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Stock-Based Compensation | 6 Months Ended
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Jun. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation The Company grants equity-based awards to employees, non-employee directors and consultants that may include, but are not limited to, RSAs, PSUs, restricted stock units and stock options. Stock-based compensation expense related to manufacturing employees and administrative employees is included in the "Cost of revenue, exclusive of depreciation and amortization" and "Selling, general and administrative" line items, respectively, in the Condensed Consolidated Statements of Operations. Stock-based compensation expense related to non-employee directors and consultants is included in the "Selling, general and administrative" line item in the Condensed Consolidated Statements of Operations. Total stock-based compensation expense for the three and six months ended June 30, 2025 and 2024 was as follows:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
RSA expense |  | $ | 522 |  |  | $ | 339 |  |  | $ | 1,041 |  |  | $ | 785 |
PSU expense |  | 152 |  |  | 253 |  |  | 309 |  |  | 529 |
Stock option expense |  | 60 |  |  | 61 |  |  | 120 |  |  | 121 |
Total stock-based compensation expense |  | $ | 734 |  |  | $ | 653 |  |  | $ | 1,470 |  |  | $ | 1,435 |
The amount of unrecognized compensation cost as of June 30, 2025, and the expected weighted-average period over which the cost will be recognized is as follows:
|  | As of June 30, 2025
(in thousands, except years) |  | Unrecognized Compensation Cost |  | Expected Weighted- Average Period of Recognition (in years)
RSA expense |  | $ | 4,449 |  |  | 2.12
PSU expense |  | 843 |  |  | 0.95
Stock option expense |  | 254 |  |  | 1.05
Total unrecognized stock-based compensation expense |  | $ | 5,546 |  |  | 1.89
Restricted Stock Awards RSAs are typically granted with vesting terms of three years. The fair value of RSAs is determined based on the closing price of the Company's common stock on the authorization date of the grant multiplied by the number of shares subject to the stock award. Compensation expense for RSAs is generally recognized on a straight-line basis over the entire vesting period. A summary of RSA activity under the Company's various stock compensation plans for the six months ended June 30, 2025 is presented below:
|  | Restricted Stock |  |  |  | Weighted-Average Grant Date Fair Value |  |
Non-vested at January 1, 2025 |  | 732,555 |  |  |  |  | $ | 4.99 |  |  |
Granted |  | 556,812 |  |  |  |  | $ | 4.81 |  |  |
Vested |  | (218,504) |  |  |  |  | $ | 4.10 |  |  |
Forfeited |  | (21,190) |  |  |  |  | $ | 4.75 |  |  |
Non-vested at June 30, 2025 |  | 1,049,673 |  |  |  |  | $ | 5.08 |  |  |
Performance Share Units Compensation expense for PSUs is recognized on a straight-line basis over the applicable service period, which is generally three years, based on the estimated fair value at the date of grant. The estimated fair value at the date of grant is determined using a Monte Carlo simulation model for those PSUs with market-based performance conditions. A summary of PSU activity for the six months ended June 30, 2025 is presented below:
|  | Units |  | Weighted-Average Grant Date Fair Value |  | Aggregate Intrinsic Value (in thousands) |  | Weighted-Average Remaining Contractual Term (in years)
PSUs outstanding at January 1, 2025 |  | 877,045 |  |  | $ | 2.94 |  |  |  |  |
Granted |  | 141,064 |  |  | $ | 7.11 |  |  |  |  |
Vested / Settled (1) |  | (28,819) |  |  | $ | 9.59 |  |  |  |  |
Forfeited / Canceled |  | (5,643) |  |  | $ | 9.59 |  |  |  |  |
PSUs outstanding at June 30, 2025 |  | 983,647 |  |  | $ | 3.30 |  |  | $ | 5,282 |  |  | 0.91
(1) The number of units shown in the table above are based on target performance. The final number of shares of common stock issued may vary depending on the achievement of market or performance conditions established within the awards, which could result in the actual number of shares issued ranging from zero to a maximum of two times the number of units shown in the above table. For the six months ended June 30, 2025, 21,824 shares of common stock were issued upon vesting of PSUs, net of shares withheld for settlement of payroll tax withholding obligations. Stock Options Stock options vest over three years and have a contractual limit of ten years from the date of grant to exercise. The fair value of stock options granted is determined on the date of grant using the Black-Scholes option pricing model, and the related expense is recognized on a straight-line basis over the entire vesting period. The determination of the grant date fair value of stock options issued is affected by a number of variables, including the fair value of the Company’s common stock, the expected common stock price volatility over the expected term of the stock option, the expected term of the stock option, risk-free interest rates, and the expected dividend yield of the Company’s common stock. Risk-free interest rate - The risk-free interest rate for stock options granted was determined by using a zero-coupon U.S. Treasury rate for the periods that coincided with the expected term of the options. Dividend yield - An expected dividend yield of zero was included in the calculations, as the Company does not currently pay nor does it anticipate paying dividends on its common stock as of the grant date of the stock options. Expected volatility - To calculate expected volatility, the historical volatility of the Company's common stock was used. Expected term - The Company’s expected term of stock options was calculated using a simplified method whereby the midpoint between the vesting date and the end of the contractual term is utilized to compute the expected term, as the Company does not have sufficient historical data for options with similar vesting and contractual terms. A summary of stock option activity for the six months ended June 30, 2025 is presented below:
|  | Number of Options Outstanding and Exercisable |  | Weighted-Average Exercise Price |  | Aggregate Intrinsic Value (in thousands) |  | Weighted-Average Remaining Contractual Term (in years)
Options outstanding at January 1, 2025 |  | 1,000,000 |  |  | $ | 3.00 |  |  |  |  |
Options granted |  | — |  |  | — |  |  |  |  |
Options exercised |  | — |  |  | — |  |  |  |  |
Options expired / forfeited |  | — |  |  | — |  |  |  |  |
Options outstanding at June 30, 2025 |  | 1,000,000 |  |  | $ | 3.00 |  |  | $ | 2,370 |  |  | 8.05
Options vested and exercisable at June 30, 2025 |  | 333,333 |  |  | $ | 3.00 |  |  | $ | 790 |  |  | 8.05

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