1stdibs.com, Inc.

Previous wording

•Adjusted EBITDA (see “Non-GAAP Financial Measures” for a discussion of Adjusted EBITDA and a reconciliation of net loss, the most directly comparable financial measure calculated and presented in accordance with GAAP, to Adjusted EBITDA).

Current wording

•Adjusted EBITDA and Adjusted EBITDA Margin (see “Non-GAAP Financial Measures” for a discussion of Adjusted EBITDA and Adjusted EBITDA Margin and a reconciliation of net loss, the most directly comparable financial measure calculated and presented in accordance with GAAP, to Adjusted EBITDA).

Previous wording

We define Adjusted EBITDA as net loss excluding depreciation and amortization, stock-based compensation expense, other income, net, provision for income taxes, restructuring expenses and strategic alternative expenses. Adjusted EBITDA is a key performance measure used by our management and board of directors to assess our operating performance and the operating leverage of our business. We believe that Adjusted EBITDA helps identify underlying trends in our business that could otherwise be masked by the effect of the income and expenses that we exclude from Adjusted EBITDA. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results, enhances the overall understanding of our past performance and future prospects, and allows for greater transparency with respect to key financial metrics used by our management in their financial and operational decision-making. See “Non-GAAP Financial Measures” for more information and for a reconciliation of net loss, the most directly comparable financial measure calculated and presented in accordance with GAAP, to Adjusted EBITDA.

Current wording

We define Adjusted EBITDA as net loss excluding depreciation and amortization, stock-based compensation expense, other income, net, provision for income taxes, litigation reserves, settlements, and related expenses, and restructuring expenses. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by net revenue. Adjusted EBITDA and Adjusted EBITDA Margin are a key performance measures used by our management and board of directors to assess our operating performance and the operating leverage of our business. We believe that Adjusted EBITDA and Adjusted EBITDA Margin help identify underlying trends in our business that could otherwise be masked by the effect of the income and expenses that we exclude from Adjusted EBITDA and Adjusted EBITDA Margin. Accordingly, we believe that Adjusted EBITDA and Adjusted EBITDA Margin provide useful information to investors and others in understanding and evaluating our operating results, enhance the overall understanding of our past performance and future prospects, and allow for greater transparency with respect to key financial metrics used by our management in their financial and operational decision-making. See “Non-GAAP Financial Measures” for more information and for a reconciliation of net loss, the most directly comparable financial measure calculated and presented in accordance with GAAP, to Adjusted EBITDA.

Previous wording

Net revenue was $23.3 million for the three months ended June 30, 2026, as compared to $22.1 million for the three months ended June 30, 2025. The increase of $1.2 million, or 5%, was due to an increase in GMV, mainly due to an increase in average order value partially offset by a decrease in orders for the three months ended June 30, 2026. While GMV and net revenue increased, we believe our GMV, number of orders, and net revenue have continued to be impacted negatively, both directly and indirectly, by macroeconomic factors, including significant housing market volatility and global economic and geopolitical developments. While this is our belief, the impacts are difficult to isolate and quantify. We believe we have positioned, and continue to work to position, the business to benefit from an improvement in macroeconomic factors.

Current wording

Net revenue was $23.1 million for the three months ended September 30, 2026, as compared to $22.0 million for the three months ended September 30, 2025. The increase of $1.1 million, or 5%, was due to an increase in GMV, mainly due to an increase in average order values and orders for the three months ended September 30, 2026. Additionally, sponsored listings advertising revenue increased $0.3 million. While GMV, number of orders, and net revenue increased, we believe our GMV, number of orders, and net revenue have continued to be impacted negatively, both directly and indirectly, by macroeconomic factors, including significant housing market volatility and global economic and geopolitical developments. While this is our belief, the impacts are difficult to isolate and quantify. We believe we have positioned, and continue to work to position the business to benefit from an improvement in macroeconomic factors.

Previous wording

Our marketplace transaction fees represent the majority of our net revenue and accounted for 74% of our net revenue for both of the three months ended June 30, 2026 and 2025. Subscription fees accounted for 20% and 22% of our net revenue for the three months ended June 30, 2026 and 2025, respectively.

Current wording

Our marketplace transaction fees represent the majority of our net revenue and accounted for 74% of our net revenue for both of the three months ended September 30, 2026 and 2025. Subscription fees accounted for 20% and 21% of our net revenue for the three months ended September 30, 2026 and 2025, respectively.

