What changed in this filing

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Item 7. Management’s Discussion and Analysis

2026-03-26 compared with 2025-03-06 · 146 added, 181 removed, 333 unchanged (50% of the section changed)

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Total expenses from operations 352,960 98.7 % 415,556 116.7 % 444,944 119.8 %

Loss from operations (59,509) (16.7) % (73,601) (19.8) % (74,873) (19.9) %

Income (loss) from operations 4,509 1.3 % (59,509) (16.7) % (73,601) (19.8) %

(Loss) gain from foreign currency transactions (5,892) (1.6) % 1,417 0.4 % (2,824) (0.8) %

Interest expense, net (6,693) (1.9) % (1,883) (0.5) % (1,445) (0.4) %

Other income, net — — % 651 0.2 % 42 — %

Gain (loss) from foreign currency transactions 1,417 0.4 % (2,824) (0.8) % 1,166 0.3 %

Loss before income taxes (8,076) (2.3) % (59,324) (16.7) % (77,828) (21.0) %

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Product offerings reported in this solution group include our legacy subscription-based syndicated offerings that measure audiences for linear TV (national and local), digital and streaming, as well as theatrical box office receipts.

Also included in this solution group are our transaction-based cross-platform products, Proximic by Comscore ("Proximic"), our Activation solution suite, and Comscore Campaign Ratings ("CCR").

Also included in this solution group are our transaction-based cross-platform products:

Proximic by Comscore ("Proximic"), our Activation solution suite, and Cross-Platform Campaign Results ("CCR"), along with our subscription-based cross-platform product, Comscore Content Measurement ("CCM").

These syndicated and cross-platform products are used as currency to plan and execute ad campaigns, measure the outcome of ad campaigns, optimize ad campaigns that are in-flight, activate programmatic campaigns, and make content easier for programmatic advertisers to reach.

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however, our cost structure is tracked at the corporate level and not by our solution groups.

These shared costs include employee costs, purchased data, operational overhead, data storage and technology that supports multiple solution groups.

These shared costs include employee costs, purchased data, operational overhead, data storage and technology that support both solution groups.

Revenues for the years ended December 31, 2025 and 2024 are as follows:

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Total $ 357,469 100.0 % $ 356,047 100.0 % $ 1,422 0.4 %

Total revenues decreased by $15.3 million, or 4.1%, for the year ended December 31, 2024 as compared to 2023.

Content & Ad Measurement revenue decreased due to lower revenue from our Syndicated Audience offerings, primarily related to lower renewals of our national TV and syndicated digital products, as well as lower variable cloud computing and processing reimbursements for certain custom TV data set deliveries.

This decrease was partially offset by an increase in Cross-Platform revenue driven by increased usage of our Proximic products.

Research & Insight Solutions revenue decreased primarily due to lower deliveries of certain custom digital products.

Total revenues increased by $1.4 million, or 0.4%, for the year ended December 31, 2025 as compared to 2024.

Content & Ad Measurement revenue increased due to growth in our Cross-Platform revenue, primarily driven by increased usage of our Proximic and CCR products and adoption of our CCM offering, along with double-digit growth in local TV from new business and higher renewals.

This growth was partially offset by a decrease in revenue from our Syndicated Audience offerings, primarily related to lower renewals of our national TV and syndicated digital products.

Research & Insight Solutions revenue decreased primarily due to lower deliveries of certain custom digital products, partially offset by new business from our Consumer Brand Health products.

Revenues for the years ended December 31, 2024 and 2023 are as follows:

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Total revenues decreased by $15.3 million, or 4.1%, for the year ended December 31, 2024 as compared to 2023.

Content & Ad Measurement revenue increased due to higher revenue from our Cross-Platform offerings, driven by increased usage of our Proximic and CCR products, along with increases in local TV and movies revenue due to higher renewals and new business.

This was offset by a decrease in Syndicated Audience revenue, primarily related to lower renewals of our national TV and syndicated digital products and a one-time custom deliverable in the first quarter of 2022.

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This decrease was partially offset by an increase in Cross-Platform revenue driven by increased usage of our Proximic products.

Research & Insight Solutions revenue decreased primarily due to lower deliveries of certain custom digital products.

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revenue increased in 2025 primarily due to an increase in revenue from our Syndicated Audience offerings.

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We generate the majority of our revenues from the sale and delivery of our products within the United States.

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We anticipate that revenues from our U.S.

sales will continue to constitute a substantial and increasing portion of our revenues in future periods.

We expect our non-U.S.

revenues to decline as a percentage of our total revenues as a result of relative growth in our domestic product offerings.

sales will continue to constitute a substantial portion of our revenues in future periods.

Cost of Revenues

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Cost of revenues increased by $4.1 million, or 1.9%, for the year ended December 31, 2025 as compared to 2024.

Data costs increased primarily due to higher data licensing costs to expand our data footprint and data rights, as well as a credit of $2.5 million recognized in 2023 under the data licensing agreement with Charter Communications which did not recur in 2024.

Lease expense and depreciation increased primarily due to higher depreciation driven by an increase in capitalized internal-use software and finance leases.

Royalties and resellers costs increased primarily due to increased sales for products in which we pay royalties.

Employee costs increased primarily due to a shift in headcount toward supporting our products.

These increases were primarily offset by a decrease in systems and bandwidth costs primarily due to lower cloud computing and processing costs attributable to certain custom TV data set deliveries.

Professional fees decreased primarily due to a change in cost allocation to better align costs with the services provided.

Employee costs increased primarily due to a shift in headcount toward supporting our products and an increase in employee bonuses.

Royalties and resellers costs increased primarily due to increased sales of products for which we pay royalties.

Lease expense and depreciation increased primarily due to an increase in capitalized internal-use software.

Panel costs increased primarily due to higher recruitment and support costs.

Other expenses increased primarily due to higher contract fulfillment costs associated with the delivery of our Syndicated Audience products.

Systems and bandwidth costs increased primarily due to higher cloud computing and processing costs attributable to certain custom TV data set deliveries.

Data costs decreased primarily due to the December 2024 amendment to our data license agreement with Charter Communications Operating, LLC ("Charter Operating"), for which fees are now paid based on household counts provided during the period.

