Quantitative and Qualitative Disclosures about Market Risk
−Removed: We have operations both within the United States and internationally, and we are exposed to market risks in the ordinary course of our business, including the effects of interest rate changes and foreign currency fluctuations.
+Added: We have operations both within the United States and internationally, and we are exposed to market risks in the ordinary course of our business, primarily related to interest rate fluctuations and foreign currency exchange movements.
+Added: These risks arise principally from our cash, cash equivalents, and short-term investments, as well as from our international operations and transactions denominated in currencies other than the U.S.
Information relating to quantitative and qualitative disclosures about these market risks are described below.
−Removed: At times, our cash balances with individual banking institutions are in excess of federally insured limits.
+Added: We maintain cash balances at third-party financial institutions in excess of the Federal Deposit Insurance Corporation insurance limits.
We have not experienced any credit losses related to our cash, cash equivalents, and short-term investments balances.
Interest Rate Sensitivity
−Removed: Interest rate risk relates to the loss we could incur in our cash portfolios due to a change in interest rates.
+Added: Interest rate risk relates to the loss we could incur in our cash, cash equivalents and short-term investments due to a change in interest rates.
As of December 31, 2025, we had cash, cash equivalents and short-term investments of $95.0 million.
−Removed: Our cash and cash equivalents consist primarily of demand and money market accounts, as well as available-for-sale debt securities with an original maturity of 90 days or less.
+Added: Our cash and cash equivalents consist primarily of demand, money market accounts, and available-for-sale debt securities with an original maturity of 90 days or less.
Our short-term investments consist primarily of U.S.
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Due to the nature of our cash, cash equivalents and short-term investments, we would expect a hypothetical 100 basis point increase or decrease in interest rates to result in an approximate increase or decrease of $0.6 million in our cash, cash equivalents and short-term investments.
−Removed: While these are our best estimates of the impact of the specified interest rate scenario, actual results could differ from those projected.
−Removed: The sensitivity analysis presented assumes interest rate changes are instantaneous, parallel shifts in the yield curve.
−Removed: In reality, interest rate changes of this magnitude are rarely instantaneous or parallel.
−Removed: Our principal use of cash, cash equivalents and short-term investments is to fund our operations including platform development to support our strategic initiatives and anticipated share repurchases under the 2024 Stock Repurchase Program.
−Removed: The remainder of cash, cash equivalents and short-term investments are held for working capital purposes.
+Added: The sensitivity analysis above is based on a simplified, hypothetical scenario and is not intended to represent actual outcomes, which may differ due to changes in the timing of interest rate movements, investment maturities, and other factors
+Added: Our principal use of cash, cash equivalents and short-term investments is to fund our operations including platform development to support our strategic initiatives and anticipated share repurchases under our Stock Repurchase Programs.
+Added: The remainder of cash, cash equivalents and short-term investments are held for working capital purposes and other potential uses including strategic investment opportunities.
We do not enter into investments for trading or speculative purposes.
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Our cost of revenue and operating expenses are primarily denominated in U.S.
−Removed: As our online marketplace continues to grow globally, our results of operations and cash flows may be subject to fluctuations due to the change in foreign exchange rates.
−Removed: To date, fluctuations due to changes in the Euro and British pound have not been significant, but we may experience material foreign exchange gains and losses in our statement of operations in the future.
−Removed: As of December 31, 2024, we would expect an adverse 10% change in current exchange rates would result in no more than a $3.2 million decrease in net revenue for the year ended December 31, 2024.
+Added: As we operate an online marketplace with international activity, including transactions denominated primarily in Euros and British pounds, we are exposed to the risk of fluctuations in foreign currency exchange rates.
+Added: We monitor our foreign currency exposure on an ongoing basis and evaluate the tools and approaches available to manage such risk as our business evolves.
+Added: To date, fluctuations due to changes in the Euro and the British pound have not been significant, but we may experience material foreign exchange gains and losses in our statement of operations in the future.
+Added: For the years ended December 31, 2025 and 2024, foreign currency translation adjustments resulted in a gain of $0.1 million and a loss of $0.1 million, respectively.
+Added: As of December 31, 2025, we would expect an adverse 10% change in current exchange rates to result in no more than a $3.2 million decrease in net revenue for the year ended December 31, 2025.
We are exposed to credit risk on accounts receivable balances.
−Removed: This risk is mitigated by requiring upfront payment for many of our services and due to our diverse customer base, dispersed over various geographic regions and industrial sectors.
+Added: This risk is mitigated by requiring upfront payment for many of our services due to our diverse seller base, dispersed over various geographic regions and industry sectors.
For the years ended December 31, 2025 and 2024, no single customer accounted for more than 10% of our net revenue.
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Our results of operations and financial condition are presented based on historical cost.
−Removed: While it is difficult to accurately measure the impact of inflation due to the imprecise nature of the estimates required, we believe certain metrics have been impacted, both directly and indirectly, by macroeconomic factors, including inflation and as a result significant capital market and housing market volatility.
+Added: While it is difficult to accurately measure the impact of inflation due to the imprecise nature of the estimates required, we believe certain metrics have continued to be impacted negatively, both directly and indirectly, by macroeconomic factors, including significant housing market volatility, significant capital market volatility, and global economic and geopolitical developments.
Additionally, if our costs were to become subject to inflationary pressures, we might not be able to fully offset such higher costs through net revenue and GMV increases.
Our inability or failure to do so could harm our business, financial condition, and results of operations.
−Removed: We cannot assure you our business will not be affected in the future by inflation.
+Added: We cannot assure you that our business will not be affected in the future by inflation.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.