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Omada Health Reports Fourth Quarter and Full-Year 2025 Results
Revenue up 58% in Fourth Quarter, 53% for Year; Member Growth of 55% for Year
Achieves Positive Net Income in Fourth Quarter; Significantly Narrows Net Loss for Full Year
Delivers Positive Adjusted EBITDA for Full Year


SAN FRANCISCO - March 5, 2026 - Omada Health, Inc. (Nasdaq: OMDA), the virtual between-visit healthcare provider, today reported financial results for the fourth quarter and full year ended December 31, 2025.

2025 Fourth Quarter and Full-Year Highlights
Highlights are for the fourth quarter and full year 2025, except where otherwise noted.

Total members
•886,000 at year end, up 55% year over year

Revenue
•$76 million in the fourth quarter, up 58% year over year
•$260 million for the full year, up 53% compared with 2024

GLP-1 Leadership
•Omada has now supported more than 150,000 members on GLP-1s, compared with more than 50,000 at the end of 2024
•Published research demonstrating the effectiveness of Omada’s programs, including data showing members in our GLP-1 Care Track, compared with published real-world evidence, achieved greater average weight loss and largely maintained weight, on average, one year after discontinuing GLP-1 therapy
•Announced plans in November to launch a new prescribing offering that will combine Omada’s evidence-based behavior change program with medication management for anti-obesity medications, including GLP-1s
•Today, announced GLP-1 Flex Care, a new option that gives employers a structured way to connect eligible employees with clinical evaluation, prescribing, and ongoing medical oversight for GLP‑1s—alongside Omada’s lifestyle and behavioral support—without taking on employer financial coverage for GLP-1s, providing another flexible pathway to balance access, affordability, and durable outcomes across diverse GLP‑1 coverage strategies

Program Innovation
•During 2025, launched OmadaSpark and Meal Map, AI-powered tools that support members with wellness education alongside our human coaches
•In February of 2026, announced Omada for Cholesterol to address a highly prevalent, often under‑treated condition that frequently co‑exists with diabetes, hypertension, and
obesity, further strengthening its multi‑condition platform capabilities and expanding the scope of Omada’s cardiometabolic care

“Our 2025 performance reflects a pivotal year for Omada, marked by strong growth, important profitability milestones, and continued momentum across our business,” said Sean Duffy, co‑founder and CEO of Omada Health. “We demonstrated GLP‑1 companion support innovation, advanced our member‑facing AI capabilities, and introduced meaningful program expansions—all designed to support our members in achieving durable health improvements and serving as a foundation for progress toward our long‑term mission to bend the curve of chronic disease.”

Other Fourth Quarter and Full Year 2025 Financial Highlights
•Gross margin of 71% in the fourth quarter, up from 67% in Q4 2024, and gross margin of 66% for the year compared with 61% in 2024
•Non-GAAP gross margin of 73% in the fourth quarter, up from 69% in Q4 2024, and non-GAAP gross margin of 68% for the year compared with 63% in 2024
•Net income of $5 million in the fourth quarter, compared with a net loss of $8 million in Q4 2024, and a net loss of $13 million for the year compared with a net loss of $47 million in 2024
•Adjusted EBITDA of $8 million in the fourth quarter, compared with an adjusted EBITDA loss of $4 million in Q4 2024, and adjusted EBITDA of $6 million for the year compared with an adjusted EBITDA loss of $29 million in 2024
•Cash and cash equivalents of $222 million

Please see the Non-GAAP Financial Measures section below and reconciliations of GAAP to non-GAAP measures at the end of this press release.

Financial Outlook
For the year ending December 31, 2026, Omada expects:
•Revenue in the range of $312 million to $322 million, with the midpoint representing 22% growth compared with 2025
•Adjusted EBITDA in the range of $7 million to $15 million

We have not provided an outlook for net loss (GAAP) or a reconciliation of expected adjusted EBITDA to net loss (GAAP) because net loss (GAAP) on a forward-looking basis is not available without unreasonable effort due to the potential variability and complexity of the items that are excluded from adjusted EBITDA, such as loss on debt extinguishment; provision for income taxes; depreciation and amortization; share-based compensation; change in fair value of warrant liabilities; amortization of intangible assets; and loss on disposal of property and equipment.

