v3.26.1
EQUITY-BASED COMPENSATION (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of RSU Activity

A summary of RSU activity for the three months ended March 31, 2026 is as follows:

 

 

Number of RSUs
(in thousands)

 

 

Weighted Average Grant
Date Fair Value

 

 

Weighted Average Remaining Recognition
Period
(in years)

 

Non-vested at December 31, 2025

 

 

2,929

 

 

$

8.08

 

 

 

2.4

 

Granted

 

 

548

 

 

 

8.69

 

 

 

 

Vested

 

 

(741

)

 

 

7.54

 

 

 

 

Forfeited

 

 

(78

)

 

 

7.84

 

 

 

 

Non-vested at March 31, 2026

 

 

2,658

 

 

$

8.37

 

 

 

2.8

 
Schedule of Stock Options Valuation Assumptions The fair value of the stock option award is calculated on the date of grant using the Black-Scholes option-pricing model based on the following assumptions:

 

 

For the Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Expected annual dividend yield

 

 

0.0

%

 

 

0.0

%

Expected volatility

 

 

95.0

%

 

89.9% - 90.2%

 

Risk-free rate of return

 

 

3.77

%

 

4.06% - 4.45%

 

Expected option term (years)

 

 

6.5

 

 

 

6.5

 
Schedule of Stock Option Activity

A summary of stock option activity for the three months ended March 31, 2026 is as follows:

 

 

Number of Options
(in thousands)

 

 

Weighted Average Exercise Price

 

 

Weighted Average Remaining Contractual Term
(in years)

 

Balance, December 31, 2025

 

 

1,487

 

 

$

15.95

 

 

 

5.1

 

Granted

 

 

253

 

 

 

6.87

 

 

 

10.0

 

Forfeited

 

 

(54

)

 

 

7.45

 

 

 

—

 

Balance, March 31, 2026

 

 

1,686

 

 

$

14.86

 

 

 

5.6

 

Exercisable

 

 

935

 

 

 

 

 

 

 
Schedule of Performance-Based Restricted Stock Activity

A summary of the PSU activity for the three months ended March 31, 2026 is as follows:

 

 

Number of PSUs
(in thousands)

 

 

Weighted Average Grant
Date Fair Value

 

 

Weighted Average Remaining Recognition Period
(in years)

 

Balance, December 31, 2025

 

 

529

 

 

$

7.45

 

 

1.8

 

Granted

 

 

169

 

 

 

10.12

 

 

 

 

Forfeited

 

 

(53

)

 

 

7.37

 

 

 

 

Balance, March 31, 2026

 

 

645

 

 

$

8.15

 

 

 

2.4

 
Schedule of Equity-Based Compensation Expense

Equity-based compensation expense was comprised of the following for the three months ended March 31, 2026 and 2025 and is recorded in cost of operations and selling, general and administrative expenses within the Condensed Consolidated Statements of Comprehensive (Loss)/Income:

 

 

Three Months Ended March 31,

 

(in thousands)

 

2026

 

 

2025

 

Total equity-based compensation for RSUs

 

$

2,192

 

 

$

2,965

 

Total equity-based compensation for stock options

 

 

268

 

 

 

247

 

Total equity-based compensation for PSUs

 

 

84

 

 

 

142

 

Total equity-based stock compensation expense

 

$

2,544

 

 

$

3,354