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Stock-Based Compensation
 9 Months Ended
Sep. 30, 2025
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 nine months ended September 30, 2025 (shares and aggregate intrinsic value in thousands):
Number of OptionsWeighted Average Exercise PriceWeighted Average Remaining Contractual LifeAggregate Intrinsic Value
Outstanding at December 31, 20243,507 $19.05 4.54$3,882 
Granted— — 
Exercised(63)10.91 
Canceled(58)16.05 
Outstanding at September 30, 20253,386 $19.25 3.88$17,008 
Options vested and exercisable at September 30, 20253,280 $18.93 3.79$17,008 
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 nine months ended September 30, 2025 (shares in thousands):
Number of AwardsWeighted Average Grant Date Fair Value
Unvested balance at December 31, 202412,375 $16.29 
Granted12,632 6.74 
Issued(4,873)15.78 
Canceled / forfeited(1,569)11.95 
Unvested balance at September 30, 202518,565 $10.49 
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 September 30,Nine Months Ended September 30,
2025202420252024
Cost of customer agreements and incentives$2,391 $2,143 $7,163 $6,388 
Cost of solar energy systems and product sales
554 463 1,541 1,552 
Sales and marketing12,506 11,453 33,442 38,444 
Research and development1,190 1,117 3,334 8,191 
General and administration12,950 11,816 34,140 29,381 
Total$29,591 $26,992 $79,620 $83,956 
During the three months and nine months ended September 30, 2025, stock-based compensation expense capitalized to solar energy systems, net in the Company’s consolidated balance sheets was $2.2 million and $7.0 million, respectively, and was $2.4 million and $7.5 million during the three and nine months ended September 30, 2024, respectively.