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DISCONTINUED OPERATIONS | 6 Months Ended
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Jun. 30, 2026
Discontinued Operations and Disposal Groups [Abstract] |
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS Bridg Sale As described in Note 1—Overview of Business and Basis of Presentation, our Bridg business met the criteria to be classified as a held for sale disposal group and a discontinued operation during the six months ended June 30, 2026. Pursuant to the Purchase Agreement, on the Closing Date, PAR delivered to us 1,810,222 shares of common stock in PAR as consideration for the Bridg Sale. We recorded a gain on divestiture of $13.9 million for the six months ended June 30, 2026. We also recorded $2.0 million of divestiture costs for the six months ended June 30, 2026. The gain on divestiture and divestiture costs are presented as part of results of the discontinued operations. The results of operations for the Bridg business are reported as discontinued operations in the condensed consolidated statements of operations for all periods presented. This business was historically presented as its own reportable segment. During the six months ended June 30, 2026, we sold all 1,810,222 shares of common stock in PAR for cash proceeds of $23.0 million, net of fees, resulting in a total realized loss of $2.4 million, inclusive of $0.2 million in commission fees, which is recognized within Loss on investments in the accompanying condensed consolidated statements of operations. The following table summarizes (loss) income from discontinued operations as presented in our condensed consolidated statements of operations for the three and six months ended June 30, 2026 and 2025 (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
Revenue | $ | — |  |  | $ | 5,208 |  |  | $ | 4,175 |  |  | $ | 10,671 |
Costs and expenses: |  |  |  |  |  |  |
Partner Share and other third-party costs | — |  |  | 382 |  |  | 589 |  |  | 728 |
Delivery costs | — |  |  | 1,527 |  |  | 1,364 |  |  | 3,029 |
Sales and marketing expense | — |  |  | 2,392 |  |  | 929 |  |  | 4,765 |
Research and development | — |  |  | 1,428 |  |  | 552 |  |  | 2,856 |
General and administrative | 5,530 |  |  | 667 |  |  | 8,990 |  |  | 1,502 |
Divestiture costs | 2 |  |  | — |  |  | 2,033 |  |  | — |
Loss (gain) on divestiture | 685 |  |  | — |  |  | (13,858) |  |  | — |
Depreciation and amortization expense | — |  |  | 2,032 |  |  | 475 |  | 3,975 |
(Loss) income from discontinued operations | $ | (6,217) |  |  | $ | (3,220) |  |  | $ | 3,101 |  |  | $ | (6,184) |
The following table summarizes assets and liabilities of discontinued operations as presented in our condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025 (in thousands):
| June 30, 2026 |  | December 31, 2025
Accounts receivable, net | $ | — |  |  | $ | 211 |
Other receivables | — |  |  | 113 |
Other current assets | — |  |  | 91 |
Current assets of discontinued operations | $ | — |  |  | $ | 415 |
Property and equipment, net | — |  |  | 94 |
Operating lease right-of-use assets | — |  |  | 224 |
Intangible assets, net | — |  |  | 5,553 |
Capitalized software development costs, net | — |  |  | 5,209 |
Other long-term assets, net | — |  |  | 83 |
Noncurrent assets of discontinued operations | $ | — |  |  | $ | 11,163 |
Accounts payable | — |  |  | 705 |
Accrued compensation | — |  |  | 67 |
Accrued liabilities | — |  |  | 600 |
Partner share liability | — |  |  | 68 |
Deferred revenue | — |  |  | 48 |
Current operating lease liabilities | — |  |  | 169 |
Current liabilities of discontinued operations | $ | — |  |  | $ | 1,657 |
Long-term deferred revenue | — |  |  | 52 |
Long-term operating lease liabilities | — |  |  | 39 |
Long-term liabilities of discontinued operations | $ | — |  |  | $ | 91 |
The amounts presented above exclude Bridg’s cash, cash equivalents, and certain accounts receivable. As these assets were retained by the Company and not included in the divestiture, they have been excluded from the calculation of net assets divested in the transaction. Bridg Acquired Intangibles As described in Note 1—Overview of Business and Basis of Presentation, a business classified as held for sale is recorded at the lower of (i) its carrying amount and (ii) estimated fair value less costs to sell. When the carrying amount of the business exceeds its estimated fair value less costs to sell, a loss is recognized and updated each reporting period as appropriate. Assets held for sale are not further depreciated or amortized once such a determination is reached. During the three months ended March 31, 2026, we assessed the Bridg disposal group for impairment and determined that the carrying value of the assets was not greater than the fair value as of the held for sale date. The fair value was determined using the agreed-upon sale price of the Bridg business less costs to sell. We ceased depreciating and amortizing our long-lived assets for Bridg which primarily included acquired intangibles, capitalized software, and right-of-use assets as of the held for sale date, during the three months ended March 31, 2026. There was no amortization expense of acquired intangibles during the three months ended June 30, 2026, as the Bridg business was divested in the first quarter of 2026. Amortization expense of acquired intangibles during the three months ended June 30, 2025 was $1.5 million. During the six months ended June 30, 2026 and 2025, amortization expense of acquired intangibles was $0.3 million and $2.9 million, respectively. Acquired intangible assets subject to amortization as of December 31, 2025 were as follows:
|  | Gross Carrying Amount |  | Accumulated Amortization |  |  |  | Net |  | Weighted Average Remaining Useful Life
|  | (in thousands) |  | (in years)
Developed technology |  | $ | 49,873 |  |  | $ | (45,055) |  |  |  |  | $ | 4,818 |  |  | 1.5
Merchant relationships |  | 21,930 |  |  | (21,195) |  |  |  |  | 735 |  |  | 0.4
Total other intangible assets |  | $ | 71,803 |  |  | $ | (66,250) |  |  |  |  | $ | 5,553 |  |  |
Cash Flows Cash flows related to discontinued operations are included in our condensed consolidated statements of cash flows for the six months ended June 30, 2026 and 2025. The following table provides operating and investing cash flow information for our discontinued operation (in thousands):
|  | Six Months Ended June 30,
|  | 2026 |  | 2025
Operating activities |  |  |  |
Depreciation and amortization |  | $ | 475 |  |  | $ | 3,975 |
Stock-based compensation expense |  | $ | 267 |  |  | $ | 1,649 |
Investing activities |  |  |  |
Capitalized software development costs |  | $ | (356) |  |  | $ | (1,050) |
Non-cash investing activities |  |  |  |
Common stock as consideration for the Bridg Sale |  | $ | 25,416 |  |  | $ | — |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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