Arteris, Inc.

Previous wording

As of June 30, 2025, we had 278 full-time employees and offices in eleven locations in the United States, France, China, South Korea, Japan, Taiwan and Poland. For the three months ended June 30, 2025, we generated revenue of $16.5 million, net loss of $9.1 million, and net loss per share, basic and diluted of $0.22. As of June 30, 2025, we had Annual Contract Value (as defined below) and Annual Contract Value plus royalties of $63.9 million and $69.1 million, respectively. During the three months ended June 30, 2025, we had 25 Confirmed Design Starts (as defined below).

Current wording

As of September 30, 2025, we had 285 full-time employees and offices in eleven locations in the United States, France, China, South Korea, Japan, Taiwan and Poland. For the three months ended September 30, 2025, we generated revenue of $17.4 million, net loss of $9.0 million, and net loss per share, basic and diluted of $0.21. As of September 30, 2025, we had Annual Contract Value (as defined below) and Annual Contract Value plus royalties of $69.4 million and $74.9 million, respectively. During the three months ended September 30, 2025, our customers had 23 Confirmed Design Starts (as defined below).

Previous wording

Our revenue from period to period can be impacted by the terms of the agreements we enter into with our customers. As a result of how these contracts are structured and the revenue is recognized, our revenue in thethree and six months ended June 30, 2025 may not be comparable to future periods if we do not enter into similar contractual agreements. Further, a meaningful percentage of our revenue is generated through royalty payments. Because the time between a new license agreement win and the customer’s end product being sold can be substantial, with sales of the end product being subject to a number of factors outside our control, our revenue from royalties is difficult to predict. As a result of the foregoing, revenue may fluctuate significantly from period to period and any increase or decrease in such revenue may not be indicative of future period-to-period increases or decreases.

Current wording

Our revenue from period to period can be impacted by the terms of the agreements we enter into with our customers. As a result of how these contracts are structured and the revenue is recognized, our revenue in thethree and nine months ended September 30, 2025 may not be comparable to future periods if we do not enter into similar contractual agreements. Further, a meaningful percentage of our revenue is generated through royalty payments. Because the time between a new license agreement win and the customer’s end product being sold can be substantial, with sales of the end product being subject to a number of factors outside our control, our revenue from royalties is difficult to predict. As a result of the foregoing, revenue may fluctuate significantly from period to period and any increase or decrease in such revenue may not be indicative of future period-to-period increases or decreases.

Previous wording

We believe our growth has been and will continue to be driven by technology trends in our end markets. For example, the requirements of smaller die size, chiplet and multi-chip package design, lower power consumption, a higher frequency of operation and management of critical net latency in a timely and cost-effective manner for on-chip processing in the automotive, enterprise computing, communications, consumer electronics, and industrial markets have resulted in increased SoC design complexity for chips used in these markets. This trend in turn has created increased demand for in-licensing commercial semiconductor design IP, which in turn has positively impacted our revenue and growth.

Current wording

We believe our growth has been and will continue to be driven by technology trends in our end markets. For example, the requirements of smaller die size, chiplet and multi-chip package design, lower power consumption, and a higher frequency of operation and management of critical net latency in a timely and cost-effective manner for on-chip processing in the automotive, enterprise computing, communications, consumer electronics, and industrial markets have resulted in increased SoC design complexity for chips used in these markets. This trend in turn has created increased demand for in-licensing commercial semiconductor design IP, which in turn has positively impacted our revenue and growth.

