Core Insights - PITAKA has launched its latest Aramid Fiber iPhone 17 Series Cases at IFA 2025, receiving multiple Innovation Awards from media outlets like SlashGear and BGR, showcasing its commitment to redefining smartphone protection through innovative technology [1][7] Product Innovations - The Ultra-Slim Case is 1mm thick, providing full coverage protection without added bulk, featuring the world's first PitaTap™ capacitive button for precise touch control [3][5] - The Fusion Weave – LightRipple process allows for refined fiber control, creating a dynamic rhombic texture that combines technology with artistic expression [4] - The Aramid ProGuard Case offers military-grade drop resistance of up to 2.4 meters, utilizing an arched design for an "airbag effect" while maintaining a slim profile [5] - The Aramid UltraGuard Case features a composite of high-toughness Orca resin and aramid fiber, doubling impact resistance and providing dual-layer protection through flexible TPU material and 3D thermoforming technology [6] Design and Aesthetics - The iPhone 17 series cases maintain PITAKA's signature design while introducing a new colorway, "Glints of Gold," inspired by light and shadow [7] - Available in five pattern options, including Black/Grey, Sunset, Moonrise, Over the Horizon, and Glints of Gold, with prices starting from USD $49.99 [7] Availability - The Ultra-Slim Case opened for pre-order on September 5, 2025, while the Aramid ProGuard and Aramid UltraGuard Cases became available for pre-order starting September 10, 2025, through PITAKA's global website and Amazon [7]

Weave Communications (NYSE: WEAV) FY Conference Summary Industry Overview - Weave operates in the SMB healthcare sector, providing communication engagement software primarily for dental, optometry, veterinary, and specialty medical practices [4][10]. Core Points and Arguments 1. **AI Integration**: Weave is focusing on integrating AI into its workflows to enhance relevance in the healthcare sector. This includes automating appointment scheduling and payment collections, which are critical for practice growth and efficiency [4][5][12]. 2. **Market Demand**: SMB healthcare practices are primarily concerned with growing their practice, improving payment efficiency, and increasing profitability. Weave's solutions aim to address these needs through AI-driven automation [4][5]. 3. **Differentiation from Competitors**: Weave emphasizes its deep understanding of the healthcare industry, which allows it to effectively integrate with practice management systems. This is a significant advantage over horizontal AI tools that may not grasp the industry's nuances [7][8]. 4. **Adoption Rates**: There is a broad willingness to adopt AI across different healthcare sectors, but the pace varies. Dental practices, particularly those part of larger organizations, are leading in AI adoption compared to smaller, single-practitioner medical practices [9][10]. 5. **Total Addressable Market (TAM)**: Weave estimates a $3 billion TAM expansion related to scheduling solutions alone, indicating significant growth potential as more workflows are automated [12][13]. 6. **Market Penetration**: Weave has penetrated 10% to 15% of its mature verticals like dental and optometry, suggesting ample room for growth, especially in mid-market segments and specialty medical practices [14][15][20]. 7. **Future Growth Drivers**: Key growth areas include expanding into specialty medical, enhancing payment solutions, and leveraging AI for operational efficiency. The company aims to double its Annual Recurring Revenue (ARR) to $500 million, with operating margins projected between 15% to 20% [18][20][21]. 8. **Capital Allocation**: Weave has over $75 million in cash and is open to strategic acquisitions that align with its growth strategy, particularly those that enhance its capabilities and customer offerings [16][17]. Additional Important Insights 1. **Omnichannel Communication**: The future of AI in Weave's strategy includes developing omnichannel agents that can manage interactions across various platforms, enhancing patient engagement [28][29]. 2. **Customer Experience**: Weave is focused on creating a unified inbox for practices, allowing them to manage all patient interactions in one place, which is expected to significantly improve operational efficiency [28][29]. 3. **Internal AI Initiatives**: Weave is exploring AI applications internally, particularly in customer support and finance, to enhance operational efficiency and decision-making [25][26]. This summary encapsulates the key insights from Weave Communications' FY conference, highlighting the company's strategic focus on AI integration, market opportunities, and growth potential within the SMB healthcare sector.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________ FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 001-40998 Weave Communications, Inc. (Exact name of registrant as specified in its charter) Delaware 26-33 ...

Weave Communications (WEAV 1.05%), a provider of cloud-based communication and automation tools for healthcare practices, released its second-quarter results on July 31, 2025. The company reported GAAP revenue of $58.5 million in Q2 2025, above the analyst consensus of $57.81 million (GAAP) for Q2 2025, and non-GAAP earnings per share (EPS) of $0.02, ahead of the estimated $0.00. driven by growth in its specialty medical segment and milestones in artificial intelligence (AI) integration via its newly closed ...