Previous wording

Gross profit was $17.2 million and gross margin was 73.9% for the three months ended June 30, 2026, as compared to gross profit of $15.9 million and gross margin of 71.8% for the three months ended June 30, 2025. The increase in gross profit and gross margin for the three months ended June 30, 2026 was mainly due to the increase in revenue and the decrease in cost of revenue as outlined above.

Current wording

Gross profit was $16.9 million and gross margin was 73.2% for the three months ended September 30, 2026, as compared to gross profit of $16.3 million and gross margin of 74.3% for the three months ended September 30, 2025. The increase in gross profit for the three months ended September 30, 2026 was primarily driven by net revenue increasing $0.6 million more than cost of revenue, as outlined above. The decrease in gross margin percentage was primarily due to cost of revenue increasing at a greater percentage than net revenue, as outlined above.

Previous wording

Sales and marketing expense was $5.4 million for the three months ended June 30, 2026, as compared to $8.1 million for the three months ended June 30, 2025. The decrease of $2.8 million, or 34%, was mainly due to a $1.4 million decrease in performance-based marketing. We also had a $1.2 million decrease in headcount costs which included a $0.8 million decrease in salaries and benefits and a $0.4 million decrease in stock-based compensation expense mainly due to our recent reorganizations.

Current wording

Sales and marketing expense was $5.3 million for the three months ended September 30, 2026, as compared to $8.0 million for the three months ended September 30, 2025. The decrease of $2.6 million, or 33%, was mainly due to a $2.0 million decrease in headcount costs which included a $1.7 million decrease in salaries and benefits and a $0.3 million decrease in stock-based compensation expense mainly due to our recent reorganizations. General marketing and performance-based marketing expenses each decreased by $0.3 million, further contributing to the overall decline in expenses.

Previous wording

Provision for transaction losses was $0.9 million for the three months ended June 30, 2026, relatively flat compared to $1.0 million for the three months ended June 30, 2025.

Current wording

Provision for transaction losses was $1.0 million for the three months ended September 30, 2026, as compared to $0.8 million for the three months ended September 30, 2025. The increase of $0.2 million, or 20%, was mainly due to increased shipping damage charges and seller bad debts.

Previous wording

Other income, net was $1.1 million for the three months ended June 30, 2026, as compared to $1.4 million for the three months ended June 30, 2025. The decrease of $0.3 million, or 25%, was mainly due to lower interest income driven by lower cash, cash equivalents, and short-term investments for the three months ended June 30, 2026 coupled with lower interest rates.

Current wording

Other income, net was $1.0 million for the three months ended September 30, 2026, as compared to $1.2 million for the three months ended September 30, 2025. The decrease of $0.2 million, or 16%, was mainly due to lower interest income driven by lower cash, cash equivalents, and short-term investments for the three months ended September 30, 2026.

Previous wording

Net revenue was $45.7 million for the six months ended June 30, 2026, as compared to $44.7 million for the six months ended June 30, 2025. The increase of $1.0 million, or 2%, was primarily driven by an increase in GMV which was mainly due to an increase in average order value partially offset by a decrease in orders. While GMV and net revenue increased, we believe our GMV, number of orders, and net revenue have continued to be impacted negatively, both directly and indirectly, by macroeconomic factors, including significant housing market volatility and global economic and geopolitical developments. While this is our belief, the impacts are difficult to isolate and quantify. We believe we have, and continue to work to position the business to benefit from an improvement in macroeconomic factors.

Current wording

Net revenue was $68.8 million for the nine months ended September 30, 2026, as compared to $66.7 million for the nine months ended September 30, 2025. The increase of $2.1 million, or 3%, was primarily driven by an increase in GMV which was mainly due to an increase in average order values partially offset by a decrease in orders. Sponsored listings and non-endemic advertising increased $1.1 million further contributing to the overall net revenue increase. While GMV and net revenue increased, we believe our GMV, number of orders, and net revenue have continued to be impacted negatively, both directly and indirectly, by macroeconomic factors, including significant housing market volatility and global economic and geopolitical developments. While this is our belief, the impacts are difficult to isolate and quantify. We believe we have positioned, and continue to work to position the business to benefit from an improvement in macroeconomic factors.

Previous wording

Our marketplace transaction fees represent the majority of our net revenue and accounted for 74% and 75% of our net revenue for the six months ended June 30, 2026 and 2025, respectively. Subscription fees accounted for 21% of our net revenue for each of the six months ended June 30, 2026 and 2025.

