Appian Announces Fourth Quarter and Full Year 2025 Financial Results
Fourth quarter cloud subscriptions revenue increased 18% year-over-year to $117.0 million
Full year cloud subscriptions revenue increased 19% year-over year to $437.4 million
McLean, VA – February 19, 2026 – Appian (Nasdaq: APPN) today announced financial results for the fourth quarter and full year ended December 31, 2025.
Fourth Quarter 2025 Financial Highlights:
•Revenue: Cloud subscriptions revenue was $117.0 million, up 18% compared to the fourth quarter of 2024. Total subscriptions revenue, which includes sales of our cloud subscriptions, license subscriptions, and maintenance and support, increased 19% year-over-year to $162.3 million. Professional services revenue was $40.6 million, an increase of 36% compared to the fourth quarter of 2024. Total revenue was $202.9 million, up 22% compared to the fourth quarter of 2024. Cloud net annualized recurring revenue (“ARR”) expansion was 114% as of December 31, 2025.
•Operating (loss) income and non-GAAP operating income: GAAP operating loss was $(0.7) million, compared to GAAP operating income of $5.0 million for the fourth quarter of 2024. Non-GAAP operating income was $17.4 million, compared to non-GAAP operating income of $18.7 million for the fourth quarter of 2024.
•Net loss and non-GAAP net income (loss): GAAP net loss was $(5.1) million, compared to $(13.6) million for the fourth quarter of 2024. GAAP net loss per share was $(0.07) for the fourth quarter of 2025, compared to $(0.18) for the fourth quarter of 2024. Non-GAAP net income was $11.1 million, compared to non-GAAP net income of $13.2 million for the fourth quarter of 2024. Non-GAAP net income per share was $0.15, compared to the $0.18 net income per share for the fourth quarter of 2024.
•Adjusted EBITDA: Adjusted EBITDA was $19.7 million, compared to adjusted EBITDA of $21.2 million for the fourth quarter of 2024.
•Cash flows: Net cash provided by operating activities was $1.1 million for the three months ended December 31, 2025 compared to $13.9 million of net cash provided by operating activities for the same period in 2024.
Full Year 2025 Financial Highlights:
•Revenue: Cloud subscriptions revenue was $437.4 million for the full year 2025, up 19% compared to the full year 2024. Total subscriptions revenue increased 18% year-over-year to $576.5 million for the full year 2025. Professional services revenue was $150.5 million for the full year 2025, compared to $126.5 million for the full year 2024. Total revenue was $726.9 million for the full year 2025, up 18% compared to the full year 2024.
•Operating income (loss) and non-GAAP operating income: GAAP operating income was $0.6 million for the full year 2025, compared to GAAP operating losses of $(60.9) million for the full year 2024. Non-GAAP operating income was $67.1 million for the full year 2025, compared to non-GAAP operating income $10.2 million for the full year 2024.
•Net income (loss) and non-GAAP net income (loss): GAAP net income was $1.2 million for the full year 2025, compared to GAAP net loss of $(92.3) million for the full year 2024. GAAP basic and diluted net income per share was $0.02 for the full year 2025, compared to $(1.26) net loss per share for the full year 2024. Non-GAAP net income was $45.6 million for the full year 2025, compared to $(9.4) million of non-GAAP net loss for the full year 2024. Non-GAAP net income per diluted share was $0.61 for the full year 2025, compared to the $(0.13) net loss per share for the full year 2024.
•Adjusted EBITDA: Adjusted EBITDA was $76.8 million for the full year 2025, compared to adjusted EBITDA of $20.3 million for the full year 2024.
•Balance sheet and cash flows: As of December 31, 2025, Appian had total cash, cash equivalents, and investments of $187.2 million. Net cash provided by operating activities was $62.9 million for the full year 2025, compared to $6.9 million of net cash provided by operating activities for the full year 2024.
A reconciliation of GAAP to non-GAAP financial measures has been provided in the tables following the financial statements in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”
Recent Business Highlights:
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•Appian Names 2025 Public Sector Partner Award Winners
•New Zealand Police Use Appian for Case Processing
Financial Outlook:
As of February 19, 2026, guidance for 2026 is as follows:
•First Quarter 2026 Guidance:
◦Cloud subscriptions revenue is expected to be between $119.0 million and $121.0 million, representing year-over-year growth of 19% to 21%.
