Stockholders’ Equity

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Stockholders’ Equity

Note 9 - Stockholders’ Equity

Common Stock

On February 2, 2026, the Company announced that the Board of Directors approved a share repurchase program, which authorizes the Company to repurchase up to $75 million of the Company's outstanding common stock. The repurchase program is authorized through December 31, 2027. Repurchases may be made at management’s discretion from time to time in privately negotiated transactions, through block trades, pursuant to open market purchases or pursuant to trading plans as permitted under applicable securities laws. In addition, any repurchases under the authorization will be subject to prevailing market conditions, liquidity and cash flow considerations, applicable securities laws and regulations, and other factors. The share repurchase program does not require the Company to acquire any amount of shares, and may be suspended or discontinued at any time. During the three months ended, March 31, 2026, the Company repurchased and retired 1.6 million shares of common stock for a total price of $11.1 million.

Preferred Stock

The Company is authorized to issue up to 2,000,000 shares of preferred stock in one or more series without stockholder approval. The Company’s board of directors has the discretion to determine the rights, preferences, privileges and restrictions, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences, of each series of preferred stock. Of the 2,000,000 shares of preferred stock authorized, the Company’s board of directors has designated (all with par value of $0.001 per share) the following:

	As of March 31, 2026					As of December 31, 2025
	Preferred Shares Outstanding	Liquidation Preference (Per Share)		Total Liquidation Preference		Preferred Shares Outstanding	Liquidation Preference (Per Share)		Total Liquidation Preference
Series C-3	2,000	$	10.00	$	20,000	2,000	$	10.00	$	20,000
Series E	89,623	$	62.76	$	5,624,739	89,623	$	62.76	$	5,624,739
Total	91,623			$	5,644,739	91,623			$	5,644,739

Restricted and Performance Stock Units

The Company has granted restricted stock units (“RSUs”) to certain employees and non-employee directors and performance stock units (“PSUs”) to certain executive employees as compensation for services. The grant date fair value of the RSUs is based upon the fair value of the Company’s common stock on the date of the grant for RSUs that vest upon service or performance conditions. For RSUs that vest upon market conditions, the grant date fair value of RSUs is based upon a Monte-Carlo simulation model.

During the three months ended March 31, 2026 and 2025, the Company granted 2,622,062 and 1,274,750 RSUs, to its employees and non-employee directors with service based vesting conditions and a weighted average grant date fair value of $7.26 and $10.21 per share, respectively.

In addition to the RSUs noted above, during the three months ended March 31, 2026 and 2025, the Company issued 464,554 and 487,500 PSUs to its executive officers with market performance and service based vesting conditions

and, as such, the grant date fair value of $10.38 and $11.79 was calculated using a Monte-Carlo simulation model, respectively.

The following key assumptions were used to determine the fair value of the PSUs granted during the period:

Assumption	Period 1			Period 2		Period 3
2025 Grant
Share price	$	8.10		N/A		N/A
Equity volatility	71.2		%	69.7%		87%
Remaining term (years)	0.99			1.99		2.99
Dividend yield	0		%	0	%	0	%
Risk-free rate	4.1		%	4.2	%	4.3	%
2026 Grant
Share price	$	7.27		N/A		N/A
Equity volatility	87.3		%	81.8%		77.6%
Remaining term (years)	1.02			2.02		3.02
Dividend yield	0		%	0	%	0	%
Risk-free rate	3.5		%	3.6	%	3.7	%

As of March 31, 2026, the Company had 4,408,928 outstanding RSUs and PSUs. As of March 31, 2026, unrecognized compensation expense related to unvested RSUs and PSUs was $33.7 million, which will be recognized over a weighted average remaining period of 1.9 years as of March 31, 2026.

Stock Options

During the three months ended March 31, 2026 and 2025, no stock options were issued. As of March 31, 2026, there was approximately $1.7 million in total unrecognized compensation expense related to stock options granted, which will be recognized over an expected remaining weighted average period of 0.9 years.

Stock-Based Compensation

Total stock-based compensation expense recognized in the condensed consolidated statements of operations is as follows:

	Three Months Ended March 31,
Award type	2026		2025
RSUs	$	3,340	$	2,079
PSUs	716		479
Stock options	526		942
Total	$	4,582	$	3,500

	Three Months Ended March 31,
Financial statement line item	2026		2025
Cost of sales	$	192	$	55
Research and development	278		124
Selling and marketing	622		113
General and administrative	3,490		3,208
Total	$	4,582	$	3,500