Current wording

Our marketplace transaction fees represent the majority of our net revenue and accounted for 74% of our net revenue for each of the nine months ended September 30, 2026 and 2025. Subscription fees accounted for 21% of our net revenue for each of the nine months ended September 30, 2026 and 2025.

Previous wording

Gross profit was $33.9 million and gross margin was 74.2% for the six months ended June 30, 2026, as compared to gross profit of $32.2 million and gross margin of 72.1% for the six months ended June 30, 2025. The increase in gross profit and gross margin for the six months ended June 30, 2026 was primarily driven by the increase in revenue and the decrease in cost of revenue as outlined above.

Current wording

Gross profit was $50.8 million and gross margin was 73.8% for the nine months ended September 30, 2026, as compared to gross profit of $48.6 million and gross margin of 72.8% for the nine months ended September 30, 2025. The increase in gross profit and gross margin for the nine months ended September 30, 2026 was primarily driven by the increase in revenue while cost of revenue remained relatively flat, as outlined above.

Previous wording

Sales and marketing expense was $11.7 million for the six months ended June 30, 2026, as compared to $17.3 million for the six months ended June 30, 2025. The decrease of $5.6 million, or 32%, was mainly due to a $3.2 million decrease in performance-based marketing and promotional campaigns, and a $1.8 million decrease in headcount costs which included a $1.1 million decrease in salaries and benefits and a $0.7 million decrease in stock-based compensation expense mainly due to our recent reorganizations.. Additionally, there was a $0.4 million decrease in general marketing costs due to lower usage of certain vendors.

Current wording

Sales and marketing expense was $17.0 million for the nine months ended September 30, 2026, as compared to $25.2 million for the nine months ended September 30, 2025. The decrease of $8.2 million, or 33%, was mainly due to a $3.9 million decrease in headcount costs which included a $2.9 million decrease in salaries and benefits and a $1.0 million decrease in stock-based compensation expense mainly due to our recent reorganizations, and a $3.5 million decrease in performance-based marketing. Additionally, there was a $0.6 million decrease in general marketing expenses due to lower usage of certain vendors.

Previous wording

Technology development expense was $6.3 million for the three months ended June 30, 2026, as compared to $5.9 million for the three months ended June 30, 2025. The increase of $0.4 million, or 7%, was mainly due to a $0.2 million increase in salaries and benefits from our annual March compensation adjustments and a $0.2 million increase due to professional fees incurred for non-capitalizable, one-time, application implementation costs.

Current wording

Technology development expense was $18.9 million for the nine months ended September 30, 2026, as compared to $17.4 million for the nine months ended September 30, 2025. The increase of $1.4 million, or 8%, was mainly due to a $1.0 million increase in salaries and benefits resulting from our annual compensation adjustments in March and a $0.3 million increase due to professional fees incurred mainly for non-capitalizable, one-time, application implementation costs.

Previous wording

General and administrative expense was $6.7 million for the three months ended June 30, 2026, relatively flat compared to $6.6 million for the three months ended June 30, 2025.

Current wording

General and administrative expense was $20.0 million for the nine months ended September 30, 2026, relatively flat compared to $19.9 million for the nine months ended September 30, 2025.

Previous wording

Provision for transaction losses was $1.6 million for the six months ended June 30, 2026, as compared to $1.9 million for the six months ended June 30, 2025. The decrease of $0.3 million, or 14%, was mainly due to the timing and volume of claims.

Current wording

Provision for transaction losses was $2.6 million for the nine months ended September 30, 2026, as compared to $2.7 million for the nine months ended September 30, 2025. The decrease of $0.1 million, or 4%, was mainly due to the timing and volume of damage and chargeback claims.

Previous wording

Other income, net was $2.2 million for the six months ended June 30, 2026, as compared to $2.9 million for the six months ended June 30, 2025. The decrease of $0.7 million, or 23%, was mainly due to lower interest income, driven by lower cash, cash equivalents, and short-term investments, coupled with lower interest rates, for the six months ended June 30, 2026.

Current wording

Other income, net was $3.3 million for the nine months ended September 30, 2026, as compared to $4.1 million for the nine months ended September 30, 2025. The decrease of $0.9 million, or 21%, was mainly due to lower interest income, driven by lower cash, cash equivalents, and short-term investments for the nine months ended September 30, 2026.

