro

Director

Adoption

12/16/2025

09/17/2026

Up to 200,000 shares

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Brit Morin [Member]

Trading Arrangements, by Individual

Name

Brit Morin

Title

Director

Rule 10b5-1 Arrangement Adopted

true

12/01/2025

12/31/2026

395 days

84,591

Lauren Antonoff [Member]

Trading Arrangements, by Individual

Name

Lauren Antonoff

Title

Chief Executive Officer and Director

Rule 10b5-1 Arrangement Adopted

true

12/02/2025

12/31/2026

394 days

21,000

John Philip Coghlan [Member]

Trading Arrangements, by Individual

Name

John Philip Coghlan

Title

Director

Rule 10b5-1 Arrangement Adopted

true

12/08/2025

12/01/2026

358 days

40,000

Trading Arrangements, by Individual

Name

Chris Hulls

Title

Executive Chairman of the Board and Director

Rule 10b5-1 Arrangement Adopted

true

12/16/2025

04/26/2027

364 days

1,156,000

Trading Arrangements, by Individual

Name

Alex Haro

Title

Director

Rule 10b5-1 Arrangement Adopted

true

12/16/2025

09/17/2026

275 days

200,000

Consolidated Statements of Cash Flows (Parenthetical) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Gain on change in fair value of investments

^[1]

$ 609

$ 5,389

$ 0

$ 882

$ 0

[1]	Includes a related party gain of $882, zero, and zero for the years ended December 31, 2025, 2024, and 2023, respectively.

Equity Incentive Plan - Schedule of RSU Activity (Details) - Restricted stock units - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Number of Shares
Balance (in shares)	5,091,601
RSUs granted (in shares)	2,167,685
RSUs vested and settled (in shares)	(2,452,615)
RSUs cancelled/forfeited (in shares)	(512,304)
Balance (in shares)	4,294,367	5,091,601
Weighted average grant date fair value
Balance (in usd per share)	$ 19.22
RSUs granted (in usd per share)	49.79	$ 27.36	$ 13.15
RSUs vested and settled (in usd per share)	19.78
RSUs cancelled/forfeited (in usd per share)	19.79
Balance (in usd per share)	$ 34.05	$ 19.22

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

10. Commitments and Contingencies

Purchase Commitments

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


	Amount
2026	$	39,062
2027	26,000



Total purchase commitments	$	65,062

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

The Company enters into standard indemnification agreements in the ordinary course of business. Pursuant to these arrangements, the Company indemnifies, holds harmless, and agrees to reimburse the indemnified parties for losses suffered or incurred by the indemnified party, in connection with any trade secret, copyright, patent or other intellectual property infringement claim by any third party with respect to its technology. The term of these indemnification agreements is generally perpetual after the execution of the agreement. The maximum potential amount of future payments the Company could be required to make under these agreements is not determinable because it involves claims that may be made against the Company in the future but have not yet been made.

The Company has entered into indemnification agreements with its directors and officers that may require the Company to indemnify its directors and officers against liabilities that may arise by reason of their status or service as directors or officers, other than liabilities arising from willful misconduct of the individual.

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

Litigation and Arbitration

Occasionally, the Company is involved in various legal proceedings, formal and informal dispute resolution processes, which may include arbitration or litigation, 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 against 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.

As previously disclosed, in March 2019, Cellwitch, Inc. filed a patent infringement action against Tile in the U.S. District Court for the Northern District of California. Following inter partes review proceedings in which the Patent Trial and Appeal Board invalidated a majority of the asserted claims, and subsequent affirmance by the U.S. Court of Appeals for the Federal Circuit, the district court proceedings continued. As previously reported in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, in April 2024, the district court invalidated all but two asserted claims. On May 16, 2025, the district court granted Tile’s motion for summary judgment of non-infringement, and on June 12, 2025, Cellwitch statutorily disclaimed the asserted patent. In light of these developments, no loss was considered probable and no litigation reserve was recorded. On August 5, 2025, the parties settled the remaining claims at no cost.

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 (the “Court”), seeking damages as well as injunctive and declaratory relief. 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. On February 14, 2025, the Company filed a Motion to Dismiss. As of August 6, 2025, the Court granted the Company’s Motion to Dismiss the claims of the Ireland-Gordy plaintiffs with prejudice and the remaining plaintiffs' claims are stayed pending an appeal of the Court's ruling on the Company's Motion to Compel Arbitration, which was granted-in-part and denied-in-part. The hearing on the appeal occurred on January 5, 2026. At this time, a loss is not probable nor estimable, and as a result, no legal accrual has been recorded on the Company’s consolidated balance sheet as of December 31, 2025.

The Company receives claims and other threats of litigation from customers in the ordinary course of business. These claims are arbitrable and the Company accrues various costs for these claims including arbitration fees, legal fees and costs. At this time, a loss is not probable nor estimable from any such claims, and as a result, no legal accruals have been recorded on the Company’s consolidated balance sheet as of December 31, 2025.

No litigation reserve was recorded on the Company’s consolidated balance sheets as of December 31, 2025 or December 31, 2024.

Convertible Notes (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Convertible Notes

The net carrying amount of the June 2025 Convertible Notes consists of the following (in thousands):


	As of December 31,
	2025
Principal	$	320,000
Unamortized debt issuance costs	(9,614)
Net carrying amount	$	310,386

Fair Value Measurements - Schedule of Fair Value and Classification of Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets:
Money market funds	$ 332,808	$ 133,959
Convertible Note Investment	24,726
Total assets	357,534	133,959
Level 1
Assets:
Money market funds	332,808	133,959
Convertible Note Investment	0
Total assets	332,808	133,959
Level 2
Assets:
Money market funds	0	0
Convertible Note Investment	0
Total assets	0	0
Level 3
Assets:
Money market funds	0	0
Convertible Note Investment	24,726
Total assets	$ 24,726	$ 0

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

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


	Percentage of Revenue
	Year Ended December 31,
	2025		2024		2023
Channel Partner (Apple)	52	%	53	%	53	%
Channel Partner (Google)	19	%	18	%	16	%

* Represents less than 10%


	Percentage of Gross Accounts Receivable
	As of December 31,
	2025		2024
Channel Partner (Apple)	48	%	*
Channel Partner (Google)	10	%	49	%
Data Partner A	*		11	%
Retail Partner A	17	%	17	%

* Represents less than 10%

Schedule of Restructuring Costs


	Personnel and Severance Related Expenses
	Year Ended December 31,
		2024		2023
Cost of subscription revenue		$	—	$	64
Cost of hardware revenue		—		94
Research and development		—		1,824
Sales and marketing		—		872
General and administrative		153		1,170
Total		$	153	$	4,024

Deferred Revenue

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Deferred Revenue

4. Deferred Revenue

The following table represents a roll forward of the Company’s deferred revenue (in thousands):


	Year Ended December 31,
	2025		2024
Deferred revenue, beginning of period	$	45,198	$	35,774

Additions to deferred revenue	386,753		304,903
Recognized revenue in the period	(381,244)		(295,479)
Deferred revenue, end of period	$	50,707	$	45,198

During the year ended December 31, 2025, the Company recognized $39.9 million of revenue that was included in the deferred revenue balance as of December 31, 2024. During the year ended December 31, 2024, the Company recognized $33.9 million of revenue that was included in the deferred revenue balance as of December 31, 2023.

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 4,479	$ 2,815
Less: accumulated depreciation	(1,460)	(1,036)
Total property and equipment, net	3,019	1,779
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	4,067	2,026
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	0	362
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 29	$ 29

Nature of Business (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jun. 06, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Underwriting discounts and commissions		$ 0	$ 6,292	$ 0
Expenses paid on behalf of selling stockholders	$ 5,500
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	$ 93,000
Underwriting discounts and commissions	$ 7,000
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

Common Stock (Details) - shares	Dec. 31, 2025	Dec. 31, 2024
Class of Stock [Line Items]
Reserved shares of common stock (in shares)	23,521,388	23,588,338
Issuances under stock incentive plan, stock options
Class of Stock [Line Items]
Reserved shares of common stock (in shares)	4,108,029	5,673,947
Issuances upon exercise of common stock warrants
Class of Stock [Line Items]
Reserved shares of common stock (in shares)	0	7,761
Issuances upon vesting of restricted stock units
Class of Stock [Line Items]
Reserved shares of common stock (in shares)	4,294,367	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)	15,118,992	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

+ Details

Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Common stock, par value (in usd per share)

$ 0.001

Common stock, authorized (in shares)

500,000,000

Common stock, issued (in shares)

79,359,589

75,404,996

Common stock, outstanding (in shares)

79,359,589

75,404,996

Accounts receivable, net

^[1]

$ 80,715

$ 57,997

Deferred revenue, current

^[2]

46,377

39,860

Deferred revenue, noncurrent

^[3]

4,330

5,338

Convertible Note Investment

Long-term investments

24,726

Related Party Investment

Long-term investments

5,882

Related Party Warrant

Long-term investments

3,898

Related Party SAFE

Long-term investments

5,000

Related Party

Accounts receivable, net

Deferred revenue, current

780

877

Deferred revenue, noncurrent

2,242

3,021

Long-term investments

5,882

5,000

Related Party | Related Party Warrant

Long-term investments

$ 3,898

3,898

Related Party | Related Party SAFE

Long-term investments

$ 5,000

[1]	Includes related party receivables of $3 and $55 as of December 31, 2025 and December 31, 2024, respectively.
[2]	Includes related party deferred revenue, current of $780 and $877 as of December 31, 2025 and December 31, 2024, respectively.
[3]	Includes related party deferred revenue, noncurrent of $2,242 and $3,021 as of December 31, 2025 and December 31, 2024, respectively.