Previous wording

We believe our products’ global footprint provides us with the opportunity to enter new markets and accelerate our growth. For thesix months ended June 30, 2025, 59.9% of our revenue was derived from sales to customers outside of the United States and 25.0% of our revenue was derived from customers located in China, respectively. For 2024, 62.3% of our revenue was derived from sales to customers outside of the United States and 29.2% of our revenue was derived from customers located in China. While we believe operating internationally has beneficially impacted our results of operations, we are subject to inherent risks attributed to operating in a global economy. Further, our international operations have been, and may in the future continue to be, subject to restrictive government regulations. For example, U.S. export regulations, including regulations announced on October 7, 2022 (as further amended), that impose broad end-use and other restrictions on doing business with certain customers and facilities in China that develop or produce semiconductor chips or manufacturing equipment, may limit or adversely impact our ability to license or support our products to entities in or doing business with certain advanced AI or “supercomputer” design companies, foundries and manufacturers of assemblies and components in China. As a result of these restrictions, our customers may experience changes to or delays in their design projects, and we may face challenges to maintain our revenue and/or our revenue may decrease.

Current wording

We believe our products’ global footprint provides us with the opportunity to enter new markets and accelerate our growth. For the nine months ended September 30, 2025, 59.6% of our revenue was derived from sales to customers outside of the United States and 24.4% of our revenue was derived from customers located in China, respectively. For 2024, 62.3% of our revenue was derived from sales to customers outside of the United States and 29.2% of our revenue was derived from custo mers located in China. While we believe operating internationally has beneficially impacted our results of operations, we are subject to inherent risks attributed to operating in a global economy. Further, our international operations have been, and may in the future continue to be, subject to restrictive government regulations. For example, U.S. export regulations, including regulations announced on October 7, 2022 (as further amended), that impose broad end-use and other restrictions on doing business with certain customers and facilities in China that develop or produce semiconductor chips or manufacturing equipment, may limit or adversely impact our ability to license or support our products to entities in or doing business with certain advanced AI or “supercomputer” design companies, foundries and manufacturers of assemblies and components in China. As a result of these restrictions, our customers may experience changes to or delays in their design projects, and we may face challenges to maintain our revenue and/or our revenue may decrease. Additionally, changes in legislation and regulation as well as the implementation of executive orders and other actions in the United States and other countries, including new trade policies and the imposition of tariffs, may increase costs or make it more difficult to export our products to certain countries.

Previous wording

We define Annual Contract Value (ACV) for an individual customer agreement as the total fixed fees under the agreement divided by the number of years in the agreement term. Our total ACV is the aggregate ACVs for all our customers as measured at a given point in time. Total fixed fees include licensing, support and maintenance and other fixed fees under IP licensing or software licensing agreements but exclude variable revenue derived from licensing agreements with customers, particularly royalties. ACV was $63.9 million and $56.1 million as of June 30, 2025 and 2024, respectively. In addition, total ACV plus royalties was $69.1 million and $60.1 million as of June 30, 2025 and 2024, respectively. ACV plus royalties is calculated based on ACV and the trailing-twelve-months variable royalties and other revenue. We monitor ACV to measure our success and believe the increase in the number shows our progress in expanding our customers’ adoption of our platform. We believe ACV provides investors with useful information to assess the strength and trajectory of our business as growth demonstrates the expansion of customer adoption of our platform. ACV fluctuates due to a number of factors, including the timing, duration and dollar amount of customer contracts.

Current wording

We define Annual Contract Value (ACV) for an individual customer agreement as the total fixed fees under the agreement divided by the number of years in the agreement term. Our total ACV is the aggregate ACVs for all our customers as measured at a given point in time. Total fixed fees include licensing, support and maintenance and other fixed fees under IP licensing or software licensing agreements but exclude variable revenue derived from licensing agreements with customers, particularly royalties. ACV was $69.4 million and $56.4 million as of September 30, 2025 and 2024, respectively. In addition, total ACV plus royalties was $74.9 million and $60.5 million as of September 30, 2025 and 2024, respectively. ACV plus royalties is calculated based on ACV and the trailing-twelve-months variable royalties and other revenue. We monitor ACV to measure our success and believe the increase in the number shows our progress in expanding our customers’ adoption of our platform. We believe ACV provides investors with useful information to assess the strength and trajectory of our business as growth demonstrates the expansion of customer adoption of our platform. ACV fluctuates due to a number of factors, including the timing, duration and dollar amount of customer contracts.

