MNTN, Inc.

Previous wording

We generate and grow our revenue primarily by driving new customers to our platform and through existing customers increasing their spend on our platform. We primarily focus on SMBs, with 97% of our customers that launched in 2025 having never advertised on TV before using our platform. Our initial focus was on mid-sized businesses, and in 2024, we began expanding our focus to small businesses.

Current wording

We generate and grow our revenue primarily by driving new customers to our platform and through existing customers increasing their spend on our platform. Our initial focus was on mid-sized businesses, and in 2024, we began expanding our focus to small businesses, many of whom have never advertised on TV before.

Previous wording

Since 2019, our PTV Customers increased from 142 to 3,020 in the twelve months ended June 30, 2025. Our PTV Customers increased 73.0% in the twelve months ended June 30, 2025 from the twelve months ended June 30, 2024. We attribute this growth to new customer acquisitions due to continued customer adoption of PTV and our continued expansion of our overall SMB footprint, including small business.

Current wording

Since 2019, our PTV Customers increased from 142 to 3,316 in the twelve months ended September 30, 2025. Our PTV Customers increased 66.6% in the twelve months ended September 30, 2025 from the twelve months ended September 30, 2024. We attribute this growth to new customer acquisitions due to continued customer adoption of PTV and our continued expansion of our overall SMB footprint, including small businesses.

Previous wording

As of June 30, 2025, we had 472 full-time team members. Hiring productive and diverse talent is a key driver of our success and we expect to continue to grow headcount as our business scales. We plan to further invest in research and development to extend our data and technology lead and to enhance our platform. We also expect to incur additional general and administrative expenses to support our growth as a publicly traded company. Our headcount may increase through direct hires or through acquisitions of companies or teams.

Current wording

As of September 30, 2025, we had 498 full-time team members. Hiring productive and diverse talent is a key driver of our success and we expect to continue to grow headcount as our business scales. We plan to further invest in research and development to extend our data and technology lead and to enhance our platform. We also expect to incur additional general and administrative expenses to support our growth as a publicly traded company. Our headcount may increase through direct hires or through acquisitions of companies or teams.

Previous wording

Revenue increased $13.6 million, or 24.9%, to $68.5 million for the three months ended June 30, 2025, compared to $54.8 million for the three months ended June 30, 2024. The increase was due primarily to an increase of $17.7 million in revenue generated from PTV, driven by a 85% increase in active PTV customers between the periods in comparison, offset by a decrease in average spend per customers as a result of new customers acquisitions as we continued to expand our overall SMB footprint, including small businesses. This was offset by decreases in production revenues and creative revenues of $1.0 million and $3.0 million, respectively.

Current wording

Revenue increased $12.9 million, or 22.6%, to $70.0 million for the three months ended September 30, 2025, compared to $57.1 million for the three months ended September 30, 2024. The increase was due primarily to an increase of $16.9 million in revenue generated from PTV, driven by a 67% increase in active PTV customers during the three months ended September 30, 2025, compared to the three months ended September 30, 2024, offset by a decrease in average spend per customer as we continue to expand our overall SMB footprint, including small businesses. This was offset by decreases in production revenues and creative revenues of $2.1 million and $1.9 million, respectively.

Previous wording

Cost of revenues decreased $0.8 million, or 4.7%, to $15.9 million for the three months ended June 30, 2025, compared to $16.7 million for the three months ended June 30, 2024. The decrease was primarily due to the divestiture of Maximum Effort Marketing on April 1, 2025, which represented $2.8 million of the decrease. Offsetting the decrease was a $0.8 million increase in amortization for internal use software, primarily due to the write-down of obsolete software during the period and an increase in platform fees $0.7 million as a result of increased volume. The remaining offsetting increase was primarily due to an increase in data fees and SaaS tools for employees who support our platform.

