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Summary of Significant Accounting Policies | 6 Months Ended
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Jun. 30, 2026
Accounting Policies [Abstract] |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The accompanying condensed consolidated financial statements of the Company are unaudited. These unaudited, condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles ("GAAP") on the same basis as the audited consolidated financial statements and in management’s opinion, reflect all the adjustments, consisting only of normal, recurring adjustments, that are necessary for the fair statement of the Company’s condensed consolidated financial statements for the periods presented. The unaudited, condensed consolidated results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of the results to be expected for the full year or any other period. These condensed consolidated financial statements and accompanying notes should be read in conjunction with the audited consolidated financial statements and notes included in the Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on March 11, 2026 (the "Form 10-K"). During the current period, the Company revised the presentation of its condensed consolidated statements of operations to separately present partnership expenses, which were previously included within Web3 platform expenses (previously presented as technology, development and user support). Management believes that separate presentation of partnership expenses provides more meaningful information to investors. Prior-period amounts have been reclassified to conform to the current-period presentation. This reclassification affected presentation only and had no impact on previously reported loss before income taxes, net loss, net loss per share, cash flows, or stockholders' equity. Additionally, the Company revised the financial statement line item identified as technology, development and user support to Web3 platform expenses as we believe this better represents the naming of expenses recognized on the condensed consolidated statement of operations. Revenue Recognition The Company applies the provisions of Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customers (“ASC 606”), to determine the measurement of revenue and the timing of when it is recognized. Under ASC 606, revenue is measured as the amount of consideration we expect to be entitled to in exchange for transferring products or providing services to our customers and is recognized when performance obligations under the terms of contracts with our customers are satisfied. ASC 606 prescribes a five-step model for recognizing revenue from contracts with customers: (1) identify the contract(s) with the customer; (2) identify the separate performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the separate performance obligations in the contract; and (5) recognize revenue when (or as) each performance obligation is satisfied. Following the acquisitions described in Note 3, Acquisitions, the Company primarily generates revenue from Web3 services provided through the Exodus platform and payment and card services provided to payment program customers. The Company's significant revenue streams are discussed below. Web3 service revenues The Company generates Web3 services revenue through arrangements with third-party service providers whose application programming interfaces ("APIs") are integrated into the Exodus Platform. The Company has API agreements with providers of digital asset-to-digital asset exchanges, fiat-to-digital asset conversions, and digital asset staking. Under the terms and conditions of these agreements, the Company integrates the APIs into the Exodus Platform and earns API fees based on user interactions with the API Providers. The Company has determined that it acts as an agent in its Web3 service arrangements because the third-party API Providers control the underlying services provided to users. Accordingly, the Company recognizes revenue on a net basis, representing the fees to which it is entitled under its arrangements with the API Providers. •Exchange Aggregation Revenue - There are two main types of contracts with API Providers, transaction-based contracts and tiered subscription contracts based on volume. The performance obligations under both types of contracts are such that the Company allows the API Providers to provide software services which permit a user of Exodus’ un-hosted self-custodial digital asset software wallet to exchange one digital asset for another digital asset (the “Exchange Services”). The API Providers supply an application program interface to permit the Exchange Services to be integrated into the un-hosted self-custodial wallet software (the “Exchange API”). Under the terms and conditions of the agreements, the Company and the Exchange API Providers have integrated the Exchange APIs into the Exodus wallet. For transaction-based contracts, revenue is recognized when a transaction occurs between a user and the API Provider. The Company receives from the API Provider a set percentage, per the contract, of the transaction value. As the majority of our revenue is transaction based, our revenue can vary significantly based on the volume of user transactions that occur each day. Because revenue is recognized based on our estimates of the user transaction value (using pricing information from an independent pricing source), network fees, and spread captured by the API Provider, any or all of which may differ from the actual amounts, there is variable consideration. The Company calculates an expected variable percentage to apply to the transaction when and as revenue generating activity (in the form of user transactions with API Providers) occurs, which is used to calculate the amount recognized. Because a transaction-based contract between the Company and the API Provider represents a series of distinct services, which occur daily, the variable consideration allocation exception allows the Company in each case to allocate the consideration related to each