◦Total revenue is expected to be between $189.0 million and $193.0 million, representing a year-over-year increase of 14% to 16%.
◦Adjusted EBITDA is expected to be between $19.0 million and $22.0 million.
◦Non-GAAP net income per share is expected to be between $0.16 and $0.20, assuming weighted average common shares outstanding of 75.1 million.
•Full Year 2026 Guidance:
◦Cloud subscriptions revenue is expected to be between $502.0 million and $510.0 million, representing year-over-year growth of 15% to 17%.
◦Total revenue is expected to be between $801.0 million and $817.0 million, representing a year-over-year increase of 10% to 12%.
◦Adjusted EBITDA is expected to be between $89.0 million and $99.0 million.
◦Non-GAAP net income per share is expected to be between $0.82 and $0.96, assuming weighted average common shares outstanding of 74.8 million.
Conference Call Details:
Appian will host a conference call today, February 19, 2026, at 8:30 a.m. ET to discuss Appian's financial results for the fourth quarter and fiscal year ended December 31, 2025 and business outlook.
To access the call, navigate to the following link(1). Once registered, participants can dial in using their phone with a dial in and PIN, or they can choose the Call Me option for instant dial to their phone. The live webcast of the conference call can also be accessed on the Investor Relations page of our website at https://investors.appian.com.
About Appian
Appian provides process automation technology. We automate complex processes in large enterprises and governments. Our platform is known for its unique reliability and scale. We’ve been automating processes for 25 years and understand enterprise operations like no one else. For more information, visit appian.com. [Nasdaq: APPN]
Non-GAAP Financial Measures
To supplement its consolidated financial statements, which are prepared and presented in accordance with GAAP, Appian provides investors with certain non-GAAP financial performance measures. Appian uses these non-GAAP financial performance measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Appian’s management believes these non-GAAP financial measures provide meaningful supplemental information regarding Appian’s performance by excluding certain expenses that may not be indicative of our recurring core business operating results. Appian believes both management and investors benefit from referring to these non-GAAP financial measures in assessing Appian’s performance and when planning, forecasting, and analyzing future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to historical performance as well as comparisons to competitors’ operating results. Appian believes these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to measures used by management in its financial and operational decision-making and (2) they are used by institutional investors and the analyst community to help them analyze the health of Appian’s business.
The non-GAAP financial performance measures include the following: non-GAAP subscriptions cost of revenue, non-GAAP professional services cost of revenue, non-GAAP total cost of revenue, non-GAAP total operating expense, non-GAAP operating income (loss), non-GAAP income tax expense, non-GAAP net income (loss), and non-GAAP net income (loss) per share, basic and diluted. These non-GAAP financial performance measures exclude the effect of stock-based compensation expense, unrealized foreign exchange rate gains and losses, certain non-ordinary litigation-related expenses consisting of legal and other professional fees associated with the Pegasystems cases (net of insurance reimbursements), or Litigation Expense, amortization of the judgment preservation insurance policy, or JPI Amortization, severance costs related to involuntary reductions in our workforce, or Severance Costs, lease impairments and lease-related charges associated with actions taken to reduce the footprint of our leased office spaces, or Lease Impairment and Lease-Related Charges, and a short-swing profit disgorgement paid to us by an investor, or Short-Swing Profit Payment. While some of these items may be recurring in nature and should not be disregarded in the evaluation of our earnings performance, it is useful to exclude such items when analyzing current results and trends compared to other periods as these items can vary significantly from period to period depending on specific underlying transactions or events that may occur. Therefore, while we may incur or recognize these types of expenses in the future, we believe removing these items for purposes of calculating our non-GAAP financial measures provides investors with a more focused presentation of our ongoing operating performance.