Conference Call

Omada Health will host a conference call at 1:30 p.m. PT/4:30 p.m. ET today, March 5, 2026, during which management will discuss fourth quarter and full-year 2025 results.

A live audio webcast of the call will be available online at https://investors.omadahealth.com. A replay will be available shortly after the conclusion of the call at the same link and will remain accessible for approximately 12 months.

Those participating via conference call can pre-register using the following link:
https://register-conf.media-server.com/register/BI58c6d7a71730445093f7ea7c02d33e97

About Omada Health

Omada Health (Nasdaq: OMDA) is reverse engineering the way healthcare is delivered in America, putting the space between doctor visits–where health is won or lost–at the center of care. Today's healthcare system poorly serves chronic conditions that require ongoing support outside of the exam room, like obesity, diabetes, hypertension, cholesterol, and musculoskeletal conditions. Omada’s virtual-first model combines human-led care teams, connected devices, and AI-enabled technology to deliver personalized care at scale, including support for GLP-1 therapy. Omada has served more than two million members since launch across 2,000+ employers, health plans, pharmacy benefit managers, and health systems. Learn more at omadahealth.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “believe,” “project,” “estimate,” “expect,” “may,” “should,” “will” and similar references to future periods. Examples of forward-looking statements contained in this press release include, but are not limited to, statements we make regarding our GLP-1 leadership, plans to launch a new prescribing offering and the benefits of the offering, program innovation and related capabilities, ability to deliver measurable results, business trends, growth prospects and future financial and operating results, and our financial outlook.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, macroeconomic and industry conditions and other factors. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, but are not limited to, the following: our limited operating history and ability to manage our growth effectively; our history of net losses and ability to maintain profitability; the ability of our programs to achieve and maintain market acceptance; changes in the healthcare industry and competition; the growth and success of our customers and channel partners; the number of individuals covered by our
programs and the number of our programs covered by our customers; the level of member engagement in our programs; our ability to maintain and grow customer and channel partner relationships; concentration of a substantial portion of our sales among a limited number of customers and channel partners; our ability to attract new customers and channel partners and increase member enrollment from existing and new customers and channel partners; our ability to increase the size of our organization; our dependence on a limited number of third-party suppliers; the impact of seasonality on our financial results; our ability to achieve widespread brand awareness and the impact of any negative media coverage; our ability to develop and release new programs and services; cybersecurity threats; our dependence on the interoperability of our programs and connected devices with third-party devices, operating systems and applications; changes in laws or regulations or the implementation of existing laws and regulations; compliance with privacy and security laws and regulations; our and our affiliated professional entities’ compliance with healthcare regulatory laws; any modification in U.S. Food and Drug Administration enforcement policies; our dependence on our relationships with affiliated professional entities; and other risk factors identified in our filings with the Securities and Exchange Commission (the “SEC”), including our Annual Report on Form 10-K for the year ended December 31, 2025, which is being filed at or around the date hereof.

All forward-looking statements in this press release are based only on information currently available to us and speak only as of the date on which they are made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise, except as required under applicable law.


