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STOCK-BASED COMPENSATION PLAN (Tables) | 3 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Summary of Compensation Expense | The following table summarizes the compensation expense we recorded during the three months ended March 31, 2025 and 2024, related to unvested restricted stock, performance-based restricted stock awards, restricted stock units and stock options:
|  | Three Months Ended March 31,
(in thousands) |  | 2025 |  | 2024
Cost of revenues |  | $ | 38 |  |  | $ | 31 |
Selling expense |  | 13 |  |  | 11 |
Engineering and product development expense |  | (11) |  |  | 4 |
General and administrative expense |  | 383 |  |  | 303 |
|  | $ | 423 |  |  | $ | 349 |
Schedule of Stock Options Valuations Assumptions | The fair value for stock options granted during the three months ended March 31, 2025 and 2024 was estimated at the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions:
|  | Three Months Ended March 31,
|  | 2025 |  | 2024
Risk-free interest rate |  | 4.28 | % |  | 3.98 | %
Dividend yield |  | 0.00 | % |  | 0.00 | %
Expected common stock market price volatility factor |  | .59 |  | .57
Weighted average expected life of stock options (years) |  | 6.25 |  | 6.25
Schedule of Stock Option Activity | The following table summarizes the activity related to stock options for the three months ended March 31, 2025:
|  | Number of Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (yrs) |  | Aggregate Intrinsic Value (in thousands)
Options outstanding, January 1, 2025 |  | 602,593 |  | $ | 10.92 |  |  |  |  |
Granted |  | 310,086 |  | 7.74 |  |  |  |  |
Exercised |  | (4,925) |  | 3.69 |  |  |  |  |
Canceled |  | (8,432) |  | 12.32 |  |  |  |  |
Options outstanding, March 31, 2025 |  | 899,322 |  | $ | 9.85 |  |  | 7.7 |  | $ | 102 |
Exercisable |  | 349,945 |  | $ | 10.54 |  |  | 6.5 |  | $ | 102 |
Expected to vest |  | 549,377 |  | $ | 9.41 |  |  | 8.5 |  | $ | — |
The table below summarizes certain additional information with respect to our options:
|  | Three Months Ended March 31,
(in thousands, except per option amounts) |  | 2025 |  | 2024
Weighted average grant date fair value per option |  | $ | 4.61 |  |  | $ | 6.55 |
Aggregate intrinsic value of options exercised |  | $ | 22 |  |  | $ | 40 |
Schedule of Restricted Stock Awards Activity | The following table summarizes the activity related to unvested restricted stock awards for the three months ended March 31, 2025:
|  | Number of Shares |  | Weighted Average Grant Date Fair Value
Unvested shares outstanding, January 1, 2025 |  | 119,833 |  | $ | 11.92 |
Granted |  | 85,098 |  | 7.74 |
Vested |  | (31,745) |  | 12.12 |
Forfeited |  | (1,872) |  | 12.30 |
Unvested shares outstanding, March 31, 2025 |  | 171,314 |  | $ | 9.80 |
Additional information about our restricted stock awards is summarized as follows:
|  | Three Months Ended March 31,
(in thousands) |  | 2025 |  | 2024
Aggregate market value of RSA’s vested |  | $ | 250 |  |  | $ | 346 |
The following table summarizes the activity related to unvested performance-based restricted stock awards for the three months ended March 31, 2025:
|  | Number of Shares |  | Weighted Average Grant Date Fair Value
Unvested shares outstanding, January 1, 2025 |  | 88,949 |  | $ | 12.53 |
Granted |  | 49,098 |  | 7.74 |
Vested |  | — |  | — |
Forfeited |  | (25,493) |  | 10.17 |
Unvested shares outstanding, March 31, 2025 |  | 112,554 |  | $ | 10.97 |
Additional information about our performance-based restricted stock awards is summarized as follows:
|  | Three Months Ended March 31,
(in thousands) |  | 2025 |  | 2024
Aggregate market value of PSA’s vested |  | $ | — |  |  | $ | 117 |
We began issuing restricted stock units to certain employees in 2025. The following table summarizes the activity related to unvested restricted stock awards for the three months ended March 31, 2025:
|  | Number of Shares |  | Weighted Average Grant Date Fair Value
Unvested shares outstanding, January 1, 2025 |  | — |  | $ | — |
Granted |  | 61,091 |  | 7.98 |
Vested |  | — |  | — |
Forfeited |  | — |  | — |
Unvested shares outstanding, March 31, 2025 |  | 61,091 |  | $ | 7.98 |

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