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Stock-Based Compensation
 3 Months Ended
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