Stock-based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

The Company’s stock option activity for the nine months ended September 30, 2023 was as follows:

	Number of Common Stock Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (In Thousands)
Outstanding as of December 31, 2022	8,162,850	$	1.74
Exercised	(1,528,472)	1.67
Cancelled/Forfeited	(125,909)	1.67
Outstanding as of September 30, 2023	6,508,469	1.76		6.33	$	18,342

Schedule of Restricted Stock Awards Activity

The Company’s RSAs activity for the nine months ended September 30, 2023 was as follows:

	Shares	Weighted Average Grant Date Fair Value per Share
Outstanding as of December 31, 2022	64,486	$	1.29
Vested	(64,486)	1.29
Outstanding as of September 30, 2023	—	—

The Company’s Time-Based RSUs and Performance-Based and Other RSUs activity for the nine months ended September 30, 2023 was as follows:

	Time-Based RSUs			Performance-Based and Other RSUs
	Shares	Weighted Average Grant Date Fair Value per Share		Shares	Weighted Average Grant Date Fair Value per Share
Outstanding as of December 31, 2022	25,010,688	$	12.76	583,347	$	8.39
Granted	19,351,770	6.75		961,187	8.58
Forfeited	(3,038,849)	11.07		(750,301)	8.15
Vested	(11,376,691)	11.01		(284,046)	7.45
Change in units based on performance	—	—		(206,785)	9.65
Outstanding as of September 30, 2023	29,946,918	9.71		303,402	9.60

The Company’s management awards activity for the nine months ended September 30, 2023 was as follows:

	Shares	Weighted Average Grant Date Fair Value per Share
Outstanding as of December 31, 2022	11,800,000	$	8.48
Granted	370,000	6.80
Forfeited	(370,000)	6.80
Outstanding as of September 30, 2023	11,800,000	8.48

Schedule of Stock-based Compensation Expense by Function

Stock-based compensation expense by function was as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Cost of sales	$	2,255	$	5,430	$	6,842	$	14,205
Research and development	12,886		11,326		50,898		27,142
Sales and marketing	6,536		3,821		22,156		9,430
General and administrative	23,205		31,974		80,135		67,097
Total	$	44,882	$	52,551	$	160,031	$	117,874

Stock-based compensation expense by type of award was as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Equity Classified Awards:
Stock options	$	491	$	714	$	1,752	$	1,984
RSAs	—		162		61		183
RSUs	33,593		33,930		106,631		84,484
Management awards	5,560		5,522		17,059		9,017
ESPP	402		293		1,150		450
Liability Classified Awards:
Equity-settled fixed value	4,150		1,894		10,066		5,013
Optogration	495		5,312		6,154		8,759
Freedom Photonics	687		3,155		10,219		5,955
Other	(496)		1,569		6,939		2,029
Total	$	44,882	$	52,551	$	160,031	$	117,874