Previous wording

We define Confirmed Design Starts as when customers confirm their commencement of new semiconductor designs using our interconnect IP and notify us. Confirmed Design Starts is a metric management uses to assess the activity level of our customers in terms of the number of new semiconductor designs that are started using our interconnect IP in a given period. Our interconnect IP and NoC interface IP customer base contributed to a total of 25 and 21 design starts during the three months ended June 30, 2025 and 2024, respectively. We believe that the number of Confirmed Design Starts is an important indicator of the growth of our business and future royalty revenue trends.

Current wording

We define Confirmed Design Starts as when customers confirm their commencement of new semiconductor designs using our interconnect IP and notify us. Confirmed Design Starts is a metric management uses to assess the activity level of our customers in terms of the number of new semiconductor designs that are started using our interconnect IP in a given period. Our interconnect IP and NoC interface IP customer base contributed to a total of 23 and 14 design starts during the three months ended September 30, 2025 and 2024, respectively. We believe that the number of Confirmed Design Starts is an important indicator of the growth of our business and future royalty revenue trends.

Previous wording

The RPO amount is intended to provide visibility into future revenue streams. We expect RPO to fluctuate up or down from period to period for several reasons, including variations in amounts, timing, and duration of customer contracts, as well as the timing of billing cycles for each contract. Our RPO was $99.3 million and $77.5 million as of June 30, 2025 and 2024, respectively.

Current wording

The RPO amount is intended to provide visibility into future revenue streams. We expect RPO to fluctuate up or down from period to period for several reasons, including variations in amounts, timing, and duration of customer contracts, as well as the timing of billing cycles for each contract. Our RPO was $104.7 million and $78.4 million as of September 30, 2025 and 2024, respectively.

Previous wording

Revenue: Our revenue is primarily derived from licensing intellectual property, licensing software, support and maintenance services, professional services, training services, and royalties. Our agreements often include other service elements including training and professional services which were immaterial for both thethree and six months ended June 30, 2025 and 2024.

Current wording

Revenue: Our revenue is primarily derived from licensing intellectual property, licensing software, support and maintenance services, professional services, training services, and royalties. Our agreements often include other service elements including training and professional services which were immaterial for both thethree and nine months ended September 30, 2025 and 2024.

Previous wording

Cost of revenue: Cost of revenue relates to costs associated with our licensing agreements and support and maintenance, including applicable FAE personnel-related costs such as stock-based compensation, travel, amortization of developed technology acquired intangibles and allocated overhead. We expect cost of revenue as a percentage of revenue to modestly decline over time due to productivity improvements of our FAE processes.

Current wording

Cost of revenue: Cost of revenue relates to costs associated with our licensing agreements and support and maintenance, including applicable application engineers’ personnel-related costs such as stock-based compensation, travel, amortization of developed technology acquired intangibles and allocated overhead. We expect cost of revenue as a percentage of revenue to modestly decline over time due to productivity improvements of our application engineering processes.

Previous wording

Provision for income taxes: Our income tax provision consists primarily of income taxes in certain foreign jurisdictions in which we conduct business and includes foreign non-recoverable withholding taxes. We have a full valuation allowance against our U.S. federal and state deferred tax assets as the realization of the full amount of these deferred tax assets is uncertain, including net operating loss carryforwards and tax credits related primarily to research and development. We expect to maintain this full valuation allowance until it becomes more likely than not that the deferred tax assets will be realized.

Current wording

Provision for (benefit from) income taxes: Our income tax provision consists primarily of income taxes in certain foreign jurisdictions in which we conduct business and includes foreign non-recoverable withholding taxes. We have a full valuation allowance against our U.S. federal and state deferred tax assets as the realization of the full amount of these deferred tax assets is uncertain, including net operating loss carryforwards and tax credits related primarily to research and development. We expect to maintain this full valuation allowance until it becomes more likely than not that the deferred tax assets will be realized.

