v3.25.2
Stock-based compensation
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-based compensation Stock-based compensation
Employee stock-based compensation cost recognized in the unaudited condensed consolidated statements of income/(loss) and comprehensive income/(loss) was as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
(in thousands)
Cost of revenues
$564 $510 $1,134 $992 
Engineering, research, and development669 803 1,812 2,091 
Sales and marketing1,106 1,321 2,946 2,998 
General and administrative4,378 4,857 11,568 12,749 
Total stock-based compensation$6,717 $7,491 $17,460 $18,830 
Stock Options
2018 Stock Plan
Stock option activity under the Company’s 2018 Stock Plan is set forth below:
Number of OptionsWeighted Average Exercise PriceAggregate Intrinsic Value (in thousands)Weighted Average Contractual Term
(in years)
Options outstanding as of January 1, 2025
1,285,930 $3.54 $24,047 
Options exercised(45,405)$3.54 
Options outstanding as of June 30, 2025
1,240,525 $3.54 $9,937 3.6
Options vested and exercisable as of June 30, 2025
1,240,525 $3.54 $9,937 3.6
As of June 30, 2025, the Company fully recognized stock-based compensation costs related to 2018 Stock Plan options.
2020 Equity Incentive Plan
As of June 30, 2025, 2.9 million shares were available for grant under 2020 Equity Incentive Plan (“2020 Plan”).
Stock option activity under the Company’s 2020 Plan is set forth below:
Number of OptionsWeighted Average Exercise PriceAggregate Intrinsic Value (in thousands)Weighted Average Contractual Term
(in years)
Options outstanding as of January 1, 2025
2,748,391 $12.75 $26,881 
Options exercised(45,172)$10.68 
Options forfeited(39,025)$13.81 
Options expired(38,305)$18.89 
Options outstanding as of June 30, 2025
2,625,889 $12.68 $3,368 6.1
Options vested and exercisable as of June 30, 2025
2,143,604 $12.46 $3,305 5.8
The Company elected the policy to account for forfeitures upon occurrence. The total unrecognized compensation expenses related to 2020 Stock Plan options as of June 30, 2025 were $2.8 million to be expensed on a straight-line basis over the remaining 1.5 years.
Restricted Stock Units (“RSUs”)
RSUs granted do not participate in earnings or dividends, and do not have voting rights until vested.
The following table summarizes activity of the Company’s RSUs for the six months ended June 30, 2025:
Number of SharesWeighted Average Grant Date Fair Value
Unvested awards as of January 1, 2025
1,795,865 $13.39 
Awards granted273,175 $22.13 
Awards vested and released(613,644)$13.18 
Awards forfeited(25,285)$15.03 
Unvested awards as of June 30, 2025
1,430,111 $15.12 
The total unrecognized compensation expenses related to 2020 Stock Plan RSUs as of June 30, 2025 were $18.4 million to be expensed on a straight-line basis over 2.1 years.
Performance Stock Units (“PSUs”)
The following table summarizes activity of the Company’s PSUs for the six months ended June 30, 2025:
Number of SharesWeighted Average Grant Date Fair Value
Unvested awards as of January 1, 2025(1)
2,171,376 $13.28 
Awards granted47,000 $26.14 
Performance achievement adjustment436,791 $15.05 
Modifier adjustments197,938 $13.72 
Awards vested and released(1,104,064)$11.96 
Awards forfeited(8,512)$13.74 
Unvested awards as of June 30, 2025(2)
1,740,529 $14.96 
__________________________
(1)Reported at the estimate performance adjustment of 208% of the first tranche granted in 2024 and 100% for the remaining tranches.
(2)Reported at the estimate performance achievement of 179% and 100% for the second and third tranches of the target shares granted in 2024 and 2025, respectively.
The total estimated unrecognized compensation expenses related to 2020 Stock Plan PSUs as of June 30, 2025 were $10.5 million to be expensed over 1.0 years.