Appian also discusses adjusted EBITDA, a non-GAAP financial performance measure it believes offers a useful view of the overall operation of its businesses. The Company defines adjusted EBITDA as net (loss) income before (1) other (income) expense, net, (2) interest expense, (3) income tax expense, (4) depreciation expense and amortization of intangible assets, (5) stock-based compensation expense, (6) Litigation Expense, (7) JPI Amortization, (8) Severance Costs, and (9) Lease Impairment and Lease-Related Charges. The most directly
comparable GAAP financial measure to adjusted EBITDA is net income (loss). Users should consider the limitations of using adjusted EBITDA, including the fact this measure does not provide a complete depiction of our operating performance. Adjusted EBITDA is not intended to purport to be an alternative to net income (loss) as a measure of operating performance or to cash flows from operating activities as a measure of liquidity.
The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, as a substitute for, or superior to the financial information prepared and presented in accordance with GAAP, and Appian’s non-GAAP measures may be different from non-GAAP measures used by other companies. For more information on these non-GAAP financial measures, see the reconciliation of these non-GAAP financial measures to their nearest comparable GAAP measures at the end of this press release.
Appian provides guidance ranges for non-GAAP net income (loss) per share and adjusted EBITDA; however, we are not able to reconcile these amounts to their comparable GAAP financial measures without unreasonable efforts because certain information necessary to calculate such measures on a GAAP basis is unavailable, subject to high variability, dependent on future events outside of our control, and cannot be predicted. In addition, Appian believes such reconciliations could imply a degree of precision that might be confusing or misleading to investors. The actual effect of the reconciling items that Appian may exclude from these non-GAAP expense numbers, when determined, may be significant to the calculation of the comparable GAAP measures.
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical facts, including statements regarding Appian’s future financial and business performance for the first quarter and full year 2026, future investment by Appian in its go-to-market initiatives, increased demand for the Appian Platform, market opportunity and plans and objectives for future operations, including Appian’s ability to drive continued subscriptions revenue and total revenue growth, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “will,” “plan,” and similar expressions are intended to identify forward-looking statements. Appian has based these forward-looking statements on its current expectations and projections about future events and financial trends that Appian believes may affect its financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks and uncertainties, including the risks and uncertainties associated with Appian’s market opportunity and the expansion of its core software markets in general, the opportunity and disruptive impact of AI, the effects of increased competition, as well as innovations by new and existing competitors in its market, Appian’s ability to effectively manage or sustain its growth and to maintain profitability, Appian’s ability to maintain, or strengthen awareness of, its brand, risks and uncertainties associated with the composition and concentration of Appian’s customer base and their demand for its platform and satisfaction with the services provided by Appian, Appian’s ability to operate in compliance with applicable laws and regulations, Appian’s strategic relationships with third parties, and additional risks and uncertainties set forth in the “Risk Factors” section of Appian’s most recent annual report on Form 10-K, quarterly reports on Form 10-Q, and other filings with the Securities and Exchange Commission. Moreover, Appian operates in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for Appian’s management to predict all risks, nor can Appian assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements Appian may make. In light of these risks, uncertainties, and assumptions, Appian cannot guarantee future results, levels of activity, performance, achievements, or events and circumstances reflected in the forward-looking statements will occur. Appian is under no duty to update any of these forward-looking statements after the date of this press release to conform these statements to actual results or revised expectations, except as required by law.
