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Stock-Based Compensation | 3 Months Ended
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Mar. 31, 2025
Stock-Based Compensation [Abstract] |
STOCK-BASED COMPENSATION | NOTE 11 - STOCK-BASED COMPENSATION: Stock Options As of March 31, 2025, and December 31, 2024, the number of ordinary shares included in the Company’s option plans totaled to 41,240,618 and 35,874,244, respectively. 741,771 out of the outstanding options that have not yet vested as of March 31, 2025, have acceleration mechanisms according to certain terms set forth in the grant agreements primarily in the case of an M&A Transaction which constitutes a Liquidation Event. As of March 31, 2025, the unrecognized compensation costs related to those unvested stock options are $776 thousand, which are expected to be recognized over a weighted-average period of 2.05 years. The following is a summary of the status of the Company’s share option plan as of March 31, 2025:
|  | Three months ended |
|  | March 31, 2025 |
|  | Number of Options |  |  | Weighted- Average Exercise price |
Options outstanding as of December 31, 2024 |  |  | 10,569,170 |  |  | $ | 1.07 |
Granted during the period |  |  | 511,925 |  |  | $ | 2.41 |
Exercised during the period |  |  | (246,513 | ) |  | $ | 0.76 |
Forfeited during the period |  |  | (16,563 | ) |  | $ | 2.10 |
Options outstanding as of March 31, 2025 |  |  | 10,818,019 |  |  | $ | 1.14 |
Options exercisable as of March 31, 2025 |  |  | 10,028,826 |  |  | $ | 1.02 |
The following table summarizes information about stock options outstanding as of March 31, 2025:
Outstanding as of March 31, 2025 |  |  | Exercisable as of March 31, 2025 |
Range of exercise prices |  |  | Number outstanding |  |  | Weighted average remaining contractual term |  |  | Weighted average exercise price |  |  | Aggregate intrinsic value (U.S. dollars in thousands) |  |  | Number Exercisable |  |  | Weighted average remaining contractual term |  |  | Weighted Average exercise price |  |  | Aggregate intrinsic value (U.S. dollars in thousands) |
$ | 0.15-$0.86 |  |  |  | 9,396,260 |  |  |  | 3.70 |  |  |  | 0.80 |  |  |  | 11,652 |  |  |  | 9,348,838 |  |  |  | 3.69 |  |  |  | 0.80 |  |  |  | 11,596 |
$ | 1.87 |  |  |  | 3,313 |  |  |  | 5.78 |  |  |  | 1.87 |  |  |  | 1 |  |  |  | 3,313 |  |  |  | 5.78 |  |  |  | 1.87 |  |  |  | 1 |
$ | 2.10-$2.13 |  |  |  | 55,710 |  |  |  | 6.50 |  |  |  | 2.13 |  |  |  | - |  |  |  | 9,285 |  |  |  | 6.50 |  |  |  | 2.13 |  |  |  | - |
$ | 2.39-$2.41 |  |  |  | 937,194 |  |  |  | 6.34 |  |  |  | 2.40 |  |  |  | - |  |  |  | 341,221 |  |  |  | 5.79 |  |  |  | 2.39 |  |  |  | - |
$ | 4.99 |  |  |  | 196,625 |  |  |  | 4.80 |  |  |  | 4.99 |  |  |  | - |  |  |  | 141,002 |  |  |  | 4.80 |  |  |  | 4.99 |  |  |  | - |
$ | 5.36 |  |  |  | 140,000 |  |  |  | 4.25 |  |  |  | 5.36 |  |  |  | - |  |  |  | 96,250 |  |  |  | 4.25 |  |  |  | 5.36 |  |  |  | - |
$ | 7.58 |  |  |  | 85,380 |  |  |  | 3.79 |  |  |  | 7.58 |  |  |  | - |  |  |  | 85,380 |  |  |  | 3.79 |  |  |  | 7.58 |  |  |  | - |
$ | 9.07 |  |  |  | 3,537 |  |  |  | 3.71 |  |  |  | 9.07 |  |  |  | - |  |  |  | 3,537 |  |  |  | 3.71 |  |  |  | 9.07 |  |  |  | - |
The calculated fair value of option grants was estimated using the Black-Scholes option-pricing model with the following assumptions:
|  | For the three months ended on March 31, 2025 |  |  | For the three months ended on March 31, 2024 |
Expected term |  |  | 4-5 |  |  |  | 4-5 |
Expected volatility |  |  | 59.63%-63.35% |  |  |  | 58.56% |
Expected dividend rate |  |  | 0% |  |  |  | 0% |
Risk-free rate |  |  | 4.34%-4.36% |  |  |  | 3.85%-3.92% |
During the three months period ended on March 31, 2025, 511,925 options were granted to related parties (please refer to Note 15 for further information). As of March 31, 2025, the unrecognized compensation costs related to unvested stock options was $922 thousand, which are expected to be recognized over a weighted-average period of 1.77 years. The weighted-average fair value of the options that were granted during the period ended March 31, 2025 was $2.41 at the grant date. The total intrinsic value of options exercised during the period of three months ended March 31, 2025 and 2024 was $523 and $358 thousand, respectively. The following table presents the classification of the stock options expenses for the periods indicated:
|  | Three months Ended March 31 |
|  | 2025 |  |  | 2024 |
|  | U.S. dollars in thousands |
Cost of revenue |  |  | 27 |  |  |  | 44 |
Research and development |  |  | 135 |  |  |  | 223 |
Sales and marketing |  |  | 58 |  |  |  | 249 |
General and administrative |  |  | 163 |  |  |  | 376 |
Total stock-based compensation |  |  | 383 |  |  |  | 892 |
Restricted Stock Units The following is a summary of the status of the Company’s RSU’s as of March 31, 2025, as well as changes during the period of nine months ended March 31, 2025:
|  | Number of RSUs |  |  | Weighted- Average Grant Date Fair Value |
RSUs outstanding at the beginning of the year |  |  | 8,827,092 |  |  | $ | 3.13 |
Granted during the period |  |  | 4,518,634 |  |  | $ | 2.14 |
Vested during the period |  |  | (1,533,878 | ) |  | $ | 2.90 |
Forfeited during the period |  |  | (76,332 | ) |  | $ | 2.67 |
Outstanding at the end of the period |  |  | 11,735,516 |  |  | $ | 2.79 |
As of March 31, 2025, the unrecognized compensation cost related to unvested RSUs totaled to approximately $27,522 thousand and is expected to be expensed over a weighted-average recognition period of approximately 2.65 years. During the three months ended on March 31, 2025, 549,654 RSU’s were granted to several related parties (please refer to Note 15 regarding Related Parties). The following table presents the classification of RSU’s expenses for the periods indicated:
|  | Three months ended March 31 |
|  | 2025 |  |  | 2024 |
|  | U.S. dollars in thousands |
Cost of revenue |  |  | 223 |  |  |  | 187 |
Research and development |  |  | 1,736 |  |  |  | 1,445 |
Sales and marketing |  |  | 1,169 |  |  |  | 727 |
General and administrative |  |  | 655 |  |  |  | 513 |
Total stock-based compensation-RSUs |  |  | 3,783 |  |  |  | 2,872 |

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