In June 2023, the Board approved the 2023 Long-Term Incentive Plan ("2023 LTIP") under which participating employees and directors are typically granted RSUs in three tranches: two tranches with time-based vesting conditions and a third tranche with a performance-based vesting condition. As of September 30, 2025, the Company had an aggregate of 2,042,649 shares of Ordinary shares reserved for future issuance under the 2023 LTIP.

The Group’s stock-based compensation expense recognized during the three months ended September 30, 2025 and 2024, is included in selling, general and administrative expenses in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) as follows:


	Three Months Ended September 30,
(in USD thousands)	2025		2024
Stock options	$	3,067	$	3,209
Service-based RSUs	42,068		4,506
Performance-based RSUs	27,270		469
Total stock-based compensation	$	72,405	$	8,184

Stock-based compensation expense related to share-settled RSUs with service conditions is based on the fair value of the Group’s Ordinary shares on the date of grant. The Group recognizes stock-based compensation expense associated with such share-settled RSU awards on a straight-line basis over the vesting period of each service-based tranche.

The following table presents a summary of activity for the RSUs with service conditions under all plans during the three months ended September 30, 2025:


(in USD thousands, except share and per share amounts)	Number of units	Weighted average grant-date fair value		Aggregate intrinsic value
Unvested as of June 30, 2025	15,567,267	$	7.68	$	226,815
Granted	4,693,808	14.95

Forfeited	(203,367)	10.97
Exercised	(280,230)	5.91
Unvested as of September 30, 2025	19,777,478	$	9.40	$	928,157

The Group had approximately $127,827,000 of total unrecognized compensation expense related to unvested service condition RSUs granted, which is expected to be recognized over a weighted-average remaining vesting period of approximately 1.20 years.

Stock-based compensation expense related to share-settled RSUs with market conditions is based on the Monte Carlo valuation method, which utilizes multiple input variables to determine the probability of the Group achieving the market condition and the fair value of the award. Compensation expense is recognized on a graded basis over the performance period regardless of whether the market condition and requisite service period are met.

The following table presents a summary of activity for the RSUs with market conditions under all plans during the three months ended September 30, 2025:


(in USD thousands, except share and per share amounts)	Number of units	Weighted average grant-date fair value		Aggregate intrinsic value
Unvested as of June 30, 2025	6,158,567	$	5.28	$	89,730
Granted	3,718,984	10.26

Forfeited	(213,652)	6.35
Exercised	(34,007)	3.18
Unvested as of September 30, 2025	9,629,892	$	7.19	$	451,931

During the three months ended September 30, 2025, the Group issued the following RSUs with market conditions:

•3,718,984 RSUs which are scheduled to vest after three years based on total shareholder return measured against the Russell 2000 index (and continued service over the vesting period).

The Group had approximately $38,288,000 of total unrecognized compensation expense related to unvested market condition RSUs granted, which is expected to be recognized over a weighted-average remaining vesting period of approximately 1.26 years.


(in USD thousands, except share and per share amounts and years)	Number of shares	Weighted average exercise price (per share)		Aggregate intrinsic value		Weighted average remaining contractual life (in years)
Outstanding as of June 30, 2025	7,878,554	$	47.07	$	34,648	5.80
Granted	—	—
Forfeited or canceled	—	—
Exercised	(2,309,065)	3.17
Outstanding as of September 30, 2025	5,569,489	$	65.25	$	32,681	7.53
Vested and exercisable as of September 30, 2025	691,336	$	3.60	$	30,156	4.65

The Group had approximately $58,577,000 of total unrecognized compensation expense related to unvested stock options as of September 30, 2025, which is expected to be recognized over a weighted-average remaining vesting period of approximately 4.91 years, subject to the early achievement of any associated performance-based vesting hurdles.