Earnings (Loss) per Share

3 Months Ended

Mar. 31, 2025

Basic earnings (loss) per share (“EPS”) is computed by dividing net income (loss) available to common stockholders by the weighted-average number of shares of common stock outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted EPS is computed using the weighted average number of common shares and dilutive potential common shares outstanding. Dilutive potential shares represent outstanding warrants and unvested RSUs and PRSUs. If there is a net loss in any period, basic and diluted EPS are computed in the same manner.

In December 2024, outstanding shares of the Company’s Class C common stock were converted into shares of the Company’s Class A common stock. Prior to the conversion, weighted average shares of Class A common stock and Class C common shares were combined in in the denominator of basic and diluted earnings (loss) per share because they have equivalent economic rights, and we had not issued any instruments that were considered to be participating securities.

The following table sets forth the computation of our earnings (loss) per share:


	Three Months Ended March 31,
	2025		2024
Numerator:
Net loss	$	(10.9)	$	(8.1)
Net loss attributable to common stockholders for basic and diluted EPS	$	(10.9)	$	(8.1)
Denominator:
Basic and diluted weighted average common shares outstanding	83,697,897		82,682,308

Basic and diluted loss per share	$	(0.13)	$	(0.10)

The dilutive effect of 0.8 million and 0.9 million shares in the three months ended March 31, 2025 and 2024, respectively, was omitted from the calculation of diluted weighted-average shares outstanding and diluted earnings per share because we were in a loss position. In addition, 3.1 million and 3.5 million shares issuable subject to warrants, RSUs, and PRSUs were not included in the computation of diluted shares outstanding for the three months ended March 31, 2025 and 2024, respectively, because the effect would be anti-dilutive