
	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Cost of revenues	$	20	$	96	$	52	$	330
Technology and development	1,232		880		2,248		1,649
Sales and marketing	4,097		716		4,818		1,864
General and administrative	3,418		5,932		5,509		17,841
Total stock-based compensation	$	8,767	$	7,624	$	12,627	$	21,684

For the six months ended June 30, 2026, the Company has granted options to employees to purchase an aggregate 2,179,000 shares of the Company’s Class A common stock. The options have a weighted average exercise price of $10.02 per share, and generally vest over four years subject to continued service requirements.

During the six months ended June 30, 2026, the Company granted options to a contractor to purchase an aggregate 182,150 shares of the Company’s Class A common stock. The options have an exercise price of $10.00, vested immediately and have a term of up to 10 years.

The fair values of stock option awards are estimated on the grant date using the Black-Scholes option pricing model, which requires the Company to make certain assumptions including the fair value of the underlying common stock, expected term, expected volatility, risk-free interest rate, dividend yield, and derived service period, summarized as follows:

•Risk-Free Interest Rate – The risk-free interest rate used is based on the implied yield in effect at the time of grant of U.S. Treasury securities with maturities similar to the expected term of the options.

•Expected Term – The Company calculates the expected term of its employee options based upon the simplified method, which estimates the expected term as the average of the contractual life of the option and its vesting period.

•Volatility – The expected volatility is based on the historical volatility of comparable companies from a representative peer group selected based on industry, financial, and market-capitalization data as the Company does not have sufficient trading history for its Class A common stock.

During the six months ended June 30, 2026, the Company granted 142,841 restricted stock units (“RSU”) to its non-employee board members. The RSU’s generally cliff-vest after one year of continued service on the Board.

In connection with a marketing services agreement entered into during the six months ended June 30, 2026 with a contractor, the Company will grant four quarterly RSU grants of $2.5 million each. The RSU’s are valued based on the 10-day volume-weighted average price of the Company’s Class A common stock leading up to the end of each applicable quarter and vest

On August 25, 2021, three employees early exercised 2,032,429 outstanding stock options resulting in the issuance of shares of common stock. However, the exercises were paid via issuance of partial recourse promissory notes, and as a result, the Company concluded that the early exercises of the stock options will continue to be accounted for as outstanding stock option grants until the time that the notes are repaid or extinguished. On February 28, 2025, the Company forgave the outstanding principal and accrued interest associated with the partial recourse promissory notes for two employees related to 1,894,054 options. Shares that are related to outstanding partial recourse promissory notes are not reflected as outstanding shares on the condensed consolidated balance sheets and are excluded from the denominator of basic earnings per share. As of June 30, 2026, there are 138,375 early exercised stock options still subject to a partial recourse promissory note.

On August 25, 2021, the Company executed restricted stock purchase agreements with three individuals. However, the purchase agreements were executed in conjunction with the issuance of partial recourse promissory notes for the amounts owed. Accordingly, the shares are considered legally issued and outstanding but are not reflected as outstanding shares on the condensed consolidated balance sheets and are excluded from the denominator of basic earnings per share until such time that the promissory notes have been paid. As of June 30, 2026, there are 2,380,979 shares of restricted stock subject to these partial recourse promissory notes.

On April 28, 2026, the Company amended its partial recourse promissory notes with two individuals to extend the maturity dates of the notes until the earliest of (i) March 31, 2027, (ii) a change in control or (iii) the date that the notes become prohibited under the Securities Exchange Act of 1934. The extension of the maturity dates of the notes was treated as an extension of the expected term of the associated award, and as a result, the Company applied modification accounting under ASC 718 and recognized $1.1 million of incremental stock-based compensation expense during the six months ended June 30, 2026. The Company received partial repayment on one of the promissory notes in July 2026 resulting in the corresponding release of 554,610 shares of previously restricted stock.

The 2025 Employee Stock Purchase Plan (“ESPP”) allows employees to purchase shares of the Company’s Class A common stock by authorizing contributions at a minimum of 1% up to a maximum of 15% of his or her base salary for each pay period, which will then be used to purchase shares on the last business day of the offering period at a price equal to 85% of the fair market value of common stock on the grant date or the purchase date whichever is less. The offering periods of six months end on February 15th and August 15th of each year. As of June 30, 2026, 1,849,866 shares of the Company’s Class A common stock were available for future issuance under the ESPP.

The first offering period to the Company’s employees to purchase shares under the ESPP began on February 16, 2026. As of June 30, 2026, the Company has withheld $1.0 million of contributions from its employees within accrued payroll and related liabilities on the condensed consolidated balance sheets related to the purchase period that ends August 15, 2026.