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Net (Loss) Earnings Per Share (Tables) | 9 Months Ended
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Sep. 30, 2024
Earnings Per Share [Abstract] |
Summary of Computation of Basic and Diluted Net Loss Per Share | The following table sets forth the computation of basic and diluted net loss per share to common stockholders:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(in thousands, except share and per share data) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Basic net (loss) earnings per common share calculation: |  |  |  |  |  |  |  |  |  |  |  |
Net (loss) income attributable to common stockholders |  | $ | (13,117 | ) |  | $ | 29,056 |  |  | $ | (35,944 | ) |  | $ | 10,391 |
Undistributed earnings to preferred stock stockholders |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (4,574 | )
Net (loss) income attributable to common stockholders – basic |  | $ | (13,117 | ) |  | $ | 29,056 |  |  | $ | (35,944 | ) |  | $ | 5,817 |
Weighted-average shares of common stock outstanding – basic |  |  | 60,608,934 |  |  |  | 58,408,441 |  |  |  | 60,130,249 |  |  |  | 31,070,476 |
Net (loss) earnings per share of common stock – basic |  | $ | (0.22 | ) |  | $ | 0.50 |  |  | $ | (0.60 | ) |  | $ | 0.19 |
Diluted net (loss) earnings per common share calculation: |  |  |  |  |  |  |  |  |  |  |  |
Net (loss) income attributable to common stockholders |  | $ | (13,117 | ) |  | $ | 29,056 |  |  | $ | (35,944 | ) |  | $ | 10,391 |
Reverse: interest expense and change in fair value on derivative liability |  |  | — |  |  |  | (47,623 | ) |  |  | — |  |  |  | (7,196 | )
Net (loss) income attributable to common stockholders - diluted |  |  | (13,117 | ) |  |  | (18,567 | ) |  |  | (35,944 | ) |  |  | 3,195 |
Undistributed earnings to preferred stock stockholders |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,406 | )
Net (loss) income attributable to common stockholders – diluted |  |  | (13,117 | ) |  |  | (18,567 | ) |  |  | (35,944 | ) |  |  | 1,789 |
Weighted-average shares of common stock outstanding – basic |  |  | 60,608,934 |  |  |  | 58,408,441 |  |  |  | 60,130,249 |  |  |  | 31,070,476 |
Outstanding options and restricted stock units |  |  | — |  |  |  | 3,727,831 |  |  |  | — |  |  |  | 3,472,940 |
Legacy Tigo warrants and common stock warrants |  |  | — |  |  |  | 927,049 |  |  |  | — |  |  |  | 813,569 |
Convertible promissory note |  |  | — |  |  |  | 5,305,437 |  |  |  | — |  |  |  | 5,130,532 |
Weighted-average shares of common stock – diluted |  |  | 60,608,934 |  |  |  | 68,368,758 |  |  |  | 60,130,249 |  |  |  | 40,487,517 |
Net (loss) earnings per share of common stock – diluted |  | $ | (0.22 | ) |  | $ | (0.27 | ) |  | $ | (0.60 | ) |  | $ | 0.04 |
Summary of Anti-dilutive Shares Outstanding | The Company excluded the effect of the below elements from our calculation of diluted loss per share, as their inclusion would have been anti-dilutive. These amounts represent the number of instruments outstanding at the end of the period.
|  | As of September 30, |
|  | 2024 |  |  | 2023 |
Outstanding stock options and restricted stock units |  |  | 5,329,471 |  |  |  | — |
Convertible promissory note |  |  | 5,305,861 |  |  |  | — |
|  |  | 10,635,332 |  |  |  | — |

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- Definition Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 + Details
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