RSUs granted under the Company’s 2021 Equity Incentive Plan (the “2021 Plan”) and the 2024 New Employee Equity Incentive Plan (the “Inducement Plan”) generally vest based on continued service up to a four-year period for employees and over a one-year period for non-employee directors and consultants.


	RSUs	Weighted-average grant date fair value per unit
RSUs unvested as of December 31, 2025	4,609,077	$	6.44
Granted	4,602,950	$	4.50
Vested(1)	(2,862,688)	$	5.50
Forfeited	(948,758)	$	5.87
RSUs unvested as of September 30, 2026	5,400,581	$	5.38

(1) Includes 58,166 RSUs that were settled in cash upon vesting. The Company expects to settle substantially all other outstanding RSUs in shares, with a limited number of specifically identified grants expected to be settled in cash. The shares underlying the cash-settled RSUs were returned to the applicable equity incentive plan and became available for future issuance.

PSUs granted under the 2021 Plan vest based on the Company’s achievement of a predefined year-over-year B2 Cloud Storage revenue growth target for the fiscal year ended December 31, 2026, subject to continued service through the requisite service period. PSUs are settled in shares of Class A common stock.

During the nine months ended September 30, 2026, the Company awarded PSUs based on the expected attainment of one-year performance targets, consisting of 128,205 PSUs subject to one-year cliff vesting and 914,048 PSUs that vest over a three-year service period, with one-year cliff vesting for the initial tranche followed by quarterly vesting thereafter.

The number of PSUs earned will range from 0% to 150% of the initial award. Compensation expense for PSUs is recognized using an accelerated attribution method over the requisite service period for each separately vesting tranche, based on the grant-date fair value and the number of PSUs probable of vesting. The Company revises its estimate of the achievement of performance conditions at each reporting period, with cumulative catch-up adjustments recorded in the period of change.


	PSUs	Weighted-average grant date fair value per unit
PSUs unvested as of December 31, 2025	—	$	—
Granted	1,042,253	$	4.18
Vested	—	$	—
Forfeited	(35,257)	$	5.77
PSUs unvested as of September 30, 2026	1,006,996	$	4.12

As of September 30, 2026, management estimated the payout level for the PSUs at 150% of target. Based on this estimate, the Company recognized $1.2 million and $2.3 million of stock-based compensation expense related to these awards during the three and nine months ended September 30, 2026, respectively. As of September 30, 2026, total unrecognized compensation cost related to PSUs was $3.9 million, which will be recognized over a weighted-average period of 1.1 years.

In June 2026, the Company entered into a multi-year Master Strategic Agreement with CoreWeave, Inc. (“CoreWeave”) under which the Company will provide committed B2 Cloud Storage capacity and managed storage on CoreWeave’s infrastructure (the “CoreWeave Agreement”). In connection with the CoreWeave Agreement, the Company issued CoreWeave two equity-classified warrants to purchase an aggregate of 4,194,876 shares of Class A common stock, consisting of an initial warrant to purchase 3,053,314 shares (the “Initial Warrant”) and an additional warrant to purchase 1,141,562 shares (the “Additional Warrant”). Each warrant has an exercise price of $7.60 per share, subject to customary adjustments, and may be exercised for cash or on a cashless basis.

The Initial Warrant vests in twenty equal quarterly installments over five years, subject to continuation of the related order form. The Additional Warrant vests in tranches based on purchase orders issued for managed storage capacity, with each tranche vesting in twenty equal quarterly installments over five years. The applicable order forms may be terminated under specified circumstances. If an order form is terminated, no further vesting occurs, and the related warrant remains exercisable only with respect to the portion vested as of the termination date. Any unvested portion of each warrant becomes fully vested and exercisable immediately prior to a change in control of the Company, as defined in the agreement, occurring before termination of the related order form, subject to certain conditions and the potential for forfeiture. The Initial Warrant expires on June 16, 2032, and the Additional Warrant expires on June 16, 2035.


