v3.26.1
EQUITY-BASED COMPENSATION (Tables)
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of RSU Activity

A summary of RSU activity for the six months ended June 30, 2026 is as follows:

 

 

Number of RSUs
(in thousands)

 

 

Weighted Average Grant
Date Fair Value

 

 

Weighted Average Remaining Recognition
Period
(in years)

 

Non-vested at December 31, 2025

 

 

2,929

 

 

$

8.08

 

 

 

 

Granted

 

 

721

 

 

 

9.05

 

 

 

 

Vested

 

 

(932

)

 

 

7.41

 

 

 

 

Forfeited

 

 

(185

)

 

 

8.00

 

 

 

 

Non-vested at June 30, 2026

 

 

2,533

 

 

$

8.61

 

 

 

2.5

 
Schedule of Stock Options Valuation Assumptions The fair value of the stock option award is calculated on the date of grant using the Black-Scholes option-pricing model based on the following assumptions:

 

 

For the Three and Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

Expected annual dividend yield

 

 

0.0

%

 

 

0.0

%

Expected volatility

 

 

95.0

%

 

89.9% - 90.2%

 

Risk-free rate of return

 

 

3.77

%

 

4.06% - 4.45%

 

Expected option term (in years)

 

 

6.5

 

 

 

6.5

 
Schedule of Stock Option Activity

A summary of stock option activity for the six months ended June 30, 2026 is as follows:

 

 

Number of Options
(in thousands)

 

 

Weighted Average Exercise Price

 

 

Weighted Average Remaining Contractual Term
(in years)

 

 

Aggregate Intrinsic Value
(in thousands)

 

Balance, December 31, 2025

 

 

1,487

 

 

$

15.95

 

 

 

 

 

 

 

Granted (1)

 

 

253

 

 

 

8.58

 

 

 

 

 

 

 

Exercised (2)

 

 

(40

)

 

 

5.72

 

 

 

 

 

 

 

Forfeited

 

 

(88

)

 

 

7.68

 

 

 

 

 

 

 

Balance, June 30, 2026

 

 

1,612

 

 

$

15.50

 

 

 

5.2

 

 

$

1,673

 

Exercisable (3)

 

 

896

 

 

$

21.60

 

 

 

2.5

 

 

$

675

 

__________

(1) The weighted average grant-date fair value of options granted during the six months ended June 30, 2026 was $6.87 per share.

(2) The intrinsic value of options exercised during the six months ended June 30, 2026 was $0.2 million.

(3) The grant-date fair value of options vested during the six months ended June 30, 2026 was $1.3 million.
Schedule of Performance-Based Restricted Stock Activity

A summary of the PSU activity for the six months ended June 30, 2026 is as follows:

 

 

Number of PSUs
(in thousands)

 

 

Weighted Average Grant
Date Fair Value

 

 

Weighted Average Remaining Recognition Period
(in years)

 

Balance, December 31, 2025

 

 

529

 

 

$

7.45

 

 

 

 

Granted

 

 

169

 

 

 

10.12

 

 

 

 

Forfeited

 

 

(82

)

 

 

7.71

 

 

 

 

Balance, June 30, 2026

 

 

616

 

 

$

8.15

 

 

 

2.3

 
Schedule of Equity-Based Compensation Expense

Equity-based compensation expense was comprised of the following for the three and six months ended June 30, 2026 and 2025, and is recorded in cost of operations and selling, general and administrative expenses within the Condensed Consolidated Statements of Comprehensive Loss:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(in thousands)

 

2026

 

 

2025

 

 

2026

 

 

2025

 

RSUs

 

$

1,921

 

 

$

3,339

 

 

$

4,113

 

 

$

6,304

 

RSAs

 

 

—

 

 

 

2,268

 

 

 

—

 

 

 

2,268

 

Stock options

 

 

297

 

 

 

380

 

 

 

565

 

 

 

627

 

PSUs

 

 

(256

)

 

 

424

 

 

 

(172

)

 

 

566

 

Total equity-based
  compensation expense

 

$

1,962

 

 

$

6,411

 

 

$

4,506

 

 

$

9,765