Earnings per share

6 Months Ended

Jun. 30, 2024

Earnings Per Share

Earnings Per Share

Basic and diluted earnings per share is computed by dividing net loss by the weighted average number of common stock outstanding during the period. Diluted net loss per common stock reflects the potential dilution that would occur if securities were exercised or converted into common stock. The effects of any incremental potential common stock are excluded from the calculation of earnings per share if their effect would be anti-dilutive. Contingently issuable shares, including equity awards with performance conditions, are considered outstanding common shares and included in basic and diluted earnings per share as of the date that all necessary conditions to earn the awards have been satisfied. Public and Private Placement Warrants are considered for the diluted earnings per share calculation to the extent they are “in-the-money” and their effect is dilutive. The Company has retroactively adjusted the shares issued and outstanding prior to May 9, 2022, to give effect to the exchange ratio.

For the three months ended June 30, 2024 and 2023, there were no securities outstanding whose effect would be dilutive to earnings per share. Therefore, the number of basic and diluted weighted-average shares outstanding were equal for each period.

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2024			2023			2024			2023
Net loss	$	(36,388	)	$	(31,410	)	$	(61,684	)	$	(57,182	)
Weighted-average shares outstanding–basic and diluted		276,355			275,632			276,309			275,563
Net loss per share–basic and diluted	$	(0.13	)	$	(0.11	)	$	(0.22	)	$	(0.21	)
Penny warrants included in Net loss per share calculation–basic and diluted		6,900			6,600			6,900			6,600

The following table presents potentially dilutive securities excluded from the calculation of diluted earnings per share as their effect would have been anti-dilutive. 

	June 30,
	2024	2023
Unvested restricted stock units	1,569	1,133
Penny warrants with unmet contingencies	13,523	13,973
Out of the money warrants	42,750	42,750
Total	57,841	57,856

Certain Penny Warrants contain contingencies agreed upon with potential customers and suppliers. Warrants that are out of the money include Public, Private Placement, and Market Warrants issued to potential financiers and suppliers where the exercise price exceeded the common stock price for the period. Refer to Note 7 for a summary of the terms for all warrants.