Income Taxes - Schedule of Reconciliation of Effective Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Statutory federal income tax	$ 6,858	$ (972)	$ (5,640)
State and local income taxes, net of federal income tax effect	(10,264)	114	338
Nondeductible items
Stock issuance cost		1,178
Stock-based compensation	(30,207)	(12,641)	(267)
Other permanent differences	1,069	157	239
Officer compensation - 162(m)	7,794	4,701	2,666
Fair value adjustment		154	181
Meals & entertainment	80	53	72
Worldwide changes in unrecognized tax benefits	(3,079)	54	909
Provision for (benefit from) income taxes	$ (118,173)	$ (71)	$ 616
Percent
Statutory federal income tax	21.00%	21.00%	21.00%
State and local income taxes, net of federal income tax effect	(31.00%)	(2.00%)	(1.00%)
Nondeductible items
Stock issuance cost	0.00%	(25.00%)	0.00%
Stock-based compensation	(92.00%)	273.00%	1.00%
Other permanent differences	3.00%	(3.00%)	(1.00%)
Officer compensation - 162(m)	24.00%	(102.00%)	(10.00%)
Fair value adjustment	0.00%	(3.00%)	(1.00%)
Meals & entertainment	0.00%	(1.00%)	0.00%
Worldwide changes in unrecognized tax benefits	(9.00%)	(1.00%)	(3.00%)
Effective income tax	(362.00%)	2.00%	(2.00%)
CANADA
Tax Credits
Research & development tax credits	$ (406)	$ 1,065	$ (704)
Change in valuation allowance	278	(1,136)	625
Nondeductible items
Canadian rate differential	$ 128	$ 71	$ 18
Tax Credits
Research & development tax credits	(1.00%)	(23.00%)	3.00%
Change in valuation allowance	1.00%	25.00%	(2.00%)
Nondeductible items
Canadian rate differential		(2.00%)
U.S.
Tax Credits
Research & development tax credits	$ (2,915)	$ (4,805)	$ (2,296)
Change in valuation allowance	$ (87,509)	$ 11,936	$ 4,475
Tax Credits
Research & development tax credits	(9.00%)	104.00%	9.00%
Change in valuation allowance	(269.00%)	(259.00%)	(18.00%)

Balance Sheet Components - Schedule of Prepaid Expenses and Other Assets, Non-Current (Details) - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Finite-Lived Intangible Assets [Line Items]

Prepaid expenses, noncurrent

$ 3,110

$ 1,849

Total prepaid expenses and other assets, noncurrent

^[1],[2]

48,480

21,611

Convertible Note Investment

Finite-Lived Intangible Assets [Line Items]

Long-term investments

24,726

Data Revenue Partner Warrant

Finite-Lived Intangible Assets [Line Items]

Long-term investments

10,864

Related Party Investment

Finite-Lived Intangible Assets [Line Items]

Long-term investments

5,882

Related Party Warrant

Finite-Lived Intangible Assets [Line Items]

Long-term investments

3,898

Related Party SAFE

Finite-Lived Intangible Assets [Line Items]

Long-term investments

$ 0

$ 5,000

[1]	Includes $24,726 and zero measured using the fair value option as of December 31, 2025 and December 31, 2024, respectively, related to the Convertible Note Investment. Refer to Note 5, "Fair Value Measurements" for additional information.
[2]	The balance as of December 31, 2025 includes the $5,882 Related Party Investment and the $3,898 Related Party Warrant. The balance as of December 31, 2024 includes the $5,000 Related Party SAFE and the $3,898 Related Party Warrant. Refer to Note 5, "Fair Value Measurements" and Note 15, "Related-Party Transactions" for additional information.

- 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 - Schedule of Stock-Based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense, net of amounts capitalized	$ 55,460	$ 42,269	$ 38,512
Total cost of revenue
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense, net of amounts capitalized	3,353	1,532	1,790
Total cost of revenue \| Cost of subscription revenue
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense, net of amounts capitalized	1,869	730	651
Total cost of revenue \| Cost of hardware revenue
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense, net of amounts capitalized	1,476	798	1,096
Total cost of revenue \| Cost of other revenue
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense, net of amounts capitalized	8	4	43
Research and development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense, net of amounts capitalized	28,037	25,457	22,015
Sales and marketing
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense, net of amounts capitalized	7,029	3,344	3,059
General and administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense, net of amounts capitalized	$ 17,041	$ 11,936	$ 11,648

Net Income (Loss) Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of 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 data):


	Year Ended December 31,
	2025		2024		2023

Numerator:
Net income (loss)	$	150,832	$	(4,555)	$	(28,171)
Denominator:
Weighted-average shares used in computing net income (loss) per share, basic	77,251,239		72,125,571		66,748,542
Net income (loss) per share, basic	$	1.95	$	(0.06)	$	(0.42)


	Year Ended December 31,
	2025		2024		2023

Numerator:
Net income (loss)	$	150,832	$	(4,555)	$	(28,171)


Denominator:
Weighted-average shares used in computing net income (loss) per share, basic	77,251,239		72,125,571		66,748,542
Effect of dilutive securities:
June 2025 Convertible Notes	43,432		—		—
Outstanding options, RSUs, and warrants	7,877,744		—		—
Adjusted weighted-average shares used in computing net income (loss) per share, diluted	85,172,415		72,125,571		66,748,542
Net income (loss) per share, diluted	$	1.77	$	(0.06)	$	(0.42)

Schedule of Antidilutive Common Shares Excluded from Computation


	Year Ended December 31,
	2025	2024	2023

Issuances under stock incentive plan, stock options	—	5,673,947	6,625,812
Issuances upon exercise of common stock warrants	—	7,761	137,658
Issuances upon vesting of restricted stock units	106,496	5,091,601	6,182,543
Issuances upon conversion of convertible notes	—	—	325,981
Total	106,496	10,773,309	13,271,994

Equity Incentive Plan (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Fair Value Assumptions

The Company estimated the fair value of the MRSUs granted using a Monte Carlo simulation model with the following assumptions:


	Tranche 1			Tranche 2			Tranche 3
Expected volatility	55.6		%	55.6		%	55.6		%
Risk-free interest rate based on U.S. Treasury yields	3.8		%	3.6		%	3.6		%
Expected term (years)	1			2			3
Weighted average grant-date fair value per share	$	99.14		$	121.80		$	122.99

Schedule of 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	2,167,685	49.79
RSUs vested and settled	(2,452,615)	19.78
RSUs cancelled/forfeited	(512,304)	19.79
Balance as of December 31, 2025	4,294,367	$	34.05

Schedule of 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	(1,545,786)	7.43
Options cancelled/forfeited	(20,132)	10.30
Balance as of December 31, 2025	4,108,029	5.66		2.8	240,230
Exercisable as of December 31, 2025	4,064,254	$	5.60	2.8	$	237,923

Schedule of Stock-Based Compensation

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


	Year Ended December 31,
	2025		2024		2023

Cost of subscription revenue	$	1,869	$	730	$	651
Cost of hardware revenue	1,476		798		1,096
Cost of other revenue	8		4		43
Total cost of revenue	3,353		1,532		1,790
Research and development	28,037		25,457		22,015
Sales and marketing	7,029		3,344		3,059
General and administrative	17,041		11,936		11,648
Total stock-based compensation expense, net of amounts capitalized	$	55,460	$	42,269	$	38,512

Deferred Revenue - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue recognized	$ 39.9	$ 33.9

Balance Sheet Components (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Accounts Receivable, Net

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


	As of December 31,
	2025		2024

Accounts receivable	$	80,809	$	58,391
Allowance for credit losses	(94)		(394)
Total accounts receivable, net	$	80,715	$	57,997

Schedule of Inventory

Inventory consists of the following (in thousands):


	As of December 31,
	2025		2024

Raw materials	$	40	$	24
Finished goods	9,827		8,033
Total inventory	$	9,867	$	8,057

Schedule of Prepaid Expenses and Other Assets, Current and Non Current

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


	As of December 31,
	2025		2024

Prepaid expenses	$	17,838	$	11,074
Other receivables	2,212		3,525
Total prepaid expenses and other current assets	$	20,050	$	14,599

