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STOCK-BASED COMPENSATION PLANS | 6 Months Ended
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Jun. 30, 2025
STOCK-BASED COMPENSATION PLANS |
STOCK-BASED COMPENSATION PLANS | (16) STOCK-BASED COMPENSATION PLANS The Company grants stock-based compensation to employees, officers and non-employee directors, as well as consultants and advisors of the Company and its subsidiaries under its 2025 Incentive Award Plan (the “2025 Plan”) which provides for the award of stock options, stock appreciation rights ("SARs"), restricted stock awards ("RSAs"), performance-based stock awards ("PSAs"), restricted stock units ("RSUs"), performance1based stock units ("PSUs") and other stock- or cash-based awards. The 2025 Plan, approved by the Company’s stockholders at the annual meeting held on May 28, 2025 (the “2025 Annual Meeting”), permits the Company to grant awards of up to (i) 14 million new shares of its common stock, plus (ii) 2,180,307 shares of its common stock previously reserved for issuance by the Company’s Amended and Restated 2019 Incentive Award Plan plus that number of shares of its common stock subject to awards granted under certain prior plans which become available for grant under the 2025 Plan. At the 2025 Annual Meeting, the Company's stockholders also approved an amendment to the Company’s Restated Certificate of Incorporation, as amended, to increase the number of authorized shares of its common stock by 150 million shares to a total of 390 million shares. Executive Equity Arrangements Performance-Based Stock Grants In addition to granting RSAs and RSUs to its executives and certain of its employees, the Company also grants PSUs to certain of its executives and certain other employees. Vesting periods for RSAs, RSUs, and PSUs granted range from one to three years. PSUs granted consist of 60% that have both performance and service conditions (the "Performance PSUs") and 40% that have both market and service conditions (the "Market PSUs"). Each Performance PSU is comprised of three consecutive fiscal year performance periods beginning in the year of grant, with one-third of the Performance PSUs attributable to each fiscal year performance period. The Market PSUs have one three-year performance period, beginning January 1 in the year of grant and ending on December 31, three years thereafter. The number of shares of common stock underlying the PSUs that can be earned will not exceed 200% of the Performance or Market PSUs. Shares subject to PSUs that fail to be earned will be forfeited. ​ ​ Restricted Stock Units The activity related to the Company’s RSUs for the six months ended June 30, 2025 was as follows: ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Weighted
​ | ​ | ​ | ​ | Average
​ | ​ | ​ | ​ | Grant Date
​ | ​ | Shares | ​ | Fair Value
Unvested balance at January 1, 2025 |  | 3,997,108 | ​ | $ | 3.04
Granted |  | 7,443,156 | ​ | $ | 3.63
Vested |  | (2,621,202) | ​ | $ | 3.08
Forfeited |  | (68,081) | ​ | $ | 3.31
Unvested balance at June 30, 2025 |  | 8,750,981 | ​ | $ | 3.53
​ The total grant date fair value of shares of restricted stock underlying RSUs that vested during the six months ended June 30, 2025 was $8.1 million. Performance-Based Stock Units The activity related to the Company’s PSUs for the six months ended June 30, 2025 was as follows: ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Weighted
​ | ​ | ​ | ​ | Average
​ | ​ | ​ | ​ | Grant Date
​ | ​ | Shares | ​ | Fair Value
Unvested balance at January 1, 2025 |  | 3,605,892 | ​ | $ | 3.75
Granted |  | 1,837,965 | ​ | $ | 4.20
Vested |  | (381,177) | ​ | $ | 3.57
Forfeited |  | (260,786) | ​ | $ | 3.03
Unvested balance at June 30, 2025 |  | 4,801,894 | ​ | $ | 3.97
​ The total grant date fair value of shares of restricted stock underlying PSUs that vested during the six months ended June 30, 2025 was $1.4 million. Stock-Based Compensation The condensed consolidated statements of operations include stock-based compensation for the three and six months ended June 30, 2025 and 2024 as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended | ​ | Six months ended | ​
​ | ​ | June 30, | ​ | June 30, | ​ | June 30, | ​ | June 30, | ​
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024 |
Product cost of revenue | ​ | $ | 33 |  | $ | 64 |  | $ | 99 |  | $ | 170 | ​
Service cost of revenue |  | ​ | 198 |  | ​ | 274 |  | ​ | 484 |  | ​ | 746 |
Research and development |  | ​ | 455 | ​ | ​ | 616 | ​ | ​ | 1,180 | ​ | ​ | 1,684 |
Sales and marketing | ​ | ​ | 1,066 | ​ | ​ | 954 | ​ | ​ | 2,239 | ​ | ​ | 2,111 | ​
General and administrative | ​ | ​ | 2,725 | ​ | ​ | 1,586 | ​ | ​ | 4,773 | ​ | ​ | 3,305 | ​
​ | ​ | $ | 4,477 |  | $ | 3,494 |  | $ | 8,775 |  | $ | 8,016 | ​
​ At June 30, 2025, there was $34.8 million, net of expected forfeitures, of unrecognized stock-based compensation expense related to unvested RSUs and PSUs. This expense is expected to be recognized over a weighted average period of approximately two years.

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