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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Stock-Based Compensation

Schedule of warrant activity

​

​	​	​	​	​	​	​	​	​	​	​
​		​		​	​		Weighted-		​	​
​	​	​	​	Weighted-		​	Average	​	​	​
​	​	​	​	Average		​	Remaining	​	Aggregate
​	​	Number of	​	Exercise		​	Contractual	​	Intrinsic
​		Shares		Price/Share			Term (Years)		Value
Outstanding — December 31, 2019		1,001,028	​	​	3.83				​
Issued		—	​		—				​
Exercised		(963,149)	​		3.80				​
Expired		(37,879)	​		4.58				​
Outstanding — December 31, 2020		—	​	$	—		—	​	$	—
Vested (exercisable) — December 31, 2020		—	​	$	—		—	​	$	—

​

Schedule of fair value assumptions of stock options

​

​	​	​	​	​	​	​	​
​	​	December 31,					​
​		2022		2021		2020	​
Expected life (years)	​	3.8 – 5.2	​	3.5 - 6.1	​	5.3 - 6.3	​
Risk-free interest rate		2.1% - 3.7	%	0.47% - 1.18	%	0.31% - 1.70	%
Volatility	​	67.5% – 78.6	%	64.4% – 80.8	%	69.8% - 82.7	%
Dividend yield		0%	​	0%	​	0%	​

​

Schedule of share-based payment awards

Total stock-based compensation expense related to our share-based payment awards is comprised of the following (in thousands):

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​		2022			2021			2020
Cost of revenues	​	$	1,459	​	$	1,620	​	$	371
Selling, general and administrative	​		16,808	​		12,425	​		7,862
Engineering and development	​		1,815	​		1,300	​		683
​	​	$	20,082	​	$	15,345	​	$	8,916

​

Schedule of stock option activity

​

​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	Weighted-	​	​	​
​	​	​	​	Weighted-		​	Average	​	​	​
​	​	​	​	Average		​	Remaining	​	Aggregate
​	​	Number of	​	Exercise		​	Contractual	​	Intrinsic
​		Shares		Price/Share			Term (Years)		Value (1)
Outstanding — December 31, 2019		6,679,581	​	$	7.14				​
Granted (weighted-average fair value of $13.21 per share)		1,789,000	​	​	20.46				​
Exercised		(855,717)		​	6.73				​
Forfeited		(56,475)		​	13.39				​
Expired		(2,084)		​	19.56				​
Outstanding — December 31, 2020		7,554,305	​	​	10.29				​
Granted (weighted-average fair value of $32.79 per share)	​	541,353	​	​	56.61	​		​	​	​
Exercised		(1,037,910)		​	8.66				​	​
Forfeited		(29,807)		​	40.56				​	​
Outstanding — December 31, 2021	​	7,027,941	​	​	13.97	​	​	​	​	​
Granted (weighted-average fair value of $17.17 per share)	​	589,287	​	​	30.12	​	​	​	​	​
Exercised		(206,898)		​	9.90				​	​
Forfeited	​	(69,809)	​	​	43.42	​	​	​	​	​
Outstanding — December 31, 2022		7,340,521	​	$	15.10		4.9	​	$	48,557,300
Vested (exercisable) — December 31, 2022		6,054,897	​	$	11.54		4.6	​	$	48,307,700
Expected to vest after December 31, 2022 (unexercisable)		1,285,624	​	$	31.85		6.6	​	$	249,500

(1) Aggregate intrinsic value represents the difference between the exercise price of the option and the closing market price of the common stock on December 31, 2022, which was $17.35 per share.

Schedule of restricted stock unit activity

​

​	​	​	​	​	​
​		​		Weighted Average
​	​	Number of Restricted	​	Fair Value per
​	​	Stock Units	​	Share
Outstanding — December 31, 2020	​	—	​	$	—
Granted	​	392,940	​	​	55.51
Forfeited	​	(19,091)	​	​	55.23
Share issuance	​	—	​	​	—
Outstanding – December 31, 2021		373,849	​	$	55.53
Granted		526,821	​		30.26
Share issuance		(101,070)	​		55.43
Forfeited		(71,616)	​		44.40
Outstanding – December 31, 2022		727,984	​	$	38.32

​

Summary of stock options outstanding and exercisable

The following table summarizes information with respect to stock options outstanding and exercisable at December 31, 2022:

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted-

​

​

​

​

​

​

​

​

​

​

​

​

Average

​

Weighted-

​

​

​

Weighted-

​

​

​

​

Remaining

​

Average

​

​

​

Average

​

​

Number

​

Contractual

​

Exercise

​

Number

​

Exercise

Exercise Price

Outstanding

Life (Years)

Price

Exercisable

Price

$1.87 – 3.07

658,184

3.1

​

$

2.33

658,184

​

$

2.33

$3.19 – 3.44

730,680

2.8

​

$

3.31

730,680

​

$

3.31

$4.80 – 4.92

576,783

2.4

​

$

4.80

576,783

​

$

4.80

$5.00 – 7.67

675,615

2.6

​

$

5.02

675,615

​

$

5.02

$7.80 – 8.65

741,637

4.2

​

$

8.35

741,637

​

$

8.35

$9.29 – 12.79

931,959

6.1

​

$

11.99

931,959

​

$

11.99

$13.37 – 16.95

1,402,560

7.1

​

$

16.52

994,973

​

$

16.43

$17.36 – 36.68

1,004,671

6.7

​

$

26.26

456,745

​

$

22.65

$41.14 – 72.07

​

618,432

​

5.9

​

$

54.66

​

288,321

​

$

54.52

​

7,340,521

​

​

​

​

​

6,054,897

​

​

​

​

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