Blade Air Mobility, Inc. Quarterly report [Sections 13 or 15(d)]

Quarterly report [Sections 13 or 15(d)]

Stock-Based Compensation

Stock-Based Compensation

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock Option Awards

All of the outstanding stock option awards are fully vested. To date, there have been no stock option awards granted under the Blade Air Mobility, Inc. 2021 Omnibus Incentive Plan (the “Plan”).

Following is a summary of stock option activities for the three months ended March 31, 2025:


	Options	Weighted Average Exercise Price		Weighted Average Grant Date Fair Value		Weighted Average Remaining Life (years)	Intrinsic Value
Outstanding – January 1, 2025	5,124,516	$	0.19	$	0.23	3.0

Exercised	(1,568,167)	0.18		0.11			$	4,693
Forfeited	—	—		—
Outstanding – March 31, 2025	3,556,349	$	0.19	$	0.29	3.5	$	9,025
Exercisable as of March 31, 2025	3,556,349	$	0.19	$	0.29	3.5	$	9,025

For the three months ended March 31, 2025 and 2024, the Company recorded no stock option expense. As of March 31, 2025, there are no remaining stock options subject to amortization.

Restricted Stock Units

During the three months ended March 31, 2025, the Company granted an aggregate of 3,110,634 restricted stock units (“RSUs”), of which 929,786 were to various employees, officers, directors, consultants, and service providers and 2,180,848 were performance-based restricted stock units (“PSUs”) granted to named executive officers and key employees under the Plan (as defined above).

The RSUs have various vesting dates, ranging from vesting on the grant date to as late as four years from the date of grant. The PSUs granted during the three months ended March 31, 2025 have a three-year service period ending on December 31, 2027 and will vest subject to the achievement of Adjusted EBITDA and Free Cash Flow goals by the Company. Each PSU represents the right to receive one share of the Company’s common stock. The grant date fair value of these PSUs was $3.01 per share. Compensation expense associated with PSUs is recognized over the service period of the awards that are ultimately expected to vest when the related performance objective is met.


	Restricted Stock Units	Weighted Average Grant Date Fair Value
Non-vested – January 1, 2025	9,286,110	$	4.10
Granted	3,110,634	3.18
Vested	(1,465,407)	4.22
Forfeited	(51,474)	3.50
Non-vested – March 31, 2025 (1)	10,879,863	$	3.82

(1) 5,883,703 are PSUs that will vest subject to the achievement of Adjusted EBITDA and Free Cash Flow goals by the Company as discussed above.

For the three months ended March 31, 2025 and 2024, the Company recorded $4,217 and $4,318, respectively, in employee and officers restricted stock compensation expense. As of March 31, 2025, unamortized stock-based compensation costs related to restricted share arrangements was $35,172 and will be recognized over a weighted average period of 2.6 years.

Stock-Based Compensation Expense

Stock-based compensation expense for stock options and restricted stock units in the unaudited interim condensed consolidated statements of operations is summarized as follows:


	Three Months Ended March 31,
	2025		2024
Software development (1)	$	112	$	(20)
General and administrative (1)	3,987		4,197
Selling and marketing	112		366
Total stock-based compensation expense (2)	$	4,211	$	4,543

(1) For the three months ended March 31, 2024, a cumulative adjustment of $181 was recorded due to the forfeiture of restricted stock units of certain former employees.

(2) Stock-based compensation expense for the three months ended March 31, 2025 includes a $(6) net accrual reversal. For the three months ended March 31, 2024, stock-based compensation expense included $225 of accrued expense.