On May 7, 2025, the Company's Board of Directors (the "Board") authorized a stock repurchase program to acquire up to $75 million of Company common stock. The amount and timing of specific repurchases are subject to market conditions, applicable legal requirements, restrictions in the Company’s debt agreements and other factors. The Company intends to fund the share repurchases using cash from operations or borrowings and may suspend or discontinue repurchases at any time. The share repurchase program expires on May 6, 2027.

The Company did not repurchase any shares of its common stock during the three months ended September 30, 2026 and incurred no associated costs. During the three months ended September 30, 2025, the Company repurchased 712,205 shares of its common stock for a total cost of $10.3 million. The Company repurchased 2,156,341 and 1,205,724 shares of its common stock in the nine months ended September 30, 2026 and 2025, respectively, for a total cost of $27.2 million and $17.0 million, respectively.

Total stock-based compensation expense for employees and non-employees, related to all of the Company’s stock-based awards, was as follows (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025

Cost of revenue	$	101	$	110	$	328	$	416
Selling and marketing		231		253		686		1,377
Research and development		159		196		590		987
General and administrative		555		827		2,078		1,526
Total stock-based compensation	$	1,046	$	1,386	$	3,682	$	4,306

The following table summarizes the total unrecognized stock-based compensation expense and remaining recognition period by Restricted Stock Units (“RSUs”) and Performance Stock Units (“PSUs”) (in thousands, except number of years):


	September 30, 2026
	Unrecognized Expense		Remaining weighted average period (In years)

RSUs	$	6,724		2.7
PSUs		2,842		1.4
Total unrecognized stock-based compensation expense	$	9,566

The following table presents the stock activity and the total number of shares available for grant as of September 30, 2026:


	Number of Shares Available
Balance at December 31, 2025		1,849,094
Grants		(648,464	)
Cancelled		291,644
Balance as of September 30, 2026		1,492,274

Stock Option Activity


	Options Outstanding
	Number of Shares Underlying Outstanding Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term		Aggregate Intrinsic Value
						(in years)
Outstanding at December 31, 2025		390,969		$	10.23		3.43	$	2,174,529
Options Granted		—			—
Options Exercised		(67,378	)		6.18
Options Forfeited		(8,584	)		17.54
Outstanding at September 30, 2026		315,007		$	10.61		2.57	$	1,299,090
Vested and expected to vest at September 30, 2026		315,007		$	10.61		2.57	$	1,299,090
Exercisable at September 30, 2026		315,007		$	10.61		2.57	$	1,299,090

Stock options generally vested in accordance with the terms of the applicable award agreements and are exercisable for up to ten years once vested. Vested options must be exercised within 90 days following a participant’s termination of service or they are forfeited.

Restricted Stock Activity


	Shares			Weighted Average Grant Date Fair Value Per Share
Nonvested restricted stock at December 31, 2025		695,367		$	14.19
Granted		451,184			10.39
Vested		(294,643	)		15.29
Forfeited		(178,174	)		14.21
Nonvested restricted stock at September 30, 2026		673,734		$	11.16

Performance-Based Restricted Share Activity


	Number of Shares Underlying Outstanding Performance Shares			Weighted Average Grant Date Fair Value Per Share

Outstanding at December 31, 2025		160,127		$	14.63
Granted		197,280			10.22
Released		(45,443	)		13.08
Forfeited		(105,667	)		11.74
Outstanding at September 30, 2026		206,297		$	10.89

The outstanding PSUs as of September 30, 2026 were comprised of 13,925, 21,999 and 170,373 performance shares that were granted on April 1, 2024, 2025 and 2026, respectively. With respect to the PSUs that were granted on April 1, 2026, the vesting is conditional based on the achievement of certain key financial and corporate strategic targets for the year ended December 31, 2026, and continued service over a three-year period. The number of units that could be earned ranged from 0% to 150% of the target shares depending on the achievement of these targets. The number of PSUs to be earned is subject to approval by the Board after the completion of the performance period based on the Company’s 2026 performance over the performance period. Approximately 17,886, 15,356, and 12,201 performance shares were released during the nine months ended September 30, 2026 relating to shares that were granted on April 1, 2023, 2024, and 2025, respectively. Earned PSUs typically vest with 33%, 33% and 34% of the earned PSU shares over the first, second and third year of the requisite vesting period, respectively.

In January 2026, the holders exercised 550,000 wholly-funded warrants for an equal number of shares of the Company's common stock, which related to a series of transactions pursuant to the retirement of Series B preferred stock in 2018. Upon exercise, no warrants remained outstanding.