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v3.26.1

Stockholders' Equity (Tables) | 3 Months Ended
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Mar. 31, 2026
Equity [Abstract] |
Components of Stockholders' Equity | The components of stockholders’ equity are as follows (in thousands):
| Three Months Ended March 31, 2026 |
| Common Stock |  |  |  |  |  |  |  |  | Treasury Stock |  |  | Accumulated |  |  |  |
| Number of Shares |  |  | $0.01ParValue |  |  | Additional Paid-in Capital |  |  | Retained Earnings |  |  | Number of Shares |  |  | Cost |  |  | Other Comprehensive Loss |  |  | Total Stockholders' Equity |
Balance at December 31, 2025 |  | 25,535 |  |  | $ | 255 |  |  | $ | 304,404 |  |  | $ | 52,574 |  |  |  | 6,522 |  |  | $ | (229,615 | ) |  | $ | (1,093 | ) |  | $ | 126,525 |
Issuance of common stock under stock plans, including tax effects |  | 162 |  |  |  | 2 |  |  |  | 278 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 280 |
Stock-based compensation expense |  | — |  |  |  | — |  |  |  | 2,554 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,554 |
Net loss |  | — |  |  |  | — |  |  |  | — |  |  |  | (21,825 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (21,825 | )
Net change in marketable investments, net of tax |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (60 | ) |  |  | (60 | )
Foreign currency translation |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,420 | ) |  |  | (1,420 | )
Balance at March 31, 2026 |  | 25,697 |  |  | $ | 257 |  |  | $ | 307,236 |  |  | $ | 30,749 |  |  |  | 6,522 |  |  | $ | (229,615 | ) |  | $ | (2,573 | ) |  | $ | 106,054 |
| Three Months Ended March 31, 2025 |
| Common Stock |  |  |  |  |  |  |  |  | Treasury Stock |  |  | Accumulated |  |  |  |
| Number of Shares |  |  | $0.01ParValue |  |  | Additional Paid-in Capital |  |  | Retained Earnings |  |  | Number of Shares |  |  | Cost |  |  | Other Comprehensive Loss |  |  | Total Stockholders' Equity |
Balance at December 31, 2024 |  | 25,119 |  |  | $ | 251 |  |  | $ | 292,217 |  |  | $ | 171,934 |  |  |  | 6,282 |  |  | $ | (227,119 | ) |  | $ | (7,746 | ) |  | $ | 229,537 |
Issuance of common stock under stock plans, including tax effects |  | 143 |  |  |  | 2 |  |  |  | 233 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 235 |
Stock-based compensation expense |  | — |  |  |  | — |  |  |  | 2,472 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,472 |
Net loss |  | — |  |  |  | — |  |  |  | — |  |  |  | (87,272 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (87,272 | )
Net change in marketable investments, net of tax |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4 |  |  |  | 4 |
Foreign currency translation |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,458 |  |  |  | 2,458 |
Balance at March 31, 2025 |  | 25,262 |  |  | $ | 253 |  |  | $ | 294,922 |  |  | $ | 84,662 |  |  |  | 6,282 |  |  | $ | (227,119 | ) |  | $ | (5,284 | ) |  | $ | 147,434 |
Schedule of Restricted Stock Unit Activity | Restricted stock unit activity for the three months ended March 31, 2026 is presented below (in thousands, except per share data):
|  |  |  |  | Weighted- |
|  |  |  |  | Average |
|  | Number of |  |  | Grant Date |
|  | Shares |  |  | Fair Value |
Unvested at December 31, 2025 |  |  | 1,884 |  |  | $ | 15.41 |
Granted |  |  | 276 |  |  |  | 6.87 |
Vested |  |  | (98 | ) |  |  | 33.60 |
Forfeited |  |  | (79 | ) |  |  | 14.72 |
Unvested at March 31, 2026 |  |  | 1,983 |  |  | $ | 13.36 |
Schedule of Stock Option Activity | Stock option activity for the three months ended March 31, 2026 is presented below (in thousands, except per share data and contractual term):
|  |  |  |  | Weighted - |  |  | Weighted - |  |  |  |
|  |  |  |  | Average |  |  | Average |  |  |  |
|  |  |  |  | Exercise |  |  | Remaining |  |  | Aggregate |
|  | Number |  |  | Price Per |  |  | Contractual |  |  | Intrinsic |
|  | of Shares |  |  | Share |  |  | Term (in years) |  |  | Value |
Outstanding at December 31, 2025 |  |  | 348 |  |  | $ | 16.99 |  |  |  |  |  |  |
Forfeited |  |  | (23 | ) |  |  | 32.65 |  |  |  |  |  |  |
Outstanding at March 31, 2026 |  |  | 325 |  |  | $ | 15.92 |  |  |  | 8.32 |  |  | $ | — |
Exercisable at March 31, 2026 |  |  | 68 |  |  | $ | 33.55 |  |  |  | 6.39 |  |  | $ | — |
Vested and expected to vest at March 31, 2026 |  |  | 325 |  |  | $ | 15.92 |  |  |  | 8.32 |  |  | $ | — |
Summary of Stock-Based Compensation Recorded in Expense Categories in Consolidated Statements of Operations | Stock-based compensation was recorded in the following expense categories in the Consolidated Statements of Operations (in thousands):
|  | Three Months Ended |
|  | March 31, |
|  | 2026 |  |  | 2025 |
Cost of services and fulfillment |  | $ | 1,723 |  |  | $ | 1,718 |
Selling and marketing |  |  | 256 |  |  |  | 8 |
General and administrative |  |  | 740 |  |  |  | 746 |
Total |  | $ | 2,719 |  |  | $ | 2,472 |
Fair Value of Options Granted Under Equity Incentive Plan and Shares Subject to Employee Stock Purchase Plan Valuation Assumptions | Forrester utilizes the Black-Scholes valuation mod el for estimating the fair value of options granted under the equity incentive plans and shares subject to purchase under the employee stock purchase plan, which were valued using the following assumptions:
|  | Three Months Ended |
|  | March 31, |
|  | 2026 |  |  | 2025 |
|  | Employee Stock Purchase Plan |  |  | Employee Stock Purchase Plan |
Average risk-free interest rate |  |  | 3.72 | % |  |  | 4.27 | %
Expected dividend yield |  |  | 0.0 | % |  |  | 0.0 | %
Expected life |  | 0.5 Years |  |  | 0.5 Years |
Expected volatility |  |  | 56 | % |  |  | 38 | %
Weighted average fair value |  | $ | 1.88 |  |  | $ | 2.86 |

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