Previous wording

Revenue from licensing, support and maintenance increased by $1.5 million for the three months ended June 30, 2025, compared to the three months ended June 30, 2024. The increase in revenue from licensing, support and maintenance was primarily due to new license arrangements with existing customers, and the addition of new customers. Growth in our variable royalty revenue was primarily due to an increase in product sales of certain existing customers, and the addition of new customers.

Current wording

Revenue from licensing, support and maintenance increased by $2.4 million for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. The increase in revenue from licensing, support and maintenance was primarily due to new license arrangements with existing customers, and the addition of new customers. Growth in our variable royalty revenue was primarily due to an increase in product sales of certain existing customers.

Previous wording

Cost of revenue increased by $0.3 million or 19%, to $1.7 million for the three months ended June 30, 2025 from $1.5 million for the three months ended June 30, 2024. The increase in cost of revenue during the three months ended June 30, 2025 was primarily due to higher FAE employee-related expenses.

Current wording

Cost of revenue increased by $0.3 million or 21%, to $1.8 million for the three months ended September 30, 2025 from $1.5 million for the three months ended September 30, 2024. The increase in cost of revenue during the three months ended September 30, 2025 was primarily due to higher employee-related expenses, mainly driven by increased headcount of our application engineers.

Previous wording

R&D expenses increased by $1.5 million, or 14%, to $12.2 million for the three months ended June 30, 2025 from $10.7 million for the three months ended June 30, 2024. The increase in R&D expenses was due to higher employee-related costs of $1.1 million, mainly driven by increased headcount to support growth of our business, including stock-based compensation expense and higher professional fees of $0.3 million.

Current wording

R&D expenses increased by $0.7 million, or 6%, to $12.6 million for the three months ended September 30, 2025 from $11.9 million for the three months ended September 30, 2024. The increase in R&D expenses was due to higher employee-related costs of $0.5 million mainly driven by increased headcount to support growth of our business and higher stock-based compensation expense.

Previous wording

S&M expenses increased by $1.3 million, or 26%, to $6.3 million for the three months ended June 30, 2025 from $5.0 million for the three months ended June 30, 2024. The increase in S&M expenses was primarily due to higher employee-related costs of $1.2 million mainly driven by increased headcount to support growth of our business, including stock-based compensation expense.

Current wording

S&M expenses increased by $1.9 million, or 38%, to $6.9 million for the three months ended September 30, 2025 from $5.0 million for the three months ended September 30, 2024. The increase in S&M expenses was primarily due to higher employee-related costs of $1.5 million mainly driven by increased headcount to support growth of our business and higher stock-based compensation expense.

Previous wording

Loss from equity method investment remained relatively flat for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. Such losses are expected to continue in the near future. Transchip's ability to continue its operations is dependent upon raising additional capital, which it is currently expected to be able to raise. If adequate funding is not obtained, an impairment charge may be recorded.

Current wording

Loss from equity method investment remained relatively flat for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. Such losses are expected to continue in the near future. Transchip's ability to continue its operations is dependent upon raising additional capital, which it is currently expected to be able to raise.

Previous wording

The provision for income taxes was $0.8 million for the three months ended June 30, 2025 compared to $1.0 million for the three months ended June 30, 2024. The decrease in our income tax expense was due to a change in the forecasted geographic mix of worldwide earnings which are taxed at different statutory tax rates, the impact of losses in jurisdictions which have full valuation allowances, and changes in current year foreign withholding taxes. Foreign withholding taxes are generally assessed on gross revenue generated, rather than pre-tax income, in certain countries in which the Company does not file an income tax return.

