Quarterly report [Sections 13 or 15(d)]

Stock-Based Compensation

v3.26.1
Stock-Based Compensation
 6 Months Ended
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