The following table summarizes the activity for all stock options under all of the Company’s equity incentive plans for the three months ended March 31, 2026 (shares and aggregate intrinsic value in thousands):


	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value
Outstanding at December 31, 2025	3,083	$	20.52	3.92	$	15,626
Granted	—	—
Exercised	(251)	5.08
Canceled	—	28.80
Outstanding at March 31, 2026	2,832	$	21.89	4.00	$	5,389

Options vested and exercisable at March 31, 2026	2,818	$	21.85	3.98	$	5,389

The following table summarizes the activity for all restricted stock units (“RSUs”) under all of the Company’s equity incentive plans for the three months ended March 31, 2026 (shares in thousands):


	Number of Awards	Weighted Average Grant Date Fair Value
Unvested balance at December 31, 2025	17,299	$	10.34
Granted	1,981	13.94
Issued	(1,651)	15.03
Canceled / forfeited	(235)	9.94
Unvested balance at March 31, 2026	17,394	$	10.31

Under the Company’s 2015 Employee Stock Purchase Plan (“ESPP”), as amended, eligible employees are offered shares bi-annually through a 24-month offering period with six-month purchase periods. Each purchase period begins on the first trading day on or after May 15 and November 15 of each year. Employees may purchase a limited number of shares of the Company’s common stock via regular payroll deductions at a discount of 15% of the lower of the fair market value of the Company’s common stock (i) on the first trading date of each offering period or (ii) on the exercise date. Employees may deduct up to 15% of payroll, with a cap of $25,000 of fair market value of the Company’s common stock in any calendar year and 10,000 shares of the Company’s common stock per employee per purchase period.

The Company recognized stock-based compensation expense, including ESPP expenses, in the consolidated statements of operations as follows (in thousands):


	Three Months Ended March 31,
		2026		2025
Cost of customer agreements and incentives		$	2,893	$	2,493
Cost of energy systems and product sales		836		454
Sales and marketing		6,933		10,156
Research and development		1,289		993
General and administration		14,351		10,875
Total		$	26,302	$	24,971

During the three months ended March 31, 2026 and 2025, stock-based compensation expense capitalized to energy systems, net in the Company’s consolidated balance sheets was $1.8 million and $2.4 million, respectively.