Financial Data and Key Metrics Changes - Weave reported revenue of $58.5 million for Q2 2025, reflecting a 15.6% year-over-year growth and marking the fourteenth consecutive quarter of exceeding revenue guidance [5][19] - Gross margin improved to 72.3%, up 40 basis points year-over-year and 20 basis points quarter-over-quarter [21] - Free cash flow for the quarter was $4.5 million, indicating strong cash flow performance [6][24] Business Line Data and Key Metrics Changes - The acquisition of TrueLark contributed to revenue and expenses, with over one month of TrueLark's financials included in Q2 results [19] - Gross revenue retention for Q2 was 90%, with net revenue retention at 96%, consistent with historical performance [20] - Specialty medical has become the second largest vertical by customer count, with significant growth in medical aesthetics, primary care, and physical therapy [13] Market Data and Key Metrics Changes - Weave's solutions are increasingly critical for small and medium-sized healthcare practices, with 96% reporting a growing patient base [6] - The company is expanding its reach through authorized integrations with various electronic medical record systems, enhancing patient engagement [14] Company Strategy and Development Direction - Weave aims to position itself as the go-to platform for healthcare practices by integrating AI-powered workflow solutions and enhancing operational efficiency [12] - The company is focused on mid-market partnerships and specialty medical growth initiatives, with targeted investments to drive these areas [22] Management's Comments on Operating Environment and Future Outlook - Management noted that operational efficiency is a key growth lever amid labor constraints and inflationary pressures [7] - The outlook for 2025 anticipates revenue growth in the range of $236.8 million to $239.8 million, with profitability expected to improve in the second half of the year [25] Other Important Information - The company has made significant progress in integrating TrueLark, with joint selling initiatives already underway [18][42] - Weave ranked first in 34 categories in G2's summer 2025 report, reflecting strong customer trust and satisfaction [15] Q&A Session Summary Question: What commonality is seen in specialty medical success? - Management highlighted focus areas such as medical aesthetics and physical therapy, noting that initial average selling prices (ASP) are lower but expected to rise as brand recognition grows [30][32] Question: How has the growth of payments compared to subscriptions? - Payments continue to grow faster than subscriptions, with an increased attach rate within the installed base [36] Question: What is the status of TrueLark integration? - Integration activities are ongoing, with joint prospecting and sales efforts already in place [41][42] Question: What are the dynamics of customer acquisition costs (CAC) in the enterprise push? - CAC for the mid-market team is favorable, with a strong pipeline being built [48] Question: What opportunities exist for price increases? - Price increases will be evaluated on a cohort basis, especially as product value increases [87] Question: How is Call Intelligence adoption progressing? - Call Intelligence is making progress, with ongoing efforts to identify new workflows for customer use [90]

Weave Overview Q2 2025 NYSE : WEAV JULY 2025 These factors, together with those described in greater detail in our Annual Report on Form 10-K that we filed with the Securities and Exchange Commission ("SEC") on March 13, 2025, may cause our actual results, performance or achievements to differ materially and adversely from those anticipated or implied by our forward-looking statements. All forward-looking statements herein reflect our opinions only as of the date of this presentation, and we undertake no ob ...

[Executive Summary & Business Update](index=1&type=section&id=Executive%20Summary%20%26%20Business%20Update) This section provides an overview of Weave's strong Q2 2025 financial performance, recent business achievements, and future financial projections [Q2 2025 Financial Highlights](index=1&type=section&id=Q2%202025%20Financial%20Highlights) Weave reported strong Q2 2025 financial results, including a 15.6% revenue increase and a positive shift in Non-GAAP operating income and net income Q2 2025 Financial Performance | Metric | Q2 2025 | Q2 2024 | Y-o-Y Change | Notes | | :--------------------------------- | :------------- | :------------- | :------- | :--- | | **Total Revenue** | $58.5 Million USD | $50.6 Million USD | +15.6% | | | **GAAP Gross Margin** | 71.7% | 71.4% | +30 bps | | | **Non-GAAP Gross Margin** | 72.3% | 71.9% | +40 bps | | | **GAAP Operating Loss** | $10.2 Million USD | $9.3 Million USD | -9.7% | Loss Widened | | **Non-GAAP Operating Income (Loss)** | $0.1 Million USD | ($1.0) Million USD | Turned Profitable | | | **GAAP Net Loss** | $8.7 Million USD | $8.6 Million USD | -1.2% | Loss Slightly Increased | | **GAAP Net Loss Per Share** | $0.11 | $0.12 | +$0.01 | Loss Narrowed | | **Non-GAAP Net Income (Loss)** | $1.5 Million USD | ($0.3) Million USD | Turned Profitable | | | **Non-GAAP Net Income (Loss) Per Share** | $0.02 | $0.00 | +$0.02 | | | **Adjusted EBITDA** | $1.1 Million USD | $0.0 Million USD | Turned Profitable | | | **Gross Revenue Retention Rate** | 90% | 92% | -2% | | | **Net Revenue Retention Rate** | 96% | 97% | -1% | | | **Net Cash Flow from Operating Activities (YTD)** | $5.2 Million USD | $3.0 Million USD | +73.3% | | | **Free