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v3.26.1

Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2025
Stock-Based Compensation |
Schedule of the stock-based compensation | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ ​ ​ | 2023* | ​ ​ ​ | 2024* | ​ ​ ​ | 2025*
​ | ​ | (In US$ thousands)
Cost of revenues | ​ | $ | 8,933 | ​ | $ | 5,954 | ​ | $ | 3,502
Sales and marketing | ​ | ​ | 16,528 | ​ | ​ | 13,041 | ​ | ​ | 7,901
Product development | ​ | ​ | 51,441 | ​ | ​ | 33,403 | ​ | ​ | 18,537
General and administrative | ​ | ​ | 24,229 | ​ | ​ | 17,316 | ​ | ​ | 12,127
​ | ​ | $ | 101,131 | ​ | $ | 69,714 | ​ | $ | 42,067
* | Excluded non-cash stock-based compensation of US$8.1 million, US$6.8 million and US$5.0 million to SINA employees charged through Amount due from SINA for the years ended 2023, 2024 and 2025, respectively.
Summary of the number of shares available for issuance | ​
​ | ​ | ​
​ | ​ ​ ​ | Shares Available
​ | ​ | (In thousands)
December 31, 2022 |  | 3,563
Addition | ​ | 10,000
Granted* | ​ | (3,971)
Cancelled/expired/forfeited | ​ | 351
December 31, 2023 |  | 9,943
Addition | ​ | —
Granted* | ​ | (157)
Cancelled/expired/forfeited | ​ | 1,882
December 31, 2024 |  | 11,668
Addition | ​ | —
Granted* |  | (2,619)
Cancelled/expired/forfeited |  | 1,876
December 31, 2025 |  | 10,925
*For the years ended December 31, 2023, 2024 and 2025, 1.8 million, 0.1 million and 0.2 million restricted share units were granted, respectively. Options of 2.2 million, 0.1 million and 2.5 million were granted during the years ended 2023, 2024 and 2025, respectively.
Summary of option activities under the Company's stock option program | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | ​ | ​ ​ ​ | ​ | ​ | ​ ​ ​ | Weighted Average | ​ ​ ​ | ​ | ​
​ | ​ | Options | ​ | Weighted Average | ​ | Remaining | ​ | Aggregate
​ | ​ | Outstanding | ​ | Exercise Price | ​ | Contractual Life | ​ | Intrinsic Value
​ | ​ | (In thousands) | ​ | (In US$) | ​ | (In years) | ​ | (In US$ thousands)
December 31, 2022 |  | 3,019 | ​ | $ | 22.51 | ​ | 6.0 | ​ | $ | —
Granted |  | 2,187 | ​ | $ | 3.87 | ​ | ​ | ​ | ​ | ​
Exercised |  | — | ​ | $ | — | ​ | ​ | ​ | ​ | ​
Cancelled/expired/forfeited |  | (98) | ​ | $ | 22.07 | ​ | ​ | ​ | ​ | ​
December 31, 2023 |  | 5,108 | ​ | $ | 14.54 | ​ | 5.7 | ​ | $ | 15,390
Granted |  | 88 | ​ | $ | 2.38 | ​ | ​ | ​ | ​ | ​
Exercised |  | (122) | ​ | $ | 3.87 | ​ | ​ | ​ | ​ | ​
Cancelled/expired/forfeited |  | (144) | ​ | $ | 13.81 | ​ | ​ | ​ | ​ | ​
December 31, 2024 |  | 4,930 | ​ | $ | 14.61 | ​ | 4.7 | ​ | $ | 11,887
Granted |  | 2,469 | ​ | $ | 2.80 | ​ | ​ | ​ | ​ | ​
Exercised |  | (213) | ​ | $ | 3.84 | ​ | ​ | ​ | ​ | ​
Cancelled/expired/forfeited |  | (219) | ​ | $ | 16.94 | ​ | ​ | ​ | ​ | ​
December 31, 2025 |  | 6,967 | ​ | $ | 10.68 | ​ | 4.7 | ​ | $ | 29,733
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Vested and expected to vest as of December 31, 2024 |  | 4,673 | ​ | $ | 14.80 | ​ | 4.7 | ​ | $ | 11,031
Exercisable as of December 31, 2024 |  | 2,319 | ​ | $ | 19.69 | ​ | 4.2 | ​ | $ | 2,309
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Vested and expected to vest as of December 31, 2025 |  | 6,666 | ​ | $ | 10.92 | ​ | 4.6 | ​ | $ | 27,862
Exercisable as of December 31, 2025 |  | 3,132 | ​ | $ | 18.20 | ​ | 3.4 | ​ | $ | 4,597
