Stock-Based Compensation

6 Months Ended

Jun. 30, 2025

Stock-Based Compensation [Abstract]

STOCK-BASED COMPENSATION

NOTE 11 - STOCK-BASED COMPENSATION:

Stock Options

As of June 30, 2025, and December 31, 2024, the number of ordinary shares included in the Company’s option plans totaled to 41,240,618 and 35,874,244, respectively.

1,293,113 out of the outstanding options that have not yet vested as of June 30, 2025, have acceleration mechanisms according to certain terms set forth in the grant agreements primarily in the case of an M&A Transaction which constitutes a Liquidation Event.

As of June 30, 2025, the unrecognized compensation costs related to those unvested stock options are $1,466 thousand, which are expected to be recognized over a weighted-average period of 1.97 years.

The following is a summary of the status of the Company’s share option plan as of June 30, 2025:

		Six months ended on
		June 30, 2025
		Number of Options				Weighted- Average Exercise price
Options outstanding as of December 31, 2024			10,569,170			$	1.07
Granted during the period			1,689,425			$	2.31
Exercised during the period			(476,431	)		$	0.81
Forfeited during the period			(16,563	)		$	2.10
Options outstanding as of June 30, 2025			11,765,601			$	1.26
Options exercisable as of June 30, 2025			9,934,550			$	1.04

The following table summarizes information about stock options outstanding as of June 30, 2025:

Outstanding as of June 30, 2025																		Exercisable as of June 30, 2025
Range of exercise prices		Number outstanding				Weighted average remaining contractual term				Weighted average exercise price				Aggregate intrinsic value (U.S. dollars in thousands)				Number Exercisable				Weighted average remaining contractual term				Weighted Average exercise price				Aggregate intrinsic value (U.S. dollars in thousands)
$0.15-$0.86			9,166,342				3.78				0.80				16,788				9,146,842				3.77				0.80				16,754
$1.87			3,313				5.53				1.87				3				3,313				5.53				1.87				3
$2.10-$2.13			55,710				6.25				2.13				28				13,928				6.25				2.13				7
$2.27			1,177,500				6.99				2.27				424				-				-				-				-
$2.39-$2.41			937,194				6.09				2.40				215				428,595				5.73				2.39				101
$4.99			196,625				4.55				4.99				-				147,955				4.55				4.99				-
$5.36			140,000				5.36				4.00				-				105,000				5.36				4.00				-
$7.58			85,380				3.55				7.58				-				85,380				3.55				7.58				-
$9.07			3,537				3.46				9.07				-				3,537				3.46				9.07				-

The calculated fair value of option grants was estimated using the Black-Scholes option-pricing model with the following assumptions:

		For the Six months ended on June 30, 2025				For the six months ended on June 30, 2024
Expected term			4-5				4-5
Expected volatility			59.63%-63.35%				58.56%
Expected dividend rate			0%				0%
Risk-free rate			3.73%-4.36%				3.85%-3.92%

During the six months period ended on June 30, 2024, 789,425 options were granted to related parties (please refer to Note 15 for further information).

As of June 30, 2024, the unrecognized compensation costs related to unvested stock options was $2,140 thousand, which are expected to be recognized over a weighted-average period of 1.95 years.

The weighted-average fair value of the options that were granted during the period ended June 30, 2025 was $2.31 at the grant date.

The total intrinsic value of options exercised during the period of six months ended June 30, 2025 and 2024 was $829 and $1,821 thousand, respectively.

The following table presents the classification of the stock options expenses for the periods indicated:

		Six months ended June 30								Three months ended June 30
		2025				2024				2025				2024
		U.S. dollars in thousands

Cost of revenue			37				88				10				44
Research and development			229				441				94				218
Sales and marketing			84				490				26				241
General and administrative			311				563				148				187
Total stock-based compensation			661				1,582				278				690

Restricted Stock Units

The following is a summary of the status of the Company’s RSU’s as of June 30, 2025, as well as changes during the period of nine months ended June 30, 2025:

		Number of RSUs				Weighted-Average Grant Date Fair Value
RSUs outstanding at the beginning of the year			8,827,092			$	3.13
Granted during the period			4,583,634			$	2.15
Vested during the period			(2,515,132	)		$	3.15
Forfeited during the period			(250,725	)		$	2.71
Outstanding at the end of the period			10,644,869			$	2.72

As of June 30, 2025, the unrecognized compensation cost related to unvested RSUs totaled to approximately $23,931 thousand and is expected to be expensed over a weighted-average recognition period of approximately 2.50 years.

During the six months ended on June 30, 2025, 549,654 RSU’s were granted to several related parties (please refer to Note 15 regarding Related Parties).

The following table presents the classification of RSU’s expenses for the periods indicated:

		Six months ended June 30								Three months ended June 30
		2025				2024				2025				2024
		U.S. dollars in thousands

Cost of revenue			459				386				236				199
Research and development			3,525				2,957				1,789				1,512
Sales and marketing			1,976				1,489				807				762
General and administrative			1,319				1,085				664				572
Total stock-based compensation-RSUs			7,279				5,917				3,496				3,045