Current wording

The provision for income taxes was an expense of $0.4 million for the three months ended September 30, 2025 compared to a benefit of $0.1 million for the three months ended September 30, 2024. The increase in our income tax expense was due to changes in current year foreign withholding taxes, impact of losses in jurisdictions which have full valuation allowances and impacts of the One Big Beautiful Bill Act of 2025 (OBBBA). Foreign withholding taxes are generally assessed on gross revenue generated, rather than pre-tax income, in certain countries in which the Company does not file an income tax return.

Previous wording

Revenue from licensing, support and maintenance increased by $5.1 million for the six months ended June 30, 2025, compared to the six months ended June 30, 2024. The increase in revenue from licensing, support and maintenance was primarily due to new license arrangements with existing customers, and the addition of new customers. Growth in our variable royalty revenue was primarily due to an increase in product sales of certain existing customers, and the addition of new customers. Other revenue decreased primarily due to revenue from professional services that was recognized during the six months ended June 30, 2024, which did not repeat during the six months ended June 30, 2025.

Current wording

Revenue from licensing, support and maintenance increased by $7.5 million for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024. The increase in revenue from licensing, support and maintenance was primarily due to new license arrangements with existing customers, and the addition of new customers. Growth in our variable royalty revenue was primarily due to an increase in product sales of certain existing customers, and the addition of new customers. Other revenue decreased primarily due to revenue from professional services that was recognized during the nine months ended September 30, 2024, which did not repeat during the nine months ended September 30, 2025.

Previous wording

Cost of revenue increased by $0.3 million, or 12%, to $3.3 million for the six months ended June 30, 2025 from $2.9 million for the six months ended June 30, 2024. The increase in cost of revenue was primarily due to higher FAE employee-related expenses.

Current wording

Cost of revenue increased by $0.6 million, or 15%, to $5.0 million for the nine months ended September 30, 2025 from $4.4 million for the nine months ended September 30, 2024. The increase in cost of revenue was primarily due to higher employee-related expenses, mainly driven by increased headcount of our application engineers.

Previous wording

R&D expenses increased by $2.5 million, or 12%, to $24.0 million for the six months ended June 30, 2025 from $21.6 million for the six months ended June 30, 2024. The increase in R&D expenses was due to higher employee-related costs of $1.8 million, mainly driven by increased headcount to support growth of our business, including stock-based compensation expense. We also incurred higher professional fees of $0.3 million and received lower grants of $0.2 million by our subsidiary in France for R&D projects.

Current wording

R&D expenses increased by $3.2 million, or 10%, to $36.7 million for the nine months ended September 30, 2025 from $33.5 million for the nine months ended September 30, 2024. The increase in R&D expenses was due to higher employee-related costs of $2.3 million mainly driven by increased headcount to support growth of our business, including stock-based compensation expense. We also incurred higher professional fees of $0.4 million and received lower grants of $0.2 million by our subsidiary in France for R&D projects.

Previous wording

S&M expenses increased by $2.4 million or 23%, to $12.9 million for the six months ended June 30, 2025 from $10.5 million for the six months ended June 30, 2024. The increase in S&M expenses was primarily due to higher employee-related costs of $2.1 million mainly driven by increased headcount to support growth of our business, including stock-based compensation expense.

Current wording

S&M expenses increased by $4.3 million or 28%, to $19.7 million for the nine months ended September 30, 2025 from $15.4 million for the nine months ended September 30, 2024. The increase in S&M expenses was primarily due to higher employee-related costs of $3.6 million mainly driven by increased headcount to support growth of our business and higher stock-based compensation expense.

Previous wording

G&A expenses remained relatively flat for the six months ended June 30, 2025 compared to the six months ended June 30, 2024.

Current wording

G&A expenses remained relatively flat for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024.

Previous wording

Interest expense remained relatively flat for the six months ended June 30, 2025 compared to the six months ended June 30, 2024.

Current wording

Interest expense remained relatively flat for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024.