Schedule of stock options outstanding | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted | ​ | ​ | ​ | Weighted | ​ | Weighted Average
​ | ​ | Options | ​ | Average | ​ | Options | ​ | Average | ​ | Remaining
Range of Exercise Prices | ​ ​ ​ | Outstanding | ​ ​ ​ | Exercise Price | ​ ​ ​ | Exercisable | ​ ​ ​ | Exercise Price | ​ ​ ​ | Contractual Life
​ | ​ | (In thousands) | ​ | ​ | (In US$) | ​ | (In thousands) | ​ | ​ | (In US$) | ​ | (In years)
As of December 31, 2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
US$ 32.68 |  | 316 | ​ | $ | 32.68 |  | 316 | ​ | $ | 32.68 |  | 2.6
US$ 21.15 |  | 2,545 | ​ | $ | 21.15 |  | 1,597 | ​ | $ | 21.15 |  | 4.2
US$ 0.01-US$ 3.87 |  | 2,069 | ​ | $ | 3.81 | ​ | 406 | ​ | $ | 3.87 | ​ | 5.6
​ | ​ | 4,930 | ​ | $ | 14.61 |  | 2,319 | ​ | $ | 19.69 |  | 4.7
As of December 31, 2025 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
US$ 32.68 |  | 279 | ​ | $ | 32.68 |  | 279 | ​ | $ | 32.68 |  | 1.6
US$ 21.15 |  | 2,441 | ​ | $ | 21.15 |  | 2,134 | ​ | $ | 21.15 |  | 3.2
US$ 0.01-US$ 3.87 | ​ | 4,247 | ​ | $ | 3.22 | ​ | 719 | ​ | $ | 3.83 | ​ | 5.7
​ |  | 6,967 | ​ | $ | 10.68 |  | 3,132 | ​ | $ | 18.20 | ​ | 4.7
Schedule of fair value of the options granted | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the years ended December 31, |
​ | ​ ​ ​ | 2023 | ​ ​ ​ | 2024 | ​ ​ ​ | 2025 |
Fair value of ordinary shares (US$) | ​ | 11.51-13.1 | ​ | 7.03 | ​ ​ ​ | 4.85-5.67 | ​
Expected volatility range | ​ | 54.77%-55.77 | % | 55.25 | % | 52.78%-53.77 | %
Risk-free interest rate (per annum) | ​ | 4.42%-4.82 | % | 3.90 | % | 3.69%-4.07 | %
Expected dividend yield | ​ | — |  | — |  | 7.53%-7.97 | %
Expected term (in years) | ​ | 4.66 |  | 4.66 |  | 4.66 | ​
Performance-Based Restricted Share Units with Market Condition |
Stock-Based Compensation |
Summary of restricted share unit activities | ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | ​ | ​ ​ ​ | ​
​ | ​ | ​ | ​ | Weighted-Average
​ | ​ | ​ | ​ | Grant Date
​ | ​ | Shares Granted | ​ | Fair Value
​ | ​ | (In thousands) | ​ | (In US$)
December 31, 2022 | ​ | 1,640 | ​ | $ | 8.43
Awarded |  | 1,640 | ​ | $ | 9.66
Vested | ​ | — | ​ | $ | —
Cancelled | ​ | — | ​ | $ | —
December 31, 2023 | ​ | 3,280 | ​ | $ | 9.04
Awarded | ​ | — | ​ | $ | —
Vested | ​ | — | ​ | $ | —
Cancelled | ​ | (1,640) | ​ | $ | 8.43
December 31, 2024 |  | 1,640 | ​ | $ | 9.66
Awarded |  | — | ​ | $ | —
Vested | ​ | — | ​ | $ | —
Cancelled | ​ | (1,640) | ​ | $ | 9.66
December 31, 2025 |  | — | ​ | $ | —
Service Based Restricted Stock Units RSU |
Stock-Based Compensation |
Summary of restricted share unit activities | ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted-
​ | ​ | ​ | ​ | Average
​ | ​ | Shares | ​ | Grant Date
​ | ​ ​ ​ | Granted | ​ ​ ​ | Fair Value
​ | ​ | (In thousands) | ​ | (In US$)
December 31, 2022 |  | 5,110 | ​ | $ | 43.71
Awarded |  | 144 | ​ | $ | 17.27
Vested |  | (2,191) | ​ | $ | 43.04
Cancelled |  | (253) | ​ | $ | 38.66
December 31, 2023 |  | 2,810 | ​ | $ | 43.37
Awarded |  | 69 | ​ | $ | 8.06
Vested |  | (1,539) | ​ | $ | 42.96
Cancelled |  | (98) | ​ | $ | 42.21
December 31, 2024 |  | 1,242 | ​ | $ | 41.99
Awarded |  | 150 | ​ | $ | 11.21
Vested |  | (1,065) | ​ | $ | 44.63
Cancelled |  | (17) | ​ | $ | 36.75
December 31, 2025 |  | 310 | ​ | $ | 18.37

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