individual user transaction to the period in which it is earned, since the pricing formula is consistent throughout the period. The variability in transaction price no longer exists after receipt of consideration. The transaction price is based on a percentage of the fair value of assets exchanged and is settled in Bitcoin. For tiered subscription contracts, revenue is recognized monthly when the API Provider is invoiced a U.S. dollar amount based on the user transaction volume tier reached during the corresponding month. The invoice may be settled in an amount of either Bitcoin or U.S. Dollar Coin ("USDC"), at the election of the API Provider, equivalent in value to the U.S. dollar amount at time of payment. Because the contract is denominated in U.S. dollars and the amount invoiced to and due from the API Provider is a U.S. dollar amount, even if settled in the form other than cash, the consideration is valued as of the payment date and revenue is recognized based on the U.S. dollar amount. Because the transaction volume is not known at the time of contract inception and remains uncertain until the contract period is complete, there is variable consideration. The variable consideration is resolved each month given that the Company invoices its tiered subscription customers in U.S. dollars based on actual volume tier reached. The Company has concluded that the contracts do not contain any significant financing components, as either the period between receipt of the funds and the satisfaction of performance obligations is largely within one year. Substantially all of the contracts call for payment to be made in digital assets or USDC and have payment terms that are less than 30 days. •Fiat Onboarding and Offboarding Revenue - Fiat on-ramps, powered by API Providers, such as Ramp network, facilitate an effortless exchange for users to buy digital assets with fiat currency through bank transfer, credit or debit card and Apple Pay. Users can sell digital assets for fiat currency and transfer to their bank account utilizing our off-ramp, which is currently powered by API Providers such as MoonPay and Sardine. The Company receives transaction-based fees from our third-party providers based on volume of currency exchanged. As the majority of our revenue is transaction based, our revenue can vary significantly based on the volume of user transactions that occur each day. Because revenue is recognized based on our estimates of the user transaction value (using pricing information from an independent pricing source), network fees, and spread captured by the API Provider, any or all of which may differ from the actual amounts, there is variable consideration. The Company calculates an expected variable percentage to apply to the transaction when and as revenue generating activity (in the form of user transactions with API Providers) occurs, which is used to calculate the amount recognized. Because a transaction-based contract between the Company and the API Provider represents a series of distinct services, which occur daily, the variable consideration allocation exception allows the Company in each case to allocate the consideration related to each individual user transaction to the period in which it is earned, since the pricing formula is consistent throughout the period. The variability in transaction price no longer exists after receipt of consideration. The transaction price is based on a percentage of the fair value of assets exchanged and is settled primarily in USDC. •Staking Revenue - By participating in blockchain validation through our third-party API Provider, Everstake, users are able to earn rewards by staking supported digital assets held in their Exodus wallets. According to the design of the underlying network staking protocols, the holder determines the amount of digital assets to stake, retains full control and ownership of the digital assets and can unstake them at any time. Users of the Exodus Platform are able to access the Staking app within the Exodus Platform and delegate certain digital assets to participate in staking and receive the resulting rewards. The Company receives a volume based tiered monthly subscription fee from Everstake. Because the transaction volume is not known at the time of contract inception, the contract is based by epoch period or daily period depending on the digital asset and their network validation rules. The Company has determined that the variable consideration is resolved at the end of the period. Revenue is recognized on a monthly basis based on the completion of the series of performance obligations during the period. •Other Revenue - The Company recognizes revenue from the provision of consulting and other services based on contractual terms. Revenue from consulting and other primarily consists of transactions for non-fungible tokens. The Company evaluates the transactions based on whether it controls the digital asset provided before it is transferred to the users or whether it acts as an agent by arranging for other customers to provide the digital asset to the customer. The Company does not control the digital asset being provided before it is transferred to the buyer, does not have inventory risk related to the digital asset, and is not responsible for the fulfillment of the digital asset. The Company also does not set the price for the digital asset. The Company’s API Provider agreements and user terms of service along with the self-custodial nature of the product clarify that the responsibility for transactions flowing through the APIs are exclusively the responsibility of the API Provider and the user. The Company has determined that for its transaction-based contracts it is an agent solely for the purposes of ASC 606. Payment Processing Services Revenue from payment processing services is generated through services provided to payment program customers in connection with card issuance, payment processing, and related program management activities. The Company has determined that it acts as principal in its payment processing arrangements because it controls the