0001476840-26-000009 | 10-K | XBRL Viewer

FINANCING ARRANGEMENTS - Letter of Credit Security Agreement (Details)	Apr. 16, 2025 USD ($)
Letter of Credit
Line of Credit Facility
Maximum borrowing capacity	$ 7,500,000

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	12 Months Ended
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Description of the Business Expensify, Inc. (“Expensify”) was incorporated in Delaware on April 29, 2009. Expensify offers a comprehensive expense management platform that integrates with a variety of third-party accounting applications, including QuickBooks Desktop, QuickBooks Online, Xero, NetSuite, Intacct, Sage, Microsoft Dynamics, MYOB and others. Expensify's product simplifies the way that employees and vendors manage and submit expense receipts and bills and provides efficiencies to companies for the payment of those bills. Expensify delivers its services over the internet to corporations and individuals under license arrangements and offers unique pricing options for small and medium-sized businesses and enterprises primarily on a per-active-member basis. Expensify has subsidiaries in the United States (“U.S.”), Australia, Canada, Netherlands and the United Kingdom (“UK”). Expensify also offers an Expensify charge card (the “Expensify Card”), which is primarily distributed to corporate customers in the U.S. who subsequently distribute the card to their employees for business use. The Expensify Card allows customers to have real-time control over their employees' spending and compliance with spending limits in addition to eReceipt reporting on purchases. As of December 31, 2025, the Expensify Card substantially consisted of a single card program that launched in February 2024 (the “Updated Card Program”). The Updated Card Program operates under an agreement with the issuing bank, The Bancorp Bank, N.A. (“Bancorp”), to issue Expensify Cards to customers and authorize and settle transactions on the Visa card network. Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements include the accounts of Expensify, its wholly-owned subsidiaries, and Expensify.org (collectively, the “Company”) and have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). All intercompany transactions and balances have been eliminated in consolidation. In the opinion of management, the accompanying consolidated financial statements reflect all normal and recurring adjustments that are necessary for the fair presentation of the Company's financial position, results of operations, equity, and cash flows for the periods presented. Reclassification Presentation Certain prior period amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported results of financial position, operations and cash flows.

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands		12 Months Ended
	Dec. 17, 2025	Dec. 31, 2025	Dec. 31, 2024
Loss Contingencies [Line Items]
Expected insurance recoveries		$ 6,710	$ 0
Putative Class Action
Loss Contingencies [Line Items]
Expected insurance recoveries		6,700
Settled Litigation \| Putative Class Action
Loss Contingencies [Line Items]
Litigation settlement, amount awarded to other party	$ 9,500
Loss from litigation settlement		$ 2,800

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

SIGNIFICANT BALANCE SHEET COMPONENTS

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

SIGNIFICANT BALANCE SHEET COMPONENTS

Other Current Assets

Other current assets consisted of the following (in thousands):


	As of December 31,
	2025		2024
Expensify Card posted collateral for funds held for customers	$	10,530	$	12,415
Expected insurance recoveries	6,710		—
Expensify.org restricted cash	6,181		5,972
Earned interchange restricted cash	1,654		1,442
Deferred contract acquisition costs	508		339
Income tax receivable	495		429
Other restricted cash	179		151
Other	87		160
Other current assets	$	26,344	$	20,908

Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consisted of the following (in thousands):


	As of December 31,
	2025		2024
Estimated putative class action liability	$	9,500	$	—
Professional fees	1,787		1,336
Partner payouts and advertising fees	1,559		1,194
Sales, payroll and other taxes payable	1,484		2,538
Matching Plan payroll liability	672		408
Cashback rewards	562		489
Credit card processing fees	477		411
Income taxes payable	284		934
Other	1,568		930
Accrued expenses and other liabilities	$	17,893	$	8,240

INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Capitalized research and development	$ 13,468	$ 10,295
Stock-based compensation	1,950	2,436
Lease liabilities	1,409	1,611
Accruals, reserves and other	815	529
Estimated putative class action liability	685	0
Property and equipment	534	770
Tax credit carryforwards	479	134
Net operating loss carryforwards	107	107
Total deferred tax assets	19,447	15,882
Less: valuation allowance	(14,219)	(9,872)
Deferred tax assets, net of valuation allowance	5,228	6,010
Deferred tax liabilities:
Capitalized software development costs	(3,337)	(3,969)
Lease right-of-use assets	(1,161)	(1,356)
Capitalized commissions	(236)	(186)
Total deferred tax liabilities	(4,734)	(5,511)
Deferred tax assets, net	$ 494	$ 499

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

NET LOSS PER SHARE - Narrative (Details)	12 Months Ended
NET LOSS PER SHARE - Narrative (Details)	Dec. 31, 2025 votePerShare shares
Common Class A
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Voting right per share (vote)	1
Shares converted (in shares) \| shares	1
LT10
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Voting right per share (vote)	10
Conversion of stock, notice period (in months)	10 months
LT50
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Voting right per share (vote)	50
Conversion of stock, notice period (in months)	50 months

PROPERTY AND EQUIPMENT, NET - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Depreciation	$ 0.6	$ 0.8

SIGNIFICANT BALANCE SHEET COMPONENTS - Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Estimated putative class action liability	$ 9,500	$ 0
Professional fees	1,787	1,336
Partner payouts and advertising fees	1,559	1,194
Sales, payroll and other taxes payable	1,484	2,538
Matching Plan payroll liability	672	408
Cashback rewards	562	489
Credit card processing fees	477	411
Income taxes payable	284	934
Other	1,568	930
Accrued expenses and other liabilities	$ 17,893	$ 8,240

STOCK INCENTIVE PLANS - RSU Rollforward (Details) - Equity-classified restricted stock units - $ / shares			1 Months Ended	12 Months Ended
	Dec. 02, 2024	Mar. 28, 2022	Nov. 30, 2021	Dec. 31, 2025	Dec. 31, 2024
RSU Rollforward
Granted (in shares)	400,675		5,666,260	628,359
Weighted average grant date fair value per share
Beginning balance (in dollars per share)				$ 30.21
Granted (in dollars per share)	$ 3.40			2.23	$ 2.82
Vested (in dollars per share)				24.82
Cancelled/forfeited/expired (in dollars per share)				33.65
Ending balance (in dollars per share)				$ 30.30	$ 30.21
Class A Common Stock
RSU Rollforward
Beginning balance (in shares)				2,150,101
Granted (in shares)	159,841	43,060	2,833,130	153,690
Vested (in shares)				(623,613)
Cancelled/forfeited/expired (in shares)				(132,502)
Ending balance (in shares)				1,547,676	2,150,101
Weighted average grant date fair value per share
Granted (in dollars per share)		$ 18.93
LT50
RSU Rollforward
Beginning balance (in shares)				1,894,470
Granted (in shares)			2,833,130	0
Vested (in shares)				(388,166)
Cancelled/forfeited/expired (in shares)				(132,502)
Ending balance (in shares)				1,373,802	1,894,470

PROPERTY AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

Property and equipment, net consisted of the following (in thousands):


	As of December 31,
	2025		2024
Computers and equipment	$	165	$	170
Furniture and fixtures	1,889		1,930
Leasehold improvements	7,791		7,937
Commercial building	9,209		6,493
Land	4,151		4,151
Construction in progress	—		2,570
Total property and equipment	23,205		23,251
Less: accumulated depreciation	(10,189)		(9,630)
Property and equipment, net	$	13,016	$	13,621

Depreciation expense related to property and equipment is recorded within General and administrative, Sales and marketing, and Other income (expense), net on the Consolidated Statements of Operations. Depreciation expense related to property and equipment for the years ended December 31, 2025 and 2024 was $0.6 million and $0.8 million, respectively.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Deferred Contract Acquisition Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Change in Deferred Contract Acquisition Costs
Balance as of January 1	$ 745	$ 338
Added during the year	654	629
Amortized during the year	(439)	(222)
Balance as of December 31	$ 960	$ 745

LEASES - Related to Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Finance lease ROU asset (included within Lease right-of-use assets)	$ 91	$ 227
Operating lease ROU asset (included within Lease right-of-use assets)	$ 4,639	$ 5,214
Weighted average remaining lease term (in years):
Finance leases (in years)	8 months 1 day	1 year 8 months 1 day
Operating lease (in years)	7 years 5 months 23 days	8 years 3 months 25 days
Weighted average discount rate:
Finance leases (percent)	8.10%	8.10%
Operating leases (percent)	8.30%	8.30%
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Lease right-of-use assets	Lease right-of-use assets
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Lease right-of-use assets	Lease right-of-use assets

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Disaggregation of Revenue
Revenue	$ 142,101	$ 139,236
Subscription fees
Disaggregation of Revenue
Revenue	130,537	138,822
Interchange
Disaggregation of Revenue
Revenue	21,284	9,178
Other
Disaggregation of Revenue
Revenue	365	182
Cashback rewards
Disaggregation of Revenue
Revenue	$ (10,085)	$ (8,946)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

STOCK INCENTIVE PLANS - Stock-based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-based Payment Arrangement, Expense
Total stock-based compensation	$ 28,196	$ 36,225
Less: stock-based compensation capitalized as software development costs	(1,618)	(2,688)
Total stock-based compensation expense	26,578	33,537
Software Development
Share-based Payment Arrangement, Expense
Less: stock-based compensation capitalized as software development costs	(1,618)	(2,688)
Matching Plan shares
Share-based Payment Arrangement, Expense
Total stock-based compensation	3,980	4,835
Equity-classified restricted stock units
Share-based Payment Arrangement, Expense
Total stock-based compensation	22,021	28,426
Settlement of liability-classified restricted stock units
Share-based Payment Arrangement, Expense
Total stock-based compensation	1,198	0
Stock options
Share-based Payment Arrangement, Expense
Total stock-based compensation	$ 997	$ 2,964

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Cash flows from operating activities:
Net loss	$ (21,389)	$ (10,055)
Adjustments to reconcile net loss to cash provided by operating activities:
Depreciation and amortization	8,460	6,814
Reduction of operating lease right-of-use assets	575	547
Loss on impairment, receivables and sale or disposal of equipment	603	727
Stock-based compensation	26,578	33,537
Amortization of debt issuance costs	133	54
Deferred tax assets	5	(42)
Changes in assets and liabilities:
Accounts receivable, net	(355)	704
Settlement assets, net	(2,054)	(2,469)
Prepaid expenses	6,501	(1,490)
Other current assets	(6,852)	2,341
Other assets	(135)	(167)
Accounts payable	91	(1,091)
Accrued expenses and other liabilities	9,727	(404)
Operating lease liabilities	(588)	8
Settlement liabilities	(1,300)	(5,145)
Other liabilities	89	8
Net cash provided by operating activities	20,089	23,877
Cash flows from investing activities:
Purchase of property and equipment	(17)	0
Software development costs	(3,538)	(7,628)
Net cash used in investing activities	(3,555)	(7,628)
Cash flows from financing activities:
Principal payments of finance leases	(140)	(129)
Principal payments of outstanding debt	0	(22,671)
Payments for debt issuance costs	(153)	(71)
Repurchases of early exercised stock options	0	(35)
Proceeds from common stock purchased under Matching Plan	6,321	4,091
Proceeds from issuance of common stock on exercise of stock options	323	431
Payments for employee taxes withheld from stock-based awards	0	(2,179)
Repurchase and retirement of common stock	(9,095)	(1,510)
Net cash used in financing activities	(2,744)	(22,073)
Net increase (decrease) in cash and cash equivalents and restricted cash	13,790	(5,824)
Cash and cash equivalents and restricted cash, beginning of period	90,834	96,658
Cash and cash equivalents and restricted cash, end of period	104,624	90,834
Supplemental disclosure of cash flow information:
Cash paid for interest	0	1,362
Noncash investing and financing items:
Stock-based compensation capitalized as software development costs	1,618	2,688
Purchases of property and equipment and capitalized software in accounts payable and accrued expenses	111	37
Fair value of common stock issued to settle liability-classified restricted stock units	1,198	0
Cashless exercise of stock options	0	335
Reconciliation of cash and cash equivalents and restricted cash to the Consolidated Balance Sheets:
Cash and cash equivalents	63,080	48,772
Restricted cash included in other current assets	18,544	19,980
Restricted cash included in settlement assets, net	23,000	22,082
Total cash and cash equivalents and restricted cash	$ 104,624	$ 90,834

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Loss before Income Tax, Domestic and Foreign

The components of the Company's loss before income taxes consisted of the following (in thousands):


	Year ended December 31,
	2025		2024
Domestic	$	(17,784)	$	(3,399)
Foreign	1,491		1,007
Total loss before income taxes	$	(16,293)	$	(2,392)

Schedule of Components of Provision for Income Taxes

The components of the Company’s provision for income taxes are as follows (in thousands):


	Year Ended December 31,
	2025		2024
Current:
Federal	$	(2,573)	$	(4,849)
State	(615)		(688)
Foreign	(1,903)		(2,168)
Total current	(5,091)		(7,705)
Deferred:
Foreign	(5)		42
Total deferred	(5)		42
Total provision for income taxes	$	(5,096)	$	(7,663)

Schedule of Effective Income Tax Rate Reconciliation

The following table presents required disclosures pursuant to ASU 2023-09 and reconciles the U.S. statutory federal income tax amount and rate to the Company's effective income tax amount and rate for the year ended December 31, 2025 (in thousands, except for percentages):


	Year Ended December 31,
	2025
Statutory tax	$	(3,422)	21.0	%
State and local income tax, net of federal income tax effect(1)	573		(3.5)
Nontaxable or nondeductible items:
Stock-based compensation	3,786		(23.2)
162(m) limitation	259		(1.6)
Other nondeductible items	(22)		0.2
Change in valuation allowance	3,546		(21.8)
Tax credits:
Research and development credit	(969)		5.9
Foreign tax credit	(702)		4.3
Effects of cross-border tax laws:
GILTI	689		(4.2)
Other	(23)		0.2
Foreign tax effects:
United Kingdom
Nondeductible stock-based compensation	666		(4.1)
Other	146		(0.9)
Australia
Nondeductible stock-based compensation	347		(2.1)
Statutory income tax rate differential	174		(1.1)
Canada
Nondeductible stock-based compensation	224		(1.4)
Other	76		(0.5)
Netherlands	(37)		0.2
Changes in unrecognized tax benefits	(215)		1.3
Effective income tax	$	5,096	(31.3)	%

(1) The states and local jurisdictions that contribute to the majority (greater than 50%) of the tax effect in this category include New York, Massachusetts, Colorado, New York City, and District of Columbia.

