0001454938-26-000054 | 10-Q | XBRL Viewer

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Segment and Geographic Information - Narrative (Details)	6 Months Ended
	Jun. 30, 2026 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Balance Sheet Components - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning balance	$ 16,376	$ 5,922
Provision for credit losses, net of recoveries	7,687	1,737
Write-offs	(5,646)	(1,443)
Allowance for credit losses, ending balance	$ 18,417	$ 6,216

Organization, Description of Business and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Description of Business and Summary of Significant Accounting Policies	1. Organization, Description of Business and Summary of Significant Accounting Policies Organization and Description of Business On June 6, 2025, Outbrain Inc. (“Outbrain”), operating under the new Teads brand following Outbrain’s acquisition (the “Acquisition”) of TEADS, a private limited liability company (société à responsabilité limitée) incorporated and existing under the laws of the Grand Duchy of Luxembourg (“Legacy Teads”), completed its corporate name change from Outbrain Inc. to Teads Holding Co. (together with its subsidiaries, “Teads,” the “Company,” “we,” “our,” or “us”). The Company is headquartered in New York, New York, with additional operations throughout North America, Europe, the Middle East, and Asia. The Company’s Common Stock, par value $0.001 per share (“Common Stock”), began trading on The Nasdaq Stock Market LLC under the “TEAD” ticker symbol effective June 10, 2025. The Company operates a two-sided marketplace that creates a scaled, end-to-end advertising solution by maintaining direct relationships with global advertisers, including Fortune 500 brands and agency holding companies, as well as media owners spanning premium publishers to connected TV (“CTV”), application developers and other existing and emerging content platforms. The Company generates revenue primarily from advertisers purchasing media owner inventory through its platform. The Company’s platform is designed to enable advertisers to reach their audiences across the digital advertising ecosystem and drive desired outcomes from those audiences at each step of the marketing funnel. The Company continues to focus on providing efficient, high-impact supply chains for advertisers and sustainable advertising revenue for media owners as the digital advertising ecosystem evolves. Basis of Presentation The accompanying condensed consolidated financial statements were prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and are unaudited. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. Accordingly, these condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission on March 16, 2026 (“2025 Form 10-K”). On February 3, 2025, Outbrain completed the Acquisition for a purchase price of $0.9 billion, comprised of a cash payment of $625 million and 43.75 million shares of Outbrain’s Common Stock. The Acquisition combined the offerings of Outbrain and Legacy Teads into one of the largest Open Internet platforms, allowing the Company to better serve enterprise brands and agencies, as well as direct response and small medium enterprise advertisers across different media environments. In connection with the Acquisition, the Company incurred transaction costs (direct acquisition costs) of $1.1 million and $12.1 million for the three and six months ended June 30, 2025, respectively which were included in general and administrative expenses. See Note 2, Acquisition, to the 2025 Form 10-K for additional information. As a result of the Acquisition, the accompanying condensed consolidated financial statements include the results of Legacy Teads’ operations from the Acquisition date of February 3, 2025. Consequently, the financial information presented for the six months ended June 30, 2026 is not directly comparable to the financial information presented for the corresponding prior year period, which reflects the operations of Legacy Teads only from the Acquisition date of February 3, 2025. By contrast, each of the three-month periods ended June 30, 2026 and 2025 reflects a full three months of consolidated operations following the Acquisition. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and related disclosures as of the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Estimates and judgments are based on historical information and on various other assumptions that the Company believes are reasonable under the circumstances. Estimates and assumptions made in the accompanying condensed consolidated financial statements include, but are not limited to, the allowance for credit losses, sales allowance, software development costs eligible for capitalization, valuation of deferred tax assets, the useful lives of property and equipment, the useful lives and fair value of intangible assets, valuation of goodwill, the fair value of stock-based awards, benefit obligations, fair value of plan assets, and the recognition and measurement of income tax uncertainties and other contingencies. Actual results could differ materially from these estimates. Revenue Recognition The Company sells the placement of advertisements to media agencies and advertisers, which it collectively refers to as its customers. The Company’s customers include brands, performance marketers and other advertisers, which are collectively referred to as its advertisers, each of which contract for use of its services primarily through insertion orders or through self-service tools, allowing advertisers to establish budgets for their advertising campaigns. The Company generates revenue either directly from its customers or indirectly via demand-side platforms (DSPs). Revenue generated directly from its customers can be either on a self-serve basis, where the customer logs into the buying interface and sets up and manages a campaign, or on a managed basis where Company’s teams will log into the buying interface, set up and manage the campaign on behalf of the customers. The Company recognizes revenue pursuant to the five-step framework contained in ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”) as further described in Note 1, Organization, Description of Business and Summary of Significant Accounting Policies—Revenue, to the 2025 Form 10-K. The Company recognizes revenue at a point in time when the advertising is delivered or the outcome occurs, given the real‑time nature of delivery and measurement. The Company recognizes revenue over time when the customer simultaneously receives and consumes the benefits of a specific campaign. Revenue is earned across multiple monetization models using cost-per-click (“CPC”), cost-per-thousand impressions (“CPM”), cost-per-view (“CPV”), and cost-per-incremental action (“CPA”). Prices are typically denominated in unit rates (e.g., CPC, CPM, CPV, CPA) applied to measured delivery or outcomes. The Company estimates variable consideration based on actual delivery volume or measured outcomes, as well as allowances, discounts, rebates (including agency rebates), credits, incentives, or other price concessions. Variable consideration is estimated and included in the transaction price only to the extent it is probable that a significant reversal of cumulative revenue will not occur. Consideration payable to a customer. The Company’s media partners are generally suppliers of inventory, not customers, in arrangements where the Company’s customer is the advertiser. Accordingly, payments to media partners, including revenue shares, guaranteed minimum payments, and programmatic supply costs, are recorded in cost of revenue. The Company evaluates any arrangement in which a counterparty plays multiple roles to determine whether any portion of the payment represents consideration payable to a customer under ASC 606. When amounts qualify as consideration payable to a customer, such amounts are recorded as a reduction of revenue, unless the Company receives a distinct good or service at fair value, in which case the amounts are recorded in operating expenses instead of reducing revenue. Practical expedients. The Company’s chief operating decision-maker is not reviewing these different streams separately and therefore the Company has not disaggregated the revenue presentation by revenue stream but has shown the disaggregation by geography. See Note 14 for disaggregation of the Company’s revenue based on geography of where the Company’s marketers are physically located. When performance obligations are satisfied over time and for which there is no variable consideration, the Company recognizes revenue in the amount to which it has a right to invoice the customer. This reflects the fact that the Company’s right to payment corresponds directly with the value of the Company’s performance completed to date, consistent with the practical expedient in ASC 606. Principal vs. agent (gross vs. net) presentation. The Company generally acts as the principal because it controls the specified advertising inventory or the right to the advertising service before it is transferred to the advertiser. Accordingly, the Company presents revenue on a gross basis, with amounts payable to media partners recorded as traffic acquisition costs within cost of revenue. Contract Balances. Contract liabilities primarily comprise advance payments from customers for future services and are recorded as deferred revenue in the Company’s consolidated balance sheets. The Company does not have contract assets because revenue is typically recognized as services are performed and billing generally aligns with delivery. Cost of Revenue Traffic Acquisition Costs. Traffic acquisition costs consist of amounts the Company owes to media partners for the purchase of or use of inventory. The Company incurs costs with its media partners, which may be publishers, third-party intermediaries or other parties such as original equipment manufacturers in the period in which certain actions, such as click-throughs, impressions or views, occur. Such costs due to media partners are based on the media partners’ contractual revenue share, programmatic bidding or guaranteed minimums based on certain media partner conditions. In some circumstances, the Company incurs costs based on a guaranteed minimum payment, which may be based on either impressions, page views or a fixed amount if the partner reaches certain performance targets, in exchange for guaranteed placement on specified portions of the media partners’ online properties. Traffic acquisition costs also include amounts payable to media partners whose supply is purchased programmatically. In some instances, the Company may make upfront payments to media partners in connection with long-term contracts. The Company capitalizes these advance payments under these agreements if specific capitalization criteria have been met. The capitalization criteria includes the existence of future economic benefits to the Company, the existence of legally enforceable recoverability language (e.g., early termination clauses), management’s ability and intent to enforce the recoverability language and the ability to generate future earnings from the agreement in excess of amounts deferred. Capitalized amounts are amortized as traffic acquisition costs over the shorter of the period of contractual recoverability or the corresponding period of economic benefit. Amounts not yet paid are accrued systematically based on the Company’s estimate of user engagement. Other Cost of Revenue. Other cost of revenue includes costs related to the management of data centers, hosting fees, data connectivity costs, and depreciation and amortization. It also includes the amortization of capitalized software developed or acquired for internal use in support of the Company’s revenue-generating technologies, as well as costs associated with studies and research that directly support these technologies. Additionally, other cost of revenue includes amortization of intangible assets related to developed technology acquired by the Company and used in its revenue-generating efforts. Certain Risks and Concentrations Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents, restricted cash, investments in marketable securities, and accounts receivable. The Company’s cash and cash equivalents, restricted cash and investments in marketable securities are generally invested in high-credit quality financial instruments with both banks and financial institutions to reduce the amount of exposure to any single financial institution. The Company generally does not require collateral to secure accounts receivable, with the exception of certain customers with higher potential credit risk who are required to prepay for their campaigns. No single marketer accounted for 10% or more of the Company’s total revenue for the three and six months ended June 30, 2026 and 2025, or 10% or more of its gross accounts receivable balance as of June 30, 2026 and December 31, 2025. During the three and six months ended June 30, 2026 and 2025, none of the Company’s media partners accounted for 10% of its total traffic acquisition costs. Segment Information The Company has one operating and reporting segment. The Company’s chief operating decision maker is its Chief Executive Officer who makes resource allocation decisions and assesses performance based on financial information presented on a consolidated basis. Defined Benefit Plans The Company maintains defined benefit pension plans in certain international locations which were acquired as part of the Acquisition. Pension benefits are based on employee age, years of service, and compensation. As of June 30, 2026 and December 31, 2025, the net pension liability was $7.3 million and $7.0 million, respectively. Total net periodic benefit cost was $0.2 million and $0.4 million for the three and six months ended June 30, 2026, respectively. For the comparable periods in 2025, the total net periodic benefit cost was $0.2 million and $0.4 million, respectively. Service cost is recorded within operating expenses, while all other cost components are recorded in other income, net. No cash contributions were required during the three and six months ended June 30, 2026 and 2025. See Note 14, Defined Benefit Plans, to the 2025 Form 10-K for additional information. New Accounting Pronouncements The Company has evaluated all Accounting Standards Updates (“ASUs”) issued by the Financial Accounting Standards Board (“FASB”). Standards not summarized below were assessed and determined to be either inapplicable or are not expected to have a material impact on the Company’s consolidated financial position, results of operations, or cash flows. Recently Issued Accounting Pronouncements 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” (“ASU 2025-06”). ASU 2025-06 removes all references to software project development stages, and requires capitalization to begin when management has authorized and committed to funding the project, and it is probable that the project will be completed and the software will be used to perform the function intended. ASU 2025-06 is effective for our annual reporting periods beginning after December 15, 2027, and for interim periods within those annual reporting periods, with early adoption permitted. The Company is in the process of evaluating the impact of ASU 2025-06 on its consolidated financial statements and related disclosures. In November 2024, the FASB issued ASU 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures” (“ASU 2024-03”). ASU 2024-03 requires disclosures about certain costs and expenses, including but not limited to, purchases of inventory; employee compensation; depreciation; intangible asset amortization; and selling expenses. The ASU is required to be applied prospectively and is effective for annual reporting periods beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. The Company is in the process of evaluating the impact of ASU 2024-03 on its consolidated financial statements and related disclosures. See Note 1 to the Company’s audited consolidated financial statements for the year ended December 31, 2025 in the 2025 Form 10-K for a complete disclosure of the Company’s significant accounting policies.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (81,265)	$ (69,156)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Gain on repurchase of long-term debt	0	(1,225)
Depreciation and amortization of property and equipment	4,091	4,896
Amortization of capitalized software development costs	4,689	4,775
Amortization of intangible assets	26,201	21,539
Amortization of discount on marketable securities	(286)	(721)
Stock-based compensation	4,431	6,731
Non-cash operating lease expense	6,543	5,198
Provision for credit losses	4,758	1,464
Amortization of debt discount and issuance costs	2,273	14,087
Deferred income taxes	(4,661)	(31,847)
Impairment of intangible assets	0	15,614
Unrealized foreign currency transaction losses	2,153	4,145
Other	18	25
Changes in operating assets and liabilities:
Accounts receivable	51,818	38,572
Prepaid expenses and other current assets	16,616	13,344
Accounts payable, accrued expenses and other current liabilities	(58,244)	(2,150)
Operating lease liabilities	(6,646)	(5,426)
Deferred revenue	93	(2,850)
Other non-current assets and liabilities	1,706	7,063
Net cash (used in) provided by operating activities	(25,712)	24,078
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of a business, net of cash acquired	0	(598,319)
Purchases of property and equipment	(1,841)	(4,064)
Capitalized software development costs	(10,356)	(7,105)
Purchases of marketable securities	(13,081)	(16,603)
Proceeds from sales and maturities of marketable securities	20,739	77,221
Other	422	1
Net cash used in investing activities	(4,117)	(548,869)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the Bridge Facility	0	625,000
Repayments of borrowings under the Bridge Facility	0	(625,000)
Proceeds from senior secured notes	0	625,305
Partial repayment of long-term debt	0	(7,674)
Payments of deferred financing and debt issuance costs	(763)	(30,801)
Payment of stock issuance costs	0	(775)
Treasury stock repurchases and share withholdings on vested awards	(113)	(553)
(Repayments of) proceeds from bank overdrafts, net	(10,232)	51
Net cash (used in) provided by financing activities	(11,108)	585,553
Effect of exchange rate changes	199	147
Net (decrease) increase in cash, cash equivalents and restricted cash	(40,738)	60,909
Cash, cash equivalents and restricted cash — Beginning	129,700	89,725
Cash, cash equivalents and restricted cash — Ending	88,962	150,634
RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH
Cash and cash equivalents	88,016	149,449
Restricted cash, included in other assets	946	1,185
Total cash, cash equivalents, and restricted cash	88,962	150,634
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Income tax (refunds) payments, net	(8,117)	13,014
Cash paid for interest	32,158	2,095
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Stock consideration issued for acquisition of a business	0	262,938
Purchases of property and equipment included in accounts payable	11	1,405
Operating lease right-of-use assets obtained in exchange for lease obligations	2,036	13,614
Stock-based compensation capitalized for software development costs	239	328
Unpaid deferred financing costs in accounts payable and accrued expenses	$ 0	$ 242

Income Taxes (Details)	3 Months Ended		6 Months Ended
Income Taxes (Details)	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Tax Disclosure [Abstract]
Effective tax rate (as a percent)	(20.80%)	28.70%	(8.40%)	21.50%

Stock-based Compensation - Schedule Of Estimate the Fair Value of the Market-Based PSUs (Details) - Market Based PSUs	6 Months Ended
	Jun. 30, 2026
Share-Based Compensation Arrangement
Expected volatility (as a percent)	82.54%
Risk-free rate (as a percent)	3.92%
Expected dividend yield (as a percent)	0.00%

- 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.

