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STOCK-BASED COMPENSATION
 9 Months Ended
Sep. 30, 2026
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
On May 7, 2026, the Company's stockholders approved Amendment No. 2 to the Amended and Restated 2016 Omnibus Long-Term Incentive Plan ("2016 LTIP") that increased the number of shares available for issuance under the 2016 LTIP by an additional 5,380,000 shares.
As of September 30, 2026, approximately 1.8 million shares of our common stock were available for future grants under the 2016 LTIP. There were no income tax benefits recognized on the stock-based compensation expense (as reflected in the table below) for the three and nine months ended September 30, 2026, and 2025.
Table 11.1: Details of Stock Compensation Expense by Category
For the Three Months EndedFor the Nine Months Ended
September 30, 2026September 30, 2025September 30, 2026September 30, 2025
(in thousands)
Cost of sales – services$187 $154 $605 $493 
Research and development295 421 746 705 
Selling, general and administrative2,529 8,813 7,844 22,995 
Total$3,011 $9,388 $9,195 $24,193 
Restricted Stock
Table 11.2: Restricted Stock Unit Activity
Service-BasedPerformance-BasedTotal SharesWeighted-Average Grant Date Fair Value
Unvested outstanding units as of December 31, 20252,182,836 10,861,854 13,044,690 $3.49 
Granted2,383,357 1,369,241 3,752,598 5.60 
Vested(2,220,433)(2,420,691)(4,641,124)3.46 
Forfeited, cancelled, or expired(27,255)— (27,255)3.70 
Unvested outstanding units as of September 30, 20262,318,505 9,810,404 12,128,909 $3.90 
On May 26, 2026, the Company granted performance-based restricted stock units ("PSUs") with market conditions dependent on total shareholder return ("TSR") to certain executives and senior employees. The vesting criteria for these awards are based on the Company's TSR performance relative to the TSR performance of the Company's current compensation peer group over the three-year performance period, June 1, 2026, through May 31, 2029, and conditioned upon neutral or positive free cash flow (i.e., cash flows from operating activities less capital expenditures) at the end of each fiscal year in the performance period. The final payout of these PSUs will vary between 0% to 200% of the target number of PSUs granted, depending on the TSR performance and meeting the free cash flow requirements.
The grant date fair value per share is estimated at the grant date using a Monte Carlo simulation model. Stock-based compensation expense for PSUs with a TSR market condition is recognized over the service period based on target probability.
Table 11.3: PSUs with a TSR Market Condition Fair Value and Assumptions
Expected Volatility
92.1%
Risk-free rate
4.0%
Service period
3.0 years
Grant date fair value
$7.66
As of September 30, 2026, and 2025, the intrinsic value of the RSUs and PSUs outstanding, exercisable, and vested or expected to vest was $49.4 million and $105.0 million, respectively. As of September 30, 2026, approximately $19.6 million of total compensation costs related to stock-based awards had not yet been recognized, and we expect to recognize it on a straight-line basis over a weighted-average remaining vesting period of 0.8 years.
Stock Options
Table 11.4: Stock Option Activity
Stock Options OutstandingWeighted-Average Exercise PriceWeighted-Average Remaining Contractual Term (in years)Aggregate Intrinsic Value
Outstanding option balance as of December 31, 2025227,000 $1.80 7.4$749,100 
Granted— — 0— 
Exercised— — 0— 
Forfeited, cancelled, or expired— — 0— 
Outstanding option balance as of September 30, 2026227,000 $1.80 6.6$515,290 
Exercisable stock options as of September 30, 2026227,000 $1.80 6.6$515,290 
The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock option awards and the quoted closing price of the Company's common stock as of September 30, 2026.
The fair value of the stock options is expensed on a straight-line basis over the vesting period of one year, including the stock options granted to directors, as the annual stockholders meeting is expected to occur at the same approximate time each year. As of September 30, 2026, there were no unrecognized compensation costs related to non-vested stock options.