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Net Loss Per Share

9 Months Ended

Sep. 30, 2025

Net Loss Per Share

Net Loss Per Share

(13) Net Loss Per Share

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except for per share amounts):


		Three Months Ended September 30,						Nine Months Ended September 30,
		2025			2024			2025			2024
Numerator:
Net loss		$	(200,968)		$	(14,833)		$	(198,003)		$	(48,027)
Denominator:
Weighted-average shares outstanding - basic and diluted			325,024			188,389			302,807			170,665
Net loss per share - basic and diluted		$	(0.62)		$	(0.08)		$	(0.65)		$	(0.28)

The vesting condition for all 2,479,000 Promote Sponsor Vesting Shares was satisfied on February 6, 2025 and the vesting condition for all 580,273 Sponsor Redemption-Based Vesting Shares was satisfied on August 14, 2025. For the three and nine months ended September 30, 2025, the Promote Sponsor Vesting Shares and the Sponsor Redemption-Based Vesting Shares have been included in the computations of basic and diluted net loss per share from their respective vesting dates.

The Promote Sponsor Vesting Shares and Sponsor Redemption-Based Vesting Shares were not included in the computations of basic and diluted net loss per share for the three and nine months ended September 30, 2024, because the vesting conditions related to the shares had not been met.

The weighted-average common shares outstanding for the three and nine months ended September 30, 2025 include 777,118 and 781,925 weighted-average shares for warrants having an exercise price of $0.01 per share each, respectively. The weighted-average common shares outstanding for each of the three and nine months ended September 30, 2024 include 972,578 weighted-average shares for warrants having an exercise price of $0.01 per share each.

The Company excluded the following potentially dilutive securities from the computations of diluted net loss per share for the three and nine months ended September 30, 2025 and September 30, 2024 because their effect would be anti-dilutive:


		Nine Months Ended September 30,
		2025		2024
Common Stock warrants (1)		14,154,357		14,450,417
Stock Options		6,137,639		8,325,875
Restricted Stock Units		8,411,134		14,241,050
		28,703,130		37,017,342

(1)	The number of outstanding warrants as of both September 30, 2025 and September 30, 2024 does not include 1,340,310 unvested Customer Warrants.