The Company has outstanding awards issued under the 2015 Plan and the 2023 Plan. Both plans provide for the grant of various types of stock-based compensation awards including, but not limited to, RSUs, PSUs, ISOs, NSOs, and RSAs. During the three months ended March 31, 2026, the Company granted RSUs and PSUs under the 2023 Plan. During the three months ended March 31, 2025, the Company solely granted RSUs under the 2023 Plan. As of March 31, 2026, the Company’s authorized common stock includes 90,087,037 shares of Series A common stock reserved for issuance of equity awards under the 2023 Plan, of which 62,482,311 shares are available for future grants.

During the three months ended March 31, 2026, the Company granted RSUs to employees under the 2023 Plan. RSUs granted under the 2023 Plan vest upon the satisfaction of service-based vesting conditions only. Generally, the service-based vesting condition requires the grantee to remain an eligible participant, as that term is defined in the 2023 Plan, for a period of 3 years or 4 years. Generally, RSUs vest quarterly over a 3 year period or vest 25% after 1 year, with the remainder vesting quarterly over the following 3 years.

During the three months ended March 31, 2026, the Company granted PSUs to key executives under the 2023 Plan. Of the PSUs granted under the 2023 Plan, 26,737 awards vest upon achievement of a specified financial performance target and are subject to continuous service throughout the applicable vesting date. These PSUs include a one-year performance period within a one-year vesting period. The fair value of these PSUs is the closing price of the Company's common stock on the grant date of the award and stock-based compensation cost is recognized, using the graded vesting attribution method over the requisite service period, when it becomes probable that the performance target will be achieved. The aggregate fair value of these PSUs granted during the three months ended March 31, 2026 was $0.5 million. As of March 31, 2026, the Company has determined that achievement of the performance target is not yet probable. Accordingly, no compensation expense has been recognized related to these PSUs during the three months ended March 31, 2026.

During the three months ended March 31, 2026, the Company additionally granted 1,193,238 PSUs that will vest in up to four tranches over a five-year measurement period, subject to the achievement of specified performance targets tied to the trading price of the Company’s Series A common stock and continuous service through the applicable vesting date. Each tranche of PSUs will vest only if the trading price of the Company’s Series A common stock closes at or above a specified dollar value for a period of at least sixty consecutive calendar days during the applicable measurement period. The stock price targets for tranches 1 through 4 are $40.00, $55.00, $70.00, and $85.00 per share, respectively, subject to proportionate adjustment in the event of any stock split or other similar change in the Company’s capital stock. The fair value of these PSUs is estimated on the grant date using a Monte Carlo simulation model and stock-based compensation cost is recognized using the graded vesting attribution method over the requisite service period. The aggregate fair value of these PSUs granted during the three months ended March 31, 2026 was $19.0 million. During the three months ended March 31, 2026, the Company recognized $1.8 million of stock-based compensation expense related to these PSUs.

On August 24, 2023, the Board of Directors adopted the ESPP. As of March 31, 2026, the Company reserved 13,712,401 shares of Series A common stock for issuance pursuant to purchase rights granted to the Company’s eligible employees under the ESPP. During the three months ended March 31, 2026 and 2025, the Company recognized stock-based compensation expense related to the ESPP of $1.9 million and $1.4 million, respectively. As of March 31, 2026,

During the three months ended March 31, 2025, the Company provided nine terminated employees with accelerated vesting on the service-based vesting condition of 24,134 RSUs. The Company recorded incremental stock-based compensation expense of $0.8 million resulting from the modifications.


	Three Months Ended March 31,
	2026		2025
Cost of revenue	$	2,098	$	1,757
Selling and marketing	10,520		12,097
Research and development	16,985		16,188
General and administrative	12,200		8,285
Stock-based compensation, net of amounts capitalized	41,803		38,327
Capitalized stock-based compensation expense	854		1,107
Total stock-based compensation expense	$	42,657	$	39,434