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Cost of revenues for the years ended December 31, 2024 and 2023 are as follows:

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Panel costs 13,262 3.7 % 13,370 3.6 % (108) (0.8) %

Professional fees 7,734 2.1 % 5,954 1.6 % 1,780 29.9 %

Royalties and resellers 6,506 1.8 % 4,095 1.1 % 2,411 58.9 %

Sample and survey costs 6,286 1.8 % 6,452 1.7 % (166) (2.6) %

Professional fees 6,234 1.8 % 7,734 2.1 % (1,500) (19.4) %

Technology 4,374 1.2 % 4,114 1.1 % 260 6.3 %

Royalties and resellers 4,095 1.1 % 3,534 0.9 % 561 15.9 %

Other 1,050 0.3 % 1,027 0.3 % 23 2.2 %

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Cost of revenues increased by $3.1 million, or 1.5%, for the year ended December 31, 2024 as compared to 2023.

Lease expense and depreciation increased due to higher depreciation primarily driven by an increase in capitalized internal-use software costs.

Professional fees

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increased primarily due to an increase in consulting services related to our transformation initiatives.

Systems and bandwidth costs increased primarily due to cloud computing and processing costs attributable to certain custom TV data set deliveries.

Data costs increased primarily due to an amendment to our data licensing agreement with Charter Communications, which resulted in a credit of $4.5 million recognized in 2022 compared to a credit of $2.5 million recognized in 2023.

Employee costs decreased primarily due to an increase in employee compensation capitalized in 2023 related to capitalized software projects as we allocated more resources to product development, as well as a decrease in employee headcount related to our restructuring plan.

Panel costs decreased primarily due to lower recruitment and support costs for our desktop and mobile panels.

Lease expense and depreciation increased primarily due to higher depreciation driven by an increase in capitalized internal-use software and finance leases.

Royalties and resellers costs increased primarily due to increased sales for products in which we pay royalties.

Employee costs increased primarily due to a shift in headcount toward supporting our products.

These increases were primarily offset by a decrease in systems and bandwidth costs primarily due to lower cloud computing and processing costs attributable to certain custom TV data set deliveries.

Professional fees decreased primarily due to a change in cost allocation to better align costs with the services provided.

Selling and Marketing

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Technology 3,344 0.9 % 3,188 0.9 % 156 4.9 %

Lease expense and depreciation 2,820 0.8 % 3,106 0.9 % (286) (9.2) %

Marketing and advertising 2,685 0.8 % 2,155 0.6 % 530 24.6 %

Professional fees 2,958 0.8 % 2,550 0.7 % 408 16.0 %

Marketing and advertising 2,633 0.7 % 2,685 0.8 % (52) (1.9) %

Lease expense and depreciation 2,092 0.6 % 2,820 0.8 % (728) (25.8) %

Other 2,028 0.6 % 1,707 0.5 % 321 18.8 %

Total selling and marketing expenses $ 59,902 16.8 % $ 57,622 16.2 % $ 2,280 4.0 %

Selling and marketing expenses decreased by $5.7 million, or 9.0%, for the year ended December 31, 2024 as compared to 2023.

Employee costs decreased primarily due to a decrease in employee headcount related to our restructuring plan and a decrease in commissions.

Selling and marketing expenses increased by $2.3 million, or 4.0%, for the year ended December 31, 2025 as compared to 2024.

Employee costs increased primarily due to an increase in employee bonuses, along with severance expense for terminated employees.

Selling and marketing expenses for the years ended December 31, 2024 and 2023 are as follows:

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Technology 3,188 0.9 % 3,149 0.8 % 39 1.2 %

Professional fees 3,120 0.8 % 2,464 0.7 % 656 26.6 %

Lease expense and depreciation 2,820 0.8 % 3,106 0.9 % (286) (9.2) %

Marketing and advertising 2,685 0.8 % 2,155 0.6 % 530 24.6 %

Professional fees 2,550 0.7 % 3,120 0.8 % (570) (18.3) %

Other 1,707 0.5 % 1,455 0.4 % 252 17.3 %

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Employee costs decreased primarily due to a decrease in employee headcount related to our restructuring plan and a decrease in commissions.

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Research and Development

Research and development expenses include product development costs, consisting primarily of employee costs including salaries, benefits, stock-based compensation and other related costs for personnel associated with research and development activities, third-party expenses to develop new products and third-party data costs and allocated overhead, lease expense and other facilities-related costs, and depreciation expense related to general purpose equipment and software.

Research and development expenses include product development costs, consisting primarily of employee costs including salaries, benefits, stock-based compensation and other related costs for personnel associated with research and development activities, third-party expenses to develop new products, third-party data costs, allocated overhead, lease expense and other facilities-related costs, and depreciation expense related to general purpose equipment and software.

Research and development expenses for the years ended December 31, 2025 and 2024 are as follows:

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Total research and development expenses $ 30,174 8.4 % $ 33,066 9.3 % $ (2,892) (8.7) %

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Research and development expenses decreased by $2.9 million, or 8.7%, for the year ended December 31, 2025 as compared to 2024.

Employee costs decreased primarily due to a shift in headcount toward supporting our products.

This decrease was offset by an increase in professional fees primarily due to a change in cost allocation to better align costs with the services provided.

Research and development expenses for the years ended December 31, 2024 and 2023 are as follows:

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Technology 3,117 0.9 % 3,367 0.9 % (250) (7.4) %

Lease expense and depreciation 2,523 0.7 % 2,783 0.7 % (260) (9.3) %

Professional fees 2,425 0.7 % 640 0.2 % 1,785 278.9 %

Lease expense and depreciation 2,236 0.6 % 2,523 0.7 % (287) (11.4) %

Other 463 0.1 % 543 0.1 % (80) (14.7) %

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Research and development expenses decreased by $0.6 million, or 1.9%, for the year ended December 31, 2024 as compared to 2023.

Employee costs decreased primarily due to an increase in employee compensation capitalized in 2023 in relation to capitalized software projects as we allocated more resources to product development, as well as a decrease in employee headcount related to our restructuring plan.

