Stock-based compensation expense is classified within the corresponding operating expense categories in the consolidated statements of operations as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2025		2026		2025		2026
Operations, general and administrative	$	—	$	6,638	$	—	$	10,727
Sales and marketing	—		3,530		—		6,322
Research and development	—		576		—		1,636
Total stock-based compensation	$	—	$	10,744	$	—	$	18,685

Compensation expense associated with cash-settled RSUs was $0.8 million and $1.4 million for the three and six months ended June 30, 2026, respectively, and was included in operations, general and administrative in the condensed consolidated statements of operations.


(in thousands, except per share fair values)	RSUs	Weighted-Average Grant Date Fair Value
Outstanding at December 31, 2025	8,170	$	13.89
Granted	3,558	13.74
Vested	(1,549)	13.05
Cancelled/Forfeited	(776)	16.03
Outstanding at June 30, 2026	9,403	$	13.79

The total unrecognized stock-based compensation expense related to these awards was $84.9 million as of June 30, 2026 and the weighted-average remaining requisite service period is 2.66 years.

Under the 2025 Employee Stock Purchase Plan (“ESPP”), $1.3 million of employee contributions was used to purchase 97,811 shares of Series A common stock, at an average purchase price per share of $12.71, during the six months ended June 30, 2026. Stock-based compensation expense associated with the ESPP is included in the stock-based compensation expense table above. Stock-based compensation expense associated with the ESPP recognized during the six months ended June 30, 2026 and unrecognized stock-based compensation expense at June 30, 2026 were not material.