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Item 1. Financial Statements

2025-08-06 compared with 2025-05-08 · 117 added, 82 removed, 521 unchanged (28% of the section changed)

2 unchanged sentences

CONDENSED CONSOLIDATED BALANCE SHEETS

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

(In thousands, except share and per share data) (Unaudited)

22 unchanged sentences

Accrued dividends (related parties) 17,895 8,962

Customer advances 10,281 9,566

Customer advances ($ 144 and $ — attributable to related parties, respectively)

Current operating lease liabilities 8,433 8,598

10 unchanged sentences

Convertible redeemable preferred stock, $ 0.001 par value;

100,000,000 shares authorized as of March 31, 2025 and December 31, 2024;

95,784,903 shares issued and outstanding as of March 31, 2025 and December 31, 2024;

aggregate liquidation preference of $ 250,172 as of March 31, 2025, and $ 245,732 as of December 31, 2024 (related parties)

104,000,000 shares authorized as of June 30, 2025 and 100,000,000 shares authorized as of December 31, 2024;

95,784,903 shares issued and outstanding as of June 30, 2025 and December 31, 2024;

aggregate liquidation preference of $ 254,665 as of June 30, 2025, and $ 245,732 as of December 31, 2024 (related parties)

207,470 207,470

1 unchanged sentence

Preferred stock, $ 0.001 par value;

5,000,000 shares authorized as of March 31, 2025 and December 31, 2024;

no shares issued or outstanding as of March 31, 2025 or December 31, 2024

1,000,000 shares authorized as of June 30, 2025 and 5,000,000 shares authorized as of December 31, 2024;

no shares issued or outstanding as of June 30, 2025 or December 31, 2024

Common stock, $ 0.001 par value;

13,750,000 shares authorized as of March 31, 2025 and December 31, 2024;

5,251,325 shares issued and 4,913,086 shares outstanding as of March 31, 2025, and 5,228,814 shares issued and 4,890,575 shares outstanding as of December 31, 2024

16,750,000 shares authorized as of June 30, 2025 and 13,750,000 shares authorized as of December 31, 2024;

5,353,019 shares issued and 5,014,780 shares outstanding as of June 30, 2025, and 5,228,814 shares issued and 4,890,575 shares outstanding as of December 31, 2024

Additional paid-in capital 1,715,149 1,714,052

1 unchanged sentence

Accumulated deficit ( 1,496,686 ) ( 1,474,268 )

Treasury stock, at cost, 338,239 shares as of March 31, 2025 and December 31, 2024

Treasury stock, at cost, 338,239 shares as of June 30, 2025 and December 31, 2024

( 229,984 ) ( 229,984 )

4 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

(In thousands, except share and per share data) 2025 2024 2025 2024

5 unchanged sentences

Research and development (2) (3)

7,804 8,373 15,922 17,140

General and administrative (2) (3)

4 unchanged sentences

Loss from operations ( 1,681 ) ( 1,928 ) ( 3,747 ) ( 3,805 )

Interest expense, net ( 1,758 ) ( 572 )

(Loss) gain from foreign currency transactions ( 3,803 ) ( 248 ) ( 5,546 ) 715

Interest expense, net ( 1,553 ) ( 444 ) ( 3,311 ) ( 1,016 )

Other income, net — 376 — 651

Loss before income taxes ( 7,037 ) ( 2,244 ) ( 12,604 ) ( 3,455 )

Income tax benefit 1,574 157

Income tax (provision) benefit ( 2,455 ) 536 ( 881 ) 693

Net loss $ ( 9,492 ) $ ( 1,708 ) $ ( 13,485 ) $ ( 2,762 )

4 unchanged sentences

Total net loss available to common stockholders $ ( 13,986 ) $ ( 5,952 ) $ ( 22,418 ) $ ( 11,246 )

Net loss per common share:

Net loss available to common stockholders:

Basic and diluted $ ( 2.73 ) $ ( 1.19 ) $ ( 4.41 ) $ ( 2.28 )

8 unchanged sentences

Refer to Footnote 8 , Related Party Transactions.

