PubMatic第二季收入增10.5% 經營溢利轉正惟續錄淨虧損

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UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 10-Q

(Mark One)
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2026
or
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from________to________
Commission File Number: 001-39748

PUBMATIC, INC.
(Exact name of registrant as specified in its charter)

Delaware
20-5863224
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification Number)

Not applicable
Not applicable

(Address of principal executive offices)
(Zip Code)

Not applicable

(Registrant’s telephone number, including area code)

Not applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class
Trading Symbol
Name of each exchange on which registered

Class A common stock, $0.0001 par value per share
PUBM
The Nasdaq Global Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer
o
Accelerated filer
☒

Non-accelerated filer
o
Smaller reporting company
o

Emerging growth company
o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
As of July 30, 2026, the registrant had 37,303,647 shares of Class A common stock outstanding and 8,246,414 shares of Class B common stock outstanding.

Table of Contents

TABLE OF CONTENTS

Page

PART I - FINANCIAL INFORMATION

Item 1.Financial Statements (Unaudited)
1

Condensed Consolidated Balance Sheets
1

Condensed Consolidated Statements of Operations
2

Condensed Consolidated Statements of Comprehensive Income (Loss)
3

Condensed Consolidated Statements of Stockholders’ Equity
4

Condensed Consolidated Statements of Cash Flows
6

Notes to Condensed Consolidated Financial Statements
7

Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations
18

Item 3.Quantitative and Qualitative Disclosures About Market Risk
31

Item 4.Controls and Procedures
31

PART II - OTHER INFORMATION

Item 1.Legal Proceedings
33

Item 1A.Risk Factors
33

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
34

Item 3.Defaults Upon Senior Securities
34

Item 4.Mine Safety Disclosures
34

Item 5.Other Information
35

Item 6.Exhibits
36

Signatures
37

i

Table of Contents

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS 

PUBMATIC, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except par values)

June 30,
2026December 31,
2025
(unaudited)
ASSETS
Current assets
Cash and cash equivalents$119,971 $145,518 
Marketable securities17,536 — 
Accounts receivable, net383,197 358,240 
Prepaid expenses and other current assets17,162 18,889 
Total current assets537,866 522,647 
Property, equipment and software - net58,528 52,657 
Operating lease right-of-use assets34,518 38,149 
Acquisition-related intangible assets, net1,914 2,704 
Goodwill29,577 29,577 
Deferred income tax asset32,128 30,986 
Other assets, non-current5,511 3,475 
TOTAL ASSETS$700,042 $680,195 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable$390,046 $343,619 
Accrued liabilities24,230 25,278 
Operating lease liabilities, current7,842 6,953 

Total current liabilities422,118 375,850 
Operating lease liabilities, non-current32,795 36,910 

Other liabilities, non-current6,401 4,846 

TOTAL LIABILITIES461,314 417,606 
Commitments and contingencies (Note 8)

Stockholders' equity
Preferred stock, $0.0001 par value per share, 10,000 shares authorized as of June 30, 2026 and December 31, 2025; No shares issued and outstanding as of June 30, 2026 and December 31, 2025
— — 
Common stock, $0.0001 par value per share; 1,000,000 Class A shares authorized as of June 30, 2026 and December 31, 2025; 52,673 shares issued and 37,148 shares outstanding as of June 30, 2026; 51,029 shares issued and 38,624 shares outstanding as of December 31, 2025; 1,000,000 Class B shares authorized as of June 30, 2026 and December 31, 2025; 11,400 shares issued and 8,259 shares outstanding as of June 30, 2026; 11,404 shares issued and 8,263 shares outstanding as of December 31, 2025
7 7 
Treasury stock, at cost; 18,666 and 15,546 shares as of June 30, 2026 and December 31, 2025, respectively
(223,977)(193,471)
Additional paid-in capital341,643 321,062 
Accumulated other comprehensive income (loss)(156)68 
Retained earnings121,211 134,923 
TOTAL STOCKHOLDERS’ EQUITY238,728 262,589 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$700,042 $680,195 

The accompanying notes are an integral part of these condensed consolidated financial statements.
1

Table of Contents

PUBMATIC, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 
(In thousands, except per share data)
(Unaudited)