Current wording

Cost of revenues decreased $1.4 million, or 8.6%, to $14.8 million for the three months ended September 30, 2025, compared to $16.2 million for the three months ended September 30, 2024. The decrease was primarily due to a $2.7 million decrease in creative personnel costs as a result of the divestiture of Maximum Effort Marketing on April 1, 2025. Offsetting the decrease was an increase in data processing fees of $1.1 million due to the increased volume and changes in data vendors, a $0.5 million increase in amortization for internal use software due to additions to capitalized software as we continue to improve our technology and coupled with the write-down of obsolete software during the period, and a $0.3 million increase in SaaS tools for employees who support our platform.

Previous wording

Technology and development expense increased $2.9 million, or 37.6%, to $10.7 million for the three months ended June 30, 2025, compared to $7.8 million for the three months ended June 30, 2024. The increase was primarily due to an increase in personnel costs attributable to increased headcount to maintain and support further development of our platform. Technology and development headcount increased by 30% between the periods in comparison as we continued to grow our engineering team to support the growth of our product.

Current wording

Technology and development expense increased $5.6 million, or 68.1%, to $13.7 million for the three months ended September 30, 2025, compared to $8.2 million for the three months ended September 30, 2024. The increase was primarily due to an increase in personnel costs of $4.7 million attributable to increased headcount to maintain and support further development of our platform. Technology and development headcount increased by 37% between the periods in comparison as we continued to grow our engineering team to support the growth of our product. The remaining increase was primarily driven by investment in incremental tools to support the development of our platform.

Previous wording

Sales and marketing expense increased $5.2 million, or 27.4%, to $24.3 million for the three months ended June 30, 2025, compared to $19.1 million for the three months ended June 30, 2024. This was primarily due to a planned increase in third party marketing spend of $4.9 million in order to drive customer and revenue growth, including $0.8 million in brand marketing spend, coupled with a $0.5 million increase in SaaS tools to support the growth of the business. Partially offsetting the increase was a decrease in personnel costs of $0.2 million driven by a decrease in average headcount of 6.5% period over period, slightly offset by an increase in severance costs.

Current wording

Sales and marketing expense increased $2.3 million, or 12.2%, to $21.4 million for the three months ended September 30, 2025, compared to $19.0 million for the three months ended September 30, 2024. This was primarily due to a planned increase in third party marketing spend of $3.4 million in order to drive customer and revenue growth, including $0.8 million in brand marketing spend, coupled with a $0.7 million increase in SaaS tools to support the growth of the business. Partially offsetting the increase was a decrease in personnel costs of $1.6 million driven by a decrease in average headcount of 15% period over period.

Previous wording

Interest income (expense), net changed favorably by $2.5 million, or 140.0%, to an income of $0.7 million for the three months ended June 30, 2025, compared to an expense of $1.8 million for the three months ended June 30, 2024. The favorable change was primarily due to a decrease in interest expense on the Convertible Notes of $1.9 million as a result of the amendments in May 2024 and April 2025, which resulted in removal of the previous unamortized discounts, and the settlement of the Convertible Notes on May 23, 2025, resulting in partial interest for the three months ended June 30, 2025. Additionally, interest income increased $0.6 million due to the increase in the interest bearing cash balance, which increased as a result of the IPO proceeds and increase in operating cash.

Current wording

Interest income (expense), net changed favorably by $3.1 million, or 283.5%, to income of $2.0 million for the three months ended September 30, 2025, compared to expense of $1.1 million for the three months ended September 30, 2024. The favorable change was primarily due to a decrease in interest expense on the Convertible Notes of $1.6 million as a result of the amendments in May 2024 and April 2025, which resulted in removal of the previous unamortized discounts, and the settlement of the Convertible Notes on May 23, 2025, resulting in no interest expense for the three months ended September 30, 2025. Additionally, interest income increased $1.5 million due to the increase in the interest bearing cash balance, which increased as a result of the IPO proceeds and increase in operating cash.

Previous wording

461.4%, to $28.7 million for the three months ended June 30, 2025, compared to $5.1 million for the three months ended June 30, 2024. We recognized $4.4 million in losses due to fair value adjustments of our convertible notes carried at fair value, $5.0 million in losses due to the increase in fair value of contingent liabilities, and $0.7 million in losses due to the increase in fair value of our common stock warrants. This was offset by a $7.8 million decrease in the fair value of the Series D Warrants, which were marked to fair value immediately prior to extinguishment upon the IPO. Additionally, we recognized a $26.4 million loss on the extinguishment of the convertible notes, when they were modified on April 1, 2025.

