Backblaze (BLZE) 10-Q 8 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares shares in Millions	3 Months Ended
	Mar. 31, 2024	Apr. 30, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-41026
Entity Registrant Name	BACKBLAZE, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-8893125
Entity Address, Address Line One	201 Baldwin Ave.
Entity Address, City or Town	San Mateo
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94401
City Area Code	650
Local Phone Number	352-3738
Title of 12(b) Security	Class A Common Stock, $0.0001 par value per share
Trading Symbol	BLZE
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		41.5
Entity Central Index Key	0001462056
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 6,319	$ 12,502
Short-term investments, net	21,841	16,799
Accounts receivable, net	1,621	800
Prepaid expenses and other current assets	8,938	8,413
Total current assets	38,719	38,514
Restricted cash, non-current	4,682	4,128
Property and equipment, net	42,585	45,600
Operating lease right-of-use assets	9,470	9,980
Capitalized internal-use software, net	35,467	32,521
Other assets	963	944
Total assets	131,886	131,687
Current liabilities:
Accounts payable	1,441	1,973
Accrued expenses and other current liabilities (Note 9)	6,373	8,768
Finance lease liabilities and lease financing obligations, current	17,352	18,492
Operating lease liabilities, current	1,808	1,878
Deferred revenue, current	28,684	25,976
Total current liabilities	55,658	57,087
Debt facility, non-current	4,682	4,128
Deferred revenue, non-current	4,540	4,073
Finance lease liabilities and lease financing obligations, non-current	11,598	13,310
Operating lease liabilities, non-current	7,954	8,151
Total liabilities	84,432	86,749
Commitments and contingencies (Note 11)
Stockholders’ Equity
Additional paid-in capital	205,957	192,388
Accumulated deficit	(158,507)	(147,454)
Total stockholders’ equity	47,454	44,938
Total liabilities and stockholders’ equity	131,886	131,687
Common Class A
Stockholders’ Equity
Common stock, value, issued	$ 4	$ 4

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - Common Class A - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Common stock, par value (USD per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	113,000,000	113,000,000
Common stock, shares issued (in shares)	41,469,779	39,150,610
Common stock, shares outstanding (in shares)	41,469,779	39,150,610

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenue		$ 29,968,000	$ 23,394,000
Cost of revenue		14,157,000	12,425,000
Gross profit		15,811,000	10,969,000
Operating expenses:
Research and development		9,746,000	10,533,000
Sales and marketing		10,022,000	10,559,000
General and administrative		6,553,000	6,677,000
Total operating expenses		26,321,000	27,769,000
Loss from operations		(10,510,000)	(16,800,000)
Investment income		384,000	610,000
Interest expense		(921,000)	(923,000)
Loss before provision for income taxes		(11,047,000)	(17,113,000)
Income tax provision		6,000	0
Net loss		$ (11,053,000)	$ (17,113,000)
Net loss per share, basic (USD per share)		$ (0.27)	$ (0.50)
Net loss per share, diluted (USD per share)		$ (0.27)	$ (0.50)
Weighted average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic (See Note 14) (in shares)	[1]	40,225,239	33,922,683
Weighted average shares used in computing net loss per share attributable to Class A and Class B common stockholders, diluted (See Note 14) (in shares)	[1]	40,225,239	33,922,683
[1]On July 6, 2023, all shares of the Company’s then outstanding Class B common stock were automatically converted into the same number of Class A common stock, pursuant to the terms of the Company’s Amended and Restated Certificate of Incorporation. No additional shares of Class B common stock will be issued following such conversion. See Note 15 for further details.

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands		Total	2023 Employee Bonus Plan	2022 Employee Bonus Plan	Common Stock		Common Stock 2023 Employee Bonus Plan	Common Stock 2022 Employee Bonus Plan	Additional Paid-in Capital	Additional Paid-in Capital 2023 Employee Bonus Plan	Additional Paid-in Capital 2022 Employee Bonus Plan	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2022					33,393,737
Beginning balance at Dec. 31, 2022		$ 68,748			$ 4				$ 156,485			$ (87,741)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss		(17,113)										(17,113)
Issuance of Class A common stock upon exercise of stock options (in shares)					496,905
Issuance of Class A common stock upon exercise of stock options		840							840
Issuance of Class A common stock under the 2021 Plan (in shares)					338,864
Issuance of restricted stock units related to the Bonus Plan (see Note 14) (in shares)								287,908
Issuance of restricted stock units related to the Bonus Plan (see Note 14)				$ 1,848							$ 1,848
Stock-based compensation		6,246							6,246
Ending balance (in shares) at Mar. 31, 2023					34,517,414
Ending balance at Mar. 31, 2023		60,569			$ 4				165,419			(104,854)
Beginning balance (in shares) at Dec. 31, 2023	[1]				39,150,610
Beginning balance at Dec. 31, 2023		44,938			$ 4	[1]			192,388			(147,454)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss		$ (11,053)										(11,053)
Issuance of Class A common stock upon exercise of stock options (in shares)		1,429,482			1,429,482	[1]
Issuance of Class A common stock upon exercise of stock options		$ 4,283							4,283
Issuance of Class A common stock under the 2021 Plan (in shares)	[1]				593,239
Issuance of restricted stock units related to the Bonus Plan (see Note 14) (in shares)	[1]						296,448
Issuance of restricted stock units related to the Bonus Plan (see Note 14)			$ 3,507							$ 3,507
Stock-based compensation		5,779							5,779
Ending balance (in shares) at Mar. 31, 2024	[1]				41,469,779
Ending balance at Mar. 31, 2024		$ 47,454			$ 4	[1]			$ 205,957			$ (158,507)
[1] (1) On July 6, 2023, all shares of the Company’s then outstanding Class B common stock were automatically converted into the same number of Class A common stock, pursuant to the terms of the Company’s Amended and Restated Certificate of Incorporation. No additional shares of Class B common stock will be issued following such conversion. See Note 15 for further details.

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (11,053)	$ (17,113)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Net accretion of discount on investment securities and net realized investment gains	(21)	(540)
Noncash lease expense on operating leases	510	647
Depreciation and amortization	6,912	5,733
Stock-based compensation	5,529	5,828
Loss on disposal of assets	15	0
Changes in operating assets and liabilities:
Accounts receivable	(821)	67
Prepaid expenses and other current assets	(568)	474
Other assets	(19)	22
Accounts payable	(457)	(48)
Accrued expenses and other current liabilities	481	(565)
Deferred revenue	3,175	957
Operating lease liabilities	(267)	(653)
Net cash provided by (used in) operating activities	3,416	(5,191)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of marketable securities	(14,778)	(9,734)
Maturities of marketable securities	9,758	23,500
Proceeds from disposal of property and equipment	(15)	0
Purchases of property and equipment	(423)	(3,023)
Capitalized internal-use software costs	(3,323)	(3,434)
Net cash (used in) provided by investing activities	(8,781)	7,309
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments on finance leases and lease financing obligations	(4,802)	(5,112)
Proceeds from debt facility	554	2,996
Principal payments on insurance premium financing	(293)	(509)
Proceeds from exercises of stock options	4,277	859
Net cash used in financing activities	(264)	(1,766)
Net (decrease) increase in cash and restricted cash, non-current	(5,629)	352
Cash, cash equivalents, restricted cash, current and restricted cash, non-current at beginning of period	16,630	11,165
Cash, restricted cash, current and restricted cash, non-current at end of period	11,001	11,517
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest	944	918
Cash paid for income taxes	2	2
Cash paid for operating lease liabilities	621	724
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Stock-based compensation included in capitalized internal-use software	1,049	1,008
Accrued bonus settled in restricted stock units	3,507	1,848
Equipment acquired through finance lease and lease financing obligations	2,216	3,023
Accruals related to purchases of property and equipment	29	886
Assets obtained in exchange for operating lease obligations	0	183
Receivable recorded due to stock option exercises pending settlement	23	154
RECONCILIATION OF CASH AND RESTRICTED CASH
Cash and cash equivalents	6,319	4,047
Restricted cash - included in prepaid expenses and other current assets		169
Restricted cash, non-current	4,682	7,301
Total cash and restricted cash	11,001	11,517
2023 Employee Bonus Plan
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Bonus Plan accrual classified as stock-based compensation	473	590
2024 Employee Bonus Plan
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Bonus Plan accrual classified as stock-based compensation	$ 327	$ 0