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


	As of December 31,
	2025		2024

Prepaid expenses, noncurrent	$	3,110	$	1,849
Convertible Note Investment	24,726		—
Data Revenue Partner Warrant	10,864		10,864
Related Party Investment	5,882		—
Related Party Warrant	3,898		3,898
Related Party SAFE	—		5,000
Total prepaid expenses and other assets, noncurrent	$	48,480	$	21,611

Schedule of Property and Equipment, Net

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


	As of December 31,
	2025		2024

Computer equipment	$	297	$	297
Leasehold improvements	86		101
Production manufacturing equipment	4,067		2,026
Construction in progress	—		362
Furniture and fixtures	29		29
Total property and equipment, gross	4,479		2,815
Less: accumulated depreciation	(1,460)		(1,036)
Total property and equipment, net	$	3,019	$	1,779

Schedule of Operating Lease Costs

Operating lease costs were as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023

Operating lease cost (1)	$	502	$	452	$	924

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

Schedule of Supplemental Balance Sheet Information Related to Leases

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


	As of December 31,
	2025		2024
Operating lease right-of-use asset	$	335	$	683
Operating lease liability, current (included in accrued expenses and other current liabilities)	359		364
Operating lease liability, noncurrent (included in other liabilities, noncurrent)	—		359
Weighted-average remaining term for operating lease (in years)	0.9		1.9

Schedule of Maturities of Operating Lease Liabilities

Maturities of the Company’s operating lease liabilities as of December 31, 2025, were as follows (in thousands):


	Operating leases
2026	$	367




Total future minimum lease payments	367
Less imputed interest	(8)
Total operating lease liability	$	359

Schedule of Intangible Assets, Net

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


	As of December 31, 2025
	Gross		Accumulated Amortization		Net
Trade name	$	23,380	$	(9,575)	$	13,805
Technology	25,985		(18,756)		7,229
Customer relationships	15,290		(7,595)		7,695
Internally developed software	14,113		(4,565)		9,548
Total	$	78,768	$	(40,491)	$	38,277


	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 are as follows:


	Weighted-Average Remaining Useful Life
	As of December 31,
	2025	2024

Trade name	5.5 years	7.0 years
Technology	2.3 years	1.9 years
Customer relationships	3.9 years	5.1 years
Internally developed software	2.3 years	2.6 years

Schedule of Estimated Remaining Amortization Expense for Intangible Assets

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


	Amount


2026	$	13,013
2027	8,320
2028	5,454
2029	4,498
2030	2,143
Thereafter	2,027
Total future amortization expense	35,455
Internally developed software not yet in service	2,822
Total future amortization expense	$	38,277

Schedule of Accrued Expenses and Other Current Liabilities

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


	As of December 31,
	2025		2024

Accrued vendor expenses	$	14,891	$	13,856
Customer related promotions and discounts	14,013		9,761
Accrued compensation	7,121		3,834

Sales return reserves	2,072		2,817
Other current liabilities	3,905		1,747
Total accrued expenses and other current liabilities	$	42,002	$	32,015

Related-Party Transactions - Schedule of Expenses Paid on Behalf of Selling Securityholders (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Other expense

^[1]

$ 481

$ 7,217

$ (145)

Other expense

$ 0

5,498

$ 0

900

3,900

Non-Executive Employees

Other expense

100

Other

Other expense

600

Executive Officer and Director

Other expense

$ 700

[1]	Includes related party other expense of zero, $5,498, and zero for the years ended December 31, 2025, 2024, and 2023, respectively.

- 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 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	18. Subsequent Events On January 2, 2026, the Company completed the acquisition of Nativo, Inc., acquiring all outstanding equity interests. The total consideration was approximately $106.0 million, and consisted of $78.0 million in cash and $28.0 million in shares of the Company’s common stock, measured based on the closing market price on the acquisition date in accordance with ASC 805.

Equity Incentive Plan - Schedule of Fair Value Assumptions (Details) - Market-Based Restriced Stock Units	12 Months Ended
	Dec. 31, 2025 $ / shares
Tranche 1
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility	55.60%
Risk-free interest rate based on U.S. Treasury yields	3.80%
Expected term (years)	1 year
Weighted average grant-date fair value per share (in usd per share)	$ 99.14
Tranche 2
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility	55.60%
Risk-free interest rate based on U.S. Treasury yields	3.60%
Expected term (years)	2 years
Weighted average grant-date fair value per share (in usd per share)	$ 121.80
Tranche 3
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility	55.60%
Risk-free interest rate based on U.S. Treasury yields	3.60%
Expected term (years)	3 years
Weighted average grant-date fair value per share (in usd per share)	$ 122.99

- 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
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating Loss Carryforwards [Line Items]
Pre-tax net operating income in the United States	$ 30,600
Pre-tax net operating income internationally	2,000
Decrease in valuation allowance	98,500
Net deferred tax assets	126,418	$ 0
Provision for (benefit from) income taxes	(118,354)	0	$ 0
Release of capped calls valuation allowance	8,000
Valuation allowance	8,544	107,012
Unrecognized tax benefits	7,371	$ 12,032	$ 12,059
Unrecognized tax benefits that would impact effective tax rate	5,000
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	339,900
Net operating loss carryforwards, not subject to expiration	254,700
Research and development credit carryforwards	18,500
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	135,400
Research and development credit carryforwards	10,400
CANADA
Operating Loss Carryforwards [Line Items]
Research and development credit carryforwards	$ 500

Balance Sheet Components - Schedule of Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Operating lease cost	$ 502	$ 452	$ 924
Operating lease right-of-use asset	$ 335	$ 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)	$ 359	$ 364
Operating lease liability, non-current, location	Other liabilities, noncurrent	Other liabilities, noncurrent
Operating lease liability, noncurrent (included in other liabilities, noncurrent)	$ 0	$ 359
Weighted-average remaining term for operating lease (in years)	10 months 24 days	1 year 10 months 24 days
Operating leases
2026	$ 367
Total future minimum lease payments	367
Less imputed interest	(8)
Total operating lease liability	$ 359

Related-Party Transactions

12 Months Ended

Dec. 31, 2025

Related-Party Transactions

15. Related-Party Transactions

Hubble Transactions

In 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 (the “Hubble Agreement”), (ii) a Hubble SAFE investment (the “Related Party SAFE”); and (iii) Hubble’s issuance of a warrant to purchase common stock (“Related Party Warrant”). The Hubble Agreement has an initial term of 5 years beginning on November 12, 2024.

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.

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. Refer to Note 2, "Summary of Significant Accounting Policies" for additional information. As of December 31, 2025, and 2024, the Company earned immaterial net revenue from the revenue share arrangement. 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%. During the years ended December 31, 2025 and 2024, the Company recognized $0.2 million and $0.1 million in hardware revenue from sales to Hubble, respectively. The related cost of hardware revenue totaled $0.1 million and zero during the years ended December 31, 2025 and 2024, respectively. These amounts are reflected within hardware revenue and cost of hardware revenue, respectively, on the Company’s consolidated statements of operations and comprehensive income (loss). As of December 31, 2025 and 2024, the Company recorded immaterial amounts and $0.1 million of accounts receivable, net from Hubble, respectively, on the Company’s consolidated balance sheets.

As of December 31, 2025, 2,049,191 shares of the Related Party Warrant have vested. The carrying value of the warrants as of December 31, 2025 and 2024, was $3.9 million and is also included in prepaid expenses and other assets, noncurrent. The related deferred revenue, current and deferred revenue, noncurrent balance as of December 31, 2025 was $0.8 million and $2.2 million, respectively. The deferred revenue, current and deferred revenue, noncurrent balance as of December 31, 2024 was $0.9 million and $3.0 million, respectively. The fair value of the warrant included within deferred revenue is amortized to other revenue over the life of the agreement. The Company recognized $0.9 million and zero in other revenue on the consolidated statements of operations and comprehensive income (loss) in connection with the Related Party Warrant during the year ended December 31, 2025 and 2024, respectively. Refer to the “Other Revenue” section of “Note 2, "Summary of Significant Accounting Policies" for additional information on the Related Party Warrant.

As of December 31, 2024, the carrying value of the Related Party SAFE was $5.0 million and included within prepaid expenses and other noncurrent assets on the consolidated balance sheet. In April 2025, the Related Party SAFE converted to the Related Party Investment and resulted in a gain of $0.9 million, which was recorded within gain on change in fair value of investments on the consolidated statement of operations and comprehensive income (loss). As of December 31, 2025, the carrying value of the Related Party Investment was $5.9 million and is included within prepaid expenses and other noncurrent assets on the consolidated balance sheet. Refer to Note 5, "Fair Value Measurements" for additional information.