Current wording

Other expense, net primarily consists of fair value adjustments on our warrants and contingent liabilities. Other expense, net decreased by $2.0 million, or 63.4%, to $1.1 million for the three months ended September 30, 2025, compared to $3.1 million for the three months ended September 30, 2024. We recognized a $3.2 million loss due to the increase in fair value of our common stock warrants, which were fully exercised during the three months ended September 30, 2025, compared to a $0.4 million loss in comparable prior period. During the three months ended September 30, 2024, we recognized $2.7 million in losses due to the increase in fair value of the embedded derivative liabilities, which were extinguished upon the initial public offering on May 21, 2025, decreasing other expense, net period over period. Further, we recognized $2.0 million in income during the three months ended September 30, 2025, due to the decrease in fair value of contingent liabilities.

Previous wording

Income tax expense increased $1.9 million to $2.0 million during the three months ended June 30, 2025 from $0.1 million during the three months ended June 30, 2024. The increase was driven by an increase in the annual effective tax rate as a result of projected taxable income, primarily driven by an increase in full-year projected pre-tax book income.

Current wording

Income tax expense increased $1.8 million to $1.9 million during the three months ended September 30, 2025 from $0.1 million during the three months ended September 30, 2024. The increase was driven by an increase in the annual effective tax rate as a result of projected taxable income, primarily driven by an increase in full-year projected pre-tax book income.

Previous wording

Results of Operations for the Six Months Ended June 30, 2025, Compared with the Six Months Ended June 30, 2024

Current wording

Results of Operations for the Nine Months Ended September 30, 2025, Compared with the Nine Months Ended September 30, 2024

Previous wording

Revenue increased $34.3 million, or 34.8%, to $133.0 million for the six months ended June 30, 2025, compared to $98.6 million for the six months ended June 30, 2024. The increase was due primarily to an increase of $36.6 million in revenue generated from PTV, driven by a 87% increase in active PTV customers between the periods in comparison, partially offset by a decrease in average spend per customer as a result of new customer acquisitions as we continue to expand our overall SMB footprint, including small businesses. This was offset by decreases in production and creative revenues of $1.0 and $1.0 million, respectively, primarily due to the divestiture of Maximum Effort Marketing on April 1, 2025.

Current wording

Revenue increased $47.2 million, or 30.3%, to $203.0 million for the nine months ended September 30, 2025, compared to $155.8 million for the nine months ended September 30, 2024. The increase was due primarily to an increase of $53.5 million in revenue generated from PTV, driven by a 69% increase in active PTV customers between the periods in comparison, partially offset by a decrease in average spend per customer as we continue to expand our overall SMB footprint, including small businesses. This was offset by decreases in creative and production revenues of $3.8 million and $2.2 million, respectively, primarily due to the divestiture of Maximum Effort Marketing on April 1, 2025.

Previous wording

Cost of revenues increased $4.0 million, or 12.8%, to $35.7 million for the six months ended June 30, 2025, compared to $31.7 million for the six months ended June 30, 2024. The increase was primarily due to a $2.7 million increase in hosting fees as a result of increased processing volume driven by the development and release of new products, including bidding-related software, $1.8 million increase in platform fees driven by the increase in revenue volume, $1.0 million increase in data fees as a result of increased volume and changes to our data vendors, and a $1.0 million increase in amortization expense for internal use software. Offsetting these increases was a $2.5 million decrease in creative costs, primarily related to the divestiture of Maximum Effort Marketing on April 1, 2025.

Current wording

Cost of revenues increased $2.7 million, or 5.5%, to $50.5 million for the nine months ended September 30, 2025, compared to $47.9 million for the nine months ended September 30, 2024. The increase was primarily due to a $2.6 million increase in hosting fees as a result of increased processing volume driven by the development and release of new products, including bidding-related software, a $1.7 million increase in platform fees driven by the increase in revenue volume, a $2.0 million increase in data fees as a result of increased volume and changes to our data vendors, and a $1.5 million increase in amortization expense for internal use software. Offsetting these increases was a $5.1 million decrease in creative costs related to the divestiture of Maximum Effort Marketing on April 1, 2025.

