lifx-20250331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________

FORM 10-Q


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the quarterly period ended March 31, 2025


¨			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 001-42120

Life360, Inc.

(Exact name of registrant as specified in its charter)


Delaware			26-0197666
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

1900 South Norfolk Street, Suite 310 San Mateo, CA			94403
(Address of principal executive offices)			(Zip Code)

Tel: (415) 484-5244

(Registrant's telephone number, including area code)

Not Applicable.

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.001 par value per share	LIF	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

As of May 6, 2025, the registrant had 76,528,724 shares of common stock, par value $0.001 per share, including shares underlying all issued and outstanding Chess Depositary Interests (“CDIs”), outstanding.

Life360, Inc.

Form 10-Q for the Quarter Ended March 31, 2025

Table of Contents


		Page

Part I - Financial Information

Item 1.	Financial Statements (unaudited)	1
	Condensed Consolidated Balance Sheets	2
	Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)	3
	Condensed Consolidated Statements of Stockholders’ Equity	4
	Condensed Consolidated Statements of Cash Flows	5
	Notes to Condensed Consolidated Financial Statements (unaudited)	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	21

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	32

Item 4.	Controls and Procedures	33

Part II - Other Information

Item 1.	Legal Proceedings	34

Item 1A.	Risk Factors	34

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	35

Item 3.	Defaults Upon Senior Securities	35

Item 4.	Mine Safety Disclosures	35

Item 5.	Other Information	35

Item 6.	Exhibits	37

Signatures		38

In this report, unless otherwise stated or the context otherwise indicates, the terms “Life360,” “the Company,” “we,” “us,” “our” and similar references refer to Life360, Inc. and its consolidated subsidiaries. The Life360 logo, and other trademarks, trade names or service marks of Life360, Inc. appearing in this Quarterly Report on Form 10-Q are the property of Life360, Inc. All other trademarks, trade names and service marks appearing in this Quarterly Report on Form 10-Q are the property of their respective owners. Solely for convenience, the trademarks and trade names in this report may be referred to without the ® and ™ symbols, but such references should not be construed as any indicator that their respective owners will not assert their rights thereto.

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FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (this “Quarterly Report”) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on our management’s beliefs and assumptions and on information currently available to our management. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).. These forward-looking statements include statements regarding, among other things, (a) our expectations regarding our results of operations and key performance indicators, (b) key factors affecting our performance (c) our growth strategy, (d) our future financing plans, and (e) our anticipated needs for, and use of, working capital. They are generally identifiable by use of the words: “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. We caution you the foregoing list may not contain all of the forward-looking statements made in this Quarterly Report. These forward-looking statements are subject to risks and uncertainties, many of which are outside of our control, including risks related to our business, market risks, our need for additional capital, and the risk that our products and services may not perform as expected, as described in “Risk Factors” under Part II, Item 1A in this Quarterly Report and Part I, Item 1A of the Company’s Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission (the “SEC”) on February 27, 2025 (“Annual Report”), as well as in other sections of this report, as such risks may be updated in subsequent filings with the SEC or the Australian Securities Exchange (“ASX”). In light of these risks and uncertainties, there can be no assurance that the forward-looking statements contained in this filing will in fact occur. You should not place undue reliance on these forward-looking statements.

The forward-looking statements are not historical facts, but rather are based on current expectations, estimates, assumptions and projections about our industry, business and future financial results. The forward-looking statements speak only as of the date on which they are made, and, except to the extent required by federal securities laws, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date on which the statements are made or to reflect the occurrence of unanticipated events. Our actual results could differ materially from the results contemplated by these forward-looking statements due to a number of factors, including, but not limited to, those discussed in “Risk Factors” under Part II, Item 1A in this Quarterly Report and Part I, Item 1A in our Annual Report, and other sections in this Quarterly Report.

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements (unaudited)

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Life360, Inc.

Condensed Consolidated Balance Sheets

(Dollars in U.S. $, in thousands, except share and per share data)

(unaudited)


	March 31, 2025		December 31, 2024
Assets
Current Assets:
Cash and cash equivalents	$	168,852	$	159,238

Accounts receivable, net (including related party receivables of $0 and $55, respectively)	52,009		57,997
Inventory	9,571		8,057
Costs capitalized to obtain contracts, net	1,178		1,098
Prepaid expenses and other current assets	18,499		14,599
Total current assets	250,109		240,989
Restricted cash, noncurrent	1,503		1,221
Property and equipment, net	2,598		1,779
Costs capitalized to obtain contracts, noncurrent	1,000		1,049
Prepaid expenses and other assets, noncurrent	21,951		21,611
Operating lease right-of-use asset	598		683
Intangible assets, net	43,044		40,574
Goodwill	134,619		133,674
Total Assets	$	455,422	$	441,580
Liabilities and Stockholders’ Equity
Current Liabilities:
Accounts payable	$	5,212	$	5,463
Accrued expenses and other current liabilities	27,065		32,015


Deferred revenue, current	41,757		39,860
Total current liabilities	74,034		77,338