Investor Contact
investors@appian.com
Media Contact
Valerie Miller
Senior Manager, Media Relations North America
pr@appian.com
APPIAN CORPORATION
CONSOLIDATED BALANCE SHEETS
(in thousands, except par value and share data)
As of December 31,
2025
2024
Assets
Current assets
Cash and cash equivalents
$
135,810
$
118,552
Short-term investments and marketable securities
51,415
41,308
Accounts receivable, net of allowance of $3,362 and $3,396, respectively
255,063
195,069
Deferred commissions, current
35,166
36,630
Prepaid expenses and other current assets
41,970
43,984
Total current assets
519,424
435,543
Property and equipment, net of accumulated depreciation of $40,747 and $32,142, respectively
32,087
37,109
Goodwill
28,811
25,555
Intangible assets, net of accumulated amortization of $7,301 and $5,341, respectively
1,246
2,240
Right-of-use assets for operating leases
28,075
31,081
Deferred commissions, net of current portion
65,199
60,540
Deferred tax assets
4,850
4,129
Other assets
11,703
24,842
Total assets
$
691,395
$
621,039
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable
$
6,655
$
4,322
Accrued expenses
18,483
11,388
Accrued compensation and related benefits
61,781
34,223
Deferred revenue
341,281
281,760
Debt
9,598
9,598
Operating lease liabilities
13,181
12,378
Other current liabilities
1,128
1,087
Total current liabilities
452,107
354,756
Long-term debt
231,228
240,826
Non-current operating lease liabilities
45,693
52,189
Deferred revenue, non-current
8,962
5,477
Other non-current liabilities
398
431
Total liabilities
738,388
653,679
Stockholders’ deficit
Class A common stock—par value $0.0001; 500,000,000 shares authorized as of December 31, 2025 and 2024 and 43,408,828 and 42,938,701 shares issued as of December 31, 2025 and 2024, respectively
4
4
Class B common stock—par value $0.0001; 100,000,000 shares authorized as December 31, 2025 and 2024 and 31,088,085 and 31,090,085 shares issued as of December 31, 2025 and 2024, respectively
3
3
Treasury stock at cost, 542,288 shares as of December 31, 2025
(16,935)
—
Additional paid-in capital
617,318
591,281
Accumulated other comprehensive loss
(36,462)
(11,774)
Accumulated deficit
(610,921)
(612,154)
Total stockholders’ deficit
(46,993)
(32,640)
Total liabilities and stockholders’ deficit
$
691,395
$
621,039
APPIAN CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Note: The Company has reclassified certain information technology, cybersecurity and facility operating expenses from general and administrative expenses to cost of revenue, research and development, and sales and marketing expense. Prior year amounts have been reclassified to conform to the current period presentation.
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
(unaudited)
Revenue
Subscriptions
$
162,265
$
136,779
$
576,462
$
490,568
Professional services
40,602
29,906
150,475
126,454
Total revenue
202,867
166,685
726,937
617,022
Cost of revenue
Subscriptions
23,093
16,774
83,988
65,680
Professional services
32,808
23,209
115,611
102,560
Total cost of revenue
55,901
39,983
199,599
168,240
Gross profit
146,966
126,702
527,338
448,782
Operating expenses
Sales and marketing
69,145
57,073
241,186
238,454
Research and development
45,142
39,193
172,188
163,400
General and administrative
33,366
25,403
113,355
107,781
Total operating expenses
147,653
121,669
526,729
509,635
Operating (loss) income
(687)
5,033
609
(60,853)
Other non-operating expense (income)
Other (income) expense, net
(2,007)
12,655
(26,685)
6,773
Interest expense
4,902
5,661
20,850
23,582
Total other non-operating expense (income)
2,895
18,316
(5,835)
30,355
(Loss) income before income taxes
(3,582)
(13,283)
6,444
(91,208)
Income tax expense
1,521
364
5,211
1,054
Net (loss) income
$
(5,103)
$
(13,647)
$
1,233
$
(92,262)
(Loss) earnings per Class A and Class B share:
Basic
$
(0.07)
$
(0.18)
$
0.02
$
(1.26)
Diluted
$
(0.07)
$
(0.18)
$
0.02
$
(1.26)
Weighted average common shares outstanding:
Basic
73,895
73,953
74,049
72,988
Diluted
73,895
73,953
74,649
72,988
APPIAN CORPORATION
STOCK-BASED COMPENSATION EXPENSE
(in thousands)
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
(unaudited)
Cost of revenue
Subscriptions
$
475
$
395
$
1,810
$
1,638
Professional services
1,483
1,362
5,787
5,925
Operating expenses
Sales and marketing
2,219
1,991
8,434
8,526
Research and development
