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Stock-based Compensation | 6 Months Ended
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Jun. 30, 2026
Share-Based Payment Arrangement [Abstract] |
Stock-based Compensation | Stock-based Compensation Stock-based compensation expense is related to the grant of restricted units under the Company’s Amended and Restated 2022 Equity Incentive Plan and the grant of stock options under the 2020 Equity Incentive Plan (“2020 Plan”). In June 2026, the Company stockholders approved the amendment and restatement of the Company's Amended and Restated 2022 Equity Incentive Plan (as amended and restated in June 2026, the “2022 Plan”) to, among other things, increase the number of shares reserved for issuance thereunder by 11,600,000 shares from 16,624,700 shares to 28,224,700 shares. The 2022 Plan became effective immediately upon stockholder approval at the Company’s 2026 annual meeting of stockholders held on June 2, 2026. 2022 Plan Executive and Key Employees Awards From time to time, the Company awards incentive awards to executives and key employees in the form of restricted stock units (“RSUs”). Performance Stock Units Awards (“PSUs”) Certain liability-classified PSUs will vest upon the achievement (at varying levels) of certain market conditions or a performance condition. The liability-classified PSUs will vest at the first occasion (if any), within the timeframe as set forth in the award agreement, upon the achievement (at varying levels) of (i) certain market capitalization thresholds, (ii) certain average per-share volume-weighted average prices of the Company’s stock, or (iii) the Company’s trailing twelve months of Adjusted EBITDA. Upon vesting, the Company has an obligation to issue a variable number of shares based on a fixed dollar value divided by the volume weighted-average price per share of the Company’s common stock for a 90-day period preceding each achievement date, and require fair value remeasurement at the end of each reporting period. During the second quarter of 2026, a liability-classified PSU was modified to adjust the dollar value allocated to each target while the total dollar value of the award remained the same. This award was remeasured to its fair value at the end of the financial reporting period. During the first quarter of 2025, the Company achieved a certain market capitalization threshold, upon which the Company issued an aggregate of 228,785 fully vested RSUs with a total fair value of $4,173. No other liability-classified PSUs were granted or forfeited during the three and six months ended June 30, 2025. The Company used the Monte Carlo simulation model to value the market conditions within the liability-classified awards. The key inputs into the Monte Carlo simulation as of June 30, 2026, and December 31, 2025, were as follows:
| June 30, 2026 |  | December 31, 2025
Expected term (in years) | 2.8 - 4.5 |  | 2.0 - 5.0
Expected stock price volatility (1) | 50.0% - 55.0% |  | 45.0% - 55.0%
Risk-free interest rate (2) | 4.1% - 4.2% |  | 3.4% - 3.7%
Expected dividend yield (3) | — | % |  | — | %
(1)Expected volatility is based on a blend of historical volatility observed for a publicly traded peer group and the Company’s specific volatility over a period equivalent to the expected term of the awards. (2)The risk-free interest rate is based on the U.S. Treasury yield of treasury bonds with a maturity that approximates the expected term of the awards. (3)The Company has not historically paid any cash dividends on its common stock. Key Performance Indicator (“KPI”) Awards KPI Awards will be issued upon the satisfaction of certain KPIs determined by the Compensation Committee of the Board (the “Compensation Committee”) and provision of service to the issue date. The Company has an obligation to issue a variable number of shares based on a fixed dollar value divided by the volume weighted-average price per share of the Company’s common stock for a 90-day period preceding the issue date. The issue date shall occur no later than March 15 after the end of the applicable year. These awards are liability-classified and require fair value remeasurement at the end of each reporting period. The measurement of the KPI awards’ fair value is based on the fixed dollar amount that