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STOCK-BASED COMPENSATION PLAN (Tables)
9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of Compensation Expense
The following table summarizes the compensation expense we recorded during the three and nine months ended September 30, 2025 and 2024, related to unvested restricted stock, performance-based restricted stock awards, restricted stock units and stock options:
Three Months EndedNine Months Ended
September 30,September 30,
(in thousands)2025202420252024
Cost of revenues$37 $39 $120 $107 
Selling expense19 12 51 37 
Engineering and product development expense10 21 
General and administrative expense288 477 1,032 1,285 
Total stock-based compensation expense$354 $537 $1,212 $1,450 
Schedule of Stock Options Valuations Assumptions
The fair value for stock options granted during the nine months ended September 30, 2025 and 2024 was estimated at the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions:
Nine Months Ended
September 30,
20252024
Risk-free interest rate4.28 %3.98 %
Dividend yield0.00 %0.00 %
Expected common stock market price volatility factor.59.57
Weighted average expected life of stock options (years)6.256.25
Schedule of Stock Option Activity
The following table summarizes the activity related to stock options for the nine months ended September 30, 2025:
Stock OptionsNumber
of Options
Weighted
Average
Exercise Price
Weighted Average Remaining Contractual Term (yrs)
Aggregate Intrinsic Value (in thousands)
Options outstanding, January 1, 2025
602,593$10.92 
Granted310,0867.74 
Exercised(4,925)3.69 
Forfeited(29,216)10.94 
Options outstanding, September 30, 2025
878,538$9.84 7.6$158 
Exercisable396,920$10.51 6.0$137 
Expected to vest481,618$9.28 8.8$21 
The table below summarizes certain additional information with respect to our options:
Three Months EndedNine Months Ended
September 30,September 30,
(in thousands, except per option amounts)2025202420252024
Weighted average grant date fair value per option$— $— $4.61 $6.55 
Aggregate intrinsic value of options exercised$— $17 $22 $179 
Schedule of Restricted Stock Awards Activity
The following table summarizes the activity related to unvested restricted stock awards for the nine months ended September 30, 2025:
Restricted Stock AwardsNumber
of Shares
Weighted
Average
Grant Date
Fair Value
Unvested shares outstanding, January 1, 2025
119,833$11.92 
Granted85,0987.74 
Vested(46,474)11.76 
Forfeited(9,169)10.69 
Unvested shares outstanding, September 30, 2025
149,288$9.67 
Additional information about our restricted stock awards is summarized as follows:
Three Months EndedNine Months Ended
September 30,September 30,
(in thousands)2025202420252024
Aggregate market value of RSA’s vested$— $208 $344 $643 
The following table summarizes the activity related to unvested performance-based restricted stock awards for the nine months ended September 30, 2025:
Performance-based Stock AwardsNumber
of Shares
Weighted
Average
Grant Date
Fair Value
Unvested shares outstanding, January 1, 2025
88,949$12.53 
Granted49,0987.74 
Vested— 
Forfeited(37,823)11.48 
Unvested shares outstanding, September 30, 2025
100,224$10.58 
Additional information about our performance-based restricted stock awards is summarized as follows:
Three Months EndedNine Months Ended
September 30,September 30,
(in thousands)2025202420252024
Aggregate market value of PSA’s vested$— $— $— $117 
We began issuing restricted stock units to certain employees in 2025. The following table summarizes the activity related to unvested restricted stock units for the nine months ended September 30, 2025:
Restricted Stock UnitsNumber
of Units
Weighted
Average
Grant Date
Fair Value
Unvested units outstanding, January 1, 2025
$— 
Granted61,0917.98 
Vested— 
Forfeited(1,917)8.60 
Unvested units outstanding, September 30, 2025
59,174$7.96