The Company has outstanding awards issued under the 2015 Plan and the 2023 Plan. Both plans provide for the grant of various types of stock-based compensation awards including, but not limited to, RSUs, PSUs, ISOs, NSOs, and RSAs. During the three and six months ended June 30, 2026, the Company granted RSUs and PSUs under the 2023 Plan. During the three and six months ended June 30, 2025, the Company solely granted RSUs under the 2023 Plan. As of June 30, 2026, the Company’s authorized common stock includes 90,142,233 shares of Series A common stock reserved for issuance of equity awards under the 2023 Plan, of which 59,738,783 shares are available for future grants.

During the three and six months ended June 30, 2026, the Company granted RSUs to employees under the 2023 Plan. RSUs granted under the 2023 Plan vest upon the satisfaction of service-based vesting conditions only. Generally, the service-based vesting condition requires the grantee to remain an eligible participant, as that term is defined in the 2023 Plan, for a period of 3 years or 4 years. Generally, RSUs vest quarterly over a 3 year period or vest 25% after 1 year, with the remainder vesting quarterly over the following 3 years.

During the six months ended June 30, 2026, the Company granted 26,737 awards under the 2023 Plan that will vest upon achievement of a specified financial performance target and are subject to continuous service throughout the applicable vesting date. These PSUs include a one-year performance period within a one-year vesting period. The fair value of these PSUs is the closing price of the Company's Series A common stock on the grant date of the award and stock-based compensation cost is recognized, using the graded vesting attribution method over the requisite service period, when it becomes probable that the performance target will be achieved. The aggregate fair value of these PSUs granted during the six months ended June 30, 2026 was $0.5 million. As of June 30, 2026, the Company has determined that achievement of the performance target is not yet probable. Accordingly, no compensation expense has been recognized related to these PSUs during the six months ended June 30, 2026.

During the six months ended June 30, 2026, the Company additionally granted 1,193,238 PSUs under the 2023 Plan that will vest in up to four tranches over a five-year measurement period, subject to the achievement of specified performance targets tied to the trading price of the Company’s Series A common stock and continuous service through the applicable vesting date. Each tranche of PSUs will vest only if the trading price of the Company’s Series A common stock closes at or above a specified dollar value for a period of at least sixty consecutive calendar days during the applicable measurement period. The stock price targets for tranches 1 through 4 are $40.00, $55.00, $70.00, and $85.00 per share, respectively, subject to proportionate adjustment in the event of any stock split or other similar change in the Company’s capital stock. The fair value of these PSUs is estimated on the grant date using a Monte Carlo simulation model and stock-based compensation cost is recognized using the graded vesting attribution method over the requisite service period. The aggregate fair value of these PSUs granted during the six months ended June 30, 2026 was $19.0 million. During the three and six months ended June 30, 2026, the Company recognized $2.1 million and $3.9 million of stock-based compensation expense related to these PSUs, respectively.

During the three and six months ended June 30, 2026, the Company granted 909,087 PSUs to key executives under the 2023 Plan. These PSUs will vest in up to three tranches over a two-year measurement period, subject to the achievement of specified performance targets tied to the trading price of the Company’s Series A common stock and continuous service through the applicable vesting dates. Each tranche of PSUs will vest only if the average closing market trading price of the Company’s Series A common stock over a period of sixty consecutive calendar days during the applicable measurement period equals or exceeds a specified dollar value. The stock price targets for tranches 1 through 3 are $30.00, $50.00, and $75.00 per share, respectively, subject to proportionate adjustment in the event of any stock split or other similar change in the Company’s capital stock. The fair value of these PSUs is estimated on the grant date using a Monte Carlo simulation model and stock-based compensation cost is recognized using the graded vesting attribution method over the requisite service period. The aggregate fair value of these PSUs granted during the three and six months ended June 30, 2026 was $4.7 million. During the three and six months ended June 30, 2026, the Company recognized $1.0 million of stock-based compensation expense related to these PSUs.

On August 24, 2023, the Board of Directors adopted the ESPP. As of June 30, 2026, the Company reserved 13,402,580 shares of Series A common stock for issuance pursuant to purchase rights granted to the Company’s eligible employees under the ESPP. During the three and six months ended June 30, 2026, the Company recognized stock-based compensation expense related to the ESPP of $1.4 million and $3.4 million, respectively. During the three and six months ended June 30, 2025, the Company recognized stock-based compensation expense related to the ESPP of $1.3 million and $2.7 million, respectively. As of June 30, 2026, $1.9 million of unrecognized stock-based compensation expense related to the ESPP is expected to be recognized on a straight-line basis over the subsequent 0.5 years.

During the three and six months ended June 30, 2026, the Company modified one executive’s stock-based awards to accommodate their employment transition by changing the timing of the service-based condition of 76,065 RSUs. This resulted in incremental stock-based compensation expense of $0.7 million which will be recognized over the remainder of the modified service period ending on September 4, 2026. Of that incremental stock-based compensation expense, $0.4 million was recognized during the three and six months ended June 30, 2026.

During the three months ended June 30, 2025, the Company provided six terminated employees with accelerated vesting on the service-based vesting condition of 15,613 RSUs and recorded incremental stock-based compensation expense of $0.3 million. During the six months ended June 30, 2025, the Company provided fifteen terminated employees with accelerated vesting on the service-based vesting condition of 39,747 RSUs and recorded incremental stock-based compensation expense of $1.1 million resulting from the modifications.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Cost of revenue	$	2,665	$	1,955	$	4,763	$	3,712
Selling and marketing	13,822		14,329		24,342		26,426
Research and development	19,892		18,643		36,877		34,831
General and administrative	14,968		10,477		27,168		18,762
Stock-based compensation, net of amounts capitalized	51,347		45,404		93,150		83,731
Capitalized stock-based compensation expense	1,093		1,480		1,947		2,587
Total stock-based compensation expense	$	52,440	$	46,884	$	95,097	$	86,318