is probable of being paid. In March 2025, the Compensation Committee determined that as of December 31, 2024, the KPIs as approved by the Compensation Committee were achieved. A total of 238,400 shares were issued in the first quarter of 2025 with a total fair value of $3,609. Stock-based compensation expense of $526 related to the service provided through to the date of issuance was recorded in “Selling, general and administrative expense” on the condensed consolidated statements of operations. In April 2025, the Compensation Committee approved KPI awards and measurement frameworks related to the fiscal year ending December 31, 2025 (“2025 KPIs”). As of June 30, 2025, the liability was measured based on a probability weighted approach and $897 was accrued and recorded in “Other non-current liabilities” in the condensed consolidated balance sheet. For each of the three and six months ended June 30, 2025, stock-based compensation expense of $897 related to the service provided from the grant date through June 30, 2025, were recorded in “Selling, general and administrative expense” on the condensed consolidated statements of operations. In March 2026, the Compensation Committee determined that as of December 31, 2025, the 2025 KPIs as approved by the Compensation Committee were achieved. A total of 415,724 shares were issued in the first quarter of 2026 with a total fair value of $5,059. Stock-based compensation expense of $918 related to the service provided through to the date of issuance was recorded in “Selling, general and administrative expense” on the condensed consolidated statements of operations. In April 2026, the Compensation Committee approved KPI awards and measurement frameworks related to the fiscal year ending December 31, 2026 (“2026 KPIs”). As of June 30, 2026, the liability was measured based on a probability weighted approach and $1,534 was accrued and recorded in “Other non-current liabilities” in the condensed consolidated balance sheet. For the three months ended June 30, 2026, stock-based compensation expense of $1,534 related to the service provided from the grant date through June 30, 2026, was recorded in “Selling, general and administrative expense” on the condensed consolidated statements of operations. No KPI awards were forfeited during the three and six months ended June 30, 2026, and 2025. Non-Employee Director and Employee Awards Time-based awards and PSUs activity A summary of the unvested equity-classified time-based awards and PSUs activity during the six months ended June 30, 2026, is as follows:
| Number of Shares |  | Weighted Average Grant Date Fair Value
| Time-based |  | PSUs |  | Time-based |  | PSUs
Outstanding at December 31, 2025 | 10,301,593 |  |  | 919,750 |  |  | $ | 13.85 |  |  | $ | 12.07 |
Granted | 4,084,748 |  |  | 5,250 |  |  | $ | 12.51 |  |  | $ | 11.32 |
Vested | (1,507,081) |  |  | — |  |  | $ | 14.89 |  |  | $ | — |
Forfeited | (526,904) |  |  | (60,750) |  |  | $ | 11.03 |  |  | $ | 12.83 |
Outstanding at June 30, 2026 | 12,352,356 |  |  | 864,250 |  |  | $ | 13.49 |  |  | $ | 12.01 |
2020 Plan Stock options A summary of the stock option activity during the six months ended June 30, 2026, is as follows:
| Number of Options |  | Weighted Average Exercise Price
Outstanding at December 31, 2025 | 325,544 |  |  | $ | 4.96 |
Exercised | (174,530) |  |  | $ | 4.16 |
Forfeited or expired | (12,011) |  |  | $ | 7.99 |
Outstanding at June 30, 2026 | 139,003 |  |  | $ | 5.70 |
Stock-based compensation information The following table summarizes stock-based compensation expenses for the three and six months ended June 30, 2026, and 2025:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
Selling, general and administrative expense | $ | 14,312 |  |  | $ | 13,714 |  |  | $ | 24,706 |  |  | $ | 23,425 |
Product development expense | 6,313 |  |  | 2,815 |  |  | 10,927 |  |  | 4,051 |
| $ | 20,625 |  |  | $ | 16,529 |  |  | $ | 35,633 |  |  | $ | 27,476 |
Stock-based compensation expense that was capitalized as an asset was $636 and $1,162 for the three and six months ended June 30, 2026, respectively. Stock-based compensation expense that was capitalized as an asset was $17 and $83 for the three and six months ended June 30, 2025, respectively.

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