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2025 2024 2025 2024

Revenues $ 2,285 $ 2,397 $ 4,889 $ 4,915

3 unchanged sentences

(3) Stock-based compensation expense is included in the line items above as follows:

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2025 2024 2025 2024

Cost of revenues $ 399 $ 156 $ 561 $ 399

23 unchanged sentences

Balance as of March 31, 2025 95,784,903 $ 207,470 4,913,086 $ 5 $ 1,714,650 $ ( 15,429 ) $ ( 1,482,700 ) $ ( 229,984 ) $ ( 13,458 )

Net loss — — — — — — ( 9,492 ) — ( 9,492 )

Convertible redeemable preferred stock dividends (1)

— — — — — — ( 4,494 ) — ( 4,494 )

Restricted stock units distributed — — 102,420 — — — — — —

Payments for taxes related to net share settlement of equity awards — — ( 726 ) — ( 3 ) — — — ( 3 )

Amortization of stock-based compensation — — — — 502 — — — 502

Settlement of restricted stock unit liability — — — — — — — — —

Foreign currency translation adjustment — — — — — 5,276 — — 5,276

Balance as of June 30, 2025 95,784,903 $ 207,470 5,014,780 $ 5 $ 1,715,149 $ ( 10,153 ) $ ( 1,496,686 ) $ ( 229,984 ) $ ( 21,669 )

(In thousands, except share data) Convertible Redeemable Preferred Stock Common Stock Additional

17 unchanged sentences

Balance as of March 31, 2024 82,527,609 $ 187,885 4,760,231 $ 5 $ 1,699,142 $ ( 16,097 ) $ ( 1,401,714 ) $ ( 229,984 ) $ 51,352

Net loss — — — — — — ( 1,708 ) — ( 1,708 )

Convertible redeemable preferred stock dividends (1)

— — — — — — ( 4,244 ) — ( 4,244 )

Restricted stock units distributed — — 131,817 — — — — — —

Payments for taxes related to net share settlement of equity awards — — ( 2,411 ) — ( 33 ) — — — ( 33 )

Amortization of stock-based compensation — — — — 580 — — — 580

Foreign currency translation adjustment — — — — — ( 110 ) — — ( 110 )

Balance as of June 30, 2024 82,527,609 $ 187,885 4,889,637 $ 5 $ 1,699,689 $ ( 16,207 ) $ ( 1,407,666 ) $ ( 229,984 ) $ 45,837

(1) Transactions for these line items were exclusively with related parties.

3 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three Months Ended March 31,

Six Months Ended June 30,

(In thousands) 2025 2024

4 unchanged sentences

Non-cash operating lease expense 2,500 2,653

Amortization expense of finance leases 909 644

Stock-based compensation expense 2,486 2,389

Amortization expense of finance leases 1,857 1,656

Amortization of intangible assets 1,264 1,601

Deferred tax benefit ( 1,084 ) ( 132 )

Deferred tax provision (benefit) 538 ( 365 )

Other 1,311 453

11 unchanged sentences

Financing activities :

Contingent consideration payment at initial value ( 859 ) ( 3,693 )

Principal payments on finance leases ( 1,609 ) ( 1,161 )

Principal payments on insurance financing ( 1,321 ) —

Contingent consideration payment at initial value ( 859 ) ( 3,704 )

Payment of financing and debt issuance costs ( 559 ) —

Principal payments of term loan ( 225 ) —

Payments of line of credit — ( 6,000 )

Other ( 3 ) ( 95 )

1 unchanged sentence

Effect of exchange rate changes on cash, cash equivalents and restricted cash 2,032 ( 616 )

Net increase (decrease) in cash, cash equivalents and restricted cash 1,033 ( 4,019 )

Net decrease in cash, cash equivalents and restricted cash ( 3,942 ) ( 8,093 )

