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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 Stock Options The following table summarizes the activity for all stock options under all of the Company’s equity incentive plans for the six months ended June 30, 2025 (shares and aggregate intrinsic value in thousands):
|  | Number of Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life |  | Aggregate Intrinsic Value
Outstanding at December 31, 2024 |  | 3,507 |  |  | $ | 19.05 |  |  | 4.54 |  | $ | 3,882 |
Granted |  | — |  |  | — |  |  |  |  |
Exercised |  | (11) |  |  | 7.89 |  |  |  |  |
Canceled |  | (54) |  |  | 15.91 |  |  |  |  |
Outstanding at June 30, 2025 |  | 3,442 |  |  | $ | 19.13 |  |  | 4.09 |  | $ | 2,859 |
Options vested and exercisable at June 30, 2025 |  | 3,280 |  |  | $ | 18.59 |  |  | 3.96 |  | $ | 2,859 |
Restricted Stock Units The following table summarizes the activity for all restricted stock units (“RSUs”) under all of the Company’s equity incentive plans for the six months ended June 30, 2025 (shares in thousands):
|  | Number of Awards |  | Weighted Average Grant Date Fair Value
Unvested balance at December 31, 2024 |  | 12,375 |  |  | $ | 16.29 |
Granted |  | 12,478 |  |  | 6.67 |
Issued |  | (3,642) |  |  | 16.04 |
Canceled / forfeited |  | (790) |  |  | 13.46 |
Unvested balance at June 30, 2025 |  | 20,421 |  |  | $ | 10.75 |
Employee Stock Purchase Plan Under the Company’s 2015 Employee Stock Purchase Plan (“ESPP”), as amended, eligible employees are offered shares bi-annually through a 24-month offering period with six-month purchase periods. Each purchase period begins on the first trading day on or after May 15 and November 15 of each year. Employees may purchase a limited number of shares of the Company’s common stock via regular payroll deductions at a discount of 15% of the lower of the fair market value of the Company’s common stock (i) on the first trading date of each offering period or (ii) on the exercise date. Employees may deduct up to 15% of payroll, with a cap of $25,000 of fair market value of the Company’s common stock in any calendar year and 10,000 shares of the Company’s common stock per employee per purchase period. Stock-Based Compensation Expense The Company recognized stock-based compensation expense, including ESPP expenses, in the consolidated statements of operations as follows (in thousands):
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Cost of customer agreements and incentives |  | $ | 2,279 |  |  | $ | 2,299 |  |  | $ | 4,772 |  |  | $ | 4,245 |
Cost of solar energy systems and product sales |  | 533 |  |  | 535 |  |  | 987 |  |  | 1,089 |
Sales and marketing |  | 10,780 |  |  | 11,816 |  |  | 20,936 |  |  | 26,991 |
Research and development |  | 1,151 |  |  | 4,462 |  |  | 2,144 |  |  | 7,074 |
General and administration |  | 10,315 |  |  | 8,983 |  |  | 21,190 |  |  | 17,565 |
Total |  | $ | 25,058 |  |  | $ | 28,095 |  |  | $ | 50,029 |  |  | $ | 56,964 |
During the three months and six months ended June 30, 2025, stock-based compensation expense capitalized to solar energy systems, net in the Company’s consolidated balance sheets was $2.5 million and $4.9 million, respectively, and was $2.4 million and $5.2 million during the three and six months ended June 30, 2024, respectively.

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