v3.26.1
Stockholders’ equity
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Stock-based compensation Stockholders’ equity
Stock-based compensation expense
Employee stock-based compensation cost recognized in the unaudited condensed consolidated statements of income was as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
(in thousands)
Cost of revenues
$333 $564 $843 $1,134 
Engineering, research, and development290 669 744 1,812 
Sales and marketing488 1,106 1,719 2,946 
General and administrative3,318 4,378 9,577 11,568 
Total stock-based compensation$4,429 $6,717 $12,883 $17,460 
Stock Options
2018 Stock Plan
Stock option activity under the Company’s 2018 Stock Plan is set forth below:
Number of OptionsWeighted Average Exercise PriceAggregate Intrinsic Value (in thousands)Weighted Average Contractual Term
(in years)
Options outstanding as of January 1, 20261,240,525 $3.54 $6,811 
Options exercised— $— 
Options outstanding as of June 30, 2026
1,240,525 $3.54 $2,655 2.6
Options vested and exercisable as of June 30, 2026
1,240,525 $3.54 $2,655 2.6
As of June 30, 2026, the Company fully recognized stock-based compensation costs related to 2018 Stock Plan options.
2020 Equity Incentive Plan
As of June 30, 2026, 4.9 million shares were available for grant under 2020 Equity Incentive Plan, as amended (“2020 Plan”).
Stock option activity under the Company’s 2020 Plan is set forth below:
Number of OptionsWeighted Average Exercise PriceAggregate Intrinsic Value (in thousands)Weighted Average Contractual Term
(in years)
Options outstanding as of January 1, 20262,502,500 $12.61 $833 
Options forfeited(25,082)$12.13 
Options expired(90,769)$14.70 
Options outstanding as of June 30, 2026
2,386,649 $12.54 $— 4.7
Options vested and exercisable as of June 30, 2026
2,257,769 $12.54 $— 4.6
The Company elected the policy to account for forfeitures upon occurrence. The total unrecognized compensation expenses related to 2020 Stock Plan options as of June 30, 2026 were $0.6 million to be expensed on a straight-line basis over the remaining 0.8 years.
Restricted Stock Units (“RSUs”)
RSUs granted do not participate in earnings or dividends, and do not have voting rights until vested.
The following table summarizes activity of the Company’s RSUs for the six months ended June 30, 2026:
Number of SharesWeighted Average Grant Date Fair Value
Unvested awards as of January 1, 2026
1,225,283 $14.30 
Awards granted1,056,600 $8.34 
Awards vested and released(368,131)$15.02 
Awards forfeited(58,281)$12.27 
Unvested awards as of June 30, 2026
1,855,471 $10.83 
The total unrecognized compensation expenses related to 2020 Stock Plan RSUs as of June 30, 2026 were $16.6 million to be expensed on a straight-line basis over 2.3 years.
Performance Stock Units (“PSUs”)
The following table summarizes activity of the Company’s PSUs for the six months ended June 30, 2026:
Number of SharesWeighted Average Grant Date Fair Value
Unvested awards as of January 1, 2026(1)
1,769,358 $15.84 
Awards granted697,500 $9.66 
Performance achievement adjustment109,957 $10.66 
Modifier adjustments rTSR
(203,135)$— 
Modifier adjustments rCAGR
37,399 $17.89 
Awards vested and released(1,080,953)$16.21 
Awards forfeited(28,820)$14.77 
Unvested awards as of June 30, 2026(2)
1,301,306 $14.34 
__________________________
(1)Reported at the estimated performance adjustment of 206% for the tranches based on performance for the year ended December 31, 2025 and 131% for the remaining tranches.
(2)Reported at the estimated performance achievement of 138% for the tranches based on expected performance for the year ending December 31, 2026 and 100% for the remaining tranches.
The total estimated unrecognized compensation expenses related to 2020 Stock Plan PSUs as of June 30, 2026 were $8.0 million to be expensed over 1.1 years.
Stock Repurchase Program
On October 23, 2025, the Board of Directors authorized a share repurchase program of up to $50.0 million of the Company’s common stock. The Company accounts for treasury stock under the cost method and reports it as a reduction of stockholders’ equity in the consolidated balance sheets.
During the three and six months ended June 30, 2026, the Company repurchased 2.6 million and 4.4 million shares of common stock for $17.3 million and $28.8 million, respectively, in cash. These shares are held as treasury stock. Accordingly, as of June 30, 2026, $19.2 million remained available for future repurchases under the program.