Previous wording

We have included Adjusted EBITDA, which is a non-GAAP financial measure, because it is a key measure used by our management team and our board of directors to help us to assess our operating performance and the operating leverage in our business. We also use this measure to analyze our financial results, establish budgets and operational goals for managing our business, and make strategic decisions. We believe that Adjusted EBITDA helps identify underlying trends in our business that could otherwise be masked by the effect of the income and expenses that we exclude from Adjusted EBITDA. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our results of operations, enhances the overall understanding of our past performance and future prospects, and allows for greater transparency with respect to key financial metrics used by our management in their financial and operational decision-making. We also believe that the presentation of this non-GAAP financial measure provides an additional tool for investors to use in comparing our core business and results of operations over multiple periods with other companies in our industry, many of which present similar non-GAAP financial measures to investors, and to analyze our operating performance.

Current wording

We have included Adjusted EBITDA and Adjusted EBITDA Margin, which are non-GAAP financial measures, because they are key measures used by our management team and our board of directors to help us to assess our operating performance and the operating leverage in our business. We also use these measures to analyze our financial results, establish budgets and operational goals for managing our business, and make strategic decisions. We believe that Adjusted EBITDA and Adjusted EBITDA Margin help identify underlying trends in our business that could otherwise be masked by the effect of the income and expenses that we exclude from Adjusted EBITDA and Adjusted EBITDA Margin. Accordingly, we believe that Adjusted EBITDA and Adjusted EBITDA Margin provide useful information to investors and others in understanding and evaluating our results of operations, enhance the overall understanding of our past performance and future prospects, and allow for greater transparency with respect to key financial metrics used by our management in their financial and operational decision-making. We also believe that the presentation of these non-GAAP financial measures provides an additional tool for investors to use in comparing our core business and results of operations over multiple periods with other companies in our industry, many of which present similar non-GAAP financial measures to investors, and to analyze our operating performance.

Previous wording

The non-GAAP financial measures presented may not be comparable to similarly titled measures reported by other companies due to differences in the way that these measures are calculated. The non-GAAP financial measures presented should not be considered as the sole measure of our performance and should not be considered in isolation from, or as a substitute for, comparable financial measures calculated in accordance with GAAP. Further, these non-GAAP financial measures have certain limitations in that they do not include the impact of certain expenses that are reflected in our condensed consolidated statements of operations. Accordingly, these non-GAAP financial measures should be considered as supplemental in nature, and are not intended, and should not be construed, as a substitute for the related financial information calculated in accordance with GAAP. These limitations of Adjusted EBITDA include the following:

Current wording

The non-GAAP financial measures presented may not be comparable to similarly titled measures reported by other companies due to differences in the way that these measures are calculated. The non-GAAP financial measures presented should not be considered as the sole measure of our performance and should not be considered in isolation from, or as a substitute for, comparable financial measures calculated in accordance with GAAP. Further, these non-GAAP financial measures have certain limitations in that they do not include the impact of certain expenses that are reflected in our condensed consolidated statements of operations. Accordingly, these non-GAAP financial measures should be considered as supplemental in nature, and are not intended, and should not be construed, as a substitute for the related financial information calculated in accordance with GAAP. These limitations of Adjusted EBITDA and Adjusted EBITDA Margin include the following:

Previous wording

•The exclusion of certain recurring, non-cash charges, such as depreciation and amortization of property and equipment. While these are non-cash charges, we may need to replace the assets being depreciated in the future and Adjusted EBITDA does not reflect cash requirements for these replacements or new capital expenditure requirements;

Current wording

•The exclusion of certain recurring, non-cash charges, such as depreciation and amortization of property and equipment. While these are non-cash charges, we may need to replace the assets being depreciated in the future and Adjusted EBITDA and Adjusted EBITDA Margin do not reflect cash requirements for these replacements or new capital expenditure requirements;

Previous wording

•The exclusion of other income, net, which includes interest income related to our cash, cash equivalents and short-term investments, and realized and unrealized gains and losses on foreign currency exchange; and

Current wording

•The exclusion of other income, net, which includes interest income related to our cash, cash equivalents and short-term investments, and realized and unrealized gains and losses on foreign currency exchange;

Previous wording

Because of these limitations, you should consider Adjusted EBITDA alongside other financial performance measures, including net loss and our other GAAP results.