promised services before they are transferred to its customers. Accordingly, revenue is generally recognized on a gross basis. However, amounts of interchange fee revenue and interest income shared with payment program customers are accounted for as consideration payable to a customer and reduce revenue because the customers do not provide a distinct good or service in exchange for those payments. •Program Management Fees - Program management fees are charges billed to payment program customers in connection with the administration and management of payment programs. Revenue is recognized as the related services are provided, with the associated program management expenses recognized as payment processing expenses in the condensed consolidated statements of operations. •Net Interchange Revenue - Interchange revenue is earned in connection with card purchase transactions and represents fees paid by a merchant's acquiring bank to the card issuer for facilitating payment transactions. Interchange revenue is generated through card issuing and related payment processing services provided in connection with customer payment programs. Under certain customer arrangements, a portion of interchange revenue is shared with payment program customers. Because these payments to payment program customers represent consideration payable to a customer for which the customer does not provide a distinct good or service, these payments are accounted for as consideration payable to a customer and are recognized as a reduction of interchange revenue. •Other Revenue - Other revenue primarily consists of revenue streams that are not individually significant and include ongoing card program management and transaction processing, set-up and migration fees and interest revenue. Fees for ongoing card program management and transaction processing services are primarily comprised of substantive monthly minimum fees in customer arrangements, which are recognized on a straight-line basis over the contractual term or in the period to which they relate when no contractual term applies. Contract assets arise when revenue is recognized in advance of the contractual right to bill the customer. To the extent transaction and activity-based fees are incurred by the customer in excess of contractual monthly minimums, these fees are recognized in the period the related transaction or activity is processed. Set-up and migration fees represent one-time charges to onboard a new payment program. Because these fees do not provide a benefit to the customer beyond providing the customer with access to the payment processing platform, these setup and migration activities are not considered a separate performance obligation and instead are considered part of the performance obligation to provide customers with payment processing services over the contractual period. Therefore, setup and migration fees are deferred and recognized when the related payment program goes live and recognized over the contractual period or in the period of go-live when no contractual term applies. Interest revenue represents the Company’s retained share of yield earned on customer-related deposits held in connection with payment processing services. Revenue is recognized as the yield is earned. Under certain customer arrangements, a portion of this interest is shared with payment program customers. Because these payments represent consideration payable to a customer for which the customer does not provide a distinct good or service, such amounts reduce the transaction price and are recognized as a reduction of interest revenue. Transaction and activity-based fees consist primarily of transaction processing, card load, and other usage-based fees charged to payment program customers. Revenue is recognized at the point in time the related transaction or activity is processed. Concentration of Revenue Revenue from API providers and payment program customers representing more than 10% of total revenue for the three and six months ended June 30, 2026 and 2025 were as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) | 2026 |  | 2025 |  | 2026 |  | 2025
Company A | $ | 1,803 |  |  | $ | 2,686 |  |  | $ | 5,200 |  |  | $ | 7,068 |
Company B | 3,142 |  |  | 4,467 |  |  | 6,426 |  |  | 8,947 |
Company C | 3,452 |  |  | 4,803 |  |  | 6,399 |  |  | 10,305 |
Company D | 3,220 |  |  | 4,413 |  |  | 5,985 |  |  | 10,373 |
Cash and Cash Equivalents, Restricted Cash and Customer Funds Cash and cash equivalents include cash on hand, money market mutual funds, and treasury bills with original maturities of three months or less. Restricted cash represents fiat balances held and controlled by the Company and its subsidiaries that are subject to external legal, regulatory, or contractual restrictions that limit their withdrawal or use for general corporate purposes. Restricted cash is presented separately from unrestricted corporate cash in the condensed consolidated balance sheets and is included with cash and cash equivalents in the reconciliation of beginning-of-period and end-of-period amounts shown in the consolidated statements of cash flows. As part of its customer settlement activities, the Company receives and holds customer and partner funds, including amounts received in exchange for e-money issued and amounts held within the transaction settlement cycle. The Company recognizes cash balances it controls and records a corresponding customer or partner liability when it has a present obligation to return, transfer, settle, or otherwise apply customer or partner funds in accordance with applicable terms. See "Customer Deposit Liabilities" below. Restricted cash primarily consist of the following categories: •Safeguarded e-money funds - These amounts represent fiat funds received in exchange for e-money issued by Monavate, the Company's regulated Electronic Money Institution subsidiary, and held in designated safeguarded accounts under the UK Electronic Money Regulations 2011. These funds are segregated from the Company’s own funds and are not available for general corporate purposes. •Non-safeguarded customer