Organization and Description of

Organization and Description of Business	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business Description of Business Backblaze , Inc. and its subsidiaries (collectively, “Ba ckblaze” or the “Company”) is a storage cloud platform, providing businesses and consumers with solutions to store and use their data. Backblaze provides these cloud services through purpose-built, web-scale software built on commodity hardware. Backblaze was incorporated in the state of Delaware on April 20, 2007 and is headquartered in San Mateo, California.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Intercompany accounts and transactions have been eliminated. The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, they do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with GAAP. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 , which was filed with the SEC on April 1, 2024 . In management’s opinion, these unaudited condensed consolidated financial statements have been prepared on the same basis as its annual consolidated financial statements and reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the Company’s financial position as of March 31, 2024, results of operations for the three months ended March 31, 2024 and 2023, cash flows for the three months ended March 31, 2024 and 2023, and stockholders' equity for the three months ended March 31, 2024 and 2023. The results of operations for the three months ended March 31, 2024 and 2023 are not necessarily indicative of the results to be expected for the full year or any other future interim or annual period. Reclassifications Certain reclassifications have been made to prior periods to confirm with current year presentation. Emerging Growth Company The Company is an emerging growth company (“EGC”), as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, EGCs can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (i) is no longer an EGC or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these condensed consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. The Company expects to use the extended transition period for any other new or revised accounting standards during the period in which it remains an EGC. Segment Information The Company has a single operating and reportable segment. In reaching this conclusion, management considers the definition of the chief operating decision maker (“CODM”), how the business is defined by the CODM, the nature of the information provided to the CODM and how that information is used to make operating decisions, allocate resources, and assess performance. The Company’s chief operating decision maker is its Chief Executive Officer, who reviews financial information presented on an aggregated basis for purposes of making operating decisions, assessing financial performance and allocating resources. Significant accounting policies The Company’s significant accounting policies are disclosed in the Company’s audited consolidated financial statements and related notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2023 , which was filed with the SEC on April 1, 2024. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the condensed consolidated financial statements and the accompanying notes. Such estimates and assumptions include the costs to be capitalized as internal-use software, which include determining whether projects will result in new or additional functionality, the useful lives of other long-lived assets, impairment considerations for long-lived assets, the incremental borrowing rate for lease agreements, lease and non-lease component allocation, estimates related to variable consideration, valuation of the Company’s Employee Stock Purchase Plan (“ESPP”) expense, and accounting for income taxes, including estimates for deferred tax assets, valuation allowance, and uncertain tax positions. The Company bases its estimates on historical experience and on assumptions that management considers reasonable. Future actual results could differ materially from these estimates. Foreign Currency The reporting currency of the Company is the United States dollar (“USD”). The functional currency of the Company and its subsidiaries is USD. Transaction gains and losses that arise from exchange rate fluctuations on monetary transactions denominated in a currency other than the functional currency are included in general and administrative on the condensed consolidated statements of operations when realized. Concentrations and Risks and Uncertainties Liquidity. The Company believes that its existing cash, cash equivalents and short-term investments together with cash provided by operations, will be sufficient to support its working capital and capital expenditure requirements for at least the next 12 months. However, to achieve its continued growth and objectives, the Company may need to obtain additional sources of financing which may include entering into lease agreements, sale-leaseback arrangements, credit facilities, other debt financing arrangements for the purpose of acquiring infrastructure equipment and to fund its operations, or pursue equity financing. In the event that the Company requires additional financing, it may not be able to raise such financing on terms acceptable to us or at all. If the Company is unable to obtain additional sources of financing, raise additional capital or generate cash flows necessary to expand its operations and invest in continued innovation, it may not be able to compete successfully, which would harm its business, results of operations and financial condition. Credit risk. Financial instruments that potentially subject the Company to credit risk primarily consist of cash, cash equivalents, accounts receivable, short-term investments, and unbilled accounts receivable. The Company maintains its cash, restricted cash, and short-term investments with high-quality financial institutions with investment-grade ratings. In the event of a failure of any financial institutions where the Company maintains deposits, it may lose timely access to its funds at such institutions and incur significant losses to the extent its funds exceed the $250,000 limit insured by the Federal Deposit Insurance Corporation. Deposits with these financial institutions may exceed the amount of insurance provided on such deposits. For accounts receivable, the Company is exposed to credit risk in the event of nonpayment by customers to the extent of the amount recorded on the condensed consolidated balance sheets. While the Company and its bank has not been directly affected by the failures of certain banks, the banking industry overall has experienced disruption and uncertainty, which could put additional pressures on the Company’s bank and other banks, and may negatively impact the availability and costs for various banking and investment offerings. The Company does not have separate collateral requirements to support financial instruments subject to credit risk. Vendors. The Company acquires infrastructure equipment from third-party vendors. Vendors may have limited sources of equipment and supplies, which may expose the Company to potential supply and service disruptions that could harm the Company’s busine ss. Three Months Ended March 31, 2024 2023 Cash disbursement concentration Number of vendors 2 2 Total cash disbursements represented by vendors listed above 24% 22% March 31, December 31, Accounts payable concentration Number of vendors 2 2 Total accounts payable balance represented by vendors listed above 25% 30% Accounts receivable concentration Number of customers 2 2 Total accounts receivable balance represented by customers listed above 39% 36% Revenue. The Company derives substantially all of its revenue from the services operating on its Backblaze Storage Cloud platform: its Backblaze B2 Cloud Storage (“Backblaze B2”) and Backblaze Computer Backup (“Computer Backup”) offerings. The potential for severe impact to the Company’s business could result if the Company was unable to operate its platform or serve customers through its platform for an extended period of time. Investments, net The Company holds all investments on a held-to-maturity basis, and they are reported at amortized cost with realized gains or losses reported in earnings. The Company determines the appropriate classification of its investment in debt securities at the time of purchase and re-evaluates such determination at each balance sheet date. The Company’s short-term investments include investment grade commercial paper and U.S. treasury securities with original maturities of 365 days or less at the date of purchase. Short-term investments are recorded at amortized cost on the balance sheet. Restricted Cash The Company had $4.7 million and $4.1 million in restricted cash as of March 31, 2024 and December 31, 2023, respectively, related to the line of credit agreement with City National Bank. See Note 12 for further details. Recently Issued Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, “Income Taxes (Topic 740) - Improvements to Income Tax Disclosures” requiring enhancements and further transparency to certain income tax disclosures, most notably the tax rate reconciliation and income taxes paid. This ASU is effective for fiscal years beginning after December 15, 2024 on a prospective basis and retrospective application is permitted. The Company is currently evaluating the impact of the adoption of this standard. In November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure.” The ASU updates reportable segment disclosure requirements, primarily through requiring enhanced disclosures about significant segment expenses and information used to assess segment performance. These disclosures are required quarterly and also applies to public entities with a single reportable segment. The ASU is effective for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024, with early adoption permitted. It is required to be adopted retrospectively for all prior periods presented in the financial statements. The Company is currently evaluating the impact of adopting this ASU on its disclosures.

Revenues

Revenues	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenues	Revenues Deferred Contract Costs The following tables presents the Company’s deferred contract costs and amortization of deferred contract costs (in thousands): March 31, December 31, Deferred contract costs $ 543 $ 489 Three Months Ended March 31, 2024 2023 Amortization of deferred contract costs $ 281 $ 261 Deferred Revenue The following table presents information regarding the Company’s deferred revenue (in thousands): March 31, December 31, Deferred revenue $ 33,224 $ 30,049 Three Months Ended March 31, 2024 2023 Total revenue recognized, included in each deferred revenue balance at the beginning of each respective period $ 10,453 $ 9,269 The Company’s deferred revenue as stated on its condensed consolidated balance sheets presented approximates its contract liability balance as of March 31, 2024 and December 31, 2023. The Company’s total deferred revenue balance as of March 31, 2024, approximates the aggregate amount of the transaction price allocated to remaining performance obligations (“RPOs”) as of that date. As of March 31, 2024, the Company's RPOs were $35.9 million. This amount includes deferred revenue arising from consideration invoiced for which the related performance obligations have not been satisfied, as well as future committed revenue for periods within current contracts with customers. As of March 31, 2024, the Company expects to recognize approximately 84% of its RPOs over the next 12 months, and substantially all of its RPOs over the next 24 months. Disaggregation of Total Revenue The following table presents the Company’s total revenue disaggregated by product (in thousands): Three Months Ended March 31, 2024 2023 B2 Cloud Storage $ 14,622 $ 9,977 Computer Backup 15,346 13,417 Total revenue (1) $ 29,968 $ 23,394 ________________ (1) For the periods presented, Physical Media revenue has been consolidated into B2 Cloud Storage or Computer Backup revenue based on the underlying offering from which it originates. The following table presents the Company’s total revenue disaggregated by timing of revenue recognition (in thousands): Three Months Ended March 31, 2024 2023 Consumption-based arrangements $ 14,278 $ 9,905 Subscription-based arrangements 15,567 13,339 Physical Media (point in time) 123 150 Total revenue $ 29,968 $ 23,394 Total revenue by geographic area, based on the location of the Company’s customers, was as follows (in thousands): Three Months Ended March 31, 2024 2023 United States $ 21,927 $ 16,716 United Kingdom 1,628 1,250 Canada 1,398 1,218 Other 5,015 4,210 Total revenue $ 29,968 $ 23,394

Investments

Investments	3 Months Ended
	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Investments	Investments Fair Values and Gross Unrealized Gains and Losses on Investments The following table summarizes adjusted cost, gross unrealized losses, and fair value by significant investment category. The Company’s U.S. treasury securities and commercial paper investments with original maturities greater than 90 days are classified as held-to-maturity investments and commercial paper investments with original maturities of 90 days or less are classified as cash equivalents on its condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023, respectively. Amortized Cost Gross Unrealized Fair Value Net Carrying Value Gains Losses As of March 31, 2024 (In Thousands) Investments U.S. treasury securities $ 5,012 $ — $ (2) $ 5,010 $ 5,012 Commercial paper 16,829 $ — (19) 16,810 16,829 Total investments $ 21,841 $ — $ (21) $ 21,820 $ 21,841 Amortized Cost Gross Unrealized Fair Value Net Carrying Value Gains Losses As of December 31, 2023 (In Thousands) Cash equivalents Commercial paper $ 4,976 $ 10 $ — $ 4,986 $ 4,976 Total cash equivalents $ 4,976 $ 10 $ — $ 4,986 $ 4,976 Investments Commercial Paper $ 16,799 $ — $ (10) $ 16,789 $ 16,799 Total investments $ 16,799 $ — $ (10) $ 16,789 $ 16,799 Scheduled Maturities The amortized cost and fair value of held-to-maturity securities as of March 31, 2024 and December 31, 2023, by contractual maturity, are shown below. As of March 31, 2024 Amortized Cost Fair Value (In Thousands) Within one year $ 21,841 $ 21,820 After one year through five years — — After 5 years through 10 years — — After 10 years — — Total investments $ 21,841 $ 21,820 As of December 31, 2023 Amortized Cost Fair Value (In Thousands) Within one year $ 16,799 $ 16,789 After one year through five years — — After 5 years through 10 years — — After 10 years — — Total investments $ 16,799 $ 16,789 Aging of Unrealized Losses For those securities in an unrealized loss position, the length of time the securities were in such a position is as follows: Less than 12 Months Total # of Securities Fair Value Unrealized Losses # of Securities Fair Value Unrealized Losses As of March 31, 2024 (Dollars In Thousands) Investments U.S. treasury securities 1 $ 5,010 $ (2) 1 $ 5,010 $ (2) Commercial paper 4 16,810 (19) 4 16,810 (19) Total 5 $ 21,820 $ (21) 5 $ 21,820 $ (21) Less than 12 Months Total # of Securities Fair Value Unrealized Losses # of Securities Fair Value Unrealized Losses As of December 31, 2023 (Dollars In Thousands) Investments Commercial paper 4 $ 16,789 $ (10) 4 $ 16,789 $ (10) Total 4 $ 16,789 $ (10) 4 $ 16,789 $ (10)

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company classifies its U.S. treasury securities within Level 1 of the fair value hierarchy because the fair value of these securities are priced based on quoted markets in active markets for identical assets. The Company classifies its commercial paper within Level 2 of the fair value hierarchy because the fair value of these securities are priced by using inputs other than quoted prices that are directly or indirectly observable in the market, including readily available pricing sources for underlying securities which may not be actively traded. As of March 31, 2024 Level 1 Level 2 Total Investments U.S. treasury securities $ 5,010 $ — $ 5,010 Commercial paper — 16,810 16,810 Total $ 5,010 $ 16,810 $ 21,820 As of December 31, 2023 Level 1 Level 2 Total Investments Commercial paper $ — $ 16,789 $ 16,789 Total $ — $ 16,789 $ 16,789 There were no transfers between levels of the fair value hierarchy for the three months ended March 31, 2024 and 2023, respectively. The Company held no assets or liabilities that were measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023 , respectively.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	3 Months Ended
	Mar. 31, 2024
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid Expenses and Other Current Assets	Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): March 31, December 31, Unbilled accounts receivable, net $ 2,461 $ 2,375 Prepaid expenses 3,015 2,313 Receivable from payment processor 1,242 1,276 Financed prepaid insurance 701 1,001 Other 1,519 1,448 Total prepaid expenses and other current assets $ 8,938 $ 8,413