Previous wording

Other income (expense), net decreased by $0.3 million, or 16%, to $1.5 million for the six months ended June 30, 2025, from $1.8 million for the six months ended June 30, 2024. The decrease in interest and other income (expense), net was primarily related to foreign currency exchange, as well as lower interest rates on cash balances and lower interest income earned on our available-for-sale investments.

Current wording

Other income (expense), net decreased by $0.4 million, or 17%, to $2.1 million for the nine months ended September 30, 2025, from $2.6 million for the nine months ended September 30, 2024. The decrease in interest and other income (expense), net was primarily due to lower interest rates on cash balances and lower interest income earned on our available-for-sale investments.

Previous wording

Loss from equity method investment remained relatively flatfor the six months ended June 30, 2025 compared to the six months ended June 30, 2024. Such losses are expected to continue in the near future. Transchip's ability to continue its operations is dependent upon raising additional capital, which it is currently expected to be able to raise. If adequate funding is not obtained, an impairment charge may be recorded.

Current wording

Loss from equity method investment remained relatively flatfor the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. Such losses are expected to continue in the near future. Transchip's ability to continue its operations is dependent upon raising additional capital, which it is currently expected to be able to raise.

Previous wording

Provision for income taxes for the six months ended June 30, 2025 was $1.1 million, compared to $1.3 million for the six months ended June 30, 2024. The decrease in our income tax expense was due to a change in the forecasted geographic mix of worldwide earnings which are taxed at different statutory tax rates, the impact of losses in jurisdictions which have full valuation allowances, and changes in current year foreign withholding taxes. Foreign withholding taxes are generally assessed on gross revenue generated, rather than pre-tax income, in certain countries in which the Company does not file an income tax return.

Current wording

Provision for income taxes for the nine months ended September 30, 2025 was $1.5 million, compared to $1.3 million for the nine months ended September 30, 2024. The increase in our income tax expense was due to changes in current year foreign withholding taxes, impact of losses in jurisdictions which have full valuation allowances and impacts of the OBBBA. Foreign withholding taxes are generally assessed on gross revenue generated, rather than pre-tax income, in certain countries in which the Company does not file an income tax return.

Previous wording

Since inception, we have financed operations primarily from payments received from our customers, the net proceeds from the sale of our common stock in the IPO as well as the net proceeds from the private issuance of our convertible preferred stock and common stock. As of June 30, 2025, we had $38.0 million in cash and cash equivalents and short-term investments of which $1.8 million was held by our foreign subsidiaries. In addition, as of June 30, 2025, we also had $15.9 million in long-term investments.

Current wording

Since inception, we have financed operations primarily from payments received from our customers, the net proceeds from the sale of our common stock in the IPO as well as the net proceeds from the private issuance of our convertible preferred stock and common stock. As of September 30, 2025, we had $39.0 million in cash and cash equivalents and short-term investments of which $2.8 million was held by our foreign subsidiaries. In addition, as of September 30, 2025, we also had $17.2 million in long-term investments.

Previous wording

For the six months ended June 30, 2025, net cash provided by operating activities was $0.4 million, primarily due to our net loss of $17.3 million, adjusted for non-cash charges of $11.7 million and $6.0 million changes in operating assets and liabilities. Non-cash charges primarily consisted of stock-based compensation of $8.8 million, depreciation and amortization of $1.7 million, and loss from our equity method investment of $1.6 million, partially offset by amortization of deferred income of $0.6 million and net accretion of discounts on available-for-sale securities of $0.2 million. The drivers of the changes in operating assets and liabilities were a $6.3 million increase in deferred revenue, a $1.9 million decrease in accounts receivable, and a $0.3 million increase in accounts payable, partially offset by a $2.3 million increase in prepaid expense and other assets and a $0.3 million decrease in accrued expenses and other liabilities.

