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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of Stock-Based Compensation Expense The Company recorded stock-based compensation expense in the following categories of its consolidated statements of operations (in thousands):

 

 

 

Year ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Engineering services costs

 

$

25,834

 

 

$

15,416

 

 

$

8,832

 

General and administrative costs

 

 

21,197

 

 

 

16,623

 

 

 

4,457

 

Cost of revenues - services

 

 

459

 

 

 

-

 

 

 

-

 

Total

 

$

47,490

 

 

$

32,039

 

 

$

13,289

 
Schedule of Stock Options Activities

The following table summarizes the Company’s option activity for the year ended December 31, 2025:

 

 

Options

 

 

Weighted-Average Exercise Price

 

 

Weighted-Average Remaining Contractual Term (years)

 

 

Aggregate Intrinsic Value

 

Outstanding at December 31, 2024

 

 

6,390,261

 

 

$

1.14

 

 

 

4.79

 

 

$

127,533,921

 

Granted

 

 

-

 

 

 

-

 

 

 

 

 

 

 

Exercised

 

 

(1,697,806

)

 

 

1.35

 

 

 

 

 

 

 

Cancelled or forfeited

 

 

(14,678

)

 

 

10.00

 

 

 

 

 

 

 

Outstanding at December 31, 2025

 

 

4,677,777

 

 

$

1.04

 

 

 

3.72

 

 

$

334,888,519

 

Options exercisable as of December 31, 2025

 

 

3,921,920

 

 

$

1.16

 

 

 

3.66

 

 

$

280,310,813

 

Vested and expected to vest at December 31, 2025

 

 

3,921,920

 

 

$

1.16

 

 

 

3.66

 

 

$

280,310,813

 
Schedule of Unvested Option Activity

The following table summarizes the Company’s unvested option activity for the year ended December 31, 2025:

 

 

 

Number of Shares

 

 

Weighted-Average Grant Date Fair Value

 

Unvested at December 31, 2024

 

 

869,112

 

 

$

0.64

 

Granted

 

 

-

 

 

 

-

 

Vested

 

 

(99,088

)

 

 

3.18

 

Forfeited

 

 

(14,167

)

 

 

4.15

 

Unvested at December 31, 2025

 

 

755,857

 

 

$

0.24

 

Schedule of Unvested Restricted Stock Units Activity

The following table summarizes the Company’s unvested restricted stock unit activity for the year ended December 31, 2025:

 

 

 

 

 

Number of Shares

 

 

Weighted-Average Grant Date Fair Value

 

Unvested at December 31, 2024

 

 

 

 

2,967,177

 

 

$

12.55

 

Granted

 

 

 

 

-

 

 

 

-

 

Vested

 

 

 

 

(1,406,498

)

 

 

10.94

 

Forfeited

 

 

 

 

(327,625

)

 

 

20.41

 

Unvested at December 31, 2025

 

 

 

 

1,233,054

 

 

$

12.30

 
Employee Stock Option  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of Stock Options Activities

The following table summarizes the Company’s option activity under the 2020 Plan for the year ended December 31, 2025:

 

 

 

Options

 

 

Weighted-Average Exercise Price

 

 

Weighted-Average Remaining Contractual Term (years)

 

 

Aggregate Intrinsic Value

 

Outstanding at December 31, 2024

 

 

3,649,458

 

 

$

9.15

 

 

 

7.88

 

 

$

45,288,968

 

Granted

 

 

-

 

 

 

-

 

 

 

 

 

 

 

Exercised

 

 

(1,224,936

)

 

 

8.99

 

 

 

 

 

 

 

Cancelled or forfeited

 

 

(209,656

)

 

 

9.60

 

 

 

 

 

 

 

Outstanding at December 31, 2025

 

 

2,214,866

 

 

$

9.20

 

 

 

7.11

 

 

$

140,519,893

 

Options exercisable as of December 31, 2025

 

 

1,525,273

 

 

$

8.89

 

 

 

6.73

 

 

