On May 7, 2025, The Company's Board of Directors (the "Board") 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 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 0.7 million shares of its common stock both in the three months ended September 30, 2025 and 2024, respectively, for a total cost of $10.3 million and $10.1 million, respectively. The Company repurchased 1.2 million and 1.6 million shares of its common stock during the nine months ended September 30, 2025 and 2024, respectively, for a total cost of $17.0 million and $25.3 million, respectively.

On August 14, 2025, the Company entered into a stock purchase agreement regarding the purchase and sale of shares of its common stock beneficially owned by DC VGA LLC (“Diversis”), in a private transaction. The Company agreed to purchase 694,926 shares at a price of $14.41 per share of common stock for a total of $10.0 million. In addition, Diversis agreed to sell 693,962 shares to TDG CP LLC, a Delaware limited liability company (“Donerail”) at a price of $14.41 per share of common stock for a total of $10.0 million. The purchase price per share of common stock for each transaction represents the average of the volume weighted average price of the common stock of the thirty days prior to and including August 14, 2025. Donerail is an entity affiliated with William Wyatt, a member of the Company's Board and Dave Muscatel, who was a member of the Board at the time of the transaction, is affiliated with Diversis.

The Audit Committee of the Board, comprised solely of independent directors not affiliated with Diversis and Donerail, approved the transactions. The agreement contains customary representations, warranties and covenants of the parties.

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				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024

Cost of revenue	$	110	$	131	$	416	$	421
Selling and marketing		253		399		1,377		1,261
Research and development		196		298		987		795
General and administrative		827		668		1,526		970
Total stock-based compensation	$	1,386	$	1,496	$	4,306	$	3,447

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



Balance at December 31, 2024	718,674
Plan Amendment	1,510,000
Options Cancelled	7,845
Restricted Stock Cancelled	105,758
Restricted Stock Granted	(428,706	)
Performance Shares Issued	(205,185	)
Balance as of September 30, 2025	1,708,386


	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		5.00	$	5,483,767
Options Granted		—			—
Options Exercised		(222,925	)		8.53
Options Forfeited		(7,845	)		10.19
Outstanding at September 30, 2025		407,146		$	9.83		3.65	$	2,963,241
Vested and expected to vest at September 30, 2025		407,146		$	9.96		3.65	$	2,963,241
Exercisable at September 30, 2025		407,146		$	9.96		3.65	$	2,963,241

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 equity grants are estimated at 10% for non-executives and 0% for senior management 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 (senior management vs. non-executive).


	Shares			Weighted Average Grant Date Fair Value Per Share
Nonvested restricted stock at December 31, 2024		605,356		$	15.92
Granted		428,706			15.27
Vested		(269,595	)		17.68
Shares forfeited		(105,758	)		14.37
Nonvested restricted stock at September 30, 2025		658,709		$	15.03

As of September 30, 2025, total unrecognized compensation cost related to the nonvested restricted stock granted was $7.9 million, which is expected to be recognized over a remaining weighted average vesting period of 2.5 years.

As of September 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.