The following table presents the required disclosures prior to the Company's adoption of ASU 2023-09 and reconciles the U.S. statutory federal income tax rate to the Company's effective income tax rate as follows:


	Year Ended December 31,
	2024
Statutory rate	21.0	%
State tax	(22.9)
Research and development credit	48.5
GILTI	(33.4)
Foreign tax credit	33.2
Rate differentials for controlled foreign corporations and charitable organizations	(14.3)
Permanent items and others	1.6
Stock-based compensation	(235.6)
Change in valuation allowance	(55.4)
162(m) limitation	(63.1)
Effective income tax rate	(320.4)	%

Schedule of Cash Paid for Income Taxes, Net of Refunds Received

Upon adoption of ASU 2023-09, cash paid for income taxes, net of refunds received, were as follows (in thousands):


	Year Ended December 31,
	2025
Federal taxes	$	3,203
State and local taxes	515
Foreign taxes:
United Kingdom	911
Australia	589
Canada	380
Netherlands	93
Total cash paid for income taxes, net of refunds	$	5,691

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company's deferred tax assets and liabilities are as follows (in thousands):


	As of December 31,
	2025		2024
Deferred tax assets:
Capitalized research and development	$	13,468	$	10,295
Stock-based compensation	1,950		2,436
Lease liabilities	1,409		1,611
Accruals, reserves and other	815		529
Estimated putative class action liability	685		—
Property and equipment	534		770
Tax credit carryforwards	479		134
Net operating loss carryforwards	107		107
Total deferred tax assets	19,447		15,882
Less: valuation allowance	(14,219)		(9,872)
Deferred tax assets, net of valuation allowance	5,228		6,010
Deferred tax liabilities:
Capitalized software development costs	(3,337)		(3,969)
Lease right-of-use assets	(1,161)		(1,356)
Capitalized commissions	(236)		(186)
Total deferred tax liabilities	(4,734)		(5,511)
Deferred tax assets, net	$	494	$	499

Schedule of Unrecognized Tax Benefits

A reconciliation of the amount of unrecognized tax benefits is as follows (in thousands):


	Year ended December 31,
	2025		2024
Balance as of January 1	$	1,942	$	2,050
Additions based on tax positions related to current year	283		300
Additions based on tax positions related to prior year	128		242
Reductions based on tax positions related to prior year	(8)		(72)
Expiration of the statute of limitations	(445)		(578)
Balance as of December 31	$	1,900	$	1,942

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Total Revenue by Geographic Area (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Disaggregation of Revenue
Total revenue	$ 142,101	$ 139,236
United States
Disaggregation of Revenue
Total revenue	129,638	126,808
All other locations
Disaggregation of Revenue
Total revenue	$ 12,463	$ 12,428

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Statement [Abstract]
Revenue	$ 142,101	$ 139,236
Cost of revenue, net	70,574	64,239
Gross margin	71,527	74,997
Operating expenses:
Research and development	20,683	24,638
General and administrative	42,121	38,382
Sales and marketing	26,742	12,797
Total operating expenses	89,546	75,817
Loss from operations	(18,019)	(820)
Other income (expense), net	1,726	(1,572)
Loss before income taxes	(16,293)	(2,392)
Provision for income taxes	(5,096)	(7,663)
Net loss, basic	(21,389)	(10,055)
Net loss, diluted	$ (21,389)	$ (10,055)
Net loss per share:
Basic (in dollars per share)	$ (0.23)	$ (0.12)
Diluted (in dollars per share)	$ (0.23)	$ (0.12)
Weighted average shares of common stock used to compute net loss per share:
Basic (in shares)	92,283,974	87,380,708
Diluted (in shares)	92,283,974	87,380,708

STOCK INCENTIVE PLANS (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of RSU Rollforward

During the year ended December 31, 2025, RSU activity was as follows:


	Class A Common Stock	LT50 Common Stock	Weighted average grant date fair value per share
Outstanding at December 31, 2024	2,150,101	1,894,470	$	30.21
RSUs granted	153,690	—	$	2.23
RSUs vested	(623,613)	(388,166)	$	24.82
RSUs cancelled/forfeited/expired	(132,502)	(132,502)	$	33.65
Outstanding at December 31, 2025	1,547,676	1,373,802	$	30.30

Schedule of Stock Option Roll-forward

A summary of the Company's stock option activity was as follows:


	Shares	Weighted average exercise price per share		Weighted average remaining contractual life (in years)
Outstanding at December 31, 2024	3,759,580	$	2.29	4.11
Options exercised	(361,924)	$	0.89
Options cancelled/forfeited/expired	(149,283)	$	1.65
Outstanding and exercisable at December 31, 2025	3,248,373	$	2.47	3.49

Schedule of Stock-based Compensation Expense

The following table summarizes the stock-based compensation expense recognized for awards granted under the Company's authorized stock incentive plans (in thousands):


	Year Ended December 31,
	2025		2024
Matching Plan shares	$	3,980	$	4,835
Equity-classified restricted stock units	22,021		28,426
Settlement of liability-classified restricted stock units	1,198		—
Stock options	997		2,964
Total stock-based compensation	28,196		36,225
Less: stock-based compensation capitalized as software development costs	(1,618)		(2,688)
Total stock-based compensation expense	$	26,578	$	33,537

Stock-based compensation expense is allocated based on the cost center to which the award holder spent time during the reported periods. Stock-based compensation is included within the following components of expenses on the Consolidated Statements of Operations (in thousands):


	Year Ended December 31,
	2025		2024
Cost of revenue, net	$	10,637	$	12,506
Research and development	7,701		11,900
General and administrative	4,768		6,815
Sales and marketing	3,472		2,316
Total stock-based compensation expense	$	26,578	$	33,537

INCOME TAXES

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

INCOME TAXES

The components of the Company's loss before income taxes consisted of the following (in thousands):


	Year ended December 31,
	2025		2024
Domestic	$	(17,784)	$	(3,399)
Foreign	1,491		1,007
Total loss before income taxes	$	(16,293)	$	(2,392)

The components of the Company’s provision for income taxes are as follows (in thousands):


	Year Ended December 31,
	2025		2024
Current:
Federal	$	(2,573)	$	(4,849)
State	(615)		(688)
Foreign	(1,903)		(2,168)
Total current	(5,091)		(7,705)
Deferred:
Foreign	(5)		42
Total deferred	(5)		42
Total provision for income taxes	$	(5,096)	$	(7,663)

The Company adopted ASU 2023-09, Improvements to Income Tax Disclosures, on a prospective basis beginning with the year ended December 31, 2025. The following table presents required disclosures pursuant to ASU 2023-09 and reconciles the U.S. statutory federal income tax amount and rate to the Company's effective income tax amount and rate for the year ended December 31, 2025 (in thousands, except for percentages):


	Year Ended December 31,
	2025
Statutory tax	$	(3,422)	21.0	%
State and local income tax, net of federal income tax effect(1)	573		(3.5)
Nontaxable or nondeductible items:
Stock-based compensation	3,786		(23.2)
162(m) limitation	259		(1.6)
Other nondeductible items	(22)		0.2
Change in valuation allowance	3,546		(21.8)
Tax credits:
Research and development credit	(969)		5.9
Foreign tax credit	(702)		4.3
Effects of cross-border tax laws:
GILTI	689		(4.2)
Other	(23)		0.2
Foreign tax effects:
United Kingdom
Nondeductible stock-based compensation	666		(4.1)
Other	146		(0.9)
Australia
Nondeductible stock-based compensation	347		(2.1)
Statutory income tax rate differential	174		(1.1)
Canada
Nondeductible stock-based compensation	224		(1.4)
Other	76		(0.5)
Netherlands	(37)		0.2
Changes in unrecognized tax benefits	(215)		1.3
Effective income tax	$	5,096	(31.3)	%


	Year Ended December 31,
	2024
Statutory rate	21.0	%
State tax	(22.9)
Research and development credit	48.5
GILTI	(33.4)
Foreign tax credit	33.2
Rate differentials for controlled foreign corporations and charitable organizations	(14.3)
Permanent items and others	1.6
Stock-based compensation	(235.6)
Change in valuation allowance	(55.4)
162(m) limitation	(63.1)
Effective income tax rate	(320.4)	%

Upon adoption of ASU 2023-09, cash paid for income taxes, net of refunds received, were as follows (in thousands):


	Year Ended December 31,
	2025
Federal taxes	$	3,203
State and local taxes	515
Foreign taxes:
United Kingdom	911
Australia	589
Canada	380
Netherlands	93
Total cash paid for income taxes, net of refunds	$	5,691

The amount of cash paid for income taxes during the year ended December 31, 2024 was $5.1 million.

Significant components of the Company's deferred tax assets and liabilities are as follows (in thousands):


	As of December 31,
	2025		2024
Deferred tax assets:
Capitalized research and development	$	13,468	$	10,295
Stock-based compensation	1,950		2,436
Lease liabilities	1,409		1,611
Accruals, reserves and other	815		529
Estimated putative class action liability	685		—
Property and equipment	534		770
Tax credit carryforwards	479		134
Net operating loss carryforwards	107		107
Total deferred tax assets	19,447		15,882
Less: valuation allowance	(14,219)		(9,872)
Deferred tax assets, net of valuation allowance	5,228		6,010
Deferred tax liabilities:
Capitalized software development costs	(3,337)		(3,969)
Lease right-of-use assets	(1,161)		(1,356)
Capitalized commissions	(236)		(186)
Total deferred tax liabilities	(4,734)		(5,511)
Deferred tax assets, net	$	494	$	499

H.R.1, enacted on July 4, 2025, introduced provisions that modified the Internal Revenue Code (“IRC”), including the immediate expensing of domestic research and development expenditures for tax purposes. As previously required under the TCJA, the Company capitalized and amortized research and experimental (“R&D”) expenditures under IRC Section 174 for tax years beginning after December 31, 2021. With the enactment of H.R.1 in 2025, the Company began deducting domestic Section 174 costs in the year they were incurred. The Company will continue to capitalize and amortize R&D costs over 15 years for R&D performed outside of the U.S. During the years ended December 31, 2025 and 2024, the Company capitalized R&D costs of $25.0 million and $17.7 million, respectively. The deferred tax assets related to unamortized Section 174 costs are offset by a valuation allowance as of December 31, 2025 and 2024.

Under the provisions of ASC 740, Income Taxes, the Company assessed its ability to realize the benefits of its deferred tax assets by evaluating all available positive and negative evidence, objective and subjective in nature, including cumulative results of operations in recent years, sources of recent pre-tax income, projected reversals of existing taxable temporary differences, and estimates of future taxable income. As of December 31, 2025, the Company concluded it is more likely than not that the Company will not have the ability to realize the benefits of its domestic deferred tax assets in excess of existing taxable temporary differences and therefore recorded a valuation allowance on the remaining domestic deferred tax assets.

As of December 31, 2025 and 2024, the Company had $1.5 million available net operating loss carryforwards for state tax purposes, which expire in 2046. As of December 31, 2025 and 2024, the

Company had state research and development tax credit carryforwards of $1.2 million and $0.8 million, respectively. The state tax credits do not expire and will carry forward indefinitely until utilized.

The Company follows the provisions of ASC 740-10, Accounting for Uncertainty in Income Taxes. ASC 740-10 prescribes a comprehensive model for the recognition, measurement, presentation and disclosure in financial statements of uncertain tax positions that have been taken or expected to be taken on a tax return. As of December 31, 2025 and 2024, the Company recorded an uncertain tax position liability of $1.6 million and $1.5 million, respectively, within Other liabilities on the Consolidated Balance Sheets.

Approximately $1.6 million and $1.5 million of the unrecognized tax benefits for the years ended December 31, 2025 and 2024, respectively, if recognized, would affect the effective tax rate. A reconciliation of the amount of unrecognized tax benefits is as follows (in thousands):


	Year ended December 31,
	2025		2024
Balance as of January 1	$	1,942	$	2,050
Additions based on tax positions related to current year	283		300
Additions based on tax positions related to prior year	128		242
Reductions based on tax positions related to prior year	(8)		(72)
Expiration of the statute of limitations	(445)		(578)
Balance as of December 31	$	1,900	$	1,942

The Company recognizes penalties and interest expense related to income taxes as a component of tax expense. There are immaterial amounts of interest and penalties recorded in the Consolidated Statements of Operations for each of the years ended December 31, 2025 and 2024, and $0.3 million and an immaterial amount on the Consolidated Balance Sheets as of December 31, 2025 and 2024, respectively. The Company anticipates that it is reasonably possible its unrecognized benefits will decrease by $0.4 million, exclusive of interest and penalties, within 2026 mainly due to the expiration of the statute of limitations.

The Company's federal and state returns for the tax years ended from December 2018 to December 2025 remain open to examination.

An examination of the Company's 2021 federal tax return by the Internal Revenue Service (“IRS”) commenced in Q4 2024. The IRS concluded this examination as of June 30, 2025. There were no adjustments proposed by the IRS as a result of the examination.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

NET LOSS PER SHARE - Anti-Dilutive Securities (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities (in shares)	1,450,139	2,050,684
Class A
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities (in shares)	1,450,139	2,050,684
LT10
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities (in shares)	0	0
LT50
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities (in shares)	0	0
Weighted average stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities (in shares)	1,411,778	2,050,684
Weighted average stock options \| Class A
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities (in shares)	1,411,778	2,050,684
Weighted average stock options \| LT10
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities (in shares)	0	0
Weighted average stock options \| LT50
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities (in shares)	0	0
Matching Plan shares
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities (in shares)	38,361	0
Matching Plan shares \| Class A
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities (in shares)	38,361	0
Matching Plan shares \| LT10
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities (in shares)	0	0
Matching Plan shares \| LT50
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities (in shares)	0	0

FINANCING ARRANGEMENTS - Loan and Security Agreement (Details) - USD ($)		1 Months Ended	12 Months Ended
	Jul. 10, 2024	Feb. 29, 2024	Dec. 31, 2025	Dec. 31, 2024	Apr. 16, 2025	Apr. 30, 2024
Schedule of Capitalization, Long-term Debt
Repayments of long term debt			$ 0	$ 22,671,000
Interest expense			$ 100,000	1,100,000
Letter of Credit
Schedule of Capitalization, Long-term Debt
Maximum borrowing capacity					$ 7,500,000
Amended 2024 Term Loan \| Line of Credit
Schedule of Capitalization, Long-term Debt
Maximum borrowing capacity						$ 1,000,000.0
Revolving Credit Facility \| Line of Credit
Schedule of Capitalization, Long-term Debt
Maximum borrowing capacity				$ 0
Revolving Credit Facility \| Amended 2024 Term Loan \| Line of Credit
Schedule of Capitalization, Long-term Debt
Maximum borrowing capacity		$ 25,000,000.0
Variable rate (percent)		1.00%
Repayments of long term debt	$ 15,000,000.0

FINANCING ARRANGEMENTS - Amortizing Term Mortgage (Details) - USD ($)		1 Months Ended	12 Months Ended
	Aug. 29, 2024	Aug. 31, 2019	Dec. 31, 2025	Dec. 31, 2024	Aug. 19, 2019
Schedule of Capitalization, Long-term Debt
Repayments of long term debt			$ 0	$ 22,671,000
Mortgages
Schedule of Capitalization, Long-term Debt
Loaned amount					$ 8,300,000
Debt instrument, term (in years)		5 years
Interest rate (percent)					5.00%
Repayments of long term debt	$ 7,600,000