Cash Flow (YTD)** | $3.4 Million USD | $0.7 Million USD | +385.7% | | - The company completed the acquisition of TrueLark, accelerating **AI-driven front office automation**[5](index=5&type=chunk) [Recent Business Highlights](index=2&type=section&id=Recent%20Business%20Highlights) Weave achieved several business milestones in Q2, including a strategic AI platform acquisition, significant growth in specialty medical, new integrations, key talent promotion, and continued market recognition - The acquisition of TrueLark, an **AI-powered workflow automation platform**, expands Weave's leadership in agent AI for SMB healthcare through **24/7 patient interaction, automated scheduling, and client communication**[3](index=3&type=chunk)[11](index=11&type=chunk) - **Specialty Medical** became Weave's **second-largest and fastest-growing customer vertical**, driven by recent integrations with electronic health record providers[3](index=3&type=chunk)[11](index=11&type=chunk) - Launched authorized integrations with **Ortho2 Edge** (orthodontic practice management system) and **IDEXX Neo** (veterinary clinic cloud platform), expanding market reach[11](index=11&type=chunk) - **Abhi Sharma** was promoted to **Chief Technology Officer (CTO)** to drive the company's next phase of **AI innovation**[11](index=11&type=chunk) - Weave ranked **first in 34 categories** in the G2 Summer 2025 Report and maintained the **highest rating in the Patient Relationship Management grid**[11](index=11&type=chunk) [Financial Outlook](index=2&type=section&id=Financial%20Outlook) The company provided Q3 and full-year 2025 financial guidance, projecting continued growth in revenue and Non-GAAP operating income Q3 and Full-Year 2025 Financial Guidance | Metric | Q3 2025 (Forecast) | Full-Year 2025 (Forecast) | | :----------------------- | :-------------------- | :------------------ | | **Total Revenue** | $60.1 - $61.1 Million USD | $236.8 - $239.8 Million USD | | **Non-GAAP Operating Income** | $0.0 - $1.0 Million USD | $1.2 - $3.2 Million USD | | **Weighted Average Shares Outstanding** | 77.4 Million Shares | 76.5 Million Shares | - **Non-GAAP operating income guidance** excludes items such as **stock-based compensation**, **acquisition-related transaction costs**, and **acquisition-related intangible asset amortization**[10](index=10&type=chunk) [Company Overview](index=3&type=section&id=Company%20Overview) Weave is a leading customer experience and payments software platform for SMB healthcare, aiming to enhance patient engagement and practice profitability [About Weave](index=3&type=section&id=About%20Weave) Weave is a leading all-in-one customer experience and payments software platform, focused on serving small and medium-sized healthcare businesses by connecting various patient journey touchpoints to drive growth and profitability - Weave provides an **all-in-one customer experience and payments software platform** for **small and medium-sized healthcare businesses**[13](index=13&type=chunk) - Its solutions optimize the entire patient journey from initial call to final bill, enhancing **practice profitability** by simplifying **payment processes** and reducing **accounts receivable**[13](index=13&type=chunk) - The company has been recognized as an **Inc. Power Partner**, a **G2 Patient Relationship Management Software Leader**, and a **Top 50 Product for Small Business**[13](index=13&type=chunk) [Webcast Information](index=3&type=section&id=Webcast%20Information) The company will host an analyst and investor conference call and webcast on July 31, 2025, to discuss detailed financial results - The conference call and webcast will be held on July 31, 2025, at 4:30 PM ET[12](index=12&type=chunk) - Investors can access the live broadcast and replay by dialing in or visiting Weave's investor relations website[12](index=12&type=chunk) [Non-GAAP Financial Measures](index=3&type=section&id=Non-GAAP%20Financial%20Measures) This section defines and reconciles various Non-GAAP financial metrics used by Weave to assess operational performance and provide additional insights for investors [Introduction to Non-GAAP Measures](index=3&type=section&id=Introduction%20to%20Non-GAAP%20Measures) Weave provides several Non-GAAP financial metrics for internal analysis and operational performance evaluation, offering investors additional tools to understand company results, while emphasizing these should not be used in isolation or as GAAP substitutes - The company discloses **Non-GAAP net income (loss)**, **Non-GAAP net income (loss) margin**, **Non-GAAP net income (loss) per share**, **Non-GAAP gross profit**, **Non-GAAP gross margin**, **Non-GAAP operating expenses**, **Non-GAAP income (loss) from operations**, **Non-GAAP income (loss) from operations margin**, **Adjusted EBITDA**, and **Free Cash Flow**[14](index=14&type=chunk) - These **Non-GAAP metrics** are used for **internal analysis** and evaluating **ongoing operational performance**, providing investors with additional tools, but are not substitutes for **GAAP results**[14](index=14&type=chunk) [Non-GAAP Net Income (Loss) Definition](index=3&type=section&id=Non-GAAP%20Net%20Income%20%28Loss%29%20Definition) Non-GAAP net income (loss) is defined as GAAP net loss adjusted to exclude stock-based compensation, acquisition-related transaction costs, and acquisition-related intangible asset amortization - **Non-GAAP net income (loss)** is defined as **GAAP net loss**, adjusted to exclude **stock-based compensation expense**, **acquisition-related transaction