Investor Relations Contact:
Allan Kells
ir@omadahealth.com


Media Contact:
Rose Ramseth
press@omadahealth.com




Omada Health, Inc.
Consolidated Balance Sheets
(in thousands, except share and per-share amounts)
(unaudited)
As of December 31,
20252024
Assets
Current assets
Cash and cash equivalents$222,036 $76,392 
Accounts receivable, net (1)
34,585 23,417 
Inventory4,486 3,296 
Deferred commissions, current3,539 3,017 
Prepaid expenses and other current assets (2)
8,288 6,937 
Total current assets272,934 113,059 
Property and equipment, net7,942 5,625 
Operating lease right-of-use asset- 447 
Deferred commissions, non-current8,711 9,214 
Intangible assets, net2,414 4,263 
Goodwill13,240 13,240 
Other assets165 5,044 
Total assets$305,406 $150,892 
Liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit)
Current liabilities
Accounts payable (3)
$10,276 $4,168 
Accrued expenses and other current liabilities (4)
40,392 29,840 
Operating lease liability, current- 415 
Deferred revenue (5)
25,058 19,530 
Total current liabilities75,726 53,953 
Long term debt- 29,771 
Warrant liabilities, non-current- 2,252 
Other liabilities, non-current- 285 
Total liabilities75,726 86,261 
Commitments and contingencies
Redeemable convertible preferred stock, $0.001 par value per share; no shares and 120,689 shares authorized as of December 31, 2025 and December 31, 2024, respectively; no shares and 118,219 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively; aggregate liquidation preference of $0 and $455,588 as of December 31, 2025 and December 31, 2024, net of issuance costs- 449,034 
Stockholders’ equity (deficit)
Common stock, $0.001 par value per share; 750,000 and 181,500 shares authorized as of December 31, 2025 and December 31, 2024, respectively; 58,429 and 8,157 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively58 8 
Additional paid-in capital686,366 59,555 
Accumulated deficit(456,744)(443,966)


Total stockholders’ equity (deficit)229,680 (384,403)
Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit)$305,406 $150,892 
(1)Includes amounts from a related party of $22.8 million and $13.2 million as of December 31, 2025 and December 31, 2024, respectively.
(2)Includes amounts from a related party of $0.3 million and $0.1 million as of December 31, 2025 and December 31, 2024, respectively.
(3)Includes amounts from a related party of $1.0 million and $0 as of December 31, 2025 and December 31, 2024, respectively.
(4)Includes amounts from a related party of $4.9 million and $2.2 million as of December 31, 2025 and December 31, 2024, respectively.
(5)Includes amounts from a related party of $18.8 million and $13.2 million as of December 31, 2025 and December 31, 2024, respectively.

Omada Health, Inc.
Consolidated Statements of Operations and Comprehensive Loss
(in thousands, except per-share data)
(unaudited)
Three Months Ended December 31,Year Ended December 31,
2025202420252024
Revenue
Services (1)
$71,651 $45,438 $241,043 $157,789 
Hardware (2)
4,195 2,540 19,167 12,011 
Total revenue75,846 47,978 260,210 169,800 
Cost of revenue
Services (3)
13,768 10,834 51,839 42,520 
Hardware8,416 5,011 37,432 24,403 
Total cost of revenue22,184 15,845 89,271 66,923 
Gross profit53,662 32,133 170,939 102,877 
Operating expenses
Research and development (4)
11,552 9,190 40,683 35,923 
Sales and marketing (5)
24,613 18,089 90,044 68,053 
General and administrative (6)
14,216 11,954 52,184 42,555 
Total operating expenses50,381 39,233 182,911 146,531 
Operating income (loss)
3,281 (7,100)(11,972)(43,654)
Other income (expense), net
Interest expense(13)(1,097)(2,534)(4,506)
Interest income1,891 174 5,305 805 
Loss on debt extinguishment- - (2,109)- 
Change in fair value of warrant liabilities- (227)(1,468)218 
Total other expense, net1,878 (1,150)(806)(3,483)
Income (loss) before provision for income taxes
5,159 (8,250)(12,778)(47,137)
Provision for income taxes- - - - 
Net income (loss) and comprehensive income (loss)$5,159 $(8,250)$(12,778)$(47,137)
Net income (loss) per share
Basic$0.09 $(1.04)$(0.35)$(6.11)
Diluted$0.08 $(1.04)$(0.35)$(6.11)


