Equity-Based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2024 |
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| Share-Based Payment Arrangement [Abstract] |
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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, 2022 |
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2,153,591 |
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$ |
2.70 |
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$ |
7.22 |
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8.60 |
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| Expired |
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(13,001) |
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3.28 |
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9.86 |
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| Forfeited |
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(37,999) |
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2.81 |
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7.74 |
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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 |
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| Exercised |
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(188,751) |
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1.87 |
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8.24 |
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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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(65,330) |
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2.43 |
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5.98 |
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Outstanding as of December 31, 2024 |
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1,742,942 |
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$ |
2.64 |
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$ |
6.96 |
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7.04 |
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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 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 |
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| 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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(67,500) |
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3.50 |
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Outstanding as of December 31, 2024 |
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1,459,962 |
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$ |
8.48 |
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1.6 |
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$ |
24,031 |
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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, 2022 |
2,282,778 |
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$ |
6.30 |
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1.3 |
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$ |
4,520 |
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| Granted |
1,846,112 |
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2.62 |
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| Vested |
(979,810) |
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6.44 |
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| Forfeited |
(297,865) |
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6.33 |
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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 |
(1,367,827) |
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4.76 |
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| Forfeited |
(338,327) |
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4.38 |
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Unvested as of December 31, 2024 |
2,441,971 |
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$ |
4.93 |
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1.1 |
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$ |
40,195 |
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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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Year Ended |
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December 31, 2024 |
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December 31, 2023 |
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| Cost of sales |
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ESPP |
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$ |
237 |
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$ |
— |
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Stock options |
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15 |
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117 |
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Restricted stock units |
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1,903 |
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2,540 |
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Performance-based restricted stock units |
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43 |
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13 |
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| Total cost of sales |
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$ |
2,198 |
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$ |
2,670 |
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| Selling, general and administrative expenses |
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ESPP |
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$ |
142 |
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$ |
— |
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Stock options |
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1,155 |
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1,578 |
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Restricted stock units |
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5,117 |
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3,982 |
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Performance-based restricted stock units |
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2,714 |
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428 |
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| Total selling, general and administrative expenses |
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$ |
9,128 |
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$ |
5,988 |
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| Total equity-based compensation expense |
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$ |
11,326 |
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$ |
8,658 |
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