v3.26.1
Stock-Based Compensation
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Included within cost of revenue, sales and marketing, and general and administrative expenses are total stock-based compensation expenses as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Cost of revenue$488 $924 $1,047 $2,188 
Sales and marketing462 777 1,058 1,471 
General and administrative1,965 856 3,017 2,039 
Total stock based-compensation expense$2,915 $2,557 $5,122 $5,698 
Total stock-based compensation expense includes expenses related to our 2021 Incentive Award Plan, our ESPP and profits interests, as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
2021 Incentive Award Plan$2,250 $3,056 $4,577 $6,385 
Employee Stock Purchase Plan12 12 24 25 
Profits interests653 (511)521 (712)
Total stock-based compensation expense$2,915 $2,557 $5,122 $5,698 
2021 Incentive Award Plan
During the six months ended June 30, 2026, we granted 210,837 restricted stock units (“RSUs”) to certain employees and service providers in aggregate under our 2021 Incentive Award Plan.
For employees and service providers, both RSUs and stock appreciation rights (“SARs”) are primarily time based and typically vest ratably over four years, as specified in the individual grant notices. The RSUs may entitle the recipients to dividend equivalents if approved by the Plan Administrator, which are subject to the same vesting terms and accumulate during the vesting period. Upon vesting, the RSU holder will be issued the Company’s Class A common stock. The SARs will be settled in the Company’s Class A common stock upon exercise. The shares to be issued upon exercise will have a total market value equal to the SAR value calculated as (x) number of shares underlying SAR, multiplied by (y) any excess of the Company’s share value on the date of exercise over the exercise price set in each individual grant notice.
The fair value of the RSU is the same as the Company’s share price on the date of grant. The fair value of the SARs was determined using a Black-Scholes model.
The activities of the RSUs and SARs and the related weighted average grant-date fair value of the respective share classes are summarized as follows, including granted, exercised and forfeited from January 1, 2026 to June 30, 2026.
RSUsSARs
UnitsWeighted-Average Grant Date Fair ValueUnitsWeighted-Average Grant Date Fair Value
Outstanding at January 1, 2026
1,016,466 $21.78 58,208 $81.00 
Granted210,837 15.74 — — 
Vested (RSUs) or Exercised (SARs)(177,150)26.07 — — 
Forfeited(23,817)19.22 (1,847)81.00 
Outstanding at June 30, 2026
1,026,336 $19.87 56,361 $81.00 
Exercisable at June 30, 2026
— $— 56,361 $81.00 
The stock compensation expense related to the RSU and SAR grants was $2.3 million and $3.1 million for the three months ended June 30, 2026 and 2025, respectively, and $4.6 million and $6.4 million for six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, 56,361 SARs were exercisable and they have a remaining contractual term of 5.2 years.
In July 2026, 228,762 RSUs vested in accordance with the original grant terms.
Employee Stock Purchase Plan
The Company recognized $12 thousand of stock-based compensation expense related to the ESPP for the three months ended June 30, 2026 and 2025, and $24 thousand and $25 thousand for six months ended June 30, 2026 and 2025, respectively.
The Company issued 11,189 shares of Class A common stock for $143 thousand related to employee purchases under the ESPP during the six months ended June 30, 2026.
Profits Interests
The Company recognized $653 thousand and $(511) thousand of stock-based compensation (benefit) expense related to the profits interests, which are liability classified, for the three months ended June 30, 2026 and 2025, respectively, and $521 thousand and $(712) thousand for six months ended June 30, 2026 and 2025, respectively.