Employee costs decreased primarily due to a shift in headcount toward supporting our products.

This decrease was offset by an increase in professional fees primarily due to a change in cost allocation to better align costs with the services provided.

General and Administrative

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General and administrative expenses decreased by $0.1 million, or 0.2%, for the year ended December 31, 2025 as compared to 2024.

Employee costs decreased primarily due to a decrease in employee headcount related to our restructuring plan and a decrease in employee bonus expense.

Professional fees decreased primarily due to a decrease in corporate insurance costs.

Other costs decreased primarily due to lower non-income taxes.

Employee costs increased primarily due to an increase in employee bonuses and severance expense for terminated employees, partially offset by a decrease in stock-based compensation expense.

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General and administrative expenses for the years ended December 31, 2024 and 2023 are as follows:

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General and administrative expenses decreased by $3.5 million, or 6.9%, for the year ended December 31, 2024 as compared to 2023.

Employee costs decreased primarily due to lower stock-based compensation expense in 2023 and severance expense related to the retirement of our former CEO which was recognized in 2022.

Other expense decreased primarily due to change in fair value of the contingent consideration recognized as part of our 2021 Shareablee acquisition.

In addition, Other expense decreased due to lower recruiting expense and operating tax expense.

Professional fees decreased primarily due to a decrease in audit fees.

Employee costs decreased primarily due to a decrease in employee headcount related to our restructuring plan and a decrease in employee bonus expense.

Professional fees decreased primarily due to a decrease in corporate insurance costs.

Amortization of Intangible Assets

Amortization expense consists of charges related to the amortization of intangible assets associated with acquisitions, primarily our 2016 Rentrak merger.

Amortization of intangible assets decreased by $2.2 million, or 41.4%, for 2024 as compared to 2023 and by $21.9 million, or

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80.8%, for 2023 as compared to 2022.

The decrease in amortization of intangible assets in 2024 and 2023 was primarily due to amortization related to certain customer relationships, methodologies and technology intangibles related to the Rentrak merger reaching the end of their useful lives.

Amortization expense consists of charges related to the amortization of intangible assets associated with acquisitions, primarily our 2021 acquisition of Shareablee.

Amortization of intangible assets decreased by $0.5 million, or 17.3%, for 2025 as compared to 2024 and by $2.2 million, or 41.4%, for 2024 as compared to 2023.

The decrease in amortization of intangible assets in 2024 was primarily due to amortization related to certain customer relationships, methodologies and technology intangibles related to our 2016 Rentrak merger reaching the end of their useful lives.

Impairment of Goodwill

As of September 30, 2024, as a result of changes in our stock price, market and equity capitalization, operating results and projections, we performed an interim impairment review of our goodwill in conjunction with our October 1, 2024 annual testing date.

We performed a quantitative impairment test on our annual testing date as of October 1, 2025.

No impairment charge related to goodwill was incurred during the year ended December 31, 2025.

In the third quarter of 2024, we performed an interim impairment review of our goodwill in conjunction with our October 1, 2024 annual testing date.

Our reporting unit did not pass the goodwill impairment test, and as a result we recorded a $63.0 million non-cash impairment charge in the quarter ended September 30, 2024.

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Our reporting unit did not pass the goodwill impairment test, and as a result we recorded a $44.1 million non-cash impairment charge in the quarter ended June 30, 2023.

As of September 30, 2022, we performed an interim impairment review of our goodwill in conjunction with our October 1, 2022 annual testing date.

Our reporting unit did not pass the goodwill impairment test, and as a result we recorded a $46.3 million non-cash impairment charge in the quarter ended September 30, 2022.

For further information refer to Footnote 9 , Goodwill and Intangible Assets and Item 7 , Critical Accounting Estimates .

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In the quarter ended September 30, 2024, we recorded an impairment charge of $1.4 million related to certain office space lease right-of-use assets and associated leasehold improvements.

The impairment charge was driven by the execution of a sublease for an office space for which expected cash receipts are less than the cash disbursements for the primary lease.

The impairment charge was driven by the execution of a sublease for an office space for which expected cash receipts were less than the cash disbursements for the primary lease.

In the quarter ended September 30, 2023, we recorded an impairment charge of $1.5 million related to certain office space lease right-of-use assets and related long-lived assets.

The impairment charge was driven by our abandonment of certain leased office spaces prior to the end of the lease terms.

No impairment charge related to right-of-use and long-lived assets was incurred during the year ended December 31, 2025.

For further information refer to Footnote 2 , Summary of Significant Accounting Policies .

Organizational Restructuring

We incurred restructuring expenses of $1.0 million, $6.2 million and $5.8 million for the years ended December 31, 2024, 2023 and 2022, respectively, related to the implementation of a restructuring plan that included a workforce reduction communicated in 2022.

We incurred restructuring expenses of $1.0 million and $6.2 million for the years ended December 31, 2024 and 2023, respectively, related to the implementation of a restructuring plan that included a workforce reduction communicated in 2022.

The 2022 restructuring plan was substantially completed in 2024.

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Interest income primarily consists of interest earned from our cash and cash equivalent balances.

Interest expense relates to interest on our Prior Credit Agreement and our finance leases.

Interest expense primarily relates to interest and amortization of debt issuance costs under our Credit Agreement, a prior credit agreement and our finance leases.

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Interest expense, net, increased $4.8 million in 2025 to $6.7 million as compared to $1.9 million in 2024.

The increase in interest expense for the year ended December 31, 2024 as compared to 2023 was primarily due to a higher interest rate on debt under our Prior Credit Agreement, as described in Footnote 5 , Debt.

The increase in interest expense was primarily due to the increase in debt balance related to the Credit Agreement we executed on December 31, 2024, as described in Footnote 5 , Debt.

Interest expense, net, increased $0.4 million in 2024 to $1.9 million as compared to $1.4 million in 2023.

The increase in interest expense for the year ended December 31, 2023 as compared to 2022 was primarily due to a higher interest rate on debt under our Prior Credit Agreement, as described in Footnote 5 , Debt .

