Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

The Company’s stock option activity for the year ended December 31, 2023 was as follows (in thousands, except years and per share data):

	Number of Stock Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
Outstanding as of December 31, 2022	8,162,850	$	1.74
Exercised	(1,829,636)	1.67
Cancelled/Forfeited	(133,761)	1.74
Outstanding as of December 31, 2023	6,199,453	1.76		6.00	$	10,309
Vested and exercisable as of December 31, 2023	5,797,293	1.75		5.98	9,649
Vested and expected to vest as of December 31, 2023	6,199,453	1.76		6.00	10,309

Schedule of Restricted Stock Activity

The Company’s RSAs activity for the year ended December 31, 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 December 31, 2023	—	—

The Company’s Time-Based RSUs and Performance-Based and Other RSUs activity for the year ended December 31, 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	26,972,748	5.70		961,187	8.58
Forfeited	(3,782,948)	10.94		(757,024)	8.16
Vested	(16,948,790)	9.60		(284,046)	7.45
Change in units based on performance	—	—		(236,543)	10.46
Outstanding as of December 31, 2023	31,251,698	8.60		266,921	8.91

Activity of the Company’s management awards that include market conditions described above for the year ended December 31, 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 December 31, 2023	11,800,000	8.48

Schedule of Employee Stock Purchase Plan, Valuation Assumptions

The assumptions used to value purchase rights under the ESPP during the year ended December 31, 2022 were as follows:

	May 16, 2023	November 16, 2023	May 16, 2022	November 16, 2022
Expect term (years)	0.5	0.5	0.5	0.5
Volatility	92.2%	77.6%	82.3%	93.5%
Risk-free interest rate	5.26%	5.38%	1.54%	4.54%
Dividend yield	—%	—%	—%	—%

Schedule of Stock-based Compensation Expense by Function

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

	Year Ended December 31,
	2023		2022		2021
Cost of sales	$	9,163	$	7,680	$	6,422
Research and development	65,840		40,898		20,216
Sales and marketing	27,577		15,814		4,546
General and administrative	104,552		98,013		46,500
Total	$	207,132	$	162,405	$	77,684

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

	Year Ended December 31,
	2023		2022		2021
Equity Classified Awards:
Stock options	$	2,197	$	2,666	$	5,137
RSAs	61		293		1,682
RSUs	138,820		115,267		60,191
Management awards	22,808		14,725		—
ESPP	1,313		714		—
Liability Classified Awards:
Equity-settled fixed value	16,691		7,545		3,826
Optogration	6,079		10,894		6,114
Freedom Photonics	11,965		7,633		—
Other	7,198		2,668		734
Total	$	207,132	$	162,405	$	77,684