| Schedule of Stock Option Activity |
The Company’s stock option activity for the year ended December 31, 2025 was as follows (in thousands, except years and per share data):
| |
|
Number of
Stock Options
|
|
|
Weighted-
Average
Exercise
Price
|
|
Weighted-
Average
Remaining
Contractual
Life (Years)
|
|
Aggregate
Intrinsic Value
|
|
|
Outstanding as of December 31, 2024
|
|
|
412,207
|
|
|
$
|
24.84
|
|
|
|
|
|
|
Granted
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
Exercised
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
Cancelled/Forfeited
|
|
|
(56,675
|
)
|
|
|
25.05
|
|
|
|
|
|
|
Outstanding as of December 31, 2025
|
|
|
355,532
|
|
|
|
24.81
|
|
|
|
2.55
|
|
|
$
|
—
|
|
|
Vested and exercisable as of December 31, 2025
|
|
|
355,532
|
|
|
|
24.81
|
|
|
|
2.55
|
|
|
|
—
|
|
|
Vested and expected to vest as of December 31, 2025
|
|
|
355,532
|
|
|
|
24.81
|
|
|
|
2.55
|
|
|
|
—
|
|
|
| Schedule of Company's Time-Based RSUs and Performance-Based and Other RSUs |
The Company’s Time-Based RSUs and Performance-Based and
Other RSUs activity for the year ended December 31, 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
|
|
|
5,046,130
|
|
|
|
3.53
|
|
|
|
—
|
|
|
|
—
|
|
|
Forfeited
|
|
|
(1,091,655
|
)
|
|
|
35.51
|
|
|
|
(864
|
)
|
|
|
231.30
|
|
|
Vested
|
|
|
(3,969,465
|
)
|
|
|
14.15
|
|
|
|
—
|
|
|
|
—
|
|
|
Outstanding as of December 31, 2025
|
|
|
1,750,678
|
|
|
|
13.06
|
|
|
|
—
|
|
|
|
—
|
|
Activity of the Company’s management awards that include
market conditions described above for the year ended December 31, 2025 was as follows:
| |
|
Shares
|
|
|
Weighted Average
Grant Date Fair
Value per Share
|
|
|
Outstanding as of December 31, 2024
|
|
|
915,831
|
|
|
$
|
106.99
|
|
|
Granted
|
|
|
820,379
|
|
|
|
2.96
|
|
|
Forfeited
|
|
|
(573,164
|
)
|
|
|
116.81
|
|
|
Change in units based on performance
|
|
|
(226,000
|
)
|
|
|
136.22
|
|
|
Vested
|
|
|
—
|
|
|
|
—
|
|
|
Outstanding as of December 31, 2025
|
|
|
937,046
|
|
|
|
2.85
|
|
|
| Schedule of Stock-based Compensation Expense |
Stock-based compensation expense by function was as follows (in thousands):
| |
|
Year Ended December 31,
|
|
| |
|
2025
|
|
|
2024
|
|
|
2023
|
|
|
Cost of sales
|
|
$
|
3,600
|
|
|
$
|
6,090
|
|
|
$
|
9,163
|
|
|
Research and development
|
|
|
17,018
|
|
|
|
51,231
|
|
|
|
65,840
|
|
|
Sales and marketing
|
|
|
3,870
|
|
|
|
16,094
|
|
|
|
27,577
|
|
|
General and administrative
|
|
|
(15,478
|
)
|
|
|
63,165
|
|
|
|
104,552
|
|
|
Stock-based compensation related to restructuring
|
|
|
(304
|
)
|
|
|
2,555
|
|
|
|
—
|
|
|
Total
|
|
$
|
8,706
|
|
|
$
|
139,135
|
|
|
$
|
207,132
|
|
Stock-based compensation expense by type of award was as follows (in thousands):
| |
|
Year Ended December 31,
|
|
| |
|
2025
|
|
|
2024
|
|
|
2023
|
|
|
Equity Classified Awards:
|
|
|
|
|
|
|
|
|
|
|
Stock options
|
|
$
|
—
|
|
|
$
|
369
|
|
|
$
|
2,197
|
|
|
RSAs
|
|
|
—
|
|
|
|
—
|
|
|
|
61
|
|
|
RSUs
|
|
|
34,497
|
|
|
|
92,398
|
|
|
|
138,820
|
|
|
Management awards
|
|
|
(27,142
|
)
|
|
|
21,387
|
|
|
|
22,808
|
|
|
ESPP
|
|
|
379
|
|
|
|
845
|
|
|
|
1,313
|
|
|
Stock-based compensation related to restructuring
|
|
|
(304
|
)
|
|
|
2,555
|
|
|
|
—
|
|
|
Liability Classified Awards:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity-settled fixed value
|
|
|
4,815
|
|
|
|
14,530
|
|
|
|
16,691
|
|
|
Optogration
|
|
|
—
|
|
|
|
—
|
|
|
|
6,079
|
|
|
Freedom Photonics
|
|
|
(2,250
|
)
|
|
|
3,212
|
|
|
|
11,965
|
|
|
Other
|
|
|
(1,289
|
)
|
|
|
3,839
|
|
|
|
7,198
|
|
|
Total
|
|
$
|
8,706
|
|
|
$
|
139,135
|
|
|
$
|
207,132
|
|
|