Khosla Ventures Acquisition Co. II

The operating turn is the story and it is broad-based: revenue up 15% while costs fell 6%, taking the quarterly loss to $2.1 million from $15.4 million. The balance sheet carries $378.0 million of cash and marketable securities against $51.2 million of total liabilities and no debt line, so the company is funded well past the point at which the loss closes. Share count fell — 255,064 thousand Class A shares issued against 262,446 thousand at year end — so the equity base is shrinking rather than diluting.

An evergreen that added 19.5 million shares to the plan reserve in a single January is real, recurring dilution that requires no shareholder vote - the count grows every year regardless of performance. The pay-versus-performance table reports a 2025 net loss of $54,204,000 with a total shareholder return value of $16 per $100 invested against a peer group at $110, so holders have lost roughly 84% since the measurement date while the plan reserve expands.

The Class A line is what a holder ends up owning and it is registered at no fee at all: 364,714,149 shares issuable on conversion of Class B, including on exercise or settlement of New Nextdoor stock options and restricted stock units. Part of the Class B count is built from 19,553,931 Nextdoor shares reserved for equity awards outstanding as of September 26, 2021 and awards issuable after that date under the merger agreement, so the employee overhang sits inside the registered ceiling.

The same class is priced two ways in adjacent lines, hundreds of thousands of times apart: 61,538,356 Class B shares are valued at $10.58 while 303,175,793 Class B shares are valued at $0.000033 each, a par-based figure producing $10,004.80 of aggregate offering price and 93 cents of fee. The Class A line carries no fee at all because those shares are issuable only on conversion of the Class B, including on exercise or settlement of New Nextdoor stock options and restricted stock units.

The same class of stock is priced two ways in adjacent lines, and the cheaper line is roughly five times the larger-priced one: 303,175,793 Class B shares are registered at $0.000033 each for $10,004.80 of offering price and $0.93 of fee, while 61,538,356 Class B shares carry $10.58 each and almost the entire $60,354.73. A reader treating the $651,085,811.28 aggregate as the value of what is issued would be reading one tranche and ignoring the far larger one.

Two lines of the same class of stock are priced on wildly different bases, $10.58 against $0.000033, so the larger block of Class B contributes just $1.09 of the $71,969.63 fee. The $10.58 line is built from Nextdoor equity awards: 19,813,964 shares reserved for options and 209,130 for restricted stock units outstanding as of August 31, 2021, each converted at an exchange ratio of 3.1049 KVSB Class B shares per Nextdoor share. Class A is registered only as a conversion of Class B, including on exercise of options and RSUs.

What changed: 8-K of Nextdoor Holdings, Inc. Item 2.02 (results of operations and financial condition): on August 4, 2026 the Company issued a press release announcing its financial results for the second quarter ended June 30, 2026, and announced a conference call on August 5, 2026 to discuss them. The press release is furnished as Exhibit 99.1. The Item 2.02 information and the exhibit are furnished and shall not be deemed filed for Section 18 purposes or incorporated by reference. Exhibit 104 is the cover page Inline XBRL. Signed by CFO and Treasurer Indrajit Ponnambalam. Why it matters: Routine quarterly earnings furnishing by a post-combination operating company. No figure appears in the report itself; the results are entirely in Exhibit 99.1.

What changed: Nextdoor Holdings reported second-quarter revenue of $74.6 million, up 15% year over year, with total costs and expenses of $80.2 million, down 6%. Net loss fell 86% to $2.1 million from $15.4 million, and adjusted EBITDA was $9.5 million against a $2.2 million loss a year earlier. Cash, cash equivalents and marketable securities were $378.0 million at June 30, 2026. Total assets were $461,864 thousand against $486,803 thousand, and total liabilities $51,238 thousand. Why it matters: The operating turn is the story and it is broad-based: revenue up 15% while costs fell 6%, taking the quarterly loss to $2.1 million from $15.4 million. The balance sheet carries $378.0 million of cash and marketable securities against $51.2 million of total liabilities and no debt line, so the company is funded well past the point at which the loss closes. Share count fell — 255,064 thousand Class A shares issued against 262,446 thousand at year end — so the equity base is shrinking rather than diluting.