Property and Equipment, Net

Property and Equipment, Net	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): March 31, December 31, Data center equipment $ 39,167 $ 37,245 Leased and financed data center equipment 69,021 68,757 Machinery and equipment 14,322 14,004 Computer equipment 2,405 2,472 Leasehold improvements 1,114 1,114 Construction-in-progress 1,246 1,371 Total property and equipment 127,275 124,963 Less: accumulated depreciation and amortization (84,690) (79,363) Total property and equipment, net $ 42,585 $ 45,600 Depreciation expense was $5.5 million and $5.0 million for the three months ended March 31, 2024 and 2023, respectively. For the Company’s equipment under finance leases and lease financing obligations, accumulated depreciation was $34.3 million and $31.6 million as of March 31, 2024 and December 31, 2023, respectively. The carrying value of the Company’s equipment under finance lease agreements and lease financing obligations was $34.7 million and $37.1 million as of March 31, 2024 and December 31, 2023, respectively. The Company had long-lived assets, comprising of property and equipment, net and operating lease right-of-use assets consisting of the following (in thousands): March 31, 2024 December 31, 2023 United States $ 46,929 $ 50,746 The Netherlands 5,126 4,834 Total property and equipment, net and operating lease right-of-use assets $ 52,055 $ 55,580

Capitalized Internal-Use_Softwa

Capitalized Internal-Use Software, Net	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Capitalized Internal-Use Software, Net	Capitalized Internal-Use Software, Net Capitalized internal-use software, net consisted of the following (in thousands): March 31, December 31, Developed software $ 47,528 $ 43,156 General and administrative software 144 144 Total capitalized internal-use software 47,672 43,300 Less: accumulated amortization (12,205) (10,779) Total capitalized internal-use software, net $ 35,467 $ 32,521 Amortization expense of capitalized internal-use software was $1.4 million and $0.7 million for the three months ended March 31, 2024 and 2023, respectively. Amortization of developed software and software purchased for internal use are included in cost of revenue and general and administrative expense, respectively, in the Company’s condensed consolidated statements of operations. As of March 31, 2024, future amortization expense is expected to be as follows (in thousands): Year Ending December 31, Remainder of 2024 $ 5,330 2025 8,179 2026 7,725 2027 7,005 2028 5,255 Thereafter 1,973 Total $ 35,467

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): March 31, December 31, Accrued compensation $ 1,246 $ 4,105 ESPP withholding 1,281 426 Accrued expenses 1,349 1,284 Accrued value-added tax ("VAT") liability 1,126 1,266 Financed insurance premiums (see Note 12) 601 893 Other (1) 770 794 Accrued expenses and other current liabilities $ 6,373 $ 8,768 (1) As of March 31, 2024, the company reclassified certain current liabilities from accounts payable to accrued expenses and other current liabilities. The prior period amount of $0.3 million as of December 31, 2023 has been reclassified to conform with current presentation.

Finance Leases and Lease Financ

Finance Leases and Lease Financing Obligations	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Finance Leases and Lease Financing Obligations	Finance Leases and Lease Financing Obligations Finance Leases and Lease Financing Obligations The Company enters into finance lease arrangements to obtain hard drives and related equipment for its data center operations. The term of these agreements primarily range from three equipment. The Company's finance leases have original lease periods expiring between 2024 and 2027 . Finance leases are included in property and equipment, net on the Company’s condensed consolidated balance sheets. A s of March 31, 2024, the weighted average remaining lease term for finance lease and lease financing obligation agreements was 1.6 years and the weighted average discount rate for finance leases was 11.4%. As of December 31, 2023 , the weighted average remaining lease term for finance lease and lease financing obligation agreements was 1.7 years and the weighted average discount rate for finance leases was approximately 11.0%. The following table presents information regarding assets acquired through finance lease and lease financing obligation agreements, which are related to sale-leaseback agreements (in thousands): Three Months Ended March 31, 2024 2023 Depreciation expense $ 4,231 $ 3,566 Total finance lease costs $ 4,157 $ 4,044 Total interest expense included in finance lease costs $ 593 $ 738 Total lease financing obligation costs $ 879 $ 333 Total interest expense included in lease financing obligation costs $ 212 $ 73 Cash paid on interest on finance lease and lease financing obligations $ 805 $ 811 Depreciation expense on assets acquired through the Company’s finance leases and lease financing obligations is included in cost of revenue in its condensed consolidated statements of operations. The future minimum commitments for these finance leases and lease financing obligations as of March 31, 2024 were as follows (in thousands): Year Ending December 31, Finance leases Lease financing obligations Total Remainder of 2024 $ 12,894 $ 2,849 $ 15,743 2025 9,319 2,914 12,233 2026 3,597 — 3,597 2027 353 — 353 2028 — — — Thereafter — — — Total future minimum lease and financing commitments 26,163 5,763 31,926 Less imputed interest (2,301) (675) (2,976) Total finance lease and lease financing obligation liabilities $ 23,862 $ 5,088 $ 28,950

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Operating Leases The Company leases its facilities for data centers and office space under non-cancelable operating leases with various expiration dates. Certain lease agreements include renewal options to extend the lease term at a price to be determined upon exercise. These options are not reasonably certain to be exercised and therefore are not factored into the determination of lease payments. Contingent rental payments are generally not included in the Company’s lease agreements. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. Th e Company's leases have original lease periods expiring between 2024 and 2031 . The Company did not have any short-term leases as of March 31, 2024. As of March 31, 2024, the weighted average remaining lease term for operating leases was approximately 5.4 years and the weighted average discount rate for operating leases was approximately 7.2%. As of December 31, 2023, the weighted average remaining lease term for operating leases was 5.5 years and the weighted average discount rate for operating leases was approximately 7.1%. There have been no material changes to the Company’s operating lease commitments, which excludes amounts allocated to services under operating lease agreements that are considered non-lease components during the three months ended March 31, 2024. Non-lease components included in the Company’s colocation lease agreements are related to non-tangible utilities and services used in its data center operations, which are not recorded on the Company’s condensed consolidated balance sheets. The Company used judgment and third-party data in determining the stand-alone price for allocating consideration to lease and non-lease components under these colocation lease agreements, such as, the price of utilities as compared to its tangible data center footprint within each colocation facility. There have been no material changes to the Company’s non-cancellable contractual obligations for non-lease components during the three months ended March 31, 2024. The following table presents information regarding the Company’s operating leases (in thousands). Total operating lease cost does not include costs related to services. Three Months Ended March 31, 2024 2023 Rental expense for both lease and non-lease components $ 1,983 $ 1,986 Rental expense for both lease and non-lease components included in cost of revenue $ 1,690 $ 1,490 Rental expense related to lease components $ 691 $ 919 Total operating lease cost $ 2,983 $ 2,749 Other Contractual Commitments Other non-cancellable commitments relate mainly to service agreements used to facilitate the Company’s infrastructure operations. As of March 31, 2024, the Company had non-cancelable purchase commitments of $0.8 million and $0.5 million payable during the remainder of the year ending December 31, 2024 and the year ending December 31, 2025, respectively. During the three months ended March 31, 2024, the Company made payments of $0.1 million to a related party, Meaningful Works, for marketing services per terms of an agreement. An executive officer of Meaningful Works is an immediate family member of the Company’s CEO. As of March 31, 2024, the scope of services has not been completed per terms of the agreement. 401(k) Plan The Company sponsors a 401(k) defined contribution plan covering all eligible U.S. employees. Contributions to the 401(k) plan are discretionary. The Company contribut ed $0.5 million to the 401(k) plan during each of the three months ended March 31, 2024 and 2023, respectively. Legal Matters The Company is involved from time to time in various claims and legal actions arising in the ordinary course of business. While it is not feasible to predict or determine the ultimate outcome of these matters, the Company believes that there are not any current legal proceedings that are likely to have a material adverse effect on its financial position, results of operations or cash flows. However, the results of legal proceedings are inherently unpredictable and litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources, and other factors. Accrued VAT Liability The Company has calculated a liability for uncollected and unpaid VAT, which is generally assessed by various taxing auth orities on services the Company provides to its customers. The Company accrues an amount that it considers probable to be collected and can be reasonably estimated. Based on the Company’s analysis, its total accrual for VAT payable was $1.1 million and $1.3 million as of March 31, 2024 and December 31, 2023, respectively. Indemnification The Company enters into indemnification provisions under agreements with other parties from time to time in the ordinary course of business. The Company has agreed in certain circumstances to indemnify and defend the indemnified party for claims and related losses suffered or incurred by the indemnified party from third-party claims due to the Company’s activities or non-compliance with certain representations and warranties made by the Company. It is not possible to determine the maximum potential loss under these indemnification provisions due to the Company’s limited history of prior indemnification claims and the unique facts and circumstances involved in each particular provision. No losses have been recorded in the condensed consolidated statements of operations in connection with the indemnification provisions.

Debt

Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt	Debt Debt Facility In December 2023, the Company entered into a fourth amendment related to the revolving credit agreement (as amended, the “RCA”) with City National Bank (“Lender”). Under this amendment, the maximum borrowing available was reduced from $30 million to $20 million. Furthermore, advances on the line of credit will bear monthly interest at a variable rate equal to, at the Company’s discretion, (a) the average Secured Overnight Financing Rate (“SOFR”) plus 2.75%, or (b) the base rate. The base rate under the RCA is a rate equal to the greater (i) of 3.00% or (ii) the prime rate most recently announced by the Lender. The RCA has an unused line fee equal to 0.3% of the difference between the maximum balance available under the RCA and the average daily balance outstanding during the quarter, payable within ten days of the last day of each quarter. The RCA provides for an annual commitment fee equal to 0.5% on the amount available to be borrowed, payable annually on December 29th. In connection with the RCA, the Company incurred an additional $32 thousand of additional debt issuance costs which, together with $0.1 million of commitment fees and $0.1 million of the then unamortized debt issuance costs, will be amortized over the remaining term of the facility. As of March 31, 2024, the Company had an outstanding balance of $4.7 million and the total amount available to the Company to be borrowed was $15.3 million. Under the RCA, the outstanding balance of $4.7 million as of March 31, 2024 was collateralized by cash held by the Company. As such, the Company held $4.7 million in cash that it deemed to be restricted and is included in restricted cash, non-current on the Company’s condensed consolidated balance sheet as of March 31, 2024. Furthermore, as of March 31, 2024 and December 31, 2023, the carrying value of the Company's debt facility obligations approximates fair value. Advances under the RCA are due in full in December 2025. As the RCA is a multi-year revolving credit agreement, the Company classifies the facility as long-term debt on its condensed consolidated balance sheets as it has the intent and ability to maintain the facility outstanding for longer than 12 months. The Company classified the facility as a debt facility, non-current on its condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023. Insurance Premium Financing Agreement In November 2022, the Company entered into an insurance policy with annual premiums totaling $2.1 million. The Company executed a finance agreement with AFCO Premium Credit LLC over a term of twelve months, with an annual interest rate and weighted average interest rate for the periods presented of 4.5%, that finances the payment of the total premiums owed. The finance agreement required a $0.5 million down payment, with the remaining $1.5 million plus interest paid over three quar terly installments. These quarterly payments started on February 10, 2023. As of December 31, 2023 , the balance of this finance agreement was fully paid. Total interest expense related to this agreement was $14 thousand for the three months ended March 31, 2023 . In November 2023, the Company entered into an insurance policy with annual premiums totaling $1.2 million . The Company executed a finance agreement with AFCO Premium Credit LLC over a term of twelve months, with an annual interest rate and weighted average interest rate for the periods presented of 7%, that finances the payment of the total premiums owed. The finance agreement required a $0.3 million down payment, with the remaining $0.9 million plus interest paid over three quar terly installments. These quarterly payments started on February 10, 2024. As of March 31, 2024, the unpaid balance is $0.6 million, reported as a component of accrued expenses and other current liabilities on the condensed consolidated balance sheets. Total interest expense related to this agreement was $12 thousand for the three months ended March 31, 2024.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity The Company had reserved shares of common stock for future issuance as follows: March 31, December 31, 2011 Equity Incentive Plan (“2011 Plan”) Options outstanding 6,509,133 7,988,657 2021 Equity Incentive Plan (“2021 Plan”) Options outstanding 1,271,055 1,318,485 Restricted stock units outstanding 4,688,348 5,256,833 Shares available for future grants 9,133,980 7,400,180 2021 Employee Stock Purchase Plan Shares available for future purchases 1,745,972 962,960 Total 23,348,488 22,927,115