Previous wording

Technology and development expense increased $4.7 million, or 30.4%, to $20.3 million for the six months ended June 30, 2025, compared to $15.6 million for the six months ended June 30, 2024. The increase was primarily due to a $3.7 million increase in personnel costs attributable to increased headcount to maintain and support further development of our platform. Average technology and development headcount increased by 25% between the periods in comparison as we continue to grow our engineering team to support the growth of our product. The remaining $1.0 million increase was primarily driven by investment in incremental tools and consulting fees to support the development of our platform.

Current wording

Technology and development expense increased $10.3 million, or 43.3%, to $34.1 million for the nine months ended September 30, 2025, compared to $23.8 million for the nine months ended September 30, 2024. The increase was primarily due to a $8.4 million increase in personnel costs attributable to increased headcount to maintain and support further development of our platform. Average technology and development headcount increased by 32% between the periods in comparison as we continue to grow our engineering team to support the growth of our product. The remaining increase was primarily driven by higher SaaS costs of $1.0 million, and investment in incremental tools and consulting fees to support the development of the platform.

Previous wording

Sales and marketing expense increased $9.6 million, or 26.4%, to $46.0 million for the six months ended June 30, 2025, compared to $36.4 million for the six months ended June 30, 2024. This was primarily due to an increase in third party marketing spend of $7.6 million to drive customer and overall revenue volume, including brand marketing costs. Personnel costs increased $1.0 million driven by $0.7 million increase in bonus and commission costs coupled with a $0.2 million increase in severance costs. The remaining increase of $1.0 million was primarily driven by investment in SaaS tools and other items to support the growth of the business.

Current wording

Sales and marketing expense increased $11.9 million, or 21.5%, to $67.3 million for the nine months ended September 30, 2025, compared to $55.4 million for the nine months ended September 30, 2024. This was primarily due to an increase in third party marketing spend of $9.4 million to drive customer and overall revenue volume, an increase in brand marketing costs of $1.5 million, and investment in SaaS tools of $1.6 million to support the growth of revenue. These increases were partially offset by lower personnel costs of $0.6 million driven by lower headcount.

Previous wording

General and administrative expense increased $8.1 million, or 31.6%, to $33.6 million for the six months ended June 30, 2025, compared to $25.5 million for the six months ended June 30, 2024. The increase was primarily due to an increase in stock-based compensation expense of $5.6 million, of which $4.6 million is related to the forgiveness of 2021 partial recourse promissory notes with executive officers that were issued to facilitate the early exercise of stock options and $0.5 million was related to the acceleration of awards to option holders. The remaining increase in stock-based compensation expense was due to the additional grants issued during the quarter. Additionally, credit card processing fees increased by $1.0 million due to the increase in revenue volume and legal costs increased $0.8 million related to transactions that occurred during the period. The remaining increase was primarily due to an increase in accounting fees and charitable contributions.

Current wording

General and administrative expense increased $7.3 million, or 19.2%, to $45.6 million for the nine months ended September 30, 2025, compared to $38.3 million for the nine months ended September 30, 2024. The increase was primarily due to an increase in stock-based compensation expense of $3.1 million, of which $4.6 million is related to the forgiveness of 2021 partial recourse promissory notes with executive officers that were issued to facilitate the early exercise of stock options and $0.5 million was related to the acceleration of awards to option holders. These increases were partially offset by a decrease in stock based compensation due to the full vesting of options granted in 2021. Additionally, credit card processing fees increased by $1.7 million due to the increase in revenue volume and legal costs increased $1.2 million related to transactions and litigation work. Insurance expense increased $0.4 million due to public company director and officer insurance that became effective upon our initial public offering in May 2025. The remaining increase was primarily due to an increase in accounting fees and charitable contributions.

