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Stock-Based Compensation
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Stock Options
The following table summarizes the activity for all stock options under all of the Company’s equity incentive plans for the six months ended June 30, 2024 (shares and aggregate intrinsic value in thousands):
Number of OptionsWeighted Average Exercise PriceWeighted Average Remaining Contractual LifeAggregate Intrinsic Value
Outstanding at December 31, 20234,243 $17.19 4.85$31,762 
Granted— — 
Exercised(559)6.03 
Canceled(39)27.64 
Outstanding at June 30, 20243,645 $18.79 4.97$7,786 
Options vested and exercisable at June 30, 20243,214 $16.88 4.62$7,786 
Restricted Stock Units
The following table summarizes the activity for all restricted stock units (“RSUs”) under all of the Company’s equity incentive plans for the six months ended June 30, 2024 (shares in thousands):
Number of AwardsWeighted Average Grant Date Fair Value
Unvested balance at December 31, 20238,449 $22.16 
Granted8,285 13.82 
Issued(2,645)22.22 
Canceled / forfeited(918)19.01 
Unvested balance at June 30, 202413,171 $16.86 
Warrants for Strategic Partners

The Company has issued warrants for up to 846,943 shares of its common stock to certain strategic partners (calculated using the respective quarter of grant’s closing stock price). The exercise price of each warrant is $0.01 per share, and 13,939 warrants were exercised during the six months ended June 30, 2024. There were 31,876 warrants exercised during the six months ended June 30, 2023. The Company recognized stock-based compensation expense of nil and $1.1 million during the three months ended June 30, 2024 and 2023, respectively, and nil and $2.1 million during the six months ended June 30, 2024 and 2023, respectively, under performance and time-based warrants.
Employee Stock Purchase Plan

Under the Company’s 2015 Employee Stock Purchase Plan (“ESPP”), as amended, eligible employees are offered shares bi-annually through a 24-month offering period with six-month purchase periods. Each purchase period begins on the first trading day on or after May 15 and November 15 of each year. Employees may purchase a limited number of shares of the Company’s common stock via regular payroll deductions at a discount of 15% of the lower of the fair market value of the Company’s common stock (i) on the first trading date of each offering period or (ii) on the exercise date. Employees may deduct up to 15% of payroll, with a cap of $25,000 of fair market value of the Company’s common stock in any calendar year and 10,000 shares of the Company’s common stock per employee per purchase period.
Stock-Based Compensation Expense
The Company recognized stock-based compensation expense, including ESPP expenses, in the consolidated statements of operations as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Cost of customer agreements and incentives$2,299 $2,048 $4,245 $3,889 
Cost of solar energy systems and product sales
535 1,494 1,089 3,262 
Sales and marketing11,816 14,835 26,991 29,712 
Research and development4,462 452 7,074 894 
General and administration8,983 9,408 17,565 18,746 
Total$28,095 $28,237 $56,964 $56,503 
During the three and six months ended June 30, 2024, stock-based compensation expense capitalized to solar energy systems, net in the Company’s consolidated balance sheets was $2.4 million and $5.2 million, respectively, and was $2.8 million and $5.2 million during the three and six months ended June 30, 2023, respectively.