Stock-Based Compensation (Tables)
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9 Months Ended |
Sep. 30, 2021 |
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| Share-based Payment Arrangement [Abstract] |
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| Schedule of Share-based Payment Arrangements, Stock Options, Valuation Assumptions |
A summary of the weighted-average assumptions used by Legacy BlackSky is presented below for the nine months ended September 30, 2020; there were no stock options awarded during the nine months ended September 30, 2021:
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Nine Months Ended September 30, |
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2020 |
| Fair value per common share |
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$ |
0.0121 |
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| Weighted-average risk-free interest rate |
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0.83 |
% |
| Volatility |
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65.00 |
% |
| Expected term (in years) |
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2.50 |
| Dividend rate |
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0 |
% |
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| Share-based Payment Arrangement, Option, Activity |
A summary of the Company’s stock option activity under the Plans during the nine months ended September 30, 2021 is presented below:
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Nine Months Ended September 30, 2021 |
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Options |
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Weighted-Average Exercise Price |
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Weighted Average Remaining Contractual Term (Years) |
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Aggregate Intrinsic Value
(in thousands) |
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(in thousands) |
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| Outstanding - December 31, 2020 |
3,489 |
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$ |
0.2160 |
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| Granted |
— |
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— |
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| Exercised |
(969) |
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0.1030 |
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| Forfeited |
(176) |
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0.1507 |
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| Outstanding - September 30, 2021 |
2,344 |
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0.2500 |
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7.7 |
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$ |
23,670 |
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| Exercisable - September 30, 2021 |
1,241 |
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0.4367 |
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7.2 |
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$ |
12,302 |
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| Schedule of Share-based Payment Arrangements, Restricted Stock Units |
The Company granted an aggregate of 9.3 million RSUs to certain employees and service providers during the nine months ended September 30, 2021 under the 2014 Plan as follows:
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| Grant Date |
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Number of Shares
(in thousands) |
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First Tranche |
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Second Tranche |
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Third Tranche |
| February 2021 |
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8,533 |
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50% of such RSUs will vest 180 days subsequent to consummation of the Merger |
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50% of such units will vest ratably over eight consecutive quarters, on specified quarterly vesting dates with the first of such quarterly vesting dates occurring at least three months after the vesting of the initial 50% of the RSUs |
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N/A |
| March 2021 |
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229 |
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50% of such RSUs will vest 180 days subsequent to consummation of the Merger |
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50% of such units will vest ratably over eight consecutive quarters, on specified quarterly vesting dates with the first of such quarterly vesting dates occurring at least three months after the vesting of the initial 50% of the RSUs |
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N/A |
| March 2021 |
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137 |
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25% vested immediately upon issuance |
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50% of these RSUs vested on the date of the Merger |
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The remaining 25% of the RSUs will vest ratably over 12 months, on the same day of the month that the Merger closed, commencing as of the month following satisfaction of the performance condition |
| June 2021 |
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164 |
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25% of such RSUs will vest at the later of: a) 180 days subsequent to consummation of Merger or b) the one year anniversary of the vesting commencement date |
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75% of such units will vest ratably over twelve consecutive quarters, on specified quarterly vesting dates with the first of such quarterly vesting dates occurring at least three months after the vesting of the initial 25% of the RSUs |
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N/A |
| July 2021 |
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285 |
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25% of such RSUs will vest at the later of: a) 180 days subsequent to consummation of the Merger or b) the one year anniversary of the vesting commencement date |
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75% of such units will vest ratably over twelve consecutive quarters, on specified quarterly vesting dates with the first of such quarterly vesting dates occurring at least three months after the vesting of the initial 25% of the RSUs |
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N/A |
| Total |
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9,348 |
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| Share-based Payment Arrangement, Restricted Stock Unit, Activity |
A summary of the Company’s nonvested RSU activity during the nine months ended September 30, 2021 is presented below:
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Nine Months Ended September 30, 2021 |
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Restricted Stock Units |
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Weighted-Average Grant-Date Fair Value |
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(in thousands) |
| Nonvested - January 1, 2021 |
— |
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$ |
— |
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| Granted |
9,348 |
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7.0844 |
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| Vested |
(103) |
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8.0407 |
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| Canceled |
(88) |
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7.0633 |
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| Nonvested - September 30, 2021 |
9,158 |
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7.0738 |
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| Nonvested Restricted Stock Shares Activity |
A summary of the Company’s nonvested RSA activity during the nine months ended September 30, 2021 is presented below:
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Nine Months Ended September 30, 2021 |
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Restricted Stock Awards |
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Weighted-Average Grant-Date Fair Value |
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(in thousands) |
| Nonvested - January 1, 2021 |
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891 |
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$ |
0.0121 |
| Granted |
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— |
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— |
| Vested |
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(461) |
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0.0121 |
| Canceled |
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(10) |
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0.0121 |
| Nonvested - September 30, 2021 |
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420 |
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0.0121 |
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| Share-based Payment Arrangement, Expensed and Capitalized, Amount |
The stock-based compensation expense attributable to continuing operations was included in imagery & software analytical service costs, excluding depreciation and amortization and selling, general and administrative expense in the unaudited condensed consolidated statements of operations and comprehensive loss as follows:
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2021 |
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2020 |
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2021 |
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2020 |
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(in thousands) |
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(in thousands) |
| Imagery & software analytical service costs, excluding depreciation and amortization |
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$ |
2,898 |
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$ |
— |
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$ |
2,949 |
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$ |
— |
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| Selling, general and administrative |
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25,595 |
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550 |
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26,316 |
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1,692 |
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| Total stock-based compensation expense |
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$ |
28,493 |
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$ |
550 |
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$ |
29,265 |
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$ |
1,692 |
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