STOCK-BASED COMPENSATION

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Stock Options

Stock option activity was as follows:


	Number of Shares	Weighted-Average Exercise Price Per Share		Weighted Average Remaining Life (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2025	6,735,077	$	9.36	6.9	$	140,335
Exercised	(338,258)	$	9.83
Forfeited	(178,772)	$	10.80
Outstanding as of June 30, 2026	6,218,047	$	9.33	6.1	$	97,373
Vested and exercisable as of June 30, 2026	5,172,833	$	8.82	5.7	$	83,876
Vested and expected to vest as of June 30, 2026	6,218,047	$	9.33	6.1	$	97,373

The total fair value of shares vested during the six months ended June 30, 2026 and 2025, was $8.4 million and $3.3 million, respectively.

The aggregate intrinsic value of stock options exercised during the six months ended June 30, 2026 and 2025, was $9.1 million and $2.1 million, respectively.

As of June 30, 2026 and December 31, 2025, the Company had zero unvested early exercised shares. As of June 30, 2026 and December 31, 2025, the Company also had 130,012 and 850,156 shares issued that remain subject to repayment of nonrecourse notes.

As of June 30, 2026, total compensation cost not yet recognized related to unvested stock options was $7.1 million, which is expected to be recognized over a weighted-average period of 0.7 years.

As of June 30, 2026, the Company had limited options outstanding subject to performance and market conditions. Stock-based compensation expense for these awards was immaterial as of June 30, 2026.

RSUs

The Company grants RSUs that generally vest upon the satisfaction of both a time-based service requirement and a performance-based liquidity event requirement. The service-based condition is satisfied equally over 12 quarters, provided the grantee remains in continuous service. The performance-based condition was satisfied upon the effectiveness of the IPO, June 30, 2026, which triggered stock-based compensation of $35.8 million to be recognized for RSUs that have met their time-based service condition using the accelerated attribution method.

In March 2026, the Board of Directors approved the accelerated vesting of 16,289 RSUs as of the approval date. The modification resulted in a stock-based compensation expense of approximately $0.6 million within selling, general and administrative expense on the unaudited condensed consolidated statement of operations. The Company issued 11,362 shares of its common stock (after withholding 4,927 shares of common stock for satisfaction of related tax withholding obligations).

The following table summarizes the activity related to RSUs for the six months ended June 30, 2026:


	Number of Shares	Weighted-Average Grant-Date Fair Value Per Share
Unvested and Outstanding as of December 31, 2025	1,762,366	$	19.18
Granted	1,459,200	39.68
Vested and not settled	(662,039)	21.21
Settled	(16,289)	13.90
Forfeited	(192,806)	23.25
Unvested and Outstanding as of June 30, 2026	2,350,432	31.04

The Company determines the grant-date fair value of these RSUs based on the market price of its common stock on the date of grant.

As of June 30, 2026, there was $50.8 million of unrecognized stock-based compensation expense related to unvested RSUs. The Company expects to recognize this expense over the remaining weighted-average period of 2.3 years.

Stock-Based Compensation Expense

The Company recorded stock-based compensation expense in the unaudited condensed consolidated statements of operations as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Cost of revenue	$	85	$	9	$	90	$	18
Selling, general and administrative	19,032		1,457		20,738		3,045
Operations and support	3,134		342		3,328		714
Research and development	15,828		1,161		16,565		2,344
Total stock-based compensation expense	$	38,079	$	2,969	$	40,721	$	6,121

The Company capitalized $0.4 million and $0.6 million of stock-based compensation expense in software development costs for the six months ended June 30, 2026 and 2025, respectively.

Equity Incentive Plans

During the three and six months ended June 30, 2026, the Company maintained two equity incentive plans: the 2017 Stock Incentive Plan (the “2017 Plan”) and the 2026 Incentive Award Plan (the “2026 Plan”).

The 2017 Plan allowed the Company to grant stock options, restricted stock and RSUs to employees, consultants, and directors of the Company. Under the 2017 Plan, the RSUs granted have a service-based and a liquidity-based vesting condition. The service-based vesting period for these awards is typically 3 years, provided the grantee remains in continuous service. Upon satisfaction of the liquidity-based vesting condition, RSUs for which the service-based vesting condition has also been satisfied will vest immediately, and any remaining unvested RSUs will vest ratably over the remaining service period. The liquidity-based condition is satisfied upon the consummation of the qualifying liquidity event, and was satisfied by the Company’s IPO.

The 2026 Plan became effective on June 29, 2026 in connection with the IPO. The 2026 Plan allows the Company to grant stock options, restricted stock, RSUs, performance shares, other incentive awards, stock appreciation rights, and cash awards. Upon the effectiveness of the 2026 Plan, the 2017 Plan was terminated and no further awards will be granted under the 2017 Plan. However, all outstanding awards under the 2017 Plan will continue to be governed by their existing terms. A total of 6,500,032 shares of common stock are initially available for issuance under the 2026 Plan. The number of shares available for issuance under the 2026 Plan will be increased by (i) the number of shares represented by awards outstanding under our 2017 Plan that expire, lapse or are terminated, exchanged for or settled in cash, surrendered, repurchased, cancelled without having been issued in full or forfeited following the effective date of the 2026 Plan and (ii) an annual increase on the first day of each calendar year beginning January 1, 2027 and ending on and including January 1, 2036, equal to the lesser of (A) 5% of the aggregate number of shares of common stock outstanding on the final day of the immediately preceding calendar year and (B) such smaller number of shares as is determined by our board of directors. No more than 19,500,096 shares of Common Stock may be issued pursuant to the exercise of incentive stock options under the 2026 Plan.

2026 Employee Stock Purchase Plan

The 2026 Employee Stock Purchase Plan (the “2026 ESPP”), became effective on June 29, 2026 in connection with the IPO. A total of 650,004 shares of Common Stock have initially been reserved for issuance under the 2026 ESPP. The number of shares reserved for issuance and sale under the 2026 ESPP will increase on the first day of each fiscal year beginning in fiscal year 2027 and ending in fiscal year 2036, equal to the lesser of (i) 1% of the shares of our common stock outstanding (on an as converted basis) on the last day of the immediately preceding fiscal year and (ii) such number of shares of common stock as determined by our board of directors. No more than 1,950,012 shares of Common Stock may be issued under the 2026 ESPP.