and partner restricted cash - These amounts represent Company-controlled customer and partner funds, including program float, prefunding, and non-safeguarded IBAN balances, that are not safeguarded e-money funds but are subject to external legal, regulatory, or contractual restrictions, including restrictions under the UK Payment Services Regulations 2017, that limit their use for general corporate purposes. •Non-safeguarded MC Trust restricted cash - These amounts represent Company-controlled cash balances held in the MB MC Trust account that are restricted based on Monavate’s Issuing Services Terms and are not classified as safeguarded e-money funds or non-safeguarded customer and partner restricted cash. The restricted cash associated with these customer funds arose from the Company's acquisition of Monavate on May 1, 2026. Refer to "Note 3 – Acquisition". Customer and partner balances representing safeguarded funds, customer account balances, cardholder balances, or similar obligations are presented as customer deposit liabilities in the condensed consolidated balance sheets. Related restricted cash balances and deposit liabilities are presented on a gross basis because the conditions for offsetting under ASC 210-20 are not met. Certain program management fee security amounts required by, and held and controlled by, third-party card schemes are not recognized on the Company's condensed consolidated balance sheets because the Company does not control those funds after deposit and cannot withdraw, redirect, or otherwise direct their use. However, the Company may remain economically exposed through related funding or replenishment obligations. Customer Deposit Liabilities Customer deposit liabilities consist of customer and partner account balances and outstanding settlement obligations. Customer and partner account balances relate to funds held in connection with e-money wallet and card programs, payment services, digital asset settlement, and related activities that are classified as restricted cash. When e-money is issued or customer or partner funds are otherwise received or held, the Company recognizes a corresponding liability equal to the amount owed to the customer or partner. Outstanding settlement obligations represent amounts that have not yet been paid out, delivered, transferred, redeemed, or otherwise settled. Customer deposit liabilities are generally settled within the normal operating cycle and are primarily supported by corresponding restricted cash and cash equivalents and restricted stablecoin balances, which are discussed under "Cash and Cash Equivalents, Restricted Cash and Customer Funds", "Digital Assets", and "Stablecoins and Restricted Stablecoins". Fair Value Measurements Fair value is the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following fair value hierarchy is used in selecting inputs, with the highest priority given to Level 1, as these are the most transparent or reliable: •Level 1 – Quoted prices for identical instruments in active markets. •Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. •Level 3 – Valuations derived from valuation techniques in which one or more significant inputs are not observable. Prices may fall within Level 1, 2 or 3 depending upon the methodology and inputs used to estimate fair value for each specific security. In general, securities are priced using third-party pricing services. Securities not priced by pricing services are submitted to independent brokers for valuation and, if those are not available, internally developed pricing models are used to value assets using a methodology and inputs that market participants presumably would use to value the assets. Prices obtained from third-party pricing services or brokers are not adjusted. Such prices are based on Level 1 inputs in accordance with ASC 820 - Fair Value Measurement ("ASC 820"). Accounts Receivable The Company records accounts receivable at the invoiced amount. Accounts receivable are contractual rights to receive payment in the form of digital assets, stable coin, or cash, and are recognized as an asset on the consolidated balance sheets. Accounts receivable consists of earned but not yet received revenue accounted for in accordance ASC 606. Accounts receivable that result in obtaining the right to receive a fixed amount of digital assets in the future are hybrid instruments, consisting of a receivable host contract that is initially measured at the fair value of the underlying digital assets and is subsequently carried at amortized cost, and an embedded forward feature based on the changes in the fair value of the underlying digital asset. The embedded forward is bifurcated from the host contract and is subsequently measured at fair value. The Company applies ASC 326-20, Financial Instruments – Credit Losses, to record an allowance for doubtful accounts for receivables based on expected credit losses. The Company elected the practical expedient under ASU 2025-05 when estimating expected credit losses on current accounts receivable and contract assets. In determining expected credit losses, the Company considers historical loss experience, the aging of its receivable balance, and the term between invoicing and when payment is due. The allowance is updated each reporting period. Any accounts receivable balance will be charged off in the period in which trade receivables are deemed uncollectible. Recoveries of trade receivables previously charged off shall be recorded when received. Expected credit losses and subsequent changes in the allowance for doubtful accounts are recognized within general and administrative expenses in the condensed consolidated statements of operations and comprehensive (loss) income. Investments The Company determines the classification of investments at the time of purchase and evaluates such classification at each balance sheet date. Investments over which the Company does not exercise significant influence are accounted for in accordance with ASC 321, Investments—Equity Securities ("ASC 321"). As of June 30, 2026, the Company held (i) investments in