Current wording

For the nine months ended September 30, 2025, net cash provided by operating activities was $3.6 million, primarily due to our net loss of $26.2 million, adjusted for non-cash charges of $17.6 million and $12.2 million changes in operating assets and liabilities. Non-cash charges primarily consisted of stock-based compensation of $13.8 million, depreciation and amortization of $2.5 million, and loss from our equity method investment of $2.1 million, partially offset by amortization of deferred income of $0.9 million and net accretion of discounts on available-for-sale securities of $0.3 million. The drivers of the changes in operating assets and liabilities were a $10.3 million increase in deferred revenue, a $1.7 million increase in accrued expenses and other liabilities, and a $4.1 million decrease in accounts receivable, partially offset by a $3.7 million increase in prepaid expense and other assets and a $0.1 million decrease in accounts payable.

Previous wording

For the six months ended June 30, 2024, net cash provided by operating activities was $0.8 million, primarily due to our net loss of $17.7 million, adjusted for non-cash charges of $9.6 million and $8.9 million changes in operating assets and liabilities. Non-cash charges primarily consisted of stock-based compensation of $7.4 million, depreciation and amortization of $1.6 million and loss from our equity method investment of $1.5 million, partially offset by amortization of deferred income of $0.6 million and net accretion of discounts on available-for-sale securities of $0.3 million. The drivers of the changes in operating assets and liabilities were a $4.7 million increase in deferred revenue, a $3.1 million decrease in accounts receivable, a $0.9 million decrease in prepaid expense and other assets, a $0.2 million increase in accounts payable and a $0.1 million increase in accrued expenses and other liabilities.

Current wording

For the nine months ended September 30, 2024, net cash provided by operating activities was $1.9 million, primarily due to our net loss of $25.4 million, adjusted for non-cash charges of $15.1 million and $12.3 million changes in operating assets and liabilities. Non-cash charges primarily consisted of stock-based compensation of $11.8 million, depreciation and amortization of $2.5 million and loss from our equity method investment of $2.1 million, partially offset by amortization of deferred income of $0.9 million and net accretion of discounts on available-for-sale securities of $0.5 million. The drivers of the changes in operating assets and liabilities were a $8.8 million increase in deferred revenue, a $3.3 million decrease in accounts receivable and a $1.5 million increase in accrued expenses and other liabilities, partially offset by a $1.2 million increase in prepaid expense and other assets.

Previous wording

Net cash provided by investing activities for the six months ended June 30, 2025 was $0.6 million, primarily attributable to proceeds from maturities of available-for-sale securities, partially offset by purchases of available-for-sale securities and property and equipment.

Current wording

Net cash used in investing activities for the nine months ended September 30, 2025 was $1.0 million, primarily attributable to purchases of available-for-sale securities and property and equipment, partially offset by proceeds from maturities of available-for-sale securities.

Previous wording

Net cash provided by investing activities for the six months ended June 30, 2024 was $7.5 million, primarily attributable to proceeds from maturities of available-for-sale securities and certificate of deposit, partially offset by purchases of available-for-sale securities and property and equipment.

Current wording

Net cash provided by investing activities for the nine months ended September 30, 2024 was $2.9 million, primarily attributable to proceeds from maturities of available-for-sale securities and certificate of deposit, partially offset by purchases of available-for-sale securities and property and equipment.

Previous wording

Net cash provided by financing activities for the six months ended June 30, 2025 was $1.5 million, primarily attributable proceeds from exercise of stock options and employee stock purchase plan, primarily offset by principal payments under vendor financing arrangements.

Current wording

Net cash provided by financing activities for the nine months ended September 30, 2025 was $1.3 million, primarily attributable to proceeds from exercise of stock options and employee stock purchase plan, partially offset by principal payments under vendor financing arrangements.

Previous wording

Net cash provided by financing activities for the six months ended June 30, 2024 was $0.1 million, primarily attributable proceeds from exercise of stock options, primarily offset by principal payments under vendor financing arrangements.

Current wording

Net cash used in financing activities for the nine months ended September 30, 2024 was $0.7 million, primarily attributable to principal payments under vendor financing arrangements, partially offset by proceeds from exercise of stock options.