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Equity Incentive Plan Share Reserve. As of March 31, 2024 , the number of shares of common stock available for issuance under the 2021 Plan equaled the sum of 14,662,500 shares, plus up to approximately 13,719,000 shares subject to awards granted under the 2011 Plan that expire, forfeit or are repurchased following the effective date of the 2021 Plan. In addition, the 2021 Plan includes an evergreen provision from which the number of shares reserved for issuance under the 2021 Plan will be increased automatically on the first business day of each of the Company’s fiscal years and ending on January 1, 2031, by a number equal to the lowest of (i) 4,784,100 shares, (ii) 5% of the shares of Class A common stock outstanding on the last business day of the prior fiscal year; or (iii) the number of shares determined by the Board of Directors. Pursuant to this evergreen provision, the Company increased the number of shares reserved under the 2021 Plan by 1,957,530 and 809,916 shares of Class A common stock during three months ended March 31, 2024 and the year ended December 31, 2023, respectively. In July 2023, the Company increased the number of shares reserved under the 2021 Plan by 8,292,158 shares of Class A common stock pursuant to the amendment and restatement of the 2021 Plan adopted by the Company’s board of directors and approved by the stockholders. In general, to the extent that any awards under the 2021 Plan are forfeited, terminate, expire or lapse without the issuance of shares, or if the Company reacquires the shares subject to awards granted under the 2021 Plan, those shares will again become available for issuance under the 2021 Plan, as will shares applied to pay the exercise or purchase price of an award or to satisfy tax withholding obligations related to any award. Restricted Stock Units Restricted stock units (“RSUs”) granted under the 2021 Plan generally vest based on continued service up to a four-year period for employees, and over a one year period for non-employee directors. RSU activity for the three months ended March 31, 2024 was as follows: Shares Weighted-average grant date fair value per share Unvested balance as of December 31, 2023 5,256,833 $ 5.63 Granted 455,028 $ 10.71 Vested (889,687) $ 7.76 Forfeited (133,826) $ 5.45 Unvested balance as of March 31, 2024 4,688,348 $ 5.72 The weighted-average grant-date fair value of 989,283 RSUs granted during the three months ended March 31, 2023 was $5.97. The fair value as of the respective vesting dates of RSUs was $10.5 million and $3.8 million during the three months ended March 31, 2024 and 2023, respectively. A summary of equity award activity under the Company’s equity plans and related information is as follows (in thousands, except share, price and year data): Shares Outstanding Weighted- Weighted- Aggregate Balance as of December 31, 2023 7,400,180 9,307,142 $ 6.41 5.57 $ 31,250 Shares authorized 1,957,530 Options granted — — — Options exercised — (1,429,482) 3.00 Options canceled 97,472 (97,472) 13.88 RSU awards granted, net of forfeitures (321,202) — Balance as of March 31, 2024 9,133,980 7,780,188 $ 6.94 5.70 $ 40,146 Vested and exercisable as of March 31, 2024 6,597,145 $ 5.86 5.42 $ 37,793 The intrinsic value of options exercised for the three months ended March 31, 2024 and 2023 was $9.9 million and $2.1 million, respectively. Aggregate intrinsic value represents the difference between the exercise price of the options and the estimated fair value of the Company’s common stock at the time of exercise. The aggregate grant-date fair value of options vested was $1.8 million and $2.3 million during the three months ended March 31, 2024 and 2023, respectively. ESPP As of December 31, 2022 , the ESPP reserved and authorized the issuance of up to a total of 1,564,496 shares of Class A common stock to participating employees. Pursuant to its evergreen provision, the Company increased the number of shares reserved under the ESPP by 783,012 and 667,874 during the three months ended March 31, 2024 and 2023 , respectively. The Company recorded stock-based compensation expense under this plan of $0.3 million and $1.0 million for the three months ended March 31, 2024 and 2023, respectively, of which the Company capitalized $0.2 million for each of the three months ended March 31, 2024 and 2023, respectively, of stock-based compensation expense under this plan for the development of internal-use software. As of March 31, 2024, the total unrecognized stock-based compensation expense related to the ESPP was $1.2 million and is expected to be recognized over a weighted average period of one year, of which $0.5 million is related to incremental modification expense. As of March 31, 2024, $1.3 million had been withheld on behalf of employees, respectively. The Company did not grant stock purchase rights under the ESPP during the three months ended March 31, 2024 and 2023 , respectively. Stock-Based Compensation Expense Stock-based compensation expense included in the condensed consolidated statements of operations was as follows (in thousands): Three Months Ended March 31, 2024 2023 Cost of revenue $ 386 $ 416 Research and development 2,108 2,133 Sales and marketing 1,822 2,152 General and administrative 1,213 1,127 Total stock-based compensation expense $ 5,529 $ 5,828 During each of three months ended March 31, 2024 and 2023, the Company capitalized $1.0 million, respectively, of stock-based compensation for the development of internal-use software. As of March 31, 2024, total compensation cost related to stock options and RSUs not yet vested was $8.3 million and $24.3 million, respectively, which will be recognized over a weighted-average period of 1.2 and 2.0 years for stock options and RSUs, respectively . Bonus Plan During March 2022, the Company’s Compensation Committee approved a new bonus structure (“Bonus Plan”) for its employees. The Bonus Plan is contingent upon the achievement of annual corporate performance targets. In each respective calendar year, the Company accrues for the Bonus Plan. The actual payout amount is determined by the Company’s Compensation Committee based on the actual achievement with respect to the annual performance targets and paid in the subsequent year in the variable number of RSUs equal to the payout amount. These RSUs are subject to performance and service condition vesting requirements, beginning from the grant date to the payout date. Participants must remain employed with the Company through the date of payout to maintain eligibility under the Bonus Plan. Pursuant to the Bonus Plan, during February 2023 the Company’s Compensation Committee approved the issuance of approximately 288,000 RSUs that immediately vested based on actual performance against the performance targets for 2022. During February 2023, the Company’s Board of Directors approved 2023 corporate performance targets under its Bonus Plan for its employees. During February 2024, the Company’s Compensation Committee approved the issuance of approximately 296,000 RSUs that immediately vested based on actual performance against the performance targets for 2023. During February 2024, the Company’s Board of Directors approved annual corporate performance targets under its Bonus Plan for 2024 for its employees. As of March 31, 2024, the accrued bonus balance is $0.3 million, reported as a component of accrued expenses and other current liabilities on the condensed consolidated balance sheets. Pursuant to the Bonus Plan, the Company recognized $0.8 million and $0.6 million in stock-based compensation during the three months ended March 31, 2024 and 2023, respectively, of which the Company capitalized $0.1 million of stock-based compensation expense under this plan for the development of internal-use software during both the three months ended March 31, 2024 and 2023, respectively.

Net Loss per Share Attributable

Net Loss per Share Attributable to Common Stockholders	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Net Loss per Share Attributable to Common Stockholders	Net Loss per Share Attributable to Common Stockholders The Company computes net loss per share for periods prior to the Conversion using the two-class method required for multiple classes of common stock and participating securities. Prior to the Conversion, shares of Class A and Class B were the only outstanding equity in the Company. The rights of the holders of the Class A common stock and Class B common stock were identical, except with respect to voting, transfer and conversion. Accordingly, the Class A common stock and Class B common stock shared equally in the Company’s net losses. Basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. The diluted net loss per share attributable to commo n stockholders is computed by giving effect to all potentially dilutive common stock equivalents during the period. For purposes of this calculation, the Company’s stock options, share purchase rights pursuant to the Company’s ESPP, and unv ested restricted stock are considered to be potential common stock equivalents, but have been excluded from the calculation of diluted net loss per share attributable to common stockholders as their effect is antidilutive. On July 6, 2023, all of the Company’s then-outstanding shares of Class B common stock, par value $0.0001 per share, were automatically converted into the same number of shares of Class A common stock, par value $0.0001 per share, pursuant to the terms of the Company’s Amended and Restated Certificate of Incorporation. No additional shares of Class B common stock will be issued following the conversion. In addition, on July 7, 2023, the Company filed a Certificate of Retirement with the Secretary of State of the State of Delaware effecting the retirement of the shares of Class B common stock that were issued but no longer outstanding following the Conversion. As the liquidation and dividend rights were identical, the Company’s undistributed earnings or losses were allocated on a proportionate basis among the holders of Class A and Class B common stock. As a result, the net loss per share attributed to common stockholders was, therefore, the same for both Class A and Class B common stock on an individual or combined basis. The following table presents the calculation of basic and diluted net loss per share (in thousands, except share and per share data): Three Months Ended March 31, 2024 2023 Numerator: Class A Class A Class B Net loss attributable to common stockholders $ (11,053) $ (9,302) $ (7,811) Denominator for basic and diluted net loss per share: Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders – basic and diluted 40,225,239 18,439,152 15,483,531 Net loss per share attributable to common stockholders – basic and diluted $ (0.27) $ (0.50) $ (0.50) Since the Company was in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share as the inclusion of all potential common shares outstanding would have been antidilutive. The potential shares of common stock that were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented are as follows: March 31, 2024 2023 RSUs 4,688,348 3,986,997 Stock options 7,780,188 11,763,927 Shares issuable pursuant to the ESPP 315,270 295,879 Total 12,783,806 16,046,803

