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Net Loss per Share

9 Months Ended

Sep. 30, 2024

Net Loss per Share

Net Loss per Share

5. Net Loss per Share

Basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period. An aggregate of 83,951,061 shares of common stock issuable upon the exercise of the PHC Exchange Warrant Shares and the Purchase Warrant Shares held by PHC are included in the number of outstanding shares used for the computation of basic net loss per share for the three and nine months ended September 30, 2024 and 2023. Since the shares are issuable for little or no consideration, sometimes referred to as “penny warrants”, they are considered outstanding in the context of earnings per share, as discussed in ASC 260-10-45-13.

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Dilutive net loss per share is computed using the weighted average number of common shares outstanding during the period and, when dilutive, potential common share equivalents. Potentially dilutive common shares consist of shares issuable from restricted stock units, stock options, warrants and the Company’s convertible notes. Potentially dilutive common shares issuable upon vesting of restricted stock units and exercise of stock options and warrants are determined using the average share price for each period under the treasury stock method. Potentially dilutive common shares issuable upon conversion of the Company’s convertible notes are determined using the if converted method. The if-converted method assumes conversion of convertible securities at the beginning of the reporting period. Interest expense, dividends, and the changes in fair value measurement recognized during the period are added back to the numerator. The denominator includes the common shares issuable upon conversion of convertible securities.

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In periods of net loss, all potentially dilutive common shares are excluded from the computation of the diluted net loss per share for those periods, as the effect would be anti-dilutive.

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The following table sets forth the computation of basic and diluted net loss per share for the periods shown:

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​	​	​	​	​	​	​	​	​	​	​	​
​	​	Three Months Ended September 30,				​	​	Nine Months Ended September 30,
​	​	2024	​		2023	​	​	2024		​	2023
​	​	​	​	​	​	​	​	​	​	​	​
Net loss	$	(23,976)	​	$	(24,103)	​	$	(63,140)	​	$	(43,202)
​	​	​	​	​	​	​	​	​	​	​	​
Impact of conversion of dilutive securities	​	—	​	​	—	​	​	—	​	​	—
​	​	​	​	​	​	​	​	​	​	​	​
Dilutive Net loss	$	(23,976)	​	$	(24,103)	​	$	(63,140)	​	$	(43,202)
​	​	​	​	​	​	​	​	​	​	​	​
Net loss per share	​	​	​	​	​	​	​	​	​	​	​
Basic	$	(0.04)	​	$	(0.04)	​	$	(0.10)	​	$	(0.08)
Diluted	$	(0.04)	​	$	(0.04)	​	$	(0.10)	​	$	(0.08)
​	​	​	​	​	​	​	​	​	​	​	​
Basic weighted average shares outstanding	​	620,897,955	​	​	592,452,262	​	​	617,370,311	​	​	552,703,546
Dilutive potential common stock outstanding	​	​	​	​	​	​	​	​	​	​	​
Dilutive potential common stock outstanding	​	—	​	​	—	​	​	—	​	​	—
Diluted weighted average shares outstanding	​	620,897,955	​	​	592,452,262	​	​	617,370,311	​	​	552,703,546

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Outstanding anti-dilutive securities not included in the diluted net loss per share calculations were as follows:

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​	​	​	​	​	​	​	​	​
​	​	Three Months Ended September 30,			​	Nine Months Ended September 30,
​		2024		2023		2024	​	2023
Stock-based awards	​	44,599,494	​	31,953,024	​	44,599,494	​	31,953,024
2025 Notes	​	15,622,814	​	15,622,814	​	15,622,814	​	15,622,814
Energy Capital Preferred Shares	​	30,372,058	​	30,372,058	​	30,372,058	​	30,372,058
Warrants	​	1,440,500	​	1,260,183	​	1,440,500	​	1,260,183
Total anti-dilutive shares outstanding	​	92,034,866	​	79,208,079	​	92,034,866	​	79,208,079

​

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- References

No definition available.

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- Definition

The entire disclosure for earnings per share.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/260/tableOfContent

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-3

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