v3.26.1
Stockholders’ Equity and Stock-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2026
Stockholders’ Equity and Stock-Based Compensation [Abstract]  
Schedule of Net Proceeds

The table below details the net proceeds of the January 2026 Offering.

 

(dollars in thousands)

 

 

 

Gross proceeds

 

$

999,996

 

Offering costs:

 

 

 

Underwriting discounts and commissions

 

 

(40,000

)

Other offering costs

 

 

(892

)

Net proceeds

 

$

959,104

 

Schedule of Warrants Activity

A summary of our Warrants activity and related information is as follows:

 

 

Number of
Shares
Under
Warrant

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average
Remaining
Contractual
Life

 

Balance as of January 1, 2026

 

 

75,476,378

 

 

$

19.74

 

 

 

6.74

 

Granted

 

 

163,370,822

 

 

$

20.84

 

 

 

 

Exercised

 

 

(42,590,440

)

 

$

0.15

 

 

 

 

Canceled

 

 

-

 

 

$

-

 

 

 

 

Balance as of June 30, 2026

 

 

196,256,760

 

 

$

24.91

 

 

 

6.44

 

Vested and Exercisable as of June 30, 2026

 

 

196,230,207

 

 

$

24.91

 

 

 

6.44

 

Schedule of Assumptions Used in the Black-Scholes Model

The assumptions used in the Black-Scholes Model are set forth in the table below.

 

 

Six Months Ended
June 30,

 

2026

 

2025

Risk-free interest rate

 

3.69-4.25%

 

4.42-4.65%

Volatility

 

65.98-77.49%

 

59.05-88.69%

Expected life in years

 

5.17-5.88

 

5.00-5.77

Dividend yield

 

-%

 

-%

Schedule of Option Activity

A summary of our option activity and related information is as follows:

 

 

Number of
Shares
Under
Option

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average
Remaining
Contractual
Life

 

Balance as of January 1, 2026

 

 

20,014,381

 

 

$

3.72

 

 

 

8.16

 

Granted

 

 

11,457,727

 

 

$

10.51

 

 

 

 

Exercised

 

 

(2,517,970

)

 

$

2.34

 

 

 

 

Forfeited

 

 

(1,067,560

)

 

$

4.15

 

 

 

 

Canceled

 

 

(20,191

)

 

$

1.09

 

 

 

 

Balance as of June 30, 2026

 

 

27,866,387

 

 

$

6.62

 

 

 

8.31

 

Vested and Exercisable as of June 30, 2026

 

 

4,775,812

 

 

$

3.40

 

 

 

7.08

 

Schedule of Stock-Based Compensation Expense for Stock Options

Total stock-based compensation expense for stock options for the three and six months ended June 30, 2026 and 2025 is as follows:

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

(dollars in thousands)

 

2026

 

 

2025

 

 

2026

 

 

2025

 

General and administrative

 

$

4,856

 

 

$

876

 

 

$

8,801

 

 

$

1,664

 

Sales and marketing

 

 

1,272

 

 

 

136

 

 

 

2,086

 

 

 

134

 

Research and development

 

 

2,365

 

 

 

136

 

 

 

4,100

 

 

 

205

 

Cost of goods sold

 

 

707

 

 

 

125

 

 

 

1,282

 

 

 

194

 

Total stock-based compensation related to options

 

$

9,200

 

 

$

1,273

 

 

$

16,269

 

 

$

2,197

 

Total stock-based compensation expense for RSUs for the three and six months ended June 30, 2026 and 2025 is as follows:

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

(dollars in thousands)

 

2026

 

 

2025

 

 

2026

 

 

2025

 

General and administrative

 

$

56,636

 

 

$

637

 

 

$

67,186

 

 

$

924

 

Sales and marketing

 

 

1,098

 

 

 

57

 

 

 

1,825

 

 

 

211

 

Research and development

 

 

1,356

 

 

 

53

 

 

 

2,151

 

 

 

104

 

Cost of goods sold

 

 

859

 

 

 

68

 

 

 

1,322

 

 

 

133

 

Total stock-based compensation related to restricted stock units

 

$

59,949

 

 

$

815

 

 

$

72,484

 

 

$

1,372

 

Schedule of Restricted Stock Unit (RSUs) Activity

A summary of our RSUs activity and related information is as follows:

 

 

RSUs

 

 

Weighted
Average
Grant Date
Fair Value

 

 

Weighted
Average
Vesting
Period
(Years)

 

Unvested balance at January 1, 2026

 

 

9,110,776

 

 

$

5.64

 

 

 

2.35

 

Granted

 

 

30,881,854

 

 

$

10.64

 

 

 

 

Vested

 

 

(6,472,288

)

 

$

7.68

 

 

 

 

Canceled

 

 

(238,109

)

 

$

7.97

 

 

 

 

Unvested balance at June 30, 2026

 

 

33,282,233

 

 

$

9.87

 

 

 

2.49