Current wording

Because of these limitations, you should consider Adjusted EBITDA and Adjusted EBITDA Margin alongside other financial performance measures, including net loss and our other GAAP results.

Previous wording

We define Adjusted EBITDA as our net loss, excluding: (1) depreciation and amortization; (2) stock-based compensation expense; (3) other income, net; (4) provision for income taxes; and (5) restructuring expenses. The following table provides a reconciliation of net loss, the most directly comparable GAAP financial measure, to Adjusted EBITDA:

Current wording

We define Adjusted EBITDA as our net loss, excluding: (1) depreciation and amortization; (2) stock-based compensation expense; (3) other income, net; (4) provision for income taxes; (5) litigation reserves, settlements, and related expenses; and (6) restructuring expenses. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by net revenue. The following table provides a reconciliation of net loss, the most directly comparable GAAP financial measure, to Adjusted EBITDA:

Previous wording

As of June 30, 2026, we had cash, cash equivalents and short-term investments of $67.7 million and an accumulated deficit of $349.2 million. Net cash used in operating activities was $3.7 million in the six months ended June 30, 2026. We expect operating losses to continue in the foreseeable future as we continue to strategically invest in growth activities. Our cash flows, including net cash used in or provided by operating activities, may vary from quarter to quarter, due to the timing of payments to sellers, vendor contracts and prepayments, annual bonuses, marketing related expenses, and other factors. Our principal use of cash is to fund our operations including platform development to support our strategic initiatives. As of June 30, 2026, a change to our payment processor agreement resulted in a reclassification of approximately $5.9 million from cash and cash equivalents to receivables from payment processors and seller accounts, which is recorded in other current assets. These amounts represent amounts received or expected to be received from buyers through third-party payment processors which flow through a bank account for payment to sellers in connection with marketplace transactions. Additionally, our free cash for the three and six months ended June 30, 2026, was negatively impacted by the reclassification of $5.9 million.

Current wording

As of September 30, 2026, we had cash, cash equivalents and short-term investments of $69.0 million and an accumulated deficit of $350.5 million. Net cash used in operating activities was $0.4 million in the nine months ended September 30, 2026. We expect operating losses to continue in the foreseeable future as we continue to strategically invest in growth activities. Our cash flows, including net cash used in or provided by operating activities, may vary from quarter to quarter, due to the timing of payments to sellers, vendor contracts and prepayments, annual bonuses, marketing related expenses, and other factors. Our principal use of cash is to fund our operations including platform development to support our strategic initiatives and anticipated share repurchases under our Stock Repurchase Programs. As of September 30, 2026, a change to our payment processor agreement resulted in a reclassification of cash and cash equivalents to receivables from payment processors and seller accounts, which is recorded in total current assets. These amounts represent amounts received or expected to be received from buyers through third-party payment processors which flow through a bank account for payment to sellers in connection with marketplace transactions. Additionally, our net cash provided by (used in) operating activities and free cash flow for the three and nine months ended September 30, 2026, were negatively impacted by approximately $2.3 million and $8.2 million, respectively.

Previous wording

In November 2025, our Board of Directors authorized us to repurchase up to an aggregate of $12.0 million of our common stock (“2025 Stock Repurchase Program”). In May 2026, the Company's Board of Directors authorized the Company to repurchase up to an aggregate of $10.0 million of its common stock (“2026 Stock Repurchase Program”) and as of June 30, 2026, the 2025 Stock Repurchase Program was completed.

Current wording

In November 2025, our Board of Directors authorized us to repurchase up to an aggregate of $12.0 million of our common stock (“2025 Stock Repurchase Program”). In May 2026, the Company's Board of Directors authorized the Company to repurchase up to an aggregate of $10.0 million of its common stock (“2026 Stock Repurchase Program”) and as of June 30, 2026, the 2025 Stock Repurchase Program was completed. In November 2026, the Company's Board of Directors authorized the Company to repurchase up to an aggregate of $5.0 million of its common stock (“November 2026 Stock Repurchase Program”).

