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Note 11 - Stock-Based Compensation

6 Months Ended

Jun. 30, 2025

Notes to Financial Statements

Shareholders' Equity and Share-Based Payments [Text Block]

11.

Stock-Based Compensation

Stock-based compensation expense for the three and six months ended June 30, 2025 and 2024 was allocated as follows:

		Three Months Ended June 30,								Six Months Ended June 30,
(in thousands)		2025				2024				2025				2024
Cost of revenues		$	31			$	66			$	61			$	118
Sales and marketing expenses			106				159				224				289
General and administrative expenses			240				927				599				1,698
Research and development expenses			95				126				188				221
Total stock-based compensation		$	472			$	1,278			$	1,072			$	2,326

As of June 30, 2025, the total compensation costs related to unvested awards not yet recognized was $2.2 million and the weighted average period over which it is expected to be recognized is approximately 1.4 years. The Company did not capitalize any stock-based compensation.

Restricted stock unit (“RSU”) activity for the six months ended June 30, 2025 was as follows:

										Market-								Performance-
		Time-Based								Based								Based
		Restricted				Grant Date				Restricted				Grant Date				Restricted				Grant Date
		Stock Units				Fair Value				Stock Units				Fair Value				Stock Units				Fair Value
Balance at December 31, 2024			1,378,995			$	3.51				558,958			$	2.61				375,895			$	4.19
Granted			297,821				0.36				-				-				-				-
Vested			(442,448	)			3.71				-				-				-				-
Forfeited			(180,817	)			3.47				(126,437	)			2.61				(98,449	)			4.19
Balance at June 30, 2025			1,053,551			$	2.55				432,521			$	2.61				277,446			$	4.19

The aggregate fair value of RSUs that vested during the six months ended June 30, 2025, and 2024 was $0.2 million and $0.5 million, respectively. Unvested shares related to market-based and performance-based vesting conditions are reflected at 100% of their target vesting amount in the table above. Actual vesting could range from zero to 150% of their target amounts.

Performance-based RSU awards are contingent on the achievement of certain performance metrics. Compensation cost associated with performance-based RSUs are recognized based on the estimated number of shares that the Company ultimately expects will be earned. If the estimated number of shares to be earned is revised in the future, then stock-based compensation expense will be adjusted accordingly.

Stock option activity for the six months ended June 30, 2025 was as follows:

		Number of Options				Weighted-Average Exercise Price				Weighted-Average Remaining Contractual Term				Aggregate Intrinsic Value (in thousands)
Outstanding and exercisable at December 31, 2024			827,458			$	3.24
Cancelled/Forfeited			(118,665	)			5.06
Outstanding and exercisable at June 30, 2025			708,793			$	2.94				2.5			$	-

There is no aggregate intrinsic value at June 30, 2025 because the Company’s closing stock price of $0.44 is below the exercise price of the outstanding options.