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Equity and Stock-Based Compensation | 6 Months Ended
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Jun. 30, 2026
Share-Based Payment Arrangement [Abstract] |
Equity and Stock-Based Compensation | Note 9. Equity and Stock-Based Compensation Stock Repurchase Activity 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 1,994,526 and 372,198 shares of its common stock in the three months ended June 30, 2026 and 2025, respectively, for a total cost of $25.0 million and $5.0 million, respectively. The Company repurchased 2,156,341 and 493,519 shares of its common stock in the six months ended June 30, 2026 and 2025, respectively, for a total cost of $27.2 million and $6.8 million, respectively. Stock-Based Compensation Total 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, |
|  | 2026 |  |  | 2025 |  |  | 2026 |  |  | 2025 |
Cost of revenue |  | $ | 99 |  |  | $ | 131 |  |  | $ | 227 |  |  | $ | 306 |
Selling and marketing |  |  | 224 |  |  |  | 256 |  |  |  | 455 |  |  |  | 1,124 |
Research and development |  |  | 177 |  |  |  | 322 |  |  |  | 431 |  |  |  | 791 |
General and administrative |  |  | 771 |  |  |  | 299 |  |  |  | 1,523 |  |  |  | 699 |
Total stock-based compensation |  | $ | 1,271 |  |  | $ | 1,008 |  |  | $ | 2,636 |  |  | $ | 2,920 |
The following table summarizes the total unrecognized stock-based compensation expense and remaining recognition period by Restricted Stock Units (“RSUs”) and Performance Stock Units (“PSUs”) (in thousands, except number of years):
|  | June 30, 2026 |
|  | Unrecognized Expense |  |  | Remaining weighted average period (In years) |
RSUs |  | $ | 7,663 |  |  |  | 2.9 |
PSUs |  |  | 3,101 |  |  |  | 1.7 |
Total unrecognized stock-based compensation expense |  | $ | 10,764 |  |  |  |
The following table presents the stock activity and the total number of shares available for grant as of June 30, 2026:
|  | Number of Shares Available |
Balance at December 31, 2025 |  |  | 1,849,094 |
Grants |  |  | (436,520 | )
Cancelled |  |  | 54,591 |
Balance as of June 30, 2026 |  |  | 1,467,165 |
Stock Option Activity
|  | 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, 2025 |  |  | 390,969 |  |  | $ | 10.23 |  |  |  | 3.43 |  |  | $ | 2,174,529 |
Options Granted |  |  | — |  |  |  | — |  |  |  |  |  |  |
Options Exercised |  |  | (46,057 | ) |  |  | 5.96 |  |  |  |  |  |  |
Options Forfeited |  |  | (7,134 | ) |  |  | 17.64 |  |  |  |  |  |  |
Outstanding at June 30, 2026 |  |  | 337,778 |  |  | $ | 10.39 |  |  |  | 2.59 |  |  | $ | 1,337,122 |
Vested and expected to vest at June 30, 2026 |  |  | 337,778 |  |  | $ | 10.39 |  |  |  | 2.59 |  |  | $ | 1,337,122 |
Exercisable at June 30, 2026 |  |  | 337,778 |  |  | $ | 10.39 |  |  |  | 2.59 |  |  | $ | 1,337,122 |
Stock options generally vested in accordance with the terms of the applicable award agreements and are exercisable for up to ten years once vested. Vested options must be exercised within 90 days following a participant’s termination of service or they are forfeited. There have been no options granted since the fiscal year 2021. Restricted Stock Activity
|  | Shares |  |  | Weighted Average Grant Date Fair Value Per Share |
Nonvested restricted stock at December 31, 2025 |  |  | 695,367 |  |  | $ | 14.19 |
Granted |  |  | 436,520 |  |  |  | 10.31 |
Vested |  |  | (285,479 | ) |  |  | 15.31 |
Forfeited |  |  | (150,108 | ) |  |  | 14.55 |
Nonvested restricted stock at June 30, 2026 |  |  | 696,300 |  |  | $ | 11.23 |
Performance-Based Restricted Share Activity
|  | Number of Shares Underlying Outstanding Performance Shares |  |  | Weighted Average Grant Date Fair Value Per Share |
Outstanding at December 31, 2025 |  |  | 160,127 |  |  | $ | 14.63 |
Granted |  |  | 197,280 |  |  |  | 10.22 |
Released |  |  | (45,443 | ) |  |  | 13.08 |
Forfeited |  |  | (105,667 | ) |  |  | 11.75 |
Outstanding at June 30, 2026 |  |  | 206,297 |  |  | $ | 10.97 |
The outstanding PSUs as of June 30, 2026 were comprised of 13,925, 21,999 and 170,373 p erformance shares that were granted on April 1, 2024, 2025 and 2026, respectively. With respect to the PSUs that were granted on April 1, 2026, the vesting is conditional based on the achievement of certain key financial and corporate strategic targets for the year ended December 31, 2026, and continued service over a three-year period. The number of units that could be earned ranged from 0% to 150% of the target shares depending on the achievement of these targets. The number of PSUs to be earned is subject to approval by the Board after the completion of the performance period based on the Company’s 2026 performance over the performance period. Approximately 17,886, 15,356, and 12,201 performance shares were released during the six months ended June 30, 2026 relating to shares that were granted on April 1, 2023, 2024, and 2025, respectively. Earned PSUs typically vest with 33%, 33% and 34% of the earned PSUs shares over the first, second and third year of the requisite vesting period, respectively. Warrants In January 2026, the holders exercised 550,000 wholly-funded warrants to an equal number of shares of the Company's common stock, which related to a series of transactions pursuant to the retirement of Series B Preferred Stock in 2018. Upon exercise, no warrants remained outstanding.

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