Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating activities:
Net income (loss)	$ (8,797)	$ (21,969)
Adjustments to reconcile net loss to net cash used in operating activities:
Allowance for credit losses	(749)	443
Depreciation and amortization	7,998	8,437
Operating lease expense	2,541	1,985
Gain on foreign currency, net	(6,207)	(2,793)
Deferred tax benefit	(2,151)	(1,143)
Loss on debt and equity securities, net	2,627	930
Change in severance benefit, net	1,562	574
Loss on equity method investments, net	446	569
Stock-based compensation	7,625	18,253
Other non-cash items	(2,963)	(1,369)
Changes in operating assets and liabilities
Changes in receivables	(11,669)	750
Changes in other assets	(4,122)	(2,250)
Changes in accounts payable	4,083	(2,801)
Changes in accrued expenses	(9,321)	(15,342)
Changes in contract liabilities	7,501	(1,450)
Changes in other liabilities	2,516	(236)
Changes in operating lease liabilities	(2,767)	(1,240)
Net cash used in operating activities	(11,847)	(18,652)
Investing activities:
Proceeds from maturities of short-term investments	684	3,446
Proceeds from sale of property and equipment	23	77
Purchases of property and equipment	(3,148)	(536)
Purchases of debt and equity securities	0	(3,789)
Payment made for short-term investments	(1,368)	(4,824)
Payment made for loan receivable	(68)	(207)
Purchases of intangible assets	(2,867)	(2,444)
Other investing activities	0	249
Net cash used in investing activities	(6,744)	(8,028)
Financing activities:
Proceeds from issuance of common stock related to private placement, net	32,682	0
Proceeds from stock option exercise	0	82
Net cash provided by financing activities	32,682	82
Effect of exchange rate changes on cash and cash equivalents	(1,045)	4,332
Cash and cash equivalents:
Net increase (decrease) in cash and cash equivalents	13,046	(22,266)
Cash and cash equivalents at beginning of the year	581,806	572,402
Cash and cash equivalents at end of the year	594,852	550,136
Supplemental disclosure:
Income taxes paid	2,711	6,826
Reclassification of long-term advances to current	(10,901)	(28,973)
Increase in right-of-use assets recognized from new lease agreements	$ 4	$ 12,007

WEBTOON Entertainment Inc. 10-Q