Net Loss Per Share

9 Months Ended

Sep. 30, 2025

14. Net Loss Per Share

Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding during each period.

Diluted net loss per share is computed by dividing net loss attributable to common stockholders by the weighted average number of fully dilutive common shares outstanding for the period using the treasury-stock method, the if-converted method, or two-class method for participating securities, whichever is more dilutive. Potentially dilutive shares are comprised of common stock warrants, restricted stock units, convertible notes and stock options. For the three and nine months ended September 30, 2025 and 2024, there was no difference in the number of shares used to calculate basic and diluted shares outstanding due to the Company’s net loss and potentially dilutive shares being anti-dilutive. The Company has determined that all series of Preferred Stock are participating securities under the two-class method, however, holders of the Preferred Stock are not required to fund losses. Dividends have been accreted for the Company’s outstanding shares of Series C, Series D-1 and Series D-3 Preferred Stock (refer to Note 11. Stockholders’ Equity (Deficit) and Redeemable Convertible Preferred Stock for further detail).

The following table summarizes the computation of basic and diluted net loss per share attributable to common stockholders of the Company for the three months ended September 30, 2025 and 2024, and the nine months ended September 30, 2025 and 2024:


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2025			2024			2025			2024
Numerator:
Consolidated net loss	$	(133,412	)	$	(40,790	)	$	(257,283	)	$	(147,014	)
Less: Accretion of dividends of Series C Preferred Stock		2,298			5,354			13,240			15,869
Less: Accretion of dividends of Series D-1 Preferred Stock		4,524			—			21,989			—
Less: Accretion of dividends of Series D-3 Preferred Stock		128			—			394			—
Net loss available to common stockholders	$	(140,362	)	$	(46,144	)	$	(292,906	)	$	(162,883	)
Denominator:
Weighted average common shares outstanding – basic and diluted		93,849			12,924			40,389			12,728
Net loss per share attributable to common stockholders – basic and diluted	$	(1.50	)	$	(3.57	)	$	(7.25	)	$	(12.80	)

A summary of the total number of securities excluded from diluted net loss per share that could be potentially dilutive in the future is as follows:


	September 30, 2025		September 30, 2024
Convertible Series Seed Preferred Stock		—		2,023
Convertible Series Seed-1 Preferred Stock		—		3,273
Convertible Series A Preferred Stock		—		6,005
Convertible Series B Preferred Stock		—		5,869
Convertible Series C Preferred Stock		—		11,159
Convertible Series M Preferred Stock		—		2,812
Series J Warrants		646		646
Stock options		15,500		14,125
Restricted stock units		2,959		—
Total		19,105		45,912