two SAFEs and (ii) an investment in an equity security. The SAFEs represent a contractual right to acquire equity interests upon the occurrence of specified future events and do not provide the Company with voting rights, governance rights, or the ability to exercise significant influence over the issuers. Accordingly, the SAFEs are accounted for as cost method investments and are included within other long-term assets on the condensed consolidated balance sheets. The Company’s investment in an equity security is accounted for in accordance with ASC 321 which is measured at fair value. Changes in the equity security fair value are recognized in other losses, net on the condensed consolidated statements of operations and comprehensive loss and the equity security is included within other long-term assets on the condensed consolidated balance sheets. The Company evaluates its investments for impairment at each balance sheet date. An impairment loss is recognized when the carrying amount exceeds estimated fair value and the decline in value is determined to be other than temporary. Notes Receivable In November 2025, the Company entered into a $0.1 million loan agreement with an unrelated third party. The loan agreement is accounted for as a note receivable within other long-term assets, in accordance with ASC 310 - Receivables (ASC 310), on the Company's condensed consolidated balance sheet and is recorded at amortized cost which approximates its fair value. The note receivable accrues interest at a rate of 0.50% per annum above the 12-month EURIBOR, with interest beginning to accrue on January 1, 2027. The note has a contractual maturity date of October 31, 2027, unless earlier converted in accordance with the terms of the agreement, and as described below. The note receivable includes conversion features that permit the outstanding principal and accrued interest to be converted into equity of the unrelated third party upon the occurrence of specified events, including (i) a qualifying equity financing, (ii) an exit event, or (iii) at the election of the Company, if no qualifying financing has occurred, upon maturity. The conversion price component varies by each trigger event: in the event of a new financing round, it is the lowest fully-diluted price per share multiplied by an 80.0% multiple subject to a contractual valuation cap of €15.0 million; for an exit event, it is the lower of the cap-based fully-diluted ("FD") price or the actual FD price in the exit; and for conversion on request, it is the cap-based FD price. As of June 30, 2026, the carrying amount of the note receivable was $0.1 million, and no allowance for credit losses was recorded. In March 2026, the Company entered into a $0.3 million promissory note agreement ("Promissory Note"), with an unrelated third party. The Promissory Note is accounted for as a note receivable within other long-term assets, in accordance with ASC 310, on the Company’s condensed consolidated balance sheets and is recorded at amortized cost, which approximates its fair value. The Promissory Note accrues interest at a fixed rate of 3.59% per annum, beginning in March 2026. The Promissory Note has a contractual maturity date of March 2, 2028, unless earlier converted in accordance with the terms of the agreement. As part of the Promissory Note, the Company is also entitled to receive 32,500 associated tokens ("Promissory Note tokens"). The tokens receivable are recorded within other current assets on the Company's condensed consolidated balance sheets and at fair value in accordance with ASC 820. For further details on the Promissory Note tokens, refer to "Note 6 – Digital Assets" and "Note 13 – Fair Value Measurements". The Promissory Note includes conversion features that permit the outstanding principal and accrued interest to be converted into equity of the unrelated third party upon the occurrence of specified events, including (i) a qualifying equity financing, (ii) a non-qualifying financing, or (iii) at the election of the investors, if no qualifying financing has occurred, upon maturity. The conversion price is defined as the lesser of (a) 80% of the price per share paid by investors in the applicable financing round or (b) a price implied by a contractual valuation cap of $325.0 million. In the event of a non-qualifying financing, conversion occurs at the lesser of the discounted price or the valuation cap, and in the absence of a financing event, conversion may occur into Series AA preferred stock of the unrelated third party based on the valuation cap. As of June 30, 2026, the carrying amount of the Promissory Note receivable is $0.2 million, and no allowance for credit losses was recorded. Digital Assets As of June 30, 2026, the Company held $37.3 million of digital assets at fair value. The Company presents digital assets separately from other intangible assets on the condensed consolidated balance sheets. The net activity from remeasurement of digital assets at fair value is reflected in the condensed consolidated statements of operations and comprehensive (loss) income within expenses (income). Digital assets that are received as noncash consideration in our revenue arrangements and sold for cash within seven days are presented as cash flows from operating activities in other operating activities settled in digital assets and stablecoins, while other digital asset activity held longer than seven days is reflected as cash flows from investing activities under disposal of digital assets held in the condensed consolidated statements of cash flows. The Company uses a mix of non-custodial and custodial services at multiple locations that are geographically dispersed to store its digital assets. Digital assets are recorded at fair value based on quoted prices in the principal market for each respective digital asset as of the measurement date, in accordance with ASC 820. The principal market represents the market with the greatest volume and level of activity for the specific asset that the Company has access to on the measurement date. Fair value determinations are based