v3.26.3
Share-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award
The following table summarizes RSUs granted and their aggregate grant-date fair values during the nine months ended September 30, 2026 and 2025 (amounts in thousands, except for unit amounts):
Nine Months Ended September 30, 2026Nine Months Ended September 30, 2025
Number of Units
Fair Value
Number of Units
Fair Value
Time-based RSUs
865,283 $17,589 866,796 $9,675 
Performance-based RSUs
342,253 6,931 — — 
Market-based RSUs
171,116 5,279 423,269 6,040 
Total
1,378,652 $29,799 1,290,065 $15,715 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
The following assumptions were used in estimating the grant-date fair value of RSUs with market conditions based on a Monte Carlo simulation model:
Nine Months Ended
September 30,
20262025
Volatility rate56.00 %62.75 %
Risk-free interest rate3.69 %4.00 %
Average expected life (in years)2.82.8
Dividend yieldNoneNone
Stock price at grant date$20.19$10.70
Schedule of Restricted Stock Unit Activity
RSU activity for the nine months ended September 30, 2026 was as follows:
Number of unitsWeighted-average
grant price
Unvested balance at December 31, 2025
5,059,700 $8.94 
Granted1,378,652 21.61 
Vested(1)
(1,607,153)7.08 
Forfeited(17,473)8.12 
Unvested balance at September 30, 2026
4,813,726 $13.19 
______________________________
(1)Includes 56,728 RSUs that vested during the nine months ended September 30, 2026 but the resulting shares of Class A Common Stock have not yet been issued. As of September 30, 2026, there were 122,558 RSUs that vested for which the resulting shares of Class A Common Stock were not issued.
Schedule of Stock Option Activity The estimated grant date fair value of stock options for the nine months ended September 30, 2025 was determined using a Black-Scholes valuation model using the following weighted-average assumptions:
Nine Months Ended
September 30, 2025
Volatility rate65.00 %
Risk-free interest rate4.10 %
Expected term(1) (in years)
6.0
Dividend yieldNone
Stock price at grant date$10.70
Exercise price$10.70
____________________________
(1)Calculated using the simplified method (the midpoint between the requisite service period and the contractual term of the option) due to the Company’s insufficient historical exercise information to provide a basis for an estimate.
Stock option activity for the nine months ended September 30, 2026 was as follows:
Number of optionsWeighted-average
exercise price
Outstanding balance at December 31, 2025
2,804,841 $5.33 
Granted— — 
Exercised
(220,647)4.45 
Forfeited— — 
Outstanding balance at September 30, 2026
2,584,194 $5.40 
Exercisable balance at September 30, 2026
2,165,061 $4.80 
Schedule of Share-based Compensation Expense
Share-based compensation expense for the three and nine months ended September 30, 2026 and 2025 was as follows:
Three Months Ended September 30,Nine Months Ended September 30,
($ in thousands)2026202520262025
Costs of revenue$87 $81 $239 $223 
Sales and marketing
1,318 969 3,785 5,248 
General and administrative
6,009 5,329 17,399 15,819 
Total share-based compensation expense$7,414 $6,379 $21,423 $21,290