ADDED
Exhibits 124 Signatures 127 1 Summary Risk Factors Our business is subject to numerous risks and uncertainties and this summary provides an overview of such risks.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (In thousands) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Net loss $ ( 1,097,015 ) $ ( 15,598 ) $ ( 1,023,906 ) $ ( 829,927 ) Other comprehensive income, net of tax: Change in unrealized gains on available-for-sale securities 930 5,563 2,118 4,642 Comprehensive loss $ ( 1,096,085 ) $ ( 10,035 ) $ ( 1,021,788 ) $ ( 825,285 ) See accompanying notes to condensed consolidated financial statements.
Initial public offering On August 1, 2025, the Company completed its initial public offering (the IPO ), in which the Company issued 12.5 million shares of its Class A common stock at a public offering price of $ 33.00 per share, which resulted in net proceeds of $ 393.1 million after deducting underwriting discounts and commissions and before deducting offering costs.
In connection with the IPO, all outstanding shares of the Company s convertible preferred stock automatically converted into 246.0 million shares of Class A common stock on a one to one basis.
Refer to Note 10 Stockholders Equity for additional information.
Concurrently with the IPO, the Company issued 9.6 million shares of its Class A common stock and 3.9 million shares of its Class B common stock upon settlement of the RSUs vested in connection with the IPO, net of 12.5 million shares withheld to satisfy related tax withholding and remittance obligations.
Based on the IPO price of $ 33.00 per share, the Company s related tax withholding obligations were $ 411.4 million and was paid during the three months ended September 30, 2025.
Refer to Note 10 Stockholders Equity for additional information.
Prior to the IPO, deferred offering costs, which consisted of direct incremental legal, accounting, consulting and other fees relating to the IPO were capitalized within prepaid expenses and other current assets on the Company s interim condensed consolidated balance sheet.
In connection with the IPO, deferred offering costs of $ 10.8 million were reclassified to stockholders equity as a reduction of the net proceeds received from the IPO.
REMOVED
Exhibits 119 Signatures 122 Summary Risk Factors Our business is subject to numerous risks and uncertainties and this summary provides an overview of such risks.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (In thousands) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net income (loss) $ 28,227 $ ( 827,854 ) $ 73,109 $ ( 814,329 ) Other comprehensive income, net of tax: Change in unrealized gains (losses) on available-for-sale securities 367 ( 297 ) 1,188 ( 921 ) Comprehensive income (loss) $ 28,594 $ ( 828,151 ) $ 74,297 $ ( 815,250 ) See accompanying notes to the condensed consolidated financial statements.
Deferred Offering Costs Deferred offering costs, which consist of direct incremental legal, accounting, consulting and other fees relating to the Company s initial public offering (the IPO ) are capitalized.
As of June 30, 2025, there were $ 7.0 million of deferred offering costs recorded within prepaid expenses and other current assets on the Company s interim condensed consolidated balance sheet.
The Company recognizes revenue ratably over the contract term, beginning on the date that the platform is made available to the customer, because the customer receives and consumes the benefits of the platform throughout the contract period.
Digital Assets The Company holds USDC, a stablecoin redeemable on a one-to-one basis for U.S.
The issuer of USDC reported that as of June 30, 2025, underlying reserves were held in cash, short-duration U.S Treasuries, and overnight U.S.
One customer accounted for 14 % of total accounts receivable as of June 30, 2025 and no customers accounted for 10% or greater of total accounts receivable as of December 31, 2024.
There were no customers representing 10% or greater of revenue for the three or six months ended June 30, 2025 and 2024, respectively.
Business combinations The Company uses best estimates and assumptions, including but not limited to, the selection of valuation methodologies, future expected cash flows, costs to recreate developed technology, expected asset useful lives, and discount rates, to assign fair values to tangible and intangible assets acquired and liabilities assumed in business combinations as of the acquisition date.