Previous wording

Amortization of acquired intangibles remained flat at $1.3 million for both the six months ended June 30, 2025 and June 30, 2024 as there were no changes to acquired intangibles quarter-over-quarter.

Current wording

Amortization of acquired intangibles remained flat at $2.0 million for both the nine months ended September 30, 2025 and September 30, 2024 as there were no changes to acquired intangibles quarter-over-quarter.

Previous wording

Interest expense, net decreased $4.3 million, or 90.5%, to $0.4 million for the six months ended June 30, 2025, compared to $4.7 million for the six months ended June 30, 2024. The decrease was primarily due to a $3.5 million decrease in interest expense on the Convertible Notes as a result of the amendment in May 2024 and April 2025, which resulted in the modification and removal of the previous unamortized debt discount. Additionally, the 2023 Convertible Note was settled on May 23, 2025 in connection with the IPO, resulting in partial interest for the period. Contributing to the decrease was an increase in interest income of $0.6 million due to the increase in the interest bearing cash balance, which increased as a result of the IPO proceeds and increase in operating cash.

Current wording

Interest income (expense), net changed favorably by $7.3 million, or 126.6%, to income of $1.5 million for the nine months ended September 30, 2025, compared to expense of $5.8 million for the nine months ended September 30, 2024. The favorable change was primarily due to a $5.3 million decrease in interest expense on the Convertible Notes as a result of the amendment in May 2024 and April 2025, which resulted in the modification and removal of the previous unamortized debt discount. Additionally, the 2023 Convertible Note was settled on May 23, 2025 in connection with the IPO, resulting in partial interest expense for the period. Contributing to the change was an increase in interest income of $2.1 million due to the increase in the interest bearing cash balance, which increased as a result of the IPO proceeds and increase in operating cash.

Previous wording

Other expense, net primarily consists of fair value adjustments on our warrants, embedded derivatives, convertible debt and contingent liabilities, and a loss on extinguishment of debt. Other expense, net increased by $37.0 million, or 448.8%, to $45.2 million for the six months ended June 30, 2025, compared to $8.2 million for the six months ended June 30, 2024. We recognized $16.6 million in losses due to fair value adjustments of our embedded derivative liabilities, $5.0 million in losses due to the increase in fair value of our contingent liabilities, $4.4 million due to losses due to the increase in fair value of our convertible notes, and $0.7 million in losses due to the increase in fair value of our common stock warrants. This was offset by a $7.9 million decrease in the fair value of the Series D Warrants, which were marked to fair value immediately prior to extinguishment upon the IPO. Additionally, we recognized a $26.4 million loss on the extinguishment of the Convertible Notes when they were modified on April 1, 2025.

Current wording

Other expense, net primarily consists of fair value adjustments on our warrants, embedded derivatives, convertible debt and contingent liabilities, and a loss on extinguishment of debt. Other expense, net increased by $35.0 million, or 308.2%, to $46.3 million for the nine months ended September 30, 2025, compared to $11.4 million for the nine months ended September 30, 2024. We recognized $16.6 million in losses due to fair value adjustments of our embedded derivative liabilities, $2.9 million in losses due to the increase in fair value of our contingent liabilities, $4.4 million due to losses due to the increase in fair value of our convertible notes, and $3.9 million in losses due to the increase in fair value of our common stock warrants. This was offset by a $7.9 million decrease in the fair value of the Series D Warrants, which were marked to fair value immediately prior to extinguishment upon the IPO. Additionally, we recognized a $26.4 million loss on the extinguishment of the Convertible Notes when they were modified on April 1, 2025.

Previous wording

Income tax benefit was $2.3 million for the six months ended June 30, 2024, compared to income tax expense of $0.1 million for the six months ended June 30, 2024. The fluctuation was due to an increase in the annual effective tax rate as a result of projected taxable income, primarily driven by an increase in full-year projected pretax book income.

Current wording

Income tax expense (benefit) was $0.4 million for the nine months ended September 30, 2025, compared to income tax expense of $0.2 million for the nine months ended September 30, 2024. The fluctuation was due to an increase in the annual effective tax rate as a result of projected taxable income, primarily driven by an increase in full-year projected pretax book income.

