The Company’s equity-based compensation programs are intended to attract, retain and provide incentives for employees, officers, and directors. The Company has the following stock-based compensation plans and programs.

The majority of the Company’s restricted stock awarded to its employees was originally issued on December 10, 2020 in exchange for the Class B Profits Interest Unit (the “Class B Units”) of EQT Avatar Parent LP, which was the former parent of the Company.

Share-based compensation for the restricted stock exchanged for the time-based Class B Units is recognized on a straight-line basis over the requisite service period of the award, which is generally five years. Share-based compensation for the restricted stock exchanged for the performance-based Class B Units is recognized using the accelerated attribution approach. As of September 30, 2025, all of the Company’s restricted stock had fully vested, and no restricted stock remained outstanding.

Equity-based compensation expenses related to the restricted stock exchanged for performance-based Class B Units were $55 and $121 for the three and six months ended June 30, 2025, respectively. As of September 30, 2025, all compensation expense related to the awards had been fully recognized.

Equity-based compensation expenses related to the restricted stock exchanged for time-based Class B Units were $118 and $242 for the three and six months ended June 30, 2025, respectively. As of September 30, 2025, all compensation expense related to the awards had been fully recognized.

In order to align the Company’s equity compensation program with public company practices, the Company’s Board of Directors adopted and stockholders approved the 2020 Incentive Plan. The 2020 Incentive Plan allows for grants of non-qualified stock options, incentive stock options, restricted stock, restricted stock units (“RSUs”), and performance stock units (“PSUs”) to employees, directors, officers, and consultants or advisors of the Company. The 2020 Incentive Plan allows for 20,000,000 shares (the “plan share reserve”) of common stock to be issued. No more than the number of shares of common stock equal to the plan share reserve may be issued in aggregate pursuant to the exercise of incentive stock options. The maximum number of shares of common stock granted during a single fiscal year to any non-employee director, taken together with any cash fees paid to such non-employee director during the fiscal year, may not exceed $1,000,000 in total value, except for certain awards made to a non-executive chair of our Board of Directors.


	UNITS	WEIGHTED- AVERAGE GRANT DATE FAIR VALUE
Non-vested RSUs as of December 31, 2025	3,358,181	$	14.48
Granted	2,582,605	5.13
Vested*	(1,550,700)	15.59
Forfeited	(254,321)	12.88
Cancelled	(3,255)	11.09
Non-vested RSUs as of June 30, 2026	4,132,510	$	8.32

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Equity-based compensation expenses related to the RSUs were $5,174, $5,507, $11,461, and $12,240 for the three and six months ended June 30, 2026 and 2025, respectively. At June 30, 2026, the total unrecognized equity-based compensation expense related to outstanding RSUs was $28,805, which is expected to be recognized over a weighted-average period of 21 months.

PSUs are issued under the 2020 Incentive Plan and represent the right to receive shares of the Company’s common stock at a specified date in the future based on the satisfaction of various service conditions and the achievement of certain performance thresholds, including year over year revenue growth, unlevered free cash flow growth, annual revenue, and annual EBITDA. The PSUs granted in 2024, 2025 and 2026 also contain market conditions.

Equity-based compensation for the PSUs is recognized in accordance with ASC 718. Equity-based compensation cost for PSUs with performance conditions is recognized only to the extent a threshold is probable of being achieved and is recognized using the accelerated attribution approach. The Company will continue to assess the probability of each condition being achieved at each reporting period to determine whether and when to recognize compensation cost. PSUs granted in 2024, 2025, and 2026 also contain market conditions. For PSUs that include a market condition and no other performance conditions, the effect of the market condition is reflected in the grant-date fair value of the award, and compensation cost attributable to the market condition is recognized regardless of whether the market condition is ultimately achieved, provided the requisite service is rendered.


	UNITS	WEIGHTED- AVERAGE GRANT DATE FAIR VALUE
Non-vested PSUs as of December 31, 2025	1,194,188	$	13.05
Granted	1,648,576	3.11
Vested	—	—
Forfeited	(17,495)	8.25
Cancelled*	(200,263)	25.26
Non-vested PSUs as of June 30, 2026	2,625,006	$	5.91

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Equity-based compensation expenses (income) related to the PSUs were $919 and $2,565, $1,952, and $2,713 for the three and six months ended June 30, 2026 and 2025, respectively. At June 30, 2026, the total unrecognized equity-based compensation expense related to outstanding PSUs was $7,377, which is expected to be recognized over a weighted-average period of 16.2 months.


	THREE MONTHS ENDED JUNE 30,					SIX MONTHS ENDED JUNE 30,
		2026		2025			2026		2025
	(In thousands)
Cost of revenues		$	1,780	$	2,464		$	4,778	$	5,598
Sales and marketing		730		1,056			1,722		1,890
Research and development		673		668			1,732		1,601
General and administrative		2,911		4,057			5,182		6,226
Total		$	6,094	$	8,245		$	13,414	$	15,315