Cash, cash equivalents and restricted cash at beginning of period 33,468 22,936

Cash, cash equivalents and restricted cash at end of period $ 29,526 $ 14,843

As of March 31,

As of June 30,

Cash and cash equivalents $ 25,993 $ 14,655

1 unchanged sentence

Total cash, cash equivalents and restricted cash $ 29,526 $ 14,843

Three Months Ended March 31,

Six Months Ended June 30,

Supplemental disclosures of non-cash investing and financing activities :

Convertible redeemable preferred stock dividends accrued but not yet paid (related parties) $ 8,933 $ 8,484

Change in accounts payable and accrued expenses related to capital expenditures 898 1,083

Right-of-use assets obtained in exchange for finance lease liabilities 619 7,861

Settlement of restricted stock unit liability 314 1,895

7 unchanged sentences

All intercompany transactions and balances are eliminated upon consolidation.

Reclassification

Certain amounts in the prior year financial statements have been reclassified to conform to the current year presentation.

Specifically, changes in fair value of warrants liability and contingent consideration have been aggregated within other operating activities on the Condensed Consolidated Statements of Cash Flows.

Unaudited Interim Financial Information

4 unchanged sentences

These interim Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 (the "2024 10-K").

The Condensed Consolidated Results of Operations for the three months ended March 31, 2025 are not necessarily indicative of the results to be anticipated for the entire year ending December 31, 2025 or thereafter.

All references to March 31, 2025 and 2024 in the Notes to Condensed Consolidated Financial Statements are unaudited.

The Condensed Consolidated Results of Operations for the three and six months ended June 30, 2025 are not necessarily indicative of the results to be anticipated for the entire year ending December 31, 2025 or thereafter.

All references to June 30, 2025 and 2024 in the Notes to Condensed Consolidated Financial Statements are unaudited.

Use of Estimates and Judgments in the Preparation of the Condensed Consolidated Financial Statements

19 unchanged sentences

If the instrument meets either of these criteria, the Company will accrete the carrying value to the redemption value.

The Preferred Stock has not been adjusted to its redemption amount as of March 31, 2025 because a deemed liquidation event is not considered probable as of such date.

The Preferred Stock has not been adjusted to its redemption amount as of June 30, 2025 because a deemed liquidation event is not considered probable as of such date.

The Preferred Stock includes a change of control put option which allows the holders of the Preferred Stock to require the Company to repurchase such holders' shares in cash in an amount equal to the initial purchase price plus accrued dividends.

The change of control put option was determined to be a derivative liability.

As of March 31, 2025, the probability of a change of control was determined to be remote and the fair value of the change of control derivative was determined to be negligible.

As of June 30, 2025, the probability of a change of control was determined to be remote and the fair value of the change of control derivative was determined to be negligible.

All financial instruments that are classified as mezzanine equity are evaluated for embedded derivative features by evaluating each feature against the nature of the host instrument (for example, more equity-like or debt-like).

16 unchanged sentences

The following is a summary of the Common Stock equivalents for the securities outstanding during the respective periods that have been excluded from the computation of diluted net loss per common share, as their effect would be anti-dilutive:

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2025 2024 2025 2024

Preferred stock (1)

2 unchanged sentences

Contingent consideration (2)

— 84,003 — 84,003

Warrants — 260,858 — 266,854

5 unchanged sentences

date of each payment.

In the first quarter of 2025, the Company settled the third and final installment of $ 1.2 million in cash and there is no contingent consideration liability outstanding as of March 31, 2025.

The Company paid the first installment of $ 3.7 million in cash in 2023 and the second installment of $ 3.7 million in cash in 2024.

The Company calculated a potential anti-dilutive share count for the three months ended March 31, 2024 based on the remaining expected payments totaling $ 1.2 million and the $ 15.40 per share closing price of the Company's Common Stock on the Nasdaq Global Select Market on March 28, 2024.

In the first quarter of 2025, the Company settled the third and final installment of $ 1.2 million in cash and there is no further contingent consideration liability outstanding.

The Company calculated a potential anti-dilutive share count for the three and six months ended June 30, 2024 based on the remaining expected payments totaling $ 1.2 million and the $ 14.19 per share closing price of the Company's Common Stock on the Nasdaq Global Select Market on June 28, 2024.