Payments made on behalf of Related Parties in connection with the U.S. IPO

On June 6, 2024, in connection with its U.S. IPO, the Company issued and sold 3,703,704 shares of common stock and certain selling securityholders including members of the Company’s Board of Directors, executive officers, non-executive employees, and other stockholders of the Company, 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. The Company did not receive any proceeds from the sale of shares of common stock by the selling securityholders. The Company paid the underwriting discounts and commissions in connection with the sale of shares of common stock by the selling securityholders. A summary of the expenses paid on behalf of the selling securityholders is detailed below (in millions):


	Year Ended December 31, 2024
Executive Officers(1)	$	0.9
Board of Directors	3.9
Non-Executive Employees	0.1
Other	0.6
Total	$	5.5

(1) Includes $0.7 million in expenses paid on behalf of a securityholder who is both an executive officer and member of the board of directors.

The $5.5 million in total fees paid have been recorded within Other income (expense), net on the consolidated statement of operations and comprehensive income (loss) for the year ended December 31, 2024.

For additional details regarding this transaction, refer to the prospectus supplement filed with the SEC on June 6, 2024 as well as the registration statement on Form S-3 (File No. 333-279271) filed with the SEC on May 9, 2024, of which the prospectus supplement forms a part.

- 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

Consolidated Statements of Operations and Comprehensive Income (Loss) (Parenthetical) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Total revenue

$ 489,481

$ 371,484

$ 304,518

Total cost of revenue

108,639

92,327

81,881

Gain on change in fair value of investments

^[1]

609

5,389

Other expense

^[2]

481

7,217

(145)

Cost of hardware revenue

Total revenue

^[3]

51,816

57,589

58,178

Total cost of revenue

^[4]

51,175

47,225

47,384

Cost of other revenue

Total revenue

^[5]

68,412

36,050

25,546

Total cost of revenue

6,496

4,088

3,522

882

Other expense

5,498

Total revenue

195

Total cost of revenue

137

Related Party | Cost of other revenue

Total revenue

$ 890

$ 0

[1]	Includes a related party gain of $882, zero, and zero for the years ended December 31, 2025, 2024, and 2023, respectively.
[2]	Includes related party other expense of zero, $5,498, and zero for the years ended December 31, 2025, 2024, and 2023, respectively.
[3]	Includes related party revenue of $195, $55, and zero for the years ended December 31, 2025, 2024, and 2023, respectively.
[4]	Includes related party cost of revenue of $137, zero, and zero for the years ended December 31, 2025, 2024, and 2023, respectively.
[5]	Includes related party revenue of $890, zero, and zero for the years ended December 31, 2025, 2024, and 2023, respectively.

- Definition

The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities.

+ References + Details

- 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

Net Income (Loss) Per Share - Schedule of Antidilutive Common Shares Excluded from Computation (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock (in shares)	106,496	10,773,309	13,271,994
Issuances under stock incentive plan, stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock (in shares)	0	5,673,947	6,625,812
Issuances upon exercise of common stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock (in shares)	0	7,761	137,658
Issuances upon vesting of restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock (in shares)	106,496	5,091,601	6,182,543
Issuances upon conversion of convertible notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock (in shares)	0	0	325,981

Business Combinations (Details) - USD ($) $ in Thousands		12 Months Ended
Business Combinations (Details) - USD ($) $ in Thousands	Feb. 27, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Business Combination [Line Items]
Consideration, stock issued		$ 1,000	$ 0	$ 0
Goodwill		$ 134,619	$ 133,674
Fantix, Inc
Business Combination [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

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.