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenue$78,593 $71,095 $141,160 $134,920 
Cost of revenue25,877 26,612 51,971 52,200 
Gross profit52,716 44,483 89,189 82,720 
Operating expenses:
Technology and development9,148 9,116 17,134 17,888 
Sales and marketing26,130 25,200 55,095 51,999 
General and administrative16,859 15,628 31,654 30,197 
Total operating expenses52,137 49,944 103,883 100,084 
Operating income (loss)579 (5,461)(14,694)(17,364)
Interest income1,213 1,379 2,428 2,972 

Other income (expense), net89 (1,988)(964)(3,002)
Income (loss) before income taxes1,881 (6,070)(13,230)(17,394)
Provision for (benefit from) income taxes3,083 (862)482 (2,700)
Net loss$(1,202)$(5,208)$(13,712)$(14,694)

Basic net loss per share of Class A and Class B stock
$(0.03)$(0.11)$(0.29)$(0.31)
Diluted net loss per share of Class A and Class B stock
$(0.03)$(0.11)$(0.29)$(0.31)
Weighted-average shares used to compute net loss per share attributable to common stockholders:

Basic46,106 47,185 46,611 47,763 
Diluted46,106 47,185 46,611 47,763 

The accompanying notes are an integral part of these condensed consolidated financial statements.
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PUBMATIC, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In thousands)
(Unaudited)

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Net loss$(1,202)$(5,208)$(13,712)$(14,694)
Other comprehensive income (loss):
Unrealized loss on marketable securities, net of tax(4)(9)(4)(31)
Net change in foreign currency translation adjustment(66)536 (220)828 
Comprehensive loss$(1,272)$(4,681)$(13,936)$(13,897)

The accompanying notes are an integral part of these condensed consolidated financial statements.
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PUBMATIC, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In thousands)
(Unaudited)

Common StockTreasury 
StockAdditional 
Paid-In CapitalAccumulated Other 
Comprehensive Income (Loss)Retained 
EarningsTotal 
Stockholders’ Equity
SharesAmount
Balance as of December 31, 202546,887 $7 $(193,471)$321,062 $68 $134,923 $262,589 
Stock-based compensation— — — 9,423 — — 9,423 
Exercise of stock options276 — — 477 — — 477 
Repurchase of shares(1,049)— (8,825)— — — (8,825)
Issuance of common stock related to employee stock purchase plan— — — — — — — 
Issuance of common stock related to RSU vesting446 — — — — — — 
Other comprehensive loss— — — — (154)— (154)
Net loss— — — — — (12,510)(12,510)
Balance as of March 31, 202646,560 7 (202,296)330,962 (86)122,413 251,000 
Stock-based compensation— — — 9,220 — — 9,220 
Exercise of stock options245 — — 407 — — 407 
Repurchase of shares(2,070)— (21,681)— — — (21,681)
Issuance of common stock related to employee stock purchase plan137 — — 1,054 — — 1,054 
Issuance of common stock related to RSU vesting535 — — — — — — 
Other comprehensive loss— — — — (70)— (70)
Net loss— — — — — (1,202)(1,202)
Balance as of June 30, 202645,407 $7 $(223,977)$341,643 $(156)$121,211 $238,728 

The accompanying notes are an integral part of these condensed consolidated financial statements.
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Common StockTreasury 
StockAdditional 
Paid-In CapitalAccumulated Other 
Comprehensive Income (Loss)Retained 
EarningsTotal 
Stockholders’ Equity
SharesAmount
Balance as of December 31, 202448,101 $6 $(146,796)$275,304 $(636)$149,385 $277,263 
Stock-based compensation— — — 10,604 — — 10,604 
Exercise of stock options202 — — 563 — — 563 
Repurchase of shares(339)— (3,613)— — — (3,613)

Issuance of common stock related to RSU vesting353 — — — — — — 
Other comprehensive income— — — — 270 — 270 
Net loss— — — — — (9,486)(9,486)
Balance as of March 31, 202548,317 6 (150,409)286,471 (366)139,899 275,601 
Stock-based compensation— — — 10,674 — — 10,674 
Exercise of stock options272 — — 611 — — 611 
Repurchase of shares
(3,514)— (40,278)— — — (40,278)
Issuance of common stock related to employee stock purchase plan136 — — 1,357 — — 1,357 
Issuance of common stock related to RSU vesting447 — — — — — — 
Other comprehensive income— — — — 527 — 527 
Net loss— — — — — (5,208)(5,208)
Balance as of June 30, 202545,658 $6 $(190,687)$299,113 $161 $134,691 $243,284 