The Company's net operating loss carryforwards are subject to an annual limitation under Section 382 of the Internal Revenue Code.

4 unchanged sentences

federal and state net operating loss carryforwards has been revalued to reflect the amount of carryforwards that are utilizable under the Section 382 limitations.

Accounting Guidance Issued But Not Adopted at March 31, 2025

On July 4, 2025, the One Big Beautiful Bill (the "OBBB") Act was signed into law in the United States.

The OBBB Act includes significant provisions, such as the permanent extension and modification of certain provisions of the U.S.

Tax Cuts and Jobs Act of 2017, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions.

The legislation has multiple effective dates, with certain provisions beginning in 2025 and others beginning at various dates through 2027.

The Company is assessing the OBBB Act's impact on the Company's financial statements and related disclosures, but does not currently expect it to materially impact the Company's income tax position in 2025.

Accounting Guidance Issued But Not Adopted at June 30, 2025

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40):

14 unchanged sentences

The following table presents the Company's revenue disaggregated by solution group.

(In thousands) Three Months Ended March 31,

(In thousands) Three Months Ended June 30, Six Months Ended June 30,

By solution group:

2025 2024 2025 2024

Content & Ad Measurement

6 unchanged sentences

The Company attributes revenue to geographical markets based on the location of the customer.

(In thousands) Three Months Ended March 31,

(In thousands) Three Months Ended June 30, Six Months Ended June 30,

By geographical market:

2025 2024 2025 2024

United States $ 79,146 $ 76,543 $ 155,554 $ 154,212

10 unchanged sentences

The following table provides information about receivables, contract assets, contract liabilities and customer advances from contracts with customers:

(In thousands) March 31, 2025 December 31, 2024

(In thousands) June 30, 2025 December 31, 2024

Accounts receivable, net $ 54,442 $ 64,266

4 unchanged sentences

Significant changes in the current contract liabilities balance are as follows:

Three Months Ended March 31,

Six Months Ended June 30,

(In thousands) 2025 2024

2 unchanged sentences

Remaining Performance Obligations

As of March 31, 2025, approximately $ 210 million of revenue is expected to be recognized from remaining performance obligations that are unsatisfied (or partially unsatisfied) for non-cancelable contracts with an original expected duration of longer than one year.

As of June 30, 2025, approximately $ 190 million of revenue is expected to be recognized from remaining performance obligations that are unsatisfied (or partially unsatisfied) for non-cancelable contracts with an original expected duration of longer than one year.

The Company expects to recognize revenue on approximately 34 % of these remaining performance obligations during the remainder of 2025, approximately 43 % in 2026, and approximately 16 % in 2027, with the remainder recognized thereafter.

30 unchanged sentences

The remaining $ 13.0 million of the cancelled dividend balance was recognized in additional paid-in capital on the Condensed Consolidated Balance Sheet, because gains in transactions with related parties are recognized as equity contributions.

On June 24, 2025, each holder of Preferred Stock waived its right to receive on June 30, 2025 the annual dividends otherwise payable by the Company on that date (the "June 2025 Waivers").

Under the June 2025 Waivers and the Certificate of Designations, the deferred dividends will accrue and accumulate at a rate of 9.5 % per year from June 30, 2025 until declared and paid, with payment to occur on or before December 31, 2025.

The Preferred Stock is convertible at the option of the holders at any time into a number of shares of Common Stock based on a conversion rate set in accordance with the Certificate of Designations of the Preferred Stock.

1 unchanged sentence

Due to the reverse stock split effected by the Company on December 20, 2023, the conversion factor was adjusted to 0.05 pursuant to the Certificate of Designations of the Preferred Stock.

As of March 31, 2025, each share of Preferred Stock was convertible into 0.052830 shares of Common Stock, with such assumed conversion rate scheduled to return to 0.05 upon payment of accrued dividends.

As of March 31, 2025, no shares of Preferred Stock have been converted into Common Stock, and accrued dividends for the Preferred Stock totaled $ 13.4 million.