Restructuring

Restructuring	3 Months Ended
	Mar. 31, 2024
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring In January 2023, the Company initiated measures to reduce headcount to pursue greater cost efficiency and align strategic initiatives. These measures were substantially completed by June 30, 2023, and the total cost was $3.6 million. During this period, approximately 1% and 4% of the Company’s workforce terminated employment, which were voluntary and involuntary terminations, respectively. As a result, the Company incurred employee termination expenses and other associated costs. A summary of the restructuring charges as reported on the condensed consolidated statements of operations for the three months ended March 31, 2023, of which $0.7 million were related to involuntary terminations, is as follows (in thousands): Severance and other Personnel Costs Three Months Ended March 31, 2023 Research and development $ 1,152 Sales and marketing 1,025 General and administrative 280 Total $ 2,457

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company is subject to U.S. federal and state income taxes as a corporation. The Company’s tax provision and the resulting effective tax rate for interim periods is determined based upon its estimated annual effective tax rate adjusted for the effect of discrete items arising in that quarter.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Intercompany accounts and transactions have been eliminated. The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, they do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with GAAP. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 , which was filed with the SEC on April 1, 2024 . In management’s opinion, these unaudited condensed consolidated financial statements have been prepared on the same basis as its annual consolidated financial statements and reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the Company’s financial position as of March 31, 2024, results of operations for the three months ended March 31, 2024 and 2023, cash flows for the three months ended March 31, 2024 and 2023, and stockholders' equity for the three months ended March 31, 2024 and 2023. The results of operations for the three months ended March 31, 2024 and 2023 are not necessarily indicative of the results to be expected for the full year or any other future interim or annual period.
Reclassifications	Reclassifications Certain reclassifications have been made to prior periods to confirm with current year presentation.
Segment Information	Segment Information The Company has a single operating and reportable segment. In reaching this conclusion, management considers the definition of the chief operating decision maker (“CODM”), how the business is defined by the CODM, the nature of the information provided to the CODM and how that information is used to make operating decisions, allocate resources, and assess performance. The Company’s chief operating decision maker is its Chief Executive Officer, who reviews financial information presented on an aggregated basis for purposes of making operating decisions, assessing financial performance and allocating resources.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the condensed consolidated financial statements and the accompanying notes. Such estimates and assumptions include the costs to be capitalized as internal-use software, which include determining whether projects will result in new or additional functionality, the useful lives of other long-lived assets, impairment considerations for long-lived assets, the incremental borrowing rate for lease agreements, lease and non-lease component allocation, estimates related to variable consideration, valuation of the Company’s Employee Stock Purchase Plan (“ESPP”) expense, and accounting for income taxes, including estimates for deferred tax assets, valuation allowance, and uncertain tax positions. The Company bases its estimates on historical experience and on assumptions that management considers reasonable. Future actual results could differ materially from these estimates.
Foreign Currency	Foreign Currency The reporting currency of the Company is the United States dollar (“USD”). The functional currency of the Company and its subsidiaries is USD. Transaction gains and losses that arise from exchange rate fluctuations on monetary transactions denominated in a currency other than the functional currency are included in general and administrative on the condensed consolidated statements of operations when realized.
Concentrations and Risks and Uncertainties	Concentrations and Risks and Uncertainties Liquidity. The Company believes that its existing cash, cash equivalents and short-term investments together with cash provided by operations, will be sufficient to support its working capital and capital expenditure requirements for at least the next 12 months. However, to achieve its continued growth and objectives, the Company may need to obtain additional sources of financing which may include entering into lease agreements, sale-leaseback arrangements, credit facilities, other debt financing arrangements for the purpose of acquiring infrastructure equipment and to fund its operations, or pursue equity financing. In the event that the Company requires additional financing, it may not be able to raise such financing on terms acceptable to us or at all. If the Company is unable to obtain additional sources of financing, raise additional capital or generate cash flows necessary to expand its operations and invest in continued innovation, it may not be able to compete successfully, which would harm its business, results of operations and financial condition. Credit risk. Financial instruments that potentially subject the Company to credit risk primarily consist of cash, cash equivalents, accounts receivable, short-term investments, and unbilled accounts receivable. The Company maintains its cash, restricted cash, and short-term investments with high-quality financial institutions with investment-grade ratings. In the event of a failure of any financial institutions where the Company maintains deposits, it may lose timely access to its funds at such institutions and incur significant losses to the extent its funds exceed the $250,000 limit insured by the Federal Deposit Insurance Corporation. Deposits with these financial institutions may exceed the amount of insurance provided on such deposits. For accounts receivable, the Company is exposed to credit risk in the event of nonpayment by customers to the extent of the amount recorded on the condensed consolidated balance sheets. While the Company and its bank has not been directly affected by the failures of certain banks, the banking industry overall has experienced disruption and uncertainty, which could put additional pressures on the Company’s bank and other banks, and may negatively impact the availability and costs for various banking and investment offerings. The Company does not have separate collateral requirements to support financial instruments subject to credit risk. Vendors. The Company acquires infrastructure equipment from third-party vendors. Vendors may have limited sources of equipment and supplies, which may expose the Company to potential supply and service disruptions that could harm the Company’s busine ss. Three Months Ended March 31, 2024 2023 Cash disbursement concentration Number of vendors 2 2 Total cash disbursements represented by vendors listed above 24% 22% March 31, December 31, Accounts payable concentration Number of vendors 2 2 Total accounts payable balance represented by vendors listed above 25% 30% Accounts receivable concentration Number of customers 2 2 Total accounts receivable balance represented by customers listed above 39% 36% Revenue. The Company derives substantially all of its revenue from the services operating on its Backblaze Storage Cloud platform: its Backblaze B2 Cloud Storage (“Backblaze B2”) and Backblaze Computer Backup (“Computer Backup”) offerings. The potential for severe impact to the Company’s business could result if the Company was unable to operate its platform or serve customers through its platform for an extended period of time.
Investments, net	Investments, net The Company holds all investments on a held-to-maturity basis, and they are reported at amortized cost with realized gains or losses reported in earnings. The Company determines the appropriate classification of its investment in debt securities at the time of purchase and re-evaluates such determination at each balance sheet date.
Restricted Cash	Restricted Cash The Company had $4.7 million and $4.1 million in restricted cash as of March 31, 2024 and December 31, 2023, respectively, related to the line of credit agreement with City National Bank. See Note 12 for further details.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, “Income Taxes (Topic 740) - Improvements to Income Tax Disclosures” requiring enhancements and further transparency to certain income tax disclosures, most notably the tax rate reconciliation and income taxes paid. This ASU is effective for fiscal years beginning after December 15, 2024 on a prospective basis and retrospective application is permitted. The Company is currently evaluating the impact of the adoption of this standard. In November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure.” The ASU updates reportable segment disclosure requirements, primarily through requiring enhanced disclosures about significant segment expenses and information used to assess segment performance. These disclosures are required quarterly and also applies to public entities with a single reportable segment. The ASU is effective for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024, with early adoption permitted. It is required to be adopted retrospectively for all prior periods presented in the financial statements. The Company is currently evaluating the impact of adopting this ASU on its disclosures.

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Schedules of Concentration of Risk, by Risk Factor	Three Months Ended March 31, 2024 2023 Cash disbursement concentration Number of vendors 2 2 Total cash disbursements represented by vendors listed above 24% 22% March 31, December 31, Accounts payable concentration Number of vendors 2 2 Total accounts payable balance represented by vendors listed above 25% 30% Accounts receivable concentration Number of customers 2 2 Total accounts receivable balance represented by customers listed above 39% 36%

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Capitalized Contract Cost	The following tables presents the Company’s deferred contract costs and amortization of deferred contract costs (in thousands): March 31, December 31, Deferred contract costs $ 543 $ 489 Three Months Ended March 31, 2024 2023 Amortization of deferred contract costs $ 281 $ 261
Contract with Customer, Contract Asset, Contract Liability, and Receivable	The following table presents information regarding the Company’s deferred revenue (in thousands): March 31, December 31, Deferred revenue $ 33,224 $ 30,049 Three Months Ended March 31, 2024 2023 Total revenue recognized, included in each deferred revenue balance at the beginning of each respective period $ 10,453 $ 9,269
Disaggregation of Revenue	The following table presents the Company’s total revenue disaggregated by product (in thousands): Three Months Ended March 31, 2024 2023 B2 Cloud Storage $ 14,622 $ 9,977 Computer Backup 15,346 13,417 Total revenue (1) $ 29,968 $ 23,394 ________________ (1) For the periods presented, Physical Media revenue has been consolidated into B2 Cloud Storage or Computer Backup revenue based on the underlying offering from which it originates. The following table presents the Company’s total revenue disaggregated by timing of revenue recognition (in thousands): Three Months Ended March 31, 2024 2023 Consumption-based arrangements $ 14,278 $ 9,905 Subscription-based arrangements 15,567 13,339 Physical Media (point in time) 123 150 Total revenue $ 29,968 $ 23,394
Revenue by Geographic Area	Total revenue by geographic area, based on the location of the Company’s customers, was as follows (in thousands): Three Months Ended March 31, 2024 2023 United States $ 21,927 $ 16,716 United Kingdom 1,628 1,250 Canada 1,398 1,218 Other 5,015 4,210 Total revenue $ 29,968 $ 23,394

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Debt Securities, Held-to-maturity	The following table summarizes adjusted cost, gross unrealized losses, and fair value by significant investment category. The Company’s U.S. treasury securities and commercial paper investments with original maturities greater than 90 days are classified as held-to-maturity investments and commercial paper investments with original maturities of 90 days or less are classified as cash equivalents on its condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023, respectively. Amortized Cost Gross Unrealized Fair Value Net Carrying Value Gains Losses As of March 31, 2024 (In Thousands) Investments U.S. treasury securities $ 5,012 $ — $ (2) $ 5,010 $ 5,012 Commercial paper 16,829 $ — (19) 16,810 16,829 Total investments $ 21,841 $ — $ (21) $ 21,820 $ 21,841 Amortized Cost Gross Unrealized Fair Value Net Carrying Value Gains Losses As of December 31, 2023 (In Thousands) Cash equivalents Commercial paper $ 4,976 $ 10 $ — $ 4,986 $ 4,976 Total cash equivalents $ 4,976 $ 10 $ — $ 4,986 $ 4,976 Investments Commercial Paper $ 16,799 $ — $ (10) $ 16,789 $ 16,799 Total investments $ 16,799 $ — $ (10) $ 16,789 $ 16,799 The amortized cost and fair value of held-to-maturity securities as of March 31, 2024 and December 31, 2023, by contractual maturity, are shown below. As of March 31, 2024 Amortized Cost Fair Value (In Thousands) Within one year $ 21,841 $ 21,820 After one year through five years — — After 5 years through 10 years — — After 10 years — — Total investments $ 21,841 $ 21,820 As of December 31, 2023 Amortized Cost Fair Value (In Thousands) Within one year $ 16,799 $ 16,789 After one year through five years — — After 5 years through 10 years — — After 10 years — — Total investments $ 16,799 $ 16,789
Unrealized Gain (Loss) on Investments	For those securities in an unrealized loss position, the length of time the securities were in such a position is as follows: Less than 12 Months Total # of Securities Fair Value Unrealized Losses # of Securities Fair Value Unrealized Losses As of March 31, 2024 (Dollars In Thousands) Investments U.S. treasury securities 1 $ 5,010 $ (2) 1 $ 5,010 $ (2) Commercial paper 4 16,810 (19) 4 16,810 (19) Total 5 $ 21,820 $ (21) 5 $ 21,820 $ (21) Less than 12 Months Total # of Securities Fair Value Unrealized Losses # of Securities Fair Value Unrealized Losses As of December 31, 2023 (Dollars In Thousands) Investments Commercial paper 4 $ 16,789 $ (10) 4 $ 16,789 $ (10) Total 4 $ 16,789 $ (10) 4 $ 16,789 $ (10)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements, Nonrecurring	The following table presents the level within the fair value hierarchy at which the Company’s held-to-maturity investments are measured (in thousands): As of March 31, 2024 Level 1 Level 2 Total Investments U.S. treasury securities $ 5,010 $ — $ 5,010 Commercial paper — 16,810 16,810 Total $ 5,010 $ 16,810 $ 21,820 As of December 31, 2023 Level 1 Level 2 Total Investments Commercial paper $ — $ 16,789 $ 16,789 Total $ — $ 16,789 $ 16,789