costs**, and **acquisition-related intangible asset amortization**[15](index=15&type=chunk) - **Acquisition-related transaction costs** include **legal and accounting professional service fees** incurred for current period acquisitions[15](index=15&type=chunk) [Non-GAAP Gross Profit and Gross Margin Definition](index=4&type=section&id=Non-GAAP%20Gross%20Profit%20and%20Gross%20Margin%20Definition) Non-GAAP gross profit is defined as GAAP gross profit adjusted to exclude stock-based compensation and acquisition-related intangible asset amortization - **Non-GAAP gross profit** is defined as **GAAP gross profit**, adjusted to exclude **stock-based compensation expense** and **acquisition-related intangible asset amortization**[16](index=16&type=chunk) [Non-GAAP Operating Expenses Definition](index=4&type=section&id=Non-GAAP%20Operating%20Expenses%20Definition) Non-GAAP operating expenses are defined as applicable GAAP operating expenses adjusted to exclude stock-based compensation, acquisition-related transaction costs, and acquisition-related intangible asset amortization - **Non-GAAP operating expenses** are defined as applicable **GAAP operating expenses**, adjusted to exclude **stock-based compensation expense**, **acquisition-related transaction costs**, and **acquisition-related intangible asset amortization**[17](index=17&type=chunk) [Non-GAAP Income (Loss) from Operations Definition](index=4&type=section&id=Non-GAAP%20Income%20%28Loss%29%20from%20Operations%20Definition) Non-GAAP income (loss) from operations is defined as GAAP operating loss adjusted to exclude stock-based compensation, acquisition-related transaction costs, and acquisition-related intangible asset amortization - **Non-GAAP income (loss) from operations** is defined as **GAAP operating loss**, adjusted to exclude **stock-based compensation expense**, **acquisition-related transaction costs**, and **acquisition-related intangible asset amortization**[18](index=18&type=chunk) [Adjusted EBITDA Definition](index=4&type=section&id=Adjusted%20EBITDA%20Definition) Adjusted EBITDA is EBITDA further adjusted to exclude stock-based compensation, acquisition-related transaction costs, and acquisition-related intangible asset amortization, providing consistency and comparability with past financial performance - **EBITDA** is defined as **earnings before interest expense, interest income, other income/expense, income tax benefit (expense), depreciation, and amortization**[19](index=19&type=chunk) - **Adjusted EBITDA** further excludes **stock-based compensation expense, acquisition-related transaction costs, and acquisition-related intangible asset amortization**[19](index=19&type=chunk) - Management uses **Adjusted EBITDA** to measure **financial and operational performance** and for **budget preparation**[19](index=19&type=chunk) [Free Cash Flow Definition](index=4&type=section&id=Free%20Cash%20Flow%20Definition) Free cash flow is defined as net cash provided by operating activities less purchases of property and equipment and capitalized internal-use software costs, serving as a useful liquidity measure - **Free cash flow** is defined as **net cash provided by operating activities**, less **purchases of property and equipment** and **capitalized internal-use software costs**[20](index=20&type=chunk) - This metric provides information on the amount of cash consumed by the company's **operating and investing activities**, serving as a **useful liquidity measure**[20](index=20&type=chunk) [Limitations of Non-GAAP Measures](index=5&type=section&id=Limitations%20of%20Non-GAAP%20Measures) Non-GAAP financial metrics have limitations, may differ from other companies' calculations, and free cash flow does not reflect future contractual commitments, while Adjusted EBITDA excludes non-cash impacts like stock-based compensation - **Non-GAAP financial information** may differ from other companies' calculations and may not be **directly comparable**[21](index=21&type=chunk) - **Free cash flow** does not reflect **future contractual commitments** or the **total increase or decrease in cash balances**[21](index=21&type=chunk) - **Adjusted EBITDA** excludes **non-cash stock-based compensation** and other costs, not reflecting these **non-cash impacts** or **future working capital needs**[21](index=21&type=chunk) [Supplemental Financial Information](index=5&type=section&id=Supplemental%20Financial%20Information) This section provides definitions for key revenue retention metrics, including Dollar-Based Net Revenue Retention (NRR) and Gross Revenue Retention (GRR) [Dollar-Based Net Revenue Retention ("NRR") Definition](index=5&type=section&id=Dollar-Based%20Net%20Revenue%20Retention%20%28%22NRR%22%29%20Definition) Dollar-Based Net Revenue Retention (NRR) measures revenue growth from the existing customer base over a specific period, including subscription and payment processing revenue, accounting for churn, expansion, and contraction - **NRR** is calculated by dividing the **Adjusted Monthly Revenue (AMR)** of active customers in the baseline month by their **AMR** in the same month of the following year[23](index=23&type=chunk) - **AMR** includes **monthly subscription revenue** and the **average of recurring payment processing revenue** over the past three months[23](index=23&type=chunk) [Dollar-Based Gross Revenue Retention ("GRR") Definition](index=5&type=section&id=Dollar-Based%20Gross%20Revenue%20Retention%20%28%22GRR%22%29%20Definition) Dollar-Based Gross Revenue Retention (GRR) measures revenue