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets
Cash and cash equivalents	$ 63,080	$ 48,772
Accounts receivable, net	12,617	12,701
Settlement assets, net	45,378	42,406
Prepaid expenses	5,588	12,089
Other current assets	26,344	20,908
Total current assets	153,007	136,876
Capitalized software, net	13,596	16,232
Property and equipment, net	13,016	13,621
Lease right-of-use assets	4,730	5,441
Deferred tax assets, net	494	499
Other assets	1,146	1,011
Total assets	185,989	173,680
Liabilities and stockholders' equity
Accounts payable	289	196
Accrued expenses and other liabilities	17,893	8,240
Lease liabilities, current	678	729
Settlement liabilities	27,545	28,845
Total current liabilities	46,405	38,010
Lease liabilities, non-current	5,061	5,738
Other liabilities	1,778	1,689
Total liabilities	53,244	45,437
Commitments and contingencies (Note 12)
Stockholders' equity:
Preferred stock, par value $0.0001; 10,000,000 shares of preferred stock authorized; no shares of preferred stock issued and outstanding as of December 31, 2025 and 2024	0	0
Common stock issued, value	9	9
Additional paid-in capital	304,953	279,062
Accumulated deficit	(172,217)	(150,828)
Total stockholders' equity	132,745	128,243
Total liabilities and stockholders' equity	$ 185,989	$ 173,680

NET LOSS PER SHARE

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

NET LOSS PER SHARE

The following table sets forth the computation of basic and diluted net loss per share (in thousands, except share and per share data):


	Year Ended December 31, 2025
	Class A		LT10		LT50		Consolidated
Numerator
Net loss, basic and diluted	$	(18,591)	$	(976)	$	(1,822)	$	(21,389)
Denominator
Weighted average shares of common stock used to compute net loss per share, basic and diluted	80,213,321		4,209,827		7,860,826		92,283,974
Net loss per share, basic and diluted	$	(0.23)	$	(0.23)	$	(0.23)	$	(0.23)


	Year Ended December 31, 2024
	Class A		LT10		LT50		Consolidated
Numerator
Net loss, basic and diluted	$	(8,525)	$	(671)	$	(859)	$	(10,055)
Denominator
Weighted average shares of common stock used to compute net loss per share, basic and diluted	74,080,426		5,833,311		7,466,971		87,380,708
Net loss per share, basic and diluted	$	(0.12)	$	(0.12)	$	(0.12)	$	(0.12)

The rights, including the liquidation and dividend rights, of the holders of Class A, LT10 and LT50 common stock are identical, except with respect to voting, conversion and transfer rights. Each share of Class A common stock is entitled to one vote per share, each share of LT10 common stock is entitled to ten votes per share and each share of LT50 common stock is entitled to 50 votes per share. Each share of LT10 and LT50 common stock is convertible into one share of Class A common stock voluntarily at the option of the holder after the satisfaction of certain requirements, which includes a ten-month notice period for LT10 common stock and a 50-month notice period for LT50 common stock to convert to Class A common stock, or automatically upon certain events. The Class A common stock has no conversion rights. As the liquidation and dividend rights are identical for Class A, LT10 and LT50 common stock, the undistributed earnings are allocated on a proportional basis based on the number of weighted average shares within each class of common stock during the period and the resulting net loss per share will be the same for the Class A, LT10 and LT50 common stock on an individual or combined basis.

The following potentially dilutive shares were not included in the calculation of diluted shares outstanding as the effect would have been anti-dilutive:


	Year Ended December 31, 2025
	Class A	LT10	LT50	Consolidated
Weighted average stock options	1,411,778	—	—	1,411,778
Matching Plan shares	38,361	—	—	38,361
Total	1,450,139	—	—	1,450,139


	Year Ended December 31, 2024
	Class A	LT10	LT50	Consolidated
Weighted average stock options	2,050,684	—	—	2,050,684
Matching Plan shares	—	—	—	—
Total	2,050,684	—	—	2,050,684

PROPERTY AND EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment, net consisted of the following (in thousands):


	As of December 31,
	2025		2024
Computers and equipment	$	165	$	170
Furniture and fixtures	1,889		1,930
Leasehold improvements	7,791		7,937
Commercial building	9,209		6,493
Land	4,151		4,151
Construction in progress	—		2,570
Total property and equipment	23,205		23,251
Less: accumulated depreciation	(10,189)		(9,630)
Property and equipment, net	$	13,016	$	13,621

LEASES

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

LEASES

The Company has operating leases for real estate and a finance lease for data center equipment. The operating and finance leases contain options to extend or terminate the leases. However, these were not included in the original accounting treatment of the leases as the Company is not reasonably certain to exercise these options.

During the years ended December 31, 2025 and 2024, the Company did not enter into any new operating or finance lease agreements.

The components of lease cost reflected on the Consolidated Statements of Operations were as follows (in thousands):


	Year Ended December 31,
	2025		2024
Finance lease cost:
Amortization of ROU assets	$	136	$	136
Interest on lease liabilities	13		24
Total finance lease cost	149		160
Operating lease cost	1,064		1,069
Short-term lease cost	423		524
Total lease cost	$	1,636	$	1,753

Other information related to leases was as follows (in thousands, except percentages or as noted within):


	As of December 31,
	2025			2024
Finance lease ROU asset (included within Lease right-of-use assets)	$	91		$	227
Operating lease ROU asset (included within Lease right-of-use assets)	$	4,639		$	5,214
Weighted average remaining lease term (in years):
Finance leases	0.67			1.67
Operating leases	7.48			8.32
Weighted average discount rate:
Finance leases	8.10		%	8.10		%
Operating leases	8.30		%	8.30		%

Supplemental cash flow information related to leases was as follows (in thousands):


	Year Ended December 31,
	2025		2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,079	$	516
Operating cash flows from finance leases	$	13	$	24
Financing cash flows from finance leases	$	140	$	129

Maturities of lease liabilities as of December 31, 2025 were as follows (in thousands):


For the year ending:	Finance leases		Operating leases
2026	$	102	$	1,018
2027	—		1,033
2028	—		1,063
2029	—		1,095
2030	—		842
Thereafter	—		2,562
Total future lease payments	102		7,613
Less: imputed interest	(2)		(1,974)
Less: lease liabilities, current	(100)		(578)
Lease liabilities, non-current	$	—	$	5,061

LEASES

During the years ended December 31, 2025 and 2024, the Company did not enter into any new operating or finance lease agreements.

The components of lease cost reflected on the Consolidated Statements of Operations were as follows (in thousands):


	Year Ended December 31,
	2025		2024
Finance lease cost:
Amortization of ROU assets	$	136	$	136
Interest on lease liabilities	13		24
Total finance lease cost	149		160
Operating lease cost	1,064		1,069
Short-term lease cost	423		524
Total lease cost	$	1,636	$	1,753

Other information related to leases was as follows (in thousands, except percentages or as noted within):


	As of December 31,
	2025			2024
Finance lease ROU asset (included within Lease right-of-use assets)	$	91		$	227
Operating lease ROU asset (included within Lease right-of-use assets)	$	4,639		$	5,214
Weighted average remaining lease term (in years):
Finance leases	0.67			1.67
Operating leases	7.48			8.32
Weighted average discount rate:
Finance leases	8.10		%	8.10		%
Operating leases	8.30		%	8.30		%

Supplemental cash flow information related to leases was as follows (in thousands):


	Year Ended December 31,
	2025		2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,079	$	516
Operating cash flows from finance leases	$	13	$	24
Financing cash flows from finance leases	$	140	$	129

Maturities of lease liabilities as of December 31, 2025 were as follows (in thousands):


For the year ending:	Finance leases		Operating leases
2026	$	102	$	1,018
2027	—		1,033
2028	—		1,063
2029	—		1,095
2030	—		842
Thereafter	—		2,562
Total future lease payments	102		7,613
Less: imputed interest	(2)		(1,974)
Less: lease liabilities, current	(100)		(578)
Lease liabilities, non-current	$	—	$	5,061

Insider Trading Arrangements

3 Months Ended

Dec. 31, 2025

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

Trading Arrangement

Action

Date

Rule 10b5-1(1)

Non-Rule 10b5-1(2)

Total Shares to be Sold

Expiration Date

Carlos Alvarez Divo, Director

Adopt

December 31, 2025

66,428

July 15, 2026

(1)Intended to satisfy the affirmative defense of Rule 10b5-1(c).

(2)Not intended to satisfy the affirmative defense of Rule 10b5-1(c).

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Carlos Alvarez Divo [Member]

Trading Arrangements, by Individual

Name

Carlos Alvarez Divo

Title

Director

Rule 10b5-1 Arrangement Adopted

true

December 31, 2025

July 15, 2026

196 days

66,428

STOCK INCENTIVE PLANS - Stock Option Roll-forward (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Shares
Beginning balance (in shares)	3,759,580
Options exercised (in shares)	(361,924)
Options cancelled/forfeited/expired (in shares)	(149,283)
Ending balance (in shares)	3,248,373	3,759,580
Weighted average exercise price per share
Beginning balance (in dollars per share)	$ 2.29
Options exercised (in dollars per share)	0.89
Options cancelled/forfeited/expired (in dollars per share)	1.65
Ending balance (in dollars per share)	$ 2.47	$ 2.29
Weighted average remaining contractual life, options outstanding (in years)	3 years 5 months 26 days	4 years 1 month 9 days

STOCKHOLDERS’ EQUITY	12 Months Ended
STOCKHOLDERS’ EQUITY	Dec. 31, 2025
Equity [Abstract]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS’ EQUITY Share Repurchase Program On May 10, 2022, the Executive Committee of our Board of Directors (the “Executive Committee”) approved a share repurchase program with authorization to purchase up to $50.0 million of shares of Class A common stock (“2022 Share Repurchase Program”). The 2022 Share Repurchase Program authorized the Company to repurchase shares from time to time through open market purchases, in privately negotiated transactions or by other means, including the use of trading plans intended to qualify under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), in accordance with applicable securities laws and other restrictions. The 2022 Share Repurchase Program, which would have expired in March 2025, was replaced with the 2025 Share Repurchase Program described below. On February 25, 2025, the Executive Committee approved a new share repurchase program with authorization to purchase up to $50.0 million of shares of Class A common stock that expires on March 31, 2028 (“2025 Share Repurchase Program”). Under the 2025 Share Repurchase Program, the Company may repurchase shares from time to time through open market purchases, in privately negotiated transactions or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 of the Exchange Act, in accordance with applicable securities laws and other restrictions. The actual timing and total amount of future repurchases are subject to business, economic and market conditions, corporate and regulatory requirements, prevailing stock prices, restrictions under the terms of the Company's current and future debt agreements and other considerations. The 2025 Share Repurchase Program does not obligate the Company to acquire any particular amount of Class A common stock, and the program may be suspended or terminated by the Company at any time at its discretion without prior notice. During the year ended December 31, 2025, the Company repurchased 4,823,118 shares of Class A common stock at a total cost of $9.1 million under the 2025 Share Repurchase Program. During the year ended December 31, 2024, the Company repurchased 645,938 shares of Class A common stock at a total cost of $1.5 million under the 2022 Share Repurchase Program. These shares were repurchased from the Company's Chief Executive Officer, David Barrett, at a price of $2.34 per share, which represented a weighted average price for the Class A Common Stock of the Company for the three trading-day period ended August 27, 2024 as reported by Nasdaq. As of December 31, 2025, the Company had approximately $41.0 million remaining under the 2025 Share Repurchase Program, not including amounts used for net share settlement of vested equity incentive awards.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

STOCK INCENTIVE PLANS - RSU Narratives (Details) - USD ($) $ / shares in Units, $ in Millions					1 Months Ended		12 Months Ended
	Jun. 20, 2025	Dec. 02, 2024	Mar. 28, 2022	Sep. 24, 2021	Nov. 30, 2021	Sep. 30, 2021	Dec. 31, 2025	Dec. 31, 2024	Nov. 09, 2021	Apr. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized (in shares)										25,204,250
Vesting period (in years)							4 years
The 2019 Option Plan \| Common Stock, LT50
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized (in shares)									16,856,770
The 2019 Option Plan \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized (in shares)									16,856,770
Equity-classified restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)		400,675			5,666,260		628,359
Vesting period (in years)				8 years
Granted (in dollars per share)		$ 3.40					$ 2.23	$ 2.82
Vested in period, fair value							$ 2.3	$ 3.9
Share-based compensation expense not yet recognized							$ 70.0
Share-based compensation not yet recognized, recognition period (in years)							3 years 6 months 21 days
Service period (in years)	4 years						1 year
Fair value of common stock issued to settle liability-classified restricted stock units							$ 1.2
Equity-classified restricted stock units \| Liability Classfied
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation not yet recognized, recognition period (in years)							1 year 2 months 19 days
Share-based payment arrangement, nonvested award, cost not yet recognized, amount							$ 2.6
Equity-classified restricted stock units \| Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award
Vesting percentage (percent)				12.50%
Equity-classified restricted stock units \| Share-Based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award
Vesting percentage (percent)				3.125%
Equity-classified restricted stock units \| Common Stock, LT50
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)					2,833,130		0
Vested (in shares)							388,166
Equity-classified restricted stock units \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)		159,841	43,060		2,833,130		153,690
Vesting period (in years)			8 years
Granted (in dollars per share)			$ 18.93
Vested (in shares)							623,613
Equity-classified restricted stock units \| The 2019 Option Plan
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized (in shares)						8,679,380
Granted (in shares)						2,980,260
Equity-classified restricted stock units \| The 2019 Option Plan \| Common Stock, LT50
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized (in shares)						4,339,690
Granted (in shares)						1,490,130
Equity-classified restricted stock units \| The 2019 Option Plan \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized (in shares)						4,339,690
Granted (in shares)						1,490,130
Equity-classified restricted stock units \| 2021 Incentive Plan \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)					27,780		153,690
Vested (in shares)							230,064
Service period (in years)								3 years

STOCK INCENTIVE PLANS

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

STOCK INCENTIVE PLANS

2009 and 2019 Stock Plans

In 2009, the Board of Directors approved the 2009 Stock Plan (“2009 Stock Plan”). As amended in 2015, the 2009 Stock Plan permitted the Company to grant up to 16,495,150 shares of common stock. In January 2018, the Company increased the number of shares of common stock reserved under the 2009 Stock Plan by 535,130 shares to 17,030,280 shares. In April 2019, the Board of Directors approved the adoption of the 2019 Stock Plan (“2019 Stock Plan", and together with the 2009 Stock Plan, “Stock Plans”). The 2019 Stock Plan permitted the Company to grant up to 8,173,970 additional shares, increasing the overall common stock reserved for grant under the Stock Plans to 25,204,250 shares. On November 9, 2021, the Board of Directors amended and restated the 2019 Stock Plan to, among other things, increase the common stock reserved for issuance under the 2019 Stock Plan to an aggregate of 16,856,770 shares of Class A and LT50 common stock.

The Stock Plans will continue to govern the terms and conditions of the outstanding awards granted under the Stock Plans. Upon the expiration, forfeiture, cancellation, withholding of shares upon exercise or settlement of an award to satisfy the exercise price or tax withholding, or repurchase of any shares of Class A common stock underlying outstanding stock-based awards granted under the 2009 Stock Plan or of Class A or LT50 common stock underlying outstanding stock-based awards granted under the 2019 Stock Plan, an equal number of shares of Class A common stock will become available for grant under the 2021 Incentive Award Plan (“2021 Plan”) and the Company's Stock Purchase and Matching Plan (“Matching Plan” and together with the 2021 Plan, “2021 Incentive Plans”).

