The Company has five components within its share-based compensation plan: stock options, DSUs, RSUs, PSUs and shares issued pursuant to the ESPP.

Share-based compensation expense associated with each component is as follows for the three months ended March 31:


	Three months ended March 31,
		2026	2025
		$	$
Stock options		456	235
DSUs		289	237
RSUs		489	293
PSUs		35	—
ESPP		15	24
		1,284	789

The following table presents share-based compensation expense by function for the three months ended March 31:


	Three months ended March 31,
		2026	2025
		$	$
Cost of revenue		90	14
General and administrative		642	499
Sales and marketing		325	81
Research and development		227	195
		1,284	789

The changes in the number of stock options during the three months ended March 31, 2026 and 2025 were as follows:


	2026		2025
	Number of options	Weighted average exercise price	Number of options	Weighted average exercise price
	#	C$	#	C$
Options outstanding – January 1	1,019,930	33.78	827,642	34.11
Options granted	—	—	264,402	44.76
Options forfeited	(45,713)	49.32	(67,940)	53.85
Options exercised	—	—	(6,051)	48.22
Options expired	(8,310)	51.74	(146)	86.38

Options outstanding – March 31	965,907	32.89	1,017,907	35.47
Options exercisable – March 31	611,675	25.77	520,851	21.40

There were no options granted during the three months ended March 31, 2026; the weighted average fair value of share options granted during the three months ended March 31, 2025 was estimated at the date of grant using the Black-Scholes option pricing model using the following inputs:



	2026			2025
	C$			C$
Weighted average stock price valuation	$	—		$	44.76
Weighted average exercise price	$	—		$	44.76
Risk-free interest rate	—		%	2.60		%
Expected life in years	nil			4.5
Expected dividend yield	—		%	—		%
Volatility	—		%	52		%
Weighted average fair value of options issued	$	—		$	20.24

The following table is a summary of the Company’s stock options outstanding as at March 31, 2026:


Options outstanding			Options exercisable
Exercise price range	Number outstanding	Weighted average remaining contractual life (years)	Exercise price range	Number exercisable
C$	#	#	C$	#
0.0001 - 1.09	234,120	0.48	0.0001 - 1.09	234,120

8.86 - 11.06	18,500	4.97	8.86 - 11.06	18,500
15.79 - 16.00	85,628	2.84	15.79 - 16.00	85,628
26.43 - 60.00	579,604	3.72	26.43 - 60.00	244,615
60.01 - 95.12	48,055	3.01	60.01 - 95.12	28,812
	965,907	2.84		611,675

The following table is a summary of the Company’s stock options outstanding as at March 31, 2025:


Options outstanding			Options exercisable
Exercise price range	Number outstanding	Weighted average remaining contractual life (years)	Exercise price range	Number exercisable
C$	#	#	C$	#
0.0001 - 1.09	234,120	1.48	0.0001 - 1.09	234,120

8.86 - 11.06	21,242	5.22	8.86 - 11.06	21,242
15.79 - 16.00	93,947	4.23	15.79 - 16.00	93,947
26.43 - 60.00	585,873	4.60	26.43 - 60.00	146,132
60.01 - 95.12	82,725	4.20	60.01 - 95.12	25,410
	1,017,907	3.83		520,851


			#





DSUs – December 31, 2025			173,592
Granted (at C$30.43 - C$30.43 per unit)			5,648


DSUs - March 31, 2026			179,240


			#




RSUs – December 31, 2025			218,306
Granted (at C$24.35 - C$24.51 per unit)			732,437
Released (at C$40.94 - $75.65 per unit)			(31,738)
Forfeited (at C$37.04 - $75.65 per unit)			(20,548)
RSUs - March 31, 2026			898,457






			#
PSUs – December 31, 2025			—
Granted (at C$25.69 per unit)			59,210


PSUs - March 31, 2026			59,210