As of June 30, 2025, each share of Preferred Stock was convertible into 0.053779 shares of Common Stock, with such assumed conversion rate scheduled to return to 0.05 upon payment of accrued dividends.

As of June 30, 2025, no shares of Preferred Stock have been converted into Common Stock, and accrued dividends for the Preferred Stock totaled $ 17.9 million.

The Credit Agreement (as defined below) prohibits the payment of cash dividends to holders of the Preferred Stock prior to April 1, 2026 and imposes certain limitations on cash dividends on and after that date.

2 unchanged sentences

On June 23, 2019, the Company entered into a Securities Purchase Agreement with CVI Investments, Inc.

("CVI"), pursuant to which CVI agreed to purchase (i) 136,425 shares of Common Stock (the "Initial Shares"), at a price of $ 146.60 per share and (ii) Series A Warrants, Series B-1 Warrants, Series B-2 Warrants and Series C Warrants, for aggregate gross proceeds of $ 20.0 million (the "Private Placement").

("CVI"), pursuant to which CVI agreed to purchase (i) 136,425 shares of Common Stock (the "Initial Shares"), at a price of $ 146.60 per share and (ii) Series A Warrants, Series

B-1 Warrants, Series B-2 Warrants and Series C Warrants, for aggregate gross proceeds of $ 20.0 million (the "Private Placement").

The Private Placement closed on June 26, 2019 (the "CVI Closing Date").

13 unchanged sentences

The Company elected the Adjusted Term SOFR rate for the Term Loan as of December 31, 2024.

As of March 31, 2025, the stated interest rate on the Term Loan was 11.56 %.

As of June 30, 2025, the stated interest rate on the Term Loan was 11.56 %.

Except as described below, the Company can repay any amounts borrowed under the Revolving Facility prior to the maturity date without any premium or penalty other than customary SOFR breakage costs.

10 unchanged sentences

With respect to dividends, the Credit Agreement prohibits the payment of cash dividends to holders of the Company's Preferred Stock prior to April 1, 2026 and imposes certain limitations on cash dividends, including a heightened Liquidity requirement, on and after that date.

The Company was in compliance with the covenants under the Credit Agreement as of March 31, 2025.

The Company was in compliance with the covenants under the Credit Agreement as of June 30, 2025.

The Credit Agreement is subject to customary events of default, including a change in control.

3 unchanged sentences

The debt issuance costs and debt discount associated with the Term Loan were capitalized and are amortized through interest expense, net on the Condensed Consolidated Statements of Operations and Comprehensive Loss during the term of the Term Loan.

As of December 31, 2024, the effective interest rate calculated to amortize these costs was 14.54 %.

As of December 31, 2024 (the date the Company entered into the Credit Agreement), the effective interest rate calculated to amortize these costs was 14.54 %.

The Credit Agreement was evaluated for embedded derivative features by evaluating each feature against the nature of the host instrument.

2 unchanged sentences

The Company reassesses whether a change in control is considered probable as of each reporting date.

The change in control feature is not recorded on the Condensed Consolidated Balance Sheet as of March 31, 2025 because a change in control is not considered probable as of such date.

The Company's total debt obligations under the Credit Agreement as of March 31, 2025 and December 31, 2024 are as follows:

(in thousands) March 31, 2025 December 31, 2024

The change in control feature is not recorded on the Condensed Consolidated Balance Sheet as of June 30, 2025 because a change in control is not considered probable as of such date.

The Company's total debt obligations under the Credit Agreement as of June 30, 2025 and December 31, 2024 are as follows:

(in thousands) June 30, 2025 December 31, 2024

Secured term loan $ 45,000 $ 45,000

2 unchanged sentences

$ 41,340 $ 41,168

(1) The current portion of the Term Loan as of March 31, 2025 and December 31, 2024 was $ 0.9 million and $ 0.5 million, respectively, and was classified within other current liabilities in the Condensed Consolidated Balance Sheets.