2021 Incentive Plans

In November 2021, the Board of Directors adopted, and the Company's stockholders approved, the 2021 Incentive Plans, which both became effective immediately before the effectiveness of the Company's initial public offering (“IPO”) Registration Statement on Form S-1 and use a combined share reserve. Under the 2021 Incentive Plans, 11,676,932 shares of Class A common stock were initially reserved for issuance pursuant to a variety of stock-based awards, including incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, restricted stock units (“RSUs”) and other forms of equity and cash compensation under the 2021 Plan and purchase rights and matching awards under the Matching Plan. The number of shares initially reserved for issuance or transfer pursuant to awards under the 2021 Incentive Plans will be increased upon the expiration, forfeiture, cancellation, withholding of shares upon exercise or settlement of an award to satisfy the exercise price or tax withholding, or repurchase of any shares of Class A common stock underlying outstanding stock-based awards granted under the 2009 Stock Plan or of Class A or LT50 common stock underlying outstanding stock-based awards granted under the 2019 Stock Plan. The number of shares of Class A common stock reserved and available for issuance under the 2021 Incentive Plans as of December 31, 2025 and 2024 was 20,992,688 shares and 20,879,081 shares, respectively. The number of shares will automatically increase

each subsequent January 1 through January 1, 2031, by the lesser of (A) 6% of the aggregate number of shares of all classes of common stock outstanding on the immediately preceding calendar year, or (B) such lesser number of shares as determined by the Company’s Board of Directors or compensation committee; provided, however, that no more than 87,576,990 shares of Class A common stock may be issued upon the exercise of incentive stock options.

Stock Purchase and Matching Plan

The Matching Plan operates using consecutive three-month offering periods that commenced on March 15, 2022. Service Providers of the Company can participate in the Matching Plan by electing to contribute compensation through deductions from payroll or fee payments, or by receiving discretionary awards under the plan. On the last day of the offering period, the contributions made during the offering period are used to purchase shares of Class A common stock.

The price at which Class A common stock is purchased under the Matching Plan equals the average of the high and low trading price of a share of Class A common stock as of the last trading day of the offering period. At the end of each offering period, the Company may provide a discretionary match up to 1/10 of a share of Class A common stock for each share of Class A common stock purchased by or issued to a service provider under the Matching Plan that is retained through the end of the applicable offering period. No fractional shares will be issued by the Company. The Company will round to the nearest full share for shares purchased or matched shares issued to a Service Provider under the Matching Plan. The match rate applicable to each offering period shall be limited to 1.50% of the shares of any class of capital stock outstanding as of the exercise date applicable to such offering period. The Company estimates the fair value of matched shares provided under the Matching Plan using the closing price of the Company's Class A common stock on Nasdaq on the date of grant. The Company recognizes stock-based compensation expense related to the matched shares pursuant to its Matching Plan on a straight-line basis over the applicable three-month offering period.

Service Providers who participated in the Matching Plan during 2025 purchased a total of 3,061,193 Class A common shares, based on a purchase price of $2.06, resulting in gross cash proceeds to the Company of $6.3 million.

Service Providers who participated in the Matching Plan during 2024 purchased a total of 1,922,139 Class A common shares, based on a purchase price of $2.13, resulting in gross cash proceeds to the Company of $4.1 million.

The Company has historically elected to match each share of Class A common stock purchased or issued under the Matching Plan with 1/20 of a share of Class A common stock. During 2025 and 2024, the Company granted 1,118,124 and 638,850 shares of Class A common stock under the Matching Plan, respectively.

The Company has made discretionary contributions under the Matching Plan to eligible Service Providers. During 2025 and 2024, the Company granted 314,658 and 1,523,525 shares of Class A common stock as discretionary contributions under the Matching Plan, respectively.

Restricted Stock Units

Equity-Classified Awards

The 2019 Stock Plan and the 2021 Plan authorize the grant of RSUs. In September 2021, under the 2019 Stock Plan, the Company's Board of Directors approved and authorized 8,679,380 restricted stock units to be granted, which consisted of an aggregate of 4,339,690 shares each of Class A and LT50 common stock effective as of immediately prior to the effectiveness of the Company's IPO Registration Statement. Of this total, 2,980,260 RSUs, comprised of 1,490,130 shares of each of Class A and LT50 common stock were considered granted for accounting purposes in September 2021 to the Company's named executive

officers and certain members of management as the Company and these certain Service Providers had a mutual understanding of the key terms and conditions of the award on the board approval date, which occurred on September 24, 2021. RSUs granted to Service Providers in September 2021 vest upon the satisfaction of both a performance and service condition. The performance condition was satisfied immediately prior to the effectiveness of the IPO Registration Statement. The service condition for these awards is satisfied over eight years with a cliff vest for 1/8 of the grant on September 15, 2022 and quarterly vesting of 1/32 of the grant every December 15, March 15, June 15 and September 15 thereafter until fully vested. All remaining stock-based compensation for these awards will be recognized over the remaining service period using the accelerated graded method.

In November 2021, the Company granted 5,666,260 RSUs, comprised of 2,833,130 shares of each of Class A common stock and LT50 common stock, to certain Service Providers that were not included in the September RSU grant. These RSUs only have a service condition, which is equivalent with the service condition of the awards granted in September 2021, and were deemed granted for accounting purposes on November 10, 2021, the date these certain Service Providers had a mutual understanding of the key terms and conditions of the award.

On March 28, 2022, the Company granted a Service Provider 43,060 Class A common stock RSUs at a grant date fair value of $18.93 per share. These RSUs only have a service condition, which is satisfied over approximately eight years with a cliff vest for 1/8 of the grant on September 15, 2022 and quarterly vesting of 1/32 of the grant every December 15, March 15, June 15 and September 15 thereafter until fully vested.

On December 2, 2024 the Company granted Service Providers 400,675 RSUs, net of 159,841 shares withheld for taxes, comprised fully of Class A common stock at a grant date fair value of $3.40 per share. These RSUs have no future service requirement and were fully vested on the grant date.

Pursuant to the Company's Non-Employee Director Compensation Program, which was adopted under the 2021 Incentive Plans, the Company granted 153,690 Class A common stock RSUs during the year ended December 31, 2025. A total of 230,064 Class A common stock RSUs vested during the year ended December 31, 2025 related to previously-granted RSU awards as the quarterly service conditions were satisfied.

The Company granted 27,780 Class A common stock RSUs to members of the Company's Audit Committee during November 2021 in connection with each member's initial appointment to the Board of Directors and the consummation of the IPO. For accounting purposes, the grant date was considered to be November 12, 2021, as this was the date the Company filed its final prospectus pursuant to Rule 424(b)(4) related to the pricing of the IPO. The IPO price was a key determination of the number of RSUs awarded to members of the Audit Committee and therefore on this date the Company and each Audit Committee member had a mutual understanding of the key terms and conditions of the awards granted. The RSUs granted were fully vested as of December 31, 2024 upon satisfaction of the three year service condition.

During the year ended December 31, 2025, RSU activity was as follows:


	Class A Common Stock	LT50 Common Stock	Weighted average grant date fair value per share
Outstanding at December 31, 2024	2,150,101	1,894,470	$	30.21
RSUs granted	153,690	—	$	2.23
RSUs vested	(623,613)	(388,166)	$	24.82
RSUs cancelled/forfeited/expired	(132,502)	(132,502)	$	33.65
Outstanding at December 31, 2025	1,547,676	1,373,802	$	30.30

The fair value of RSUs on their vesting dates during the years ended December 31, 2025 and 2024 was $2.3 million and $3.9 million, respectively. The weighted average grant date fair value per share of RSUs granted during the years ended December 31, 2025 and 2024 was $2.23 and $2.82, respectively.

As of December 31, 2025, the Company had $70.0 million of unrecognized stock-based compensation expense related to unvested equity-classified RSUs, which is expected to be recognized over the remaining weighted average life of 3.56 years.

Liability-Classified Awards

On June 20, 2025, pursuant to the 2021 Incentive Plans, the Company's compensation committee approved and authorized the grant of Class A common stock RSUs to certain Service Providers, to be issued on a quarterly basis through March 2029. Issuances of the Class A common stock RSUs will occur automatically each quarter using a predetermined fixed dollar amount that gradually decreases over time. Each RSU will vest immediately on the date it is issued, and both the issuance and vesting are subject to a service condition that will ultimately be satisfied over four years. The first quarterly automatic issuance occurred on June 20, 2025 and the remaining RSUs will be subject to quarterly issuance and vesting thereon until fully issued. The number of RSUs to be automatically issued on each issuance date will be determined based on the closing price of the Company's Class A common stock on Nasdaq on the 15th calendar day of the month during which the RSU award is issued, or the immediately preceding trading day. The awards are accounted for as liability awards and will be recognized on a straight-line basis over the life of the awards.

During the year ended December 31, 2025, the Company issued 628,359 Class A common stock RSUs and settled liability-classified awards with a fair value of $1.2 million.

As of December 31, 2025, the Company had $2.6 million of unrecognized stock-based compensation expense related to unvested liability-classified RSUs, which is expected to be recognized over the remaining weighted average life of 1.22 years.

Stock Options

The Stock Plans and the 2021 Plan provide for the grant of incentive and nonstatutory stock options to Service Providers. Under the Stock Plans and the 2021 Plan, the exercise price of incentive stock options must be equal to at least 110% of the fair market value of the common stock on the grant date for a “ten-percent holder” or 100% of the fair market value of the common stock on the grant date for any other participant. The exercise price of nonstatutory options granted must be equal to at least 100% of the fair market value of the Company’s common stock on the date of grant.

The Company has only granted options under the Stock Plans. Options typically vest over four years and are exercisable at any time after the grant date, provided that Service Providers exercising unvested options receive restricted common stock that is subject to repurchase at the original exercise price upon termination of service. The repurchase right lapses in accordance with the vesting schedule of the exercised option. Early exercises of options prior to vesting are not deemed to be substantive exercises for accounting purposes and accordingly, amounts received for early exercises of unvested options are recorded as a liability. These repurchase terms are considered to be a forfeiture provision and do not result in liability accounting. There were no repurchases of exercised restricted common stock during the year ended December 31, 2025 and an immaterial amount during year ended December 31, 2024.

As of December 31, 2025, there were no shares subject to repurchase related to unvested stock options that had been early exercised. As of December 31, 2024, there were 92,230 shares subject to repurchase related to unvested stock options that had been early exercised for which the Company recorded a liability of $0.1 million, which is included within Accrued expenses and other liabilities on the Consolidated Balance Sheets. This liability was reclassified to common stock and additional paid-in capital upon vesting of the underlying shares.

A summary of the Company's stock option activity was as follows:


	Shares	Weighted average exercise price per share		Weighted average remaining contractual life (in years)
Outstanding at December 31, 2024	3,759,580	$	2.29	4.11
Options exercised	(361,924)	$	0.89
Options cancelled/forfeited/expired	(149,283)	$	1.65
Outstanding and exercisable at December 31, 2025	3,248,373	$	2.47	3.49

The total pretax intrinsic value of options exercised during the years ended December 31, 2025 and 2024 was $0.5 million and $5.6 million, respectively. The total pretax intrinsic value of options outstanding and exercisable at December 31, 2025 and 2024, was $1.3 million and $7.4 million, respectively. The intrinsic value is the difference between the estimated fair market value of the Company’s common stock at the date of exercise and the exercise price for in-the-money options. No options were granted during the years ended December 31, 2025 and 2024.

The total grant date fair value of options vested during the years ended December 31, 2025 and 2024 was $1.1 million and $2.8 million, respectively.

As of December 31, 2025, there was no unrecognized stock-based compensation cost related to unvested stock options.

Cash received from option exercises and purchases of shares under the Stock Plans for the years ended December 31, 2025 and 2024 was $0.3 million and $0.4 million, respectively.

During the year ended December 31, 2025, no shares were withheld for the cashless exercise of stock options. During the year ended December 31, 2024, there were 98,403 shares withheld for the cashless exercises of stock options.

Stock-Based Compensation

The following table summarizes the stock-based compensation expense recognized for awards granted under the Company's authorized stock incentive plans (in thousands):


	Year Ended December 31,
	2025		2024
Matching Plan shares	$	3,980	$	4,835
Equity-classified restricted stock units	22,021		28,426
Settlement of liability-classified restricted stock units	1,198		—
Stock options	997		2,964
Total stock-based compensation	28,196		36,225
Less: stock-based compensation capitalized as software development costs	(1,618)		(2,688)
Total stock-based compensation expense	$	26,578	$	33,537


	Year Ended December 31,
	2025		2024
Cost of revenue, net	$	10,637	$	12,506
Research and development	7,701		11,900
General and administrative	4,768		6,815
Sales and marketing	3,472		2,316
Total stock-based compensation expense	$	26,578	$	33,537

LEASES - Cashflow Disclosures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 1,079	$ 516
Operating cash flows from finance leases	13	24
Financing cash flows from finance leases	$ 140	$ 129

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Litigation From time to time in the normal course of business, the Company may be involved in claims, proceedings and litigation. In the case of any litigation, the Company records a provision for a liability when management believes that it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Company reviews these provisions at least quarterly and adjusts such provisions to reflect the impact of negotiations, settlements, rulings, advice of legal counsel and other information and events pertaining to a particular case. On November 29, 2023, a putative securities class action (the “Putative Class Action”) was filed in the United States District Court for the District of Oregon captioned Wilhite v. Expensify, Inc., et al., Case No. 3:23-cv-01784-JR, naming the Company, the Company's executive officers and several of the Company's current and former directors as defendants (collectively, the “Defendants”). The lawsuit is purportedly brought on behalf of all those who purchased or acquired the Company's stock pursuant or traceable to its IPO. The complaint alleges claims under Sections 11 and 15 of the Securities Act of 1933 based on allegedly false or misleading statements in the offering documents filed in connection with the IPO. The lawsuit seeks unspecified damages and other relief. On December 17, 2025, after conducting mediation within the current discovery phase of the lawsuit, the parties reached an agreement-in-principle to settle all claims in the Putative Class Action for an aggregate sum of $9.5 million. Plaintiff filed a stipulation of settlement and motion for preliminary approval of settlement on February 12, 2026. On February 23, 2026, the Court granted preliminary approval of the settlement and set a final approval hearing for June 30, 2026. As of December 31, 2025, this liability amount is included within Accrued expenses and other liabilities on the Consolidated Balance Sheets. The settlement accrual is partially offset by a receivable of $6.7 million for amounts recoverable under the Company's applicable insurance policies, which is included within Other current assets on the Consolidated Balance Sheets as of December 31, 2025. During the year ended December 31, 2025, the Company recorded an expense of $2.8 million for the proposed settlement, net of the Company's expected insurance recoveries, which is included within General and administrative on the Consolidated Statements of Operations. The shareholder derivative lawsuits filed during the years ended December 31, 2025 and 2024 in the United States District Court for the District of Oregon naming the Company as nominal defendant, with the Company's executive officers and several of the Company's current and former directors as defendants (collectively, the “Derivative Defendants”) remain pending. The Derivative Defendants deny the allegations of wrongdoing and will continue to vigorously defend against the claims in the shareholder derivative lawsuits. At this time, the Company is unable to estimate the probability or the amount of liability, if any, related to these matters. As of December 31, 2025 and 2024, there were no other legal contingency matters, either individually or in aggregate, that would have a material adverse effect on the Company's financial position, results of operations or cash flows. Indemnification Agreements In the ordinary course of business, the Company enters into agreements of varying scope and terms whereby the Company agrees to indemnify customers, issuing banks, card networks, vendors and other parties with respect to certain matters, including, but not limited to, losses arising out of the breach of such agreements, services to be provided by the Company or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with directors and certain officers and employees that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors, officers or employees. No demands have been made upon the Company to provide indemnification under such agreements and there are no claims that the Company is aware of that could have a material effect on the Consolidated Balance Sheets, Consolidated Statements of Operations, Consolidated Statements of Changes in Stockholders' Equity, or Consolidated Statements of Cash Flows.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation and Principles of Consolidation

The accompanying consolidated financial statements include the accounts of Expensify, its wholly-owned subsidiaries, and Expensify.org (collectively, the “Company”) and have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). All intercompany transactions and balances have been eliminated in consolidation. In the opinion of management, the accompanying consolidated financial statements reflect all normal and recurring adjustments that are necessary for the fair presentation of the Company's financial position, results of operations, equity, and cash flows for the periods presented.