Other Income, Net

Other income, net represents income and expenses incurred that are generally not recurring in nature or are not part of our regular operations.

The following is a summary of other income, net:

Years Ended December 31,

(In thousands) 2024 2023 2022

Change in fair value of warrants liability $ 669 $ 49 $ 9,802

Other (18) (7) (17)

Total other income, net

$ 651 $ 42 $ 9,785

Total other income, net for the year ended December 31, 2024 was $0.7 million as compared to total other income, net of $42 thousand in 2023.

The increase in other income, net was primarily driven by larger gains from the change in fair value of warrants liability recognized in 2024 compared to 2023, due to a decrease in the trading price of our Common Stock during the first quarter of 2024 and the Series A warrants

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expiring unexercised in the second quarter of 2024, as described in Footnote 4 , Convertible Redeemable Preferred Stock and Stockholders' Equity (Deficit).

Total other income, net for the year ended December 31, 2023 was negligible as compared to total other income, net of $9.8 million in 2022.

The decrease in other income, net was primarily driven by larger gains from the change in fair value of warrants liability recognized in 2022 compared to 2023, due to a decrease in the trading price of our Common Stock in 2022 and an exercise price adjustment in 2023.

For additional information about the change in fair value of warrants liability, refer to Footnote 4 , Convertible Redeemable Preferred Stock and Stockholders' Equity (Deficit).

Gain (Loss) From Foreign Currency Transactions

Our foreign currency transactions are recorded as a result of fluctuations in the exchange rate between the transactional currency and the functional currency of foreign subsidiary transactions.

Our foreign currency exposures that relate to the translation to U.S.

Dollars are in a net liability position, and our foreign currency exposures that relate to the translation from U.S.

Dollars are in a net asset position.

The increase in interest expense was primarily due to a higher interest rate on debt under our prior credit agreement, as described in Footnote 5 , Debt .

(Loss) Gain From Foreign Currency Transactions

Our foreign currency transactions are recorded as a result of fluctuations in the exchange rate between the transactional currency and the functional currency of foreign subsidiary transactions, primarily resulting in non-cash unrealized gains and losses.

Our foreign currency exposures that relate to the translation to and from U.S.

Dollars are in a net liability position.

For the year ended December 31, 2025, the loss from foreign currency transactions was $5.9 million.

The loss was primarily driven by fluctuations in the U.S.

Dollar against the Chilean Peso, Euro and Canadian Dollar.

For the year ended December 31, 2024, the gain from foreign currency transactions was $1.4 million.

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Dollar against the Euro and Argentine Peso.

For the year ended December 31, 2022, the gain from foreign currency transactions was $1.2 million.

The gain was primarily driven by fluctuations in the Euro and Chilean Peso against the U.S.

Dollar and the U.S.

Dollar against the Canadian Dollar and Argentine Peso.

Income Tax Provision

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federal statutory rate primarily due to the effects of certain permanent items, foreign tax rate differences, changes in the valuation allowance against our domestic deferred tax assets and income tax benefit related to the impairment of goodwill.

Included within tax expense for the year ended December 31, 2025 is an income tax benefit of $8.0 million for a decrease in the valuation allowance recorded against our deferred tax assets to offset the tax expense of our operating losses in the U.S.

and certain foreign jurisdictions.

Income tax expense of $2.4 million has also been included for permanent differences in the book and tax treatment of certain stock-based compensation, local statutory to U.S.

GAAP adjustments, and other nondeductible expenses.

These tax adjustments, along with state and local taxes, are the primary drivers of the annual effective income tax rate.

Included within tax expense for the year ended December 31, 2024 is an income tax adjustment of $17.2 million related to the impairment of goodwill.

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These tax adjustments, along with state and local taxes, are the primary drivers of the annual effective income tax rate.

Included within tax expense for the year ended December 31, 2022 is income tax benefit of $2.6 million for permanent differences in the book and tax treatment of nontaxable gain on fair market value adjustment of stock warrants, offset by certain nondeductible stock-based compensation and executive compensation.

Also included in the total tax expense is an income tax adjustment of $12.7 million related to the impairment of goodwill.

Income tax expense of $18.5 million has also been included for an increase in the valuation allowance recorded against our deferred tax assets to offset the tax benefit of our operating losses in the U.S.

and certain foreign jurisdictions.

These tax adjustments, along with state and local taxes and book losses in foreign jurisdictions where the income tax rate is substantially lower than the U.S.

federal statutory rate, are the primary drivers of the annual effective income tax rate.

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Net cash used in investing activities (23,385) (24,062) (23,786)

Net cash provided by (used in) financing activities 17,623 (3,394) (18,132)

Net cash (used in) provided by financing activities (6,995) 17,623 (3,394)

Effect of exchange rate changes on cash, cash equivalents and restricted cash 976 (1,133) 748

Net increase (decrease) in cash, cash equivalents and restricted cash 10,532 2,494 (1,837)

Our principal uses of cash consist of cash paid for data, payroll and other operating expenses, including expenses incurred in prior periods;

Net (decrease) increase in cash, cash equivalents and restricted cash (6,668) 10,532 2,494

Our principal uses of cash consist of cash paid for data, payroll and other operating expenses;

payments related to investments in equipment, primarily to support our consumer panels and technical infrastructure required to deliver our products and services and support our customers;

service of our debt and lease facilities;

and deferred payment obligations with respect to our 2021 acquisition of Shareablee.

and service of our debt and lease facilities.

As of December 31, 2025, our principal sources of liquidity consisted of cash, cash equivalents and restricted cash totaling $26.8 million, including $3.2 million in restricted cash (primarily related to letters of credit);

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We had outstanding letters of credit of $2.8 million as of December 31, 2025.

On December 31, 2024, we entered into a senior secured financing agreement (the "Credit Agreement") with Blue Torch Finance LLC.

On December 29, 2025, each of the Investors exchanged 31,928,301 shares of Series B Preferred Stock for (i) 4,223,621 shares of Series C Preferred Stock and (ii) 3,286,825 shares of Common Stock (the "Recapitalization").