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+ Details

Segment and Geographic Information - Schedule of Property, Equipment and Capitalized Software, Net, and Operating Lease ROU Assets, Net by Geographic Location (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Segment Reporting [Line Items]
Total long-lived assets, net	$ 82,924	$ 79,808
The Americas
Segment Reporting [Line Items]
Total long-lived assets, net	46,632	47,637
EMEA (Europe, the Middle East and Africa)
Segment Reporting [Line Items]
Total long-lived assets, net	33,562	29,503
Asia
Segment Reporting [Line Items]
Total long-lived assets, net	$ 2,730	$ 2,668

- 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

Balance Sheet Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid taxes	$ 13,023	$ 30,290
Prepaid traffic acquisition costs	7,532	6,794
Prepaid software licenses	4,310	5,211
Other prepaid expenses and other current assets	8,069	7,052
Total prepaid expenses and other current assets	$ 32,934	$ 49,347

Fair Value Measurements

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

6. Fair Value Measurements

The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines the fair value of its financial instruments based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the Company uses the fair value hierarchy described below to distinguish between observable and unobservable inputs:

Level I — Valuations based on quoted prices in active markets for identical assets and liabilities at the measurement date;

Level II — Valuations based on quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be principally corroborated by observable market data for substantially the full term of the related assets or liabilities; and

Level III — Valuations based on unobservable inputs that are significant to the measurement of the fair value of the assets or liabilities that are supported by little or no market data.

The following tables set forth the fair value of the Company’s financial assets and liabilities measured on a recurring basis by level within the fair value hierarchy:


	June 30, 2026
	Level I		Level II		Level III		Total
	(In thousands)
Financial Assets:
Cash equivalents and investments (1)	$	2,490	$	2,995	$	—	$	5,485
Restricted time deposit (2)	—		946		—		946
Severance pay fund deposits (2)	—		3,758		—		3,758
Foreign currency forward contract (3)	—		534		—		534
Total financial assets	$	2,490	$	8,233	$	—	$	10,723
Financial Liabilities:
Foreign currency forward contract (4)	—		76		—		76
Total financial liabilities	$	—	$	76	$	—	$	76


	December 31, 2025
	Level I		Level II		Level III		Total
	(In thousands)
Financial Assets:
Cash equivalents and investments (1)	$	18,602	$	26,901	$	—	$	45,503
Restricted time deposit (2)	—		1,477		—		1,477
Severance pay fund deposits (2)	—		5,158		—		5,158
Foreign currency forward contract (3)	—		383		—		383
Total financial assets	$	18,602	$	33,919	$	—	$	52,521
Financial Liabilities:
Foreign currency forward contract (4)	—		15		—		15
Total financial liabilities	$	—	$	15	$	—	$	15

_____________________

(1)Money market securities are valued using Level I of the fair value hierarchy, while the fair values of commercial paper and corporate bonds are considered Level II and are obtained from independent pricing services, which may use various methods, including quoted prices for identical or similar securities in active and inactive markets. See Note 3 for additional detail relating to the Company’s fixed income securities by balance sheet location.

(2)Recorded within other assets.

(3)Recorded within prepaid expenses and other current assets.

(4)Recorded within accrued and other current liabilities.

The Company enters into foreign currency forward contracts to manage exposure to fluctuations in foreign exchange rates. Pursuant to the master netting agreement, the Company may offset the amounts payable in the same currency. However, the Company records the fair values of the assets and liabilities relating to its undesignated foreign currency forward contracts on a gross basis in its consolidated balance sheets and no amounts have been offset. The Company was not required to post cash collateral as of June 30, 2026.

By entering into foreign currency forward contracts, the Company is exposed to a potential credit risk that the counterparty to its contracts will fail to meet its contractual obligations. If a counterparty fails to perform, the Company’s maximum credit risk exposure would be the positive fair value of the foreign currency forward contracts, or any asset balance, which represents the amount the counterparty owes to the Company. In order to mitigate the counterparty risk, the Company performs an evaluation of its counterparty credit worthiness, and its forward contracts have a term of no more than 18 months. During the three and six months ended June 30, 2026, the Company recognized net gains of $0.5 million and $0.1 million, respectively, within other (expense) income and interest income, net in its condensed consolidated statement of operations, related to mark-to-market

adjustments on its undesignated foreign currency forward contracts. The Company recorded corresponding net gains of $1.9 million and $1.1 million, respectively, for the three and six months ended June 30, 2025.

The carrying value of borrowings under the Overdraft Facility (as defined below) approximates fair value due to the short-term nature of the borrowings. The fair value of the Senior Secured Notes (as defined below) is estimated using Level II inputs, including external pricing data. The following table summarizes the carrying value and the estimated fair value of the Senior Secured Notes, based on Level II measurements of the fair value hierarchy:


	June 30, 2026
	Principal Amount		Estimated Fair Value
	(In thousands)
10% Senior Secured Notes	$	628,226	$	304,690

See Note 8 for additional information relating to the Senior Secured Notes.

Non-Financial Assets

Non-financial assets, such as goodwill, definite-lived intangibles assets, operating lease right-of-use assets and property and equipment, are adjusted to fair value (Level III) only when an impairment is recognized. No impairment charges were recorded during the six months ended June 30, 2026. During the six months ended June 30, 2025, the Company recorded $15.5 million in impairment charges related to the discontinuation of a legacy video product offering which consisted of $15.1 million of intangible assets and $0.4 million of unamortized capitalized software development costs. In addition, the Company recorded a $0.1 million impairment charge related to a right-of-use asset during the first quarter of 2025.

- 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
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Restructuring (Tables)

6 Months Ended

Jun. 30, 2026

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Costs

The Company recorded the following pre-tax charges within restructuring charges in its condensed consolidated statement of operations for the periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(In thousands)				(In thousands)
Severance and related costs	$	1,238	$	1,425	$	2,744	$	8,272
Legal costs	—		249		197		681
Total restructuring charges (1) (2)	$	1,238	$	1,674	$	2,941	$	8,953

_________________________

(1)For the three and six months ended June 30, 2026, includes $0.8 million and $2.1 million, respectively, related to sales and marketing and $0.4 million and $0.8 million, respectively, related to general and administrative expenses.

(2)For the three and six months ended June 30, 2025, includes zero and $0.8 million, respectively, related to research and development, $0.9 million and $5.9 million, respectively, related to sales and marketing, and $0.8 million and $2.3 million, respectively, related to general and administrative expenses.

Schedule of Accrued Severance and Related Liabilities

The following table is a reconciliation of the beginning and ending balances for accrued severance and related liabilities recorded within accrued compensation and benefits and accrued and other current liabilities in the Company’s condensed consolidated balance sheets for the six months ended June 30, 2026:


	Severance and related costs		Legal costs		Total

Balance as of December 31, 2025	$	3,361	$	125	$	3,486
Restructuring charges	2,744		197		2,941
Cash payments	(4,845)		(309)		(5,154)
Foreign currency translation	(60)		(1)		(61)
Balance as of June 30, 2026	$	1,200	$	12	$	1,212

Leases (Tables)

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Schedule of Assets and Liabilities Related to the Operating Leases

The following table summarizes assets and liabilities related to the Company’s operating leases:


	Condensed Consolidated Balance Sheets Location	June 30, 2026		December 31, 2025
		(In thousands)
Operating lease assets	Operating lease right-of-use assets, net	$	28,622	$	28,810

Current liabilities	Accrued and other current liabilities	$	10,050	$	9,108
Non-current liabilities	Operating lease liabilities, non-current	$	20,442	$	21,674

Schedule of Components of the Total Lease Expense and Weighted-Average Lease Terms and Discount Rates

The following table presents the components of the Company’s total lease expense:


	Condensed Consolidated Statements	Three Months Ended June 30,				Six Months Ended June 30,
	of Operations Location	2026		2025		2026		2025
		(In thousands)
Operating lease cost:
Fixed lease costs	Cost of revenue and operating expenses	$	3,298	$	2,891	$	6,543	$	5,198
Variable lease costs	Operating expenses	315		306		726		480
Short-term lease costs	Operating expenses	331		418		697		820
Lease impairment cost	Impairment charges	—		—		—		99
Sublease income	Operating expenses	(466)		(107)		(949)		(164)
Total lease cost		$	3,478	$	3,508	$	7,017	$	6,433

The following table summarizes weighted-average lease terms and discount rates for the Company’s operating leases:

June 30, 2026

December 31, 2025

Weighted-average remaining lease term (in years)

3.42 years

3.53 years

Weighted-average discount rate

10.01%

9.85%

Schedule of Lease Liabilities Under Operating Leases

As of June 30, 2026, the maturities of the Company’s lease liabilities under operating leases were as follows:


Year	Operating Leases
	(In thousands)
Remainder of 2026	$	6,448
2027	11,685
2028	9,078
2029	6,496
2030	2,632
Thereafter	979
Total minimum payments required	$	37,318
Less: imputed interest	6,826
Total present value of lease liabilities	$	30,492

Goodwill and Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Intangible Asset, Finite-Lived [Line Items]
Gross Value	$ 439,336	$ 449,171
Accumulated Amortization	(96,820)	(72,593)
Net Carrying Value	$ 342,516	$ 376,578
Developed technology
Intangible Asset, Finite-Lived [Line Items]
Weighted Average Amortization Period	5 years	5 years
Gross Value	$ 89,341	$ 91,699
Accumulated Amortization	(31,181)	(23,585)
Net Carrying Value	$ 58,160	$ 68,114
Customer relationships
Intangible Asset, Finite-Lived [Line Items]
Weighted Average Amortization Period	10 years 4 months 24 days	10 years 3 months 18 days
Gross Value	$ 259,113	$ 264,455
Accumulated Amortization	(42,427)	(29,975)
Net Carrying Value	$ 216,686	$ 234,480
Publisher relationships
Intangible Asset, Finite-Lived [Line Items]
Weighted Average Amortization Period	8 years	8 years
Gross Value	$ 63,258	$ 64,632
Accumulated Amortization	(18,097)	(15,075)
Net Carrying Value	$ 45,161	$ 49,557
Trade names
Intangible Asset, Finite-Lived [Line Items]
Weighted Average Amortization Period	11 years	11 years
Gross Value	$ 26,702	$ 27,480
Accumulated Amortization	(4,719)	(3,588)
Net Carrying Value	$ 21,983	$ 23,892
Other
Intangible Asset, Finite-Lived [Line Items]
Weighted Average Amortization Period	15 years 9 months 18 days	15 years 9 months 18 days
Gross Value	$ 922	$ 905
Accumulated Amortization	(396)	(370)
Net Carrying Value	$ 526	$ 535

Segment and Geographic Information (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Segment Reporting

The table below summarizes the results of operations that are provided to the CODM. As the Company has one reporting segment, net income (loss) is used as the measure of profit or loss to assess segment performance and allocate resources. The Company’s asset information is not regularly provided to the Company’s CODM.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(In thousands)
Revenue from external customers	$	284,589	$	343,096	$	550,572	$	629,453
Less:
Traffic acquisition costs	161,200		198,927		319,309		382,162
Personnel-related costs (1)	61,627		68,624		125,453		125,932
Merger and acquisition costs	1,565		5,434		2,849		21,852
Depreciation and amortization	17,547		18,337		34,981		31,210
Marketing and advertising expenses	11,692		10,795		17,049		15,222
Restructuring charges	1,238		1,674		2,941		8,953
Impairment charges	—		—		—		15,614
Other cost of sales (1)	20,736		16,887		37,965		31,645
Other segment expenses (1) (2)	24,633		24,677		47,480		43,558
Gain on repurchase of long-term debt	—		(1,225)		—		(1,225)
Interest expense	17,417		17,524		34,826		40,648
Other expense (income) and interest income, net	2,113		1,506		2,672		1,990
Provision (benefit) for income taxes	7,300		(5,751)		6,312		(18,952)
Segment and consolidated net loss	$	(42,479)	$	(14,313)	$	(81,265)	$	(69,156)

_____________________

(1)Certain prior period amounts within the segment footnote have been reclassified to conform to the current period presentation. These reclassifications had no impact on previously reported consolidated financial results or total segment

profit.

(2)Other segment expenses primarily consist of office and related expenses, other professional fees, non-income taxes, provision for credit losses, and other expenses.

Schedule of Total Revenue Based on Location

The following table presents total revenue based on where the Company’s advertisers are physically located:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(In thousands)
The Americas (1)	$	79,152	$	104,099	$	152,400	$	194,384
EMEA (Europe, the Middle East and Africa)	175,995		202,988		337,909		367,933
Asia	29,442		36,009		60,263		67,136
Total revenue	$	284,589	$	343,096	$	550,572	$	629,453

_____________________

(1)Includes U.S. revenues of $69.0 million and $136.0 million for the three and six months ended June 30, 2026, respectively, and $90.1 million and $169.3 million for the three and six months ended June 30, 2025, respectively.

