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

Quarterly report [Sections 13 or 15(d)]

Stock-Based Compensation

Stock-Based Compensation

6 Months Ended

Jun. 30, 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 six months ended June 30, 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	(1,611,847)	0.18		0.11			$	4,795
Expired	(3,640)	0.31		0.10
Outstanding – June 30, 2025	3,509,029	$	0.19	$	0.29	3.3	$	13,472
Exercisable as of June 30, 2025	3,509,029	$	0.19	$	0.29	3.3	$	13,472

Restricted Stock Units

During the six months ended June 30, 2025, the Company granted an aggregate of 4,119,704 restricted stock units (“RSUs”), of which 1,938,856 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 in the six months ended June 30, 2025 have a three-year service period ending on December 31, 2027 and will vest subject to the achievement of Adjusted EBITDA (as defined in Note 4 – Segment and Geographic Information) and cash flow targets. 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	4,119,704	3.06
Vested	(2,450,677)	4.08
Forfeited	(136,249)	3.37
Non-vested – June 30, 2025 (1)	10,818,888	$	3.72

(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 June 30, 2025 and 2024, the Company recorded $5,349 and $5,647, respectively, in employee and officers restricted stock compensation expense. For the six months ended June 30, 2025 and 2024, the Company recorded $9,566 and $9,965, respectively, in employee and officers restricted stock compensation expense.

As of June 30, 2025, unamortized stock-based compensation costs related to restricted share arrangements was $32,241 and will be recognized over a weighted average period of 2.5 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 June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Software development	$	118	$	101	$	230	$	81
General and administrative	5,212		5,120		9,199		9,317
Selling and marketing	80		325		192		691
Total stock-based compensation expense (1)	$	5,410	$	5,546	$	9,621	$	10,089

(1) Stock-based compensation expense for the three and six months ended June 30, 2025 includes a $61 and $55 of net accrued expense, respectively. Stock-based compensation expense for the three and six months ended June 30, 2024 include $(101) and $124 of accrued expense, respectively.