3,045
2,937
12,407
12,077
General and administrative
3,326
2,349
13,102
10,879
Total stock-based compensation expense
$
10,548
$
9,034
$
41,540
$
39,045
APPIAN CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Year Ended December 31,
2025
2024
Cash flows from operating activities:
Net income (loss)
$
1,233
$
(92,262)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Stock-based compensation
41,540
39,045
Depreciation expense and amortization of intangible assets
9,706
10,030
Lease impairment charges
779
5,462
Bad debt expense
1,232
1,760
Amortization of debt issuance costs
600
589
Benefit for deferred income taxes
(349)
(899)
Foreign currency transaction (gains) losses, net
(21,732)
16,745
Changes in assets and liabilities:
Accounts receivable
(51,673)
(28,353)
Prepaid expenses and other assets
15,316
16,551
Deferred commissions
(3,195)
(3,144)
Accounts payable and accrued expenses
9,269
(871)
Accrued compensation and related benefits
19,993
(2,947)
Other current and non-current liabilities
(3,489)
(1,478)
Deferred revenue
47,200
49,309
Operating lease assets and liabilities
(3,556)
(2,659)
Net cash provided by operating activities
62,874
6,878
Cash flows from investing activities:
Proceeds from maturities of investments
52,540
20,038
Purchases of investments
(62,048)
(51,630)
Purchases of property and equipment
(3,318)
(3,798)
Net cash used by investing activities
(12,826)
(35,390)
Cash flows from financing activities:
Proceeds from borrowings
—
50,000
Payments for debt issuance costs
—
(463)
Debt repayments
(10,000)
(6,250)
Repurchase of common stock
(20,000)
(50,019)
Payments for employee taxes related to the net share settlement of equity awards
(7,396)
(7,987)
Proceeds from exercise of common stock options
1,118
14,461
Net cash used by financing activities
(36,278)
(258)
Effect of foreign exchange rate changes on cash and cash equivalents
3,488
(2,029)
Net increase (decrease) in cash and cash equivalents
17,258
(30,799)
Cash and cash equivalents at beginning of period
118,552
149,351
Cash and cash equivalents at end of period
$
135,810
$
118,552
Supplemental cash flow information:
Cash paid for interest
$
19,644
$
22,574
Cash paid for income taxes
$
5,120
$
3,334
Supplemental non-cash investing and financing information:
Accrued capital expenditures
$
87
$
155
APPIAN CORPORATION
RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES
(unaudited, in thousands, except per share data)
GAAP Measure
Stock-Based Compensation
Litigation Expense
JPI Amortization
Lease Impairment and Lease-Related Charges
Unrealized Foreign Exchange Rate Gains and Losses
Non-GAAP Measure
Three Months Ended December 31, 2025
Subscriptions cost of revenue
$
23,093
$
(475)
$
—
$
—
$
—
$
—
$
22,618
Professional services cost of revenue
32,808
(1,483)
—
—
—
—
31,325
Total cost of revenue
55,901
(1,958)
—
—
—
—
53,943
Sales and marketing expense
69,145
(2,219)
—
—
—
—
66,926
Research and development expense
45,142
(3,045)
—
—
—
—
42,097
General and administrative expense
33,366
(3,326)
(4,083)
(3,153)
(318)
—
22,486
Total operating expense
147,653
(8,590)
(4,083)
(3,153)
(318)
—
131,509
Operating (loss) income
(687)
10,548
4,083
3,153
318
—
17,415
Non-operating expense
2,895
—
—
—
—
1,060
3,955
Income tax impact of above items
1,521
183
—
—
—
618
2,322
Net (loss) income
(5,103)
10,365
4,083
3,153
318
(1,678)
11,138
Net (loss) income per share, basic and diluted(a)
$
(0.07)
$
0.14
$
0.05
$
0.04
$
—
$
(0.02)
$
0.15
Three Months Ended December 31, 2024
Subscriptions cost of revenue
$
16,774
$
(395)
$
—
$
—
$
—
$
—
$
16,379
Professional services cost of revenue
23,209
(1,362)
—
—
—
—
21,847
Total cost of revenue
39,983
(1,757)
—
—
—
—
38,226
Sales and marketing expense
57,073
(1,991)
—
—
—
—
55,082
Research and development expense
39,193
(2,937)
—
—
—
—
36,256
General and administrative expense
25,403
(2,349)
(1,160)
(3,152)
(318)
—
18,424
Total operating expense
121,669
(7,277)
(1,160)
(3,152)
(318)
—
109,762
Operating income
5,033
9,034
1,160
3,152
318
—
18,697
Non-operating expense (income)
18,316
—
—
—
—
(13,840)
4,476
Income tax impact of above items
364
241
—
—
—
398
1,003
Net (loss) income
(13,647)
8,793
1,160
3,152
318
13,442
13,218
Net (loss) income per share, basic and diluted
$
(0.18)
$
0.12
$
0.02
$
0.04
$
—
$
0.18
$
0.18
(a) Per share amounts do not foot due to rounding.
