Stock-Based Compensation |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-Based Compensation | Stock-Based Compensation In December 2025, the Company’s board of directors adopted the REalloys Inc. 2025 Long‑Term Incentive Plan (the “2025 Plan”), which provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units (“RSUs”), deferred share units (“DSUs”), performance awards and other share‑based awards to employees, directors and eligible service providers. The 2025 Plan became effective in connection with the Merger on February 25, 2026. The maximum number of shares of common stock that may be issued under the 2025 Plan is 8,500,000, subject to adjustment in the event of stock splits, stock dividends, recapitalizations and other similar events as provided in the 2025 Plan. Pursuant to the Blackbox recapitalization, the 2021 Blackbox, Inc. Incentive Stock Plan (the “2021 Plan”), remains in effect, with 612,500 shares authorized to be issued under the plan. The 2021 Plan allows the Company, under the direction of the Board of Directors or a committee thereof, to make grants of stock options, restricted and unrestricted stock and other stock-based awards to employees, including our executive officers, consultants and directors. The executive and director stock, non-performance and non-market based RSU awards and unvested stock options granted under the 2025 Plan and the 2021 plan are accounted for as equity-classified share-based payment arrangements under ASC 718, with compensation cost recognized over the applicable requisite service periods and a corresponding increase to additional paid-in capital. Performance-based RSU awards are recognized only when achievement of the applicable performance condition is considered probable. Market-based awards are measured at grant-date fair value and recognized over the requisite service period regardless of whether the market condition is ultimately achieved, provided the requisite service is rendered. For service agreements in which common shares are issued in exchange for services with non-employees, other than Directors and Officers, the grant-date fair value is recorded as a prepaid asset and amortized on a straight-line basis over the service period. Awards modified in connection with the reverse recapitalization On February 24, 2026, we completed the merger contemplated by the Agreement and Plan of Merger, dated March 10, 2025, as amended, among Blackboxstocks Inc., its wholly owned subsidiary RABLBX Merger Sub, Inc., and REalloys Solutions Inc. (formerly known as REalloys Inc., “Private REalloys”). RABLBX Merger Sub, Inc. merged with and into Private REalloys, with Private REalloys surviving as our wholly owned subsidiary (the “Merger”). Prior to the Merger, Private REalloys Inc. granted restricted share units (“RSUs”) and restricted performance share units (“RPSUs”) under its equity incentive plan. In connection with the reverse recapitalization each outstanding RSU and RPSU was converted in accordance with the REalloys Inc. 2025 Long‑Term Incentive Plan, which provides that, in the event of a recapitalization, reorganization, merger, consolidation, share exchange or other similar corporate transaction affecting the fair value of an award, the Committee shall adjust the number and type of shares subject to outstanding awards and other applicable terms so that the fair value of the award immediately after the transaction equals the fair value of the award immediately prior to the transaction. Accordingly, the Company adjusted the number of shares subject to the outstanding RSUs and RPSUs so that the aggregate grant-date fair value of each award immediately after the reverse recapitalization equaled its aggregate grant-date fair value immediately before, preserving the underlying economic value of the awards. The service‑based and performance conditions, and vesting terms of the awards, remained unchanged as they were granted in contemplation of a public listing. The conversion was accounted for as a modification of equity‑classified awards and an equity restructuring under ASC 718, with no impact on the fair value of the converted awards. Immediately prior to the reverse recapitalization, there were 12,000,000 RSUs and 5,500,000 RPSUs (1,375,000 market-based RPSUs and 4,125,000 performance-based RPSUs) outstanding, all granted to the CEO of then Private REalloys Inc., now Public REalloys Inc. As a result of applying the 0.4129 exchange ratio, and the modification terms of these awards under the 2025 incentive plan, the awards converted into 3,407,718 RSUs and 1,135,919 RPSUs over Public REalloys Inc., common stock, which are included in the stock-based compensation tables presented below. The RPSUs include anti-dilution features that may increase the number of shares issued following a vesting event. On February 24, 2026, the Company granted 3,509,650 restricted stock units to its directors and officers under the 2025 Plan, with a grant-date fair value of $18.15 per unit and an aggregate grant-date fair value of $63.7 million. The awards vest 50% on grant, 25% on the first anniversary and 25% on the second anniversary. Also, in connection with the reverse recapitalization, the Company assumed outstanding stock options of Blackboxstocks Inc. All such options were fully vested as of the closing date of the transaction and, accordingly, no future service was required from the holders after the closing date. As a result, the assumed options do not give rise to post‑transaction stock‑based compensation expense and are not included in the Company’s share‑based compensation expense for the three and six months ended June 30, 2026. These assumed options are reflected within equity. See Note 8– Stockholders’ Equity (Deficit). The following table summarized the number of stock-based awards granted by the Company and the weighted-average grant date fair value per unit for the six-month periods ended June 30, 2026, and 2025, respectively:
The following tables show stock-based compensation expense by award type (in thousands):
As of June 30, 2026, total unrecognized Director and Officer stock-based compensation expense, net of estimated forfeitures, related to non-vested equity awards was $55.0 million, which is expected to be recognized over a weighted-average period of 2.48 years. RSU, Market-based RPSU and Performance-based RPSU Awards The Company granted 3,589,038 and 0 restricted stock units to certain of its Directors and Officers for the six-month periods ended June 30, 2026, and 2025, respectively. The Company granted restricted performance stock units with a market-based performance metric (market-based restricted stock units) covering 1,375,000 equivalent shares of common stock to its Chief Executive Officer, Leonard Sternheim, with a grant date of December 15, 2025, and a market-based performance target of sustaining a $1.0 billion market capitalization for 30 consecutive trading days. The grant-date fair value of these awards was estimated using a Monte Carlo simulation model. The grant-date fair value was estimated at $11.5 million, based on an implied initial market capitalization of approximately $512.1 million, an expected volatility of 90.0%, risk-free interest rates based on U.S. Treasury yields, an expected term consistent with the five-year performance period, and an assumption of no expected dividends. Compensation cost for this award is recognized over the requisite service period beginning on the grant date and is not reversed if the market condition is not ultimately achieved, provided that the requisite service has been rendered. In addition, Mr. Sternheim holds 568,182 (378,788 unvested) restricted performance stock units with non-market-based performance metrics (performance-based restricted stock units) that vest upon achievement of specified milestones, including: a qualifying strategic offtake or processing agreement, generating $50.0 million in revenue, or raising $100.0 million in capital. The following table summarizes the activity related to the Company’s RSU awards during the period presented:
The following table summarizes the activity related to the Company’s market-based RSU awards:
The following table summarizes the activity related to the Company’s performance-based RSU awards:
Non-Director-Officer Stock-based Compensation The Company has entered into equity-based consulting agreements with various advisors and service providers under which shares of common stock were issued in exchange for future services. Where an agreement carries a substantive service period, the grant-date fair value is recorded as a prepaid asset and recognized as consulting expense over that period. Where the shares are fully vested and non-forfeitable at grant with no remaining service obligation, the full grant-date fair value is recognized on the grant date. For the six months ended June 30, 2026, non-Director-Officer stock-based compensation expense was $29.5 million.
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