The information set forth below summarizes the required future principal payments on the Term Loan, by year, as of March 31, 2025:

(1) The current portion of the Term Loan as of June 30, 2025 and December 31, 2024 was $ 1.4 million and $ 0.5 million, respectively, and was classified within other current liabilities in the Condensed Consolidated Balance Sheets.

The information set forth below summarizes the required future principal payments on the Term Loan, by year, as of June 30, 2025:

(In thousands)

2 unchanged sentences

The debt issuance costs associated with the Revolving Facility are capitalized and recorded in other non-current assets in the Condensed Consolidated Balance Sheets.

As of March 31, 2025, the Company had no borrowings outstanding under the Revolving Facility, with remaining borrowing capacity of $ 15.0 million.

As of June 30, 2025, the Company had no borrowings outstanding under the Revolving Facility, with remaining borrowing capacity of $ 15.0 million.

Prior Credit Agreement

16 unchanged sentences

(vii) updated certain defined terms in the Prior Credit Agreement to reflect the May 2023 transfer of shares of Preferred Stock from Qurate to Liberty;

and (viii) provided for certain amendment fees, including a fee of 2.0 % of aggregate commitments due on the maturity date (November 5, 2024) unless all obligations were paid in full prior to such date.

and (viii) provided for

certain amendment fees, including a fee of 2.0 % of aggregate commitments due on the maturity date (November 5, 2024) unless all obligations were paid in full prior to such date.

On November 1, 2024, the Company repaid the outstanding principal balance of $ 10.0 million under the Prior Credit Agreement.

4 unchanged sentences

The November 2024 Amendment maintained the same non-financial covenants, security interest and interest rate as in effect immediately prior to the November 2024 Amendment.

Finally, the November 2024 Amendment provided for certain amendment fees, including

a fee of $ 250,000 due on the new maturity date (January 31, 2025) unless all letters of credit were terminated or cash collateralized on or prior to such date.

Finally, the November 2024 Amendment provided for certain amendment fees, including a fee of $ 250,000 due on the new maturity date (January 31, 2025) unless all letters of credit were terminated or cash collateralized on or prior to such date.

The Prior Credit Agreement contained restrictive covenants that limited the Company's ability to, among other things, incur additional indebtedness or liens, make investments and loans, enter into mergers and acquisitions, make or declare dividends and other payments, enter into certain contracts, sell assets and engage in transactions with affiliates.

5 unchanged sentences

Fair Value Measurements

There were no financial instruments measured at fair value as of March 31, 2025.

There were no financial instruments measured at fair value as of June 30, 2025.

As of December 31, 2024 , t he Company's financial instrument measured at fair value in the accompanying Condensed Consolidated Balance Sheet on a recurring basis was the following:

6 unchanged sentences

In December 2024, the Company elected to settle the third and final installment in cash, which was paid in the first quarter of 2025.

As a result, there is no remaining contingent consideration liability outstanding as of March 31, 2025.

The fair value of this liability as of December 31, 2024 was equal to the payment due.

The contingent consideration liability was classified within other current liabilities in the Condensed Consolidated Balance Sheet as of December 31, 2024.

There were no changes to the Company's valuation techniques or methodologies during the three months ended March 31, 2024.

The following table presents the changes in the Company's recurring Level 3 fair valued instruments for the three months ended March 31, 2024:

There were no changes to the Company's valuation techniques or methodologies during the three and six months ended June 30, 2024.

The following table presents the changes in the Company's recurring Level 3 fair valued instruments for the six months ended June 30, 2024:

(In thousands) Warrants Liability

Balance as of December 31, 2023 $ 669

Total gain recognized due to remeasurement (1)

Balance as of March 31, 2024 $ 383

(1) The gain on remeasurement of the warrants liability was recorded in other income, net, in the Condensed Consolidated Statement of Operations and Comprehensive Loss.

Total gain recognized due to remeasurement and expiration of warrants (1)

Balance as of June 30, 2024 $ —

(1) The gain due to remeasurement and expiration of warrants was recorded in other income, net, in the Condensed Consolidated Statement of Operations and Comprehensive Loss.