GAAP Measure
Stock-Based Compensation
Litigation Expense
JPI Amortization
Lease Impairment and Lease-Related Charges
Unrealized Foreign Exchange Rate Gains and Losses
Non-GAAP Measure
Year Ended December 31, 2025
Subscriptions cost of revenue
$
83,988
$
(1,810)
$
—
$
—
$
—
$
—
$
82,178
Professional services cost of revenue
115,611
(5,787)
—
—
—
—
109,824
Total cost of revenue
199,599
(7,597)
—
—
—
—
192,002
Sales and marketing expense
241,186
(8,434)
—
—
—
—
232,752
Research and development expense
172,188
(12,407)
—
—
—
—
159,781
General and administrative expense
113,355
(13,102)
(10,407)
(12,508)
(2,032)
—
75,306
Total operating expense
526,729
(33,943)
(10,407)
(12,508)
(2,032)
—
467,839
Operating income
609
41,540
10,407
12,508
2,032
—
67,096
Non-operating (income) expense
(5,835)
—
—
—
—
21,939
16,104
Income tax impact of above items
5,211
1,308
—
—
—
(1,114)
5,405
Net income (loss)
1,233
40,232
10,407
12,508
2,032
(20,825)
45,587
Net income (loss) per share, basic
$
0.02
$
0.54
$
0.14
$
0.17
$
0.03
$
(0.28)
$
0.62
Net income (loss) per share, diluted(a),(b)
$
0.02
$
0.54
$
0.14
$
0.17
$
0.03
$
(0.28)
$
0.61
(a) Accounts for the impact of 0.6 million shares of dilutive securities.
(b) Per share amounts do not foot due to rounding.
GAAP Measure
Stock-Based Compensation
Litigation Expense
JPI Amortization
Severance Costs
Lease Impairment and Lease-Related Charges
Short-Swing Profit Payment
Unrealized Foreign Exchange Rate Gains and Losses
Non-GAAP Measure
Year Ended December 31, 2024
Subscriptions cost of revenue
$
65,680
$
(1,638)
$
—
$
—
$
—
$
—
$
—
$
—
$
64,042
Professional services cost of revenue
102,560
(5,925)
—
—
(1,398)
—
—
—
95,237
Total cost of revenue
168,240
(7,563)
—
—
(1,398)
—
—
—
159,279
Sales and marketing expense
238,454
(8,526)
—
—
(3,937)
—
—
—
225,991
Research and development expense
163,400
(12,077)
—
—
(5)
—
—
—
151,318
General and administrative expense
107,781
(10,879)
(4,602)
(15,795)
(194)
(6,104)
—
—
70,207
Total operating expense
509,635
(31,482)
(4,602)
(15,795)
(4,136)
(6,104)
—
—
447,516
Operating (loss) income
(60,853)
39,045
4,602
15,795
5,534
6,104
—
—
10,227
Non-operating expense (income)
30,355
—
—
—
—
—
1,799
(16,697)
15,457
Income tax impact of above items
1,054
1,499
—
—
1,096
—
—
479
4,128
Net (loss) income
(92,262)
37,546
4,602
15,795
4,438
6,104
(1,799)
16,218
(9,358)
Net (loss) income per share, basic and diluted
$
(1.26)
$
0.51
$
0.06
$
0.22
$
0.06
$
0.08
$
(0.02)
$
0.22
$
(0.13)
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
Reconciliation of adjusted EBITDA:
GAAP net (loss) income
$
(5,103)
$
(13,647)
$
1,233
$
(92,262)
Other (income) expense, net
(2,007)
12,655
(26,685)
6,773
Interest expense
4,902
5,661
20,850
23,582
Income tax expense
1,521
364
5,211
1,054
Depreciation expense and amortization of intangible assets