on observable quoted prices (Level 1 inputs) in those markets. The cost basis of digital assets is calculated on a first-in, first-out basis, and changes in fair value are recognized in current-period earnings. Amounts are recorded at fair value based on the principal market rates. Refer to "Note 6 – Digital Assets" and "Note 13 – Fair Value Measurements." The Company may hold restricted digital assets, which represent digital assets that are not available for general corporate use due to contractual, regulatory, or operational restrictions. Stablecoins and Restricted Stablecoins Stablecoins are digital assets designed to maintain a stable value relative to a specified fiat currency through their underlying reserve or stabilization mechanism. Certain stablecoins are held to facilitate customer settlement activities or satisfy related customer obligations and are presented as restricted stablecoins in the condensed consolidated balance sheets. These balances are not considered cash, cash equivalents, or restricted cash, and are therefore excluded from the related statement of cash flows disclosures. Business Combinations In accordance with ASC 805, Business Combinations ("ASC 805"), the Company accounts for business combinations using the acquisition method. Purchase consideration is allocated to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated acquisition-date fair values, with any excess consideration recognized as goodwill. The results of acquired businesses are included in the condensed consolidated financial statements from the date of the acquisition. Acquisition-related costs are expensed as incurred in general and administrative expenses within the condensed consolidated statements of operations. Estimates of fair value are subject to refinement. During the measurement period, which may be up to one year from the acquisition date, we may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill, if new information is obtained about facts and circumstances that existed at the acquisition date. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the condensed consolidated statements of operations. Goodwill Goodwill represents the excess of the purchase price of an acquired business over the fair value of the underlying net tangible and intangible assets. The Company completes its annual impairment testing in the Company's fourth fiscal quarter, or more frequently if changes in circumstances indicate that the carrying amount may not be recoverable. The Company utilizes the simplified test for goodwill impairment under ASC 350, Intangibles - Goodwill and Other, consisting of a qualitative assessment of impairment to determine if it was more likely than not that the fair value of the reporting unit was less than its carrying amount, and if so, whether a subsequent quantitative assessment to identify and measure the amount of goodwill impairment to be recognized, if any, was required. The Company did not record any goodwill impairment charges during the three and six months ended June 30, 2026. Please refer to "Note 7 – Goodwill" to the condensed consolidated financial statements for further details on goodwill. Recently Issued Accounting Pronouncements Pending Adoption Targeted Improvements to the Accounting for Internal-Use Software In September 2025, the Financial Accounting Standards Board ("FASB") issued ASU 2025-06, "Intangibles - Goodwill and Other — Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software". The amendments in ASU 2025-06 (i) remove all references to prescriptive software development "project stages," (ii) refocus the capitalization threshold such that an entity begins capitalizing when (a) management authorizes and commits to funding the project and (b) it is probable that the project will be completed and used for its intended function (subject to evaluation of significant development uncertainty). The amendments in ASU 2025-06 do not (i) amend the accounting for external-use software under Subtopic 985-20, (ii) change the types of internal-use software costs eligible for capitalization (e.g., data conversion, training, maintenance costs generally remain expensed), or (iii) modify when capitalization ceases (i.e., when the software is substantially complete and ready for its intended use). The amendments in ASU 2025-06 are effective for annual periods beginning after December 15, 2027, and for interim periods within those annual periods. Early adoption is permitted, but only as of the beginning of an annual reporting period. Entities may elect a prospective, retrospective, or modified retrospective transition approach. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements. Expense Disaggregation Disclosures In November 2024, the FASB issued ASU 2024-03, "Expense Disaggregation Disclosures". ASU 2024-03 aims to enhance disclosures regarding a public business entity’s expenses, specifically addressing investor requests for more detailed information on the types of expenses included in commonly presented expense captions such as cost of sales, selling, general and administrative expenses, and research and development. The amendments in ASU 2024-03 require additional transparency on the breakdown of expenses, including purchases of inventory, team member compensation, depreciation, amortization, and depletion. The amendments in ASU 2024-03 are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either prospectively to financial statements issued for reporting periods after the effective date, or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact of ASU 2024-03 on its financial reporting and will adopt the standard in accordance with the required effective date. In January 2025, the FASB issued ASU 2025-01 which clarifies the disclosure requirements for public business entities adopting ASU 2024-03. ASU 2025-01 specifies that all public business entities should initially adopt the disclosure requirements presented in ASU 2024-03 in the first annual reporting period beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements.

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