reduction from the existing customer base due to subscription terminations, excluding the impact of revenue expansion, contraction, or new customers - **GRR** is calculated by dividing the **AMR of subscription customers** in the baseline month who remain subscribed twelve months later by their **AMR in the baseline month**[24](index=24&type=chunk) - **GRR** reflects the impact of **customer subscription terminations**, excluding the effects of **revenue expansion, contraction, or new customer additions**[24](index=24&type=chunk) [Forward-Looking Statements & Corporate Information](index=5&type=section&id=Forward-Looking%20Statements%20%26%20Corporate%20Information) This section addresses forward-looking statements, outlines official information disclosure channels, and provides contact details for investor and media inquiries [Forward-Looking Statements](index=5&type=section&id=Forward-Looking%20Statements) This press release contains forward-looking statements regarding future performance, the anticipated benefits of the TrueLark acquisition, and management's projections, which are subject to risks and uncertainties that could cause actual results to differ materially - **Forward-looking statements** include current estimates for **Q3 2025 revenue** and **Non-GAAP operating income**, as well as the **anticipated benefits of the TrueLark acquisition**[25](index=25&type=chunk) - These statements involve **risks and uncertainties**, including **acquisition integration, customer acquisition and retention, economic conditions, competition, and service disruptions**, which could cause **actual results to differ materially from expectations**[26](index=26&type=chunk) - The company undertakes **no obligation to update forward-looking statements** to reflect future events or circumstances[27](index=27&type=chunk) [Channels for Disclosure of Information](index=6&type=section&id=Channels%20for%20Disclosure%20of%20Information) Weave fulfills its information disclosure obligations through various channels, encouraging investors, media, and other stakeholders to monitor these channels for company information - Weave uses its **investor relations website, blog, press releases, public conference calls, webcasts, X (Twitter) feed, Facebook page, and LinkedIn page** as **Regulation FD compliant channels** for information disclosure[28](index=28&type=chunk) [Investor & Media Contacts](index=6&type=section&id=Investor%20%26%20Media%20Contacts) Contact information for the Head of Investor Relations and Senior Director of Content & Communications is provided for relevant inquiries - **Investor Relations Contact: Mark McReynolds**, Email: **ir@getweave.com**[29](index=29&type=chunk) - **Media Contact: Natalie House**, Email: **pr@getweave.com**[29](index=29&type=chunk) [Condensed Consolidated Financial Statements](index=7&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents Weave's condensed consolidated balance sheets, statements of operations, and cash flows, along with disaggregated revenue and GAAP to Non-GAAP reconciliations [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, Weave's total assets and liabilities both increased, with significant rises in intangible assets and goodwill reflecting the TrueLark acquisition Condensed Consolidated Balance Sheets (Thousand USD) | Metric (Thousand USD) | June 30, 2025 | December 31, 2024 | Change Amount | Change Rate | | :--------------------- | :------------- | :------------- | :----- | :----- | | **Total Assets** | 204,344 | 188,926 | +15,418 | +8.16% | | **Total Liabilities** | 125,467 | 121,958 | +3,509 | +2.88% | | **Total Stockholders' Equity** | 78,877 | 66,968 | +11,909 | +17.78% | | **Cash and Cash Equivalents** | 44,665 | 51,596 | -6,931 | -13.43% | | **Intangible Assets, Net** | 7,844 | — | +7,844 | N/A | | **Goodwill** | 29,313 | — | +29,313 | N/A | - The significant increase in **intangible assets** and **goodwill** is primarily attributable to the **acquisition of TrueLark**[31](index=31&type=chunk) [Condensed Consolidated Statements of Operations](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) In Q2 2025, Weave's revenue and gross profit grew, but operating and net losses slightly widened year-over-year, despite a narrowing of net loss per share Condensed Consolidated Statements of Operations (Thousand USD) | Metric (Thousand USD) | Q2 2025 | Q2 2024 | Y-o-Y Change | Y-o-Y Change Rate | | :--------------------- | :------------- | :------------- | :------- | :--------- | | **Revenue** | 58,470 | 50,586 | +7,884 | +15.6% | | **Cost of Revenue** | 16,519 | 14,462 | +2,057 | +14.2% | | **Gross Profit** | 41,951 | 36,124 | +5,827 | +16.1% | | **Operating Expenses** | 52,137 | 45,379 | +6,758 | +14.9% | | **Operating Loss** | (10,186) | (9,255) | -931 | -10.1% | | **Net Loss** | (8,711) | (8,553) | -158 | -1.8% | | **Net Loss Per Share** | (0.11) | (0.12) | +0.01 | +8.3% | | **Weighted Average Common Shares** | 75,842,852 | 71,291,801 | +4,551,051 | +6.4% | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, cash flow from operating activities significantly increased, but investing activities saw a substantial outflow due to business acquisitions, resulting in a net decrease in cash and cash equivalents Condensed Consolidated Statements of Cash Flows (Thousand USD) | Metric (Thousand USD) | Six Months 2025 | Six Months 2024 | Change Amount | Change Rate | | :--------------------------- | :------------- | :------------- | :----- | :----- | | **Net Cash Flow from Operating Activities** | 5,226 | 2,975 | +2,251 | +75.7% | | **Net Cash Flow from Investing Activities** | (10,127) | 9,515 | -19,642 | -206.4% | | **Net Cash Flow from Financing Activities** | (2,030) | (11,587) | +9,557 | +82.5% | | **Net Increase (Decrease) in Cash and Cash Equivalents** | (6,931) | 903 | -7,834 | -867.6% | | **Business Acquisitions, Net of Cash Acquired** | (23,318) | — | -23,318 | N/A | | **Equity Issued as Business Combination Consideration** | 10,041 | — | +10,041 | N/A | - The substantial increase in **cash outflow from investing activities** was primarily due to **business acquisitions**, including a net cash outflow of **$23,318 thousand** for the **TrueLark acquisition** and the issuance of **$10,041 thousand** in equity as consideration[36](index=36&type=chunk) [Disaggregated Revenue and Cost of Revenue](index=10&type=section&id=Disaggregated%20Revenue%20and%20Cost%20of%20Revenue) In Q2 2025, subscription and payment processing revenue continued to grow with stable gross margins, while Phone Hardware gross margin significantly improved despite a decline in Onboarding revenue and negative gross margin Disaggregated Revenue and Cost of Revenue (Thousand USD) | Business Category (Thousand USD) | Q2 2025 Revenue | Q2 2024 Revenue | Y-o-Y Change Rate | Q2 2025 Gross Margin | Q2 2024 Gross Margin | Gross Margin Change | | :--------------------- | :----------------- | :----------------- | :--------- | :------------------- | :------------------- | :--------- | | **Subscription and Payment Processing** | 56,005 | 48,513 | +15.4% | 77.5% | 78.0% | -0.5% | | **Onboarding** | 833 | 943 | -11.6% | (149.1)% | (115.5)% | -33.6% | | **Phone Hardware** | 1,632 | 1,130 | +44.4% | (13.6)% | (53.5)% | +39.9% | - **Subscription and payment processing** is the **primary revenue source**, maintaining **robust growth**[38](index=38&type=chunk) - **Phone Hardware business gross margin** significantly improved from **-53.5%** in Q2 2024 to **-13.6%** in Q2 2025[38](index=38&type=chunk) [Reconciliation of GAAP to Non-GAAP Financial Measures](index=11&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Financial%20Measures) This section provides detailed reconciliations between GAAP and Non-GAAP financial metrics, illustrating the impact of adjustments such as stock-based compensation, acquisition-related transaction costs, and acquisition-related intangible asset amortization [Non-GAAP Gross Profit Reconciliation](index=11&type=section&id=Non-GAAP%20Gross%20Profit%20Reconciliation) This table reconciles GAAP gross profit to Non-GAAP gross profit by adding back stock-based compensation and acquisition-related intangible asset amortization | Metric (Thousand USD) | Q2 2025 | Q2 2024 | | :------------------------- | :------------- | :------------- | | **GAAP Gross Profit** | 41,951 | 36,124 | | **Stock-Based Compensation Expense Add-back** | 215 | 244 | | **Acquisition-Related Intangible Asset Amortization** | 105 | — | | **Non-GAAP Gross Profit** | 42,271 | 36,368 | | **GAAP Gross Margin** | 71.7% | 71.4% | | **Non-GAAP Gross Margin** | 72.3% | 71.9% | [Non-GAAP Operating Expenses Reconciliation](index=11&type=section&id=Non-GAAP%20Operating%20Expenses%20Reconciliation) This table reconciles GAAP operating expenses to Non-GAAP operating expenses by adjusting for specific non-cash and acquisition-related items | Operating Expense Category (Thousand USD) | Q2 2025 GAAP | Q2 2025 Non-GAAP | | :--------------------- | :----------------- | :------------------- | | **Sales and Marketing** | 25,245 | 23,243 | | **Research and Development** | 11,988 | 8,877 | | **General and Administrative** | 14,904 | 10,081 | - **Non-GAAP operating expenses** are adjusted by excluding **stock-based compensation expense, acquisition-related transaction costs, and acquisition-related intangible asset amortization**[43](index=43&type=chunk) [Non-GAAP Income (Loss) from Operations Reconciliation](index=12&type=section&id=Non-GAAP%20Income%20%28Loss%29%20from%20Operations%20Reconciliation) This table reconciles GAAP operating loss to Non-GAAP income (loss) from operations by adding back stock-based compensation, acquisition costs, and intangible asset amortization | Metric (Thousand USD) | Q2 2025 | Q2 2024 | | :----------------------------- | :------------- | :------------- | | **Operating Loss (GAAP)** | (10,186) | (9,255) | | **Stock-Based Compensation Expense Add-back** | 9,253 | 8,291 | | **Acquisition-Related Transaction Costs** | 847 | — | | **Acquisition-Related Intangible Asset Amortization** | 156 | — | | **Non-GAAP Income (Loss) from Operations** | 70 | (964) | | **GAAP Operating Loss Margin** | (17.4)% | (18.3)% | | **Non-GAAP Income (Loss) from Operations Margin** | 0.1% | (1.9)% | [Non-GAAP Net Income (Loss) Reconciliation](index=12&type=section&id=Non-GAAP%20Net%20Income%20%28Loss%29%20Reconciliation) This table reconciles GAAP net loss to Non-GAAP net income (loss) by adding back stock-based compensation, acquisition costs, and intangible asset amortization | Metric (Thousand USD) | Q2 2025 | Q2 2024 | | :----------------------------- | :------------- | :------------- | | **Net Loss (GAAP)** | (8,711) | (8,553) | | **Stock-Based Compensation Expense Add-back** | 9,253 | 8,291 | | **Acquisition-Related Transaction Costs** | 847 | — | | **Acquisition-Related Intangible Asset Amortization** | 156 | — | | **Non-GAAP Net Income (Loss)** | 1,545 | (262) | | **GAAP Net Loss Margin** | (14.9)% | (16.9)% | | **Non-GAAP Net Income (Loss) Margin** | 2.6% | (0.5)% | | **Non-GAAP Net Income (Loss) Per Share** | 0.02 | — | [Free