Previous wording

Since inception, we have financed operations to date primarily through cash flow from operating activities, net proceeds received from sales of equity securities and borrowings under our Revolving Credit Facility and other indebtedness. We have historically incurred losses from operations and have an accumulated deficit of $302.0 million as of June 30, 2025. As of June 30, 2025, we had cash and cash equivalents of $175.2 million, no borrowings outstanding under our Revolving Credit Facility and up to $47.1 million of borrowing capacity available thereunder.

Current wording

Since inception, we have financed operations to date primarily through cash flow from operating activities, net proceeds received from sales of equity securities and borrowings under our Revolving Credit Facility and other indebtedness. We have historically incurred losses from operations and have an accumulated deficit of $295.6 million as of September 30, 2025. As of September 30, 2025, we had cash and cash equivalents of $179.2 million, no borrowings outstanding under our Revolving Credit Facility and up to $47.3 million of borrowing capacity available thereunder.

Previous wording

We utilize Insured Cash Sweep services to reduce exposure of our cash and cash equivalents balances that exceed FDIC limits at any one financial institution. Our future capital requirements will depend on many factors, including our revenue growth, the timing and extent of product development efforts and other investments to support our growth (including through acquisitions), the expansion of sales and marketing activities, and increases in general and administrative costs. To the extent our current and anticipated future sources of liquidity are insufficient to fund our future business activities and requirements, we may be required to seek additional equity or debt financing. The sale of additional equity would result in additional dilution to our stockholders. The incurrence of additional debt financing would result in debt service obligations and the instruments governing such debt could provide for operating and financing covenants that would restrict our operations. There can be no assurances that we will be able to raise additional capital. In the event additional financing is required from outside sources, we may not be able to negotiate terms acceptable to us or at all. In particular, the recent global macroeconomic trends have caused disruption in the global financial markets, which could reduce our ability to access capital and negatively affect our liquidity in the future. If we are unable to raise additional capital when required, or if we cannot expand our operations or otherwise capitalize on our business opportunities because we lack sufficient capital, our business, results of operations, financial condition, and cash flows would be adversely affected.

Current wording

We believe that our existing cash and cash equivalents, together with cash flow from operations and borrowings under our Revolving Credit Facility, will be sufficient to support our working capital requirements for at least the next 12 months. We utilize Insured Cash Sweep services to reduce exposure of our cash and cash equivalents balances that exceed FDIC limits at any one financial institution. Our future capital requirements will depend on many factors, including our revenue growth, the timing and extent of product development efforts and other investments to support our growth (including through acquisitions), the expansion of sales and marketing activities, and increases in general and administrative costs. To the extent our current and anticipated future sources of liquidity are insufficient to fund our future business activities and requirements, we may be required to seek additional equity or debt financing. The sale of additional equity would result in additional dilution to our stockholders. The incurrence of additional debt financing would result in debt service obligations and the instruments governing such debt could provide for operating and financing covenants that would restrict our operations. There can be no assurances that we will be able to raise additional capital. In the event additional financing is required from outside sources, we may not be able to negotiate terms acceptable to us or at all. In particular, the recent global macroeconomic trends have caused disruption in the global financial markets, which could reduce our ability to access capital and negatively affect our liquidity in the future. If we are unable to raise additional capital when required, or if we cannot expand our operations or otherwise capitalize on our business opportunities because we lack sufficient capital, our business, results of operations, financial condition, and cash flows would be adversely affected.

Previous wording

On May 9, 2025, we amended an existing Amended and Restated Business Financing Agreement (as amended from time to time, the “Revolving Credit Agreement”) with Western Alliance Bank. The Revolving Credit Agreement provides for a senior secured asset-based revolving credit facility (the “Revolving Credit Facility”), pursuant to which we may initially incur up to $50.0 million aggregate principal amount of revolver borrowings and have the option to request from time to time up to an additional $30.0 million in borrowings. The Revolving Credit Facility matures on May 28, 2029. The amount of borrowing availability under the Revolving Credit Facility is based on our accounts receivable balance, reduced by reserves. As of June 30, 2025 and December 31, 2024, we had no outstanding borrowings under the Revolving Credit Facility and up to $47.1 million and $30.0 million of borrowings available, respectively.