The accompanying notes are an integral part of these condensed consolidated financial statements.
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PUBMATIC, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)

Six Months Ended June 30,
20262025
OPERATING ACTIVITIES:

Net loss$(13,712)$(14,694)
Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation and amortization19,995 23,537 

Stock-based compensation16,835 19,499 

Deferred income taxes(1,143)(9,024)
Accretion of discount on marketable securities(110)(819)
Non-cash operating lease expense3,591 3,710 
Other(305)(278)
Changes in operating assets and liabilities:
Accounts receivable(24,957)41,412 
Prepaid expenses and other assets4,046 (340)
Accounts payable36,558 (25,865)
Accrued liabilities(1,738)(5,559)
Operating lease liabilities(3,188)(1,328)
Other liabilities, non-current 1,633 275 
Net cash provided by operating activities37,505 30,526 
INVESTING ACTIVITIES:

Purchases of property and equipment(2,966)(2,781)
Capitalized software development costs(10,171)(11,180)
Purchases of marketable securities(17,429)(26,026)

Proceeds from maturities of marketable securities— 39,859 

Purchase of equity investments(3,500)— 

Net cash used in investing activities(34,066)(128)
FINANCING ACTIVITIES:

Proceeds from issuance of common stock for employee stock purchase plan1,054 1,357 
Proceeds from exercise of stock options884 1,174 
Principal payments on finance lease obligations(75)(70)
Payments to acquire treasury stock(30,500)(43,649)
Net cash used in financing activities(28,637)(41,188)
NET DECREASE IN CASH AND CASH EQUIVALENTS(25,198)(10,790)
Effect of foreign exchange rates on cash and cash equivalents
(349)814 
CASH AND CASH EQUIVALENTS - Beginning of period145,518 100,452 
CASH AND CASH EQUIVALENTS - End of period$119,971 $90,476 
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Income taxes paid$2,119 $7,219 
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING INFORMATION:
Stock-based compensation capitalized as internal-use software costs$1,808 $1,779 
Property and equipment included in accounts payable and accrued liabilities$9,880 $1,212 
Capitalized software costs included in accounts payable and accrued liabilities$1,367 $1,517 

The accompanying notes are an integral part of these condensed consolidated financial statements.
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PUBMATIC, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)

Note 1 – Organization and Description of Business
PubMatic, Inc. (together with its subsidiaries, the “Company” or “PubMatic”) was founded in 2006. The Company has offices worldwide. The Company provides a specialized cloud infrastructure platform that enables real-time programmatic advertising transactions. The purpose-built technology and infrastructure provides superior outcomes for both publishers and advertisers leveraging an efficient design, machine learning, and data processing capabilities, with customer alignment and global omnichannel reach.

Note 2 – Basis of Presentation and Summary of Significant Accounting Policies
Fiscal Year
The Company’s fiscal year ends on December 31, and its fiscal quarters end on March 31, June 30, September 30, and December 31. References to fiscal year 2026, for example, refer to the fiscal year ending December 31, 2026.
Unaudited Interim Condensed Consolidated Financial Information
The unaudited condensed consolidated financial statements include the accounts of PubMatic, Inc. and its wholly owned subsidiaries, and have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and following the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted. These financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for the fair statement of the Company’s financial information. These interim results are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2026 or for any other interim period or for any other future year. The accompanying unaudited condensed consolidated financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the related notes contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as filed with the SEC on February 26, 2026 (the “Annual Report”).
Basis of Presentation
The accompanying condensed consolidated financial statements have been prepared in accordance with GAAP. The accompanying condensed consolidated financial statements include the accounts of PubMatic, Inc. and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates
The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenue and expenses.
The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could materially differ from those estimates and assumptions. Due to the inherent uncertainty involved in making assumptions and estimates, events and changes in circumstances arising after June 30, 2026 may result in actual outcomes that differ from those contemplated by the Company’s assumptions and estimates.
Equity Investments
The Company holds strategic investments in privately held, non-marketable equity securities. The Company’s non-marketable equity investments are without a readily determinable fair value and therefore are accounted for using the measurement alternative. Non-marketable equity investments accounted for using the measurement alternative are recorded at cost, less any impairment, and are adjusted for changes in fair value resulting from observable transactions for identical or similar investments of the same issuer as of the respective transaction dates. 
The Company periodically reviews its non-marketable equity investments for impairment. When indicators of impairment exist and the estimated fair value of an investment is below its carrying amount, a write down of the investment to its fair value is recorded in other income (expense), net in the condensed consolidated statements of operations.

