Share-Based Compensation |
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| Share-Based Compensation | NOTE 14 - SHARE-BASED COMPENSATION 2021 Unit Option Plan On May 25, 2021, the Intuitive Machines, LLC’s board of directors adopted, and its members approved the 2021 Unit Option Plan (the “2021 Plan”). The 2021 Plan allowed Intuitive Machines, LLC to grant incentive unit options (“Incentive Unit Options”) to purchase Class B unit interests. Pursuant to the 2021 Plan, up to 6,125,000 shares of Class B units were reserved for issuance, upon exercise of the aforementioned Incentive Unit Options made to employees, directors and consultants. As a result of the Business Combination discussed in Note 1 and per the terms of the Second Amended and Restated Intuitive Machines, LLC Operating Agreement, the unexpired and unexercised outstanding Incentive Unit Options at the closing of the Business Combination, whether vested or unvested, were proportionately adjusted using a conversion ratio of 0.5562 (rounded down to the nearest whole number of options). The exercise price of each option was adjusted accordingly. Each Incentive Unit Option continues to be subject to the terms and conditions of the 2021 Plan and will be exercisable for Class B common units of Intuitive Machines, LLC (the “Class B Common Units”). When an option is exercised, the participant will receive Class A Common Stock. As a result of the conversions, there was no incremental compensation cost and the terms of the outstanding options, including fair value, vesting conditions and classification, were unchanged. As of June 30, 2026, Intuitive Machines, LLC was authorized to issue a total of 614,639 Class B Common Units upon exercise of the Incentive Unit Options under the 2021 Plan. The following table provides a summary of the option activity under the 2021 Plan for the six months ended June 30, 2026:
Aggregate intrinsic value represents the difference between the exercise price of the options and the market price of our Class A Common Stock. The following table provides a summary of weighted-average grant-date fair value of unit options under the 2021 Plan:
Share-based compensation expense related to options was $33 thousand and $66 thousand for the three and six months ended June 30, 2026, respectively, $56 thousand and $103 thousand for the three and six months ended June 30, 2025, respectively, and was classified in the condensed consolidated statement of operations under general and administrative expense. As of June 30, 2026, the Company had $67 thousand in estimated unrecognized share-based compensation costs related to outstanding unit options that is expected to be recognized over a weighted average period of 1.11 years. Following the consummation of the Business Combination, no new awards will be granted under the 2021 Plan. Intuitive Machines, Inc. 2023 Long Term Omnibus Incentive Plan (the “2023 Plan”) The 2023 Plan, which became effective in conjunction with closing of the Business Combination, provides for the award to certain directors, officers, employees, consultants and advisors of the Company of incentive and nonqualified stock options, stock appreciation rights, restricted stock awards, restricted stock units, other stock-based awards as well as cash-based awards and dividend equivalents, as determined, and subject to the terms and conditions established, by the Company’s Compensation Committee. Under the 2023 Plan, a maximum of 12,706,811 shares of Class A Common Stock are authorized to be issued. As of June 30, 2026, the Company has issued restricted stock units (“RSUs”), restricted stock shares (“RSSs”), and performance stock units (“PSUs”). No other awards have been granted under the 2023 Plan. As of June 30, 2026, approximately 4,821,888 shares were available for future grants under the 2023 Plan. Pursuant to the 2023 Plan, the Company grants RSUs and RSSs with time-based vesting requirements which typically vest over to four years and PSUs with target performance-based vesting requirements based on continuous service. The fair value of these awards are based on the Company’s closing stock price on the date of grant. As of April 2025, all PSU grants were fully vested. The following table provides a summary of the Company’s 2023 Plan activity:
(1) Includes the Company’s issuance of 1,518,163 RSSs associated with the Lanteris acquisition in January 2026. The fair value of the RSSs granted was $19.76 per share based on the grant date of when all terms and conditions were approved and communicated to employees. The RSSs have service-only vesting conditions and vest in one year. See Note 3 for more information on the Lanteris acquisition. For the three and six months ended June 30, 2026, the Company recognized share-based compensation expense related to awards granted under the 2023 Plan of $10.5 million and $19.3 million, respectively, within general and administrative expense on our condensed consolidated statement of operations, compared to $2.4 million and $5.2 million for the corresponding periods in 2025, respectively. As of June 30, 2026, the estimated unrecognized share-based compensation costs related to unvested RSUs and RSSs was $29.9 million and $16.2 million, respectively, that is expected to be recognized over a weighted average period of 2.97 years and 0.54 years, respectively.
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