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Stock-based compensation (Tables) | 9 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Schedule of Service Vesting-Based Stock Option Activity | The following is a summary of service-based vesting stock option activity for the nine months ended September 30, 2025, and the status of service-based vesting stock options outstanding as of September 30, 2025:
| Nine Months Ended September 30, 2025
| Options |  | Wtd. Avg. Exercise Price
Outstanding as of beginning of period | 127,000 |  |  | $ | 2.19 |
Exercised | (10,000) |  |  | 1.83 |
Outstanding as of September 30, 2025 | 117,000 |  |  | $ | 2.22 |
Stock options exercisable as of September 30, 2025 | 117,000 |  |  | $ | 2.22 |
Schedule of Service Vesting-Based and Market Based Restricted Stock Activity | The following is a summary of service-based vesting restricted stock activity for the nine months ended September 30, 2025, and the status of unvested service-based vesting restricted stock outstanding as of September 30, 2025:
| Nine Months Ended September 30, 2025
| Shares |  | Wtd. Avg. Grant Date Fair Value
Outstanding as of beginning of period | 1,295,640 |  |  | $ | 16.00 |
Granted | 470,824 |  |  | 24.19 |
Vested | (366,181) |  |  | 19.38 |
Forfeited | (33,135) |  |  | 16.14 |
Non-vested as of September 30, 2025 | 1,367,148 |  |  | $ | 17.91 |
The following is a summary of market-based restricted stock activity under our stock option plans for the nine months ended September 30, 2025 and the status of market-based restricted stock outstanding as of September 30, 2025:
| Nine Months Ended September 30, 2025
| Shares |  | Wtd. Avg. Grant
Outstanding as of beginning of period | 495,686 |  |  | $ | 25.69 |
Granted | 451,801 |  |  | 32.91 |
Vested | (470,287) |  |  | 25.19 |
Non-vested as of September 30, 2025 | 477,200 |  |  | $ | 33.02 |
Schedule of Share-Based Payment Award, Restricted Stock, Valuation Assumptions | The PSA has since been modified as follows:
(in millions) | Fair Value
Fair value of PSA as of grant date | $ | 1.9 |
Q4 2024 change in estimated achievement probability | 0.8 |
Q1 2025 modification | 1.6 |
Stock compensation expense related to PSA as of September 30, 2025 | (3.4) |
Remaining unrecognized non-cash compensation costs related to PSA | $ | 0.9 |
Schedule of Share-Based Payment Award, Market-Based Awards Valuation Assumption | The following is a summary of key inputs to our market-based restricted stock awards as of September 30, 2025:
|  |  |  |  |  |  |  |  |  |  | Fair Value Assumptions |  |  |  |
| Grant Date |  | Target Shares |  | Vesting Range |  | Market Condition Period |  | FV of Award (in millions) |  | Volatility |  | Risk Free Rate |  | Dividend Rate |  | Attainment % |  | Vested Shares
2023 TSR(1) | 1/3/2023 |  | 268,738 |  | —% - 200% |  | 1/1/2023 - 12/31/2024 |  | $ | 6.8 |  |  | 78 | % |  | 4.4 | % |  | — | % |  | 175 | % |  | 470,287
2024 TSR(2) | 3/8/2024 |  | 239,464 |  | —% - 200% |  | 1/1/2024 - 12/31/2025 |  | $ | 6.3 |  |  | 80 | % |  | 4.6 | % |  | — | % |  | N/A |  | N/A
2025 TSR | 3/18/2025 |  | 250,252 |  | —% - 200% |  | 1/1/2025 - 12/31/2026 |  | $ | 9.8 |  |  | 60 | % |  | 4.1 | % |  | — | % |  | N/A |  | N/A
(1) Of the $6.8 million fair value of the 2023 Total Shareholder Return ("TSR") award being expensed on a straight-line basis over the grant date to the vesting date, $1.6 million of expense was recognized in 2023 to reflect accelerations in the vesting period of certain awards. (2) Of the $6.3 million fair value of the 2024 TSR award being expensed on a straight-line basis over the grant date to the vesting date, $0.3 million of expense was recognized in 2024 to reflect accelerations in the vesting period of certain awards.
Schedule of Stock Compensation Expense | We recorded total stock compensation expense for the three and nine months ended September 30, 2025 and 2024, as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Cost of revenue | $ | 279 |  |  | $ | 327 |  |  | $ | 855 |  |  | $ | 961 |
General and administrative costs | 4,270 |  |  | 2,761 |  |  | 11,497 |  |  | 8,248 |
Sales and marketing costs | 509 |  |  | 460 |  |  | 1,401 |  |  | 1,316 |
Research and development costs | 837 |  |  | 586 |  |  | 2,144 |  |  | 1,708 |
Total(1) | $ | 5,895 |  |  | $ | 4,134 |  |  | $ | 15,897 |  |  | $ | 12,233 |
(1) During the three and nine months ended September 30, 2025, $9 thousand and $19 thousand, respectively, of stock compensation expenses were capitalized to internal use software. During the three and nine months ended September 30, 2024, $5 thousand and $18 thousand, respectively, were capitalized to internal use software.

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