Weighted-average shares outstanding
Basic
58,056 7,951 36,639 7,721 
Diluted
63,930 7,951 36,639 7,721 
(1)Includes amounts from a related party of $49.5 million and $25.9 million for the three months ended December 31, 2025 and 2024, respectively and $157.7 million and $88.0 million for the year ended December 31, 2025 and 2024, respectively.
(2)Includes amounts from a related party of $3.1 million and $1.8 million for the three months ended December 31, 2025 and 2024, respectively and $12.1 million and $6.5 million for the year ended December 31, 2025 and 2024, respectively.
(3)Includes amounts from a related party of $1.2 million and $0.9 million for the three months ended December 31, 2025 and 2024, respectively and $5.0 million and $3.4 million for the year ended December 31, 2025 and 2024, respectively.
(4)Includes amounts from a related party of $0.6 million and $0.4 million for the three months ended December 31, 2025 and 2024, respectively and $2.2 million and $1.7 million for the year ended December 31, 2025 and 2024, respectively.
(5)Includes amounts from a related party of $6.8 million and $4.2 million for the three months ended December 31, 2025 and 2024, respectively and $26.1 million and $15.2 million for the year ended December 31, 2025 and 2024, respectively.
(6)Includes amounts from a related party of $0.4 million and $0.3 million for the three months ended December 31, 2025 and 2024, respectively and $1.5 million and $1.1 million for the year ended December 31, 2025 and 2024, respectively.

Omada Health, Inc.
Share-based Compensation Summary
(in thousands)
(unaudited)

Three Months Ended December 31,Year Ended December 31,
2025202420252024
Services cost of revenue$65 $57 $169 $219 
Research and development594 458 2,228 1,713 
Sales and marketing1,255 621 3,918 2,602 
General and administrative1,831 1,176 6,640 4,886 
Total share-based compensation expense$3,745 $2,312 $12,955 $9,420 




Omada Health, Inc.
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)

Three Months Ended December 31,Year Ended December 31,
2025202420252024
Operating activities
Net income (loss)
$5,159 $(8,250)$(12,778)$(47,137)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Depreciation and amortization1,447 1,278 5,491 4,803 
Share-based compensation3,745 2,312 12,955 9,420 
Loss on debt extinguishment- - 2,109 - 
Loss on disposal of property and equipment6 - 8 2 
Amortization of debt issuance costs- 98 285 389 
Non-cash operating lease expense- 187 447 728 
Change in fair value of warrants- 227 1,468 (218)
Provision for credit losses (1)
(296)1,009 1,189 1,760 
Amortization of deferred commissions872 742 3,339 2,643 
Changes in operating assets and liabilities
Accounts receivable (2)
7,157 871 (12,357)(8,805)
Inventory(1,338)(1,527)(1,190)318 
Prepaid expenses and other current assets (3)
161 (1,197)(1,409)(1,853)
Deferred commissions(1,191)(1,550)(3,510)(6,422)
Other non-current assets70 78 251 409 
Accounts payable (4)
4,916 (1,089)6,289 399 
Operating lease liabilities- (202)(415)(783)
Accrued expenses and other current liabilities (5)
2,770 3,661 10,552 5,343 
Deferred revenue (6)
(2,099)(3,180)5,528 4,645 
Other non-current liabilities- 45 - 180 
Net cash provided by (used in) operating activities21,379 (6,487)18,252 (34,179)
Investing activities
Purchases of property and equipment(199)(184)(1,322)(596)
Capitalized internal-use software costs(1,147)(785)(4,510)(3,267)
Net cash used in investing activities(1,346)(969)(5,832)(3,863)
Financing activities
Proceeds from exercise of stock options3,375 1,284 9,368 3,329 
Payment of deferred offering costs1 (1,171)(4,283)(4,538)
Repayment of Midcap term facility principal- - (30,963)- 
Payment of debt extinguishment costs- - (1,430)- 
Proceeds from initial public offering, net of underwriting discounts and commissions- - 160,532 - 
Net cash provided by (used in) financing activities3,376 113 133,224 (1,209)
Net increase (decrease) in cash and cash equivalents23,409 (7,343)145,644 (39,251)
Cash and cash equivalents at beginning of period198,627 83,735 76,392 115,643 
Cash and cash equivalents at end of period$222,036 $76,392 $222,036 $76,392 
(1)Includes changes in related party balances of $0.5 million and $0.2 million for the three months and year ended December 31, 2025 and 2024, respectively.
(2)Includes changes in related party balances of $9.1 million and $5.3 million for the three months and year ended December 31, 2025 and 2024, respectively.
(3)Includes changes in related party balances of $0.2 million and $0.1 million for the three months and year ended December 31, 2025 and 2024, respectively.
(4)Includes changes in related party balances of $1.0 million and $0 million for the three months and year ended December 31, 2025 and 2024, respectively.
(5)Includes changes in related party balances of $2.7 million and $0.7 million for the three months and year ended December 31, 2025 and 2024, respectively.
(6)Includes changes in related party balances of $5.7 million and $3.9 million for the three months and year ended December 31, 2025 and 2024, respectively.