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+ Details

- 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 (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation	The consolidated financial statements and accompanying notes have been prepared in accordance with generally accepted accounting principles in the U.S., or (“GAAP”), are presented in U.S. dollars unless otherwise stated, and include the accounts of the Company and its wholly owned subsidiaries.
Consolidation	All inter-company transactions and balances have been eliminated.
Use of Estimates	Use of Estimates The preparation of the Company’s 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, including market-based restricted stock units (“MRSUs”); •achievement of performance-based restricted stock units (“PRSUs”); •legal contingencies; •impairment of long-lived assets and goodwill; •valuation of non-cash consideration, contingent consideration, investments, 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.
Recently adopted accounting pronouncements and Accounting pronouncements not yet adopted	Recently adopted accounting pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU 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, and can be applied either retrospectively or prospectively. The Company adopted the ASU and has opted for retrospective application to our income tax disclosures as presented in Note 14, "Income Taxes". The adoption of this ASU did not have a material impact on the Company’s financial position or results of operations. Prior-year income tax disclosures for 2024 and 2023 have been updated to conform to the current period presentation. Accounting pronouncements not yet adopted In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270) Narrow-Scope Improvements. The ASU clarifies and reorganizes interim reporting guidance, including disclosure requirements related to events occurring since the end of the most recent annual reporting period, and improves the presentation and usability of interim financial statement disclosures. The ASU is effective for interim reporting periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this ASU on its interim financial reporting and does not expect the adoption of this ASU to have a material impact on its consolidated financial statements. In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract. The ASU narrows the scope of derivative accounting by excluding certain non-exchange-traded contracts whose terms are based on the normal operations or activities of one of the parties, and clarifies that share-based noncash consideration received from a customer in a revenue contract should be accounted for under ASC 606 until the right to the consideration becomes unconditional. The ASU is effective for annual periods beginning after December 15, 2026, and interim periods within those annual periods, with early adoption permitted. The Company does not expect the adoption of this ASU to have a material impact on its financial position or results of operations. In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The ASU eliminates project stages and requires software cost capitalization to begin after management has authorized and committed to funding the software project and it is probable the project will be completed and used to perform the function intended. The ASU also requires additional property, plant and equipment disclosures for all capitalized software costs. The ASU is effective for annual periods beginning after December 15, 2027, and interim periods within those years, with early adoption permitted. The Company is currently evaluating the impact of this ASU on its consolidated financial statements and related disclosures. In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The ASU introduces a practical expedient for estimating expected credit losses on current accounts receivable and current contract assets arising from revenue transactions from contracts with customers. The ASU is effective for annual periods beginning after December 15, 2025, and interim periods within those annual periods, with early adoption permitted. The Company is currently evaluating the impact of this ASU on its consolidated financial statements and related disclosures. In November 2024, the FASB issued 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.
Revenue Recognition, Remaining Performance Obligations, Cost of Revenue and Deferred Revenue	Revenue Recognition The Company generates revenue from direct and indirect streams. Direct revenue includes subscription and hardware revenue, while indirect revenue consists of all other revenue sources, such as data and partnership, which includes advertising. The Company recognizes revenue upon transfer of control of promised goods or services to customers at transaction price, an amount that reflects the consideration the Company expects to receive in exchange for those goods or services. Transaction price is calculated as the net selling price of variable consideration, which may include estimates for future returns and sales incentives related to current period revenue. The Company determines revenue recognition through the following steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. Subscription Revenue The Company’s subscription revenue is comprised of Life360 mobile application subscriptions and premium subscription service plans for hardware tracking devices. The Company’s subscription contracts with customers are established at the point of mobile application download and purchase as indicated through acceptance of the Company’s Terms of Use. The Company’s subscription agreements generally have monthly or annual contractual terms and are billed and paid in advance. The cloud-based subscriptions are considered single combined performance obligations, consisting of multiple features that can be purchased separately, but which are bundled together and delivered to the customer as a combined output. The Company provides its customers with technical support along with unspecified updates and upgrades to the platform on an if and when available basis. The premium subscription plan for hardware tracking devices is a distinct and separate performance obligation from the hardware. Subscription fees are fixed and recognized on a straight-line basis over the non-cancellable contractual term of the agreement, generally beginning on the date that the Company’s service is made available to the customer. The Company recognizes revenues on a straight-line basis because the customer receives and consumes the benefits of the service ratably throughout the contractual period. The Company’s contracts are generally non-cancelable and do not provide for refunds to customers in the event of cancellations. Hardware Revenue The Company’s hardware revenue consists of hardware and accessories, embedded software, customer support and unspecified upgrades and updates on a when and if-available basis, and includes amounts generated from a partnership with a related party, as described in Note 15, "Related-Party Transactions". The Company’s hardware and embedded operating system are considered one performance obligation as the embedded operation system is integral to the functionality of the hardware and only combined produce the essential functionality of the hardware. Revenue for the hardware and embedded software performance obligation is recognized when control is transferred to the customer. The allocated value of the unspecified updates and upgrades and customer support are recognized as hardware revenue ratably over the estimated economic life of the hardware. The Company offers certain rights of return and estimates return reserves based on historical experience, and the reserves are recorded as a reduction of revenue and an accrued liability. Amounts billed to customers for shipping and handling are classified as revenue, and the Company’s related shipping and handling costs incurred are classified as cost of revenue. Sales taxes collected from customers and remitted to respective governmental authorities are recorded as liabilities and are not included in revenue. The customers are billed upon shipment of hardware tracking devices. The premium subscription service plans available for hardware tracking devices are separate and distinct from hardware performance obligations and are included in subscription revenue. Other Revenue The Company’s other revenue consists of data and partnership revenue, which includes advertising revenue. Data revenue is generated primarily through an arrangement with a key data partner that provides location-based analytics to customers in the retail and real estate sectors, municipalities, and other private and public organizations (“Data Partner”). In January 2022, the Company announced a partnership agreement with a Data Partner, a prominent provider of aggregated analytics for the retail ecosystem, in which executives of the Company have an immaterial ownership interest through a passive investment vehicle. This agreement was amended and restated in August 2024, and the term was extended for a period of five years. As part of this partnership, the Data Partner will provide data processing and analytics services to the Company and will have the right to commercialize aggregated data related to place visits during the agreement term. The partnership agreement includes fixed and variable monthly revenue amounts, as well as quarterly minimum guarantees, for access to aggregated data for the duration of the five-year agreement. The Company has an obligation to provide aggregated user data over the term of the partnership agreement and recognizes revenue ratably over the performance period as data is delivered. In connection with the original agreement, the Data Partner issued the Company a warrant to purchase up to 5,100,167 shares of Series C Preferred Stock of the Data Partner (the “Data Revenue Partner Warrant”) at an exercise price of $4.90 per share. The Company estimates and includes variable consideration related to the Data Revenue Partner Warrant, in the transaction price at contract inception to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The partnership agreement has standard payment terms that require payment within 30 days. The grant of the Data Revenue Partner Warrant is considered non-cash consideration, which the Company measured at fair value on the date of issuance. The warrant was valued using a Black-Scholes option pricing model, and the fair value at issuance of approximately $5.4 million has been included as variable consideration in the transaction price of the data partnership agreement, and is 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. Refer to the "Investments" section below for additional information regarding the Company's Data Revenue Partner Warrant. Data revenue was $32.7 million, $26.6 million, and $21.6 million for the years ended December 31, 2025, 2024, and 2023, respectively. Partnership revenue includes lead generation offerings and agreements with third parties that allow access to anonymized data insights or advertising on the Company’s mobile platform. Under these agreements, the Company may earn a percentage of the revenue generated from data insights or advertising spend. Revenue is recorded on a gross basis if the Company acts as the principal in the transaction, or a net basis if the Company acts as the agent. Variable amounts earned from partnership revenue arrangements are allocated to the month in which the partner’s related revenue is generated or advertising is delivered. Partnership revenue also includes revenue related to the Company’s partnership with a related party. In 2024, the Company entered into a strategic partnership and series of transactions with a related party, including a partnership and revenue share agreement (the “Related Party Agreement”). Refer to Note 15, "Related-Party Transactions" for additional information. The Related Party Agreement includes revenue-share payments in which the related party will pay the Company a percentage of revenues earned from leveraging the new global location-tracking network service offering. In connection with the Related Party Agreement, the related party issued the Company a warrant to purchase up to 6,147,574 shares of its common stock at an exercise price of $0.46 per share (the “Related Party Warrant”). The Company estimates and includes variable consideration related to the Related Party Warrant, in the transaction price at contract inception to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The Related Party Agreement has standard payment terms that require payment within 30 days. 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. As of December 31, 2025, 2,049,191 shares of the Related Party Warrant have vested. The warrant was valued using a Black Scholes option-pricing model, and the fair value of approximately $3.9 million has been included as consideration in the transaction price of the Related Party Agreement, and 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 $0.9 million, zero, and zero in other revenue on the consolidated statements of operations and comprehensive income (loss) in connection with the Related Party Warrant during the years ended December 31, 2025, 2024, and 2023, respectively. Partnership revenue was $35.7 million, $9.4 million, and $3.9 million for the years ended December 31, 2025, 2024, and 2023, respectively. Performance Obligations Some of the Company’s contracts with customers contain multiple performance obligations, primarily hardware and subscription services for hardware tracking devices and hardware bundles (bundled Life360 subscription and hardware offerings). For these contracts, the Company accounts for individual performance obligations separately if they are distinct and distinct within the context of the contract. The transaction price is allocated to the separate performance obligations on a relative stand-alone selling price (“SSP”) basis with the amounts allocated to ongoing services deferred and recognized over a period of time and amounts allocated to hardware tracking devices recognized at a point-in time with a portion of the consideration being allocated to application usage (maintenance) and support. The Company determines SSP based on observable, if available, prices for those related goods and services when sold separately. When such observable prices are not available, the Company determines SSP based on multiple factors including consumer behaviors, the Company’s internal pricing model, and relative costs incurred plus a normal margin. The factors may vary depending on the facts and circumstances related to each performance obligation. Our hardware sales arrangements typically contain multiple performance obligations, consisting of the hardware sale, application usage, hardware support, and in some cases, premium subscriptions. The Company provides warranties of up to twelve months for products with manufacturing defects or hardware failures. As part of Tile Premium subscriptions, the Company offers warranties to end-users covering the contractual service period (up to 3 years) for products with manufacturing defects or hardware failures. The warranties are not sold separately and do not represent separate performance obligations. Payment terms and conditions vary by contract type and are billed either in advance or have a standard payment term generally requiring payment within 30 to 60 days. Therefore, such warranties are accounted for under ASC 460, Guarantees, and the estimated costs of warranty claims are generally accrued as cost of revenue in the period the related revenue is recorded. Variable Consideration The Company recognizes hardware revenue at the net sales price, which includes certain estimates for variable consideration with its customers. The Company’s variable consideration is primarily in the form of promotional agreements and marketing development fund agreements related to the hardware tracking devices. These agreements are designed to enhance the sale of the Company’s products and consist of incentives to the Company’s customers. The Company estimates variable consideration using the expected value method. All forms of variable consideration are recorded as contra-revenue and a corresponding liability in its consolidated balance sheets. These estimates are based on the Company’s incentive program experience, historical and projected sales data and current contractual terms. The remaining portion of this liability is based on contractual amounts and does not require estimation. Remaining Performance Obligations 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 $207.1 million as of December 31, 2025, of which the Company expects 43% to be recognized over the next twelve months. Cost of Revenue Cost of subscription revenue primarily consists of expenses related to hosting the Company’s services and providing support to the Company’s free members and paying subscribers. These expenses include personnel-related costs associated with the Company’s cloud-based infrastructure and the Company’s customer support organization, third-party hosting fees, software and maintenance costs, outside services associated with the delivery of subscription services, amortization of acquired intangibles and allocated overhead, such as facilities, including rent, utilities, depreciation on equipment shared by all departments, credit card and transaction processing fees, and shared information technology costs. Personnel-related expenses include salaries, bonuses, benefits, and stock-based compensation for operations personnel. Cost of hardware revenue consists of product costs, including hardware production, contract manufacturers for production, shipping and handling, packaging, fulfillment, personnel-related expenses, manufacturing and equipment depreciation, warehousing, tariff costs, customer support costs, credit card and transaction processing fees, warranty replacement, and write-downs of excess and obsolete inventory. Personnel-related expenses include salaries, bonuses, benefits, and stock-based compensation for operations personnel. Cost of other revenue includes cloud-based hosting costs, as well as costs of product operations functions and personnel-related costs associated with the Company’s data and advertising platforms. Personnel-related expenses include salaries, bonuses, benefits, and stock-based compensation for operations personnel. 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. Deferred revenue also includes balances related to future performance obligations for hardware and other revenue. Amounts anticipated to be recognized within one year of the balance sheet date are recorded as deferred revenue, current; the remaining portion is recorded as deferred revenue, noncurrent in the consolidated balance sheets.
Costs Capitalized to Obtain Contracts	Costs Capitalized to Obtain Contracts Costs capitalized to obtain contracts are comprised of commission payments in connection with annual subscription sales of the Company’s mobile application through a third-party store platform. These costs that are incremental and directly related to new customer sales contracts are accrued and capitalized upon execution of a non-cancelable customer contract, and subsequently expensed over the estimated period of benefit, which is currently estimated to be three years. The Company has elected the practical expedient under ASC 340-40 to expense incremental costs of obtaining a contract if the amortization periods is one year or less.
Accounts Receivable and Allowances	Accounts Receivable and Allowances Accounts receivable are recorded at the invoiced amount, net of allowance for credit losses. The allowance for credit losses is based on the Company’s assessment of the collectibility of accounts by considering the age of each outstanding invoice, the collection history of each customer, and an evaluation of the current expected risk of credit loss based on current economic conditions and reasonable and supportable forecasts of future economic conditions over the life of the receivable. The Company assesses collectibility by reviewing accounts receivable on an aggregated basis where similar characteristics exist and on an individual basis when specific customers with collectibility issues are identified.
