Stock-Based Compensation (Tables)
|
3 Months Ended |
Mar. 31, 2025 |
|---|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
| Schedule of Estimated Grant-Date Fair Value of Stock-Based Awards Using Black-Scholes Option Pricing Model Assumptions |
The following table presents, on a weighted-average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant date fair value of stock purchase rights granted under the 2021 ESPP during the periods presented:
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|
Three Months Ended March 31, |
|
|
2025 |
|
2024 |
Expected volatility |
|
42.14% |
|
49.59% |
Risk-free interest rate |
|
4.44% |
|
5.38% |
Expected term (in years) |
|
0.49 |
|
0.49 |
Expected dividend yield |
|
None |
|
None |
|
| Summary of Stock Option Activity |
A summary of our stock option activity during the period presented is as follows:
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Time Vesting Options |
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|
Performance Vesting Options |
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|
Total Number of Stock Options |
|
|
Weighted-Average Exercise Price |
|
Outstanding as of December 31, 2024 |
|
|
9,137,994 |
|
|
|
1,897,467 |
|
|
|
11,035,461 |
|
|
$ |
5.70 |
|
Granted |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
$ |
- |
|
Exercised |
|
|
(600,525 |
) |
|
|
(382,625 |
) |
|
|
(983,150 |
) |
|
$ |
1.73 |
|
Forfeited |
|
|
(128,966 |
) |
|
|
- |
|
|
|
(128,966 |
) |
|
$ |
10.15 |
|
Outstanding as of March 31, 2025 |
|
|
8,408,503 |
|
|
|
1,514,842 |
|
|
|
9,923,345 |
|
|
$ |
6.03 |
|
Options vested or expected to vest as of March 31, 2025 |
|
|
8,133,351 |
|
|
|
1,514,842 |
|
|
|
9,648,193 |
|
|
$ |
7.55 |
|
Options exercisable as of March 31, 2025 |
|
|
5,358,696 |
|
|
|
1,514,842 |
|
|
|
6,873,538 |
|
|
$ |
4.69 |
|
|
| Schedule of Weighted Average Grant Date Fair Value of Stock Options |
The number and weighted-average grant date fair value of stock options during the period presented are as follows:
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|
|
|
|
|
|
Number of Stock Options |
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|
Weighted-Average
Grant Date Fair Value |
|
|
|
Time Vesting Options |
|
|
Performance Vesting Options |
|
|
Time Vesting Options |
|
|
Performance Vesting Options |
|
Non-vested as of December 31, 2024 |
|
|
3,544,956 |
|
|
|
— |
|
|
$ |
4.05 |
|
|
|
— |
|
Granted |
|
|
— |
|
|
|
— |
|
|
$ |
- |
|
|
|
— |
|
Vested |
|
|
(418,686 |
) |
|
|
— |
|
|
$ |
3.57 |
|
|
|
— |
|
Forfeited |
|
|
(76,462 |
) |
|
|
— |
|
|
$ |
4.61 |
|
|
|
— |
|
Non-vested as of March 31, 2025 |
|
|
3,049,808 |
|
|
|
— |
|
|
$ |
4.13 |
|
|
|
— |
|
There were no
|
| Summary of Restricted Stock Activity |
A summary of our RSU activity during the period presented is as follows:
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|
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|
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|
Restricted Stock Units |
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|
Weighted-Average Grant Date Fair Value |
|
Unvested as of December 31, 2024 |
|
|
4,812,481 |
|
|
$ |
8.10 |
|
Granted |
|
|
— |
|
|
|
- |
|
Vested |
|
|
(137,425 |
) |
|
|
9.13 |
|
Forfeited |
|
|
(168,459 |
) |
|
|
7.67 |
|
Unvested as of March 31, 2025 |
|
|
4,506,597 |
|
|
$ |
8.08 |
|
There were no
|
| Summary of Stock-Based Compensation Expense |
Total stock-based compensation expense, by caption, recorded in the consolidated statements of operations for the periods presented is as follows:
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|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
2025 |
|
|
2024 |
|
Cost of labor and chemicals |
|
$ |
2,782 |
|
|
$ |
2,473 |
|
General and administrative |
|
|
4,061 |
|
|
|
3,773 |
|
Total stock-based compensation expense |
|
$ |
6,843 |
|
|
$ |
6,246 |
|
Total stock-based compensation expense, by award type, recorded in the consolidated statements of operations for the periods presented is as follows:
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|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
2025 |
|
|
2024 |
|
Time Vesting Options |
|
$ |
1,863 |
|
|
$ |
1,577 |
|
RSUs |
|
|
4,788 |
|
|
|
4,407 |
|
2021 ESPP |
|
|
192 |
|
|
|
262 |
|
Total stock-based compensation expense |
|
$ |
6,843 |
|
|
$ |
6,246 |
|
|