Schedule of Property, Equipment and Capitalized Software, Net, and Operating Lease ROU Assets, Net by Geographic Location

The Company’s long-lived assets by geographic location, which are comprised of property, equipment and capitalized software, net and operating lease right-of-use assets, net are summarized below:


	June 30, 2026		December 31, 2025
	(In thousands)
The Americas	$	46,632	$	47,637
EMEA (Europe, the Middle East and Africa)	33,562		29,503
Asia	2,730		2,668
Total long-lived assets, net	$	82,924	$	79,808

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

Investments in Marketable Securities - Schedule of Debt Securities, Available-for-Sale (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Debt Securities, Available-for-Sale [Line Items]
Amortized cost	$ 5,486	$ 45,502
Gross Unrealized Gains	0	2
Gross Unrealized Losses	(1)	(1)
Estimated Fair Value	5,485	45,503
Cash Equivalents	2,490	35,027
Short-term investments in marketable securities	2,995	10,476
Level I \| Money market funds
Debt Securities, Available-for-Sale [Line Items]
Amortized cost	2,490	18,602
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	2,490	18,602
Cash Equivalents	2,490	18,602
Short-term investments in marketable securities	0	0
Level II \| Commercial paper
Debt Securities, Available-for-Sale [Line Items]
Amortized cost	2,996	23,397
Gross Unrealized Gains	0	1
Gross Unrealized Losses	(1)	(1)
Estimated Fair Value	2,995	23,397
Cash Equivalents	0	16,425
Short-term investments in marketable securities	$ 2,995	6,972
Level II \| U.S. Corporate bonds
Debt Securities, Available-for-Sale [Line Items]
Amortized cost		3,503
Gross Unrealized Gains		1
Gross Unrealized Losses		0
Estimated Fair Value		3,504
Cash Equivalents		0
Short-term investments in marketable securities		$ 3,504

Restructuring - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
Restructuring - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 03, 2025	Feb. 03, 2025
Restructuring and Related Activities [Abstract]
Reduction in workforce, approximate (as a percent)		10.00%	15.00%
Charges incurred	$ 8.0

Organization, Description of Business and Summary of Significant Accounting Policies - Narrative (Details) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
	Feb. 03, 2025 USD ($) shares	Jun. 30, 2026 USD ($) $ / shares	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($) segment $ / shares	Jun. 30, 2025 USD ($)	Dec. 31, 2025 USD ($) $ / shares
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Common stock, par value (in usd per share) \| $ / shares		$ 0.001		$ 0.001		$ 0.001
Number of operating segments \| segment				1
Number of reportable segments \| segment				1
Net pension liabilities		$ 7,300		$ 7,300		$ 7,000
Net periodic benefit cost		$ 200	$ 200	$ 400	$ 400
Outbrain Inc \| Altice
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Merger and acquisition costs			$ 1,100		$ 12,100
Legacy Teads
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total transaction value	$ 900,000
Cash payment	$ 625,000
Stock consideration (in shares) \| shares	43,750

Restructuring

6 Months Ended

Jun. 30, 2026

Restructuring and Related Activities [Abstract]

Restructuring

2. Restructuring

2025 Restructuring Plans

On February 3, 2025, in connection with the completion of the Acquisition, the Company announced a restructuring plan (the “Plan”), as part of its efforts to streamline operations and reduce duplication of roles. The Plan involved a reduction in workforce of approximately 15%. The actions associated with the employee restructuring under the Plan were initiated in February 2025, were implemented in large part in the second quarter of 2025 and are substantially completed.

On December 3, 2025, the Company commenced a broader strategic restructuring plan (the “Strategic Plan”) intended to reduce operating costs, improve operating margins and advance the Company’s ongoing commitment to profitable growth. The Strategic Plan impacted approximately 10% of the Company’s employees globally. As of June 30, 2026, the Company recognized approximately $8.0 million related to severance and legal costs in connection with the Strategic Plan, and the actions associated with the Strategic Plan have been substantially completed, subject to certain remaining actions governed by local law and consultation requirements.

The Company recorded the following pre-tax charges within restructuring charges in its condensed consolidated statement of operations for the periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(In thousands)				(In thousands)
Severance and related costs	$	1,238	$	1,425	$	2,744	$	8,272
Legal costs	—		249		197		681
Total restructuring charges (1) (2)	$	1,238	$	1,674	$	2,941	$	8,953

_________________________


	Severance and related costs		Legal costs		Total

Balance as of December 31, 2025	$	3,361	$	125	$	3,486
Restructuring charges	2,744		197		2,941
Cash payments	(4,845)		(309)		(5,154)
Foreign currency translation	(60)		(1)		(61)
Balance as of June 30, 2026	$	1,200	$	12	$	1,212

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2026

Stockholders' Equity Note [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table details the changes in accumulated other comprehensive income (loss), net of tax:


	Foreign Currency Translation Loss		Unrealized Loss on Investments in Marketable Securities(1)		Total Accumulated Other Comprehensive Loss
	(In thousands)
Balance–December 31, 2025	$	96,659	$	—	$	96,659
Other comprehensive loss, net of tax:
Other comprehensive loss before reclassifications	(11,375)		(1)		(11,376)
Realized gains from sales of investments in marketable securities reclassified to earnings	—		—		—
Other comprehensive loss, net of tax	(11,375)		(1)		(11,376)
Balance–June 30, 2026	$	85,284	$	(1)	$	85,283

_____________________

(1)The tax effects related to realized and unrealized gains on investments in marketable securities was immaterial for the three and six months ended June 30, 2026.

Investments in Marketable Securities - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]
Proceeds from sales of securities	$ 2,000,000.0	$ 22,500,000	$ 2,000,000.0	$ 22,500,000
Proceeds from maturity of securities	8,300,000	$ 3,000,000.0	18,700,000	$ 54,700,000
Available for sale securities, fair value, maturity in less than one year	5,500,000		5,500,000
Allowance for credit losses	$ 0		$ 0		$ 0

Balance Sheet Components - Schedule of Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts receivable	$ 300,596	$ 358,728
Allowance for credit losses	(18,417)	(16,376)	$ (6,216)	$ (5,922)
Accounts receivable, net of allowance for credit losses	$ 282,179	$ 342,352

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities on Recurring Basis

The following tables set forth the fair value of the Company’s financial assets and liabilities measured on a recurring basis by level within the fair value hierarchy:


	June 30, 2026
	Level I		Level II		Level III		Total
	(In thousands)
Financial Assets:
Cash equivalents and investments (1)	$	2,490	$	2,995	$	—	$	5,485
Restricted time deposit (2)	—		946		—		946
Severance pay fund deposits (2)	—		3,758		—		3,758
Foreign currency forward contract (3)	—		534		—		534
Total financial assets	$	2,490	$	8,233	$	—	$	10,723
Financial Liabilities:
Foreign currency forward contract (4)	—		76		—		76
Total financial liabilities	$	—	$	76	$	—	$	76


	December 31, 2025
	Level I		Level II		Level III		Total
	(In thousands)
Financial Assets:
Cash equivalents and investments (1)	$	18,602	$	26,901	$	—	$	45,503
Restricted time deposit (2)	—		1,477		—		1,477
Severance pay fund deposits (2)	—		5,158		—		5,158
Foreign currency forward contract (3)	—		383		—		383
Total financial assets	$	18,602	$	33,919	$	—	$	52,521
Financial Liabilities:
Foreign currency forward contract (4)	—		15		—		15
Total financial liabilities	$	—	$	15	$	—	$	15

_____________________

(2)Recorded within other assets.

(3)Recorded within prepaid expenses and other current assets.

(4)Recorded within accrued and other current liabilities.

Schedule of Carrying Value and Estimated Fair Value of Convertible Notes

The following table summarizes the carrying value and the estimated fair value of the Senior Secured Notes, based on Level II measurements of the fair value hierarchy:


	June 30, 2026
	Principal Amount		Estimated Fair Value
	(In thousands)
10% Senior Secured Notes	$	628,226	$	304,690

Debt Obligations - Interest Expense and Prior Period Activity (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Feb. 28, 2025	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Debt Instrument [Line Items]
Interest expense, debt		$ 17,400		$ 34,800
Interest expense		$ 17,417	$ 17,524	$ 34,826	$ 40,648
2021 Facility \| Line of Credit
Debt Instrument [Line Items]
Interest expense	$ 200
2025 Credit Facility \| Bridge Loan
Debt Instrument [Line Items]
Interest expense, debt			13,300
Maximum borrowing capacity			$ 625,000		$ 625,000

- 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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+ Details

Stockholders' Equity - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance - beginning of period	$ 50,259	$ 95,437	$ 474,665	$ 231,343	$ 95,437
Other comprehensive loss before reclassifications					(11,376)
Realized gains from sales of investments in marketable securities reclassified to earnings					0
Other comprehensive loss, net of tax	(2,743)	(8,633)	67,786	34,187	(11,376)
Balance - end of period	7,353	50,259	531,962	474,665	7,353
Total Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance - beginning of period	88,026	96,659	24,707	(9,480)	96,659
Other comprehensive loss, net of tax	(2,743)	(8,633)	67,786	34,187
Balance - end of period	85,283	88,026	$ 92,493	$ 24,707	85,283
Foreign Currency Translation Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance - beginning of period		96,659			96,659
Other comprehensive loss before reclassifications					(11,375)
Realized gains from sales of investments in marketable securities reclassified to earnings					0
Other comprehensive loss, net of tax					(11,375)
Balance - end of period	85,284				85,284
Unrealized Loss on Investments in Marketable Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance - beginning of period		$ 0			0
Other comprehensive loss before reclassifications					(1)
Realized gains from sales of investments in marketable securities reclassified to earnings					0
Other comprehensive loss, net of tax					(1)
Balance - end of period	$ (1)				$ (1)

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Organization, Description of Business and Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

The accompanying condensed consolidated financial statements were prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and are unaudited. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. Accordingly, these condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission on March 16, 2026 (“2025 Form 10-K”).

On February 3, 2025, Outbrain completed the Acquisition for a purchase price of $0.9 billion, comprised of a cash payment of $625 million and 43.75 million shares of Outbrain’s Common Stock. The Acquisition combined the offerings of Outbrain and Legacy Teads into one of the largest Open Internet platforms, allowing the Company to better serve enterprise brands and agencies, as well as direct response and small medium enterprise advertisers across different media environments. In connection with the Acquisition, the Company incurred transaction costs (direct acquisition costs) of $1.1 million and $12.1 million for the three and six months ended June 30, 2025, respectively which were included in general and administrative expenses. See Note 2, Acquisition, to the 2025 Form 10-K for additional information.

As a result of the Acquisition, the accompanying condensed consolidated financial statements include the results of Legacy Teads’ operations from the Acquisition date of February 3, 2025. Consequently, the financial information presented for the six months ended June 30, 2026 is not directly comparable to the financial information presented for the corresponding prior year period, which reflects the operations of Legacy Teads only from the Acquisition date of February 3, 2025. By contrast, each of the three-month periods ended June 30, 2026 and 2025 reflects a full three months of consolidated operations following the Acquisition.

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and related disclosures as of the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Estimates and judgments are based on historical information and on various other assumptions that the Company believes are reasonable under the circumstances. Estimates and assumptions made in the accompanying condensed consolidated financial statements include, but are not limited to, the allowance for credit losses, sales allowance, software development costs eligible for capitalization, valuation of deferred tax assets, the useful lives of property and equipment, the useful lives and fair value of

intangible assets, valuation of goodwill, the fair value of stock-based awards, benefit obligations, fair value of plan assets, and the recognition and measurement of income tax uncertainties and other contingencies. Actual results could differ materially from these estimates.

Revenue Recognition

The Company sells the placement of advertisements to media agencies and advertisers, which it collectively refers to as its customers. The Company’s customers include brands, performance marketers and other advertisers, which are collectively referred to as its advertisers, each of which contract for use of its services primarily through insertion orders or through self-service tools, allowing advertisers to establish budgets for their advertising campaigns. The Company generates revenue either directly from its customers or indirectly via demand-side platforms (DSPs). Revenue generated directly from its customers can be either on a self-serve basis, where the customer logs into the buying interface and sets up and manages a campaign, or on a managed basis where Company’s teams will log into the buying interface, set up and manage the campaign on behalf of the customers. The Company recognizes revenue pursuant to the five-step framework contained in ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”) as further described in Note 1, Organization, Description of Business and Summary of Significant Accounting Policies—Revenue, to the 2025 Form 10-K.

The Company recognizes revenue at a point in time when the advertising is delivered or the outcome occurs, given the real‑time nature of delivery and measurement. The Company recognizes revenue over time when the customer simultaneously receives and consumes the benefits of a specific campaign. Revenue is earned across multiple monetization models using cost-per-click (“CPC”), cost-per-thousand impressions (“CPM”), cost-per-view (“CPV”), and cost-per-incremental action (“CPA”). Prices are typically denominated in unit rates (e.g., CPC, CPM, CPV, CPA) applied to measured delivery or outcomes. The Company estimates variable consideration based on actual delivery volume or measured outcomes, as well as allowances, discounts, rebates (including agency rebates), credits, incentives, or other price concessions. Variable consideration is estimated and included in the transaction price only to the extent it is probable that a significant reversal of cumulative revenue will not occur.

Consideration payable to a customer. The Company’s media partners are generally suppliers of inventory, not customers, in arrangements where the Company’s customer is the advertiser. Accordingly, payments to media partners, including revenue shares, guaranteed minimum payments, and programmatic supply costs, are recorded in cost of revenue. The Company evaluates any arrangement in which a counterparty plays multiple roles to determine whether any portion of the payment represents consideration payable to a customer under ASC 606. When amounts qualify as consideration payable to a customer, such amounts are recorded as a reduction of revenue, unless the Company receives a distinct good or service at fair value, in which case the amounts are recorded in operating expenses instead of reducing revenue.

Practical expedients. The Company’s chief operating decision-maker is not reviewing these different streams separately and therefore the Company has not disaggregated the revenue presentation by revenue stream but has shown the disaggregation by geography. See Note 14 for disaggregation of the Company’s revenue based on geography of where the Company’s marketers are physically located.

When performance obligations are satisfied over time and for which there is no variable consideration, the Company recognizes revenue in the amount to which it has a right to invoice the customer. This reflects the fact that the Company’s right to payment corresponds directly with the value of the Company’s performance completed to date, consistent with the practical expedient in ASC 606.

Principal vs. agent (gross vs. net) presentation. The Company generally acts as the principal because it controls the specified advertising inventory or the right to the advertising service before it is transferred to the advertiser. Accordingly, the Company presents revenue on a gross basis, with amounts payable to media partners recorded as traffic acquisition costs within cost of revenue.

Contract Balances. Contract liabilities primarily comprise advance payments from customers for future services and are recorded as deferred revenue in the Company’s consolidated balance sheets. The Company does not have contract assets because revenue is typically recognized as services are performed and billing generally aligns with delivery.

Cost of Revenue

Traffic Acquisition Costs. Traffic acquisition costs consist of amounts the Company owes to media partners for the purchase of or use of inventory. The Company incurs costs with its media partners, which may be publishers, third-party intermediaries or

other parties such as original equipment manufacturers in the period in which certain actions, such as click-throughs, impressions or views, occur. Such costs due to media partners are based on the media partners’ contractual revenue share, programmatic bidding or guaranteed minimums based on certain media partner conditions. In some circumstances, the Company incurs costs based on a guaranteed minimum payment, which may be based on either impressions, page views or a fixed amount if the partner reaches certain performance targets, in exchange for guaranteed placement on specified portions of the media partners’ online properties. Traffic acquisition costs also include amounts payable to media partners whose supply is purchased programmatically.

In some instances, the Company may make upfront payments to media partners in connection with long-term contracts. The Company capitalizes these advance payments under these agreements if specific capitalization criteria have been met. The capitalization criteria includes the existence of future economic benefits to the Company, the existence of legally enforceable recoverability language (e.g., early termination clauses), management’s ability and intent to enforce the recoverability language and the ability to generate future earnings from the agreement in excess of amounts deferred. Capitalized amounts are amortized as traffic acquisition costs over the shorter of the period of contractual recoverability or the corresponding period of economic benefit. Amounts not yet paid are accrued systematically based on the Company’s estimate of user engagement.

