v3.25.3
STOCK-BASED COMPENSATION (Tables)
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Performance-based Restricted Stock Units Vesting Conditions The following table presents additional information relating to each MSU award:
Share Price Goal
Incremental Units
Tranche Cumulative Units
December 31, 2025 Vesting:
$3.14 144,041 144,041 
$5.00 144,041 288,082 
$8.00 144,041 432,123 
$10.00 144,041 576,164 
$12.00 144,041 720,205 
$14.00 144,041 864,246 
December 31, 2026 Vesting:
$3.14 142,050 142,050 
$5.00 142,050 284,100 
$8.00 142,050 426,150 
$10.00 142,050 568,200 
$12.00 142,050 710,250 
$14.00 142,050 852,300 
Schedule of Grant Fair Value PSU Tranches
The grant date fair value PSU tranches with RTSR market conditions were estimated using a Monte Carlo simulation model. The following assumptions were used to determine the grant date fair value:
Nine Months Ended
 September 30, 2025
Expected term of awards in years
0.7 - 1.0
Expected volatility
96 %
Risk-free interest rate
3.76% - 4.11%
Expected dividend yield
0 %
Schedule of Restricted Stock Units Activity
A summary of restricted stock units (“RSU”), MSU and PSU activity for the nine months ended September 30, 2025, is as follows (amounts in thousands, except per share amounts):
Restricted Stock Units
Market Condition Restricted Stock Units
Performance & Market Condition Restricted Stock Units
Number of
Shares		Weighted-Average
Grant Date Fair
Value		Number of
Shares		Weighted-Average
Grant Date Fair
Value		Number of
Shares		Weighted-Average
Grant Date Fair
Value
Unvested - December 31, 2024
18,341 $7.68 1,728 $6.11 — $— 
Granted
4,235 10.44 — — 7,358 
$12.07
Vested
(6,109)8.75 — — — — 
Forfeited
(751)6.95 (12)3.99 — — 
Unvested - September 30, 2025
15,717 $8.05 1,716 $6.13 7,358 
$12.07
Schedule of Unrecognized Compensation Cost And Weighted Average Period For Recognition
As of September 30, 2025, unrecognized compensation cost and the related weighted-average period over which the cost is expected to be recognized for each award type were as follows (in thousands):
Unrecognized Compensation Cost
Weighted-Average Recognition Period (Years)
RSUs$102,911 2.1 years
PSUs
55,310 2.5 years
MSUs
3,332 1.2 years
Total
$161,553 
Schedule of Share-based Compensation Arrangements by Share-based Payment Award
Stock-based compensation expense for the three and nine months ended September 30, 2025 and 2024, is included in the Company’s Condensed Consolidated Statements of Operations as follows (in thousands):

Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Cost of revenue$1,251 $2,338 $3,574 $5,496 
Selling, general and administrative28,695 17,950 66,727 22,226 
Stock-based compensation expense, net of amounts capitalized1
29,946 20,288 70,301 27,722 
Capitalized stock-based compensation2
227 235 623 235 
Total stock-based compensation cost
$30,173 $20,523 $70,924 $27,957 
1 The nine months ended September 30, 2025 includes $3.0 million of stock-based compensation expense as a result of accelerated vesting of outstanding RSUs for former board members.
2 Represents the amounts of stock-based compensation capitalized to property, plant, and equipment.