Net Loss per Share

12 Months Ended

Dec. 31, 2024

Net Loss Per Share Attributable to Common Stockholders

Basic net loss per share attributable to common stockholders is calculated by dividing net loss attributable to common stockholders by the weighted-average number of shares issued and shares to be issued under the commitment to issue shares, as these shares are issuable for no consideration.

Diluted net loss per share attributable to common stockholders adjusts the basic net loss per share attributable to common stockholders and the weighted-average number of shares issued and shares to be issued under the commitment to issue shares for potentially dilutive instruments.

The following data shows the amounts used in computing net loss per share and the effect on net loss and the weighted-average number of shares for the years ended December 31, 2024, and 2023:


(in thousands, except share and per share amounts)	2024		2023
Net loss	$	(355,847)	$	(431,744)
Less: Deemed Dividend	(7,576)		—
Net loss available to common stockholders	$	(363,423)	$	(431,744)

Weighted average shares used in computing net loss per share of Class A and B Common Stock:
Basic	18,529,525		240,869
Diluted	18,529,525		240,869

Net loss per share of Class A and B Common Stock attributable to common stockholders:
Basic	$	(19.61)	$	(1,792.44)
Diluted	$	(19.61)	$	(1,792.44)

The net loss per common share was the same for the Class A Common Stock and Class B Common Stock because they are entitled to the same liquidation and dividend rights and are therefore combined in the Consolidated Statements of Operations and Comprehensive Loss.

Potentially Dilutive Shares

The Company reported net losses for all periods presented, resulting in all potentially dilutive Common Stock equivalents being considered antidilutive and excluded from the calculation of net loss per share.

The table below presents the potentially dilutive shares that were excluded from the computation of diluted net loss per share of Common Stock attributable to Common Stock stockholders due to their antidilutive effect as of December 31,:


	2024	2023
Shares issuable upon conversion of SPA Portfolio Notes	41,054,586	1,069,202
Shares issuable upon conversion of Unsecured Convertible Notes	749,866	—
Shares issuable upon exercise of equity classified SPA Portfolio Note warrants	15,238	13,906
Shares issuable upon exercise of liability classified SPA Portfolio Note warrants	16,720,384	—
Other warrants	5,776,657	228,482
Stock-based compensation awards – Options	2,591	798
Stock-based compensation awards – RSUs	161,225	2,885
Public warrants	2,453	2,453
Private warrants	12	12
	64,483,012	1,317,738