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Stock-Based Compensation | 12 Months Ended
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Dec. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation Equity Compensation Plans The Company maintains the 2021 Omnibus Incentive Plan (the “2021 Plan”), which has been approved by our stockholders and provides for the issuance of shares of common stock to our employees, officers, directors, consultants and advisors, subject to its terms. The 2021 Plan is administered by the Compensation Committee of our Board of Directors. Awards granted under the 2021 Plan are subject to individual award agreements that, among other things, specify the conditions for vesting, termination and forfeiture. The requisite vesting periods for time-based awards made to date range from vesting on grant date to as late as four years from the date of grant. The expiration date of the 2021 Plan, on and after which date no awards may be granted under the 2021 Plan, is May 7, 2031 (the tenth anniversary of the effective date of the 2021 Plan); provided, however, that such expiration shall not affect awards then outstanding under the 2021 Plan, and the terms and conditions of the 2021 Plan shall continue to apply to such awards. The maximum number of shares of our common stock that can be made available for awards under the 2021 Plan (the “Absolute Share Limit”) automatically increases on the first day of each fiscal year by the lesser of (a) 4,653,484 shares of common stock, (b) 5% of the total number of shares of common stock outstanding on the last year of the immediately preceding fiscal year and (c) a lower number of shares of common stock as determined by our Board of Directors. The Absolute Share Limit is also automatically increased by any shares of common stock underlying awards outstanding under the Fly Blade, Inc. 2015 Equity Incentive Plan (the “2015 Plan”) that, on or after the effective date of the 2021 Plan, expire or are canceled, forfeited, terminated, settled in cash or otherwise settled without issuance to the holder. Pursuant to the annual automatic increase feature of the 2021 Plan, our Board of Directors approved an increase to the Absolute Share Limit of 4,335,109 shares, effective January 1, 2026. As of January 1, 2026, these were a total of 14,598,281 shares available for issuance under the 2021 Plan (assuming the achievement of the target performance level for all outstanding equity awards subject to performance-based vesting conditions). Stock Option Awards All of the outstanding stock options awards are fully vested. For the year ended December 31, 2025, there have been no stock option awards granted under the 2021 Plan (as defined above). Following is a summary of stock option activities for the year ended December 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 | (2,188,268) |  |  | 0.19 |  |  | 0.12 |  |  |  |  | $ | 7,084 |
Forfeited | (40,040) |  |  | 0.25 |  |  | 0.17 |  |  |  |  |
Outstanding – December 31, 2025 | 2,896,208 |  |  | $ | 0.19 |  |  | $ | 0.32 |  |  | 3.0 |  | $ | 13,390 |
Exercisable as of December 31, 2025 | 2,896,208 |  |  | $ | 0.19 |  |  | $ | 0.32 |  |  | 3.0 |  | $ | 13,390 |
Restricted Stock Units During the year ended December 31, 2025, the Company granted 2,600,554 restricted stock units (“RSUs”) to various employees, officers, directors, consultants, and service providers and 3,366,574 performance-based (tied to multi-year financial targets) restricted stock units (“PSUs”) granted to named executive officers and key employees under the Plan (as defined above), for an aggregate of 5,967,128. 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 year ended December 31, 2025 are tied to multi-year financial targets. The PSUs granted in March 2025 have a three-year service period ending on December 31, 2027 and a grant-date fair value of $3.01 per share, while the PSUs granted in August 2025 have a performance period ending September 30, 2028 and a grant-date fair value of $4.37 per share. These awards vest based on the achievement of specified Adjusted EBITDA and Free Cash Flow targets, subject to the executives continued service through the applicable performance period. Each PSU represents the right to receive one share of the Company’s common stock. 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. The estimate of the number of awards expected to vest is reassessed each reporting period. Modification of Awards in Connection With Passenger Business Sale In connection with the sale of the Company’s Passenger business completed on August 29, 2025, all equity awards held by the former Chief Executive Officer were modified. Because the new awards relate to the disposed business and no further service is provided to the Company, the associated compensation costs were included within discontinued operations. Refer to Note 5 for additional information regarding the modification and valuation of these awards. In addition, the modification resulted in a credit of $2,873 representing the reversal of previously recognized expense on unvested awards. This credit was included in continuing operations as it relates to services provided by the former Chief Executive Officer prior to his transfer to Joby Buyer. Following is a summary of restricted stock unit activities for the year ended December 31, 2025:
|  | Restricted Stock Units |  | Weighted Average Grant Date Fair Value
Non-vested – January 1, 2025 |  | 9,286,110 |  |  | $ | 4.10 |
Granted - RSUs |  | 2,600,554 |  |  | 3.35 |
Granted - PSUs |  | 3,366,574 |  |  | 3.49 |
Vested |  | (4,284,863) |  |  | 4.07 |
Forfeited |  | (1,222,395) |  |  | 3.71 |
Non-vested – December 31, 2025 (1) |  | 9,745,980 |  |  | $ | 3.84 |
(1) 4,029,328 are PSUs that will vest subject to the achievement of Adjusted EBITDA and Free Cash Flow goals by the Company as discussed above. Includes 2,950,219 awards (RSUs and PSUs) held by the Company’s former Chief Executive Officer that were modified in connection with the sale of the Passenger business. The modification changed the vesting conditions but did not affect the number of awards outstanding. See Note 5 for additional information. As of December 31, 2025, unamortized stock-based compensation costs related to restricted share arrangements (RSUs and PSUs) was $17,225 and will be recognized over a weighted average period of 1.9 years. Stock-Based Compensation Expense Stock-based compensation expense for stock options and restricted stock units in the consolidated statements of operations is summarized as follows:
|  |  |  | For the Years Ended
|  |  |  |  |  | 2025 |  | 2024
Selling, general and administrative expense (1) |  |  |  |  |  | $ | 16,958 |  |  | $ | 18,471 |
(1) Year ended 2025 includes a credit of $2,873 due to the modification of awards as described above.

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