Other Cost of Revenue. Other cost of revenue includes costs related to the management of data centers, hosting fees, data connectivity costs, and depreciation and amortization. It also includes the amortization of capitalized software developed or acquired for internal use in support of the Company’s revenue-generating technologies, as well as costs associated with studies and research that directly support these technologies. Additionally, other cost of revenue includes amortization of intangible assets related to developed technology acquired by the Company and used in its revenue-generating efforts.

Certain Risks and Concentrations

Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents, restricted cash, investments in marketable securities, and accounts receivable. The Company’s cash and cash equivalents, restricted cash and investments in marketable securities are generally invested in high-credit quality financial instruments with both banks and financial institutions to reduce the amount of exposure to any single financial institution.

The Company generally does not require collateral to secure accounts receivable, with the exception of certain customers with higher potential credit risk who are required to prepay for their campaigns.

Segment Information

The Company has one operating and reporting segment. The Company’s chief operating decision maker is its Chief Executive Officer who makes resource allocation decisions and assesses performance based on financial information presented on a consolidated basis.

Defined Benefit Plans

The Company maintains defined benefit pension plans in certain international locations which were acquired as part of the Acquisition. Pension benefits are based on employee age, years of service, and compensation. As of June 30, 2026 and December 31, 2025, the net pension liability was $7.3 million and $7.0 million, respectively. Total net periodic benefit cost was $0.2 million and $0.4 million for the three and six months ended June 30, 2026, respectively. For the comparable periods in 2025, the total net periodic benefit cost was $0.2 million and $0.4 million, respectively. Service cost is recorded within operating expenses, while all other cost components are recorded in other income, net. No cash contributions were required during the three and six months ended June 30, 2026 and 2025. See Note 14, Defined Benefit Plans, to the 2025 Form 10-K for additional information.

New Accounting Pronouncements And Recently Issued Accounting Pronouncements

New Accounting Pronouncements

The Company has evaluated all Accounting Standards Updates (“ASUs”) issued by the Financial Accounting Standards Board (“FASB”). Standards not summarized below were assessed and determined to be either inapplicable or are not expected to have a material impact on the Company’s consolidated financial position, results of operations, or cash flows.

Recently Issued Accounting Pronouncements

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” (“ASU 2025-06”). ASU 2025-06 removes all references to software project development stages, and requires capitalization to begin when management has authorized and committed to funding the project, and it is probable that the project will be completed and the software will be used to perform the function intended. ASU 2025-06 is effective for our annual reporting periods beginning after December 15, 2027, and for interim periods within those annual reporting periods, with early adoption permitted. The Company is in the process of evaluating the impact of ASU 2025-06 on its consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures” (“ASU 2024-03”). ASU 2024-03 requires disclosures about certain costs and expenses, including but not limited to, purchases of inventory; employee compensation; depreciation; intangible asset amortization; and selling expenses. The ASU is required to be applied prospectively and is effective for annual reporting periods beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. The Company is in the process of evaluating the impact of ASU 2024-03 on its consolidated financial statements and related disclosures.

Fair Value Measurement

Level I — Valuations based on quoted prices in active markets for identical assets and liabilities at the measurement date;

Level III — Valuations based on unobservable inputs that are significant to the measurement of the fair value of the assets or liabilities that are supported by little or no market data.

Share-Based Payment Arrangement

RSUs are granted to eligible employees and non-employee directors with fair value based on the Company’s stock price on the grant date. Compensation expense is recognized on a straight-line basis over the service period. During the six months ended June 30, 2026, the Company granted 5,895,600 RSUs with a weighted average grant date fair value of $0.92 per share.

Performance Stock Units

PSUs are granted to senior executives and other key employees and include both performance-based and market-based awards.

Performance-Based PSUs

The fair value of performance-based PSUs is based on the Company’s stock price on the grant date. These awards vest based on continued service and achievement of specified financial metric-based performance targets over the performance period (typically three years). Compensation expense is recognized ratably over the performance period based on the probability of achieving the performance conditions. The number of shares that may be earned is subject to a maximum of 150% of the target award. During the six months ended June 30, 2026, the Company granted 564,000 performance-based PSUs with a weighted average grant date fair value of $0.96 per share.

Market-Based PSUs

The Company also grants market-based PSUs to senior executives and other key employees with vesting based on total shareholder return (“TSR”) performance and continued service. These awards include: Absolute TSR awards, which vest based on achievement of specified stock price targets, with payout levels ranging from 0% to 100% of target, and Relative TSR

awards, which vest based on the Company’s TSR performance relative to a designated peer group, with payout levels ranging from 0% to 150% of target. During the six months ended June 30, 2026, the Company granted 289,000 market-based PSUs with a weighted average grant date fair value of $1.09 per share.

The fair value of market-based PSUs is determined on the grant date using a Monte Carlo simulation. Compensation expense is recognized using an accelerated attribution method over the applicable service period and is not reversed if the market condition is not achieved. The following assumptions were used to estimate the fair value of the Company’s market-based PSUs granted during the six months ended June 30, 2026:


Expected volatility	82.54	%
Risk-free rate	3.92	%
Expected dividend yield	—

Restructuring - Schedule of Accrued Severance and Related Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Restructuring Reserve [Roll Forward]
Beginning balance			$ 3,486
Restructuring charges	$ 1,238	$ 1,674	2,941	$ 8,953
Cash payments			(5,154)
Foreign currency translation			(61)
Ending balance	1,212		1,212
Severance and related costs
Restructuring Reserve [Roll Forward]
Beginning balance			3,361
Restructuring charges	1,238	1,425	2,744	8,272
Cash payments			(4,845)
Foreign currency translation			(60)
Ending balance	1,200		1,200
Legal costs
Restructuring Reserve [Roll Forward]
Beginning balance			125
Restructuring charges	0	$ 249	197	$ 681
Cash payments			(309)
Foreign currency translation			(1)
Ending balance	$ 12		$ 12

- 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

Commitments and Contingencies (Details) - USD ($) $ in Thousands	1 Months Ended
	Dec. 31, 2025	Jun. 30, 2026
Business Combination [Line Items]
Damages sought	$ 8,100
Indemnification asset	$ 27,789	$ 28,742
Legacy Teads
Business Combination [Line Items]
Liability for uncertain tax positions		20,100
Non-current liability for non-income taxes		8,600
Indemnification asset		$ 28,700

- 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

Balance Sheet Components - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Traffic acquisition costs in accounts payable	$ 180.1	$ 217.3

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2026
Income Tax Disclosure [Abstract]
Income Taxes	9. Income Taxes Due to the ongoing post-Acquisition integration efforts and inability to reliably estimate the annual effective tax rate, for the three and six months ended June 30, 2026 and the three and six months ended June 30, 2025, the Company’s interim provision for or benefit from income taxes is computed using the actual year-to-date results rather than an estimated annual effective tax rate. The Company’s effective tax rates for the three and six months ended June 30, 2026 were (20.8)% and (8.4)%, respectively. The Company’s effective tax rates for the three and six months ended June 30, 2026 were lower than the U.S. federal statutory tax rate of 21%, primarily due to pre-tax loss, including U.S. and various non-U.S. losses being subject to valuation allowance, during the three and six months ended June 30, 2026. The Company’s effective tax rates for the three and six months ended June 30, 2025 were 28.7% and 21.5%, respectively. The Company’s effective tax rates for the three and six months ended June 30, 2025, were higher than the U.S. federal statutory tax rate of 21%, primarily due to increased concentration of profitability in lower-tax jurisdictions, partially offset by an increase in uncertain tax positions, coupled with the pre-tax loss during the three months ended June 30, 2025.

- Definition

The entire disclosure for income tax.

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+ Details

Goodwill and Intangible Assets - Schedule of Impaired Intangible Assets (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2025 USD ($)
Intangible Asset, Finite-Lived [Line Items]
Impairment charges	$ 15,108
Developed technology
Intangible Asset, Finite-Lived [Line Items]
Impairment charges	5,950
Customer relationships
Intangible Asset, Finite-Lived [Line Items]
Impairment charges	259
Publisher relationships
Intangible Asset, Finite-Lived [Line Items]
Impairment charges	6,426
Trade names
Intangible Asset, Finite-Lived [Line Items]
Impairment charges	2,373
Content provider relationships
Intangible Asset, Finite-Lived [Line Items]
Impairment charges	$ 100

- 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

Debt Obligations - 10% Senior Secured Notes Due 2030 (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Feb. 11, 2025
Debt Instrument [Line Items]
Aggregate amount		$ 628,226	$ 628,226		$ 628,226
Interest expense, debt		17,400	34,800
Amortization of debt discount and issuance costs			2,273	$ 14,087
Long-term debt		$ 607,386	$ 607,386		$ 605,113
Senior Secured Notes Due 2030
Debt Instrument [Line Items]
Aggregate principal amount						$ 637,500
Interest rate		10.00%	10.00%			10.00%
Repurchased face amount	$ 9,300			$ 9,300
Cash paid for debt retirement	$ 8,000
Aggregate amount		$ 628,200	$ 628,200
Interest expense, debt		16,900	33,700
Amortization of debt discount and issuance costs		1,200	2,300
Long-term debt		$ 607,400	$ 607,400

Fair Value Measurements - Schedule of Carrying Value and Estimated Fair Value of Convertible Notes (Details) - Senior Secured Notes Due 2030 - USD ($) $ in Thousands	Jun. 30, 2026	Feb. 11, 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate	10.00%	10.00%
Level II \| Principal Amount \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 628,226
Level II \| Estimated Fair Value \| Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 304,690

- Definition

The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.

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+ Details

Leases - Schedule of Weighted-Average Lease Terms and Discount Rates (Details)	Jun. 30, 2026	Dec. 31, 2025
Leases [Abstract]
Weighted-average remaining lease term (in years)	3 years 5 months 1 day	3 years 6 months 10 days
Weighted-average discount rate	10.01%	9.85%

Fair Value Measurements - Schedule of Financial Assets and Liabilities on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents and investments	$ 5,485	$ 45,503
Foreign currency forward contract	534	383
Total financial assets	10,723	52,521
Foreign currency forward contract	$ 76	$ 15
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accrued and other current liabilities	Accrued and other current liabilities
Total financial liabilities	$ 76	$ 15
Restricted time deposit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other assets	946	1,477
Severance pay fund deposits
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other assets	3,758	5,158
Level I
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents and investments	2,490	18,602
Foreign currency forward contract	0	0
Total financial assets	2,490	18,602
Foreign currency forward contract	0	0
Total financial liabilities	0	0
Level I \| Restricted time deposit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other assets	0	0
Level I \| Severance pay fund deposits
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other assets	0	0
Level II
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents and investments	2,995	26,901
Foreign currency forward contract	534	383
Total financial assets	8,233	33,919
Foreign currency forward contract	76	15
Total financial liabilities	76	15
Level II \| Restricted time deposit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other assets	946	1,477
Level II \| Severance pay fund deposits
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other assets	3,758	5,158
Level III
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents and investments	0	0
Foreign currency forward contract	0	0
Total financial assets	0	0
Foreign currency forward contract	0	0
Total financial liabilities	0	0
Level III \| Restricted time deposit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other assets	0	0
Level III \| Severance pay fund deposits
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other assets	$ 0	$ 0

Debt Obligations

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Debt Obligations

8. Debt Obligations

The following table presents the Company’s debt obligations as of June 30, 2026 and December 31, 2025:


	June 30, 2026		December 31, 2025
	(In thousands)
10.000% Senior Secured Notes	$	628,226	$	628,226
Debt discount	(11,495)		(10,364)
Unamortized debt issuance costs	(9,345)		(12,749)
Total long-term debt	607,386		605,113
Short-term debt	7,081		17,595
Total debt	$	614,467	$	622,708

10.000% Senior Secured Notes due 2030

In February 2025, the Company issued $637.5 million in aggregate principal amount of 10.000% senior secured notes due February 15, 2030 (the “Senior Secured Notes”). The Senior Secured Notes bear interest at 10.000% per annum, payable semi-annually on February 15 and August 15. In June 2025, the Company repurchased $9.3 million aggregate principal amount of the Senior Secured Notes for $8.0 million in cash, reducing the aggregate principal amount to $628.2 million.

During the three and six months ended June 30, 2026, the Company recognized interest expense related to the Senior Secured Notes of approximately $16.9 million and $33.7 million, respectively, which included a combined amortization of debt discount and deferred financing costs of $1.2 million and $2.3 million, respectively. As of June 30, 2026, the Senior Secured Notes had a carrying value of $607.4 million, net of unamortized discount and deferred financing costs. There have been no material changes to the terms of the Senior Secured Notes or related covenants since December 31, 2025. See Note 9, Debt Obligations—10% Senior Secured Notes due 2030, to the 2025 Form 10-K for additional information.

Credit Facilities

2025 Revolving Facility

The Company maintains a $100.0 million revolving credit facility (the “2025 Revolving Facility”) pursuant to the credit agreement (the “Credit Agreement”) dated February 3, 2025, among the Company, OT Midco Inc., the additional borrowers party thereto from time to time, Goldman Sachs Bank USA, as sole administrative agent and swingline lender, U.S. Bank Trust Company, National Association, as the collateral agent, and the lenders, issuing banks and arrangers party thereto from time to time. The 2025 Revolving Facility may be used for working capital and other general corporate purposes of the Company and its subsidiaries. Loans under the 2025 Revolving Facility bear interest, at the Company’s option, at (x) a secured overnight financing rate, subject to a “zero” floor, plus an interest rate margin of 4.25% per annum or (y) an alternate base rate plus an interest rate margin of 3.25% per annum. In addition, the 2025 Revolving Facility accrues an unused commitment fee at a rate ranging from 0.375% to 0.50%, depending on the Company’s senior secured net leverage ratio, as set forth in the Credit Agreement. As of June 30, 2026, no borrowings were outstanding under the 2025 Revolving Facility and the Company was in compliance with all applicable covenants. The 2025 Revolving Facility includes a springing financial covenant based on a maximum senior secured net leverage ratio. As of June 30, 2026, the available borrowing capacity was limited to $40.0 million (representing 40% of the facility limit) to maintain compliance with this covenant. There have been no material changes to the terms of the Credit Agreement since December 31, 2025. See Note 9, Debt Obligations—Credit Facilities—Credit Agreement, to the 2025 Form 10-K for additional information.