Cash Flow Reconciliation](index=14&type=section&id=Free%20Cash%20Flow%20Reconciliation) This table reconciles net cash flow from operating activities to free cash flow by deducting capital expenditures and capitalized internal-use software costs | Metric (Thousand USD) | Q2 2025 | Q2 2024 | | :------------------------- | :------------- | :------------- | | **Net Cash Flow from Operating Activities** | 5,445 | 22,676 | | **Less: Purchases of Property and Equipment** | (544) | (741) | | **Less: Capitalized Internal-Use Software Costs** | (423) | (718) | | **Free Cash Flow** | 4,478 | 21,217 | [Adjusted EBITDA Reconciliation](index=14&type=section&id=Adjusted%20EBITDA%20Reconciliation) This table reconciles net loss to Adjusted EBITDA by adding back interest, taxes, depreciation, amortization, stock-based compensation, and acquisition-related costs | Metric (Thousand USD) | Q2 2025 | Q2 2024 | | :----------------------------- | :------------- | :------------- | | **Net Loss** | (8,711) | (8,553) | | **Interest Expense** | 537 | 399 | | **Income Tax Benefit (Expense)** | (1,106) | 52 | | **Interest Income** | (435) | (432) | | **Other Income, Net** | (471) | (721) | | **Depreciation** | 520 | 581 | | **Amortization** | 469 | 388 | | **Stock-Based Compensation Expense** | 9,253 | 8,291 | | **Acquisition-Related Intangible Asset Amortization** | 156 | — | | **Acquisition-Related Transaction Costs** | 847 | — | | **Adjusted EBITDA** | 1,059 | 5 |

Group 1 - The article discusses the services provided by IPO Edge, which includes actionable information on growth stocks, first-look IPO filings, previews on upcoming IPOs, an IPO calendar, a database of U.S. IPOs, and a comprehensive guide to IPO investing [1]

Core Viewpoint - The development of autonomous driving in China over the past decade has been marked by both significant advancements and notable setbacks, leading to a cautious and regulated environment for the industry [9][10][19]. Group 1: Historical Context and Initial Developments - In 2015, the Chinese government issued "Made in China 2025," highlighting autonomous driving as a key direction for the automotive industry's transformation [2]. - The first domestic autonomous bus test occurred in August 2015, marking a significant milestone in the industry [3][4]. - Baidu's autonomous vehicle showcased its capabilities in mixed traffic conditions in October 2015, further establishing the potential for autonomous driving in urban environments [5][6]. Group 2: Regulatory Changes and Industry Response - A fatal accident involving a vehicle in NOA mode led to stricter regulations, prohibiting misleading terms like "autonomous driving" in marketing [11][12]. - Companies such as Xiaomi, Li Auto, and others adjusted their marketing language to comply with new regulations, shifting from "smart driving" to "assisted driving" [14]. - The regulatory environment has led to a more cautious approach to testing and deploying autonomous vehicles in China [14]. Group 3: International Developments and Market Expansion - In contrast to China's regulatory tightening, international markets, particularly in the U.S. and the Middle East, are embracing autonomous driving technologies [15][16]. - Companies like Waymo and Tesla are making significant strides in commercializing autonomous taxi services and expanding operational areas [15][16]. - Chinese companies are increasingly looking to international markets for growth, with Baidu and Pony.ai establishing partnerships in the UAE for deploying autonomous fleets [17][18]. Group 4: Industry Challenges and Market Dynamics - The autonomous driving sector has experienced a rollercoaster of growth and decline, with many startups facing challenges due to regulatory pressures and market saturation [20][21]. - The number of new autonomous driving companies surged until 2018, but the industry faced a downturn following high-profile accidents and regulatory scrutiny [21][24]. - By 2021, the industry saw a resurgence driven by the pandemic, with a focus on contactless delivery and logistics applications [25][26]. Group 5: Financial Performance and Market Sentiment - Despite initial optimism, many newly listed autonomous driving companies have seen their market valuations decline significantly post-IPO [30][31][32]. - Companies like Horizon Robotics have bucked the trend, experiencing growth due to their strategic positioning as a key supplier for major automotive manufacturers [33]. - The market is witnessing a consolidation phase, with only a few companies expected to survive and thrive in the competitive landscape [37]. Group 6: Legislative and Regulatory Needs - The lack of comprehensive national legislation on autonomous driving in China is seen as a major barrier to the industry's growth and commercialization [42][45]. - In contrast, countries like the UK and the US have made significant legislative progress, establishing clear frameworks for the operation of autonomous vehicles [43][44]. - Industry experts advocate for the urgent need to develop a robust legal framework in China to facilitate the safe and effective deployment of autonomous driving technologies [45]. Group 7: Future Outlook - The next decade is expected to bring further maturation of the autonomous driving industry, with a focus on safety, regulatory compliance, and sustainable business models [48][49]. - The industry is moving towards a more pragmatic approach, emphasizing the integration of technology into everyday life rather than mere technological showcase [48].