Current wording

On May 9, 2025, we amended an existing Amended and Restated Business Financing Agreement (as amended from time to time, the “Revolving Credit Agreement”) with Western Alliance Bank. The Revolving Credit Agreement provides for a senior secured asset-based revolving credit facility (the “Revolving Credit Facility”), pursuant to which we may initially incur up to $50.0 million aggregate principal amount of revolver borrowings and have the option to request from time to time up to an additional $30.0 million in borrowings. The Revolving Credit Facility matures on May 28, 2029. The amount of borrowing availability under the Revolving Credit Facility is based on our accounts receivable balance, reduced by reserves. As of September 30, 2025 and December 31, 2024, we had no outstanding borrowings under the Revolving Credit Facility and up to $47.3 million and $30.0 million of borrowings available, respectively.

Previous wording

Net cash provided by operating activities was $17.6 million for the six months ended June 30, 2025, as compared to net cash provided by operating activities of $3.0 million for the six months ended June 30, 2024, an increase in cash provided of $14.6 million. This fluctuation was primarily due to a $7.9 million decrease in operating loss coupled with an increase in non-cash stock-based compensation of $6.1 million for the six months ended June 30, 2025. The net changes in working capital for both periods presented are primarily due to the timing of cash receipts from customers and payments to vendors.

Current wording

Net cash provided by operating activities was $26.9 million for the nine months ended September 30, 2025, as compared to net cash provided by operating activities of $15.6 million for the nine months ended September 30, 2024, an increase in cash provided of $11.3 million. This fluctuation was primarily due to a $15.0 million increase in operating income for the nine months ended September 30, 2025. The net changes in working capital for both periods presented are primarily due to the timing of cash receipts from customers and payments to vendors.

Previous wording

Net cash used in investing activities was $15.8 million for the six months ended June 30, 2025, as compared to $4.8 million for the six months ended June 30, 2024. Net cash used in investing activities for the six months ended June 30, 2025 was comprised of $6.2 million of capitalized internal use software costs and $9.6 million of notes receivable issued in April 2025. Net cash used in investing activities for the six months ended June 30, 2024 was primarily comprised of $4.8 million of capitalized internal use software costs.

Current wording

Net cash used in investing activities was $18.8 million for the nine months ended September 30, 2025, as compared to $7.2 million for the nine months ended September 30, 2024. Net cash used in investing activities for the nine months ended September 30, 2025 was comprised of $9.2 million of capitalized internal use software costs and $9.6 million of notes receivable issued in April 2025. Net cash used in investing activities for the nine months ended September 30, 2024 was comprised of $7.2 million of capitalized internal use software costs.

Previous wording

Net cash provided by financing activities was $90.8 million for the six months ended June 30, 2025, which was primarily comprised of $125.3 million of proceeds from the IPO and $1.6 million proceeds from the exercise of stock options, offset by $24.0 million of payments on the settlement of the Convertible Notes and $10.0 million for the repurchase of Class A common stock for the settlement of the Convertible Notes, and $2.1 million of payments on initial public offering costs. Net cash used in financing activities was $4.8 million for the six months ended June 30, 2024, which was primarily comprised of $2.5 million of proceeds from the Revolving Credit Facility, offset by $7.5 million of payments.

Current wording

Net cash provided by financing activities was $88.5 million for the nine months ended September 30, 2025, which was primarily comprised of $125.3 million of proceeds from the IPO and $2.6 million proceeds from the exercise of stock options, offset by $24.0 million of payments on the settlement of the Convertible Notes, $10.0 million for the repurchase of Class A common stock for the settlement of the Convertible Notes, and $5.4 million of payments on initial public offering costs. Net cash used in financing activities was $4.9 million for the nine months ended September 30, 2024, which was primarily comprised of $7.5 million of payment on the Revolving Credit Facility, partially offset by $2.5 million of proceeds from the Revolving Credit Facility.