Reclassification Presentation

Certain prior period amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported results of financial position, operations and cash flows.

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates and judgments are based on historical experience, forecasted events and various other assumptions that the Company believes to be reasonable under the circumstances. Estimates and judgments are evaluated on an ongoing basis. Actual results could differ from those estimates. Changes in estimates are recorded in the period in which they become known.

Estimates and assumptions by management affect the Company’s classification of employee and employee-related expenses, the useful lives and recoverability of long-lived assets and deferred contract acquisition costs, income taxes, capitalization of internal-use software costs, and stock-based compensation.

Foreign Currency

The Company uses the U.S. dollar as its functional currency. Foreign currency assets and liabilities are remeasured into the U.S. dollar at the end-of-period exchange rates except for prepaid expenses, property and equipment and related depreciation and amortization, and lease ROU assets and related amortization, which are remeasured at the historical exchange rates. Revenues and expenses are remeasured at average exchange rates in effect during each period. Gains or losses from foreign currency transactions are included within Other income (expense), net on the Consolidated Statements of Operations.

Comprehensive Loss

The Company has no components of other comprehensive loss. Therefore, net loss equals comprehensive loss for all periods presented.

Cash and Cash Equivalents

Cash consists of funds deposited with banks. The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. The recorded carrying amount of cash equivalents, which is cost plus accrued interest, if any, approximates fair value. As of December 31, 2025 and 2024, the Company had no cash equivalents.

Restricted Cash

Restricted cash primarily includes Expensify Card posted collateral, cash held by Expensify.org for social justice and equity efforts of Expensify.org, and earned interchange held for the benefit of the Company until released by the issuing bank. Refer to Note 6 for the breakout of these amounts within Other current assets as of December 31, 2025 and 2024.

Restricted cash also includes amounts within Settlement assets, net for funds held for customers that are deposited into a commercial bank account held by the Company for the benefit of the customers until remitted to the customer's members. Refer to the settlement assets and liabilities policy note below for further detail.

Accounts Receivable and Allowance for Expected Credit Losses

Accounts receivable are recorded at the invoiced amount, net of an allowance for expected credit losses. The allowance for expected credit losses is based on the Company’s assessment of the collectability of the accounts receivable. Management considers the following factors when determining the collectability of specific customer accounts: customer creditworthiness, past transaction history with the customer, current economic industry trends and changes in customer payment terms.

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to credit risk consist primarily of cash and cash equivalents and accounts receivable. Cash and cash equivalents are deposited with federally insured commercial banks in the United States that may at times exceed federally insured limits. Management believes that these financial institutions are financially sound, and the Company has not experienced material losses to date. The Company generally does not require collateral or other security in support of accounts receivable except for the restricted cash accounts discussed in the restricted cash policy note

above. No customer represented 10% or more of revenue during the years ended December 31, 2025 and 2024. In addition, there were no customers representing 10% or more of accounts receivable as of December 31, 2025 and 2024.

Settlement Assets, Net and Liabilities and Allowance for Expected Credit Losses

Upon an approved request for expense reimbursement from customers, the Company initiates a transaction facilitated by a third-party vendor to collect funds from customers that are deposited into a commercial bank account held by the Company for the benefit of the customers until remitted to the customer’s members after a clearing period of up to three business days. The Company records a settlement receivable upon approval of the expense reimbursement until funds are cleared in the Company’s commercial bank account. A corresponding liability is recorded upon approval of the expense reimbursement until funds are remitted from the Company’s commercial bank account to the customer’s members.

For customer transactions incurred through the Expensify Card, the Company initiates a transaction facilitated by a third-party vendor to collect funds from customers that are deposited into a commercial bank account held by the Company until remitted to the issuing bank. The majority of customers settle Expensify Card transactions on a daily basis while certain customers settle Expensify Card transactions on a monthly basis. The Company records a settlement receivable for Expensify Card transactions until funds are cleared in the Company’s commercial bank account. A corresponding liability is recorded until funds are remitted from the Company’s commercial bank account to the issuing bank.

Leases

The Company determines if an arrangement is or contains a lease at inception by evaluating whether there is an identified asset and whether the Company controls the use of the identified asset throughout the period of use. The Company determines the classification of the lease, whether operating or financing, at the lease commencement date, which is the date the leased assets are made available for use.

Operating and finance leases are included in Lease right-of-use assets, Lease liabilities, current and Lease liabilities, non-current on the Consolidated Balance Sheets. Right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating and finance lease ROU assets and liabilities are recognized at commencement date based on the present value of future minimum lease payments over the lease term. The Company uses rates implicit in the lease, or if not readily available, its incremental borrowing rate, to calculate its ROU assets and liabilities. The operating and finance lease ROU assets also include any lease payments made before commencement and exclude lease incentives.

The Company’s lease terms may include options to extend or terminate the lease, and the Company includes those options in the lease terms when it is reasonably certain it will exercise them. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. Lease expense for finance lease payments is recognized on a straight-line basis over the lesser of the lease term or the estimated useful life of the asset. The Company made the policy election to account for short-term leases by recognizing the lease payments in the Consolidated Statements of Operations on a straight-line

basis over the lease term rather than recognizing these leases on the Company’s Consolidated Balance Sheets. Variable lease payments are recognized in the Consolidated Statements of Operations in the period in which the obligation for those payments is incurred. The Company has real estate and data center equipment lease agreements with lease and non-lease components for which the Company has made the accounting policy election to account for these agreements as a single lease component. Modifications are assessed to determine whether incremental differences result in new contract terms to be accounted for as a new lease or whether the additional right-of-use should be included in the original lease and continue to be accounted with the remaining ROU asset.

Property and Equipment, Net

Property and equipment, net are stated at cost, less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the respective assets, typically three years for computer equipment, five years for furniture and fixtures and thirty years for buildings. Land has an indefinite useful life and is not depreciated. Leasehold improvements are amortized over the lesser of the lease term or the estimated useful life of the asset. Expenditures for repairs and maintenance are charged to expense as incurred. Upon disposal, the cost and related accumulated depreciation and amortization are removed from the Consolidated Balance Sheets and the resulting gain or loss is reflected in the Consolidated Statements of Operations. Gains or losses from disposition of property and equipment for each of the years ended December 31, 2025 and 2024 have been immaterial.

Construction in progress is stated at cost, which includes the cost of construction and other direct costs attributable to the construction. No depreciation is recorded for construction in progress until the relevant assets are completed and put into use. There was no construction in progress as of December 31, 2025. Construction in progress as of December 31, 2024 represents leasehold improvements under installation.

Capitalized Software Development Costs, Net

The Company capitalizes internal and external costs directly related to obtaining or developing internal-use software during the application development stage of the projects. Additionally, the Company capitalizes qualifying costs incurred for upgrades and enhancements that result in additional functionality to existing software. Maintenance activities or minor upgrades are expensed in the period performed. The Company's internal-use software is reported at cost less accumulated amortization. Amortization begins once the project is ready for its intended use, which is usually when the software code goes into production. The Company amortizes the asset on a straight-line basis over a period of three years, which is the estimated useful life.

Long-Lived Assets

Long-lived assets, primarily capitalized software development costs, property and equipment and lease right-of-use assets, are evaluated for impairment when events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. When indications of impairment are present and the estimated undiscounted future cash flows from the use of the asset are less than the asset's carrying value, the related asset will be written down to fair value. Any impairment losses are included in the same financial statement caption as the related depreciation and amortization for the respective asset class on the Consolidated Statements of Operations. Impairment losses on long-lived assets were immaterial for each of the years ended December 31, 2025 and 2024.

Revenue Recognition and Deferred Contract Acquisition Costs

Revenue Recognition

The Company generates revenue from subscription fees paid by its customers to access and use the Company’s hosted software services, as well as standard customer support. Revenue is recognized when control of the promised goods or services is transferred to customers in an amount that reflects the

consideration the Company expects to be entitled to receive in exchange for those goods or services. Revenue is recognized net of applicable taxes imposed on the related transaction.

The Company’s contracts are either month-to-month arrangements billed monthly in arrears based on a specified number of members or annual arrangements billed monthly in arrears based on a minimum number of monthly members, with typical payment terms being 30 days. Month-to-month contracts can be terminated by either party at any time without penalty. Annual subscription customers who wish to terminate their contracts before the end of the term are required to pay the remaining obligation in full plus any fees or penalties set forth in the agreement.

The Company charges its customers subscription fees for access to its platform based on the number of monthly members and level of service. The contractual price per member is based on either negotiated fees or rates published on the Company’s website. The Company’s contracts with customers include two performance obligations: access to the hosted software service (“SaaS”), inclusive of all features available within the platform, and related customer support. The SaaS and the support are accounted for as a combined performance obligation because they have the same pattern of transfer over the same period and, therefore, are delivered concurrently. The Company satisfies its performance obligation over time each month as it provides the SaaS and support services to customers and, as such, recognizes revenue monthly based on the number of monthly members and contractual rate per member.

Certain annual contracts provide the customer the option to increase the minimum number of members and extend the contract term on a prospective basis or to purchase members beyond the minimum contracted number of members at a higher rate for a particular month. These options are accounted for when the customer exercises the option as they do not represent a material right and are accounted for as a contract modification.

Under the Updated Card Program, the Company generates revenue from the authorization and settlement of Expensify Card transactions and is contractually entitled to all interchange generated on Expensify Card transactions based on its agreement with the issuing bank. The Company has a stand-ready performance obligation to customers to provide card program management services as part of its SaaS offering, which includes card transaction authorization and settlement services. Interchange fees earned by the Company represent variable consideration. The Company satisfies its performance obligation daily as transactions are authorized and settled, with customers simultaneously receiving and consuming the benefits of these services. Accordingly, interchange fees earned for transactions settled on a given day are recognized as revenue on that day. Based on the Company's agreements with the payment processor and issuing bank, the Company controls the services provided to customers and is the principal in the transaction. As such, the Company recognizes interchange as revenue on a gross basis within Revenue on the Consolidated Statements of Operations.

Cashback Rewards

The Company offers a cashback rewards program to all customers based on volume of Expensify Card transactions. Cashback rewards are earned on a monthly basis and are applied against outstanding customer receivables or are paid out the following month. The Company considers cashback rewards as consideration payable to a customer and it is recorded as contra revenue within Revenue on the Consolidated Statements of Operations. Cashback rewards are variable based on the volume of customer spend. Cashback rewards liability was $0.6 million and $0.5 million as of December 31, 2025 and 2024, respectively, and is recorded within Accrued expenses and other liabilities on the Consolidated Balance Sheets. Cashback rewards offset against outstanding customer receivables were $0.4 million and $0.3 million as of December 31, 2025 and 2024, respectively, and are reflected as a reduction to Accounts receivable, net on the Consolidated Balance Sheets.

Disaggregation of Revenue

The following table provides information about disaggregated revenue from customers (in thousands):


	Year Ended December 31,
	2025		2024
Subscription fees	$	130,537	$	138,822
Interchange	21,284		9,178
Other	365		182
Cashback rewards	(10,085)		(8,946)
Total revenue	$	142,101	$	139,236

Deferred Contract Acquisition Costs

Sales commissions that are incremental costs of the acquisition of contracts with customers are capitalized. These costs are recorded as deferred contract acquisition costs within Other current assets and Other assets on the Consolidated Balance Sheets. The Company determines whether costs should be deferred when the costs are incremental and would not have occurred if the customer contract had not been obtained. The deferred commission amounts are recoverable through future revenue from our customer contracts, all of which are non-cancelable.

Commissions paid upon the acquisition of an initial contract are amortized over an estimated period of benefit which has been determined to be three years based on historical analysis of average customer life, industry benchmarks, and useful life of our product offerings. Amortization is recognized on a straight-line basis and included within Sales and marketing on the Consolidated Statements of Operations. The Company periodically reviews these deferred costs to determine whether events or changes in circumstances have occurred that could impact the period of benefit. The Company did not recognize any impairment of deferred contract acquisition costs during the periods presented.

Stock-Based Compensation

The Company accounts for stock-based compensation under the fair value recognition and measurement provisions of GAAP. Those provisions require all stock-based awards granted to employees, including stock options and restricted stock units, to be measured based on fair value at the date of grant, with the resulting expense generally recognized in the Consolidated Statements of Operations over the period during which the employee is required to perform service in exchange for the award.

The Company utilizes the Black-Scholes option pricing model to determine the estimated fair value of stock options. The Company recognizes stock-based compensation costs on a straight-line basis over the requisite service period of the award, which is generally the option vesting term of four years. Forfeitures are recorded as they occur.

The fair value of the Company’s underlying common stock is determined by the closing price, on the date of grant, of its Class A common stock, which is traded on the Nasdaq Global Select Market (“Nasdaq”). Costs associated with restricted stock units (“RSUs”) granted to employees, consultants and directors (collectively, “Service Providers”) with a service condition only are recognized using the straight-line method over the requisite service period of the award. This includes RSUs granted to Service Providers with a service condition only that are subject to a graded vesting schedule, ensuring that the amount recognized is at least equal to the vested portion of the award at each reporting date. Costs associated with RSUs granted to Service Providers with both a performance condition and service condition are recognized using the accelerated graded method over the requisite service period of the award.

The Company will grant RSUs to non-employee directors on an annual basis at each annual stockholders' meeting that will be recognized on a straight-line basis over the requisite service period of the award, which is one year. Furthermore, RSUs will be granted to non-employee directors on a quarterly basis as a retainer for their services, which will be recognized on a straight-line basis over the requisite service period of the award, which is three months.

Forfeitures are recorded as they occur for all RSUs.

Employee and Employee-Related Expenses

Allocating employee and employee-related expenses, which consist of contractor costs, employee salary and wages, stock-based compensation and travel and other employee-related costs, to their appropriate financial statement line items on the Consolidated Statements of Operations, requires the Company to make estimates and judgments as a result of a generalist model and organizational structure. The Company bases the estimates for allocating employee and employee-related expenses on defined teams. Management reviews the estimates each reporting period to evaluate the amounts allocated to Cost of revenue, net, Research and development, General and administrative, and Sales and marketing on the Consolidated Statements of Operations.