Pursuant to the Recapitalization, we retired the shares of Series B Preferred Stock and eliminated from our Amended and Restated Certificate of Incorporation all matters set forth in the Certificate of Designations of the Series B Preferred Stock, including the annual dividend rights provided therein.

We also eliminated a special cash dividend right set forth in our previous stockholders agreement with the Investors.

Additionally, as part of the Recapitalization, we agreed to a fixed cash payment of $2.0 million to each of the Investors on June 30, 2028, regardless of whether the Investors continue to own any of our securities on the payment date.

For further information, refer to Footnote 1 , Organization and Footnote 4 , Convertible Redeemable Preferred Stock and Stockholders' Equity (Deficit) .

In connection with the Recapitalization, we entered into an amendment to our Credit Agreement to permit the exchange and the issuance of Series C Preferred Stock.

For additional information on the Credit Agreement, refer to Footnote 5 , Debt .

On June 24, 2025, prior to the Recapitalization, each Investor waived its right to receive on June 30, 2025 the annual dividends otherwise payable by us on that date.

Under the waivers and the prior Certificate of Designations, the deferred dividends accrued and accumulated at a rate of 9.5% per year from June 30, 2025 until they were extinguished as part of the Recapitalization.

No shares of Series B Preferred Stock or related dividend obligations were outstanding as of December 31, 2025.

On December 31, 2024, we entered into the Credit Agreement with Blue Torch Finance LLC.

The Credit Agreement has a term of four years and matures in December 2028.

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

Also on December 31, 2024, we terminated our prior credit agreement with Bank of America, N.A.

(the "Prior Credit Agreement").

As described above, we used a portion of proceeds from the new Credit Agreement to cash collateralize our outstanding letters of credit under the Prior Credit Agreement.

We had no other borrowings outstanding under the Prior Credit Agreement on the termination date, and we did not incur any early termination penalties in connection with the termination.

On July 24, 2024, we issued 13.3 million additional shares of Preferred Stock to the existing holders of Preferred Stock in exchange for cancellation of our obligation to pay accrued dividends to such holders for dividend periods ended in 2023 and 2024.

The additional shares of Preferred Stock have the same terms and conditions as the Preferred Stock previously issued by us, including that they accrue annual dividends at a rate of 7.5% per annum.

Under the Credit Agreement, we are prohibited from paying cash dividends to the holders of Preferred Stock prior to April 1, 2026.

On and after April 1, 2026, the Credit Agreement imposes certain limitations on cash dividends, including a heightened liquidity requirement.

Macroeconomic Factors

In recent years, macroeconomic challenges such as inflation, rising interest rates, capital market disruptions and recession concerns have caused some advertisers to reduce or delay advertising expenditures.

These declines have had a direct impact on demand for our products, particularly those that are tied to discretionary advertising spend.

We expect that softness in the advertising market will continue to affect our business into 2025.

In recent years, macroeconomic challenges such as inflation, capital market disruptions and recession concerns have caused some advertisers to reduce or delay advertising expenditures.

Recent geopolitical conflicts and developments in U.S.

trade policy have created additional uncertainty, contributing to further spending delays by advertisers.

These delays and declines have had a direct impact on demand for our products, particularly those that are tied to advertising spend.

We expect that softness in the advertising market will continue to affect our business in 2026.

Although we cannot quantify the impact of macroeconomic factors on our future results, any worsening of ad market conditions could negatively impact our financial position and liquidity.

Preferred Stock

On March 10, 2021, we issued 82,527,609 shares of Preferred Stock in exchange for gross cash proceeds of $204.0 million.

On March 10, 2021, we issued 82,527,609 shares of Series B Preferred Stock in exchange for gross cash proceeds of $204.0 million.

Net proceeds from the issuance totaled $187.9 million after deducting issuance costs.

Shares of Preferred Stock are convertible into Common Stock as described in Footnote 4 , Convertible Redeemable Preferred Stock and Stockholders' Equity (Deficit).

The holders of Preferred Stock are entitled to participate in all dividends declared on the Common Stock on an as-converted basis and are also entitled to a cumulative dividend at the rate of 7.5% per annum, payable annually in arrears and subject to increase under certain specified circumstances (including in connection with the dividend waivers described below).

In addition, such holders are entitled to request, and we must take all actions reasonably necessary to pay, a one-time special dividend on the Preferred Stock equal to the highest dividend that our Board of Directors determines can be paid at the applicable time (or a lesser amount agreed by the holders), subject to additional conditions and limitations described in Footnote 4 , Convertible Redeemable Preferred Stock and Stockholders' Equity (Deficit) .

We may be obligated to obtain debt financing in order to effectuate the special dividend, which could significantly impact our financial position and liquidity depending on the timing and scope of the dividend payment and related financing.

Shares of Series B Preferred Stock were convertible into Common Stock as described in Footnote 4 , Convertible Redeemable Preferred Stock and Stockholders' Equity (Deficit).

The holders of Series B Preferred Stock were entitled to participate in all dividends declared on the Common Stock on an as-converted basis and were also entitled to a cumulative dividend at the rate of 7.5% per annum, payable annually in arrears and subject to increase under certain specified circumstances (including in connection with the dividend waivers described below).

In addition, such holders were entitled to request,

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At an annual meeting held on June 15, 2023, our stockholders approved proposals permitting the payment of annual dividends on the Preferred Stock in the form of cash, shares of Common Stock, additional shares of Preferred Stock, or a combination thereof, subject to conditions set forth in the Certificate of Designations governing the Preferred Stock.

On the same date, each holder of Preferred Stock waived its right to receive on June 30, 2023 the annual dividends otherwise payable by us on that date.

and we would have had to take all actions reasonably necessary to pay, a one-time special dividend on the Series B Preferred Stock equal to the highest dividend that our Board of Directors determined could be paid at the applicable time (or a lesser amount agreed by the holders).

At an annual meeting held on June 15, 2023, our stockholders approved proposals permitting the payment of annual dividends on the Series B Preferred Stock in the form of cash, shares of Common Stock, additional shares of Series B Preferred Stock, or a combination thereof, subject to conditions set forth in the Certificate of Designations governing the Series B Preferred Stock.

