v3.26.1
Equity-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2026
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of the Option Activity under the Equity Compensation Plans

A summary of the option activity under the Company’s equity compensation plans is as follows:

 

 

Time-Vesting Options Outstanding

 

 

Number of Options

 

 

Weighted-Average Exercise Price
(per option)

 

 

Weighted-Average Remaining Contractual Term
(in years)

 

 

Aggregate Intrinsic Value
(in thousands)

 

Outstanding at December 31, 2025

 

714,618

 

 

$

22.82

 

 

 

6.51

 

 

$

2,573

 

Granted

 

50,000

 

 

 

8.86

 

 

 

 

 

 

 

Exercised

 

(15,292

)

 

 

6.43

 

 

 

 

 

 

 

Forfeited

 

(12,896

)

 

 

6.43

 

 

 

 

 

 

 

Expired

 

(1,200

)

 

 

6.43

 

 

 

 

 

 

 

Outstanding at June 30, 2026

 

735,230

 

 

$

22.53

 

 

 

6.26

 

 

$

2,438

 

Exercisable at June 30, 2026

 

572,459

 

 

$

26.95

 

 

 

5.89

 

 

$

1,912

 
Summary of Restricted Stock Unit ("RSU") Activity

A summary of restricted stock unit ("RSU") activity is as follows:

 

 

 

RSUs Outstanding

 

 

Number of RSUs

 

 

Weighted-Average Fair Value
(per RSU)

 

 

Outstanding at December 31, 2025

 

 

517,580

 

 

$

 

9.24

 

 

Granted

 

 

542,964

 

 

 

 

10.53

 

 

Vested

 

 

(112,366

)

 

 

 

11.69

 

 

Forfeited

 

 

(72,684

)

 

 

 

10.19

 

 

Outstanding at June 30, 2026

 

 

875,494

 

 

$

 

9.64

 

 
Summary of Equity-Based Compensation Expense

Equity-based compensation expense for the three and six months ended June 30, 2026 and 2025 was as follows (in thousands):

 

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

$

122

 

 

$

195

 

 

$

223

 

 

$

396

 

Selling and marketing

 

 

95

 

 

 

235

 

 

 

234

 

 

 

505

 

Enterprise technology and development

 

 

84

 

 

 

114

 

 

 

180

 

 

 

275

 

General and administrative

 

 

984

 

 

 

1,471

 

 

 

1,766

 

 

 

2,565

 

Total equity-based compensation

 

$

1,285

 

 

$

2,015

 

 

$

2,403

 

 

$

3,741

 
Employee Stock Purchase Plan [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Assumptions Used to Determine the Fair Value of Vested Option Grants

Stock-based compensation expense associated with the Company’s ESPP is based on fair value estimated on the date of grant using the Black-Scholes option pricing valuation model and the following weighted-average assumptions for grants during the six months ended June 30, 2026 and 2025:

 

 

 

Six months ended June 30,

 

 

 

2026

 

 

2025

 

Risk-free rate

 

 

3.7

%

 

 

4.2

%

Dividend yield rate

 

 

—

 

 

 

—

 

Volatility

 

 

88.0

%

 

 

68.7

%

Expected term (in years)

 

 

0.50

 

 

 

0.50

 

Weighted-average grant date fair value

 

$

1.93

 

 

$

1.15