Cost of Revenue, Net

Cost of revenue, net primarily consists of personnel-related expenses, including stock-based compensation, attributable to supporting customers and maintenance of the Company's platform, amortization expense on capitalized software development costs, expenses related to hosting the Company’s service, including the costs of data center capacity, credit card processing fees, third-party software license fees, amortization of finance lease right-of-use assets, outsourcing engineering costs to maintain the Company's platform, outsourcing costs to support customer service and outsourcing costs to support the Company's patented scanning technology SmartScan, net of consideration from a vendor under the Updated Card Program for certain volume-based incentives from Visa and consideration from a vendor under the previous card program (the “Legacy Card Program”), of which an immaterial number of cardholders continue to operate within, for monetizing Expensify Card activities.

This consideration under the Updated Card Program is included as a reduction to cost of revenue of $1.5 million and $0.3 million for years ended December 31, 2025 and 2024, respectively.

This consideration under the Legacy Card Program is included as a reduction to cost of revenue of an immaterial amount for the year ended December 31, 2025 and $7.2 million for the year ended December 31, 2024.

Research and Development

Research and development expenses primarily consist of personnel-related expenses, including stock-based compensation, and external contributor expenses incurred in the planning and preliminary project stage of new products or enhancing existing products or services. The Company capitalizes certain software development costs that are attributable to developing or adding significant functionality to our internal-use software during the application development stage of the projects. All research and development expenses, excluding capitalized software development costs, are expensed as incurred.

General and Administrative

General and administrative expenses primarily consist of personnel-related expenses, including stock-based compensation, for any employee time allocated to administrative functions, including finance and accounting, legal and compliance, and human resources. In addition to personnel-related expenses, general and administrative expenses consist of business insurance, rent, utilities, depreciation on property and equipment, amortization of operating lease right-of-use assets, information technology, external professional services, including finance and accounting, audit, tax, legal and compliance, and human resources, third-party software license fees, settlement losses, net of recoveries, and legal settlements. General and administrative expenses are expensed as incurred.

Sales and Marketing

Sales and marketing expenses primarily consist of personnel-related expenses, including stock-based compensation, advertising expenses, depreciation on property and equipment, outsourcing costs for sales and product demos, branding and public relations expenses, referral fees for strategic partners and other benefits that the Company provides to its referral and affiliate partners. In general, the Company expenses the costs of sales and marketing, including promotional expenses, as incurred. For media advertising arrangements, the Company expenses the costs related to producing advertisements as incurred, and the costs related to communicating the advertisement when the advertisement first takes place or is released.

Other Income (Expense), Net

Other income (expense), net, primarily consists of interest income. It also includes the results of operations of our Fifth & Harvey, LLC subsidiary, realized gains and losses on foreign currency transactions, foreign currency remeasurement, and interest paid under the Company's credit facilities with Canadian Imperial Bank of Commerce (“CIBC”).

Income Taxes

The Company is subject to income taxes in the U.S. and several foreign jurisdictions. The Company records a provision for income taxes utilizing the asset and liability method. Deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between financial statement carrying amounts and the tax basis of assets and liabilities, as well as net operating losses (“NOL”) and tax credit carryforwards. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts more likely than not expected to be realized.

The Company accounts for uncertainty in income taxes using a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on examination, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. The Company classifies any liabilities for unrecognized tax benefits as current

to the extent that the Company anticipates payment (or receipt) of cash within one year. Interest and penalties related to uncertain tax positions are recognized in the provision for income taxes.

The Company is subject to the global intangible low-taxed income (“GILTI”) provisions of the Tax Cuts and Jobs Act (“TCJA”) due to its foreign operations. H.R.1 renamed GILTI to Net Controlled Foreign Corporation Tested Income (“NCTI”) for tax years beginning after December 31, 2025. The Company's accounting policy with respect to GILTI, or NCTI in future periods, is to account for it as a period cost.

The Company's provision for income taxes does not include provisions for foreign withholding taxes associated with the repatriation of undistributed earnings of certain foreign subsidiaries that the Company intends to reinvest indefinitely in its foreign subsidiaries.

Net Loss Per Share

Basic net loss per share is computed by dividing Net loss for the period by the weighted average number of outstanding shares of common stock during the period, less weighted average shares subject to repurchase. Diluted net loss per share is computed by dividing Net loss for the period by the weighted average number of outstanding shares of common stock and, when dilutive, potential shares of common stock outstanding during the period using the more dilutive of the treasury stock method or if-converted method, as applicable. For periods in which the Company reports net losses, diluted net loss per share is the same as basic net loss per share, because potentially dilutive common shares are anti-dilutive.

Share Repurchases

When common stock is repurchased for retirement, the Company's policy is to allocate the excess of the repurchase price over the par value of shares acquired to both accumulated deficit and additional paid-in capital. The Company estimates the additional paid-in capital carrying value per common stock by dividing the Additional paid-in capital balance from our most recent quarterly financial statements preceding the repurchase by the number of common shares issued and outstanding from our most recent quarterly financial statements preceding the repurchase. The calculated additional paid-in capital carrying value per share is then applied to the number of shares to be retired to determine the portion to be allocated to additional paid-in capital.

Segment Reporting

Recently Issued and Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires the disaggregation, in the notes to the financial statements, of certain cost and expense captions presented on the face of the Company's Consolidated Statements of Income to provide enhanced transparency to investors. The ASU is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027 and allows for adoption on a prospective or retrospective basis. Early adoption is permitted. The Company is currently evaluating the impact of this update on its consolidated financial statements and related disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which modernizes the accounting for internal-use software. The ASU removes all references to software development stages and requires capitalization of software costs when management has committed to the software project and it is probable the software will be completed and perform its intended use. The ASU is effective for annual periods beginning after December 15, 2027, and interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of this update on its consolidated financial statements and related disclosures.

Recently Adopted Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. The ASU is effective for annual periods beginning after December 15, 2024 and allows for adoption on a prospective or retrospective basis. The Company adopted this ASU for the 2025 annual period on a prospective basis. Refer to Note 10 to the consolidated financial statements for such new disclosures.

CAPITALIZED SOFTWARE, NET (Tables)

12 Months Ended

Dec. 31, 2025

Research and Development [Abstract]

Schedule of Capitalized Software Development Costs

Capitalized software, net consisted of the following (in thousands):


	As of December 31,
	2025		2024
Capitalized software development costs	$	36,393	$	32,332
Less: accumulated amortization	(22,797)		(16,100)
Capitalized software, net	$	13,596	$	16,232

STOCKHOLDERS’ EQUITY (Details) - USD ($)	12 Months Ended
STOCKHOLDERS’ EQUITY (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Feb. 25, 2025	May 10, 2022
Class of Stock
Repurchases of early exercised stock options	$ (9,095,000)
Common Class A
Class of Stock
Share repurchase program, remaining authorized, amount	$ 41,000,000.0
2022 Share Repurchase Program \| Common Class A
Class of Stock
Stock repurchase program, authorized amount				$ 50,000,000.0
Repurchases of early exercised stock options (in shares)		(645,938)
Repurchases of early exercised stock options		$ (1,500,000)
Weighted average price (in dollars per share)		$ 2.34
2025 Share Repurchase Program \| Common Class A
Class of Stock
Stock repurchase program, authorized amount			$ 50,000,000.0
2022 and 2025 Share Repurchase Program \| Common Class A
Class of Stock
Repurchases of early exercised stock options (in shares)	(4,823,118)
Repurchases of early exercised stock options	$ (9,100,000)

NET LOSS PER SHARE - Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Numerator
Net loss, basic	$ (21,389)	$ (10,055)
Net loss, diluted	$ (21,389)	$ (10,055)
Weighted average shares of common stock used to compute net loss per share:
Weighted average shares of common stock used to compute net loss per share, basic (in shares)	92,283,974	87,380,708
Weighted average shares of common stock used to compute net loss per share, diluted (in shares)	92,283,974	87,380,708
Net loss per share, basic (in dollars per share)	$ (0.23)	$ (0.12)
Net loss per share, diluted (in dollars per share)	$ (0.23)	$ (0.12)
Class A
Numerator
Net loss, basic	$ (18,591)	$ (8,525)
Net loss, diluted	$ (18,591)	$ (8,525)
Weighted average shares of common stock used to compute net loss per share:
Weighted average shares of common stock used to compute net loss per share, basic (in shares)	80,213,321	74,080,426
Weighted average shares of common stock used to compute net loss per share, diluted (in shares)	80,213,321	74,080,426
Net loss per share, basic (in dollars per share)	$ (0.23)	$ (0.12)
Net loss per share, diluted (in dollars per share)	$ (0.23)	$ (0.12)
LT10
Numerator
Net loss, basic	$ (976)	$ (671)
Net loss, diluted	$ (976)	$ (671)
Weighted average shares of common stock used to compute net loss per share:
Weighted average shares of common stock used to compute net loss per share, basic (in shares)	4,209,827	5,833,311
Weighted average shares of common stock used to compute net loss per share, diluted (in shares)	4,209,827	5,833,311
Net loss per share, basic (in dollars per share)	$ (0.23)	$ (0.12)
Net loss per share, diluted (in dollars per share)	$ (0.23)	$ (0.12)
LT50
Numerator
Net loss, basic	$ (1,822)	$ (859)
Net loss, diluted	$ (1,822)	$ (859)
Weighted average shares of common stock used to compute net loss per share:
Weighted average shares of common stock used to compute net loss per share, basic (in shares)	7,860,826	7,466,971
Weighted average shares of common stock used to compute net loss per share, diluted (in shares)	7,860,826	7,466,971
Net loss per share, basic (in dollars per share)	$ (0.23)	$ (0.12)
Net loss per share, diluted (in dollars per share)	$ (0.23)	$ (0.12)

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Income Tax Contingency
Income taxes paid, net	$ 5,691	$ 5,100
Capitalized research and development	25,000	17,700
NOL carryforward, state	1,500	1,500
Accrual for uncertain tax positions	1,600	1,500
Penalties and interest expense	300	0
Potential decrease in tax benefits	400
State
Income Tax Contingency
Tax credit, research	$ 1,200	$ 800

EMPLOYEE BENEFIT PLANS (Details) - USD ($)		12 Months Ended
EMPLOYEE BENEFIT PLANS (Details) - USD ($)	Jan. 01, 2018	Dec. 31, 2025	Dec. 31, 2024
United States
Defined Contribution Plan
Employer discretionary matching		$ 0	$ 0
Employer contributions		800,000	800,000
United States \| Maximum
Defined Contribution Plan
Employer contribution percentage (percent)	4.50%
United Kingdom
Defined Contribution Plan
Employer discretionary matching		0	0
Employer contributions		$ 100,000	$ 100,000
United Kingdom \| Maximum
Defined Contribution Plan
Employer contribution percentage (percent)		4.50%

INCOME TAXES - Loss Before Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Domestic	$ (17,784)	$ (3,399)
Foreign	1,491	1,007
Loss before income taxes	$ (16,293)	$ (2,392)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

PROPERTY AND EQUIPMENT, NET - Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment
Total property and equipment	$ 23,205	$ 23,251
Less: accumulated depreciation	(10,189)	(9,630)
Property and equipment, net	13,016	13,621
Computers and equipment
Property, Plant and Equipment
Total property and equipment	165	170
Furniture and fixtures
Property, Plant and Equipment
Total property and equipment	1,889	1,930
Leasehold improvements
Property, Plant and Equipment
Total property and equipment	7,791	7,937
Commercial building
Property, Plant and Equipment
Total property and equipment	9,209	6,493
Land
Property, Plant and Equipment
Total property and equipment	4,151	4,151
Construction in progress
Property, Plant and Equipment
Total property and equipment	$ 0	$ 2,570

INCOME TAXES - Unrecognized Tax Benefit Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Unrecognized Tax Benefits [Roll Forward]
Beginning balance	$ 1,942	$ 2,050
Additions based on tax positions related to current year	283	300
Additions based on tax positions related to prior year	128	242
Reductions based on tax positions related to prior year	(8)	(72)
Expiration of the statute of limitations	(445)	(578)
Ending balance	$ 1,900	$ 1,942

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025	Dec. 31, 2024
Audit Information [Abstract]
Auditor Firm ID	185	42
Auditor Name	KPMG LLP	Ernst & Young LLP
Auditor Location	Philadelphia, PA	San Francisco, California

SIGNIFICANT BALANCE SHEET COMPONENTS (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Other Current Assets

Other current assets consisted of the following (in thousands):


	As of December 31,
	2025		2024
Expensify Card posted collateral for funds held for customers	$	10,530	$	12,415
Expected insurance recoveries	6,710		—
Expensify.org restricted cash	6,181		5,972
Earned interchange restricted cash	1,654		1,442
Deferred contract acquisition costs	508		339
Income tax receivable	495		429
Other restricted cash	179		151
Other	87		160
Other current assets	$	26,344	$	20,908

Schedule of Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consisted of the following (in thousands):


	As of December 31,
	2025		2024
Estimated putative class action liability	$	9,500	$	—
Professional fees	1,787		1,336
Partner payouts and advertising fees	1,559		1,194
Sales, payroll and other taxes payable	1,484		2,538
Matching Plan payroll liability	672		408
Cashback rewards	562		489
Credit card processing fees	477		411
Income taxes payable	284		934
Other	1,568		930
Accrued expenses and other liabilities	$	17,893	$	8,240

CAPITALIZED SOFTWARE, NET

12 Months Ended

Dec. 31, 2025

Research and Development [Abstract]

CAPITALIZED SOFTWARE, NET

Capitalized software, net consisted of the following (in thousands):


	As of December 31,
	2025		2024
Capitalized software development costs	$	36,393	$	32,332
Less: accumulated amortization	(22,797)		(16,100)
Capitalized software, net	$	13,596	$	16,232

Amortization expense related to capitalized software development costs is recorded within Cost of revenue, net on the Consolidated Statements of Operations. Amortization expense for the years ended December 31, 2025 and 2024 was $7.7 million and $5.9 million, respectively.

EMPLOYEE BENEFIT PLANS	12 Months Ended
EMPLOYEE BENEFIT PLANS	Dec. 31, 2025
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS 401(k) Plan In fiscal 2009, the Company sponsored a U.S. 401(k) defined contribution plan covering eligible employees who elect to participate. The Company is allowed to make discretionary profit sharing and 401(k) matching contributions as defined in the plan and as approved by the Board of Directors. Effective January 1, 2018, the Company matches up to 4.50% of each participant’s eligible compensation. No discretionary profit-sharing contributions were made for the years ended December 31, 2025 and 2024. The Company’s 401(k) matching contributions for both years ended December 31, 2025 and 2024 were $0.8 million. In accordance with local laws and customs of the UK, the Company sponsors a UK pension plan covering eligible employees who elect to participate. The Company is allowed to make discretionary profit sharing and matching contributions as defined in the plan and as approved by the Board of Directors. The Company matches up to 4.50% of each participant's eligible compensation. No discretionary profit-sharing contributions were made for the years ended December 31, 2025 and 2024. The discretionary matching contributions for both years ended December 31, 2025 and 2024 were $0.1 million.

- Definition

The entire disclosure for retirement benefits.