On the same date, each holder of Series B Preferred Stock waived its right to receive on June 30, 2023 the annual dividends otherwise payable by us on that date.

Upon receipt of the waivers, our Board elected to defer the June 2023 payment.

Under the waivers and the Certificate of Designations, the deferred dividends would accrue and accumulate at a rate of 9.5% per year from June 30, 2023 until declared and paid, with payment to occur on or before December 31, 2023.

On December 26, 2023, each holder of our Preferred Stock waived its right to receive the deferred dividends on or before December 31, 2023.

Under these waivers and the Certificate of Designations, the deferred dividends would continue to accrue at a rate of 9.5% per year until declared and paid, with payment to occur on or before June 30, 2024.

On June 27, 2024, each holder of Preferred Stock further waived its right to receive the deferred dividends on or before June 30, 2024.

Under the waivers and the Certificate of Designations of Series B Preferred Stock, the deferred dividends would accrue and accumulate at a rate of 9.5% per year from June 30, 2023 until declared and paid, with payment to occur on or before December 31, 2023.

On December 26, 2023, each holder of our Series B Preferred Stock waived its right to receive the deferred dividends on or before December 31, 2023.

Under these waivers and the Certificate of Designations of Series B Preferred Stock, the deferred dividends would continue to accrue at a rate of 9.5% per year until declared and paid, with payment to occur on or before June 30, 2024.

On June 27, 2024, each holder of Series B Preferred Stock further waived its right to receive the deferred dividends on or before June 30, 2024.

In addition, each holder waived its right to receive on June 30, 2024 the annual dividends otherwise payable on that date for the dividend period ending June 29, 2024.

Under these waivers and the Certificate of Designations, the deferred dividends for both periods (2023 and 2024) would continue to accrue and accumulate at a rate of 9.5% per year until declared and paid, with payment to occur on or before July 31, 2024, subject to certain conditions.

On July 24, 2024, we issued 13,257,294 additional shares of Preferred Stock to the existing holders of Preferred Stock in exchange for cancellation of our obligation to pay the deferred dividends described above, which totaled $32.8 million on the issuance date.

On the date of issuance, the additional shares of Preferred Stock were convertible into 662,862 shares of our Common Stock, representing an effective conversion price of $49.438 per share for the canceled dividend obligation.

The additional shares of Preferred Stock have the same terms and conditions as the Preferred Stock previously issued, including that holders are entitled to cumulative dividends at a rate of 7.5% per annum, payable annually in arrears and subject to increase under certain circumstances.

In connection with the issuance, we also entered into an amendment to the Stockholders Agreement with the holders of Preferred Stock.

Among other things, the amendment reduced the $100.0 million special dividend threshold set forth in the Stockholders Agreement by an amount equal to the liquidation preference of the additional Preferred Stock ($32.8 million).

After further reducing the threshold by annual dividends paid in prior years, the current special dividend threshold is $47.0 million.

As of December 31, 2024, each share of Preferred Stock was convertible into 0.051892 shares of Common Stock, with such conversion rate scheduled to return to 0.05 upon payment of accrued dividends.

Any payment of dividends (annual or special) in the form of cash could significantly impact our financial position and liquidity.

Under these waivers and the Certificate of Designations of Series B Preferred Stock, the deferred dividends for both periods (2023 and 2024) would continue to accrue and accumulate at a rate of 9.5% per year until declared and paid, with payment to occur on or before July 31, 2024.

On July 24, 2024, we issued 13,257,294 additional shares of Series B Preferred Stock to the Investors in exchange for cancellation of our obligation to pay the deferred dividends described above, which totaled $32.8 million on the issuance date.

On the date of issuance, the additional shares of Series B Preferred Stock were convertible into 662,862 shares of our Common Stock, representing an effective conversion price of $49.438 per share for the canceled dividend obligation.

The additional shares of Series B Preferred Stock had the same terms and conditions as the Series B Preferred Stock previously issued, including that holders were entitled to cumulative dividends at a rate of 7.5% per annum, payable annually in arrears and subject to increase under certain circumstances.

In connection with the issuance, we also entered into an amendment to the prior stockholders agreement with the Investors.

Among other things, the amendment reduced the $100.0 million special dividend threshold set forth in the prior stockholders agreement by an amount equal to the liquidation preference of the additional Series B Preferred Stock ($32.8 million).

After further reducing the threshold by annual dividends paid in prior years, the special dividend threshold was $47.0 million.

On June 24, 2025, each holder of our Series B Preferred Stock waived its right to receive on June 30, 2025 the annual dividends otherwise payable by us on that date.

Under the waivers and the Certificate of Designations of Series B Preferred Stock, the deferred dividends accrued and accumulated at a rate of 9.5% per year from June 30, 2025 until they were extinguished as part of the Recapitalization.

On December 29, 2025, each Investor exchanged 31,928,301 shares of Series B Preferred Stock for (i) 4,223,621 shares of Series C Preferred Stock and (ii) 3,286,825 shares of Common Stock.

Holders of Series C Preferred Stock are entitled to convert the Series C Preferred Stock into shares of Common Stock and to vote as a single class with the holders of Common Stock as set forth in the Certificate of Designations of Series C Preferred Stock.

The Recapitalization resulted in the retirement of all shares of Series B Preferred Stock and the elimination of related annual and special dividend rights.

For further information, refer to Footnote 1 , Organization and Footnote 4 , Convertible Redeemable Preferred Stock and Stockholders' Equity (Deficit).

As of December 31, 2025, no shares of Series C Preferred Stock had been converted into Common Stock.

Secured Credit Agreement

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Amounts outstanding under the Credit Agreement must be prepaid from time to time with the net cash proceeds of certain debt incurrences, equity issuances, asset sales and other dispositions, insurance and condemnation proceeds, tax refunds and other extraordinary receipts.

Additionally, beginning with the fiscal year ending December 31, 2025, we may be required to prepay the loans annually with Excess Cash Flow (as defined in the Credit Agreement) at specified percentages.

Additionally, we may be required to prepay the loans annually with Excess Cash Flow (as defined in the Credit Agreement) at specified percentages, or we may voluntarily prepay a portion of the loans in order to maintain compliance with our financial covenants, as we anticipate doing in the first quarter of 2026.