Deferred revenue, noncurrent	4,845		5,338
Other liabilities, noncurrent	263		359
Total Liabilities	$	79,142	$	83,035
Commitments and Contingencies (Note 8)
Stockholders’ Equity
Common Stock, $0.001 par value; 500,000,000 authorized as of March 31, 2025 and December 31, 2024, respectively; 76,418,660 and 75,404,996 issued and outstanding as of March 31, 2025 and December 31, 2024, respectively	76		75
Additional paid-in capital	661,479		648,124
Accumulated deficit	(285,320)		(289,698)
Accumulated other comprehensive income	45		44
Total stockholders’ equity	376,280		358,545
Total Liabilities and Stockholders’ Equity	$	455,422	$	441,580

See accompanying notes to the condensed consolidated financial statements (unaudited).

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Life360, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

(Dollars in U.S. $, in thousands, except share and per share data)

(unaudited)


	Three Months Ended March 31,
	2025		2024
Subscription revenue	$	81,874	$	61,579
Hardware revenue	8,907		10,188
Other revenue (including related party revenue of $292 and $0, respectively)	12,843		6,460
Total revenue	103,624		78,227
Cost of subscription revenue	10,141		9,315
Cost of hardware revenue	8,597		8,012
Cost of other revenue	1,337		887
Total cost of revenue	20,075		18,214
Gross profit	83,549		60,013
Operating expenses:
Research and development	30,403		27,258
Sales and marketing	35,308		24,733
General and administrative	15,649		14,401
Total operating expenses	81,360		66,392
Income (loss) from operations	2,189		(6,379)
Other income (expense):
Convertible notes fair value adjustment	—		(608)
Derivative liability fair value adjustment	—		(1,707)



Other income, net	1,975		311
Total other income (expense), net	1,975		(2,004)
Income (loss) before income taxes	4,164		(8,383)
Provision for (benefit from) income taxes	(214)		1,394
Net income (loss)	$	4,378	$	(9,777)
Net income (loss) per share, basic (Note 14)	$	0.06	$	(0.14)
Net income (loss) per share, diluted (Note 14)	$	0.05	$	(0.14)
Weighted-average shares used in computing net income (loss) per share, basic (Note 14)	75,699,493		68,535,626
Weighted-average shares used in computing net income (loss) per share, diluted (Note 14)	83,445,337		68,535,626
Comprehensive income (loss)
Net income (loss)	$	4,378	$	(9,777)
Change in foreign currency translation adjustment	1		1
Total comprehensive income (loss)	$	4,379	$	(9,776)

See accompanying notes to the condensed consolidated financial statements (unaudited).

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Life360, Inc.

Condensed Consolidated Statements of Stockholders’ Equity

(Dollars in U.S. $, in thousands, except share and per share data)

(unaudited)


	Common Stock			Additional Paid-In Capital		Accumulated Deficit		Accumulated Other Comprehensive Income		Total Stockholders’ Equity
	Shares	Amount



























Balance at December 31, 2024	75,404,996	$	75	$	648,124	$	(289,698)	$	44	$	358,545
Exercise of stock options	346,874	—		3,039		—		—		3,039

Vesting of restricted stock units	644,538	1		(1)		—		—		—
Taxes paid related to the settlement of equity awards, net of settlement proceeds received	—	—		(856)		—		—		(856)
Stock-based compensation expense	—	—		10,173		—		—		10,173
Shares issued in connection with an acquisition	22,252	—		1,000		—		—		1,000
Change in foreign currency translation adjustment	—	—		—		—		1		1
Net income	—	—		—		4,378		—		4,378
Balance at March 31, 2025	76,418,660	76		661,479		(285,320)		45		376,280


	Common Stock			Additional Paid-In Capital		Accumulated Deficit		Accumulated Other Comprehensive Income		Total Stockholders’ Equity
	Shares	Amount
Balance at December 31, 2023	68,155,830	$	70	$	532,128	$	(285,143)	$	9	$	247,064
Exercise of stock options	277,309	—		2,307		—		—		2,307
Exercise of warrants	41,685	—		94		—		—		94
Vesting of restricted stock units	965,238	1		(1)		—		—		—
Taxes paid related to net settlement of equity awards	—	—		(8,110)		—		—		(8,110)
Stock-based compensation expense	—	—		8,261		—		—		8,261
Change in foreign currency translation adjustment	—	—		—		—		1		1
Net loss	—	—		—		(9,777)		—		(9,777)
Balance at March 31, 2024	69,440,062	$	71	$	534,679	$	(294,920)	$	10	$	239,840

See accompanying notes to the condensed consolidated financial statements (unaudited).

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Life360, Inc.

Condensed Consolidated Statements of Cash Flows

(Dollars in U.S. $, in thousands)

(unaudited)


	Three Months Ended March 31,
	2025		2024
Cash Flows from Operating Activities:
Net income (loss)	$	4,378	$	(9,777)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	2,862		2,295

SEC Form 10-Q filed by Life360 Inc.