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Stock-based Compensation (Tables)

6 Months Ended

Jun. 30, 2025

Share-Based Payment Arrangement [Abstract]

A summary of the Class P Unit activity for the six months ended June 30, 2025 is as follows:


						Number of Units
Outstanding Class P Units, December 31, 2024						14,403,732
Cancellations						—
Exchanged for Class A Common Stock						(600,000)
Outstanding, Class P Units, June 30, 2025						13,803,732
Vested, June 30, 2024						13,803,732

Schedule of Restricted Stock Units Activity

A summary of the restricted stock unit (“RSU”) activity for the six months ended June 30, 2025 is as follows:


	Number of RSUs	Weighted-average Grant Date Fair Value
Non-vested at December 31, 2024	7,946,908	$	1.46
Granted	4,690,908	$	1.28
Vested	(2,885,382)	$	1.85
Forfeited	(451,317)	$	2.26
Non-vested at June 30, 2025	9,301,117	$	1.21

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions

The following table summarizes the key assumptions used in estimating the value of the PRSUs granted in November 2024.


Grant Date						November 07, 2024
Performance period						November 07, 2024 - December 31, 2027
PRSUs Granted						4,342,391
Grant Date Stock Price						$0.77
Risk-Free Rate at Valuation Date						4.05%
Cost of Equity						18.00%
Estimated Volatility at Valuation Date						85.61%

Schedule of Performance Shares Activity

A summary of the PRSU activity for the six months ended June 30, 2025 is as follows:


	Number of PRSUs	Weighted-average Grant Date Fair Value
Non-vested at December 31, 2024	4,342,391	$	0.38
Granted	0	$	—
Vested	—	$	—
Forfeited	—	$	—
Non-vested at June 30, 2025	4,342,391	$	0.38

Schedule of Stock-based Payment Arrangement

The Company recorded stock-based compensation cost related to the RSUs, PRSUs and Class P Units in the following expense categories on the accompanying condensed consolidated statements of operations (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Sales and marketing	$	223	$	385	$	504	$	765
Product development	621		971		1,283		1,826
General and administrative	1,780		1,396		3,031		2,980
Total stock-based compensation expense	2,624		2,752		4,818		5,571
Amount capitalized to software development	224		257		487		613
Total stock-based compensation cost	$	2,848	$	3,009	$	5,305	$	6,184