Equity Incentive Plan (Tables)

6 Months Ended

Jun. 30, 2025

RSU activity for the periods presented is as follows:


	Number of Shares	Weighted average grant date fair value
Balance as of December 31, 2024	5,091,601	$	19.22
RSUs granted	1,707,016	38.21
RSUs vested and settled	(1,270,271)	19.23
RSUs cancelled/forfeited	(311,902)	20.22
Balance as of June 30, 2025	5,216,444	$	26.03

The following summary of stock option activity for the periods presented is as follows (in thousands, except share and per share data):


	Number of Shares Underlying Outstanding Options	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Life (in Years)	Aggregate Intrinsic Value
Balance as of December 31, 2024	5,673,947	$	6.16	3.9	$	199,239
Options granted	—	—
Options exercised	(857,159)	5.43
Options cancelled/forfeited	(669)	5.71
Balance as of June 30, 2025	4,816,119	6.05		3.2	285,104
Exercisable as of June 30, 2025	4,613,599	$	5.79	3.2	$	274,326

Stock-based compensation expense was allocated as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024

Cost of revenue
Cost of subscription revenue	$	716	$	203	$	884	$	362
Cost of hardware revenue	438		224		673		408
Cost of other revenue	—		—		—		4
Total cost of revenue	1,154		427		1,557		774
Research and development	7,780		6,467		13,490		11,793
Sales and marketing	2,047		774		3,373		1,406
General and administrative	4,247		3,118		6,698		5,074
Total stock-based compensation, net of amounts capitalized	$	15,228	$	10,786	$	25,118	$	19,047