The Series A Warrants expired unexercised on June 26, 2024.

Accrued Expenses

(In thousands) March 31, 2025 December 31, 2024

(In thousands) June 30, 2025 December 31, 2024

Accrued data costs $ 24,813 $ 20,835

1 unchanged sentence

Professional fees 2,253 2,360

Restructuring accrual 169 342

Other 3,669 3,252

2 unchanged sentences

Transactions with WPP

As of March 31, 2025 (based on public filings), WPP plc and its affiliates ("WPP") owned 565,968 shares of the Company's outstanding Common Stock, representing 11.5 % of the outstanding Common Stock.

As of June 30, 2025 (based on public filings), WPP plc and its affiliates ("WPP") owned 565,968 shares of the Company's outstanding Common Stock, representing 11.3 % of the outstanding Common Stock.

The Company provides WPP, in the normal course of business, services amongst its different product lines and receives various services from WPP supporting the Company's data collection efforts.

The Company's results from transactions with WPP, as reflected in the Condensed Consolidated Statements of Operations and Comprehensive Loss, are as follows:

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

(In thousands) 2025 2024 2025 2024

2 unchanged sentences

The Company has the following balances related to transactions with WPP, as reflected in the Condensed Consolidated Balance Sheets:

(In thousands) March 31, 2025 December 31, 2024

(In thousands) June 30, 2025 December 31, 2024

Accounts receivable, net $ 1,624 $ 687

2 unchanged sentences

Contract liabilities 432 384

Customer advances 144 —

Transactions with Charter, Liberty and Pine

As of March 31, 2025, Charter, Liberty and Pine each held 33.3 % of the outstanding shares of Preferred Stock.

As of June 30, 2025, Charter, Liberty and Pine each held 33.3 % of the outstanding shares of Preferred Stock.

Charter, Liberty and Pine are entitled to convert the Preferred Stock into shares of Common Stock and to vote as a single class with the holders of the Common Stock as set forth in the Certificate of Designations.

As of March 31, 2025 (based on public filings), Pine also owned 109,654 shares of the Company's outstanding Common Stock, representing 2.2 % of the outstanding Common Stock.

As of June 30, 2025 (based on public filings), Pine also owned 109,654 shares of the Company's outstanding Common Stock, representing 2.2 % of the outstanding Common Stock.

In addition, Charter, Liberty and Pine each designated two members of the Company's Board in accordance with the Stockholders Agreement.

9 unchanged sentences

For further information refer to Footnote 4 , Convertible Redeemable Preferred Stock and Stockholders' Equity (Deficit) .

As of March 31, 2025 and December 31, 2024, Charter, Liberty and Pine each owned 31,928,301 shares of Preferred Stock.

Accrued dividends to the holders of Preferred Stock as of March 31, 2025 and December 31, 2024 were $ 13.4 million and $ 9.0 million, respectively.

On June 24, 2025, each holder of Preferred Stock waived its right to receive on June 30, 2025 the annual dividends otherwise payable on that date for the dividend period ending June 29, 2025.

Under the waivers and the Certificate of Designations, the deferred dividends will continue to accrue and accumulate at a rate of 9.5 % per year until declared and paid, with payment to occur on or before December 31, 2025.

As of June 30, 2025 and December 31, 2024, Charter, Liberty and Pine each owned 31,928,301 shares of Preferred Stock.

Accrued dividends to the holders of Preferred Stock as of June 30, 2025 and December 31, 2024 were $ 17.9 million and $ 9.0 million, respectively.

Concurrent with the closing of the Transactions on March 10, 2021, the Company entered into a ten-year Data License Agreement ("DLA") with Charter Communications Operating, LLC ("Charter Operating"), an affiliate of Charter.

Under the original DLA, Charter Operating would bill the Company for license fees according to a payment schedule that gradually increased from $ 10.0 million in the first year of the term to $ 32.3 million in the tenth year of the term.

