The Company’s Amended and Restated 2018 Equity Incentive Plan (the “2018 Plan”) provides for the issuance of stock options, restricted stock, restricted stock units (“RSUs”), preferred stock and other awards to employees, directors, consultants and other service providers.

The Company grants awards to employees under annual long-term incentive plans (“LTIP”) to align the incentive structure to the long-term goals of the Company, promote retention, and promote the achievement of targeted results. LTIP awards have included service-based RSUs and performance-based restricted stock units (“PSUs”). PSUs vest subject to the Company’s achievement of defined performance measures and continued employment.

The Company grants service-based RSUs to employees, directors, and consultants. RSUs granted to employees generally vest over a four-year period from the date of grant; however, in certain instances, all or a portion of a grant may vest immediately. RSUs granted to directors generally vest over a one-year period. The Company measures the fair value of RSUs at the grant date and recognizes expenses on a straight-line basis over the requisite service period from the date of grant for each separately-vesting tranche under the graded-vesting attribution method.


	Number of RSUs	Weighted Average Grant Date Fair Value





Nonvested at December 31, 2025	7,644,581	$	15.50
Granted	6,905,889	8.06
Forfeited	(21,385)	17.48
Vested	(1,081,185)	14.90

Nonvested at March 31, 2026	13,447,900	$	11.72

As of March 31, 2026, there was approximately $88.7 million of aggregate unrecognized stock-based compensation related to unvested service-based RSUs that is expected to be recognized over the next 2.7 years.

The Company grants PSUs to certain employees as part of its long-term incentive plans. PSUs generally vest based on the achievement of predefined performance-based and market-based conditions over a specified performance period, typically over a four year period from the date of grant, and continued employment through the vesting date. The performance-based conditions are primarily based on financial and operational metrics aligned with the Company’s long-term strategic objectives. The number of PSUs that are subject to vest can range between 0% and 249% of the target award amount, based on the level of achievement of the applicable performance-based and market-based conditions.


	Number of PSUs	Weighted Average Grant Date Fair Value (1)





Nonvested at December 31, 2025	3,798,141	$	20.38
Granted	6,837,681	9.36
Forfeited	(11,358)	33.97
Vested	(1,203,546)	22.82

Nonvested at March 31, 2026	9,420,918	$	12.05

(1) Weighted average grant date fair value reflects the incremental impact of the Company’s modified 2024 LTIP awards, which resulted in a 200% achievement of the target level as of the December 2024 modification date.

As of March 31, 2026, there was approximately $97.1 million of aggregate unrecognized stock-based compensation related to unvested PSUs that is expected to be recognized over the next 2.0 years.


	Three Months Ended March 31,
(in thousands)		2026		2025
Performance-based restricted stock units		$	14,752	$	24,323
Restricted stock units		17,121		24,792
Total stock-based compensation expense		$	31,873	$	49,115

The following table presents information about stock-based compensation expense by financial statement line item on the Company’s Condensed Consolidated Statements of Operations:


	Three Months Ended March 31,
(in thousands)		2026		2025
Operating and maintenance costs		$	681	$	91

General and administrative		29,155		48,920
Research and development		670		104
Restructuring costs (1)		1,367		—
Total stock-based compensation expense		$	31,873	$	49,115

(1) Represents stock-based compensation expenses recognized in connection with the 2026 Restructuring Plan. Refer to Note 2 – Summary of Significant Accounting Policies, “Restructuring Costs,” for further information.