Certain payments may be subject to prepayment premiums.

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Additionally, the Credit Agreement contains restrictive covenants that limit our ability to, among other things, incur additional indebtedness and 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.

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

As of December 31, 2025, we were in compliance with our covenants under the Credit Agreement.

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As of December 31, 2025, we had $44.6 million outstanding under the Term Loan and no borrowings outstanding under the Revolving Facility, with a remaining borrowing capacity of $15.0 million.

For additional information on the Credit Agreement, refer to Footnote 5 , Debt .

Prior Credit Agreement

On May 5, 2021, we entered into the Prior Credit Agreement.

The Prior Credit Agreement provided for a borrowing capacity equal to $25.0 million, which was reduced from $40.0 million on May 3, 2024.

We could also request the issuance of letters of credit under the Prior Credit Agreement in an aggregate amount up to $5.0 million.

On May 3, 2024, we entered into an amendment to the Prior Credit Agreement that, among other things, (i) extended the maturity date of the facility from May 5, 2024 to November 5, 2024;

(ii) reduced our borrowing capacity from $40.0 million to $25.0 million;

(iii) increased the

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applicable rate payable on SOFR-based loans to 4.50%;

(iv) revised certain financial covenants;

(v) limited certain restricted payments (including dividends) with respect to our equity interests;

(vi) required a repayment of $6.0 million to reduce the principal amount outstanding under the facility;

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

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

On November 5, 2024, we entered into an amendment to the Prior Credit Agreement to extend the maturity date with respect to the outstanding letters of credit under the facility to January 31, 2025.

The amendment reduced the aggregate lender commitments under the Prior Credit Agreement to equal the outstanding letters of credit (totaling $3.2 million) and limited the purpose of, and use of proceeds under, the Prior Credit Agreement to the issuance of letters of credit.

Additionally, the amendment terminated certain financial covenants while maintaining the same non-financial covenants, security interest and interest rate as in effect immediately prior to the amendment.

On December 31, 2024, we terminated the amended Prior Credit Agreement.

As described above, we used a portion of proceeds from the Term Loan to cash collateralize our outstanding letters of credit under the Prior Credit Agreement.

We had no other borrowings outstanding under the Prior Credit Agreement on the termination date, and we did not incur any early termination penalties in connection with the termination.

For additional information on the Prior Credit Agreement, refer to Footnote 5 , Debt .

Restricted Cash

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Cash provided by operating activities is calculated by adjusting our net loss for changes in working capital, as well as by excluding non-cash items such as:

depreciation, stock-based compensation, non-cash operating lease expense, amortization expense of finance leases and intangible assets, impairment of right-of-use and long-lived assets and goodwill, deferred tax provision and change in the fair value of warrants liability.

depreciation, unrealized foreign currency loss (gain), non-cash operating lease expense, stock-based compensation, amortization expense of finance leases and intangible assets, impairment of right-of-use and long-lived assets and goodwill, and deferred tax provision (benefit).

Net cash provided by operating activities in 2025 was $22.7 million compared to $18.1 million in 2024.

The increase in cash provided by operating activities was partially attributable to a net decrease in cash used by operating assets and liabilities, with $13.5 million of cash used for the year ended December 31, 2025 as compared to $23.8 million for the year ended December 31, 2024.

This was primarily due to higher vendor payments in 2024 (including aged accounts payable resolved at year-end with proceeds from the Term Loan) and higher cash receipts from customers in 2025.

The decrease was offset by lower contract liabilities and customer advances in 2025, and higher interest payments due to the increase in debt balance related to the Credit Agreement executed on December 31, 2024.

Net cash provided by operating activities in 2024 was $18.1 million compared to $28.9 million in 2023.

The decrease in cash provided by operating activities was partially attributable to a net decrease in cash generated from operating assets and liabilities, with $23.8 million of cash used for the year ended December 31, 2024 as compared to $10.5 million for the year ended December 31, 2023.

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Other contributors included lower adjustments for amortization of intangible assets and stock-based compensation expense in 2024 compared to 2023.

Net cash provided by operating activities in 2023 was $28.9 million compared to $34.9 million in 2022.

The decrease in cash provided by operating activities was partially attributable to a net decrease in cash generated from operating assets and liabilities, with $10.5 million of cash used for the year ended December 31, 2023 as compared to $0.3 million of cash generated for the year ended December 31, 2022.

The lower amount of cash generated from operating assets and liabilities in 2023 was primarily due to severance payments made in 2023, as well as the first payment of contingent consideration for our 2021 Shareablee acquisition.

Other contributors to the decrease in cash provided by operating activities were lower revenue, lower adjustments for amortization and stock-based compensation expense and change in fair value of contingent consideration in 2023, offset by the change in fair value of our warrants liability and depreciation.

Investing Activities

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Net cash used in investing activities in 2024 was $24.1 million compared to $23.8 million in 2023.

The increase in cash used in investing activities was primarily due to an increase in cash paid for capitalized internally developed software as we increased our focus on product infrastructure and innovation in 2023.

Financing Activities

Net cash used in financing activities in 2025 was $7.0 million compared to net cash provided by financing activities of $17.6 million in 2024.

The increase in net cash used in financing activities in 2025 was driven primarily by the payment of issuance costs related to the Recapitalization and higher finance lease principal payments.

The cash provided by financing activities in 2024 was primarily due to net proceeds of $40.4 million from the Credit Agreement.

This was offset by the repayment of $16.0 million under our prior credit agreement and the payment of the second installment of contingent consideration for our 2021 Shareablee acquisition.

Net cash provided by financing activities in 2024 was $17.6 million compared to net cash used in financing activities of $3.4 million in 2023.

The increase in cash provided by financing activities was primarily due to net proceeds of $40.4 million from the Credit Agreement in 2024.

This was offset by the repayment of $16.0 million under the Prior Credit Agreement and the payment of the second installment of contingent consideration for our 2021 Shareablee acquisition initially recorded at fair value and paid in 2024.