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Concentration of Revenue and Accounts Receivable
The Company defines its revenue concentration based on revenue recognized from individual publishers. For the three and six months ended June 30, 2026 and 2025, no publisher represented more than 10% of the Company’s revenue. As of June 30, 2026, three buyers accounted for 29%, 15%, and 15%, respectively, of accounts receivable. As of December 31, 2025, three buyers accounted for 24%, 16%, and 14%, respectively, of accounts receivable.
Accounts Receivable and Allowance for Credit Losses
Accounts receivable are recorded at the invoiced amount, are unsecured, and do not bear interest. The allowance for credit losses is based on the best estimate of the amount of probable credit losses in existing accounts receivable. The allowance for credit losses is determined based on historical collection experience and the review in each period of the status of the then outstanding accounts receivable, while taking into consideration current customer information, collection history, and other relevant data. Account balances are written off against the allowance when the Company believes it is probable the receivable will not be recovered.
The following table presents the changes in the allowance for credit losses (in thousands):

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Allowance for credit losses, beginning balance$1,018 $1,018 $1,018 $1,018 
Increase in provision for expected credit losses————
Write-offs————
Allowance for credit losses, ending balance$1,018 $1,018 $1,018 $1,018 

Recently Adopted Accounting Pronouncements
In July 2025, the FASB issued ASU 2025-05 “Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses for Accounts Receivable and Contract Assets” (“ASU 2025-05”), which provides a practical expedient to measure credit losses on current accounts receivable. The practical expedient allows companies to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset when measuring credit losses. ASU 2025-05 is effective for annual periods beginning after December 15, 2025 and for interim periods within those annual reporting periods on a prospective basis. The Company adopted ASU 2025-05 on January 1, 2026. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.
Recent Accounting Pronouncements Not Yet Adopted
In November 2024, the FASB issued ASU 2024-03 “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses”, requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 will be effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact adopting ASU 2024-03 will have on its financial statement disclosures.
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”), simplifies the capitalization guidance by removing all references to prescriptive and sequential software development project stages so that the guidance is neutral to different software development methods. ASU 2025-06 will be effective for annual periods beginning after December 15, 2027. The Company is currently evaluating the impact of this accounting standard on its consolidated financial statements and disclosures.
In December 2025, the FASB issued ASU No. 2025-11, “Interim Reporting (Topic 270): Narrow-Scope Improvements” (“ASU 2025-11”), which clarifies interim disclosure requirements and the applicability of Topic 270. The guidance will be effective for interim periods beginning January 1, 2028. Early adoption is permitted. Upon adoption, the guidance can be applied prospectively or retrospectively. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements and disclosures.

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Note 3 – Fair Value Measurements
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 (in thousands): 

June 30, 2026
Level 1Level 2Level 3Total
Financial Assets
Money market funds$63,434 $— $— $63,434 
Commercial paper
— 7,560 — 7,560 
Certificates of deposit— 5,688 — 5,688 
Cash equivalents63,434 13,248 — 76,682 
Commercial paper— 17,536 — 17,536 

Marketable securities— 17,536 — 17,536 
Equity investments— — 3,500 3,500 
Non-current asset— — 3,500 3,500 
Total financial assets$63,434 $30,784 $3,500 $97,718 

December 31, 2025
Level 1Level 2Level 3Total
Financial Assets
Money market funds$104,294 $— $— $104,294 

Certificates of deposit— 16,865 — 16,865 
Cash equivalents104,294 16,865 — 121,159 

Total financial assets$104,294 $16,865 $— $121,159 

The Company’s financial assets consist of Level 1, Level 2, and Level 3 assets. The Company classifies its cash equivalents within Level 1 or Level 2 because they are valued using either quoted market prices or inputs other than quoted prices which are directly or indirectly observable in the market, including readily-available pricing sources for the identical underlying security which may not be actively traded. Certain other assets are classified within Level 3 because factors used to develop the estimated fair value are unobservable inputs that are not supported by market activity.

Note 4 – Balance Sheet Components
Marketable Securities
The following tables summarize the Company’s marketable securities by significant investment categories (in thousands):

June 30, 2026
Amortized CostUnrealized GainUnrealized LossFair Value
Commercial paper$17,539 $— $(3)$17,536 

Total$17,539 $— $(3)$17,536 

There were no marketable securities as of December 31, 2025. The remaining contractual maturity of all marketable securities was within one year as of June 30, 2026. Realized gains and losses were not material for the six months ended June 30, 2026 and 2025. As of June 30, 2026 and 2025, there were no securities that were in an unrealized loss position for more than twelve months.

