In connection with the Company’s initial public offering in 2025, the Company adopted the 2025 Equity Incentive Plan (the “2025 Plan”), and the Company’s 2012 Equity Incentive Plan (the “2012 Plan”) was terminated. Following the effectiveness of the 2025 Plan, no further awards have been or will be granted under the 2012 Plan, and all outstanding awards under the 2012 Plan continue to be governed by their existing terms. Under the 2025 Plan, the Company is authorized to grant incentive stock options (“ISOs”), within the meaning of Section 422 of the Code, to employees and employees of its parent and subsidiary corporations. The Company may also grant non-qualified stock options (“NSOs”), restricted stock awards (“RSAs”), restricted stock units (“RSUs”), performance stock units (“PSUs”), stock appreciation rights, and other performance awards to employees, directors, consultants, and employees and consultants of its parent and subsidiary corporations.


	Outstanding Stock Options	Weighted average exercise price ($)		Weighted-average remaining contractual life (years)	Aggregate intrinsic value
Balance as of December 31, 2025	25,280,942	$	10.86	5.48	$	368,580
Granted	3,955,185	21.63
Exercised	(5,639,763)	2.83
Forfeited/Cancelled	(291,987)	19.61

Balance as of June 30, 2026	23,304,377	$	14.52	6.38	$	164,439
Vested and expected to vest as of June 30, 2026	23,304,377	$	14.52	6.38	$	164,439
Exercisable as of June 30, 2026	14,988,786	$	10.51	5.01	$	155,388

In 2024, the Company granted performance stock options to certain executives that were subject to both service-based and performance-based vesting conditions. As of June 30, 2026 and December 31, 2025, 400,000 options were outstanding at a weighted average exercise price of $17.35. As of June 30, 2026, 233,332 options were exercisable.

A summary of the Company’s service-based RSA activity is as follows:


	Number of Shares of Restricted Stock	Weighted-average grant date fair value per share
Balance as of December 31, 2025	498,722	$	23.25
Granted	—	—
Vested	(138,894)	23.25
Forfeited/Cancelled	—	—
Balance as of June 30, 2026	359,828	$	23.25

The Company has granted RSAs to certain employees which vest based upon the achievement of designated operational metrics and continued employment through the date the designated operational metrics are achieved. A summary of the Company’s performance-based RSA activity is as follows:


	Number of Shares of Restricted Stock	Weighted-average grant date fair value per share
Balance as of December 31, 2025	483,125	$	23.25
Granted	—	—
Vested	(18,666)	23.25
Forfeited/Cancelled	—	—
Balance as of June 30, 2026	464,459	$	23.25

A summary of the Company’s service-based RSUs activity is as follows:


	Number of Restricted Stock Units	Weighted-average grant date fair value per share
Unvested as of December 31, 2025	20,874,834	$	24.43
Granted	10,668,124	20.84
Vested	(254,055)	21.13
Vested and settled (1)	(4,582,465)	23.39
Forfeited/Cancelled	(2,881,237)	23.25
Unvested as of June 30, 2026	23,825,201	$	23.04

__________________

In connection with the acquisition of Salt Labs, Inc. in 2024, certain employees were granted 1,929,943 PSUs, which vest based upon the achievement of designated operational metrics, continued employment through the date the designated operational metrics are achieved, and upon the occurrence of a liquidity event. The liquidity-based vesting condition was satisfied upon completion of the Company’s IPO.

In April 2025, the Co-Founders were granted 4,800,000 PSUs which vest based upon the achievement of growth and profit performance-based metrics, continued employment through the date the growth and profit performance-based condition is met, a service-based condition that is satisfied over four years, and upon the occurrence of a liquidity event. The liquidity-based vesting condition was satisfied upon completion of the Company’s IPO.

A summary of the Company’s performance-based PSU activity is as follows:


	Number of Shares of Restricted Stock	Weighted-average grant date fair value per share
Balance as of December 31, 2025	6,669,297	$	26.74
Granted	—	—
Vested	—	—
Forfeited/Cancelled	(65,368)	23.25
Balance as of June 30, 2026	6,603,929	$	26.77

In April 2025, the Co-Founders were granted 1,600,000 PSU awards which vest based upon the achievement of stock price hurdle market-based metrics, continued employment through the date the stock price hurdles are met, a service-based condition that is satisfied over four years, and upon the occurrence of a liquidity event. The liquidity-based vesting condition was satisfied upon completion of the Company’s IPO.

Under the ESPP, eligible employees may contribute through payroll deductions, subject to plan limits, to purchase shares at a 15% discount under six-month offering periods. The plan includes a look-back feature based on the lower of the offering or purchase date stock price. Stock-based compensation expense is recognized on a straight-line basis over the offering period, with fair value measured at grant using the Black-Scholes model.

The grant date of the initial offering period was February 20, 2026, and that offering period shall end on August 20, 2026. As of June 30, 2026, the Company recorded a liability of $6.7 million related to the accumulated payroll deductions, which is included within accrued expenses and other current liabilities in the condensed consolidated balance sheets.


	Three Months Ended June 30,					Six Months Ended June 30,
		2026		2025			2026		2025
Member support and operations		$	9,237	$	119,517		$	17,759	$	120,641
Sales and marketing		4,390		42,406			8,390		42,889
Technology and development		28,159		530,249			53,562		533,952
General and administrative		27,614		217,975			50,341		221,361
Total		$	69,400	$	910,147		$	130,052	$	918,843