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	3 Months Ended
	Mar. 31, 2024
Prepaid Expense and Other Assets, Current [Abstract]
Schedule of Other Current Assets	Prepaid expenses and other current assets consisted of the following (in thousands): March 31, December 31, Unbilled accounts receivable, net $ 2,461 $ 2,375 Prepaid expenses 3,015 2,313 Receivable from payment processor 1,242 1,276 Financed prepaid insurance 701 1,001 Other 1,519 1,448 Total prepaid expenses and other current assets $ 8,938 $ 8,413

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property and equipment, net consisted of the following (in thousands): March 31, December 31, Data center equipment $ 39,167 $ 37,245 Leased and financed data center equipment 69,021 68,757 Machinery and equipment 14,322 14,004 Computer equipment 2,405 2,472 Leasehold improvements 1,114 1,114 Construction-in-progress 1,246 1,371 Total property and equipment 127,275 124,963 Less: accumulated depreciation and amortization (84,690) (79,363) Total property and equipment, net $ 42,585 $ 45,600
Long-Lived Assets by Geographic Areas	The Company had long-lived assets, comprising of property and equipment, net and operating lease right-of-use assets consisting of the following (in thousands): March 31, 2024 December 31, 2023 United States $ 46,929 $ 50,746 The Netherlands 5,126 4,834 Total property and equipment, net and operating lease right-of-use assets $ 52,055 $ 55,580

Capitalized Internal-Use_Soft_2

Capitalized Internal-Use Software, Net (Tables)	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	Capitalized internal-use software, net consisted of the following (in thousands): March 31, December 31, Developed software $ 47,528 $ 43,156 General and administrative software 144 144 Total capitalized internal-use software 47,672 43,300 Less: accumulated amortization (12,205) (10,779) Total capitalized internal-use software, net $ 35,467 $ 32,521
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	As of March 31, 2024, future amortization expense is expected to be as follows (in thousands): Year Ending December 31, Remainder of 2024 $ 5,330 2025 8,179 2026 7,725 2027 7,005 2028 5,255 Thereafter 1,973 Total $ 35,467

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accrued expenses and other current liabilities consisted of the following (in thousands): March 31, December 31, Accrued compensation $ 1,246 $ 4,105 ESPP withholding 1,281 426 Accrued expenses 1,349 1,284 Accrued value-added tax ("VAT") liability 1,126 1,266 Financed insurance premiums (see Note 12) 601 893 Other (1) 770 794 Accrued expenses and other current liabilities $ 6,373 $ 8,768 (1) As of March 31, 2024, the company reclassified certain current liabilities from accounts payable to accrued expenses and other current liabilities. The prior period amount of $0.3 million as of December 31, 2023 has been reclassified to conform with current presentation.

Finance Leases and Lease Fina_2

Finance Leases and Lease Financing Obligations (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Lease, Cost	The following table presents information regarding assets acquired through finance lease and lease financing obligation agreements, which are related to sale-leaseback agreements (in thousands): Three Months Ended March 31, 2024 2023 Depreciation expense $ 4,231 $ 3,566 Total finance lease costs $ 4,157 $ 4,044 Total interest expense included in finance lease costs $ 593 $ 738 Total lease financing obligation costs $ 879 $ 333 Total interest expense included in lease financing obligation costs $ 212 $ 73 Cash paid on interest on finance lease and lease financing obligations $ 805 $ 811 The following table presents information regarding the Company’s operating leases (in thousands). Total operating lease cost does not include costs related to services. Three Months Ended March 31, 2024 2023 Rental expense for both lease and non-lease components $ 1,983 $ 1,986 Rental expense for both lease and non-lease components included in cost of revenue $ 1,690 $ 1,490 Rental expense related to lease components $ 691 $ 919 Total operating lease cost $ 2,983 $ 2,749
Finance Lease, Liability, Fiscal Year Maturity	The future minimum commitments for these finance leases and lease financing obligations as of March 31, 2024 were as follows (in thousands): Year Ending December 31, Finance leases Lease financing obligations Total Remainder of 2024 $ 12,894 $ 2,849 $ 15,743 2025 9,319 2,914 12,233 2026 3,597 — 3,597 2027 353 — 353 2028 — — — Thereafter — — — Total future minimum lease and financing commitments 26,163 5,763 31,926 Less imputed interest (2,301) (675) (2,976) Total finance lease and lease financing obligation liabilities $ 23,862 $ 5,088 $ 28,950

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Lease, Cost	The following table presents information regarding assets acquired through finance lease and lease financing obligation agreements, which are related to sale-leaseback agreements (in thousands): Three Months Ended March 31, 2024 2023 Depreciation expense $ 4,231 $ 3,566 Total finance lease costs $ 4,157 $ 4,044 Total interest expense included in finance lease costs $ 593 $ 738 Total lease financing obligation costs $ 879 $ 333 Total interest expense included in lease financing obligation costs $ 212 $ 73 Cash paid on interest on finance lease and lease financing obligations $ 805 $ 811 The following table presents information regarding the Company’s operating leases (in thousands). Total operating lease cost does not include costs related to services. Three Months Ended March 31, 2024 2023 Rental expense for both lease and non-lease components $ 1,983 $ 1,986 Rental expense for both lease and non-lease components included in cost of revenue $ 1,690 $ 1,490 Rental expense related to lease components $ 691 $ 919 Total operating lease cost $ 2,983 $ 2,749

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Schedule of Shares Reserved for Future Issuance	The Company had reserved shares of common stock for future issuance as follows: March 31, December 31, 2011 Equity Incentive Plan (“2011 Plan”) Options outstanding 6,509,133 7,988,657 2021 Equity Incentive Plan (“2021 Plan”) Options outstanding 1,271,055 1,318,485 Restricted stock units outstanding 4,688,348 5,256,833 Shares available for future grants 9,133,980 7,400,180 2021 Employee Stock Purchase Plan Shares available for future purchases 1,745,972 962,960 Total 23,348,488 22,927,115

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award	RSU activity for the three months ended March 31, 2024 was as follows: Shares Weighted-average grant date fair value per share Unvested balance as of December 31, 2023 5,256,833 $ 5.63 Granted 455,028 $ 10.71 Vested (889,687) $ 7.76 Forfeited (133,826) $ 5.45 Unvested balance as of March 31, 2024 4,688,348 $ 5.72
Summary of Stock Option Activity	A summary of equity award activity under the Company’s equity plans and related information is as follows (in thousands, except share, price and year data): Shares Outstanding Weighted- Weighted- Aggregate Balance as of December 31, 2023 7,400,180 9,307,142 $ 6.41 5.57 $ 31,250 Shares authorized 1,957,530 Options granted — — — Options exercised — (1,429,482) 3.00 Options canceled 97,472 (97,472) 13.88 RSU awards granted, net of forfeitures (321,202) — Balance as of March 31, 2024 9,133,980 7,780,188 $ 6.94 5.70 $ 40,146 Vested and exercisable as of March 31, 2024 6,597,145 $ 5.86 5.42 $ 37,793
Share-based Payment Arrangement, Expensed and Capitalized, Amount	Stock-based compensation expense included in the condensed consolidated statements of operations was as follows (in thousands): Three Months Ended March 31, 2024 2023 Cost of revenue $ 386 $ 416 Research and development 2,108 2,133 Sales and marketing 1,822 2,152 General and administrative 1,213 1,127 Total stock-based compensation expense $ 5,529 $ 5,828

Net Loss per Share Attributab_2

Net Loss per Share Attributable to Common Stockholders (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share Basic and Diluted	The following table presents the calculation of basic and diluted net loss per share (in thousands, except share and per share data): Three Months Ended March 31, 2024 2023 Numerator: Class A Class A Class B Net loss attributable to common stockholders $ (11,053) $ (9,302) $ (7,811) Denominator for basic and diluted net loss per share: Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders – basic and diluted 40,225,239 18,439,152 15,483,531 Net loss per share attributable to common stockholders – basic and diluted $ (0.27) $ (0.50) $ (0.50)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The potential shares of common stock that were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented are as follows: March 31, 2024 2023 RSUs 4,688,348 3,986,997 Stock options 7,780,188 11,763,927 Shares issuable pursuant to the ESPP 315,270 295,879 Total 12,783,806 16,046,803

Restructuring (Tables)

Restructuring (Tables)	3 Months Ended
	Mar. 31, 2024
Restructuring and Related Activities [Abstract]
Restructuring and Related Costs	A summary of the restructuring charges as reported on the condensed consolidated statements of operations for the three months ended March 31, 2023, of which $0.7 million were related to involuntary terminations, is as follows (in thousands): Severance and other Personnel Costs Three Months Ended March 31, 2023 Research and development $ 1,152 Sales and marketing 1,025 General and administrative 280 Total $ 2,457

Basis of Presentation and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies - Concentration Risk (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash Disbursements | Supplier Concentration Risk | Two Vendors
Concentration Risk [Line Items]
Concentration risk, percentage	24%	22%
Accounts Payable | Supplier Concentration Risk | Two Vendors
Concentration Risk [Line Items]
Concentration risk, percentage	25%	30%
Accounts Receivable | Customer Concentration Risk | Two Customers
Concentration Risk [Line Items]
Concentration risk, percentage	39%	36%

Basis of Presentation and Sum_5

Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)
Accounting Policies [Abstract]
Debt securities, held-to-maturity, allowance for credit loss (less than) | $	$ 1	$ 1
Number of operating segments	1
Number of reporting units	1

Revenues - Deferred And Capital

Revenues - Deferred And Capitalized Contract Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Deferred contract costs	$ 543		$ 489
Amortization of deferred contract costs	$ 281	$ 261

