v3.26.1
Stockholders’ Equity
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Stockholders’ Equity Stockholders’ Equity
Common Stock
On February 2, 2026, the Company announced that the Board of Directors approved a share repurchase program, which authorizes the Company to repurchase up to $75 million of the Company's outstanding common stock. The repurchase program is authorized through December 31, 2027. Repurchases may be made at management’s discretion from time to time in privately negotiated transactions, through block trades, pursuant to open market purchases or pursuant to trading plans as permitted under applicable securities laws. In addition, any repurchases under the authorization will be subject to prevailing market conditions, liquidity and cash flow considerations, applicable securities laws and regulations, and other factors. The share repurchase program does not require the Company to acquire any amount of shares, and may be suspended or discontinued at any time. During the three and six months ended, June 30, 2026, the Company repurchased and retired 0.8 million shares and 2.4 million shares of common stock for a total price of $6.4 million and $17.5 million, respectively.
Preferred Stock
The Company is authorized to issue up to 2,000,000 shares of preferred stock in one or more series without stockholder approval. The Company’s board of directors has the discretion to determine the rights, preferences, privileges and restrictions, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences, of each series of preferred stock. Of the 2,000,000 shares of preferred stock authorized, the Company’s board of directors has designated (all with par value of $0.001 per share) the following:
As of June 30, 2026As of December 31, 2025
Preferred
Shares
Outstanding		Liquidation
Preference
(Per Share)		Total
Liquidation
Preference		Preferred
Shares
Outstanding		Liquidation
Preference
(Per Share)		Total
Liquidation
Preference
Series C-32,000$10.00 $20,000 2,000$10.00 $20,000 
Series E89,623$62.76 $5,624,739 89,623$62.76 $5,624,739 
Total91,623$5,644,739 91,623$5,644,739 
Restricted and Performance Stock Units
The Company has granted restricted stock units (“RSUs”) to certain employees and non-employee directors and performance stock units (“PSUs”) to certain executive employees as compensation for services. The grant date fair value of the RSUs is based upon the fair value of the Company’s common stock on the date of the grant for RSUs that vest upon service or performance conditions. For RSUs that vest upon market conditions, the grant date fair value of RSUs is based upon a Monte-Carlo simulation model.
During the six months ended June 30, 2026 and 2025, the Company granted 2,722,462 and 1,339,250 RSUs, to its employees and non-employee directors with service based vesting conditions and a weighted average grant date fair value of $7.29 and $10.26 per share, respectively.
In addition to the RSUs noted above, during the six months ended June 30, 2026 and 2025, the Company issued 464,554 and 487,500 PSUs to its executive officers with market performance and service based vesting conditions and, as such, the grant date fair value of $10.38 and $11.79 was calculated using a Monte-Carlo simulation model, respectively.
The following key assumptions were used to determine the fair value of the PSUs granted during the period:
AssumptionPeriod 1 Period 2 Period 3
2025 Grant
Share price$8.10 N/AN/A
Equity volatility71.2 %69.7%87%
Remaining term (years)0.991.992.99
Dividend yield0 %0 %0 %
Risk-free rate4.1 %4.2 %4.3 %
2026 Grant
Share price$7.27 N/AN/A
Equity volatility87.3 %81.8%77.6%
Remaining term (years)1.022.023.02
Dividend yield0 %0 %0 %
Risk-free rate3.5 %3.6 %3.7 %
As of June 30, 2026, the Company had 4,288,431 outstanding RSUs and PSUs. As of June 30, 2026, unrecognized compensation expense related to unvested RSUs and PSUs was $29.3 million, which will be recognized over a weighted average remaining period of 1.7 years as of June 30, 2026.
Stock Options
During the six months ended June 30, 2026 and 2025, no stock options were issued. As of June 30, 2026, there was approximately $1.3 million in total unrecognized compensation expense related to stock options granted, which will be recognized over an expected remaining weighted average period of 0.8 years.
Stock-Based Compensation
Total stock-based compensation expense recognized in the condensed consolidated statements of operations is as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
Award type2026202520262025
RSUs$2,850 $1,398 $6,190 $3,477 
PSUs829 437 1,545 916 
Stock options405 842 931 1,784 
Total$4,084 $2,677 $8,666 $6,177 
Three Months Ended
June 30,		Six Months Ended
June 30,
Financial statement line item2026202520262025
Cost of sales$226 $87 $418 $142 
Research and development359 196 637 320 
Selling and marketing556 245 1,178 358 
General and administrative2,943 2,149 6,433 5,357 
Total$4,084 $2,677 $8,666 $6,177