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Property, Equipment and Software, Net
Property, equipment and software, net consisted of the following (in thousands):

June 30,
2026December 31,
2025
Internal-use software$99,751 $89,161 
Network hardware, computer equipment and software161,856 151,276 
Leasehold improvements7,583 7,553 
Furniture and fixtures2,427 2,534 
Property, equipment and software, gross271,617 250,524 
Less: accumulated depreciation and amortization(213,089)(197,867)
Total property, equipment and software, net$58,528 $52,657 

Depreciation and amortization expense related to property, equipment, and software (excluding amortization of internal-use software) was $3.6 million and $5.7 million for the three months ended June 30, 2026 and 2025, respectively, and $7.1 million and $11.5 million for the six months ended June 30, 2026 and 2025, respectively.
The Company capitalized $5.2 million and $6.0 million in software development costs during the three months ended June 30, 2026 and 2025, respectively, and $10.6 million and $12.1 million for the six months ended June 30, 2026 and 2025, respectively. Amortization expense of internal-use software was $6.0 million and $5.7 million during the three months ended June 30, 2026 and 2025, respectively, and $12.1 million and $11.2 million for the six months ended June 30, 2026 and 2025, respectively. These costs are included within cost of revenue in the condensed consolidated statements of operations. 
The Company did not recognize any impairment charges on its long-lived assets during the six months ended June 30, 2026 and 2025.
Accounts Payable 
Accounts payable consisted of the following (in thousands):

June 30,
2026December 31,
2025
Payable to publishers$351,543 $319,482 
Trade and other payables38,503 24,137 
Total accounts payable$390,046 $343,619 

Accrued Liabilities
Accrued liabilities consisted of the following (in thousands):

June 30,
2026December 31,
2025
Accrued compensation$17,065 $19,583 
Accrued and other current liabilities7,165 5,695 
Total accrued liabilities$24,230 $25,278 

Note 5 – Senior Secured Credit Facilities Agreement
On October 17, 2022, the Company entered into a Senior Secured Credit Facilities Credit Agreement (the “Credit Agreement”) with the several lenders parties thereto (the “Lenders”), and Silicon Valley Bank (“SVB”), as administrative agent, lead arranger, issuing lender, and swingline lender. The Credit Agreement matures on October 17, 2027.
The Credit Agreement provides a revolving credit facility in an aggregate principal amount of $110.0 million (“the Revolving Credit Facility”), including a $25.0 million letter of credit sub-facility and a $25.0 million swingline sub-facility. The Company’s obligations under the Revolving Credit Facility and the letter of credit sub-facility (described in Note 8) with SVB are secured by substantially all of its assets excluding its intellectual property. The Company may, subject to certain customary conditions, on one or more occasions increase commitments under the Revolving Credit Facility in an amount not to exceed $90.0 million in the aggregate (the “Incremental Facility”). Each Lender will have discretion to determine whether it will participate in any Incremental Facility. 

