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Stock-based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock Option Activity | The Company’s stock option activity for the six months ended June 30, 2025 was as follows:
| Number of Common Stock Options |  | Weighted- Average Exercise Price |  | Weighted- Average Remaining Contractual Life (Years) |  | Aggregate Intrinsic Value (In Thousands)
Outstanding as of December 31, 2024 | 412,207 |  |  | $ | 24.84 |  |  | 4.68 |  | $ | — |
Granted | — |  |  | — |  |  |  |  |
Exercised | — |  |  | — |  |  |  |  |
Cancelled/Forfeited | (29,408) |  |  | 25.05 |  |  |  |  |
Outstanding as of June 30, 2025 | 382,799 |  |  | 24.83 |  |  | 4.35 |  | — |
Schedule of Restricted Stock Awards Activity | The Company’s Time-Based RSUs and Performance-Based and Other RSUs activity for the six months ended June 30, 2025 was as follows:
| Time-Based RSUs |  | Performance-Based and Other RSUs
| Shares |  | Weighted Average Grant Date Fair Value per Share |  | Shares |  | Weighted Average Grant Date Fair Value per Share
Outstanding as of December 31, 2024 | 1,765,668 |  |  | $ | 56.60 |  |  | 864 |  |  | $ | 231.30 |
Granted | 1,922,492 |  |  | 5.21 |  |  | — |  |  | — |
Forfeited | (463,129) |  |  | 38.72 |  |  | — |  |  | — |
Vested | (1,690,672) |  |  | 21.50 |  |  | — |  |  | — |
Outstanding as of June 30, 2025 | 1,534,359 |  |  | 36.28 |  |  | 864 |  |  | 231.30 |
Activity of the Company’s management awards that include market conditions for the six months ended June 30, 2025 was as follows:
| Shares |  | Weighted Average Grant Date Fair Value per Share
Outstanding as of December 31, 2024 | 915,830 |  |  | $ | 106.99 |
Granted | — |  |  | — |
Forfeited | (549,831) |  |  | 117.99 |
Vested | — |  |  | — |
Outstanding as of Change in units based on performance | (216,000) |  |  | 138.00 |
Outstanding as of June 30, 2025 | 149,999 |  |  | 22.03 |
Schedule of Company’s Management Awards | The Company’s Time-Based RSUs and Performance-Based and Other RSUs activity for the six months ended June 30, 2025 was as follows:
| Time-Based RSUs |  | Performance-Based and Other RSUs
| Shares |  | Weighted Average Grant Date Fair Value per Share |  | Shares |  | Weighted Average Grant Date Fair Value per Share
Outstanding as of December 31, 2024 | 1,765,668 |  |  | $ | 56.60 |  |  | 864 |  |  | $ | 231.30 |
Granted | 1,922,492 |  |  | 5.21 |  |  | — |  |  | — |
Forfeited | (463,129) |  |  | 38.72 |  |  | — |  |  | — |
Vested | (1,690,672) |  |  | 21.50 |  |  | — |  |  | — |
Outstanding as of June 30, 2025 | 1,534,359 |  |  | 36.28 |  |  | 864 |  |  | 231.30 |
Activity of the Company’s management awards that include market conditions for the six months ended June 30, 2025 was as follows:
| Shares |  | Weighted Average Grant Date Fair Value per Share
Outstanding as of December 31, 2024 | 915,830 |  |  | $ | 106.99 |
Granted | — |  |  | — |
Forfeited | (549,831) |  |  | 117.99 |
Vested | — |  |  | — |
Outstanding as of Change in units based on performance | (216,000) |  |  | 138.00 |
Outstanding as of June 30, 2025 | 149,999 |  |  | 22.03 |
Schedule of Stock-based Compensation Expense by Function | Stock-based compensation expense by function was as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Cost of sales | $ | 1,361 |  |  | $ | 298 |  |  | $ | 2,652 |  |  | $ | 3,693 |
Research and development | 4,792 |  |  | 16,378 |  |  | 11,129 |  |  | 30,862 |
Sales and marketing | 2,109 |  |  | 3,557 |  |  | 3,275 |  |  | 8,780 |
General and administrative | (28,908) |  |  | 16,846 |  |  | (18,274) |  |  | 38,209 |
Stock-based compensation related to restructuring | (11) |  |  | 1,412 |  |  | (59) |  |  | 1,412 |
Total | $ | (20,657) |  |  | $ | 38,491 |  |  | $ | (1,277) |  |  | $ | 82,956 |
Stock-based compensation expense by type of award was as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Equity Classified Awards: |  |  |  |  |  |  |
Stock options | $ | — |  |  | $ | 106 |  |  | $ | — |  |  | $ | 368 |
RSUs | 9,844 |  |  | 25,640 |  |  | 22,329 |  |  | 56,979 |
Management awards | (32,579) |  |  | 5,699 |  |  | (27,033) |  |  | 11,415 |
ESPP | 117 |  |  | 135 |  |  | 320 |  |  | 499 |
Stock-based compensation related to restructuring | (11) |  |  | 1,412 |  |  | (59) |  |  | 1,412 |
Liability Classified Awards: |  |  |  |  |  |  |
Equity-settled fixed value | 1,411 |  |  | 3,901 |  |  | 3,339 |  |  | 7,914 |
Freedom Photonics | 561 |  |  | (127) |  |  | 1,116 |  |  | 2,087 |
Other | — |  |  | 1,725 |  |  | (1,289) |  |  | 2,282 |
Total | $ | (20,657) |  |  | $ | 38,491 |  |  | $ | (1,277) |  |  | $ | 82,956 |

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