[PART I. FINANCIAL INFORMATION](index=6&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements (Unaudited)](index=6&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Unaudited Q1 2025 financials show 18% revenue growth to $55.8 million, a net loss of $8.8 million, and significantly improved operating cash flow [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet as of March 31, 2025, shows total assets of $188.3 million and stockholders' equity of $68.6 million Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $53,410 | $51,596 | | Short-term investments | $44,819 | $47,534 | | Total current assets | $120,258 | $120,739 | | TOTAL ASSETS | $188,310 | $188,926 | | **Liabilities & Equity** | | | | Deferred revenue | $38,864 | $39,987 | | Total current liabilities | $75,169 | $76,620 | | Total liabilities | $119,729 | $121,958 | | Total stockholders' equity | $68,581 | $66,968 | | TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $188,310 | $188,926 | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Q1 2025 operations show 18.3% revenue growth to $55.8 million, improved gross margin to 71.6%, and a net loss of $8.8 million Q1 2025 Statement of Operations Summary (in thousands, except per share data) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Revenue | $55,809 | $47,173 | | Gross Profit | $39,945 | $32,987 | | Loss from operations | $(9,320) | $(8,155) | | Net loss | $(8,825) | $(7,203) | | Net loss per share - basic and diluted | $(0.12) | $(0.10) | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Q1 2025 cash flow from operations significantly improved to a use of $0.2 million, with cash and equivalents increasing by $1.8 million Cash Flow Summary (in thousands) | Activity | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(219) | $(19,701) | | Net cash provided by investing activities | $2,258 | $6,131 | | Net cash used in financing activities | $(225) | $(6,577) | | **Net increase (decrease) in cash** | **$1,814** | **$(20,147)** | [Notes to the Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies, revenue disaggregation, single segment operations, and the subsequent $35.0 million TrueLark acquisition - The company operates as a single reportable segment, providing communications and payment services via its Weave platform in North America[79](index=79&type=chunk) Disaggregation of Revenue (in thousands) | Revenue Source | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Subscription and payment processing | $53,415 | $45,092 | | Onboarding | $888 | $960 | | Phone Hardware (embedded lease) | $1,506 | $1,121 | | **Total revenue** | **$55,809** | **$47,173** | - On May 4, 2025, the company entered into an agreement to acquire TrueLark for **$35.0 million**, consisting of **$25.0 million in cash** and **$10.0 million in stock**[83](index=83&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses 18% revenue growth, improved gross margin, key retention rates, the TrueLark acquisition, and enhanced free cash flow - Weave is an all-in-one customer experience and payments software platform for small and medium-sized healthcare businesses, integrating communications, patient engagement, and payment tools[86](index=86&type=chunk) - On May 4, 2025, the company agreed to acquire TrueLark, an AI-powered receptionist and front-desk automation platform, for **$35.0 million** (**$25.0M cash**, **$10.0M stock**)[88](index=88&type=chunk) Key Business Metrics | Metric | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Dollar-based net retention rate | 98% | 96% | | Dollar-based gross retention rate | 91% | 92% | Non-GAAP Financial Measures (in thousands) | Measure | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Free cash flow | $(1,062) | $(20,519) | | Free cash flow margin | (2)% | (43)% | | Adjusted EBITDA | $1,020 | $(358) | - The company's liquidity as of March 31, 2025, consisted of **$53.4 million in cash and cash equivalents** and **$44.8 million in short-term investments**[146](index=146&type=chunk)[148](index=148&type=chunk) Management believes this is sufficient to meet working capital needs for at least the next 12 months [Quantitative and Qualitative Disclosures About Market Risk](index=39&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's market risk exposure, including interest and foreign currency rates, remains materially unchanged from year-end 2024 - As of March 31, 2025, the company's exposure to market risk has not changed materially since December 31, 2024[163](index=163&type=chunk) [Controls and Procedures](index=40&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls were effective as of March 31, 2025, with no material changes to internal controls - The CEO and CFO concluded that as of March 31, 2025, the company's disclosure controls and procedures were effective[165](index=165&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[166](index=166&type=chunk) [PART II. OTHER INFORMATION](index=40&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=40&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently a party to any legal proceedings expected to have a material adverse effect on its business - The company is not presently a party to any legal proceedings that would individually or in aggregate have a material adverse effect on its business[169](index=169&type=chunk) [Risk Factors](index=42&type=section&id=Item%201A.%20Risk%20Factors) Key risks include historical losses, customer retention, third-party reliance, regulatory compliance, cybersecurity, and AI technology challenges - The company has a history of net losses, including **$8.8 million** for Q1 2025, and may not achieve or sustain profitability in the future[189](index=189&type=chunk) - Business success is highly dependent on attracting new customers, retaining existing ones, and increasing their use of the platform, particularly among small and medium-sized healthcare businesses which are susceptible to economic downturns[179](index=179&type=chunk)[185](index=185&type=chunk) - The company relies on a single supplier, Stripe, for its Weave Payments solution and substantially relies on Google Cloud Platform (GCP) to operate its platform, making it vulnerable to service interruptions from these providers[235](index=235&type=chunk)[245](index=245&type=chunk) - The business is subject to extensive regulation, including FCC rules for VoIP services, TCPA for communications, and HIPAA for protecting health information, with non-compliance posing risks of fines and liability[287](index=287&type=chunk)[297](index=297&type=chunk)[311](index=311&type=chunk) - The use of AI in the platform may not produce desired benefits and could result in increased liability, reputational harm, or other adverse consequences due to potential inaccuracies, bias, or infringement issues[250](index=250&type=chunk) [Other Information](index=86&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted or terminated Rule 10b5-1 trading arrangements during Q1 2025 - During the fiscal quarter ended March 31, 2025, none of the company's directors or officers adopted or terminated a Rule 10b5-1 trading arrangement[378](index=378&type=chunk) [Exhibits](index=87&type=section&id=Item%206.%20Exhibits) This section lists filed exhibits, including executive employment agreements, CEO/CFO certifications, and Inline XBRL financial data files - Filed exhibits include employment agreements for executives, CEO/CFO certifications (Rule 13a-14(a) and Section 1350), and financial statements in Inline XBRL format[379](index=379&type=chunk)