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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net loss $ (3,955) $ (4,241)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 4,474 3,036
(Gain) on extinguishment of debt 0 (2,391)
Amortization of capitalized promotions 74 164
Other non-cash, net (18) 10
Change in assets and liabilities:    
Net (increase) decrease in prepaid expenses and other assets (1,012) (1,382)
Net increase (decrease) in accounts payable and accrued expenses (3,382) (4,633)
Net increase (decrease) in other liabilities 61 386
Net (increase) decrease in due from affiliates (1,567) 621
Net cash provided by (used in) operating activities (5,325) (8,430)
Cash flows from investing activities    
Capitalized internal-use software development costs 0 (2,056)
Proceeds from payoff of notes receivable 2,500 0
Other, net (38) (56)
Net cash provided by (used in) investing activities 2,462 (2,112)
Cash flows from financing activities    
Distribution of Member’s Equity of NCI (2,451) (53)
Proceeds from the issuance of Class B Common Stock, net of offering costs 3,735 942
Redemptions of Class B Common Stock (73) (1,449)
Payment of principal on loan payable 0 (374)
Proceeds from settling subscriptions 0 348
Net cash provided by (used in) financing activities 1,211 (586)
Net increase (decrease) in cash and cash equivalents (1,652) (11,128)
Cash, restricted cash and cash equivalents, beginning of period 9,379 21,155
Cash, restricted cash and cash equivalents, end of period 7,727 10,027
Supplemental disclosures of cash flow information    
Cash paid for interest 0 0
Cash paid for income taxes 0 0
Supplemental disclosures of non-cash financing activity:    
Exercise of Class A Common Stock $ 0 $ 13