v3.26.3
Stock-Based Compensation
 9 Months Ended
Sep. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation

(6) Stock-Based Compensation

In 2016, the Company adopted a stock compensation plan (the “2016 Equity Incentive Plan”) pursuant to which the Company may grant stock options, stock purchase rights, restricted stock awards, or stock awards to employees, directors and consultants (including prospective employees, directors, and consultants). No additional awards may be granted under the 2016 Equity Incentive Plan; however, outstanding awards continue in full effect in accordance with their existing terms.

In connection with the Company’s initial public offering on July 2, 2021, the Company’s board of directors adopted the 2021 Equity Incentive Plan (the “2021 Equity Incentive Plan”). The 2021 Equity Incentive Plan provides for the grant of incentive stock options (“ISOs”), non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance-based awards and other awards, or collectively, awards. Awards may be granted to Xometry employees, Xometry’s non-employee directors and consultants/contractors and the employees and consultants/contractors of Xometry affiliates. ISOs may be granted only to Xometry employees and the employees of Xometry affiliates.

As of September 30, 2026, there were 8,648,345 shares available for the Company to grant under the 2021 Equity Incentive Plan.

Stock Options

A summary of the status of the Company’s stock option activity and the changes during the nine months ended September 30, 2026, are as follows (in millions, except share and per share amounts):

 

 

Number of
Shares

 

 

Weighted
Average
Exercise Price
Per Share

 

 

Average
Remaining
Contractual
Term

 

 

Aggregate
Intrinsic
Value

 

   Exercisable at December 31, 2025

 

 

1,388,764

 

 

$

11.38

 

 

 

4.6

 

 

$

66.8

 

Balance at December 31, 2025

 

 

1,479,226

 

 

$

11.79

 

 

 

4.7

 

 

$

70.5

 

   Exercised

 

 

(549,659

)

 

$

11.53

 

 

 

—

 

 

$

32.3

 

   Forfeited

 

 

(24,283

)

 

$

15.82

 

 

 

—

 

 

 

—

 

Balance at September 30, 2026

 

 

905,284

 

 

$

11.85

 

 

 

4.1

 

 

$

82.4

 

   Exercisable at September 30, 2026

 

 

891,956

 

 

$

11.79

 

 

 

4.0

 

 

$

81.2

 

No options were granted during the nine months ended September 30, 2026.

At September 30, 2026, there was approximately $0.1 million of total unrecognized compensation cost related to unvested stock options. That cost is expected to be recognized over a weighted average period of approximately 4 months as of September 30, 2026.

The Company currently uses authorized and unissued shares to satisfy share award exercises.

RSUs

A summary of the status of the Company’s RSU activity and the changes during the nine months ended September 30, 2026 are as follows (in millions, except share and per share amounts):

 

 

Number of
Shares

 

 

Weighted
Average
Grant Date fair value (per share)

 

 

Aggregate
Intrinsic
Value

 

Unvested RSUs as of December 31, 2025

 

 

2,912,677

 

 

$

25.99

 

 

$

173.2

 

Granted

 

 

1,322,984

 

 

$

51.55

 

 

 

—

 

Vested

 

 

(1,122,034

)

 

$

26.53

 

 

 

—

 

Forfeited and cancelled

 

 

(357,954

)

 

$

30.62

 

 

 

—

 

Unvested RSUs as of September 30, 2026

 

 

2,755,673

 

 

$

37.44

 

 

$

283.4

 

At September 30, 2026, there was approximately $87.1 million of total unrecognized compensation cost related to unvested restricted stock units granted under the 2021 Equity Incentive Plan. That cost is expected to be recognized over a weighted average period of approximately 2.9 years as of September 30, 2026.

PRSUs

A summary of the status of the Company’s PRSU activity and the changes during the nine months ended September 30, 2026 are as follows (in millions, except share and per share amounts):

 

 

Number of
Shares

 

 

Weighted
Average
Grant Date fair value (per share)

 

 

Aggregate
Intrinsic
Value

 

Unvested PRSUs as of December 31, 2025

 

 

468,715

 

 

$

21.19

 

 

$

27.9

 

Granted

 

 

319,891

 

 

$

37.25

 

 

 

—

 

Vested

 

 

(218,180

)

 

$

21.03

 

 

 

—

 

Forfeited and cancelled

 

 

(43,884

)

 

$

20.57

 

 

$

—

 

Unvested PRSUs as of September 30, 2026

 

 

526,542

 

 

$

31.06

 

 

$

54.2

 

At September 30, 2026, there was approximately $19.8 million of total unrecognized compensation cost related to unvested performance restricted stock units granted under the 2021 Equity Incentive Plan. That cost is expected to be recognized over a weighted average period of approximately 2.1 years as of September 30, 2026.

Total stock-based compensation cost for the three and nine months ended September 30, 2026 and 2025 were as follows (in thousands):

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Sales and marketing

 

$

2,413

 

 

$

3,059

 

 

$

6,264

 

 

$

7,282

 

Operations and support

 

 

2,565

 

 

 

3,609

 

 

 

7,638

 

 

 

8,782

 

Product development

 

 

1,177

 

 

 

2,470

 

 

 

3,759

 

 

 

5,870

 

General and administrative

 

 

5,133

 

 

 

1,610

 

 

 

13,300

 

 

 

4,051

 

Total stock compensation expense

 

$

11,288

 

 

$

10,748

 

 

$

30,961

 

 

$

25,985