Net Income (Loss) per Share

9 Months Ended

Sep. 30, 2023

Basic net income (loss) per share is calculated by dividing net income attributable to common stockholders by the weighted average shares outstanding during the period. Diluted net income (loss) per share is calculated by adjusting weighted average shares outstanding for the dilutive effect of potential common shares, determined using the treasury stock method. Basic and diluted net income (loss) per share attributable to common stockholders are calculated as follows (in thousands, except share and per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Numerator:







Net Income (loss)	$	5,999	$	(18,615)	$	(89,364)	$	(58,102)
Reallocation of net income attributable to participating securities	(74)		—		—		—
Net income (loss) attributable to common stockholders – basic and diluted	$	5,925	$	(18,615)	$	(89,364)	$	(58,102)

Denominator:
Weighted average common shares outstanding – basic	150,206,893		144,117,273		148,521,299		143,522,555
Weighted average effect of potentially dilutive securities:

Stock options	16,528,407		—		—		—
Restricted stock units	6,674,985		—		—		—
Performance stock units	356,780		—		—		—
Finback Common Stock Warrants	209,310		—		—		—
Total potentially dilutive securities	23,769,482		—		—		—
Weighted average common shares outstanding — diluted	173,976,375		144,117,273		148,521,299		143,522,555
Net income (loss) per share attributable to common stockholders - basic	$	0.04	$	(0.13)	$	(0.60)	$	(0.40)
Net income (loss) per share attributable to common stockholders - diluted	$	0.03	$	(0.13)	$	(0.60)	$	(0.40)

The following potentially dilutive outstanding securities were excluded from the computation of diluted net loss per share attributable to common stockholders because their effect would have been anti-dilutive or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
Options issued and outstanding	—	21,027,840	21,063,044	21,027,840
Public Warrants to purchase common stock	14,324,893	14,324,994	14,324,893	14,324,994



Warrants to purchase common stock (Finback)**	1,317,327	2,421,200	1,590,984	2,421,200
Unvested restricted stock units	397,771	7,336,179	12,097,108	7,336,179
Unvested performance stock units	—	889,000	386,000	889,000
Earn-out shares*	15,000,000	15,000,000	15,000,000	15,000,000
Contingently issuable common stock*	1,897,500	1,897,500	1,897,500	1,897,500

	32,937,491	62,896,713	66,359,529	62,896,713

*Issuance of Earn-out shares and Contingently issuable common stock is contingent upon the satisfaction of certain conditions, which were not satisfied by the end of the period

**Includes 273,657 vested warrants and 1,317,327 unvested warrants as of September 30, 2023