v3.25.4
Stockholders' equity (Tables)
12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of employee stock-based compensation recognized
Employee stock-based compensation cost recognized in the consolidated statements of income/(loss) was as follows:
Twelve months ended December 31,
202520242023
(in thousands)
Cost of revenue$2,160 $2,078 $1,959 
Engineering, research, and development2,009 3,702 4,872 
Sales and marketing4,974 5,743 3,616 
General and administrative21,200 22,644 25,069 
Total stock-based compensation$30,343 $34,167 $35,516 
Schedule of estimated grant using the black-scholes The key assumptions for the years ended December 31, 2024 and 2023 are provided in the following table.
For the years ended December 31,
 20242023
Dividend yield—%—%
Expected volatility50%48%
Risk-free interest rate
4.27%-4.65%
3.63%-4.84%
Expected term in years6.116.11
Grant date fair value of common stock
$9.82-$13.54
$10.07-$11.97
Schedule of option activity
The following table sets forth the activity for the 2018 Stock Plan for the years ended December 31, 2025, 2024, and 2023:
Number of OptionsWeighted Average Exercise Price
Aggregate Intrinsic Value (in thousands)
Weighted Average Contractual Term
(in years)
Options outstanding as of January 1, 2023
1,598,811 $3.54 $12,279 
Options exercised(112,383)$3.54 
Options outstanding as of December 31, 2023
1,486,428 $3.54 $14,552 
Options exercised(197,703)$3.54 
Options expired(2,795)$3.54 
Options outstanding as of December 31, 2024
1,285,930 $3.54 $24,047 
Options exercised(45,405)$3.54 
Options outstanding as of December 31, 2025
1,240,525 $3.54 $6,811 3.1
Options vested and exercisable as of December 31, 2025
1,240,525 $3.54 $6,811 3.1
The following table summarizes option activity for the years ended December 31, 2025, 2024 and 2023 under the 2020 Plan:
Number of OptionsWeighted Average Exercise Price
Aggregate Intrinsic Value (in thousands)
Weighted Average Contractual Term
(in years)
Options outstanding as of January 1, 2023
3,003,611 $13.22 $3,883 
Options granted689,500 $11.49 
Options exercised(153,302)$8.67 
Options forfeited(329,889)$14.99 
Options expired(44,205)$19.74 
Options outstanding as of December 31, 2023
3,165,715 $12.79 $7,197 
Options granted25,000 $12.65 
Options exercised(186,021)$10.20 
Options forfeited(164,357)$13.94 
Options expired(91,946)$17.12 
Options outstanding as of December 31, 2024
2,748,391 $12.75 $26,881 
Options exercised(45,172)$10.68 
Options forfeited(72,240)$13.43 
Options expired(128,479)$15.83 
Options outstanding as of December 31, 2025
2,502,500 $12.61 $833 5.3
Options vested and exercisable as of December 31, 2025
2,224,165 $12.58 $833 5.1
Schedule of restricted stock unit activity
The following table summarizes activity of the Company’s RSUs for the years ended December 31, 2025, 2024, and 2023:
Number of SharesWeighted Average Grant Date Fair Value
Unvested awards as of January 1, 2023
2,245,968 $11.99 
Awards granted251,955 $11.64 
Awards vested and released(1,663,702)$11.98 
Awards forfeited(105,008)$11.25 
Unvested awards as of December 31, 2023
729,213 $11.99 
Awards granted1,750,381 $13.46 
Awards vested and released(613,779)$12.07 
Awards forfeited(69,950)$12.01 
Unvested awards as of December 31, 2024
1,795,865 $13.39 
Awards granted490,651 $16.31 
Awards vested and released(957,898)$13.47 
Awards forfeited(103,335)$15.68 
Unvested awards as of December 31, 2025
1,225,283 $14.30 
Schedule of performance share activity
The following table summarizes activity of the Company’s PSUs for the years ended December 31, 2025, 2024, and 2023:
Number of SharesWeighted Average Grant Date Fair Value
Unvested awards as of January 1, 2023(1)
518,938 $39.41 
Awards granted
523,938 $11.97 
Performance achievement adjustment1,148,376 $31.31 
Awards vested and released(1,335,982)$39.26 
Awards forfeited(32,375)$11.97 
Unvested awards as of December 31, 2023(2)
822,895 $11.97 
Awards granted
1,626,600 $14.51 
Performance achievement adjustment
319,320 $14.21 
Modifier adjustments255,456 $4.44 
Awards vested and released
(822,895)$11.97 
Awards forfeited(30,000)$14.51 
Unvested awards as of December 31, 2024(3)
2,171,376 $13.28 
Awards granted
47,000 $26.14 
Performance achievement adjustment
620,090 $15.13 
Modifier adjustments
98,268 $27.48 
Awards vested and released(1,104,064)$11.96 
Awards forfeited(63,312)$14.54 
Unvested awards as of December 31, 2025(4)
1,769,358 $15.84 
__________________________
(1)Reported at the certified performance achievement at 100% of the target shares granted
(2)Reported at 170% of the target shares
(3)Reported at the certified performance achievement of 208% first tranche granted in 2024 and 100% for the remaining tranches.
(4)Reported at the estimate performance adjustment of 206% for the tranches based on performance for the year ended December 31, 2025 and 131% for the remaining tranches.
Schedule of fair value of vested PSUs and RSUs
The fair value of vested RSUs and PSUs issued under the 2020 Plan (measured at the vesting date) for the years ended December 31, 2025, 2024, and 2023 was as follows:
For the years ended December 31,
202520242023
(in thousands)
RSUs$15,888 $7,742 $18,926 
PSUs$24,300 $11,142 $15,993