Revenues - Deferred Revenue (De

Revenues - Deferred Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Deferred revenue	$ 33,224		$ 30,049
Total revenue recognized, included in each deferred revenue balance at the beginning of each respective period	$ 10,453	$ 9,269

Revenues - Narrative (Details)

Revenues - Narrative (Details) $ in Millions	Mar. 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 35.9
12 Months | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation percentage	84%
Performance obligation, expected timing of satisfaction (in years)	12 months
24 Months | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, expected timing of satisfaction (in years)	24 months

Revenues - Disaggregation of Re

Revenues - Disaggregation of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 29,968	$ 23,394
B2 Cloud Storage
Disaggregation of Revenue [Line Items]
Revenue	14,622	9,977
Computer Backup
Disaggregation of Revenue [Line Items]
Revenue	15,346	13,417
Consumption-based arrangements
Disaggregation of Revenue [Line Items]
Revenue	14,278	9,905
Subscription-based arrangements
Disaggregation of Revenue [Line Items]
Revenue	15,567	13,339
Physical Media (point in time)
Disaggregation of Revenue [Line Items]
Revenue	$ 123	$ 150

Revenues - Revenue by Geographi

Revenues - Revenue by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 29,968	$ 23,394
United States
Disaggregation of Revenue [Line Items]
Revenue	21,927	16,716
United Kingdom
Disaggregation of Revenue [Line Items]
Revenue	1,628	1,250
Canada
Disaggregation of Revenue [Line Items]
Revenue	1,398	1,218
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 5,015	$ 4,210

Investments - Fair Values and G

Investments - Fair Values and Gross Unrealized Gains and Losses on Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule of Held-to-maturity Securities [Line Items]
Investments, amortized cost	$ 21,841	$ 16,799
Investments, gross unrealized gains	0	0
Investments, gross unrealized losses	(21)	(10)
Total investments	21,820	16,789
Investments, net carrying value	21,841	16,799
Cash and cash equivalents	6,319	12,502
Commercial paper
Schedule of Held-to-maturity Securities [Line Items]
Cash and cash equivalents		4,976
Cash equivalents, gross unrealized gains		10
Cash equivalents, gross unrealized losses		0
Cash equivalents, fair value		4,986
U.S. treasury securities
Schedule of Held-to-maturity Securities [Line Items]
Investments, amortized cost	5,012
Investments, gross unrealized gains	0
Investments, gross unrealized losses	(2)
Total investments	5,010
Investments, net carrying value	5,012
Commercial paper
Schedule of Held-to-maturity Securities [Line Items]
Investments, amortized cost	16,829	16,799
Investments, gross unrealized gains	0	0
Investments, gross unrealized losses	(19)	(10)
Total investments	16,810	16,789
Investments, net carrying value	$ 16,829	$ 16,799

Investments - Scheduled Maturit

Investments - Scheduled Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Amortized Cost
Within one year	$ 21,841	$ 16,799
After one year through five years	0	0
After 5 years through 10 years	0	0
After 10 years	0	0
Total investments	21,841	16,799
Fair Value
Within one year	21,820	16,789
After one year through five years	0	0
After 5 years through 10 years	0	0
After 10 years	0	0
Total investments	$ 21,820	$ 16,789

Investments - Aging of Unrealiz

Investments - Aging of Unrealized Losses (Details) $ in Thousands	Mar. 31, 2024 USD ($) security	Dec. 31, 2023 USD ($) security
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss [Abstract]
Less than 12 months, number of securities | security	5	4
Less than 12 months, fair value	$ 21,820	$ 16,789
Less than 12 months, unrealized losses	$ (21)	$ (10)
Total number of securities | security	5	4
Total fair value	$ 21,820	$ 16,789
Total unrealized losses	$ (21)	$ (10)
U.S. treasury securities
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss [Abstract]
Less than 12 months, number of securities | security	1
Less than 12 months, fair value	$ 5,010
Less than 12 months, unrealized losses	$ (2)
Total number of securities | security	1
Total fair value	$ 5,010
Total unrealized losses	$ (2)
Commercial paper
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss [Abstract]
Less than 12 months, number of securities | security	4	4
Less than 12 months, fair value	$ 16,810	$ 16,789
Less than 12 months, unrealized losses	$ (19)	$ (10)
Total number of securities | security	4	4
Total fair value	$ 16,810	$ 16,789
Total unrealized losses	$ (19)	$ (10)

Fair Value Measurements - Held-

Fair Value Measurements - Held-To-Maturity Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 21,820	$ 16,789
Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	21,820	16,789
U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	5,010
U.S. treasury securities | Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	5,010
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	16,810	16,789
Commercial paper | Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	16,810	16,789
Level 1 | Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	5,010	0
Level 1 | U.S. treasury securities | Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	5,010
Level 1 | Commercial paper | Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0	0
Level 2 | Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	16,810	16,789
Level 2 | U.S. treasury securities | Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0
Level 2 | Commercial paper | Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 16,810	$ 16,789

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Revolving Credit Facility | City National Bank Revolving Credit Agreement | Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding balance	$ 4,700,000
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	$ 0
Liabilities, fair value		$ 0

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Prepaid Expense and Other Assets, Current [Abstract]
Unbilled accounts receivable, net	$ 2,461	$ 2,375
Prepaid expenses	3,015	2,313
Receivable from payment processor	1,242	1,276
Financed prepaid insurance	701	1,001
Other	1,519	1,448
Prepaid expenses and other current assets	$ 8,938	$ 8,413

Property and Equipment, Net (De

Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 127,275	$ 124,963
Less: accumulated depreciation and amortization	(84,690)	(79,363)
Property and equipment, net	42,585	45,600
Data center equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	39,167	37,245
Leased and financed data center equipment
Property, Plant and Equipment [Line Items]
Leased and financed data center equipment	69,021	68,757
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	14,322	14,004
Computer equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	2,405	2,472
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	1,114	1,114
Construction-in-progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,246	$ 1,371

Property and Equipment, Net - N

Property and Equipment, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 5.5	$ 5
Equipment
Property, Plant and Equipment [Line Items]
Accumulated amortization	34.3		$ 31.6
Carrying value of equipment under capital lease agreements and collateralized financing obligations	$ 34.7		$ 37.1

Property and Equipment, Net - L

Property and Equipment, Net - Long-Lived Assets By Geographic Areas (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property and equipment, net and operating lease right-of-use assets	$ 52,055	$ 55,580
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property and equipment, net and operating lease right-of-use assets	46,929	50,746
The Netherlands
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property and equipment, net and operating lease right-of-use assets	$ 5,126	$ 4,834

Capitalized Internal-Use_Soft_3

Capitalized Internal-Use Software, Net - Capitalized Internal Use Software (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Total capitalized internal-use software	$ 47,672	$ 43,300
Less: accumulated amortization	(12,205)	(10,779)
Total capitalized internal-use software, net	35,467	32,521
Developed software
Finite-Lived Intangible Assets [Line Items]
Total capitalized internal-use software	47,528	43,156
General and administrative software
Finite-Lived Intangible Assets [Line Items]
Total capitalized internal-use software	$ 144	$ 144

Capitalized Internal-Use_Soft_4

Capitalized Internal-Use Software, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Capitalized computer software, amortization	$ 1.4	$ 0.7

Capitalized Internal-Use_Soft_5

Capitalized Internal-Use Software, Net - Future Amortization Expense (Details) - Capitalized Computer Software $ in Thousands	Mar. 31, 2024 USD ($)
Finite-Lived Intangible Assets [Line Items]
Remainder of 2024	$ 5,330
2025	8,179
2026	7,725
2027	7,005
2028	5,255
Thereafter	1,973
Total	$ 35,467

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Payables And Accruals [Line Items]
Accrued compensation	$ 1,246	$ 4,105
ESPP withholding	1,281	426
Accrued expenses	1,349	1,284
Accrued value-added tax (“VAT”) liability	1,126	1,266
Financed insurance premiums (see Note 12)	601	893
Other	770	794
Accrued expenses and other current liabilities	$ 6,373	8,768
Revision of Prior Period, Reclassification, Adjustment
Payables And Accruals [Line Items]
Other		$ 300

Finance Leases and Lease Fina_3

Finance Leases and Lease Financing Obligations - Narrative (Details)	Mar. 31, 2024	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Finance lease, weighted average remaining lease term	1 year 7 months 6 days	1 year 8 months 12 days
Finance lease, weighted average discount rate (in percent)	11.40%	11%
Minimum
Lessee, Lease, Description [Line Items]
Finance lease, term (in years)	3 years
Maximum
Lessee, Lease, Description [Line Items]
Finance lease, term (in years)	4 years

Finance Leases and Lease Fina_4

Finance Leases and Lease Financing Obligations - Summary Of Assets Acquired Through Finance Lease And Lease Financing Obligation Agreement (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Depreciation expense	$ 4,231	$ 3,566
Total finance lease costs	4,157	4,044
Total interest expense included in finance lease costs	593	738
Total lease financing obligation costs	879	333
Total interest expense included in lease financing obligation costs	212	73
Cash paid on interest on finance lease and lease financing obligations	$ 805	$ 811

Finance Leases and Lease Fina_5

Finance Leases and Lease Financing Obligations - Future Minimum Commitments for Finance Leases and Lease Financing Obligations (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Finance leases
Remainder of 2024	$ 12,894
2025	9,319
2026	3,597
2027	353
2028	0
Thereafter	0
Total future minimum lease and financing commitments	26,163
Less imputed interest	(2,301)
Total finance lease and lease financing obligation liabilities	$ 23,862
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Finance lease liabilities and lease financing obligations, current, Finance lease liabilities and lease financing obligations, non-current
Lease financing obligations
Remainder of 2024	$ 2,849
2025	2,914
2026	0
2027	0
2028	0
Thereafter	0
Total future minimum lease and financing commitments	5,763
Less imputed interest	(675)
Total finance lease and lease financing obligation liabilities	5,088
Total
Remainder of 2024	15,743
2025	12,233
2026	3,597
2027	353
2028	0
Thereafter	0
Total future minimum lease and financing commitments	31,926
Less imputed interest	(2,976)
Total finance lease and lease financing obligation liabilities	$ 28,950

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Other Commitments [Line Items]
Operating lease, weighted average remaining lease term	5 years 4 months 24 days		5 years 6 months
Operating lease, weighted average discount rate (in percent)	7.20%		7.10%
Purchase obligation, to be paid, remainder of fiscal year	$ 800
Purchase obligation, to be paid, year one	500
Plan contributions	500	$ 500
Accrued value-added tax (“VAT”) liability	1,126		$ 1,266
Meaningful Works | Related Party
Other Commitments [Line Items]
Payments to related party	$ 100

Commitments and Contingencies_2

Commitments and Contingencies - Summary Of Operating Lease Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Other Commitments [Line Items]
Operating lease cost	$ 2,983	$ 2,749
Lease And Non-Lease Components
Other Commitments [Line Items]
Rental expense	1,983	1,986
Lease And Non-Lease Components | Cost of revenue
Other Commitments [Line Items]
Rental expense	1,690	1,490
Lease Components
Other Commitments [Line Items]
Rental expense	$ 691	$ 919