	Warrant Shares	Weighted-average exercise price		Weighted- average remaining contractual life (years)	Aggregate intrinsic value (in thousands)
Warrants outstanding as of December 31, 2025	—	$	—
Granted	4,194,876	$	7.60
Exercised	—	$	—
Forfeited	—	$	—
Warrants outstanding as of September 30, 2026	4,194,876	$	7.60	6.53	$	26,805
Vested and expected to vest as of September 30, 2026	4,194,876	$	7.60	6.53	$	26,805
Exercisable as of September 30, 2026	152,666	$	7.60	5.72	$	976

The warrants had a weighted-average grant-date fair value of $5.18 per warrant share, representing an aggregate grant-date fair value of approximately $21.7 million. The following table summarizes the Black-Scholes option pricing model used in estimating the per share grant date fair value of the customer warrants:


	Initial Warrant		Additional Warrant
Expected term (in years)	3 - 6		3 - 9
Expected volatility	75% - 80%		70% - 80%
Risk-free interest rate	4.00% - 4.14%		4.00% - 4.29%
Expected dividend yield	—	%	—	%

The Company maintains an annual bonus program under which bonus awards are contingent upon the achievement of corporate performance targets and individual performance objectives, and are generally settled in RSUs issued under the Company’s 2021 Plan. Bonus amounts represent fixed monetary values that are settled in a variable number of RSUs based

on the Company’s stock price at the date of settlement. Participants must generally remain employed with the Company through the payout date to maintain eligibility for bonus awards. The requisite service period for these awards begins on the date the Compensation Committee of the Board (the “Compensation Committee”) approves the bonus plan and ends on the payout date. The 2026 bonus plan will be settled in cash for a limited number of executives and employees engaged through third-party employment arrangements. The expense for cash-based bonus awards is excluded from stock-based compensation expense.

In February 2026, the Compensation Committee approved the issuance of RSUs with an aggregate grant-date fair value of approximately $4.1 million based on actual performance against the targets set in the bonus plan for the year ended December 31, 2025. Upon issuance, 689,790 RSUs vested and were settled on a net share basis with a fair value of $2.6 million.

Pursuant to the bonus plans, the Company recognized $2.9 million and an immaterial amount in stock-based compensation during the three months ended September 30, 2026 and 2025, respectively, of which the Company capitalized $0.5 million and an immaterial amount, respectively, for the development of internal-use software. The Company recognized $8.7 million and $2.0 million in stock-based compensation during the nine months ended September 30, 2026 and 2025, respectively, of which the Company capitalized $1.4 million and $0.2 million, respectively, for the development of internal-use software.


	Outstanding stock options	Weighted- average exercise price		Weighted- average remaining contractual life (years)	Aggregate intrinsic value (in thousands)
Balance as of December 31, 2025	4,498,025	$	8.42
Options granted	—	$	—
Options exercised	(1,490,078)	$	4.83
Options canceled	(159,280)	$	12.38


Balance as of September 30, 2026	2,848,667	$	10.07	3.86	$	18,154
Vested and exercisable as of September 30, 2026	2,848,667	$	10.07	3.86	$	18,154

The Company recorded stock-based compensation under the 2021 ESPP of $0.6 million and $0.7 million for the three months ended September 30, 2026 and 2025, respectively, of which the Company capitalized $0.1 million and an immaterial amount in each period for the development of internal-use software. The Company recorded stock-based compensation under the 2021 ESPP of $1.7 million for each of the nine months ended September 30, 2026 and 2025, respectively, of which the Company capitalized $0.3 million and $0.2 million for the nine months ended September 30, 2026 and 2025, respectively, for the development of internal-use software.

As of September 30, 2026, the total unrecognized stock-based compensation expense related to the 2021 ESPP was $0.8 million and is expected to be recognized over a weighted average period of 0.6 years.

The following table summarizes the Black-Scholes option pricing model used in estimating the fair value of the stock purchase rights under the 2021 ESPP during the second quarter of 2026 and 2025.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Cost of revenue	$	425	$	318	$	1,414	$	1,170
Research and development	2,422		2,564		8,729		9,303
Sales and marketing	2,057		1,230		5,790		4,908
General and administrative	2,759		1,333		7,787		4,727
Total stock-based compensation expense	$	7,663	$	5,445	$	23,720	$	20,108

During the three and nine months ended September 30, 2026, the Company capitalized $1.1 million and $3.4 million, respectively, of stock-based compensation for the development of internal-use software. During the three and nine months ended September 30, 2025, the Company capitalized $0.5 million and $2.0 million, respectively.