Inventory and Contract Manufacturing	Inventory and Contract Manufacturing Inventory is comprised of raw materials and finished goods related to hardware tracking devices and accessories. Inventory is stated at the lower of cost or net realizable value on a weighted average basis. The Company assesses the valuation of inventory and writes down the value for estimated excess and obsolete inventory based upon estimates of future demand and market conditions. The Company outsources a significant portion of its manufacturing to an independent contract manufacturer in Asia. A significant portion of its cost of revenue consists of inventory purchased from this manufacturer. The Company’s inventory is held at third party warehouses and the contract manufacturer premises. The Company’s manufacturer procures components and manufactures the Company’s products based on the demand forecasts provided. These forecasts are based on estimates of future demand for the Company’s products, which are in turn based on historical trends and an analysis from the Company’s sales and marketing organizations, adjusted for overall market conditions. Shipments of inventory from the contract manufacturer are recorded as finished goods inventory upon shipment when title and the significant risks and reward of ownership have passed to the Company.
Concentrations of Risk and Significant Customers, and Supplier Concentration	Concentrations of Risk and Significant Customers The Company’s business, operations, and financial results are subject to various risks and uncertainties, including adverse global economic conditions and competition in the Company’s industry that could adversely affect the Company’s business, financial conditions, results of operations and cash flows. These important factors, among others, could cause actual results to differ materially from any future results. 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 and partnership 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 U.S. 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.
Research and Development Costs	Research and Development Costs The Company charges costs related to research and development which consist primarily of personnel-related costs for its engineering, product, and design teams, material costs of building and developing prototypes for new products, mobile app development, and allocated overhead.
Sales and Marketing Costs	Sales and Marketing Costs The Company’s sales and marketing expenses consist primarily of commissions to Channel Partners, personnel-related costs, brand marketing costs, lead generation costs, sales incentives, sponsorships, amortization of acquired intangibles, bad debt expense, and allocated overhead. Commission payments to Channel Partners in connection with annual subscription sales of the Company’s mobile application on third-party store platforms are considered to be incremental and recoverable costs of obtaining a contract with a customer and are either expensed as incurred or deferred and amortized over an estimated period of benefit of three years depending on the subscription type.
Advertising Expense	Advertising Expense Advertising expenses are recorded in the period in which cost is incurred, and are presented within sales and marketing expense on the consolidated statements of operations.
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 $1.6 million and $1.2 million as of December 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.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company measures and reports certain assets and liabilities 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 Company measures certain non-marketable equity securities and warrant investments at fair value on a nonrecurring basis in accordance with ASC 321, Investment - Equity Securities. Instruments are remeasured to fair value when observable price changes in orderly transactions for an identical or a similar investment of the same issuer occur. The three levels of inputs that 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 recorded carrying amounts of certain financial instruments, including cash and cash equivalents, prepaid expenses, accounts payable, and accounts receivable as of December 31, 2025 and December 31, 2024, approximate fair value due to their short-term maturities.
Property and Equipment, net	Property and Equipment, net Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets. Equipment, computer software, furniture, and product manufacturing equipment, which includes construction-in-process that is capitalized and depreciated when placed into service, have estimated useful lives ranging from three to five years. Leasehold improvements are amortized on a straight-line basis over the lesser of the estimated useful life or the term of the lease with expected renewals. Costs of maintenance and repairs that do not improve or extend the lives of the respective assets are expensed as incurred. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the balance sheets and the resulting gain or loss is reported in other income (expense), net in the period realized.
Internally Developed Software	Internally Developed Software For development costs related to internally developed software projects, including costs incurred in connection with the development of new features added to the Life360 app, the Company capitalizes costs incurred during the application development stage, which begins after the completion of the preliminary project phase and when it is probable that the project will be completed and used as intended. Capitalized costs include personnel and related expenses for employees and fees paid to third-party contractors and vendors directly involved in the development effort. The capitalization of costs stops once the software is substantially complete and ready for its intended use. Costs related to preliminary project activities and post implementation activities are expensed as incurred. Internally developed software is amortized to cost of subscription revenue on a straight-line basis over its estimated useful life, which is generally three years. The Company capitalized $7.0 million, $4.7 million, and $1.7 million during the years ended December 31, 2025, 2024 and 2023, respectively. Capitalized costs are included within intangible assets, net on the consolidated balance sheets.
Lease Obligation	Lease Obligation Operating lease right-of-use (“ROU”) assets and lease liabilities are recognized at the present value of the future lease payments at commencement date. The interest rate implicit in the Company’s operating leases is not readily determinable, and therefore an incremental borrowing rate is estimated to determine the present value of future payments. The estimated incremental borrowing rate factors in a hypothetical interest rate on a collateralized basis with similar terms, payments, and economic environments. Operating lease ROU assets also include any prepaid lease payments and lease incentives. ROU assets are assessed for impairment in accordance with ASC 360 whenever events or changes in circumstances indicate the carrying value may not be recoverable. As of December 31, 2025, 2024, 2023, respectively, no impairment expense related to ROU assets has been recognized. The operating lease agreement contains rent concession, rent escalation, and option to renew provisions. Rent concession and rent escalation provisions are considered in determining the straight-line single lease cost to be recorded over the lease term. Single lease cost is recognized on a straight-line basis over the lease term commencing on the date the Company has the right to use the leased property. The lease term includes the option to extend or terminate the lease. The Company generally uses the base, non-cancellable, lease term when recognizing the lease assets and liabilities, unless it is reasonably certain that the renewal option will be exercised. In addition, the Company’s operating lease agreement contains tenant improvement allowances from its landlord. These allowances are accounted for as lease incentives and decrease the Company’s ROU asset and reduce single lease cost over the lease term.
Restructuring and Other Charges	Restructuring and Other Charges Restructuring generally includes significant actions involving employee-related severance charges, facilities consolidation, and contract termination costs. Employee-related severance charges are largely based upon substantive severance plans, while some are mandated requirements in certain foreign jurisdictions. Severance costs generally include severance payments, outplacement services, health insurance coverage, and legal costs. These charges are reflected in the period when both the actions are probable, at the balance sheet date, and the amounts are reasonably estimable.
Business Combinations	Business Combinations The Company uses best estimates and assumptions to assign a fair value to the tangible and intangible assets acquired and liabilities assumed in business combinations as of the acquisition date. These estimates are inherently uncertain and subject to refinement. During the measurement period, which may be up to one year from the acquisition date, adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed may be recorded, with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Company’s consolidated statements of operations.
Goodwill	Goodwill Goodwill represents the excess of the purchase price in a business combination over the fair value of net tangible and intangible assets acquired and reflects benefits from assets not individually identifiable, including anticipated synergies and growth opportunities. Goodwill amounts are not amortized but are tested for impairment annually as of October 31 of each year, or more frequently if indicators of impairment exist.
Intangible Assets, net	Intangible Assets, net Intangible assets, including acquired, trade names, customer relationships, acquired developed technology, and internally developed software are carried at cost and amortized on a straight-line basis over their estimated useful lives. The Company determines the appropriate useful life of the Company’s intangible assets by measuring the expected cash flows of acquired assets.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company assesses the impairment of long-lived assets, such as property and equipment subject to depreciation and acquired intangibles subject to amortization, when events or changes in circumstances indicate that their carrying amount may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. The Company reviews long-lived assets for impairment at least annually, or more frequently if events or changes in circumstances would more likely than not reduce the fair value of its single reporting unit below its carrying value.
Investments	Investments Investments relate to non-marketable equity securities held in privately held companies without readily determinable market values. Investments in non-public businesses that do not have readily determinable pricing, and for which the Company does not have control or does not exert significant influence, are carried at cost less impairments, if any, plus or minus changes in observable prices for those investments. Gains or losses resulting from changes in the carrying value of these investments are included as non-operating expenses on the Company’s consolidated statements of operations and comprehensive income (loss). Data Revenue Partner Warrant The Data Revenue Partner Warrant is a non-marketable equity security consisting of a warrant held to purchase shares of preferred stock of a Data Revenue Partner. Refer to the “Revenue Recognition” section above for additional information. In September 2024, an observable price change of the Data Revenue Partner Warrant took place. This resulted in a $5.4 million increase in the investment asset value and a corresponding gain on fair value adjustment recorded in other income (expense), net in the consolidated statements of operations and comprehensive income (loss). There was no gain or loss associated with the Data Revenue Partner Warrant in 2025. The carrying value of the Company’s investment in the Data Revenue Partner Warrant is included in prepaid expenses and other assets, noncurrent in the consolidated balance sheets. As of December 31, 2025 and 2024, the balance was $10.9 million and $10.9 million, respectively. Related Party Simple Agreement for Future Equity (“SAFE”) Conversion to Related Party Investment In December 2024, the Company entered into a SAFE with a related party and invested $5.0 million (the “Related Party SAFE”). Under the terms of the SAFE, the Company holds the right to receive equity upon the occurrence of specified future events. For additional information, refer to Note 15, "Related-Party Transactions". In April 2025, the Related Party SAFE was converted into shares of preferred stock in the related party (the “Related Party Investment”). As of December 31, 2024, the Related Party SAFE had a carrying balance of $5.0 million, and as of December 31, 2025, the Related Party Investment had a carrying balance of $5.9 million. Both investments are included in prepaid expenses and other assets, noncurrent on the consolidated balance sheets. Refer to Note 5, "Fair Value Measurements" for additional information on the conversion of the Related Party SAFE to the Related Party Investment. Related Party Warrant The Related Party Warrant is a non-marketable equity security consisting of a warrant held to purchase shares of common stock of a related party. Refer to the “Revenue Recognition” section above and Note 15, "Related-Party Transactions" for further details. As of December 31, 2025 and 2024, the carrying value of the Company’s investment in the Related Party Warrant is $3.9 million and is included in prepaid expenses and other assets, noncurrent on the consolidated balance sheets. Convertible Note Investment In May 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 $25.0 million convertible note investment by the Company into Aura (“Convertible Note Investment”). The note bears zero interest and matures on May 12, 2030. The principal is due at maturity and includes both optional and mandatory conversion features, which may result in conversion into the issuer’s equity upon the occurrence of specific events, including financing events, change in control, or at maturity. The Company elected to apply the fair value option in accordance with ASC 825, Financial Instruments, to account for the hybrid instrument as a single financial instrument. As a result, the entire instrument is measured at fair value, with changes in fair value recognized in the consolidated statements of operations and comprehensive income (loss) within other income (expense). The Convertible Note Investment is included within prepaid expenses and other assets, noncurrent on the consolidated balance sheets. The Company classifies the Convertible Note Investment as Level 3 due to the absence of relevant observable inputs. The fair value of the Convertible Note Investment was estimated using a scenario-based, probability-weighted option pricing model. Significant assumptions include the discount rate as well as the timing and probability weighting of each settlement scenario.
Common Stock Warrants	Common Stock Warrants The Company has issued freestanding warrants to purchase shares of common stock in connection with certain debt financing transactions. The warrants are recorded as equity instruments at the grant date fair value using the Black-Scholes option pricing model and are not subject to revaluation at each balance sheet date.
Stock-Based Compensation	Stock-Based Compensation The Company maintains an equity incentive plan under which various types of equity-based awards are granted. The Plan allows the Company to grant restricted stock units (“RSUs”), which include time-based, performance-based, and market-based restricted stock units, restricted stock, as well as 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 Company accounts for stock-based compensation in accordance with ASC 718, Compensation—Stock Compensation, and recognizes stock-based compensation expense based on the grant-date fair value of the awards. The fair value of RSUs and restricted stock awards is based on the fair value of the Company’s common stock on the grant date. For RSUs with market-based vesting conditions, the Company estimates fair value using a Monte Carlo simulation model. The fair value of stock options is determined using the Black-Scholes option pricing model. Stock-based compensation expense is recognized over the requisite service period of the awards, which is generally three to four years. Awards with time-based vesting conditions, including RSUs, restricted stock, and stock options, are recognized on a straight-line basis. Awards with performance-based vesting conditions are recognized using an accelerated attribution method when achievement of the performance condition is considered probable and are reassessed each reporting period. Awards with market-based vesting conditions are recognized over the requisite service period and are not adjusted for actual performance outcomes. The Company accounts for forfeitures as they occur.
Foreign Currency	Foreign Currency The functional currency of the Company’s foreign subsidiary is the respective local currency. Translation adjustments arising from the use of a differing exchange rate from period to period are included in accumulated other comprehensive income (loss) within the consolidated statements of stockholders’ equity. Foreign currency transaction gains and losses are included in other income (expense), net in the consolidated statements of operations and were not material during the years ended December 31, 2025, 2024 or 2023. All assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the exchange rate on the balance sheet date. Revenue and expenses are translated at the average exchange rate during the period.
Income Taxes	Income Taxes The Company accounts for income taxes under the asset and liability method. The Company estimates actual current tax exposure together with assessing temporary differences resulting from differences in accounting for reporting purposes and tax purposes for certain items, such as accruals and allowances not currently deductible for tax purposes. These temporary differences result in deferred tax assets and liabilities, which are included in the Company’s balance sheets. In general, deferred tax assets represent future tax benefits to be received when certain expenses previously recognized in the Company’s statements of operations and comprehensive income (loss) become deductible expenses under applicable income tax laws or when net operating loss or credit carryforwards are utilized. Accordingly, realization of the Company’s deferred tax assets is dependent on future taxable income against which these deductions, losses and credits can be utilized. The Company must assess the likelihood that the Company’s deferred tax assets will be recovered from future taxable income, and to the extent the Company believes that recovery is not likely, the Company establishes a valuation allowance. To the extent recovery is not considered likely, any previously established valuation allowance is released in the period such determination is made. The assessment of whether a valuation allowance is required often requires significant judgment including current and historical operating results, the forecast of future taxable income and on-going prudent and feasible tax planning initiatives. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. The Company did not accrue any interest or penalties related to income tax positions during the years ended December 31, 2025, 2024, and 2023.
Net Income (Loss) Per Share	Net Income (Loss) Per Share The Company computes basic and diluted net income (loss) per share in conformity with ASC 260, Earnings per Share. Basic net income (loss) per share is calculated by dividing the net income (loss) by the weighted-average number of shares of common stock outstanding during the period. Diluted net income (loss) per share reflects the potential dilution that could occur from securities that may result in the issuance of common stock and is calculated by dividing net income (loss) by the diluted weighted-average number of shares outstanding. Diluted weighted-average shares outstanding include the effect of potential dilutive securities outstanding during the period, including stock options, restricted stock units, warrants, and other similar equity-based securities, which are calculated using the treasury stock method, as well as convertible debt instruments, which are calculated using the if-converted method. Potential common shares are excluded from diluted net income (loss) per share when their effect would be antidilutive.

