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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Stock-Based Compensation

Schedule of assumptions used in the fair value estimation of each option grant

​

​	​	​	​	​	​	​	​	​
​	​	December 31,						​
​		2024		2023		​	2022	​
Expected life (years)	​	3.8 – 4.9	​	3.8 - 5.2	​	​	3.8 - 5.2	​
Risk-free interest rate		3.5% - 4.5	%	3.5% - 4.4	%		2.1% - 3.7	%
Volatility	​	68.9% – 74.9	%	69.9% - 80.0	%	​	67.5% - 78.6	%
Dividend yield		0%	​	0%	​		0%	​

Schedule of stock-based compensation expense related to all of our share-based payment awards

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

​

​	​	​	​	​	​	​	​	​	​
​	​	​	Year Ended December 31,
​		2024			2023			2022
Cost of revenue	​	$	2,639	​	$	2,216	​	$	1,459
Selling, general and administrative	​		15,765	​		18,805	​		16,808
Engineering and development	​		1,300	​		1,787	​		1,815
​	​	$	19,704	​	$	22,808	​	$	20,082

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, 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				​
Granted (weighted-average fair value of $11.86 per share)	​	432,990	​	​	20.63	​		​	​	​
Exercised		(407,814)		​	3.63				​	​
Forfeited		(140,877)		​	24.82				​	​
Outstanding — December 31, 2023	​	7,224,820	​	$	15.88	​	—	​	​	—
Granted (weighted-average fair value of $7.52 per share)	​	342,531	​	​	13.63	​	—	​	​	—
Exercised		(582,170)		​	4.79		—	​	​	—
Forfeited	​	(182,707)	​	​	28.47	​	—	​	​	—
Outstanding — December 31, 2024		6,802,474	​	$	16.38		3.6	​	$	6,864
Vested (exercisable) — December 31, 2024		6,229,380	​	$	15.85		3.5	​	$	6,863
Expected to vest after December 31, 2024 (unexercisable)		573,094	​	$	22.14		5.4	​	$	1

(1) Aggregate intrinsic value represents the difference between the exercise price of the option and the closing market price of the Company’s common stock on December 31, 2024, (the last trading day of the year) which was $7.78 per share.

Summary of stock options outstanding and exercisable

The following table summarizes information with respect to stock options outstanding and exercisable at December 31, 2024:

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted-

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​

​

​

​

​

​

​

​

​

​

Average

​

Weighted-

​

​

​

Weighted-

​

​

​

Remaining

Average

​

​

Average

​

Number

Contractual

Exercise

Number

​

Exercise

Exercise Price

Outstanding

Life -Years

Price

Exercisable

Price

$1.87 – 3.44

942,957

1.6

​

$

2.77

942,957

​

$

2.77

$4.80 – 6.65

761,939

0.9

​

$

4.97

761,939

​

$

4.97

$7.76 – 10.77

921,906

2.8

​

$

8.58

871,496

​

$

8.57

$11.12– 14.96

973,982

4.5

​

$

12.87

914,004

​

$

12.88

$15.18 – 16.95

1,425,227

5.3

​

$

16.68

1,268,587

​

$

16.76

$17.72 – 36.68

1,216,219

4.9

​

$

24.75

940,548

​

$

24.29

$41.14 – 72.07

560,244

3.9

​

$

54.79

529,849

​

$

54.66

​

6,802,474

​

​

​

​

​

6,229,380

​

​

​

​

Schedule of restricted stock unit activity

​

​	​	​	​	​	​
​		​		Weighted Average
​	​	Number of Restricted	​	Fair Value per
​	​	Stock Units	​	Share
Outstanding — December 31, 2021	​	373,849	​	$	55.53
Granted	​	526,821	​	​	30.26
Share issuance	​	(101,070)	​	​	55.43
Forfeited	​	(71,616)	​	​	44.4
Outstanding — December 31, 2022	​	727,984	​	$	38.32
Granted	​	667,319	​	​	19.8
Share issuance	​	(228,932)	​	​	37.63
Forfeited	​	(89,742)	​	​	29.34
Outstanding — December 31, 2023		1,076,629	​	$	27.73
Granted		460,599	​		14.26
Share issuance		(355,058)	​		30.04
Forfeited		(143,079)	​		23.14
Outstanding — December 31, 2024		1,039,091	​	$	21.75

​

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Tabular disclosure of activity for award under share-based payment arrangement. Includes, but is not limited to, outstanding award at beginning and end of year, granted, exercised, forfeited, and weighted-average grant date fair value.

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Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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