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Borrowings under the Revolving Credit Facility will accrue interest at rates equal, at the Company’s election, to (i) the applicable secured overnight financing rate (“SOFR”), plus the applicable margin for such loans, or (ii) the alternate base rate (“ABR”), which is defined as the highest of (a) the prime rate in effect from time to time, (b) the federal funds effective rate in effect from time to time plus 0.50%, and (c) the adjusted term SOFR for a one (1) month tenor in effect from time to time plus 1.00%, plus the applicable margin for such loans. The applicable margin for borrowings bearing interest on the SOFR ranges from 2.00% to 2.75%, and the applicable margin for borrowings bearing interest based on the ABR ranges from 1.00% to 1.75%. As of June 30, 2026, the applicable interest rate under the revolving credit facility was 7.75%. The Company will pay a quarterly commitment fee during the term of the Credit Agreement for the non-use of available funds ranging from 0.25% to 0.35%. In addition, the Credit Agreement provides a mechanism to determine a successor reference rate to the applicable reference rate if, among other things, the applicable reference rate becomes unavailable or is generally replaced as a benchmark interest rate. 
The Credit Agreement contains customary representations and warranties as well as customary affirmative and negative covenants. Negative covenants include, among others, limitations on incurrence of indebtedness, liens, disposition of property and investments by the Company and its subsidiaries. In addition, the Credit Agreement requires the Company to maintain certain interest coverage, leverage and senior leverage ratios. To date, the Company is in compliance with the affirmative and negative covenants.
The Credit Agreement contains customary events of default. Upon the occurrence and during the continuance of an event of default, the Lenders may declare the outstanding advances and all other obligations under the Credit Agreement immediately due and payable.
The Company may use amounts borrowed under the Credit Agreement for general corporate purposes or working capital financing. The Company may borrow additional amounts under the Credit Agreement from time to time as opportunities and needs arise. As of June 30, 2026, the Company has not drawn down on the credit facility.
Following the SVB closure by the California Department of Financial Protection and Innovation on March 10, 2023, and its subsequent receivership by the Federal Deposit Insurance Corporation (“FDIC”), the FDIC announced that all of SVB’s deposits and substantially all of its assets had been transferred to a newly created, full-service FDIC-operated bridge bank, Silicon Valley Bridge Bank, N.A. (“SVBB”). On March 27, 2023, First Citizens Bank & Trust Company (“First Citizens”) acquired substantially all of the loans and certain other assets of the former SVB, and assumed all customer deposits and certain other liabilities of the former SVB. As such, First Citizens assumed SVB’s obligations under the Credit Agreement. 

Note 6 – Leases
Operating lease cost is recognized on a straight-line basis over the lease term. Finance lease cost is recognized as a combination of the amortization expense for the right-of-use assets and interest expense for the outstanding lease liabilities, and results in a front-loaded expense pattern over the lease term. Short-term and variable lease costs are not material to the Company’s condensed consolidated financial statements.
The components of lease cost were as follows (in thousands):

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Operating lease cost$2,541 $2,646 $5,051 $5,013 
Finance lease cost45 46 90 92 
Total lease cost$2,586 $2,692 $5,141 $5,105 

As of June 30, 2026, a weighted average discount rate of 5.43% and 2.24% has been applied to the remaining operating and finance lease payments, respectively, to calculate the lease liabilities included within the condensed consolidated balance sheets. The weighted average remaining lease term of operating and finance leases is 7.3 and 1.8 years, respectively, as of June 30, 2026.

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As of June 30, 2026, the maturities of lease liabilities under operating and finance leases were as follows (in thousands):

Operating LeasesFinance LeasesTotal
Remainder of 2026$4,858 $77 $4,935 
20279,871 158 10,029 
20286,464 40 6,504 
20294,855 — 4,855 
20304,068 — 4,068 
Thereafter20,383 — 20,383 
Total minimum lease payments50,499 275 50,774 
Less: imputed interest(9,862)(5)(9,867)
Total present value of lease liabilities$40,637 $270 $40,907 

Note 7 – Acquisition-related Intangible Assets, Net
Acquisition-related Intangible Assets, Net
Acquisition-related intangible assets, net consisted of the following (in thousands):

June 30, 2026
Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
Developed technology$7,900 $5,986 $1,914 
Total acquisition-related intangible assets$7,900 $5,986 $1,914 

December 31, 2025
Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
Developed technology$7,900 $5,196 $2,704 
Total acquisition-related intangible assets$7,900 $5,196 $2,704 

The weighted average remaining useful life of developed technology was 1.25 years as of June 30, 2026. Amortization expense related to acquisition-related intangibles was $0.4 million for each of the three months ended June 30, 2026 and 2025, and $0.8 million for each of the six months ended June 30, 2026 and 2025.
As of June 30, 2026, estimated future amortization expense for acquisition-related intangible assets was as follows (in thousands):

Remainder of 2026$790 
20271,124 

     Total estimated future amortization expense for acquisition-related intangible assets$1,914 

Note 8 – Commitments and Contingencies 
Purchase Obligations
The Company’s purchase obligations primarily relate to minimum contractual payments due to data center providers. During the six months ended June 30, 2026, there were no material changes to the Company’s non-cancelable purchase obligations disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
Letters of Credit
As of June 30, 2026 and December 31, 2025, the Company had three irrevocable letters of credit outstanding related to non-cancelable facilities leases in the amounts of $3.5 million, $1.5 million, and $0.2 million, with annual automatic renewal and final expiration dates in July 2028, April 2036, and September 2031, respectively.

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Legal Matters
From time to time, the Company is or may be inv