Equity-Based Compensation (Tables)
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9 Months Ended |
Sep. 30, 2024 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of Monte-Carlo Simulation Following Assumptions |
The fair value of PSUs granted under the Plan was estimated on the grant date using the Monte Carlo simulation model with the following assumptions:
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2024 Grants |
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2023 Grants |
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Valuation date stock price |
$ |
7.45 |
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$ |
2.63 |
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Remaining term of performance period |
2.47 years |
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2.49 years |
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| Expected volatility |
71.50 |
% |
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81.00 |
% |
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| Risk-free rate of return |
4.34 |
% |
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4.70 |
% |
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| Expected annual dividend yield |
— |
% |
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— |
% |
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| Schedule of Option Activity |
The table below presents the activity of stock options under the Plan:
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Number of Options |
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Weighted-Average Grant Date Fair Value per Share |
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Weighted-Average Exercise Price per Share |
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Weighted-Average Remaining Contractual Term (Years) |
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| Outstanding as of December 31, 2023 |
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2,102,591 |
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$ |
2.69 |
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$ |
7.20 |
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7.42 |
| Granted |
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— |
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— |
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— |
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| Exercised |
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(48,452) |
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1.10 |
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3.13 |
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| Expired |
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(105,568) |
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1.77 |
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9.99 |
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| Forfeited |
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(63,997) |
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2.44 |
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6.04 |
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Outstanding as of September 30, 2024 |
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1,884,574 |
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$ |
2.60 |
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$ |
7.18 |
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6.90 |
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| Schedule of Restricted Stock Units Activity |
The table below presents the activity of performance-based restricted stock units under the Plan:
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Number of PSUs |
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Weighted-Average Grant Date Fair Value per Share |
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Weighted-Average Remaining Contractual Term (in Years) |
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Aggregate Intrinsic Value |
| Outstanding as of December 31, 2023 |
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706,097 |
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$ |
3.15 |
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2.0 |
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$ |
2,012 |
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| Granted |
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821,365 |
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12.66 |
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Vested |
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— |
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— |
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| Forfeited |
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(62,500) |
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3.15 |
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Outstanding as of September 30, 2024 |
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1,464,962 |
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$ |
8.48 |
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1.8 |
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$ |
10,064 |
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The table below presents the activity of restricted stock units under the Plan:
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Number of RSUs |
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Weighted-Average Grant Date Fair Value per Share |
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Weighted-Average Remaining Contractual Term (in Years) |
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Aggregate Intrinsic Value |
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| Unvested as of December 31, 2023 |
2,851,215 |
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$ |
3.89 |
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1.2 |
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$ |
8,126 |
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| Granted |
1,296,910 |
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6.89 |
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| Vested |
(1,054,339) |
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2.75 |
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| Forfeited |
(307,849) |
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4.38 |
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Unvested as of September 30, 2024 |
2,785,937 |
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$ |
5.66 |
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1.2 |
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$ |
19,139 |
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| Schedule of Stock Compensation Expense |
The table below presents the equity-based compensation expense recorded for the following periods:
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Three Months Ended |
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Nine Months Ended |
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September 30, 2024 |
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September 30, 2023 |
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September 30, 2024 |
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September 30, 2023 |
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| Cost of sales |
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ESPP |
$ |
60 |
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$ |
— |
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$ |
130 |
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$ |
— |
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Stock options |
1 |
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13 |
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16 |
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105 |
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Restricted stock units |
459 |
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681 |
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1,576 |
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1,952 |
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Performance-based restricted stock units |
19 |
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6 |
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28 |
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6 |
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| Total cost of sales |
$ |
539 |
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$ |
700 |
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$ |
1,750 |
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$ |
2,063 |
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| Selling, general and administrative expenses |
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ESPP |
$ |
42 |
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$ |
— |
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$ |
88 |
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$ |
— |
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Stock options |
311 |
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417 |
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1,040 |
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1,161 |
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Restricted stock units |
1,588 |
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1,124 |
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3,692 |
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2,883 |
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Performance-based restricted stock units |
1,113 |
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210 |
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1,476 |
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210 |
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| Total selling, general and administrative expenses |
$ |
3,054 |
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$ |
1,751 |
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$ |
6,296 |
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$ |
4,254 |
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| Total equity-based compensation expense |
$ |
3,593 |
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$ |
2,451 |
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$ |
8,046 |
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$ |
6,317 |
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