Nextdoor operates a neighborhood-focused social network that connects residents with each other, local businesses, and public agencies. Users must register with their real name and home address, creating a verified, location-anchored community. As of year-end 2025, Nextdoor had 105M verified neighbors across 350,000 neighborhoods in 11 countries. Nextdoor is an advertising business: revenue comes almost entirely from ads served inside the platform to verified, locally identifiable users. The platform sells ads to businesses ranging from local tradespeople to national brands, with the key revenue drivers being active advertiser count, ad impressions (driven by user engagement), and ad yield. Nextdoor runs two ad channels: a self-serve ads manager, which represents roughly 60% of revenue, and a managed direct sales channel for larger advertisers. Nextdoor is also building out programmatic ad-buying integrations to reduce friction for large advertisers. The company argues its core differentiator is verified neighborhood-level identity — Nextdoor knows exactly where users live, enabling precise first-party geographic targeting that general social platforms cannot replicate. Nextdoor has been executing a product turnaround under returning CEO Nirav Tolia, focused on making the platform a daily habit by enriching the feed with local news from 4,000+ publishers, real-time geo-targeted alerts, and an AI-powered neighbor recommendations feature. Management is deliberately reducing notification volume and holding ad load flat to prioritize engagement quality over short-term growth metrics. Nextdoor reached full-year positive adjusted EBITDA in 2025, ahead of schedule, and ended the year with over $400M in cash and no debt.