Under the original DLA, Charter Operating would bill

the Company for license fees according to a payment schedule that gradually increased from $ 10.0 million in the first year of the term to $ 32.3 million in the tenth year of the term.

The Company would recognize expense for the license fees ratably over the term.

3 unchanged sentences

The Company's results from transactions with Charter and its affiliates, as reflected in the Condensed Consolidated Statements of Operations and Comprehensive Loss, are detailed below:

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

(In thousands) 2025 2024 2025 2024

2 unchanged sentences

The Company has the following liability balances related to transactions with Charter and its affiliates, as reflected in the Condensed Consolidated Balance Sheets:

(In thousands) March 31, 2025 December 31, 2024

(In thousands) June 30, 2025 December 31, 2024

Accrued expenses $ 7,962 $ 8,389

Non-current portion of accrued data costs 20,172 22,031

The Company had no transactions with Pine and Liberty for the three months ended March 31, 2025 and 2024.

The Company had no transactions with Pine and Liberty for the three and six months ended June 30, 2025 and 2024.

Transactions with Directors and Officers

The Company recognized revenues of $ 0.3 million from transactions with affiliates or former affiliates of its directors and officers in the normal course of business during the three months ended March 31, 2025 and 2024, as reflected in the Condensed Consolidated Statements of Operations and Comprehensive Loss.

In the first quarter of 2024, $ 0.2 million of these revenues were separately disclosed as transactions with Qurate and its affiliates.

The Company recognized revenues of $ 0.1 million and $ 0.4 million during the three and six months ended June 30, 2025, respectively, and $ 0.3 million and $ 0.6 million during the three and six months ended June 30, 2024, respectively, from transactions with affiliates or former affiliates of its directors and officers in the normal course of business as reflected in the Condensed Consolidated Statements of Operations and Comprehensive Loss.

For the three and six months ended June 30, 2024, $ 0.2 million and $ 0.4 million of these revenues were separately disclosed as transactions with Qurate and its affiliates.

Commitments and Contingencies

1 unchanged sentence

These agreements have remaining terms of less than one year to six years .

As of March 31, 2025, the total fixed payment obligations related to set-top box and connected television data agreements are $ 118.4 million and $ 21.1 million, respectively.

The information set forth below summarizes the contractual obligations, by year, as of March 31, 2025:

As of June 30, 2025, the total fixed payment obligations related to set-top box and connected television data agreements are $ 112.1 million and $ 25.7 million, respectively.

The information set forth below summarizes the contractual obligations, by year, as of June 30, 2025:

(In thousands)

14 unchanged sentences

The Company has petitioned for review of the audit assessment and believes it has a strong position that its activities are not taxable under the applicable terms of Washington law.

As of March 31, 2025, the Company cannot reasonably estimate the outcome of the review and the potential liability, if any, that may be incurred in this matter.

As of June 30, 2025, the Company cannot reasonably estimate the outcome of the review and the potential liability, if any, that may be incurred in this matter.

Other Matters

12 unchanged sentences

The Company's CODM uses consolidated net income to make decisions, allocate resources and assess performance.

The following table presents financial information that is presented to the CODM with respect to the Company's single operating segment for the three months ended March 31, 2025 and 2024:

Three Months Ended March 31,

The following table presents financial information that is presented to the CODM with respect to the Company's single operating segment for the three and six months ended June 30, 2025 and 2024:

Three Months Ended June 30, Six Months Ended June 30,

(In thousands) 2025 2024 2025 2024

5 unchanged sentences

Cost of goods sold (1)

33,099 33,936 65,716 66,741

Operating expenses

14 unchanged sentences

Net loss $ ( 9,492 ) $ ( 1,708 ) $ ( 13,485 ) $ ( 2,762 )

(1) Excludes certain items that are recorded within the cost of revenues, selling and marketing, research and development, and general and administrative expense lines on the Company's Condensed Consolidated Statements of Operations and Comprehensive Loss that are presented elsewhere in this table in accordance with the presentation to the CODM, who uses the adjusted presentation to allocate resources and assess performance.

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.

What changed 10-Q

Item 1. Financial Statements