Non-GAAP Financial Measures

We use certain financial measures not calculated in accordance with accounting principles generally accepted in the United States (“GAAP”) to supplement the financial information in our consolidated financial statements, which are presented in accordance with GAAP. These non-GAAP financial measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP research and development expense, non-GAAP sales and marketing expense, non-GAAP general and administrative expense, non-GAAP operating expenses, non-GAAP operating expenses (as a % of revenue), adjusted EBITDA, adjusted EBITDA margin, and free cash flow.

We define non-GAAP gross profit and non-GAAP gross margin as gross profit and gross margin, excluding share-based compensation expense, amortization of intangible assets, and depreciation and amortization.

We define non-GAAP general and administrative expenses as total general and administrative expenses reported on our consolidated statements of operations, excluding share-based compensation expense, amortization of intangible assets, depreciation and amortization, and loss on disposal of property and equipment. We define non-GAAP research and development expenses as total research and development expenses reported on our consolidated statements of operations, excluding share-based compensation expense, amortization of intangible assets, depreciation and amortization, and loss on disposal of property and equipment. We define non-GAAP sales and marketing expenses as total sales and marketing expenses reported on our consolidated statements of operations, excluding share-based compensation expense, amortization of intangible assets, depreciation and amortization, and loss on disposal of property and equipment. We define non-GAAP operating expenses as total operating expenses reported on our consolidated statements of operations, excluding share-based compensation expense, amortization of intangible assets, depreciation and amortization, and loss on disposal of property and equipment. We define non-GAAP operating expenses margin as non-GAAP operating expenses divided by GAAP total revenue reported on our consolidated statements of operations.

We define adjusted EBITDA as net loss and comprehensive loss reported on our consolidated statements of operations, excluding the impact of interest expense, interest income, change in fair value of warrant liabilities, loss on debt extinguishment, provision for income taxes, share-based compensation expense, amortization of intangible assets, depreciation and amortization, and loss on disposal of property and equipment.

Free cash flow is net cash used in operating activities less purchases of property and equipment and capitalized internal-use software costs.

We believe these non-GAAP financial measures, when taken collectively with GAAP financial information, are useful to investors and others because they allow for additional information with respect to financial measures used by management in its financial and operational decision-making. However, there are a number of limitations related to the use of non-GAAP financial measures. Our presentation of non-GAAP financial measures may not be comparable to similar measures used by other companies. We encourage investors to carefully consider our results under GAAP, as well as our supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand our business. Please see the tables included at the end of this release for the reconciliation of GAAP to non-GAAP results.




Key Metric

Total Members: A member is a person who is enrolled in one of our virtual care programs and that generated a billing event in the preceding 12 months. We believe growth in the number of members is a key indicator of the performance of our business for both investors and management as we monitor the performance of our business, as members primarily drive services revenue. The number of members depends, in part, on our ability to successfully market our services to new customers and channel partners, our ability to sell additional programs to existing customers and channel partners, and our ability to promote awareness of our programs among covered individuals and to encourage their enrollment.

Reconciliation of GAAP to Non-GAAP Financial Measures

The following tables reconcile to the specific items excluded from GAAP metrics in the calculation of non-GAAP metrics for the periods shown below:

Omada Health, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures - Adjusted EBITDA
(in thousands)
(unaudited)
Three Months Ended December 31,Year Ended December 31,
2025202420252024
(in thousands, except percentages)
GAAP net income (loss) and comprehensive income (loss)$5,159 $(8,250)$(12,778)$(47,137)
Add:
Interest expense13 1,097 2,534 4,506 
Interest income(1,891)(174)(5,305)(805)
Change in fair value of warrant liabilities— 227 1,468 (218)
Loss on debt extinguishment— — 2,109 — 
Provision for income taxes— — — — 
Share-based compensation expense3,745 2,312 12,955 9,420 
Amortization of intangible assets440 501 1,851 2,007 
Depreciation and amortization(1)
1,007 777 3,640 2,796 
Loss on disposal of property and equipment5 — 8 2 
Adjusted EBITDA$8,478 $(3,510)$6,482 $(29,429)
GAAP net income (loss) and comprehensive income (loss) margin (as a percentage of revenue)6.8 %(17.2)%(4.9)%(27.8)%
Adjusted EBITDA margin (as a percentage of revenue)11.2 %(7.3)%2.5 %(17.3)%
(1) Depreciation and amortization includes depreciation of property and equipment and amortization of capitalized internal-use software costs



Omada Health, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands)
(unaudited)
Three Months Ended December 31,Year Ended December 31,
2025202420252024
(in thousands, except percentages)
GAAP gross profit$53,662 $32,133 $170,939 $102,877 
Add:
Share-based compensation expense65 57 169 219 
Amortization of intangible assets440 438 1,755 1,755 
Depreciation and amortization(1)
927 683 3,294 2,406 
Non-GAAP gross profit55,094 33,311 176,157 107,257 
GAAP gross margin (as a percentage of revenue)70.8%67.0%65.7%60.6%
Non-GAAP gross margin (as a percentage of revenue)72.6%69.4%67.7%63.2%
(1) Depreciation and amortization includes depreciation of property and equipment and amortization of capitalized internal-use software costs




GAAP Research and development expense$11,552 $9,190 $40,683 $35,923 
Less:
Share-based compensation expense594 458 2,228 1,713 
Depreciation and amortization (1)
27 19 88 83 
Non-GAAP research and development expense$10,931 $8,713 $38,367 $34,127 
Non-GAAP research and development expense (as a % of revenue)14 %18 %15 %20 %
GAAP Sales and marketing expense$24,613 $18,089 $90,044 $68,053 
Less:
Share-based compensation expense1,255 621 3,918 2,602 
Amortization of intangible assets— 63 94 252 
Depreciation and amortization (1)
34 28 121 118 
Non-GAAP sales and marketing expense$23,324 $17,377 $85,911 $65,081 
Non-GAAP sales and marketing expense (as a % of revenue)31 %36 %33 %38 %
GAAP General and administrative expense$14,216 $11,954 $52,184 $42,555 
Less:
Share-based compensation expense1,831 1,176 6,640 4,886 
Depreciation and amortization (1)
19 47 138 189 
Loss on disposal of property and equipment5 — 8 2 
Non-GAAP general and administrative expense$12,361 $10,731 $45,398 $37,478 
Non-GAAP general and administrative expense (as a % of revenue)16 %22 %17 %22 %
GAAP operating expense$50,381 $39,233 $182,911 $146,531 
Less:
Share-based compensation expense3,680 2,255 12,786 9,201 
Amortization of intangible assets— 63 94 252 
Depreciation and amortization (1)
80 94 347 390 
Loss on disposal of property and equipment5 — 8 2 
Non-GAAP operating expense$46,616 $36,821 $169,676 $136,686 
GAAP operating expense (as a % of revenue)66.4 %81.8 %70.3 %86.3 %
Non-GAAP operating expense (as a % of revenue)61.5 %76.7 %65.2 %80.5 %
(1) Depreciation and amortization includes depreciation of property and equipment and amortization of capitalized internal-use software costs







Omada Health, Inc.
Reconciliation of GAAP Net Cash Provided by Operating Activities to Free Cash Flow
(in thousands)
(unaudited)
Three Months Ended December 31,Year Ended December 31,
2025202420252024
Net cash provided by (used in) operating activities$21,379 $(6,487)$18,252 $(34,179)
Purchases of property and equipment(199)(184)(1,322)(596)
Capitalized internal-use software development costs(1,147)(785)(4,510)(3,267)
Free Cash Flow$20,033 $(7,456)$12,420 $(38,042)
Other cash flow components:
Net cash used in investing activities$(1,346)$(969)$(5,832)$(3,863)
Net cash provided by (used in) financing activities$3,376 $113 $133,224 $(1,209)