Balance Sheet Components - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Feb. 27, 2025
Business Combination [Line Items]
Inventory write-off	$ 0	$ 0	$ 916
Depreciation	$ 400	300	100
Remaining lease terms	10 months 24 days
Cash payments included in the measurement of operating lease liabilities	$ 390	$ 379	861
Weighted-average discount rate	5.00%	5.00%
Capitalized software development costs	$ 7,000	$ 4,700	1,700
Amortization expense	12,900	9,500	$ 9,000
Internally developed software not yet in service	2,822	900
Goodwill	$ 134,619	$ 133,674
Fantix, Inc
Business Combination [Line Items]
Goodwill				$ 900

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2025	Feb. 24, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 4,840
Entity Common Stock, Shares Outstanding		80,198,613
Documents Incorporated by Reference	Portions of the definitive proxy statement for the 2026 Annual Meeting of Stockholders of the Registrant (the “2026 Proxy Statement”), are incorporated by reference into Part III of this Annual Report on Form 10-K. The Proxy Statement will be filed with the Securities and Exchange Commission within 120 days of the Registrant’s fiscal year ended December 31, 2025.
Entity Central Index Key	0001581760
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Statements of Cash Flows - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Cash Flows from Operating Activities:

Net income (loss)

$ 150,832

$ (4,555)

$ (28,171)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Depreciation and amortization

13,329

9,778

9,141

Amortization of costs capitalized to obtain contracts

1,297

1,268

2,125

Amortization of operating lease right-of-use asset

348

331

842

Stock-based compensation expense, net of amounts capitalized

55,460

42,269

38,512

Compensation expense in connection with revesting notes

Non-cash interest expense, net

1,271

462

Convertible notes fair value adjustment

608

684

Derivative liability fair value adjustment

1,707

116

Loss on settlement of convertible notes

440

Gain on settlement of derivative liability

(1,924)

Gain on change in fair value of investments

^[1]

(609)

(5,389)

Provision for credit losses

799

300

Non-cash revenue from investments

(1,174)

(1,040)

(1,608)

Inventory write-off

916

Adjustment in connection with membership benefit

(2,172)

Deferred income taxes

(118,354)

Changes in operating assets and liabilities, net of acquisition:

Accounts receivable, net

(23,518)

(16,117)

(9,055)

Prepaid expenses and other assets

(6,706)

135

(6,667)

Inventory

(1,810)

(3,958)

5,811

Costs capitalized to obtain contracts, net

(1,231)

(1,571)

(1,905)

Accounts payable

3,060

(433)

(7,895)

Accrued expenses and other current liabilities

9,312

4,504

2,193

Deferred revenue

6,683

6,564

4,620

Other liabilities, noncurrent

(359)

(364)

(498)

Net cash provided by operating activities

88,630

32,612

7,524

Cash Flows from Investing Activities:

Cash paid for acquisition

(2,825)

Internally developed software

(5,716)

(3,945)

(1,715)

Purchase of property and equipment

(1,792)

(1,187)

(506)

Related Party SAFE

(5,000)

Convertible note investment

(25,000)

Net cash used in investing activities

(35,333)

(10,132)

(2,221)

Cash Flows from Financing Activities:

Indemnity escrow payment in connection with an acquisition

(13,128)

69,520

14,553

5,811

(62,836)

(33,995)

(14,033)

Proceeds from issuance of common stock in U.S. initial public offering, net of underwriting discounts and commissions

93,000

Payments of U.S. initial public offering issuance costs

(6,292)

Proceeds from repayment of notes due from affiliates

314

Repayment of convertible notes

(3,919)

Proceeds from issuance of convertible senior notes

320,000

Payments of debt issuance costs

(10,884)

Purchase of capped calls

(33,728)

Net cash provided by (used in) financing activities

282,072

67,266

(24,955)

Net Increase in Cash, Cash Equivalents, and Restricted Cash

335,369

89,746

(19,652)

Cash, Cash Equivalents and Restricted Cash at the Beginning of the Period

160,459

70,713

90,365

Cash, Cash Equivalents, and Restricted Cash at the End of the Period

495,828

160,459

70,713

Supplemental disclosure:

Cash paid (refunds received) during the period for income taxes, net

(893)

2,381

697

Cash paid during the period for interest

640

Cash payments included in the measurement of operating lease liabilities

390

379

861

Non-cash investing and financing activities:

Right of use asset recognized in connection with lease modification

1,054

Fair value of stock issued in connection with the acquisition of Fantix, Inc.

