Net Loss Per Share

3 Months Ended

Mar. 31, 2024

NOTE 11 - NET LOSS PER SHARE

Basic net loss per share of Class A common stock is computed by dividing net loss attributable to Class A common shareholders for the three months ended March 31, 2024 and the period from February 13, 2023, or the Closing Date, to March 31, 2023 by the weighted-average number of shares of Class A common stock outstanding for the same periods.

Diluted net income per share of Class A common stock includes additional weighted average common shares that would have been outstanding if potential common shares with a dilutive effect had been issued using the if-converted method for the Series A Preferred Stock and the treasury method for our RSUs, PSUs, options, and warrants. During loss periods, diluted net loss per share for all periods presented is the same as basic net loss per share as the inclusion of the potentially issuable shares would be anti-dilutive.

The following table presents the computation of the basic and diluted income per share of Class A Common Stock (in thousands, except share data):


	Three Months Ended March 31, 2024		Three Months Ended March 31, 2023
Numerator
Net loss (post Business Combination)	$	(120,656)	$	(17,696)
Less: Net loss attributable to redeemable noncontrolling interest	(23,291)		(8,336)
Less: Net income attributable to noncontrolling interest	972		—
Net loss attributable to the Company	$	(98,337)	$	(9,360)
Less: Cumulative preferred dividends	(471)		(328)
Net loss attributable to Class A common shareholders	$	(98,808)	$	(9,688)
Denominator
Basic weighted-average shares of Class A common stock outstanding	36,612,270		15,224,378





Net loss per share of Class A common stock - basic and diluted	$	(2.70)	$	(0.64)

The following table presents potentially dilutive securities, as of the end of the period, excluded from the computation of diluted net loss per share of Class A Common Stock as their effect would be anti-dilutive or because of unsatisfied contingent issuance conditions.


	Three Months Ended March 31, 2024	Three Months Ended March 31, 2023
RSUs and PSUs(1)	4,416,456	—
Options(1)	1,146,245	1,835,335
Series A Preferred Stock(2)	1,861,752	2,193,973
Warrants(1)	30,773,520	23,655,962
Earn Out Units(3)	7,500,000	10,000,000

(1) Represents number of instruments outstanding at the end of the period that were evaluated under the treasury stock method for potentially dilutive effects and were determined to be anti-dilutive.

(2) Represents number of instruments outstanding as converted at the end of the period that were evaluated under the if-converted method for potentially dilutive effects and were determined to be anti-diultive.

(3) Represents number of Earn Out Units outstanding at the end of the period that were excluded due to unsatisfied contingent issuance conditions.