$

97,222,406

 

Vested and expected to vest at December 31, 2025

 

 

2,214,866

 

 

$

9.20

 

 

 

7.11

 

 

$

140,519,893

 
Schedule of Unvested Option Activity

The following table summarizes the Company’s unvested option activity for the year ended December 31, 2025:

 

 

 

Number of Shares

 

 

Weighted-Average Grant Date Fair Value

 

Unvested at December 31, 2024

 

 

1,701,857

 

 

$

4.70

 

Granted

 

 

-

 

 

 

-

 

Vested

 

 

(817,983

)

 

 

4.41

 

Forfeited

 

 

(194,281

)

 

 

4.78

 

Unvested at December 31, 2025

 

 

689,593

 

 

$

5.02

 
2024 Incentive Award Plan [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of Unvested Restricted Stock Units Activity

The following table summarizes the Company’s unvested restricted stock unit and restricted stock activity under the 2024 Plan for the year ended December 31, 2025:

 

 

 

Number of Shares

 

 

Weighted-Average Grant Date Fair Value

 

Unvested at December 31, 2024

 

 

1,310,382

 

 

$

23.49

 

Granted

 

 

6,857,678

 

 

 

47.45

 

Vested

 

 

(569,550

)

 

 

31.82

 

Forfeited

 

 

(724,844

)

 

 

57.13

 

Unvested at December 31, 2025

 

 

6,873,666

 

 

$

43.16

 
2024 Incentive Award Plan [Member] | Employee Stock Option  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of Stock Options Activities

The following table summarizes the Company’s option activity under the 2024 Plan for the year ended December 31, 2025:

 

 

 

Options

 

 

Weighted-Average Exercise Price

 

 

Weighted-Average Remaining Contractual Term (years)

 

 

Aggregate Intrinsic Value

 

Outstanding as of December 31, 2024

 

 

44,000

 

 

$

22.51

 

 

 

9.93

 

 

$

-

 

Granted

 

 

23,000

 

 

 

28.57

 

 

 

-

 

 

 

 

Exercised

 

 

(1,750

)

 

 

22.51

 

 

 

-

 

 

 

 

Cancelled or forfeited

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

Outstanding as of December 31, 2025

 

 

65,250

 

 

$

24.65

 

 

 

9.01

 

 

$

3,130,950

 

Options exercisable as of December 31, 2025

 

 

10,164

 

 

$

22.51

 

 

 

8.93

 

 

$

509,420

 

Vested and expected to vest as of December 31, 2025

 

 

55,086

 

 

$

25.04

 

 

 

9.03

 

 

$

2,621,530

 
Schedule of Unvested Option Activity

The following table summarizes the Company’s unvested option activity for the year ended December 31, 2025:

 

 

 

Number of Shares

 

 

Weighted-Average Grant Date Fair Value

 

Unvested at December 31, 2024

 

 

44,000

 

 

$

12.42

 

Granted

 

 

23,000

 

 

 

16.23

 

Vested

 

 

(11,914

)

 

 

12.42

 

Forfeited

 

 

-

 

 

 

-

 

Unvested at December 31, 2025

 

 

55,086

 

 

$

14.01

 
Schedule of Option Award Estimated Using a Black-Scholes Option-pricing Model Assumptions

The fair value of each stock option is estimated on the date of grant using a Black-Scholes option-pricing model, with the assumptions used for the years ended December 31, 2025 and December 31, 2024, respectively, presented on a weighted average basis:

 

 

 

Year ended December 31, 2025

 

 

Year Ended December 31, 2024

 

Exercise price

 

$

28.57

 

 

$

22.51

 

Fair market value

 

$

16.23

 

 

$

12.42

 

Expected dividend yield

 

 

0.0

%

 

 

0.0

%

Expected term (in years)

 

 

6.1

 

 

 

6.1

 

Expected volatility

 

 

55.30

%

 

 

53.28

%

Weighted-average risk-free rate

 

 

4.28

%

 

 

4.10

%