On May 7, 2025, The Company' Board of Directors authorized a stock repurchase program to acquire up to $75 million of Company common stock. The amount and timing of specific repurchases are subject to market conditions, applicable legal requirements, restrictions in the Company’s debt agreements and other factors. The Company intends to fund the share repurchases using cash from operations or short-term borrowings and may suspend or discontinue repurchases at any time. The share repurchase program is scheduled to expire on May 6, 2027.

The Company repurchased 0.4 million and 1.0 million shares of its common stock during the three months ended June 30, 2025 and 2024, respectively, for a total cost of $5.0 million and $15.2 million, respectively. The Company repurchased 0.5 million and 1.0 million shares of its common stock during the six months ended June 30, 2025 and 2024, respectively for a total cost of $6.8 million and $15.2 million, respectively.

Total estimated stock-based compensation expense for employees and non-employees, related to all of the Company’s stock-based awards, was as follows (in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024

Cost of revenue	$	131	$	159	$	306	$	290
Selling and marketing		256		375		1,124		862
Research and development		322		273		791		497
General and administrative		299		39		699		302
Total stock-based compensation	$	1,008	$	846	$	2,920	$	1,951

The following table presents the stock activity and the total number of shares available for grant as of June 30, 2025:



Balance at December 31, 2024	718,674
Plan Amendment	1,510,000
Options Cancelled	5,202
Restricted Stock Cancelled	17,888
Restricted Stock Granted	(397,290	)
Performance Shares Issued	(205,185	)
Balance at June 30, 2025	1,649,289


	Options Outstanding
	Number of Shares Underlying Outstanding Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term		Aggregate Intrinsic Value
						(in years)
Outstanding at December 31, 2024		637,916		$	9.38		4.55	$	5,483,767
Options Granted		—			—
Options Exercised		(32,431	)		3.44
Options Forfeited		(5,202	)		10.44
Outstanding at June 30, 2025		600,283		$	9.69		3.69	$	3,099,077
Vested and expected to vest at June 30, 2025		600,283		$	9.69		3.69	$	3,099,077
Exercisable at June 30, 2025		600,283		$	9.69		3.69	$	3,099,077

Stock options are time-based and the majority are exercisable within 10 years of the date of grant, but only to the extent they have vested. The options generally vest as specified in the option agreements subject to acceleration in certain circumstances. In the event participants in the plan cease to be employed or engaged by the Company, all vested options would be forfeited if they are not exercised within 90 days. Forfeitures on option grants are estimated at 10% for non-executives and 0% for executives based on evaluation of historical and expected future turnover. Stock-based compensation expense was recorded net of estimated forfeitures, such that expense was recorded only for those stock-based awards expected to vest. The Company reviews this assumption periodically and will adjust it if it is not representative of future forfeiture data and trends within employee types (executive vs. non-executive).


	Shares			Weighted Average Grant Date Fair Value Per Share
Nonvested restricted stock at December 31, 2024		605,356		$	15.92
Granted		397,290			15.24
Vested		(264,285	)		17.67
Shares forfeited		(17,888	)		14.11
Nonvested restricted stock at June 30, 2025		720,473		$	14.95

As of June 30, 2025, total unrecognized compensation cost related to the nonvested restricted stock granted was $9.7 million, which is expected to be recognized over a remaining weighted average vesting period of 2.5 years.

As of June 30, 2025, the Company had 550,000 wholly funded warrants related to a series of transactions pursuant to which the previously outstanding Series B Preferred Stock were retired. The warrants do not expire.