Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2025

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 the 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 per share for the three and nine months ended September 30, 2025 and 2024 (in thousands, except for share and per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Numerator:
Net income (loss)	$	(85,845)	$	27,403	$	(189,435)	$	(228,918)
Less: Deemed dividend on Series A preferred stock	(3,682)		—		(11,284)		—
2026 Convertible Senior Notes extinguishment	—		(141,203)		—		—
2030 Convertible Notes extinguishment	—		(5,355)		—		—
Net income (loss) attributable to common stockholders	$	(89,527)	(119,155)		$	(200,719)	$	(228,918)
Denominator:
Weighted average common shares outstanding—Basic	69,281,237		32,001,765		53,586,034		30,190,418
Dilutive effect of potential common shares
2026 Convertible Senior Notes extinguishment	—		587,842		—		—
2030 Convertible Notes extinguishment	—		345,391		—		—
Weighted average common shares outstanding—Diluted	69,281,237		32,934,998		53,586,034		30,190,418
Net income (loss) per share
Basic	$	(1.29)	$	0.86	$	(3.75)	$	(7.58)
Diluted	$	(1.29)	$	(3.62)	$	(3.75)	$	(7.58)

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 September 30, 2025 because including them would have been antidilutive or related contingencies on issuance of shares had not been met as of September 30, 2025:


			September 30, 2025
Warrants			383,836
Stock-based awards—Equity classified			2,950,798
Stock-based awards—Liability classified			6,201,269
Vendor stock-in-lieu of cash program			1,339,441
Series 1 Notes			2,533,361
Series 2 Notes			4,992,516
2026 Convertible Senior Notes			450,037
Series A preferred stock			1,686,074
Earn-out shares			573,780
Total			21,111,112