
	Three Months Ended July 31,				Six Months Ended July 31,
(in thousands)	2025		2024		2025		2024
Cost of revenue	$	1,973	$	1,103	$	3,640	$	2,084
Research and development	4,876		3,121		9,460		8,852
Sales and marketing	2,010		2,805		3,939		5,208
General and administrative	5,242		5,156		10,277		9,786
Total expense	14,101		12,185		27,316		25,930
Capitalized to internal-use software development costs and property and equipment	(645)		(619)		(1,318)		(1,292)
Total stock-based compensation expense	$	13,456	$	11,566	$	25,998	$	24,638


	Options Outstanding
	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Term (Years)	Aggregate Intrinsic Value (in thousands)
Balances at January 31, 2025	23,155,090	$	5.49	4.9
Exercised	(2,311,563)	$	3.06
Granted	—	$	—
Forfeited	(579,483)	$	7.83
Balances at July 31, 2025	20,264,044	$	5.70	4.3	$	32,590
Vested and exercisable at July 31, 2025	19,849,827	$	5.62	4.2	$	32,590

As of July 31, 2025, total unrecognized compensation cost related to stock options was $2.3 million, which is expected to be recognized over a weighted average remaining period of approximately 0.8 years.


	Number of RSUs	Weighted Average Grant Date Fair Value
Balances at January 31, 2025	32,609,227	$	3.14
Vested	(7,306,030)	$	3.48
Granted	11,616,120	$	3.76
Forfeited	(1,770,282)	$	3.18
Balances at July 31, 2025	35,149,035	$	3.27

During the six months ended July 31, 2025, the Company granted 11,616,120 RSUs, which generally vest over four years, subject to the recipient’s continued service through each applicable vesting date.

Stock-based compensation expense recognized for RSUs during the three and six months ended July 31, 2025 was $12.6 million and $23.9 million, respectively. Stock-based compensation expense recognized for RSUs during the three and six months ended July 31, 2024 was $9.5 million and $20.3 million, respectively. As of July 31, 2025, total unrecognized compensation cost related to RSUs was $105.4 million. These costs are expected to be recognized over a weighted average remaining period of approximately 2.6 years.

During the six months ended July 31, 2025, the Company granted 190,042 performance vesting restricted stock units (“PSUs”) to certain members of the Company’s senior management. A portion of the PSUs are subject to vesting requirements related to the achievement of certain revenue and adjusted EBITDA targets for the first half of the fiscal year ended January 31, 2026, and the remaining portion is subject to vesting requirements related to the achievement of certain revenue and adjusted EBITDA targets for the entire fiscal year ended January 31, 2026. Vesting is also subject to continued service through the applicable vesting dates, and the actual number of PSUs that may vest ranges from 0% to 125% of the PSUs granted based on achievement of the targets.

Stock-based compensation expense recognized for PSUs during the three and six months ended July 31, 2025 was $0.3 million and $0.4 million, respectively. Stock-based compensation expense recognized for PSUs during the three and six months ended July 31, 2024 was $0.3 million and $0.5 million, respectively. As of July 31, 2025, total unrecognized compensation cost related to PSUs was $0.4 million, which is expected to be recognized over a period of approximately 0.7 years.

Beginning in April 2024, the Company's eligible employees were able to begin participating in the Company's Employee Stock Purchase Program (“ESPP”). The ESPP allows eligible participants to contribute up to 10% of their eligible compensation towards the purchase of Class A common stock at a discounted price, subject to certain limitations. The purchase price of the shares on each purchase date is equal to 85% of the lower of the fair market value of Class A common stock on the first and last trading days of each offering period. The offerings under the ESPP are currently designed to be intended to qualify under Section 423 of the Internal Revenue Code. The Company estimates the fair value of each purchase right under the ESPP on the date of grant using the Black-Scholes valuation model and uses the straight-line attribution approach to record the expense over the six-month offering period.

During the three and six months ended July 31, 2025, the Company recognized $0.4 million and $0.6 million of stock-based compensation expense related to the ESPP, respectively. During the three and six months ended July 31, 2024, the Company recognized $0.2 million and $0.3 million of stock-based compensation expense related to the ESPP, respectively. As of July 31, 2025, total unrecognized compensation cost related to ESPP was $0.2 million. These costs are expected to be recognized over a period of approximately 0.2 years.

The Legacy Incentive Plan provided for the early exercise of stock options for certain individuals as determined by the Company’s board of directors. Shares of common stock issued upon early exercises of unvested options are not deemed, for accounting purposes, to be issued until those shares vest according to their respective vesting schedules and accordingly, the consideration received for early exercises is initially recorded as a liability and reclassified to common stock and additional paid-in capital as the underlying awards vest. As of July 31, 2025, the Company had a $3.6 million liability recorded for the early exercise of unvested stock options, and the related number of unvested shares subject to repurchase was 367,640.

Pursuant to the Merger Agreement, Former Planet equity award holders will have the right to receive Earn-out Shares that are contingently issuable in shares of Class A common stock. The Earn-out Shares may be earned in four equal tranches (i) when the closing price of Class A common stock equals or exceeds $15.00, $17.00, $19.00 and $21.00, over any 20 trading days within any 30 day trading period prior to December 7, 2026 or (ii) when the Company consummates a change of control transaction prior to December 7, 2026 that entitles its stockholders to receive a per share consideration of at least $15.00, $17.00, $19.00 and $21.00.

No Earn-out Shares vested during the three and six months ended July 31, 2025. As of July 31, 2025, there were 2,782,210 Earn-out Shares outstanding relating to Former Planet equity award holders. As of July 31, 2025 and January 31, 2025, there was no remaining unrecognized compensation cost related to the Earn-out Shares.