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Stock-Based Compensation | 6 Months Ended
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Jun. 30, 2026
Share-Based Payment Arrangement [Abstract] |
Equity Incentive Plans and Stock-Based Compensation | Note 11. Stock-Based Compensation Stock options Activity under the 2021 EIP is set forth below:
|  | Options |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term in years |
|  | (In thousands) |  |  | (Per share data) |  |  | (Years) |
Outstanding as of December 31, 2024 |  |  | 18 |  |  | $ | 380.70 |  |  |  | 5.0 |
Granted |  |  | — |  |  | $ | — |  |  |  |
Exercised |  |  | — |  |  | $ | — |  |  |  |
Forfeited or expired |  |  | (14 | ) |  | $ | 166.70 |  |  |  |
Outstanding as of June 30, 2025 |  |  | 4 |  |  | $ | 1,022.11 |  |  |  | 4.8 |
Options vested and expected to vest as of June 30, 2025 |  |  | 4 |  |  | $ | 1,022.11 |  |  |  |
Vested and exercisable as of June 30, 2025 |  |  | 4 |  |  | $ | 1,022.11 |  |  |  |
Outstanding as of December 31, 2025 |  |  | 4 |  |  | $ | 1,028.92 |  |  |  | 4.4 |
Granted |  |  | 964 |  |  | $ | 18.40 |  |  |  |
Exercised |  |  | — |  |  | $ | — |  |  |  |
Forfeited or expired |  |  | — |  |  | $ | — |  |  |  |
Outstanding as of June 30, 2026 |  |  | 968 |  |  | $ | 22.78 |  |  |  | 10.0 |
Options vested and expected to vest as of June 30, 2026 |  |  | 968 |  |  | $ | 22.78 |  |  |  |
Vested and exercisable as of June 30, 2026 |  |  | 968 |  |  | $ | 22.78 |  |  |  |
As of June 30, 2026 and December 31, 2025, there is no aggregate intrinsic value of options outstanding. As of June 30, 2026, total unrecognized compensation cost related to unvested stock options was $16.3 million, which is expected to be recognized over a weighted-average period of 1.5 years. During the six months ended June 30, 2026, the Compensation Committee of the Board of Directors of the Company granted approximately 964 thousand stock options under the 2021 Equity Incentive Plan, including market-based awards granted to the Company's Chief Executive Officer. The grant-date fair value of the market-based awards was determined using a Monte Carlo simulation model. The weighted-average grant-date fair value and significant assumptions used in the valuation were as follows:
|  | As of June 29, 2026 |
Weighted-average grant date fair value |  | $ | 16.80 |
Grant date stock price |  | $ | 18.40 |
Exercise price |  | $ | 18.40 |
Expected volatility |  |  | 165.0 | %
Expected term |  |  | 5.0 |
Risk-free interest rate |  |  | 4.1 | %
Expected dividend yield |  |  | 0.0 | %
The Monte Carlo simulation model incorporates the market-based vesting conditions and estimates the probability of achieving the applicable market capitalization milestones when determining the grant-date fair value. Restricted Stock Units The fair value of RSUs under the Company’s 2021 EIP is estimated using the value of the Company’s common stock on the date of grant. The following table summarizes outstanding and expected to vest RSUs as of June 30, 2026 and 2025 and their activity during the six months ended June 30, 2026 and 2025:
|  | Number of Shares |  |  | Weighted- Average Grant Date Fair Value |  |  | Aggregate Intrinsic Value |
|  | (In thousands) |  |  | (Per share data) |  |  | (In thousands) |
Balance as of December 31, 2024 |  |  | 13 |  |  | $ | 714.30 |  |  | $ | 132 |
Granted |  |  | 1,070 |  |  |  | 11.05 |  |  |  | — |
Released |  |  | (104 | ) |  |  | 28.08 |  |  |  | — |
Cancelled |  |  | (90 | ) |  |  | 30.91 |  |  |  | — |
Balance as of June 30, 2025 |  |  | 889 |  |  | $ | 16.51 |  |  | $ | 6,400 |
Expected to vest as of June 30, 2025 |  |  | 889 |  |  | $ | 16.51 |  |  | $ | 6,400 |
Balance as of December 31, 2025 |  |  | 1,030 |  |  | $ | 22.42 |  |  | $ | 14,158 |
Granted |  |  | 570 |  |  |  | 17.59 |  |  |  | — |
Released |  |  | (174 | ) |  |  | 25.35 |  |  |  | — |
Cancelled |  |  | (159 | ) |  |  | 39.59 |  |  |  | — |
Balance as of June 30, 2026 |  |  | 1,267 |  |  | $ | 17.96 |  |  | $ | 22,232 |
Expected to vest as of June 30, 2026 |  |  | 1,267 |  |  | $ | 17.96 |  |  | $ | 22,232 |
The aggregate intrinsic value of outstanding RSUs is calculated based on the closing price of the Company’s common stock as of the date outstanding. As of June 30, 2026, there was $21.4 million of unrecognized compensation cost, which is expected to be recognized over a weighted average period of approximately 2.9 years. Stock-based Compensation Expense The following sets forth the total stock-based compensation expense by type of award included in the statements of operations:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2026 |  |  | 2025 |  |  | 2026 |  |  | 2025 |
|  | (In thousands) |  |  | (In thousands) |
Restricted stock units |  | $ | 2,428 |  |  | $ | 1,834 |  |  | $ | 4,316 |  |  | $ | 5,425 |
Stock options |  |  | 67 |  |  |  | 1 |  |  |  | 67 |  |  |  | 6 |
|  | $ | 2,495 |  |  | $ | 1,835 |  |  | $ | 4,383 |  |  | $ | 5,431 |
The following sets forth the total stock-based compensation expense included in cost of revenue and operating expenses on the statements of operations:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2026 |  |  | 2025 |  |  | 2026 |  |  | 2025 |
|  | (In thousands) |  |  | (In thousands) |
Cost of 3D Printer and parts |  | $ | 86 |  |  | $ | 474 |  |  | $ | 558 |  |  | $ | 613 |
Cost of Support services |  |  | 19 |  |  |  | 125 |  |  |  | 189 |  |  |  | 194 |
Stock-based compensation recorded in cost of revenue |  |  | 105 |  |  |  | 599 |  |  |  | 747 |  |  |  | 807 |
Research and development |  |  | 917 |  |  |  | 356 |  |  |  | 1,457 |  |  |  | 783 |
Selling and marketing |  |  | 460 |  |  |  | 217 |  |  |  | 831 |  |  |  | 330 |
General and administrative |  |  | 1,013 |  |  |  | 663 |  |  |  | 1,348 |  |  |  | 3,511 |
Stock-based compensation recorded in operating expense |  |  | 2,390 |  |  |  | 1,236 |  |  |  | 3,636 |  |  |  | 4,624 |
Total stock-based compensation expense |  | $ | 2,495 |  |  | $ | 1,835 |  |  | $ | 4,383 |  |  | $ | 5,431 |

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