Stock-based Compensation (Tables)

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Class P Unit Activities

A summary of the Class P Unit activity for the nine months ended September 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, September 30, 2025	13,803,732
Vested, September 30, 2025	13,803,732

Schedule of Restricted Stock Units Activity

A summary of the restricted stock unit (“RSU”) activity for the nine months ended September 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	(3,556,577)	$	1.91
Forfeited	(780,116)	$	1.95
Non-vested at September 30, 2025	8,301,123	$	1.12

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 nine months ended September 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 September 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 September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Sales and marketing	$	165	$	351	$	669	$	1,116
Product development	458		985		1,741		2,811
General and administrative	928		265		3,959		3,245
Total stock-based compensation expense	1,551		1,601		6,369		7,172
Amount capitalized to software development	158		216		645		829
Total stock-based compensation cost	$	1,709	$	1,817	$	7,014	$	8,001