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+ Details

CAPITALIZED SOFTWARE, NET - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Research and Development [Abstract]
Amortization expense	$ 7.7	$ 5.9

STOCK INCENTIVE PLANS - 2021 Incentive Plan and Stock Purchase and Matching Plan (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Nov. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award
Proceeds from stock plans	$ 6,321	$ 4,091
2021 Incentive Plan \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award
Shares reserved for future issuance (in shares)	20,992,688	20,879,081	11,676,932
2021 Incentive Plan \| Common Class A \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Shares reserved for future issuance (in shares)			87,576,990
Annual increase in shares reserved for future issuance (percent)			6.00%
Matching Plan shares
Share-based Compensation Arrangement by Share-based Payment Award
Employer share match rate (percent)	1.50%
Stock Purchase and Matching Plan \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award
Stock issued during period, shares, employee stock ownership plan (in shares)	3,061,193	1,922,139
Original issuance price (in dollars per share)	$ 2.06	$ 2.13
Matching Plan 1/20th Share Issuance \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award
Options granted (in shares)	1,118,124	638,850
Matching Plan - Discretionary Contributions \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award
Options granted (in shares)	314,658	1,523,525

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) $ in Thousands			12 Months Ended
	Jun. 20, 2025	Sep. 24, 2021	Dec. 31, 2025 USD ($) contract segment	Dec. 31, 2024 USD ($)
Significant Accounting Policies
Allowance for credit loss			$ 100	$ 100
Credit losses			2,300	300
Net of recoveries			800	800
Capitalized software development costs			$ 5,300	10,400
Number of performance obligations \| contract			2
Deferred contract acquisition costs, term (in years)			3 years
Cashback rewards			$ 562	489
Cashback rewards offset against outstanding customer receivables			$ 400	300
Vesting period (in years)			4 years
Advertising expense			$ 12,700	2,500
Number of reportable segments \| segment			1
Investment income			$ 1,900	1,100
Equity-classified restricted stock units
Significant Accounting Policies
Vesting period (in years)		8 years
Service period (in years)	4 years		1 year
Equity-classified restricted stock units \| Share-based Payment Arrangement, Nonemployee
Significant Accounting Policies
Service period (in years)			3 months
Updated Card Program
Significant Accounting Policies
Consideration revenue from vendors			$ 1,500	300
Legacy Card Program
Significant Accounting Policies
Consideration revenue from vendors			$ 0	$ 7,200
Computers and equipment
Significant Accounting Policies
Property, plant and equipment useful life (in years)			3 years
Furniture and fixtures
Significant Accounting Policies
Property, plant and equipment useful life (in years)			5 years
Commercial building
Significant Accounting Policies
Property, plant and equipment useful life (in years)			30 years
Capitalized software
Significant Accounting Policies
Property, plant and equipment useful life (in years)			3 years

FINANCING ARRANGEMENTS	12 Months Ended
FINANCING ARRANGEMENTS	Dec. 31, 2025
Debt Disclosure [Abstract]
FINANCING ARRANGEMENTS	FINANCING ARRANGEMENTS Amortizing Term Mortgage In August 2019, the Company entered into an $8.3 million amortizing term mortgage agreement with CIBC for the Company's commercial building located in Portland, Oregon. The agreement required principal and interest payments to be made each month over a five-year period. Interest accrued at a fixed rate of 5.00% per year until August 2024, at which point the remaining outstanding principal balance on the amortizing term mortgage was due in full. The borrowings were secured by the building. On August 29, 2024, the Company repaid in full the then-outstanding balance of $7.6 million and terminated the associated mortgage agreement with CIBC and secured promissory note. Loan and Security Agreement In February 2024, the Company entered into a Second Amended and Restated Loan and Security Agreement (as amended by the amendments described below, the “2024 Amended Loan and Security Agreement”) with CIBC. The 2024 Amended Loan and Security Agreement provided for a $25.0 million revolving credit facility that was set to expire in September 2025. Borrowings under the revolving credit facility accrued interest at CIBC’s reference rate plus 1.00% and were secured by substantially all of the Company's assets. In April 2024, the Company entered into an irrevocable standby letter of credit (the “Letter of Credit”) issued under the 2024 Amended Loan and Security Agreement to reduce cash collateral requirements in connection with the Updated Card Program. The Letter of Credit was issued in the amount of $1.0 million for the benefit of Bancorp. The Letter of Credit was renewed on February 28, 2025 and expires on March 20, 2026. On April 16, 2025, the Company entered into an amendment to the irrevocable standby letter of credit to increase the Letter of Credit to $7.5 million. On July 10, 2024, the then-outstanding balance of $15.0 million and an immaterial amount of accrued interest under the revolving credit facility were repaid in full. On July 1, 2025, the Company terminated the revolving credit facility under the 2024 Amended Loan and Security Agreement. At the time of such termination, the Company had no borrowings under the revolving credit facility, and certain terms of the 2024 Amended Loan and Security Agreement, including collateral security, survived the termination with respect to outstanding Contingent Obligations (as defined in the 2024 Amended Loan and Security Agreement) arising from Bank Services (as defined in the 2024 Amended Loan and Security Agreement). The Letter of Credit, which had no amounts drawn, also remained outstanding. There were no penalties incurred by the Company as a result of the termination of the revolving credit facility. As of December 31, 2024, there were no borrowings outstanding under the revolving credit facility Interest expense included within Other income (expense), net on the Consolidated Statements of Operations for the years ended December 31, 2025 and 2024 was $0.1 million and $1.1 million, respectively. Letter of Credit Security Agreement On October 9, 2025, the Company entered into a Letter of Credit Facility and Security Agreement (the “LOC Security Agreement”) with CIBC. The LOC Security Agreement, among other things, provides for the issuance of additional irrevocable standby letters of credit, governs the terms of the outstanding Letter of Credit originally issued under the 2024 Amended Loan and Security Agreement, and grants to CIBC, for the ratable benefit of the lenders, a security interest in substantially all of the assets of the Company and its subsidiaries, and also replaces the 2024 Amended Loan and Security Agreement with respect to the Contingent Obligations described above. Under the LOC Security Agreement, the Letter of Credit remained at $7.5 million with an expiration date of March 20, 2026. No amounts had been drawn on the Letter of Credit as of December 31, 2025.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

INCOME TAXES - Components of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Current:
Federal	$ (2,573)	$ (4,849)
State	(615)	(688)
Foreign	(1,903)	(2,168)
Total current	(5,091)	(7,705)
Deferred:
Foreign	(5)	42
Total deferred	(5)	42
Total provision for income taxes	$ (5,096)	$ (7,663)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

SIGNIFICANT BALANCE SHEET COMPONENTS - Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Other Current Assets
Expensify Card posted collateral for funds held for customers	$ 10,530	$ 12,415
Expected insurance recoveries	6,710	0
Earned interchange restricted cash	1,654	1,442
Deferred contract acquisition costs	508	339
Income tax receivable	495	429
Other restricted cash	179	151
Other	87	160
Other current assets	26,344	20,908
Subsidiaries \| Expensify.org restricted cash
Other Current Assets
Expensify.org restricted cash	$ 6,181	$ 5,972

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common Class A
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	80,767,385	79,471,414
Common stock, shares outstanding (in shares)	80,767,385	79,471,414
LT10
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	21,871,197	21,871,197
Common stock, shares issued (in shares)	4,209,827	4,209,827
Common stock, shares outstanding (in shares)	4,209,827	4,209,827
Common Stock, LT50
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	24,967,114	24,967,114
Common stock, shares issued (in shares)	8,083,690	7,695,524
Common stock, shares outstanding (in shares)	8,083,690	7,695,524

INCOME TAXES - Reconciliation of Effective Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Statutory tax	$ (3,422)
State and local income tax, net of federal income tax effect	573
162(m) limitation	259
Other nondeductible items	(22)
Change in valuation allowance	3,546
Research and development credit	(969)
Foreign tax credit	(702)
GILTI	689
Changes in unrecognized tax benefits	(215)
Effective income tax	$ 5,096	$ 7,663
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Statutory tax	21.00%	21.00%
State and local income tax, net of federal income tax effect	(3.50%)	(22.90%)
Stock-based compensation		(235.60%)
162(m) limitation	(1.60%)	(63.10%)
Other nondeductible items	0.20%
Change in valuation allowance	(21.80%)	(55.40%)
Research and development credit	5.90%	48.50%
Foreign tax credit	4.30%	33.20%
GILTI	(4.20%)	(33.40%)
Other		1.60%
Statutory income tax rate differential		(14.30%)
Changes in unrecognized tax benefits	1.30%
Effective income tax	(31.30%)	(320.40%)
United States
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Stock-based compensation	$ 3,786
Other	$ (23)
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Stock-based compensation	(23.20%)
Other	0.20%
United Kingdom
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Stock-based compensation	$ 666
Other	$ 146
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Stock-based compensation	(4.10%)
Other	(0.90%)
Australia
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Stock-based compensation	$ 347
Statutory income tax rate differential	$ 174
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Stock-based compensation	(2.10%)
Statutory income tax rate differential	(1.10%)
Canada
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Stock-based compensation	$ 224
Other	$ 76
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Stock-based compensation	(1.40%)
Other	(0.50%)
Netherlands
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Statutory income tax rate differential	$ (37)
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Statutory income tax rate differential	0.20%

LEASES - Lease Maturity (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Finance leases
2026	$ 102
2027	0
2028	0
2029	0
2030	0
Thereafter	0
Total future lease payments	102
Less: imputed interest	(2)
Less: lease liabilities, current	(100)
Lease liabilities, non-current	$ 0
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Lease liabilities, current
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Lease liabilities, non-current
Operating leases
2026	$ 1,018
2027	1,033
2028	1,063
2029	1,095
2030	842
Thereafter	2,562
Total future lease payments	7,613
Less: imputed interest	(1,974)
Less: lease liabilities, current	(578)
Lease liabilities, non-current	$ 5,061
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Lease liabilities, current
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Lease liabilities, non-current

LEASES - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
LEASES - Lease Cost (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Finance lease cost:
Amortization of ROU assets	$ 136	$ 136
Interest on lease liabilities	13	24
Total finance lease cost	149	160
Operating lease cost	1,064	1,069
Short-term lease cost	423	524
Total lease cost	$ 1,636	$ 1,753

STOCK INCENTIVE PLANS - 2009 and 2019 Stock Plans (Details) - shares	1 Months Ended
	Apr. 30, 2019	Jan. 31, 2018	Nov. 09, 2021	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized (in shares)	25,204,250
The 2009 Option Plan
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized (in shares)		17,030,280		16,495,150
Additional shares authorized (in shares)		535,130
The 2019 Option Plan
Share-based Compensation Arrangement by Share-based Payment Award
Additional shares authorized (in shares)	8,173,970
The 2019 Option Plan \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized (in shares)			16,856,770
The 2019 Option Plan \| Common Stock, LT50
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized (in shares)			16,856,770

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
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+ Details

CAPITALIZED SOFTWARE, NET - Capitalized Software, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Capitalized Computer Software, Net
Capitalized software development costs	$ 36,393	$ 32,332
Less: accumulated amortization	(22,797)	(16,100)
Capitalized software, net	$ 13,596	$ 16,232

LEASES (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Lease Cost

The components of lease cost reflected on the Consolidated Statements of Operations were as follows (in thousands):


	Year Ended December 31,
	2025		2024
Finance lease cost:
Amortization of ROU assets	$	136	$	136
Interest on lease liabilities	13		24
Total finance lease cost	149		160
Operating lease cost	1,064		1,069
Short-term lease cost	423		524
Total lease cost	$	1,636	$	1,753

Supplemental cash flow information related to leases was as follows (in thousands):


	Year Ended December 31,
	2025		2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,079	$	516
Operating cash flows from finance leases	$	13	$	24
Financing cash flows from finance leases	$	140	$	129

Schedule of Supplemental Balance Sheet Information

Other information related to leases was as follows (in thousands, except percentages or as noted within):


	As of December 31,
	2025			2024
Finance lease ROU asset (included within Lease right-of-use assets)	$	91		$	227
Operating lease ROU asset (included within Lease right-of-use assets)	$	4,639		$	5,214
Weighted average remaining lease term (in years):
Finance leases	0.67			1.67
Operating leases	7.48			8.32
Weighted average discount rate:
Finance leases	8.10		%	8.10		%
Operating leases	8.30		%	8.30		%

Schedule of Operating Lease Maturity

Maturities of lease liabilities as of December 31, 2025 were as follows (in thousands):


For the year ending:	Finance leases		Operating leases
2026	$	102	$	1,018
2027	—		1,033
2028	—		1,063
2029	—		1,095
2030	—		842
Thereafter	—		2,562
Total future lease payments	102		7,613
Less: imputed interest	(2)		(1,974)
Less: lease liabilities, current	(100)		(578)
Lease liabilities, non-current	$	—	$	5,061

Schedule of Finance Lease Maturity

Maturities of lease liabilities as of December 31, 2025 were as follows (in thousands):


For the year ending:	Finance leases		Operating leases
2026	$	102	$	1,018
2027	—		1,033
2028	—		1,063
2029	—		1,095
2030	—		842
Thereafter	—		2,562
Total future lease payments	102		7,613
Less: imputed interest	(2)		(1,974)
Less: lease liabilities, current	(100)		(578)
Lease liabilities, non-current	$	—	$	5,061

INCOME TAXES - Cash Paid for Income Taxes, Net of Refunds (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Paid, by Individual Jurisdiction [Line Items]
Federal taxes	$ 3,203
State and local taxes	515
Total cash paid for income taxes, net of refunds	5,691	$ 5,100
United Kingdom
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign taxes	911
Australia
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign taxes	589
Canada
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign taxes	380
Netherlands
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign taxes	$ 93

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Change in Deferred Contract Acquisition Costs

The following table presents the change in deferred contract acquisition costs (in thousands):


	2025		2024
Balance as of January 1	$	745	$	338
Added during the year	654		629
Amortized during the year	(439)		(222)
Balance as of December 31	$	960	$	745

Schedule of Revenue from Geographic Areas

The table below provides the Company’s revenue by geographic region based on the transaction currency (in thousands). No other individual country outside of the United States accounted for more than 10% of total revenue.


