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Stock-based Compensation (Tables)

6 Months Ended

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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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year.

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