SHARE-BASED COMPENSATION

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Restricted share units (the “RSU”)

In the three months ended June 30, 2026, the Company granted 339,020 RSUs with no exercise price to employees with two types of vesting schedules of (1) vesting immediately after the grant or (2) vesting 50% immediately after the grant and cliff vesting the other 50% upon the satisfaction of one-year service with the Group after the grant. Each of the RSUs granted is stipulated to vest following either of the two.

A summary of the Company’s share-based compensation activities for the three and six months ended June 30, 2026 were presented below:


	Number of shares	Weighted average grant-date fair value
Outstanding as of April 1, 2026	90,706	$	11.58
Granted	339,020	41.00
Vested(1)	(345,788)	33.31
Forfeited	(4,580)	38.58
Outstanding as of June 30, 2026	79,358	$	41.00

_____________________

(1) Includes 3,659 shares issued to certain executive officers in settlement of a fixed-dollar incentive award.


	Number of shares	Weighted average grant-date fair value
Outstanding as of January 1, 2026	91,043	$	11.58
Granted	339,020	41.00
Vested(1)	(345,788)	33.31
Forfeited	(4,917)	36.73
Outstanding as of June 30, 2026	79,358	$	41.00

_____________________

(1) Includes 3,659 shares issued to certain executive officers in settlement of a fixed-dollar incentive award.

As of June 30, 2026, unrecognized compensation expenses of $2.4 million relating to the 79,358 unvested RSUs would be recognized in the next twelve months.

Compensation expenses recognized in connection with RSUs are allocated to the following expense items.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(In thousands)				(In thousands)
Cost of revenues	$	796	$	128	$	825	$	267
Selling and marketing expenses	2,612		900		2,678		1,077
General and administrative expenses	7,354		1,602		7,459		2,172
Research and development expenses	397		310		457		566
Total share compensation expenses	$	11,159	$	2,940	$	11,419	$	4,082

On an annual basis, the Group grants our independent directors RSU awards which are share-settleable for a fixed monetary amount. Shares are vested on a graded basis over four quarters of services. The related compensation expenses recognized for the three months ended June 30, 2026 and 2025 are $86 thousand and $86 thousand. The related compensation expenses recognized for the six months ended June 30, 2026 and 2025 are $171 thousand and $171 thousand.