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Net cash used in financing activities in 2023 was $3.4 million compared to $18.1 million in 2022.

The decrease in cash used for financing activities was primarily due to the deferral of accrued dividends due to holders of the Preferred Stock in 2023, as described under "Preferred Stock" above.

This was offset by a portion of the first payment of contingent consideration for our 2021 Shareablee acquisition initially recorded at fair value and paid in 2023.

This was offset by the repayment of $16.0 million under the prior credit agreement and the payment of the second installment of contingent consideration for our 2021 Shareablee acquisition.

Contractual Payment Obligations

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We have data licensing agreements with a number of MVPDs and other providers for set-top box and connected TV data.

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

As of December 31, 2024, the total fixed payment obligations related to set-top box and connected TV data agreements are $125.5 million and $25.4 million, respectively.

In addition, we expect to make variable payments related to a set-top box data agreement totaling an estimated $108.8 million over the next seven years.

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

As of December 31, 2025, the total fixed payment obligations related to set-top box and

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connected TV data agreements are $98.5 million and $22.7 million, respectively.

In addition, we expect to make variable payments related to a set-top box data agreement totaling an estimated $86.0 million over the next six years.

We have both operating and financing leases related to corporate office space and equipment.

Our leases have remaining terms from less than one year to five years.

Our leases have remaining terms of less than one year to five years.

As of December 31, 2025, the total fixed payment obligation related to these agreements is $22.3 million.

We have an agreement for cloud-based data storage and bandwidth to help process and store our data.

The remaining term for this agreement is less than one year.

In 2025, we amended an agreement for cloud-based data storage and bandwidth services to help process and store our data, extending the term through 2028.

The remaining term for this agreement is three years.

As of December 31, 2025, the total fixed payment obligation related to this agreement is $56.1 million.

Future Capital Requirements

Our ability to generate cash is subject to our performance, general economic conditions, industry trends and other factors, including the timing of cash collections from our customers, data costs and other trade payables, service of our debt and lease facilities, dividend payment obligations, and expenses from ongoing compliance efforts and legal matters.

Our ability to generate cash is subject to our performance, general economic conditions, industry trends and other factors, including the timing of cash collections from our customers, data costs and other trade payables, service of our debt and lease facilities, and expenses from ongoing compliance efforts, legal matters, and strategic transactions.

To the extent that our existing cash, cash equivalents and operating cash flow, together with savings from cost-reduction initiatives undertaken by our management and amounts available to us under the Revolving Facility, are insufficient to fund our future activities and requirements, we may need to raise additional funds through public or private equity or debt financing.

We may also be required to prepay or refinance our Credit Agreement or raise additional funds in order to pay dividends to holders of our Preferred Stock, as described above.

We may also be required to (or choose to) prepay or refinance our Credit Agreement, including to maintain compliance with our financial covenants.

Our history of net losses, as well as disruption and volatility in global capital and credit markets, could impact our ability to access capital resources on terms acceptable to us or at all.

If we issue additional equity securities in order to raise additional funds, pay dividends or for other purposes, further dilution to existing stockholders may occur.

If we issue additional equity securities in order to raise additional funds or for other purposes, further dilution to existing stockholders may occur.

Critical Accounting Estimates

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Bundled arrangements may include a combination of distinct goods and services where some are satisfied over time and others are satisfied at a point in time.

Changes to the SSP will impact the amount of consideration allocated to each performance obligation, which could have an impact on the timing and amount of

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revenues recognized in future periods as our performance obligations are satisfied.

Changes to the SSP will impact the amount of consideration allocated to each performance obligation, which could have an impact on the timing and amount of revenues recognized in future periods as our performance obligations are satisfied.

The determination of SSP also impacts the amount of revenues we can recognize in transactions where consideration is exchanged with counterparties as described above.

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As such, we perform the impairment assessment for goodwill at the enterprise level.

Goodwill is reviewed for possible impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below the carrying value.

Goodwill is reviewed for possible impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of

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the reporting unit below the carrying value.

In assessing the possibility that our reporting unit's fair value has been reduced below its carrying value due to the occurrence of events or circumstances between annual impairment testing dates, we consider all available evidence including, but not limited to:

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The discount rates selected for the 2025, 2024 and 2023 annual impairment analyses were 16.0%, 24.5% and 22.0%, respectively.

Our selected discount rate was higher in 2024 in comparison to 2023 primarily due to the increase in company-specific risk premium ("CSRP").

The increase in CSRP was related to an increase in operational risk in earnings before interest, taxes, depreciation, and amortization.

Our selected discount rate was lower in 2025 in comparison to 2024 primarily due to the decrease in company-specific risk premium ("CSRP").

The decrease in CSRP was related to a decrease in operational risk in earnings before interest, taxes, depreciation, and amortization.

Under the market approach, the fair value is determined using certain financial metrics of publicly traded companies or historically completed transactions of comparable businesses.

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We determine fair value primarily based on selected market multiples based on current and projected revenues compared to business enterprise value, with an estimated control premium as applicable.

During the third quarter of 2024, we concluded that it was more likely than not that the estimated fair value of our reporting unit was less than its carrying value.

In our assessment, we considered changes in our stock price, market and equity capitalization, operating results and projections.

We performed a quantitative goodwill impairment test in conjunction with the annual testing using a discounted cash flow model, supported by a market approach.

Our reporting unit did not pass the goodwill impairment test, and as a result we recorded a $63.0 million non-cash impairment charge in the quarter ended September 30, 2024.

Goodwill allocated to our single reporting unit as of December 31, 2025 was $248.6 million.

As of our most recent annual assessment, which was conducted as of October 1, 2025, the estimated fair value of our reporting unit exceeded its carrying value by approximately 16%.

The projected long-term cash flows used in our fair value estimate are consistent with our most recent operating plan as of the evaluation date and are dependent on the successful execution of our business plan, overall industry growth rates and the competitive environment.

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If the reporting unit's future performance falls below our expectations, or if there are negative revisions to our fair value assumptions, including those that are significant and discussed above, we may need to record a material, non-cash goodwill impairment charge in a future period.

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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-K

Item 7. Management’s Discussion and Analysis