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Net (Loss) Earnings Per Share | 9 Months Ended
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Sep. 30, 2024
Earnings Per Share [Abstract] |
Net (Loss) Earnings Per Share | 5. Net (Loss) Earnings Per Share Basic net (loss) earnings per share of common stock is computed by dividing net (loss) income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during each period, without consideration for potential dilutive shares of common stock. Diluted net (loss) earnings per share of common stock is computed by dividing the net (loss) earnings attributable to common stockholders by the weighted-average number of common share equivalents outstanding for the period determined using the treasury-stock method and if-converted method, as applicable. Basic and diluted net (loss) earnings per share attributable to common stockholders is presented in conformity with the two-class method required for participating securities. Under the two-class method, net (loss) income for the three and nine months ended September 30, 2023, is adjusted by the difference between the fair value of consideration transferred and the carrying amount of convertible preferred stock during periods where the Company redeems its convertible preferred stock. The remaining earnings (undistributed earnings) are allocated to common stock and each series of convertible preferred stock to the extent that each preferred security may share in earnings as if all of the earnings for the period had been distributed. The total earnings allocated to common stock are then divided by the number of outstanding shares to which the earnings are allocated to determine the earnings per share. The two-class method is not applicable during periods with a net loss, as the holders of the convertible preferred stock have no obligation to fund losses. In periods in which the Company reports a net loss, diluted net loss per share is the same as basic net loss per share since dilutive shares are not assumed to have been issued if their effect is antidilutive. As a result, for the periods in which the Company experienced a net loss, the weighted-average shares used to calculate both basic and diluted net loss per share are the same. 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 |
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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