Annual report [Section 13 and 15(d), not S-K Item 405]

FAIR VALUE MEASUREMENT

v3.25.0.1
FAIR VALUE MEASUREMENT
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENT
NOTE 8—FAIR VALUE MEASUREMENT
The carrying values of the Company’s cash and cash equivalents, receivables, net, prepaid expenses and other current assets, and accounts payable approximate fair value due to their short maturities.
The following tables present the liabilities measured at fair value on a recurring basis, by input level, in the Consolidated Balance Sheets at December 31, 2024 and December 31, 2023:
December 31, 2024
Level 1 Level 2 Level 3 Total
Financial liabilities:
Public Warrants $ 134  —  —  $ 134 
Private Warrants —  96  —  96 
Derivative financial instruments —  38  —  38 
Contingent consideration —  —  3,340  3,340 
Total financial liabilities $ 134  $ 134  $ 3,340  $ 3,608 
December 31, 2023
Level 1 Level 2 Level 3 Total
Financial liabilities:
Public Warrants $ 635  —  —  $ 635 
Private Warrants —  451  —  451 
Total financial liabilities $ 635  $ 451  $ —  $ 1,086 
The fair value of our Level 3 contingent consideration liabilities relate to the Pixode Acquisition. This contingent consideration is primarily based on expected payments arising from a percentage of an adjusted net revenue for a three year period commencing on the re-launch date of the rebranded Pixode assets, payable at the end of each fiscal year. The value of these payments are subject to various market and operational risks. Significant unobservable inputs include a discount rate of approximately 13.5% and the probability of revenue growth over the same three year period. See Note 4—Business
Combinations for more information on the Pixode Acquisition. The change in fair value was included in "Other income (expense), net" in the Consolidated Statements of Operations and consisted of the following:
Total
Balance as of December 31, 2023
 $ — 
Recorded in connection with business combinations 3,255 
Fair value adjustments based upon post-acquisition performance 85 
Balance as of December 31, 2024
 $ 3,340