Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Schedule of Share-Based Compensation Expense

The Company recorded stock-based compensation expense in the following categories of its consolidated statements of operations and balance sheets (in thousands):

	Year ended December 31,
	2023		2022
Engineering services	$	8,832	$	5,026
General and administrative costs		4,457		4,365
BlueWalker 3 satellite - construction in progress(1)		-		(45	)
Total	$	13,289	$	9,346

(1)For the year ended December 31, 2022 stock-based compensation was reversed as a result of forfeiture of options previously provided to a
supplier.

Schedule of Stock Options Act

The following table summarizes the Company’s option activity for the year ended December 31, 2023:

	Options			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (years)		Aggregate Intrinsic Value
Outstanding at December 31, 2022		10,767,799		$	0.83		5.87	$	42,994,264
Granted		-			-
Exercised		(2,972,581	)		0.08
Cancelled or forfeited		(24,797	)		3.35
Outstanding at December 31, 2023		7,770,421		$	1.11		5.76	$	38,262,071
Options exercisable as of December 31, 2023		5,960,866		$	0.90		5.59	$	30,552,352
Vested and expected to vest at December 31, 2023		6,391,004		$	1.24		5.66	$	30,639,437

Schedule of Unvested Option Activity

The following table summarizes the Company’s unvested option activity for the year ended December 31, 2023:

	Number of Shares			Weighted-Average Grant Date Fair Value
Unvested at December 31, 2022		2,645,240		$	0.80
Granted		-			-
Vested		(814,415	)		0.76
Forfeited		(21,270	)		2.25
Unvested at December 31, 2023		1,809,555		$	0.80

Schedule of Unvested Restricted Stock Units Activity

The following table summarizes the Company’s unvested restricted stock unit activity for the year ended December 31, 2023:

	Number of Shares			Weighted-Average Grant Date Fair Value
Unvested at December 31, 2022		3,246,220		$	9.65
Granted		661,348			4.96
Vested		(822,275	)		10.10
Forfeited		(205,875	)		8.69
Unvested at December 31, 2023		2,879,418		$	8.51

Employee Stock Option [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Schedule of Unvested Option Activity

The following table summarizes the Company’s unvested option activity for the year ended December 31, 2023:

	Number of Shares			Weighted-Average Grant Date Fair Value
Unvested at December 31, 2022		2,959,596		$	4.26
Granted		288,300			2.53
Vested		(1,052,229	)		4.22
Forfeited		(465,758	)		4.40
Unvested at December 31, 2023		1,729,909		$	3.96

Schedule of Option Award Estimated Using a Black-Scholes Option-pricing Model Assumptions

The fair value of each stock option is estimated on the date of grant using a Black-Scholes option-pricing model, with the assumptions used for the years ended December 31, 2023 and 2022, presented on a weighted average basis:

	Year ended December 31, 2023			Year ended December 31, 2022
Exercise price	$	5.28		$	9.20
Fair market value	$	2.53		$	4.16
Expected dividend yield		0.0	%		0.0	%
Expected term (in years)		6.1			6.1
Expected volatility		43.81	%		42.13	%
Weighted-average risk-free rate		3.75	%		3.24	%

Schedule of Stock Options Activities

The following table summarizes the Company’s option activity under the 2020 Plan for the year ended December 31, 2023:

	Options			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (years)		Aggregate Intrinsic Value
Outstanding at December 31, 2022		3,697,649		$	9.71		9.07	$	(18,077,872	)
Granted		288,300			5.28
Exercised		-			-
Cancelled or forfeited		(672,869	)		9.26
Outstanding at December 31, 2023		3,313,080		$	9.27		8.29		(10,726,391	)
Options exercisable as of December 31, 2023		1,583,171		$	9.75		7.70		(5,883,276	)
Vested and expected to vest at December 31, 2023		3,313,080		$	9.27		8.29		(10,726,391	)