Debt (Details)

Debt (Details)		1 Months Ended		3 Months Ended
	Nov. 30, 2023 USD ($) installment	Dec. 31, 2023 USD ($)	Nov. 30, 2022 USD ($) installment	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)
Debt Instrument [Line Items]
Interest expense				$ 921,000	$ 923,000
Restricted cash, current				4,700,000
AFCO Premium Credit LLC Insurance Premium Financing Agreement | Notes Payable, Other Payables
Debt Instrument [Line Items]
Interest rate, stated percentage (in percent)	7%		4.50%
Debt instrument, face amount	$ 1,200,000		$ 2,100,000
Debt instrument, term	12 months		12 months
Down payment	$ 300,000		$ 500,000
Long-term debt	$ 900,000		$ 1,500,000	600,000
Periodic payment, number of quarterly installments | installment	3		3
Interest expense				12,000	14,000
Revolving Credit Facility | City National Bank Revolving Credit Agreement | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 30,000,000	$ 20,000,000
Unused line fee (in percent)		0.30%
Commitment fee, payable term after each quarter		10 days
Commitment fee (in percent)		0.50%
Deferred offering costs capitalized				32,000
Commitment fee				100,000
Unamortized debt issuance cost				$ 100,000
Interest rate, stated percentage (in percent)				8.10%
Interest expense				$ 100,000	$ 100,000
Outstanding balance				4,700,000
Outstanding amount available to be borrowed				$ 15,300,000
Revolving Credit Facility | City National Bank Revolving Credit Agreement | Line of Credit | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate		2.75%
Revolving Credit Facility | City National Bank Revolving Credit Agreement | Line of Credit | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		3%

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock Reserved for Future Issuance (Details) - shares	Mar. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	23,348,488	22,927,115
2011 Equity Incentive Plan (“2011 Plan”) | Options outstanding
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	6,509,133	7,988,657
2021 Equity Incentive Plan (“2021 Plan”)
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	9,133,980	7,400,180
2021 Equity Incentive Plan (“2021 Plan”) | Options outstanding
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	1,271,055	1,318,485
2021 Equity Incentive Plan (“2021 Plan”) | Restricted stock units outstanding
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	4,688,348	5,256,833
2021 Employee Stock Purchase Plan
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	1,745,972	962,960

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Jul. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2021	Feb. 29, 2024	Feb. 28, 2023	Dec. 31, 2022
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Number of shares authorized (in shares)					1,957,530
Intrinsic value of options exercised			$ 9,900	$ 2,100
Aggregate grant-date fair value of options vested			1,800	2,300
Stock-based compensation expense			5,529	5,828
Stock-based compensation included in capitalized internal-use software			1,049	$ 1,008
Cost not yet recognized for stock options, amount	$ 8,300		8,300
ESPP withholding	1,281		$ 1,281		$ 426
Restricted stock units outstanding
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Granted (in shares)			455,028	989,283
Granted (in dollars per share)			$ 10.71	$ 5.97
Fair value			$ 10,500	$ 3,800
Cost not yet recognized for restricted stock units, amount	$ 24,300		$ 24,300
Cost not yet recognized, period for recognition			2 years
Employee Stock
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Cost not yet recognized, period for recognition			1 year 2 months 12 days
2021 Equity Incentive Plan
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Number of shares authorized (in shares)	14,662,500		14,662,500
Number of additional shares authorized (in shares)	13,719,000	8,292,158	1,957,530		809,916
Minimum annual additional number of shares authorized (in shares)						4,784,100
Minimum annual additional number of shares authorized, common stock outstanding (in percent)						5%
2021 Equity Incentive Plan | Restricted stock units outstanding | Share-Based Payment Arrangement, Nonemployee
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Award vesting period			1 year
2021 Equity Incentive Plan | Maximum | Restricted stock units outstanding | Share-Based Payment Arrangement, Employee
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Award vesting period			4 years
2021 Equity Incentive Plan (“2021 Plan”) | Employee Stock
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Number of shares authorized (in shares)									1,564,496
Number of additional shares authorized (in shares)			783,012	667,874
Stock-based compensation expense			$ 300	$ 1,000
Stock-based compensation included in capitalized internal-use software			200	200
Cost not yet recognized for stock options, amount	$ 1,200		$ 1,200
Cost not yet recognized, period for recognition			1 year
Incremental modification expense			$ 500
2022 Employee Bonus Plan | Restricted stock units outstanding
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Number of shares authorized (in shares)							296,000	288,000
Stock-based compensation expense			800	600
Stock-based compensation included in capitalized internal-use software			100	$ 100
2024 Employee Bonus Plan | Restricted stock units outstanding
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Accrued bonus balance	$ 300		$ 300

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Units (Details) - Restricted stock units outstanding - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Shares
Balance, beginning of period (in shares)	5,256,833
Granted (in shares)	455,028	989,283
Vested (in shares)	(889,687)
Forfeited (in shares)	(133,826)
Balance, end of period (in shares)	4,688,348
Weighted-average grant date fair value per share
Balance, beginning of period (in dollars per share)	$ 5.63
Granted (in dollars per share)	10.71	$ 5.97
Vested (in dollars per share)	7.76
Forfeited (in dollars per share)	5.45
Balance, end of period (in dollars per share)	$ 5.72

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Equity Award Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Shares available for grant
Beginning balance (in shares)	7,400,180
Shares authorized (in shares)		1,957,530
Granted (in shares)	0
Exercised (in shares)	0
Cancelled (in shares)	97,472
Ending balance (in shares)	9,133,980	7,400,180
Outstanding Stock Options
Beginning balance (in shares)	9,307,142
Options granted (in shares)	0
Exercised (in shares)	(1,429,482)
Cancelled (in shares)	(97,472)
Ending balance (in shares)	7,780,188	9,307,142
Vested and exercisable (in shares)	6,597,145
Weighted-average exercise Price
Beginning balance (USD per share)	$ 6.41
Granted (USD per share)	0
Exercised (USD per share)	3
Cancelled (USD per share)	13.88
Ending balance (USD per share)	6.94	$ 6.41
Vested and exercisable (USD per share)	$ 5.86
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Options outstanding, Weighted-average remaining contractual life (years)	5 years 8 months 12 days	5 years 6 months 25 days
Vested and exercisable, Weighted-average remaining contractual life (years)	5 years 5 months 1 day
Options outstanding, Aggregate intrinsic value	$ 40,146	$ 31,250
Vested and exercisable, Aggregate intrinsic value	$ 37,793
Restricted stock units outstanding
Shares available for grant
RSU award activity (in shares)	(321,202)

Stock-Based Compensation - Clas

Stock-Based Compensation - Classification of Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 5,529	$ 5,828
Cost of revenue
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	386	416
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	2,108	2,133
Sales and marketing
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	1,822	2,152
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 1,213	$ 1,127

Net Loss per Share Attributab_3

Net Loss per Share Attributable to Common Stockholders - Narrative (Details) - $ / shares	Mar. 31, 2024	Dec. 31, 2023	Jul. 06, 2023
Common Class B
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Common stock, par value (USD per share)	$ 0.0001
Common stock, shares issued (in shares)			0
Common Class A
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Common stock, par value (USD per share)	$ 0.0001	$ 0.0001
Common stock, shares issued (in shares)	41,469,779	39,150,610

Net Loss per Share Attributab_4

Net Loss per Share Attributable to Common Stockholders - Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net loss attributable to common stockholders		$ (11,053)	$ (17,113)
Denominator for basic and diluted net loss per share:
Weighted average shares used in computing net loss per share attributable to Class A and Class B common stockholders - basic (in shares)	[1]	40,225,239	33,922,683
Weighted average shares used in computing net loss per share attributable to Class A and Class B common stockholders - diluted (in shares)	[1]	40,225,239	33,922,683
Net loss per share attributable to common stockholders - basic (USD per share)		$ (0.27)	$ (0.50)
Net loss per share attributable to common stockholders - diluted (USD per share)		$ (0.27)	$ (0.50)
Common Class A
Numerator:
Net loss attributable to common stockholders		$ (11,053)	$ (9,302)
Denominator for basic and diluted net loss per share:
Weighted average shares used in computing net loss per share attributable to Class A and Class B common stockholders - basic (in shares)		40,225,239	18,439,152
Weighted average shares used in computing net loss per share attributable to Class A and Class B common stockholders - diluted (in shares)		40,225,239	18,439,152
Net loss per share attributable to common stockholders - basic (USD per share)		$ (0.27)	$ (0.50)
Net loss per share attributable to common stockholders - diluted (USD per share)		$ (0.27)	$ (0.50)
Common Class B
Numerator:
Net loss attributable to common stockholders			$ (7,811)
Denominator for basic and diluted net loss per share:
Weighted average shares used in computing net loss per share attributable to Class A and Class B common stockholders - basic (in shares)			15,483,531
Weighted average shares used in computing net loss per share attributable to Class A and Class B common stockholders - diluted (in shares)			15,483,531
Net loss per share attributable to common stockholders - basic (USD per share)			$ (0.50)
Net loss per share attributable to common stockholders - diluted (USD per share)			$ (0.50)
[1]On July 6, 2023, all shares of the Company’s then outstanding Class B common stock were automatically converted into the same number of Class A common stock, pursuant to the terms of the Company’s Amended and Restated Certificate of Incorporation. No additional shares of Class B common stock will be issued following such conversion. See Note 15 for further details.

Net Loss per Share Attributab_5

Net Loss per Share Attributable to Common Stockholders - Antidilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Common Share [Line Items]
Antidilutive securities (in shares)	12,783,806	16,046,803
RSUs
Earnings Per Common Share [Line Items]
Antidilutive securities (in shares)	4,688,348	3,986,997
Stock options
Earnings Per Common Share [Line Items]
Antidilutive securities (in shares)	7,780,188	11,763,927
Shares issuable pursuant to the ESPP
Earnings Per Common Share [Line Items]
Antidilutive securities (in shares)	315,270	295,879

Restructuring - Narrative (Deta

Restructuring - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Voluntary Terminations
Restructuring Cost and Reserve [Line Items]
Workforce terminated (in percent)	1%
Involuntary Terminations
Restructuring Cost and Reserve [Line Items]
Workforce terminated (in percent)	4%
Maximum
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 3.6

Restructuring - Summary of Rest

Restructuring - Summary of Restructuring Charges (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Total	$ 2,457
Involuntary Terminations
Restructuring Cost and Reserve [Line Items]
Total	700
Research and development
Restructuring Cost and Reserve [Line Items]
Total	1,152
Sales and marketing
Restructuring Cost and Reserve [Line Items]
Total	1,025
General and administrative
Restructuring Cost and Reserve [Line Items]
Total	$ 280

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	0%	0%
Income tax provision	$ 6,000	$ 0