Awards of Restricted Stock Units (“RSUs”) are independent of stock option grants and are generally subject to forfeiture if employment terminates prior to vesting. Forfeitures are recognized as they occur. The Company’s RSU’s consist of three types: time-based units, market-based units and performance-based units, that are settled in shares of the Company’s common stock upon vesting.

The time-based awards issued to the Company’s employees vest either (i) in equal installments over a three-year service period from the grant date or (ii) cliff vest at the end of a one to three-year service period from the grant date. The time-based RSUs issued to the Company’s directors vest at the end of the anniversary date of their grant date. The market-based RSUs issued to the Company’s employees generally vest upon the later of the (i) first anniversary of the grant date and (ii) the calendar day following the 10 consecutive trading day period during which the VWAP of the Company’s common stock reaches $20.00 per share, which must be achieved before the fifth anniversary of the grant date. The performance-based RSUs issued to the Company’s employees vest based on the attainment of performance-based targets as outlined in the award grant notice over a three-year performance period.

The grant-date fair values of the time-based units and the performance-based units were determined based on the fair value of the underlying common stock on the grant date. The grant-date fair value of the market-based units was determined using a Monte Carlo simulation method which takes into consideration different stock price paths.


	Time Vesting Units			Market Vesting Units			Performance Vesting
	Number of Units	Weighted Average Grant Date Fair Value		Number of Units	Weighted Average Grant Date Fair Value		Number of Units	Weighted Average Grant Date Fair Value
Unvested as of December 31, 2025	944,202	$	9.76	555,000	$	5.35	984,321	$	9.38
Granted	4,570,907	7.47		11,696	4.13		2,402,933	7.60
Forfeited	(260,156)	8.17		(57,500)	5.35		(276,675)	8.55
Units Vested	(150,833)	9.58		—	—		—	—
Unvested as of June 30, 2026	5,104,120	$	7.80	509,196	$	5.32	3,110,579	$	8.09

Share-based compensation expense is recorded in “Selling, general and administrative expenses” in the condensed consolidated statements of operations and comprehensive income (loss). Share-based compensation expense for the Company’s RSUs during the three months ended June 30, 2026 was $6.0 million, consisting of $4.3 million for time-based RSU’s, $0.2 million for market-based RSUs, and $1.5 million for performance-based RSU’s. Share-based compensation expense includes $0.5 million of expense related to the Company’s liability-classified awards during three months ended June 30, 2026. Share-based compensation expense for the Company’s RSUs during the three months ended June 30, 2025 was $1.9 million, consisting of $0.9 million for time-based RSU’s, $0.3 million for market-based RSU’s, and $0.7 million for performance-based RSU’s.

Share-based compensation expense for the Company’s RSUs during the six months ended June 30, 2026 was $13.7 million, consisting of $10.9 million for time-based RSU’s, $0.4 million for market-based RSUs, and $2.4 million for performance-based RSU’s. Share-based compensation expense includes $4.7 million of expense related to the Company’s liability-classified awards during the six months ended June 30, 2026. The total estimated amount of the liability-classified awards is approximately $9.0 million as of June 30, 2026. Share-based compensation expense during the six months ended June 30, 2025, was $3.0 million, consisting of $1.7 million for time-based RSU’s, $0.6 million for market-based RSUs, and $0.7 million for performance-based RSU’s.

As of June 30, 2026, the total unrecognized compensation expense for time-based RSUs was $35.9 million, which is expected to be recognized over a weighted average period of approximately 2.1 years. As of June 30, 2026, the total unrecognized compensation expense for market-based RSUs was $0.8 million, which is expected to be recognized over a weighted average period of approximately 0.8 year. As of June 30, 2026, the total unrecognized compensation expense for performance-based RSUs was $19.9 million, which is expected to be recognized over a weighted average period of approximately 2.5 years.

NV5 historically granted Restricted Stock Awards (“RSAs”) to its employees. The RSAs generally provided for service-based cliff vesting two to four years following the grant date. In connection with the NV5 Acquisition, all outstanding unvested RSAs otherwise not accelerated upon the NV5 Closing Date were converted into RSAs of the Company with substantially similar terms and conditions of the previously existing awards, including future service requirements. The RSAs were replaced based on an exchange ratio of 2.0387, which was calculated in the same manner as the exchange ratio that was applicable to the NV5 common stock outstanding on the NV5 Closing Date and that received merger consideration on the NV5 Closing Date.


	Number of Unvested Restricted Stock Awards	Weighted Average Grant Date Fair Value
Unvested as of December 31, 2025	6,958,429	$	10.50
Granted	—	—
Forfeited	(310,032)	10.50
Vested	(1,448,075)	10.50
Unvested as of June 30, 2026	5,200,322	$	10.50

Share-based compensation expense relating to RSAs during the three and six months ended June 30, 2026 was $4.8 million and $9.9 million respectively. As of June 30, 2026, the total unrecognized share-based compensation expense for RSAs was $24.2 million, which is expected to be recognized over a weighted average period of approximately 1.4 years. The aggregate intrinsic value of RSAs vested during the six months ended June 30, 2026 was $12.3 million.

The Company’s Employee Stock Purchase Plan (“ESPP”) allows qualified employees to purchase designated shares of the Company’s common stock at a price equal to 85% of the lesser of the fair market value of common stock at the beginning or end of each semi-annual stock purchase period. The Company issued 285,025 shares of common stock pursuant to the ESPP during the three and six months ended June 30, 2026. Share-based compensation expense for the Company’s ESPP during the three and six months ended June 30, 2026 was not material.