	Year Ended December 31,
	2025		2024
United States	$	129,638	$	126,808
All other locations	12,463		12,428
Total revenue	$	142,101	$	139,236

Schedule of Disaggregation of Revenue

The following table provides information about disaggregated revenue from customers (in thousands):


	Year Ended December 31,
	2025		2024
Subscription fees	$	130,537	$	138,822
Interchange	21,284		9,178
Other	365		182
Cashback rewards	(10,085)		(8,946)
Total revenue	$	142,101	$	139,236

Consolidated Statements of Changes in Stockholders’ Equity - USD ($) $ in Thousands	Total	Preferred stock	Common stock	Additional paid-in capital	Accumulated deficit
Beginning balance (in shares) at Dec. 31, 2023		0
Beginning balance at Dec. 31, 2023	$ 100,744	$ 0	$ 8	$ 241,509	$ (140,773)
Beginning balance (in shares) at Dec. 31, 2023			85,225,328
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon exercise of stock options, net of shares exchanged for payment (in shares)			1,915,660
Issuance of common stock upon exercise of stock options, net of shares exchanged for payment	431			431
Vesting of early exercised stock options	426			426
Issuance of restricted stock units (in shares)			35,808
Issuance of restricted stock units	70			70
Repurchases of early exercised stock options (in shares)			(32,954)
Issuance of common stock under Matching Plan (in shares)			4,084,514
Issuance of common stock under Matching Plan	4,091		$ 1	4,090
Issuance of common stock in connection with restricted stock units vesting (in shares)			1,441,804
Shares withheld from common stock issued to pay employee payroll taxes (in shares)			(647,457)
Shares withheld from common stock issued to pay employee payroll taxes	(2,179)			(2,179)
Repurchase and retirement of common stock (in shares)			(645,938)
Repurchase and retirement of common stock	(1,510)			(1,510)
Stock-based compensation	36,225			36,225
Net loss	$ (10,055)				(10,055)
Ending balance (in shares) at Dec. 31, 2024	0	0
Ending balance at Dec. 31, 2024	$ 128,243	$ 0	$ 9	279,062	(150,828)
Ending balance (in shares) at Dec. 31, 2024			91,376,765
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon exercise of stock options, net of shares exchanged for payment (in shares)	361,924		361,924
Issuance of common stock upon exercise of stock options, net of shares exchanged for payment	$ 323			323
Vesting of early exercised stock options	113			113
Issuance of restricted stock units (in shares)			11,218
Issuance of restricted stock units	33			33
Settlement of liability-classified restricted common shares (in shares)			628,359
Issuance of common stock under Matching Plan (in shares)			4,493,975
Issuance of common stock under Matching Plan	6,321			6,321
Issuance of common stock in connection with restricted stock units vesting (in shares)			1,011,779
Repurchase and retirement of common stock (in shares)			(4,823,118)
Repurchase and retirement of common stock				(9,095)
Stock-based compensation	28,196			28,196
Net loss	$ (21,389)				(21,389)
Ending balance (in shares) at Dec. 31, 2025	0	0
Ending balance at Dec. 31, 2025	$ 132,745	$ 0	$ 9	$ 304,953	$ (172,217)
Ending balance (in shares) at Dec. 31, 2025			93,060,902

STOCK INCENTIVE PLANS - Stock Option Narratives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)	4 years
Pre-tax intrinsic value of options exercised	$ 500	$ 5,600
Intrinsic value of options exercised	1,300	7,400
Intrinsic value of options outstanding	1,300	7,400
Proceeds from issuance of common stock on exercise of stock options	$ 323	431
Issuance of common stock upon exercise of stock options (in shares)	361,924
Stock options
Share-based Compensation Arrangement by Share-based Payment Award
Grant date fair value of options vested	$ 1,100	$ 2,800
Share-based compensation expense not yet recognized	$ 0
Stock options \| Common stock
Share-based Compensation Arrangement by Share-based Payment Award
Shares repurchased (in shares)	0	0
Stock options \| 2021 Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)	4 years
Nonstatutory options
Share-based Compensation Arrangement by Share-based Payment Award
Purchase price as a percentage of common stock (percent)	100.00%
Cashless Method Stock Option Exercised
Share-based Compensation Arrangement by Share-based Payment Award
Issuance of common stock upon exercise of stock options (in shares)	0	98,403
Other Than Ten Percent Holder \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award
Purchase price as a percentage of common stock (percent)	100.00%
Chief Executive Officer \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award
Shares subject to repurchase related to stock options early exercised and not yet vested (in shares)	0	92,230
Chief Executive Officer \| Weighted average stock options
Share-based Compensation Arrangement by Share-based Payment Award
Shares subject to repurchase related to stock options early exercised and not yet vested		$ 100
Minimum \| Ten Percent Holder \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award
Purchase price as a percentage of common stock (percent)	110.00%

NET LOSS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Loss Per Share

The following table sets forth the computation of basic and diluted net loss per share (in thousands, except share and per share data):


	Year Ended December 31, 2025
	Class A		LT10		LT50		Consolidated
Numerator
Net loss, basic and diluted	$	(18,591)	$	(976)	$	(1,822)	$	(21,389)
Denominator
Weighted average shares of common stock used to compute net loss per share, basic and diluted	80,213,321		4,209,827		7,860,826		92,283,974
Net loss per share, basic and diluted	$	(0.23)	$	(0.23)	$	(0.23)	$	(0.23)


	Year Ended December 31, 2024
	Class A		LT10		LT50		Consolidated
Numerator
Net loss, basic and diluted	$	(8,525)	$	(671)	$	(859)	$	(10,055)
Denominator
Weighted average shares of common stock used to compute net loss per share, basic and diluted	74,080,426		5,833,311		7,466,971		87,380,708
Net loss per share, basic and diluted	$	(0.12)	$	(0.12)	$	(0.12)	$	(0.12)

Schedule of Anti-dilutive Securities

The following potentially dilutive shares were not included in the calculation of diluted shares outstanding as the effect would have been anti-dilutive:


	Year Ended December 31, 2025
	Class A	LT10	LT50	Consolidated
Weighted average stock options	1,411,778	—	—	1,411,778
Matching Plan shares	38,361	—	—	38,361
Total	1,450,139	—	—	1,450,139


	Year Ended December 31, 2024
	Class A	LT10	LT50	Consolidated
Weighted average stock options	2,050,684	—	—	2,050,684
Matching Plan shares	—	—	—	—
Total	2,050,684	—	—	2,050,684

STOCK INCENTIVE PLANS - Stock-Based Compensation Income Statement Location (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-based Payment Arrangement, Expense
Total stock-based compensation expense	$ 26,578	$ 33,537
Cost of revenue, net
Share-based Payment Arrangement, Expense
Total stock-based compensation expense	10,637	12,506
Research and development
Share-based Payment Arrangement, Expense
Total stock-based compensation expense	7,701	11,900
General and administrative
Share-based Payment Arrangement, Expense
Total stock-based compensation expense	4,768	6,815
Sales and marketing
Share-based Payment Arrangement, Expense
Total stock-based compensation expense	$ 3,472	$ 2,316

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2025	Feb. 23, 2026	Jun. 30, 2025
Document Information
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2025
Document Transition Report	false
Entity File Number	001-41043
Entity Registrant Name	EXPENSIFY, INC.
Entity Incorporation, State	DE
Entity Tax Identification Number	27-0239450
Entity Address, Street	88 Kearny St, Ste 1600
Entity Address, City	San Francisco
Entity Address, State	CA
Entity Address, Postal Zip Code	94108
City Area Code	(971)
Local Phone Number	365-3939
Title of each class	Class A Common Stock, par value $0.0001 per share
Trading Symbol	EXFY
Name of each exchange on which registered	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	false
Entity Filer Category	Accelerated Filer
Entity Small Business	true
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 173
Documents Incorporated by Reference	Information required in response to Part III of this Annual Report on Form 10-K (Items 10, 11, 12, 13 and 14) is hereby incorporated by reference to portions of the registrant’s Proxy Statement for its Annual Meeting of Stockholders to be held in 2026. The Proxy Statement will be filed by the registrant with the Securities and Exchange Commission no later than 120 days after the end of the registrant’s fiscal year ended December 31, 2025.
Entity Central Index Key	0001476840
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false
Common Class A
Document Information
Entity Common Stock, Shares Outstanding		80,888,459
LT10
Document Information
Entity Common Stock, Shares Outstanding		4,209,827
Common Stock, LT50
Document Information
Entity Common Stock, Shares Outstanding		8,009,643

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Use of Estimates

Foreign Currency

Comprehensive Loss

The Company has no components of other comprehensive loss. Therefore, net loss equals comprehensive loss for all periods presented.

Cash and Cash Equivalents

Restricted Cash

Accounts Receivable and Allowance for Expected Credit Losses

Concentrations of Credit Risk

Settlement Assets, Net and Liabilities and Allowance for Expected Credit Losses

Settlement receivables are recorded net of an allowance for expected credit losses. The allowance for expected credit losses is based on the Company’s assessment of the collectability of the settlement receivables. Management considers the following factors when determining the collectability of specific customer accounts: customer creditworthiness, past transaction history with the customer, current economic industry trends and changes in customer settlement terms. The Company recorded a $0.1 million allowance for expected credit losses as of December 31, 2025 and 2024. During the years ended December 31, 2025 and 2024, the Company recorded credit losses of $2.3 million and $0.3 million, respectively, net of recoveries of $0.8 million for both years.

Leases

Property and Equipment, Net

Capitalized Software Development Costs, Net

Long-Lived Assets

Revenue Recognition

consideration the Company expects to be entitled to receive in exchange for those goods or services. Revenue is recognized net of applicable taxes imposed on the related transaction.

Cashback Rewards

Disaggregation of Revenue

The following table provides information about disaggregated revenue from customers (in thousands):


	Year Ended December 31,
	2025		2024
Subscription fees	$	130,537	$	138,822
Interchange	21,284		9,178
Other	365		182
Cashback rewards	(10,085)		(8,946)
Total revenue	$	142,101	$	139,236

Deferred Contract Acquisition Costs

The following table presents the change in deferred contract acquisition costs (in thousands):


	2025		2024
Balance as of January 1	$	745	$	338
Added during the year	654		629
Amortized during the year	(439)		(222)
Balance as of December 31	$	960	$	745

Stock-Based Compensation

Forfeitures are recorded as they occur for all RSUs. Refer to Note 9 for further detail over stock-based compensation and the stock incentive plans of the Company.

Employee and Employee-Related Expenses

Cost of Revenue, Net

This consideration under the Updated Card Program is included as a reduction to cost of revenue of $1.5 million and $0.3 million for years ended December 31, 2025 and 2024, respectively.

Research and Development

General and Administrative

Sales and Marketing

Advertising costs were $12.7 million and $2.5 million for the years ended December 31, 2025 and 2024, respectively.

Other Income (Expense), Net

Income Taxes

to the extent that the Company anticipates payment (or receipt) of cash within one year. Interest and penalties related to uncertain tax positions are recognized in the provision for income taxes.

Net Loss Per Share

Share Repurchases

Segment Reporting

The Company operates as one reportable segment because its chief operating decision maker (“CODM”), a committee that consists of the chief executive officer, the chief financial officer, and the chief strategy officer, reviews the Company’s financial information on a consolidated basis for purposes of making decisions regarding allocating resources and assessing performance. Accordingly, the CODM uses Net loss on a consolidated basis to measure segment profit or loss and reviews significant segment expenses on a consolidated basis to manage the Company's operations, which includes Cost of revenue, net, Research and development, General and administrative, and Sales and marketing. All significant segment expenses for the years ended December 31, 2025 and 2024 are presented on the Consolidated Statements of Operations. Interest income is recorded within Other income (expense), net on the Consolidated Statements of Operations. Interest income was $1.9 million and $1.1 million for the years ended December 31, 2025 and 2024, respectively. The measure of segment assets is Total assets as reported on the Consolidated Balance Sheets. Substantially all long-lived assets are located in the United States.


	Year Ended December 31,
	2025		2024
United States	$	129,638	$	126,808
All other locations	12,463		12,428
Total revenue	$	142,101	$	139,236

Recently Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information. We design and assess our program based on applicable laws and regulations, and informed by industry standards and industry-recognized practices including but not limited to following the latest NIST and CISA guidance and SOC 2 Principles and Framework. This does not imply that we meet any particular technical standards, specifications, or requirements, only that we use such laws and regulations and industry standards and practices as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business. Our cybersecurity risk management program is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas. Key elements of our cybersecurity risk management program include but are not limited to the following: •risk assessments designed to help identify material cybersecurity risks to our critical systems, and information; •a security team principally responsible for managing (1) our cybersecurity risk assessment processes, (2) our security controls, and (3) our response to cybersecurity incidents; •the use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our security processes; •cybersecurity awareness training of our employees, incident response personnel, and senior management; •a cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents; and •a third-party risk management process for key service providers based on our assessment of their criticality to our operations and respective risk profile. We have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected or are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition. We face certain ongoing risks from cybersecurity threats that, if realized, are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition. See Risk Factor We and our third-party providers are exposed to cybersecurity risks and incidents that may damage our reputation and brand, cause material financial penalties, and result in legal liability, any of which could substantially harm our business, financial condition, and results of operations.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our cybersecurity risk management program is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas. Key elements of our cybersecurity risk management program include but are not limited to the following: •risk assessments designed to help identify material cybersecurity risks to our critical systems, and information; •a security team principally responsible for managing (1) our cybersecurity risk assessment processes, (2) our security controls, and (3) our response to cybersecurity incidents; •the use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our security processes; •cybersecurity awareness training of our employees, incident response personnel, and senior management; •a cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents; and •a third-party risk management process for key service providers based on our assessment of their criticality to our operations and respective risk profile.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board considers cybersecurity risk as part of its risk oversight function, including oversight of cybersecurity and other information technology risks. The Board oversees management’s implementation of our cybersecurity risk management program. The Board receives periodic reports from management on our cybersecurity risks. In addition, management updates the Board, where it deems appropriate, regarding any cybersecurity incidents it considers to be significant. Our management team, including our Chief Compliance Officer and Director of Engineering, is responsible for assessing and managing our material risks from cybersecurity threats. The team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and external cybersecurity consultants. Our Chief Compliance Officer and Director of Engineering have over 9 and 13 years of experience, respectively, in various software development, cybersecurity, product management, and other technology-related roles. Our Chief Compliance Officer and Director of Engineering have each served in a number of significant leadership roles at our company since 2017 and 2013, respectively, including oversight of security, safety, and integrity initiatives. Our management team takes steps to stay informed about and monitor efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include: briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in our IT environment.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board considers cybersecurity risk as part of its risk oversight function, including oversight of cybersecurity and other information technology risks. The Board oversees management’s implementation of our cybersecurity risk management program.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Board receives periodic reports from management on our cybersecurity risks. In addition, management updates the Board, where it deems appropriate, regarding any cybersecurity incidents it considers to be significant.
Cybersecurity Risk Role of Management [Text Block]	Our management team, including our Chief Compliance Officer and Director of Engineering, is responsible for assessing and managing our material risks from cybersecurity threats. The team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and external cybersecurity consultants. Our Chief Compliance Officer and Director of Engineering have over 9 and 13 years of experience, respectively, in various software development, cybersecurity, product management, and other technology-related roles. Our Chief Compliance Officer and Director of Engineering have each served in a number of significant leadership roles at our company since 2017 and 2013, respectively, including oversight of security, safety, and integrity initiatives.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our management team, including our Chief Compliance Officer and Director of Engineering, is responsible for assessing and managing our material risks from cybersecurity threats. The team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and external cybersecurity consultants. Our Chief Compliance Officer and Director of Engineering have over 9 and 13 years of experience, respectively, in various software development, cybersecurity, product management, and other technology-related roles.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our Chief Compliance Officer and Director of Engineering have over 9 and 13 years of experience, respectively, in various software development, cybersecurity, product management, and other technology-related roles. Our Chief Compliance Officer and Director of Engineering have each served in a number of significant leadership roles at our company since 2017 and 2013, respectively, including oversight of security, safety, and integrity initiatives.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Board receives periodic reports from management on our cybersecurity risks. In addition, management updates the Board, where it deems appropriate, regarding any cybersecurity incidents it considers to be significant
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true