Short-Term Debt

The Company’s French subsidiary, Teads France SAS (“Teads France”), previously maintained an overdraft credit facility with HSBC (the “Overdraft Facility”) which was used to fund the general working capital needs of Teads France. In May 2026, the Company commenced a repayment plan with HSBC to terminate and fully pay down the Overdraft Facility. As of June 30, 2026, approximately $7.1 million (€6.2 million) in borrowings were outstanding under the Overdraft Facility, reflecting payments made during the second quarter of 2026. These outstanding borrowings are recorded within short-term debt in the Company’s condensed consolidated balance sheets. Subsequent to quarter-end, in July 2026, the Company made an additional payment of €1.25 million, reducing the remaining outstanding balance to €5.0 million. The Company expects to pay down the remaining balance of the Overdraft Facility by the end of 2026. See Note 9, Debt Obligations—Short-Term Debt, to the 2025 Form 10-K for additional information.

Interest Expense and Prior Period Activity

The Company recognized total interest expense of $17.4 million and $34.8 million for the three and six months ended June 30, 2026, respectively, primarily related to the Senior Secured Notes. For the comparable periods in 2025, the total interest expense was $17.5 million and $40.6 million, respectively. Interest expense for the three and six months ended June 30, 2025 includes $13.3 million related to the $625 million senior secured bridge term loan credit facility (the “Bridge Facility”), which was used to finance the Acquisition and subsequently repaid in full in February 2025. Additionally, in connection with the entry into the Credit Agreement in February 2025, the Company terminated its 2021 credit facility and recognized the remaining $0.2 million of unamortized deferred financing costs within interest expense.

- 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

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+ Details

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2026	Jul. 31, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Entity File Number	001-40643
Entity Registrant Name	Teads Holding Co.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-5391629
Entity Address, Address Line One	111 West 19th Street,
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10011
City Area Code	(646)
Local Phone Number	867-0149
Title of 12(b) Security	Common stock, par value $0.001 per share
Trading Symbol	TEAD
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		98,065,162
Entity Central Index Key	0001454938
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Amendment Flag	false
Current Fiscal Year End Date	--12-31

Balance Sheet Components - Schedule of Property, Equipment and Capitalized Software, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Property, Plant, and Equipment [Line Items]
Property, equipment, and capitalized software, gross	$ 195,796	$ 184,124
Less: accumulated depreciation and amortization	(141,494)	(133,126)
Total property, equipment and capitalized software, net	54,302	50,998
Capitalized software development costs
Property, Plant, and Equipment [Line Items]
Property, equipment, and capitalized software, gross	115,229	104,877
Computer and equipment
Property, Plant, and Equipment [Line Items]
Property, equipment, and capitalized software, gross	70,131	69,670
Leasehold improvements
Property, Plant, and Equipment [Line Items]
Property, equipment, and capitalized software, gross	4,991	4,374
Software
Property, Plant, and Equipment [Line Items]
Property, equipment, and capitalized software, gross	3,634	3,560
Furniture and fixtures
Property, Plant, and Equipment [Line Items]
Property, equipment, and capitalized software, gross	$ 1,811	$ 1,643

- Definition

Amount of accumulated depreciation, depletion, and amortization of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ 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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Stockholders' Equity

6 Months Ended

Jun. 30, 2026

Stockholders' Equity Note [Abstract]

Stockholders' Equity

11. Stockholders’ Equity

Equity Acquisition Consideration

On February 3, 2025, as part of the equity portion of the Acquisition consideration, the Company issued 30,320,161 shares of new Common Stock and reissued all 13,429,839 shares of its Treasury Stock at $6.01 per share. A $6.3 million gain on issuance of Treasury Stock, representing the excess of the fair value at the time of issuance of $80.7 million over the original cost of $74.4 million, was recorded to additional paid-in capital. In addition, the Company incurred direct stock issuance costs of approximately $1.6 million, which have been recorded as a reduction to additional paid-in capital.

Share Repurchases

In December 2022, the Company’s Board of Directors (“Board”) authorized a $30 million share repurchase program. The Company did not repurchase any shares of Common Stock during the three and six months ended June 30, 2026, and 2025. As of June 30, 2026, $6.6 million remained available for repurchase under the program. Commission costs associated with share repurchases and any excise taxes accrued as a result of the Inflation Reduction Act of 2022 do not reduce the remaining authorized amount under the repurchase programs.

In addition, the Company may periodically withhold shares to satisfy employee tax withholding obligations arising in connection with the vesting of restricted stock units and exercise of options and warrants in accordance with the terms of the Company’s equity incentive plans and the underlying award agreements.

During the three and six months ended June 30, 2026, the Company withheld 63,309 and 108,470 shares, respectively, with fair values of less than $0.1 million and $0.1 million, respectively, to satisfy employee tax withholding obligations. During the three and six months ended June 30, 2025, the Company withheld 70,108 and 143,108 shares, respectively, with fair values of $0.2 million and $0.6 million, respectively.

Accumulated Other Comprehensive Income (Loss)

The following table details the changes in accumulated other comprehensive income (loss), net of tax:


	Foreign Currency Translation Loss		Unrealized Loss on Investments in Marketable Securities(1)		Total Accumulated Other Comprehensive Loss
	(In thousands)
Balance–December 31, 2025	$	96,659	$	—	$	96,659
Other comprehensive loss, net of tax:
Other comprehensive loss before reclassifications	(11,375)		(1)		(11,376)
Realized gains from sales of investments in marketable securities reclassified to earnings	—		—		—
Other comprehensive loss, net of tax	(11,375)		(1)		(11,376)
Balance–June 30, 2026	$	85,284	$	(1)	$	85,283

_____________________

(1)The tax effects related to realized and unrealized gains on investments in marketable securities was immaterial for the three and six months ended June 30, 2026.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Balance Sheet Components - Schedule of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued agency commissions	$ 55,797	$ 69,446
Accrued tax liabilities	25,290	26,328
Interest payable	23,660	23,663
Operating lease obligations, current	10,050	9,108
Accrued professional fees	8,456	8,187
Other	17,514	15,978
Total accrued and other current liabilities	$ 140,767	$ 152,710

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Goodwill [Roll Forward]
Goodwill, beginning of period	$ 280,991
Foreign currency translation	(7,165)
Goodwill, end of period	$ 273,826
Accumulated impairments of goodwill		$ 352,100

- 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.

+ References

+ Details

Goodwill and Intangible Assets - Schedule of Estimated Amortization on Identifiable Acquisition-Related Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Intangible Asset, Goodwill and Other [Abstract]
Remainder of 2026	$ 26,790
2027	52,983
2028	52,929
2029	52,929
2030	36,074
Thereafter	120,811
Net Carrying Value	$ 342,516	$ 376,578

Stock-Based Compensation

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

12. Stock-Based Compensation

Equity Incentive Plans

In July 2021, the Board and the Company’s stockholders approved the 2021 Long-Term Incentive Plan (the “2021 Plan”), under which stock options, restricted stock units (“RSUs”) and performance stock units (“PSUs”) may be granted. Awards

previously issued under the 2007 Omnibus Securities and Incentive Plan, as amended and restated (the “2007 Plan”), remain subject to that plan.

As of June 30, 2026, 2,596,726 and 628,816 shares were available for grant under the 2021 Plan and the 2007 Plan, respectively. The Company generally issues new shares upon settlement of equity awards.

The Company recognizes stock-based compensation based on grant date fair value and accounts for forfeitures as they occur.

The following table summarizes stock-based compensation expense recognized in the Company’s condensed consolidated statements of operations for the periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(In thousands)
Research and development	$	358	$	658	$	775	$	1,259
Sales and marketing	1,028		1,512		1,725		2,557
General and administrative	899		1,620		1,931		2,915
Total stock-based compensation	$	2,285	$	3,790	$	4,431	$	6,731

As of June 30, 2026, unrecognized compensation expense was approximately $16.6 million for RSUs and $1.3 million for PSUs.

The following table summarizes stock option, RSU and PSU activity for the six months ended June 30, 2026:


	Stock Options	Service-Based RSUs	PSUs
Outstanding—December 31, 2025	1,326,262	7,420,833	2,911,575
Granted	—	5,895,600	853,000
Exercised/Vested	—	(2,002,603)	(190,592)
Forfeited/Expired	(363,977)	(1,712,217)	(1,602,995)
Outstanding—June 30, 2026	962,285	9,601,613	1,970,988

Restricted Stock Units

Performance Stock Units

PSUs are granted to senior executives and other key employees and include both performance-based and market-based awards.

Performance-Based PSUs

Market-Based PSUs


Expected volatility	82.54	%
Risk-free rate	3.92	%
Expected dividend yield	—

Stock-Based Awards Granted Outside of Equity Incentive Plans

Warrants

As of June 30, 2026, 48,529 warrants were outstanding and exercisable with a weighted average exercise price of $7.34. These warrants expire in September 2026.

Employee Stock Purchase Plan

As of June 30, 2026, approximately 4,310,250 shares were reserved under the Company’s 2021 Employee Stock Purchase Plan (the “ESPP”), which is subject to annual automatic evergreen increases. The plan is not yet active and no shares have been issued thereunder.

See Note 13 to the 2025 Form 10-K for additional information relating to the Company’s share-based compensation awards.

Debt Obligations (Tables)

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Schedule of Debt Obligations

The following table presents the Company’s debt obligations as of June 30, 2026 and December 31, 2025:


	June 30, 2026		December 31, 2025
	(In thousands)
10.000% Senior Secured Notes	$	628,226	$	628,226
Debt discount	(11,495)		(10,364)
Unamortized debt issuance costs	(9,345)		(12,749)
Total long-term debt	607,386		605,113
Short-term debt	7,081		17,595
Total debt	$	614,467	$	622,708

Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Goodwill and Intangible Assets

4. Goodwill and Intangible Assets

The change in the carrying value of the Company’s goodwill balance during the six months ended June 30, 2026 was as follows:


(In thousands)
Goodwill at January 1, 2026 (1)	$	280,991


Foreign currency translation	(7,165)
Goodwill at June 30, 2026 (1)	$	273,826

________________

(1)Goodwill is net of accumulated impairment charges of $352.1 million related to a recognized non‑cash goodwill impairment charge during the fourth quarter of 2025 as a result of a sustained decrease in the Company’s stock price and related decline in market capitalization. The Company did not identify any triggering events or record any goodwill impairment charges during the six months ended June 30, 2026.

The gross carrying amount and accumulated amortization of the Company’s intangible assets are as follows:


	June 30, 2026
	Weighted Average Amortization Period	Gross Value		Accumulated Amortization		Net Carrying Value
		(In thousands)
Developed technology	5.0 years	$	89,341	$	(31,181)	$	58,160
Customer relationships	10.4 years	259,113		(42,427)		216,686
Publisher relationships	8.0 years	63,258		(18,097)		45,161
Trade names	11.0 years	26,702		(4,719)		21,983
Other	15.8 years	922		(396)		526
Total intangible assets, net		$	439,336	$	(96,820)	$	342,516


	December 31, 2025
	Weighted Average Amortization Period	Gross Value		Accumulated Amortization		Net Carrying Value
		(In thousands)
Developed technology	5.0 years	$	91,699	$	(23,585)	$	68,114
Customer relationships	10.3 years	264,455		(29,975)		234,480
Publisher relationships	8.0 years	64,632		(15,075)		49,557
Trade names	11.0 years	27,480		(3,588)		23,892
Other	15.8 years	905		(370)		535
Total intangible assets, net		$	449,171	$	(72,593)	$	376,578

During the first quarter of 2025, in connection with the post-Acquisition integration of the Legacy Teads business, the Company made a decision to discontinue its video product offering associated with its prior acquisition of video intelligence AG. Accordingly, the Company fully wrote off the associated intangible assets, as detailed below:


	Six Months Ended June 30, 2025

Developed technology	$	5,950
Customer relationships	259
Publisher relationships	6,426
Trade names	2,373
Content provider relationships	100
Impairment charge	$	15,108

As of June 30, 2026, estimated amortization related to the Company’s identifiable intangible assets in future periods was as follows:


	Amount
	(In thousands)
Remainder of 2026	$	26,790
2027	52,983
2028	52,929
2029	52,929
2030	36,074
Thereafter	120,811
Total	$	342,516

Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended			6 Months Ended
	Feb. 03, 2025	Jun. 30, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2022
Stockholders Equity [Line Items]
Acquisition of Teads				$ 261,296
Number of shares withheld to satisfy employee tax withholding obligations (in shares)		63,309	70,108		108,470	143,108
Fair value of shares less than withheld to satisfy employee tax withholding obligations		$ 100	$ 200		$ 100	$ 600
Legacy Teads
Stockholders Equity [Line Items]
Sale of stock, price per share (in used per share)	$ 6.01
Gain (loss) on issuance of treasury stock	$ 6,300
Adjustments to additional paid in capital, stock issued, issuance costs	$ 1,600
Common Stock
Stockholders Equity [Line Items]
Acquisition of Teads (in shares)				30,320,161
Acquisition of Teads				$ 30
Common Stock \| Legacy Teads
Stockholders Equity [Line Items]
Acquisition of Teads (in shares)	30,320,161
Treasury Stock
Stockholders Equity [Line Items]
Acquisition of Teads (in shares)				13,429,839
Acquisition of Teads				$ 74,402
Treasury Stock \| Legacy Teads
Stockholders Equity [Line Items]
Acquisition of Teads (in shares)	13,429,839
Stock issued during period, value, acquisitions, fair value	$ 80,700
Acquisition of Teads	$ 74,400
December 2022 Repurchase Program
Stockholders Equity [Line Items]
Stock repurchase program, authorized amount							$ 30,000
Stock repurchase program, remaining authorized repurchase amount		$ 6,600			$ 6,600

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Maximum term of derivatives				18 months
Impairment of intangible assets, finite-lived and capitalized computer software					$ 15,500
Impairment charges					15,108
Capitalized software development costs, impairment loss					400
Operating lease, impairment loss	$ 0	$ 0	$ 100	$ 0	99
Foreign currency forward contract
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Net gains on mark-to-market adjustments on foreign currency forward contracts	$ 500	$ 1,900		$ 100	$ 1,100