1,000

Liability incurred in connection with the acquisition of Fantix, Inc.

675

Operating lease liability recognized in connection with lease modification

1,054

Property and equipment included within accrued expenses and other current liabilities

112

Stock-based compensation included in internally developed software

1,321

714

Related Party Warrant

3,898

Conversion of Related Party SAFE to Related Party Investment

5,000

Cash, cash equivalents and restricted cash

Cash and cash equivalents

494,261

159,238

68,964

Restricted cash, noncurrent

1,567

1,221

1,749

Total cash and cash equivalents, and restricted cash

495,828

160,459

70,713

June 2025 Convertible Notes

Non-cash investing and financing activities:

Conversion of convertible notes and accrued interest to common stock

3,548

July 2021 Convertible Notes

Non-cash investing and financing activities:

Conversion of convertible notes and accrued interest to common stock

$ 0

$ 2,203

$ 0

[1]	Includes a related party gain of $882, zero, and zero for the years ended December 31, 2025, 2024, and 2023, respectively.

Equity Incentive Plan

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Equity Incentive Plan

13. Equity Incentive Plan

2011 Equity Incentive Plan

The Company’s 2011 Stock Plan was originally adopted by the Company’s Board of Directors on July 27, 2011 and the Company’s stockholders on October 11, 2011, and most recently amended and restated, and adopted by the Board of Directors on March 10, 2020 and the Company’s stockholders on July 21, 2020 (as restated, the “Plan”). The Plan allows the Company to grant restricted stock units (“RSUs”), which include time-based, performance-based, and market-based restricted stock units, restricted stock, as well as 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. Options granted under the Plan may be either incentive stock options or nonqualified stock options. Incentive stock options (“ISOs”) may be granted only to employees of the Company or any of the Company’s parent or subsidiaries (including officers and directors who are also employees). Nonqualified stock options (“NSOs”) may be granted to any person eligible for grants under the Plan.

As of December 31, 2025, the Company had 23,521,388 shares reserved for issuance and 15,118,992 shares available for issuance under the Plan.

Time-Based Restricted Stock Units

Time-based restricted stock units (“TRSUs”) generally vest based on continued service over a specified period, which is typically four years. Each TRSU represents the right to receive one share of common stock upon vesting. The fair value of TRSUs is determined based on the closing price of the Company’s common stock on the date of grant. Stock-based compensation expense for these awards is recognized on a straight-line basis over the requisite service period and is offset by actual forfeitures as they occur.

Performance-Based Restricted Stock Units

PRSUs are granted primarily to executive officers and, in limited cases, to certain other senior-level employees. Vesting is based on continued service and the attainment of certain financial performance metrics, including revenue and Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization targets, over a one-year performance period, as established and approved by the Board of Directors. The number of shares issued upon vesting may be greater or lesser than the target award amount depending on actual performance, and shares attained over target will be recognized as awards granted in the period earned.

During the years ended December 31, 2025 and 2024, 225,386 and 115,403 PRSUs (“the Target Grant”) were granted with a weighted average grant-date fair value per share of $36.61 and $27.40, respectively. No PRSUs were granted during the year ended December 31, 2023. The fair value of PRSUs is determined based on the closing price of the Company’s common stock on the date of grant. Stock-based compensation expense is recognized on a graded-vesting basis for multi-tranche awards and on a straight-line basis for single-tranche awards, based on the estimated probability of achieving the performance conditions, which is reassessed each period. If achievement of the performance conditions is not considered probable, all previously recognized stock-based compensation expense related to the unvested awards is reversed.

As of December 31, 2025, the performance goals for the PRSU awards granted in 2025 have been achieved. Accordingly, stock-based compensation cost related to these awards is no longer subject to reversal, and vesting is contingent solely upon the continued service conditions. In accordance with the vesting schedule of the awards, no shares related to these awards have vested as of December 31, 2025.

Market-Based Restricted Stock Units

Certain executive officers were granted MRSUs during the year ended December 31, 2025. No MRSUs were granted during the year ended December 31, 2024 or 2023. Vesting is based on continued service and the Company’s total shareholder return during one-year, two-year, and three-year performance periods as measured relative to the group of companies comprising the S&P Software and Services Index. The number of shares issued upon vesting may vary from the target award amount depending on actual performance, and shares attained over the target will be recognized as awards granted in the period earned.

During the year ended December 31, 2025, 59,622 MRSUs were granted with a total weighted average grant-date fair value per share of $114.73. Stock-based compensation expense is recognized on a graded-vesting basis over the requisite service period and is not adjusted for actual performance outcomes.

The Company estimated the fair value of the MRSUs granted using a Monte Carlo simulation model with the following assumptions:


	Tranche 1			Tranche 2			Tranche 3
Expected volatility	55.6		%	55.6		%	55.6		%
Risk-free interest rate based on U.S. Treasury yields	3.8		%	3.6		%	3.6		%
Expected term (years)	1			2			3
Weighted average grant-date fair value per share	$	99.14		$	121.80		$	122.99

RSUs, including TRSUs, PRSUs, and MRSUs

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	2,167,685	49.79
RSUs vested and settled	(2,452,615)	19.78
RSUs cancelled/forfeited	(512,304)	19.79
Balance as of December 31, 2025	4,294,367	$	34.05

As of December 31, 2025, there was total unrecognized stock-based compensation expense for outstanding RSUs of $127.7 million to be recognized over a period of approximately 2.8 years. This amount is comprised of unrecognized compensation expense of $116.2 million related to outstanding TRSUs, $5.7 million related to outstanding PRSUs, and $5.8 million related to outstanding MRSUs.

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

RSUs granted during the years ended December 31, 2025, 2024, and 2023 had a weighted average grant date fair value of $49.79, $27.36, and $13.15 per share, respectively. The total fair value of shares vested during the years ended December 31, 2025, 2024, and 2023 was $160.8 million, $101.0 million, and $39.2 million, respectively.

Stock Options

The Company granted no stock options during the years ended December 31, 2025, 2024, and 2023. Outstanding options at December 31, 2025 relate to historical grants under the Plan.

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	(1,545,786)	7.43
Options cancelled/forfeited	(20,132)	10.30
Balance as of December 31, 2025	4,108,029	5.66		2.8	240,230
Exercisable as of December 31, 2025	4,064,254	$	5.60	2.8	$	237,923

As of December 31, 2025, there was total unrecognized compensation cost for outstanding stock options of $0.1 million to be recognized over a period of approximately 0.3 years.

The intrinsic values of outstanding, vested, and exercisable options were determined by multiplying the number of shares by the difference in exercise price of the options and the fair value of the common stock as of December 31, 2025, 2024, and 2023 of $64.14, $41.27, and $15.46 per share, respectively. The intrinsic value of the options exercised represents the difference between the exercise price and the fair market value on the date of exercise. The total intrinsic value of the options exercised during the years ended December 31, 2025, 2024, and 2023 was $88.8 million, $18.2 million, and $7.7 million, respectively.

Stock-Based Compensation

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


	Year Ended December 31,
	2025		2024		2023

Cost of subscription revenue	$	1,869	$	730	$	651
Cost of hardware revenue	1,476		798		1,096
Cost of other revenue	8		4		43
Total cost of revenue	3,353		1,532		1,790
Research and development	28,037		25,457		22,015
Sales and marketing	7,029		3,344		3,059
General and administrative	17,041		11,936		11,648
Total stock-based compensation expense, net of amounts capitalized	$	55,460	$	42,269	$	38,512

There was $1.3 million and $0.7 million of capitalized stock-based compensation costs during the years ended December 31, 2025 and 2024, respectively. There was an immaterial amount of capitalized stock-based compensation costs during the year ended December 31, 2023.