Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2024

Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is calculated by dividing net income by the weighted average number of common shares and potentially dilutive securities outstanding during the period, using the treasury stock method for the employee equity incentive plans and stock-based awards, and the if-converted method for the 2026 Convertible Senior Notes and 2030 Convertible Notes. If the Company reports a net loss, the computation of diluted loss per share excludes the effect of dilutive common stock equivalents, as their effect would be antidilutive. The Company computes earnings (loss) per share using the two-class method for its Class A and Class B common stock. Earnings (loss) per share is same for both Class A and Class B common stock since they are entitled to the same liquidation and dividend rights.

The following table sets forth the computation of basic and diluted loss for the years ended December 31, 2024, 2023, and 2022 as follows: (in thousands, except for share and per share amounts):


	December 31,
	2024		2023		2022
Numerator:
Net loss	$	(273,140)	$	(571,269)	$	(445,939)



Denominator:
Weighted average Common shares outstanding—Basic	31,404,616		25,939,912		23,734,269



Weighted average Common shares outstanding—Diluted	31,404,616		25,939,912		23,734,269
Net loss per share
Basic	$	(8.70)	$	(22.02)	$	(18.79)
Diluted	$	(8.70)	$	(22.02)	$	(18.79)

The following table presents the potential shares of common stock outstanding that were excluded from the computation of diluted net loss per share of common stock as of the periods presented because including them would have been antidilutive or related contingencies on issuance of shares had not been met as of the periods presented:


	December 31,
	2024	2023	2022
Warrants	383,836	383,836	383,836
Stock-based awards—Equity classified	2,220,754	2,510,594	2,255,574
Stock-based awards—Liability classified	5,037,826	1,237,495	953,512
Vendor stock-in-lieu of cash program	1,056,381	17,144	210,858
Series 1 Notes	2,540,000	—	—
Series 2 Notes	5,053,802	—	—
2026 Convertible Senior Notes	677,587	2,085,314	2,085,314
Earn-out shares	573,780	573,780	573,780
Total	17,543,966	6,808,163	6,462,874

The Company uses the if converted method for calculating the dilutive effect of the 2030 Convertible Notes, using the respective conversion prices of $21.75 and $36.30 per share for the Series 1 Notes and Series 2 Notes, respectively, and the 2026 Convertible Senior Notes using the conversion price of $299.70 per share. The closing price of Class A common stock as of December 31, 2024, 2023 and 2022 was less than the initial conversion price.