Stock-Based Compensation - Narrative (Details) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2026 USD ($) $ / shares shares
Restricted stock units
Share-Based Compensation Arrangement
Unrecognized stock-based compensation expense \| $	$ 16.6
Granted (in shares)	5,895,600
Weighted average grant date fair value (use per share) \| $ / shares	$ 0.92
Performance stock units
Share-Based Compensation Arrangement
Unrecognized stock-based compensation expense \| $	$ 1.3
Granted (in shares)	853,000
Performance Shares, Performance-Based
Share-Based Compensation Arrangement
Granted (in shares)	564,000
Weighted average grant date fair value (use per share) \| $ / shares	$ 0.96
Award requisite service period (in years)	3 years
Award vesting rights (as a percent)	150.00%
Performance Shares, Market-Based
Share-Based Compensation Arrangement
Granted (in shares)	289,000
Weighted average grant date fair value (use per share) \| $ / shares	$ 1.09
Performance Shares, Market-Based \| Minimum
Share-Based Compensation Arrangement
Award vesting rights (as a percent)	0.00%
Performance Shares, Market-Based \| Maximum
Share-Based Compensation Arrangement
Award vesting rights (as a percent)	100.00%
Performance Shares, Market-Based, Relative Total Shareholder Return (TSR) Awards \| Minimum
Share-Based Compensation Arrangement
Award vesting rights (as a percent)	0.00%
Performance Shares, Market-Based, Relative Total Shareholder Return (TSR) Awards \| Maximum
Share-Based Compensation Arrangement
Award vesting rights (as a percent)	150.00%
Warrants
Share-Based Compensation Arrangement
Share-based payment award, non-option equity instruments, outstanding, number (in shares)	48,529
Weighted average exercise price, outstanding, (in usd per share) \| $ / shares	$ 7.34
2021 Plan
Share-Based Compensation Arrangement
Number of shares available for grant (in shares)	2,596,726
2007 Plan
Share-Based Compensation Arrangement
Number of shares available for grant (in shares)	628,816
ESPP
Share-Based Compensation Arrangement
Number of shares reserved for future issuance (in shares)	4,310,250

Leases - Schedule of Assets and Liabilities Related to the Operating Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Operating lease assets
Operating lease right-of-use assets, net	$ 28,622	$ 28,810
Lease Liabilities [Abstract]
Current liabilities	10,050	9,108
Non-current liabilities	$ 20,442	$ 21,674

Leases - Schedule of Components of the Total Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Leases [Abstract]
Fixed lease costs	$ 3,298	$ 2,891		$ 6,543	$ 5,198
Variable lease costs	315	306		726	480
Short-term lease costs	331	418		697	820
Lease impairment cost	0	0	$ 100	0	99
Sublease income	(466)	(107)		(949)	(164)
Total lease cost	$ 3,478	$ 3,508		$ 7,017	$ 6,433

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 88,016	$ 128,223
Short-term investments in marketable securities	2,995	10,476
Accounts receivable, net of allowances	282,179	342,352
Prepaid expenses and other current assets	32,934	49,347
Total current assets	406,124	530,398
Non-current assets:
Property, equipment and capitalized software, net	54,302	50,998
Operating lease right-of-use assets, net	28,622	28,810
Intangible assets, net	342,516	376,578
Goodwill	273,826	280,991
Deferred tax assets	9,404	10,485
Indemnification asset	28,742	27,789
Other assets	18,708	21,925
TOTAL ASSETS	1,162,244	1,327,974
Current liabilities:
Accounts payable	214,824	258,634
Accrued compensation and benefits	35,370	40,192
Deferred revenue	14,958	14,930
Short-term debt	7,081	17,595
Accrued and other current liabilities	140,767	152,710
Total current liabilities	413,000	484,061
Non-current liabilities:
Long-term debt	607,386	605,113
Operating lease liabilities, non-current	20,442	21,674
Deferred tax liabilities	64,894	73,101
Contingent tax liabilities	36,780	35,078
Other liabilities	12,389	13,510
TOTAL LIABILITIES	1,154,891	1,232,537
Commitments and Contingencies (Note 10)
STOCKHOLDERS’ EQUITY:
Common stock, par value of $0.001 per share − one billion shares authorized; 98,364,526 shares issued and 98,065,162 shares outstanding as of June 30, 2026; 96,171,331 shares issued and 95,980,437 shares outstanding as of December 31, 2025	98	96
Preferred stock, par value of $0.001 per share − 100,000,000 shares authorized, none issued and outstanding as of June 30, 2026 and December 31, 2025	0	0
Additional paid-in capital	690,446	685,778
Treasury stock, at cost − 299,364 shares as of June 30, 2026 and 190,894 shares as of December 31, 2025	(646)	(533)
Accumulated other comprehensive income	85,283	96,659
Accumulated deficit	(767,828)	(686,563)
TOTAL STOCKHOLDERS’ EQUITY	7,353	95,437
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 1,162,244	$ 1,327,974

Debt Obligations - Schedule of Debt Obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Feb. 11, 2025
Debt Instrument [Line Items]
10.000% Senior Secured Notes	$ 628,226	$ 628,226
Debt discount	(11,495)	(10,364)
Unamortized debt issuance costs	(9,345)	(12,749)
Long-term debt	607,386	605,113
Short-term debt	7,081	17,595
Total debt	$ 614,467	$ 622,708
Senior Secured Notes Due 2030
Debt Instrument [Line Items]
Interest rate	10.00%		10.00%
10.000% Senior Secured Notes	$ 628,200
Long-term debt	$ 607,400

- 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

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

+ Details

- Definition

Reflects the total carrying amount as of the balance sheet date of debt having initial terms less than one year or the normal operating cycle, if longer.

+ References + Details

Stock-Based Compensation - Schedule of RSU and PSU Activity (Details)	6 Months Ended
	Jun. 30, 2026 shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Outstanding - beginning of period (in shares)	1,326,262
Granted (in shares)	0
Exercised/Vested (in shares)	0
Forfeited/Expired (in shares)	(363,977)
Outstanding - end of period (in shares)	962,285
Service-Based RSUs
Number of Shares
Outstanding - beginning of period (in shares)	7,420,833
Granted (in shares)	5,895,600
Exercised/Vested (in shares)	(2,002,603)
Forfeited/Expired (in shares)	(1,712,217)
Outstanding - end of period (in shares)	9,601,613
Performance stock units
Number of Shares
Outstanding - beginning of period (in shares)	2,911,575
Granted (in shares)	853,000
Exercised/Vested (in shares)	(190,592)
Forfeited/Expired (in shares)	(1,602,995)
Outstanding - end of period (in shares)	1,970,988

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 284,589	$ 343,096	$ 550,572	$ 629,453
Cost of revenue:
Traffic acquisition costs	161,200	198,927	319,309	382,162
Other cost of revenue	27,789	23,905	52,047	44,377
Total cost of revenue	188,989	222,832	371,356	426,539
Gross profit	95,600	120,264	179,216	202,914
Operating expenses:
Research and development	11,355	13,285	22,037	27,264
Sales and marketing	70,253	79,676	136,710	133,413
General and administrative	28,403	27,888	54,983	64,365
Impairment of intangible assets	0	0	0	15,614
Restructuring charges	1,238	1,674	2,941	8,953
Total operating expenses	111,249	122,523	216,671	249,609
Loss from operations	(15,649)	(2,259)	(37,455)	(46,695)
Other (expense) income:
Gain on repurchase of long-term debt	0	1,225	0	1,225
Interest expense	(17,417)	(17,524)	(34,826)	(40,648)
Other (expense) income and interest income, net	(2,113)	(1,506)	(2,672)	(1,990)
Total other (expense) income, net	(19,530)	(17,805)	(37,498)	(41,413)
Loss before income taxes	(35,179)	(20,064)	(74,953)	(88,108)
Provision (benefit) for income taxes	7,300	(5,751)	6,312	(18,952)
Net loss	$ (42,479)	$ (14,313)	$ (81,265)	$ (69,156)
Weighted average shares outstanding:
Basic (in shares)	97,299,602	94,492,931	96,792,491	86,269,441
Diluted (in shares)	97,299,602	94,492,931	96,792,491	86,269,441
Net loss per common share:
Basic (in usd per share)	$ (0.44)	$ (0.15)	$ (0.84)	$ (0.80)
Diluted (in usd per share)	$ (0.44)	$ (0.15)	$ (0.84)	$ (0.80)

Leases

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Leases

7. Leases

The Company’s lease portfolio consists of office facilities, managed data center facilities and vehicles for its U.S. and international locations, with terms expiring through 2034. The Company accounts for these as operating leases and applies the short-term lease measurement and recognition exemption to leases with terms of 12 months or less. For real estate leases, the Company has elected the practical expedient to not separate lease and nonlease components.

The following table summarizes assets and liabilities related to the Company’s operating leases:


	Condensed Consolidated Balance Sheets Location	June 30, 2026		December 31, 2025
		(In thousands)
Operating lease assets	Operating lease right-of-use assets, net	$	28,622	$	28,810

Current liabilities	Accrued and other current liabilities	$	10,050	$	9,108
Non-current liabilities	Operating lease liabilities, non-current	$	20,442	$	21,674

The following table presents the components of the Company’s total lease expense:


	Condensed Consolidated Statements	Three Months Ended June 30,				Six Months Ended June 30,
	of Operations Location	2026		2025		2026		2025
		(In thousands)
Operating lease cost:
Fixed lease costs	Cost of revenue and operating expenses	$	3,298	$	2,891	$	6,543	$	5,198
Variable lease costs	Operating expenses	315		306		726		480
Short-term lease costs	Operating expenses	331		418		697		820
Lease impairment cost	Impairment charges	—		—		—		99
Sublease income	Operating expenses	(466)		(107)		(949)		(164)
Total lease cost		$	3,478	$	3,508	$	7,017	$	6,433

As of June 30, 2026, the maturities of the Company’s lease liabilities under operating leases were as follows:


Year	Operating Leases
	(In thousands)
Remainder of 2026	$	6,448
2027	11,685
2028	9,078
2029	6,496
2030	2,632
Thereafter	979
Total minimum payments required	$	37,318
Less: imputed interest	6,826
Total present value of lease liabilities	$	30,492

The following table summarizes weighted-average lease terms and discount rates for the Company’s operating leases:

June 30, 2026

December 31, 2025

Weighted-average remaining lease term (in years)

3.42 years

3.53 years

Weighted-average discount rate

10.01%

9.85%

Leases

7. Leases

The following table summarizes assets and liabilities related to the Company’s operating leases:


	Condensed Consolidated Balance Sheets Location	June 30, 2026		December 31, 2025
		(In thousands)
Operating lease assets	Operating lease right-of-use assets, net	$	28,622	$	28,810

Current liabilities	Accrued and other current liabilities	$	10,050	$	9,108
Non-current liabilities	Operating lease liabilities, non-current	$	20,442	$	21,674

The following table presents the components of the Company’s total lease expense:


	Condensed Consolidated Statements	Three Months Ended June 30,				Six Months Ended June 30,
	of Operations Location	2026		2025		2026		2025
		(In thousands)
Operating lease cost:
Fixed lease costs	Cost of revenue and operating expenses	$	3,298	$	2,891	$	6,543	$	5,198
Variable lease costs	Operating expenses	315		306		726		480
Short-term lease costs	Operating expenses	331		418		697		820
Lease impairment cost	Impairment charges	—		—		—		99
Sublease income	Operating expenses	(466)		(107)		(949)		(164)
Total lease cost		$	3,478	$	3,508	$	7,017	$	6,433

As of June 30, 2026, the maturities of the Company’s lease liabilities under operating leases were as follows:


Year	Operating Leases
	(In thousands)
Remainder of 2026	$	6,448
2027	11,685
2028	9,078
2029	6,496
2030	2,632
Thereafter	979
Total minimum payments required	$	37,318
Less: imputed interest	6,826
Total present value of lease liabilities	$	30,492

The following table summarizes weighted-average lease terms and discount rates for the Company’s operating leases:

June 30, 2026

December 31, 2025

Weighted-average remaining lease term (in years)

3.42 years

3.53 years

Weighted-average discount rate

10.01%

9.85%

Segment and Geographic Information - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting [Line Items]
Revenue from external customers	$ 284,589		$ 343,096		$ 550,572	$ 629,453
Traffic acquisition costs	161,200		198,927		319,309	382,162
Restructuring charges	1,238		1,674		2,941	8,953
Impairment charges	0		0		0	15,614
Other cost of sales	27,789		23,905		52,047	44,377
Gain on repurchase of long-term debt	0		(1,225)		0	(1,225)
Interest expense	17,417		17,524		34,826	40,648
Other expense (income) and interest income, net	2,113		1,506		2,672	1,990
Provision (benefit) for income taxes	7,300		(5,751)		6,312	(18,952)
Segment and consolidated net loss	(42,479)	$ (38,786)	(14,313)	$ (54,843)	(81,265)	(69,156)
Reporting Segment
Segment Reporting [Line Items]
Revenue from external customers	284,589		343,096		550,572	629,453
Traffic acquisition costs	161,200		198,927		319,309	382,162
Personnel-related costs	61,627		68,624		125,453	125,932
Merger and acquisition costs	1,565		5,434		2,849	21,852
Depreciation and amortization	17,547		18,337		34,981	31,210
Marketing and advertising expenses	11,692		10,795		17,049	15,222
Restructuring charges	1,238		1,674		2,941	8,953
Impairment charges	0		0		0	15,614
Other cost of sales	20,736		16,887		37,965	31,645
Other segment expenses	24,633		24,677		47,480	43,558
Gain on repurchase of long-term debt	0		(1,225)		0	(1,225)
Interest expense	17,417		17,524		34,826	40,648
Other expense (income) and interest income, net	2,113		1,506		2,672	1,990
Provision (benefit) for income taxes	7,300		(5,751)		6,312	(18,952)
Segment and consolidated net loss	$ (42,479)		$ (14,313)		$ (81,265)	$ (69,156)

Balance Sheet Components

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Components

5. Balance Sheet Components

Accounts Receivable and Allowance for Credit Losses

Accounts receivable, net of allowance for credit losses consists of the following:


	June 30, 2026		December 31, 2025
	(In thousands)
Accounts receivable	$	300,596	$	358,728
Allowance for credit losses	(18,417)		(16,376)
Accounts receivable, net of allowance for credit losses	$	282,179	$	342,352

The allowance for credit losses consists of the following activity:


	Six Months Ended June 30, 2026		Six Months Ended June 30, 2025

Allowance for credit losses, beginning balance	$	16,376	$	5,922
Provision for credit losses, net of recoveries	7,687		1,737
Write-offs	(5,646)		(1,443)
Allowance for credit losses, ending balance	$	18,417	$	6,216

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consists of the following:


	June 30, 2026		December 31, 2025
	(In thousands)
Prepaid taxes	$	13,023	$	30,290
Prepaid traffic acquisition costs	7,532		6,794
Prepaid software licenses	4,310		5,211
Other prepaid expenses and other current assets	8,069		7,052
Total prepaid expenses and other current assets	$	32,934	$	49,347

Property, Equipment and Capitalized Software, Net

Property, equipment and capitalized software, net consists of the following:


	June 30, 2026		December 31, 2025
	(In thousands)
Capitalized software development costs	$	115,229	$	104,877
Computer and equipment	70,131		69,670
Leasehold improvements	4,991		4,374
Software	3,634		3,560
Furniture and fixtures	1,811		1,643
Property, equipment, and capitalized software, gross	195,796		184,124
Less: accumulated depreciation and amortization	(141,494)		(133,126)
Total property, equipment and capitalized software, net	$	54,302	$	50,998

Accounts Payable

The Company’s accounts payable includes $180.1 million and $217.3 million of traffic acquisition costs as of June 30, 2026 and December 31, 2025, respectively.

