Quarterly report pursuant to Section 13 or 15(d)

Net (Loss) Profit Per Share

v3.24.3
Net (Loss) Profit Per Share
9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Net (Loss) Profit Per Share

Note 16. Net (Loss) Profit Per Share

The Company computes basic net (loss) profit per share using net (loss) profit attributable to the Company’s common stockholders and the weighted-average number of common shares outstanding during each period. Diluted earnings per share include shares issuable upon exercise of outstanding stock options and stock-based awards where the conversion of such instruments would be dilutive.

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

(in thousands, except per share amounts)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(23,370

)

 

$

(51,362

)

 

$

(73,714

)

 

$

(89,369

)

Net loss attributable to common stockholders - Basic & Diluted

 

 

(23,370

)

 

 

(51,362

)

 

 

(73,714

)

 

 

(89,369

)

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding - Basic

 

 

20,330,917

 

 

 

19,741,014

 

 

 

20,129,099

 

 

 

19,639,131

 

Add: Weighted average unvested options outstanding

 

 

 

 

 

 

 

 

 

 

 

 

Add: Dilutive effect of restricted units issued

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding - Diluted

 

 

20,330,917

 

 

 

19,741,014

 

 

 

20,129,099

 

 

 

19,639,131

 

Net loss per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(1.15

)

 

$

(2.60

)

 

$

(3.66

)

 

$

(4.55

)

Diluted

 

 

(1.15

)

 

 

(2.60

)

 

 

(3.66

)

 

 

(4.55

)

 

For the three and nine months ended September 30, 2024 and 2023, the Company was in a net loss position, thus the effect of potentially dilutive securities, including unvested restricted stock units, unvested or unexercised stock options, warrants and earnout shares, was excluded from the denominator for the calculation of diluted net loss per share because the inclusion of such securities would be antidilutive. The following dilutive securities are excluded from the denominator:

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Unvested restricted stock units

 

 

2,105,697

 

 

 

1,637,365

 

 

 

1,609,687

 

 

 

1,232,995

 

Unvested or unexercised options

 

 

1,067,644

 

 

 

1,113,728

 

 

 

1,070,432

 

 

 

1,118,821

 

Warrants

 

 

852,498

 

 

 

852,498

 

 

 

852,498

 

 

 

852,498

 

Contingently issuable earnout shares

 

 

1,466,666

 

 

 

1,466,666

 

 

 

1,466,666

 

 

 

1,466,666

 

Total

 

 

5,492,505

 

 

 

5,070,257

 

 

 

4,999,283

 

 

 

4,670,980