Previous wording

During the six months ended June 30, 2026, 4,141,020 shares of our common stock were repurchased for a total cost of $20.7 million. As of June 30, 2026, no funds remained available for future repurchases under our 2026 Stock Repurchase Program. The following table summarizes total treasury stock purchased under each of the Company's programs as of the periods presented:

Current wording

During the nine months ended September 30, 2026, 4,141,020 shares of our common stock were repurchased for a total cost of $20.7 million. As of September 30, 2026, no funds remained available for future repurchases under our 2026 Stock Repurchase Program. The following table summarizes total treasury stock purchased under each of the Company's programs as of the periods presented:

Previous wording

Net cash used in operating activities was $3.7 million for the six months ended June 30, 2026 and was driven primarily by the $7.4 million increase in receivables from payment processors and seller accounts mainly due to the $5.9 million impact resulting from a change to our payment processor agreement, as further discussed above, and the timing of receivable settlements. There was also a $2.2 million decrease in operating lease liabilities due to our operating lease payments. These changes were partially offset by positive operating results.

Current wording

Net cash used in operating activities was $0.4 million for the nine months ended September 30, 2026 and was due mainly to the $9.4 million increase in receivables from payment processors and seller accounts mainly due to the $8.2 million impact resulting from a change to our payment processor agreement, as further discussed above, and the timing of receivable settlements. There was also a $3.3 million decrease in operating lease liabilities due to our operating lease payments. These changes were partially offset by positive operating results and a $2.2 million increase in payables due to sellers due to the timing of seller payments and GMV.

Previous wording

Net cash used in operating activities was $5.2 million for the six months ended June 30, 2025 and was driven primarily by changes in operating assets and liabilities, including a $2.0 million decrease in operating lease liabilities due to our monthly operating lease payments, a $1.7 million decrease in accounts payable and accrued expenses due to timing of payments and invoices, and a $1.3 million increase in prepaid expenses and other current assets due to timing of prepaid contracts.

Current wording

Net cash used in operating activities was $6.7 million for the nine months ended September 30, 2025 and was due mainly to changes in operating assets and liabilities, including a $3.1 million decrease in operating lease liabilities due to our operating lease payments, a $1.8 million increase in prepaid expenses and other current assets due to timing of prepaid contracts, a $1.5 million decrease in payables due to sellers as a result of timing of when sellers are paid, and a $1.1 million decrease in accounts payable and accrued expenses due to the timing of vendor invoices and related invoices.

Previous wording

Net cash provided by investing activities was $5.9 million for the six months ended June 30, 2025, and was driven primarily by $38.8 million in maturities and sales of short-term investments, partially offset by $32.5 million in purchases of short-term investments.

Current wording

Net cash provided by investing activities was $21.9 million for the nine months ended September 30, 2026, and was mainly due to $50.5 million in maturities and sales of short-term investments, partially offset by $27.8 million in purchases of short-term investments and $0.9 million in purchases of property and equipment.

Previous wording

Net cash provided by investing activities was $22.5 million for the six months ended June 30, 2026, and was mainly due to $43.9 million in maturities and sales of short-term investments, partially offset by $20.8 million in purchases of short-term investments.

Current wording

Net cash provided by investing activities was $4.2 million for the nine months ended September 30, 2025, and was mainly due to $56.8 million in maturities and sales of short-term investments, partially offset by $51.9 million in purchases of short-term investments.

Previous wording

Net cash used in financing activities was $22.8 million for the six months ended June 30, 2026, and was driven primarily by $20.7 million in repurchases of our common stock as part of our 2025 and 2026 Stock Repurchase Programs and $2.1 million of payments for taxes related to net share settlements of stock-based compensation awards.

Current wording

Net cash used in financing activities was $24.3 million for the nine months ended September 30, 2026, and was driven primarily by $20.7 million in repurchases of our common stock as part of our 2025 and 2026 Stock Repurchase Programs and $3.6 million of payments for taxes related to net share settlements of stock-based compensation awards.

Previous wording

Net cash used in financing activities was $3.1 million for the six months ended June 30, 2025, and was driven primarily by $1.8 million in purchases of our common stock as part of our 2024 Stock Repurchase Program and $1.3 million of payments for taxes related to net share settlements of stock-based compensation awards.

Current wording

Net cash used in financing activities was $3.8 million for the nine months ended September 30, 2025, and was driven primarily by $2.0 million of payments for taxes related to net share settlements of stock-based compensation awards and $1.8 million in repurchases of our common stock as part of our 2024 Stock Repurchase Program.

Previous wording

As of June 30, 2026, there were no material changes in commitments under contractual obligations compared to the contractual obligations disclosed in our Form 10-K.

Current wording

As of September 30, 2026, any changes in commitments under contractual obligations compared to the contractual obligations disclosed in our Form 10-K were disclosed in Note 13 “Commitments and Contingencies”.