Accrued and Other Current Liabilities

Accrued and other current liabilities consists of the following:


	June 30, 2026		December 31, 2025
	(In thousands)
Accrued agency commissions	$	55,797	$	69,446
Accrued tax liabilities	25,290		26,328
Interest payable	23,660		23,663
Operating lease obligations, current	10,050		9,108
Accrued professional fees	8,456		8,187
Other	17,514		15,978
Total accrued and other current liabilities	$	140,767	$	152,710

Segment and Geographic Information

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Segment and Geographic Information

14. Segment and Geographic Information

The Company has one operating and reporting segment as the Company’s Chief Operating Decision Maker (“CODM”) reviews its performance and allocates resources based on its overall business operations with no distinct geographic or product lines that meet the criteria for separate segment reporting. The Company’s CODM is its Chief Executive Officer, David Kostman. The accounting policies applied to the segment are the same as those described in the summary of significant accounting policies.

The Company generates its revenue by operating a two-sided technology platform that drives business results by connecting media owners and advertisers with engaged audiences to drive business outcomes. The Company’s platform enables thousands of digital media owners to provide tailored experiences to their audiences, delivering audience engagement and monetization. For advertisers, the Company’s platform optimizes audience attention and engagement to deliver greater return on investment at each step of the marketing funnel. This segment constitutes 100% of the Company’s consolidated revenue and profit and is the primary focus of the Company’s management’s decision making regarding product development, marketing strategies and capital allocation.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(In thousands)
Revenue from external customers	$	284,589	$	343,096	$	550,572	$	629,453
Less:
Traffic acquisition costs	161,200		198,927		319,309		382,162
Personnel-related costs (1)	61,627		68,624		125,453		125,932
Merger and acquisition costs	1,565		5,434		2,849		21,852
Depreciation and amortization	17,547		18,337		34,981		31,210
Marketing and advertising expenses	11,692		10,795		17,049		15,222
Restructuring charges	1,238		1,674		2,941		8,953
Impairment charges	—		—		—		15,614
Other cost of sales (1)	20,736		16,887		37,965		31,645
Other segment expenses (1) (2)	24,633		24,677		47,480		43,558
Gain on repurchase of long-term debt	—		(1,225)		—		(1,225)
Interest expense	17,417		17,524		34,826		40,648
Other expense (income) and interest income, net	2,113		1,506		2,672		1,990
Provision (benefit) for income taxes	7,300		(5,751)		6,312		(18,952)
Segment and consolidated net loss	$	(42,479)	$	(14,313)	$	(81,265)	$	(69,156)

_____________________

profit.

(2)Other segment expenses primarily consist of office and related expenses, other professional fees, non-income taxes, provision for credit losses, and other expenses.

The following table presents total revenue based on where the Company’s advertisers are physically located:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(In thousands)
The Americas (1)	$	79,152	$	104,099	$	152,400	$	194,384
EMEA (Europe, the Middle East and Africa)	175,995		202,988		337,909		367,933
Asia	29,442		36,009		60,263		67,136
Total revenue	$	284,589	$	343,096	$	550,572	$	629,453

_____________________

The Company’s long-lived assets by geographic location, which are comprised of property, equipment and capitalized software, net and operating lease right-of-use assets, net are summarized below:


	June 30, 2026		December 31, 2025
	(In thousands)
The Americas	$	46,632	$	47,637
EMEA (Europe, the Middle East and Africa)	33,562		29,503
Asia	2,730		2,668
Total long-lived assets, net	$	82,924	$	79,808

- Definition

The entire disclosure for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

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+ Details

Debt Obligations - Short-Term Debt (Details) € in Thousands, $ in Thousands	1 Months Ended
	Jul. 31, 2026 EUR (€)	Jun. 30, 2026 USD ($)	Jun. 30, 2026 EUR (€)	Dec. 31, 2025 USD ($)
Short-Term Debt [Line Items]
Short-term debt \| $		$ 7,081		$ 17,595
Line of Credit \| Overdraft Facility \| Revolving Credit Facility
Short-Term Debt [Line Items]
Short-term debt		$ 7,100	€ 6,200
Line of Credit \| Overdraft Facility \| Revolving Credit Facility \| Subsequent Event
Short-Term Debt [Line Items]
Short-term debt	€ 5,000
Repayments of short-term debt	€ 1,250

- Definition

Reflects the total carrying amount as of the balance sheet date of debt having initial terms less than one year or the normal operating cycle, if longer.

+ References + Details

Restructuring - Schedule of Restructuring Costs (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	$ 1,238,000	$ 1,674,000	$ 2,941,000	$ 8,953,000
Severance and related costs
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	1,238,000	1,425,000	2,744,000	8,272,000
Legal costs
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	0	249,000	197,000	681,000
Sales and Marketing
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	800,000	900,000	2,100,000	5,900,000
General and Administrative
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	$ 400,000	800,000	$ 800,000	2,300,000
Research and Development
Restructuring Cost and Reserve [Line Items]
Total restructuring charges		$ 0		$ 800,000

- 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

Net Income (Loss) per Common Share (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table presents the computation of the Company’s basic and diluted net income (loss) per share:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(Dollars in thousands)
Numerator:
Net loss attributed to common stockholders - basic and diluted	$	(42,479)	$	(14,313)	$	(81,265)	$	(69,156)



Denominator:
Weighted-average shares - basic and diluted	97,299,602		94,492,931		96,792,491		86,269,441





Net loss per share:
Basic	$	(0.44)	$	(0.15)	$	(0.84)	$	(0.80)
Diluted	$	(0.44)	$	(0.15)	$	(0.84)	$	(0.80)

Schedule of Weighted Average Shares Excluded From Calculation of Diluted Income (Loss) Per Share

The following weighted-average shares have been excluded from the calculation of diluted net income (loss) per share attributable to holders of Common Stock for each period presented because they are anti-dilutive:


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Options to purchase Common Stock	1,080,394	1,583,460	1,140,852	1,630,613
Warrants	48,529	48,529	48,529	48,529
Restricted stock units	8,649,786	4,941,850	7,728,603	4,293,830
Performance stock units	532,813	1,260,272	534,693	1,064,825
Total shares excluded from diluted net loss per share	10,311,522	7,834,111	9,452,677	7,037,797

Segment and Geographic Information - Schedule of Total Revenue Based on Location (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]
Revenue	$ 284,589	$ 343,096	$ 550,572	$ 629,453
The Americas
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]
Revenue	79,152	104,099	152,400	194,384
EMEA (Europe, the Middle East and Africa)
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]
Revenue	175,995	202,988	337,909	367,933
Asia
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]
Revenue	29,442	36,009	60,263	67,136
U.S.
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]
Revenue	$ 69,000	$ 90,100	$ 136,000	$ 169,300

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

Debt Obligations - Credit Facilities (Details) - Revolving Credit Facility - 2025 Credit Facility	6 Months Ended
	Jun. 30, 2026 USD ($)
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 100,000,000.0
Long-term line of credit	0
Available borrowing capacity	$ 40,000,000.0
Percentage of available commitments (as a percent)	40.00%
Minimum
Debt Instrument [Line Items]
Unused commitment fee (as a percent)	0.375%
Maximum
Debt Instrument [Line Items]
Unused commitment fee (as a percent)	0.50%
Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Margin rate (as a percent)	4.25%
Base Rate
Debt Instrument [Line Items]
Margin rate (as a percent)	3.25%

Investments in Marketable Securities

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Investments in Marketable Securities

3. Investments in Marketable Securities

All of the Company’s debt securities are classified as available-for-sale. The Company’s cash equivalents and investments as of June 30, 2026 and December 31, 2025 consisted of the following:


		June 30, 2026
(In thousands)	Fair Value Level	Amortized cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Cash Equivalents		Short-term investments
Money market funds	1	$	2,490	$	—	$	—	$	2,490	$	2,490	$	—


Commercial paper	2	2,996		—		(1)		2,995		—		2,995

Total cash equivalents and investments		$	5,486	$	—	$	(1)	$	5,485	$	2,490	$	2,995


		December 31, 2025
(In thousands)	Fair Value Level	Amortized cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Cash Equivalents		Short-term investments
Money market funds	1	$	18,602	$	—	$	—	$	18,602	$	18,602	$	—


Commercial paper	2	23,397		1		(1)		23,397		16,425		6,972
U.S. Corporate bonds	2	3,503		1		—		3,504		—		3,504
Total cash equivalents and investments		$	45,502	$	2	$	(1)	$	45,503	$	35,027	$	10,476

Proceeds from the sales of securities were $2.0 million for both the three and six months ended June 30, 2026 and $22.5 million for both the three and six months ended June 30, 2025. Additionally, the Company received proceeds from the maturity of securities of $8.3 million and $18.7 million for the three and six months ended June 30, 2026, respectively, and $3.0 million and $54.7 million for the three and six months ended June 30, 2025, respectively. Gross realized gains were insignificant during all periods presented. Gross realized gains and losses are reclassified from other comprehensive loss into other (expense) income and interest income, net, in the Company’s condensed consolidated statements of operations and are determined using the specific identification method.

As of June 30, 2026, all of the Company’s available-for-sale securities with a fair value of $5.5 million mature within one year.

As of June 30, 2026 and December 31, 2025, the Company’s investments have been in an immaterial gross unrealized loss position for less than 12 months. As such, no allowance for credit losses was recorded for these securities as of June 30, 2026 and December 31, 2025.

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Balance - beginning of period (in shares) at Dec. 31, 2024		63,503,274
Balance - beginning of period at Dec. 31, 2024	$ 231,343	$ 64	$ 484,541	$ (74,289)	$ (9,480)	$ (169,493)
Treasury stock, beginning balance (in shares) at Dec. 31, 2024				(13,413,160)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Acquisition of Teads (in shares)		30,320,161		13,429,839
Acquisition of Teads, net	261,296	$ 30	186,864	$ 74,402
Vesting of restricted stock units, net of shares withheld for taxes (in shares)		526,076		(73,000)
Vesting of restricted stock units, net of shares withheld for taxes	(355)			$ (355)
Stock-based compensation	3,037		3,037
Other comprehensive income (loss)	34,187				34,187
Net loss	(54,843)					(54,843)
Balance - end of period (in shares) at Mar. 31, 2025		94,349,511
Balance - end of period at Mar. 31, 2025	474,665	$ 94	674,442	$ (242)	24,707	(224,336)
Treasury stock, ending balance (in shares) at Mar. 31, 2025				(56,321)
Balance - beginning of period (in shares) at Dec. 31, 2024		63,503,274
Balance - beginning of period at Dec. 31, 2024	231,343	$ 64	484,541	$ (74,289)	(9,480)	(169,493)
Treasury stock, beginning balance (in shares) at Dec. 31, 2024				(13,413,160)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(69,156)
Balance - end of period (in shares) at Jun. 30, 2025		95,095,455
Balance - end of period at Jun. 30, 2025	531,962	$ 95	678,463	$ (440)	92,493	(238,649)
Treasury stock, ending balance (in shares) at Jun. 30, 2025				(126,429)
Balance - beginning of period (in shares) at Mar. 31, 2025		94,349,511
Balance - beginning of period at Mar. 31, 2025	474,665	$ 94	674,442	$ (242)	24,707	(224,336)
Treasury stock, beginning balance (in shares) at Mar. 31, 2025				(56,321)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock units, net of shares withheld for taxes (in shares)		745,944		(70,108)
Vesting of restricted stock units, net of shares withheld for taxes	(198)	$ 1	(1)	$ (198)
Stock-based compensation	4,022		4,022
Other comprehensive income (loss)	67,786				67,786
Net loss	(14,313)					(14,313)
Balance - end of period (in shares) at Jun. 30, 2025		95,095,455
Balance - end of period at Jun. 30, 2025	$ 531,962	$ 95	678,463	$ (440)	92,493	(238,649)
Treasury stock, ending balance (in shares) at Jun. 30, 2025				(126,429)
Balance - beginning of period (in shares) at Dec. 31, 2025	95,980,437	96,171,331
Balance - beginning of period at Dec. 31, 2025	$ 95,437	$ 96	685,778	$ (533)	96,659	(686,563)
Treasury stock, beginning balance (in shares) at Dec. 31, 2025	(190,894)			(190,894)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock units, net of shares withheld for taxes (in shares)		1,056,154		(45,161)
Vesting of restricted stock units, net of shares withheld for taxes	$ (38)	$ 1	(1)	$ (38)
Stock-based compensation	2,279		2,279
Other comprehensive income (loss)	(8,633)				(8,633)
Net loss	(38,786)					(38,786)
Balance - end of period (in shares) at Mar. 31, 2026		97,227,485
Balance - end of period at Mar. 31, 2026	$ 50,259	$ 97	688,056	$ (571)	88,026	(725,349)
Treasury stock, ending balance (in shares) at Mar. 31, 2026				(236,055)
Balance - beginning of period (in shares) at Dec. 31, 2025	95,980,437	96,171,331
Balance - beginning of period at Dec. 31, 2025	$ 95,437	$ 96	685,778	$ (533)	96,659	(686,563)
Treasury stock, beginning balance (in shares) at Dec. 31, 2025	(190,894)			(190,894)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	$ (11,376)
Net loss	$ (81,265)
Balance - end of period (in shares) at Jun. 30, 2026	98,065,162	98,364,526
Balance - end of period at Jun. 30, 2026	$ 7,353	$ 98	690,446	$ (646)	85,283	(767,828)
Treasury stock, ending balance (in shares) at Jun. 30, 2026	(299,364)			(299,364)
Balance - beginning of period (in shares) at Mar. 31, 2026		97,227,485
Balance - beginning of period at Mar. 31, 2026	$ 50,259	$ 97	688,056	$ (571)	88,026	(725,349)
Treasury stock, beginning balance (in shares) at Mar. 31, 2026				(236,055)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock units, net of shares withheld for taxes (in shares)		1,137,041		(63,309)
Vesting of restricted stock units, net of shares withheld for taxes	(75)	$ 1	(1)	$ (75)
Stock-based compensation	2,391		2,391
Other comprehensive income (loss)	(2,743)				(2,743)
Net loss	$ (42,479)					(42,479)
Balance - end of period (in shares) at Jun. 30, 2026	98,065,162	98,364,526
Balance - end of period at Jun. 30, 2026	$ 7,353	$ 98	$ 690,446	$ (646)	$ 85,283	$ (767,828)
Treasury stock, ending balance (in shares) at Jun. 30, 2026	(299,364)			(299,364)

Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Statement of Comprehensive Income [Abstract]
Tax on unrealized gain (loss)	$ (1)	$ (1)	$ 1	$ 21

Net Income (Loss) per Common Share - Schedule of Weighted Average Shares Excluded From Calculation of Diluted Income (Loss) Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from diluted net loss per share	10,311,522	7,834,111	9,452,677	7,037,797
Options to purchase Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from diluted net loss per share	1,080,394	1,583,460	1,140,852	1,630,613
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from diluted net loss per share	48,529	48,529	48,529	48,529
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from diluted net loss per share	8,649,786	4,941,850	7,728,603	4,293,830
Performance stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from diluted net loss per share	532,813	1,260,272	534,693	1,064,825

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, issued (in shares)	98,364,526	96,171,331
Common stock, outstanding (in shares)	98,065,162	95,980,437
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, authorized (in shares)	100,000,000	100,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Treasury stock (in shares)	299,364	190,894

Balance Sheet Components (Tables)

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Accounts Receivable, Net

Accounts receivable, net of allowance for credit losses consists of the following:


	June 30, 2026		December 31, 2025
	(In thousands)
Accounts receivable	$	300,596	$	358,728
Allowance for credit losses	(18,417)		(16,376)
Accounts receivable, net of allowance for credit losses	$	282,179	$	342,352

Schedule of Allowance for Credit Losses

The allowance for credit losses consists of the following activity:


	Six Months Ended June 30, 2026		Six Months Ended June 30, 2025

Allowance for credit losses, beginning balance	$	16,376	$	5,922
Provision for credit losses, net of recoveries	7,687		1,737
Write-offs	(5,646)		(1,443)
Allowance for credit losses, ending balance	$	18,417	$	6,216

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consists of the following:


	June 30, 2026		December 31, 2025
	(In thousands)
Prepaid taxes	$	13,023	$	30,290
Prepaid traffic acquisition costs	7,532		6,794
Prepaid software licenses	4,310		5,211
Other prepaid expenses and other current assets	8,069		7,052
Total prepaid expenses and other current assets	$	32,934	$	49,347

Schedule of Property, Equipment and Capitalized Software, Net

Property, equipment and capitalized software, net consists of the following:


	June 30, 2026		December 31, 2025
	(In thousands)
Capitalized software development costs	$	115,229	$	104,877
Computer and equipment	70,131		69,670
Leasehold improvements	4,991		4,374
Software	3,634		3,560
Furniture and fixtures	1,811		1,643
Property, equipment, and capitalized software, gross	195,796		184,124
Less: accumulated depreciation and amortization	(141,494)		(133,126)
Total property, equipment and capitalized software, net	$	54,302	$	50,998

Schedule of Accrued and Other Current Liabilities

Accrued and other current liabilities consists of the following:


	June 30, 2026		December 31, 2025
	(In thousands)
Accrued agency commissions	$	55,797	$	69,446
Accrued tax liabilities	25,290		26,328
Interest payable	23,660		23,663
Operating lease obligations, current	10,050		9,108
Accrued professional fees	8,456		8,187
Other	17,514		15,978
Total accrued and other current liabilities	$	140,767	$	152,710

Investments in Marketable Securities (Tables)

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Schedule of Debt Securities, Available-for-Sale

All of the Company’s debt securities are classified as available-for-sale. The Company’s cash equivalents and investments as of June 30, 2026 and December 31, 2025 consisted of the following:


		June 30, 2026
(In thousands)	Fair Value Level	Amortized cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Cash Equivalents		Short-term investments
Money market funds	1	$	2,490	$	—	$	—	$	2,490	$	2,490	$	—


Commercial paper	2	2,996		—		(1)		2,995		—		2,995

Total cash equivalents and investments		$	5,486	$	—	$	(1)	$	5,485	$	2,490	$	2,995


		December 31, 2025
(In thousands)	Fair Value Level	Amortized cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Cash Equivalents		Short-term investments
Money market funds	1	$	18,602	$	—	$	—	$	18,602	$	18,602	$	—


Commercial paper	2	23,397		1		(1)		23,397		16,425		6,972
U.S. Corporate bonds	2	3,503		1		—		3,504		—		3,504
Total cash equivalents and investments		$	45,502	$	2	$	(1)	$	45,503	$	35,027	$	10,476

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

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+ Details

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	10. Commitments and Contingencies Legal Proceedings and Other Matters From time to time, the Company is involved in, or may become subject to, legal proceedings, claims and government investigations arising in the ordinary course of business, including disputes related to intellectual property, commercial agreements, privacy matters and employment issues. We describe below certain legal proceedings to which we are a party. Verve Group Arbitration As previously disclosed in our 2025 Form 10-K and our Form 10-Q for the quarter ended March 31, 2026, we are involved in a dispute with Verve Group Europe GmbH (“Verve Group”) and its affiliate Smaato, Inc. (“Smaato” and together with Verve Group, “Verve”). The dispute relates to withholdings we applied to Verve’s accounts following the identification of significant volumes of invalid traffic and non-compliant activity originating from Verve’s inventory, and the amounts at issue total approximately $8.1 million in connection with certain disputed invoices. The matter is now proceeding in arbitration before JAMS. We believe Verve’s claims are without merit, as it is our position that our withholdings were based on documented traffic quality issues, and we intend to defend the matters vigorously. Based on the information currently available to us regarding these matters, we have not recorded an accrual as a loss is not considered probable or reasonably estimable. We will continue to monitor and evaluate the status of these matters each quarter to determine the need for additional disclosure pursuant to ASC 450. Google Litigation Subsequent to quarter-end, on August 3, 2026, the Company filed a lawsuit against Google LLC and Alphabet Inc. (together, “Google”) in the United States District Court for the Southern District of New York. The complaint alleges that Google has engaged in anticompetitive conduct in the ad exchange and publisher ad server markets in violation of the federal antitrust laws, including actions that restrict publishers’ ability to use competing services and favor Google’s own advertising exchange, and asserts related claims under New York statutory and common law. The Company is seeking monetary damages, injunctive and declaratory relief, and costs of suit and expenses. The Company intends to pursue its claims vigorously, but cannot predict the outcome of this matter at this early stage. Other Matters In addition to the matters described above, we are subject to various other legal proceedings and claims, either asserted or unasserted, which arise in the ordinary course of business. We do not believe that the final outcome of any of these matters, individually or in the aggregate, will have a material adverse effect on our business, operating results, cash flows or financial condition. In connection with the Acquisition, the Company identified and recorded a $20.1 million provision related to certain income tax items under ASC 740, “Income Taxes,” and an $8.6 million provision related to certain non-income tax items accounted for under ASC 450, “Contingencies,” within contingent tax liabilities in its condensed consolidated balance sheet as of June 30, 2026. The Company has also recorded an indemnification asset in the full amount of the provision of $28.7 million, as the Company is indemnified against certain tax liabilities under the Share Purchase Agreement, dated August 1, 2024, with Altice Teads S.A. (“Altice Teads”), as amended on February 3, 2025. Altice Teads’ indemnification obligation may be increased if other indemnified risks materialize and will remain in place until all covered matters are resolved. Any determination or estimate relating to the future resolution of the Company’s legal proceedings is inherently uncertain and involves significant judgment. This is especially true in the early stages of a legal matter when legal issues and facts have not been thoroughly analyzed, in situations where the claimants seek very large or indeterminate damages, where cases present novel legal theories or involve a large number of parties, or where claims or other actions may be possible but have not been brought. As a result of this uncertainty, the Company may not be able to determine whether a favorable or unfavorable outcome is remote, reasonably likely, or probable, or to estimate the amount or range of loss until relatively late in the course of a legal matter. Further, any judgment or estimate relating to claims may change over time in light of developments, and actual outcomes may differ materially from our estimates.

Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Goodwill

The change in the carrying value of the Company’s goodwill balance during the six months ended June 30, 2026 was as follows:


(In thousands)
Goodwill at January 1, 2026 (1)	$	280,991


Foreign currency translation	(7,165)
Goodwill at June 30, 2026 (1)	$	273,826

________________

Intangible Asset, Finite-Lived

The gross carrying amount and accumulated amortization of the Company’s intangible assets are as follows:


	June 30, 2026
	Weighted Average Amortization Period	Gross Value		Accumulated Amortization		Net Carrying Value
		(In thousands)
Developed technology	5.0 years	$	89,341	$	(31,181)	$	58,160
Customer relationships	10.4 years	259,113		(42,427)		216,686
Publisher relationships	8.0 years	63,258		(18,097)		45,161
Trade names	11.0 years	26,702		(4,719)		21,983
Other	15.8 years	922		(396)		526
Total intangible assets, net		$	439,336	$	(96,820)	$	342,516


	December 31, 2025
	Weighted Average Amortization Period	Gross Value		Accumulated Amortization		Net Carrying Value
		(In thousands)
Developed technology	5.0 years	$	91,699	$	(23,585)	$	68,114
Customer relationships	10.3 years	264,455		(29,975)		234,480
Publisher relationships	8.0 years	64,632		(15,075)		49,557
Trade names	11.0 years	27,480		(3,588)		23,892
Other	15.8 years	905		(370)		535
Total intangible assets, net		$	449,171	$	(72,593)	$	376,578

Intangible Asset, Impairment


	Six Months Ended June 30, 2025

Developed technology	$	5,950
Customer relationships	259
Publisher relationships	6,426
Trade names	2,373
Content provider relationships	100
Impairment charge	$	15,108

Schedule of Estimated Amortization on Identifiable Acquisition-Related Intangible Assets

As of June 30, 2026, estimated amortization related to the Company’s identifiable intangible assets in future periods was as follows:


	Amount
	(In thousands)
Remainder of 2026	$	26,790
2027	52,983
2028	52,929
2029	52,929
2030	36,074
Thereafter	120,811
Total	$	342,516

- Definition

Tabular disclosure of goodwill.

+ References

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+ Details

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Statement of Comprehensive Income [Abstract]
Net loss	$ (42,479)	$ (14,313)	$ (81,265)	$ (69,156)
Other comprehensive (loss) income:
Foreign currency translation adjustments	(2,749)	67,780	(11,375)	102,043
Unrealized gain (loss) on available-for-sale investments in debt securities (net of taxes of $(1) and $(1) for the three months ended June 30, 2026 and 2025, respectively and $1 and $21 for the six months ended June 30, 2026 and 2025, respectively).	6	6	(1)	(70)
Total other comprehensive (loss) income	(2,743)	67,786	(11,376)	101,973
Comprehensive (loss) income	$ (45,222)	$ 53,473	$ (92,641)	$ 32,817

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

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

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+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

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+ Details

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation

The following table summarizes stock-based compensation expense recognized in the Company’s condensed consolidated statements of operations for the periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(In thousands)
Research and development	$	358	$	658	$	775	$	1,259
Sales and marketing	1,028		1,512		1,725		2,557
General and administrative	899		1,620		1,931		2,915
Total stock-based compensation	$	2,285	$	3,790	$	4,431	$	6,731

Schedule of Stock Option, RSU and PSU Activity

The following table summarizes stock option, RSU and PSU activity for the six months ended June 30, 2026:


	Stock Options	Service-Based RSUs	PSUs
Outstanding—December 31, 2025	1,326,262	7,420,833	2,911,575
Granted	—	5,895,600	853,000
Exercised/Vested	—	(2,002,603)	(190,592)
Forfeited/Expired	(363,977)	(1,712,217)	(1,602,995)
Outstanding—June 30, 2026	962,285	9,601,613	1,970,988

Schedule Of Estimate the Fair Value of the Market-Based PSUs

The following assumptions were used to estimate the fair value of the Company’s market-based PSUs granted during the six months ended June 30, 2026:


Expected volatility	82.54	%
Risk-free rate	3.92	%
Expected dividend yield	—

Net Income (Loss) per Common Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Numerator:
Net loss attributed to common stockholders - basic	$ (42,479)	$ (14,313)	$ (81,265)	$ (69,156)
Net loss attributed to common stockholders - diluted	$ (42,479)	$ (14,313)	$ (81,265)	$ (69,156)
Denominator:
Basic weighted-average shares (in shares)	97,299,602	94,492,931	96,792,491	86,269,441
Diluted weighted-average shares (in shares)	97,299,602	94,492,931	96,792,491	86,269,441
Net loss per share:
Basic (in usd per share)	$ (0.44)	$ (0.15)	$ (0.84)	$ (0.80)
Diluted (in usd per share)	$ (0.44)	$ (0.15)	$ (0.84)	$ (0.80)

- Definition

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

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- Definition

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Leases - Schedule of Lease Liabilities Under Operating Leases (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Operating lease liabilities by fiscal year maturity
Remainder of 2026	$ 6,448
2027	11,685
2028	9,078
2029	6,496
2030	2,632
Thereafter	979
Total minimum payments required	37,318
Less: imputed interest	6,826
Total present value of lease liabilities	$ 30,492

Stock-Based Compensation - Schedule of Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 2,285	$ 3,790	$ 4,431	$ 6,731
Income Statement Location [Axis]: us-gaap:GeneralAndAdministrativeExpense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	899	1,620	1,931	2,915
Income Statement Location [Axis]: us-gaap:ResearchAndDevelopmentExpense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	358	658	775	1,259
Income Statement Location [Axis]: us-gaap:SellingAndMarketingExpense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 1,028	$ 1,512	$ 1,725	$ 2,557

Net Income (Loss) per Common Share

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Net Income (Loss) per Common Share

13. Net Income (Loss) per Common Share

The following table presents the computation of the Company’s basic and diluted net income (loss) per share:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(Dollars in thousands)
Numerator:
Net loss attributed to common stockholders - basic and diluted	$	(42,479)	$	(14,313)	$	(81,265)	$	(69,156)



Denominator:
Weighted-average shares - basic and diluted	97,299,602		94,492,931		96,792,491		86,269,441





Net loss per share:
Basic	$	(0.44)	$	(0.15)	$	(0.84)	$	(0.80)
Diluted	$	(0.44)	$	(0.15)	$	(0.84)	$	(0.80)

The Company’s PSUs are only included in diluted net income (loss) per share to the extent the underlying performance conditions have been satisfied at the end of the reporting period, or would be considered satisfied if the end of the reporting period was the end of the related performance period and the result would be dilutive.


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Options to purchase Common Stock	1,080,394	1,583,460	1,140,852	1,630,613
Warrants	48,529	48,529	48,529	48,529
Restricted stock units	8,649,786	4,941,850	7,728,603	4,293,830
Performance stock units	532,813	1,260,272	534,693	1,064,825
Total shares excluded from diluted net loss per share	10,311,522	7,834,111	9,452,677	7,037,797