Earnings Per Share

9 Months Ended

Sep. 30, 2025

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 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 and nine months ended September 30, 2025 and 2024, 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 in each respective period.

		Three Months Ended				Nine Months Ended
		September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Net loss	$	(46,866)	$	(35,787)	$	(160,336)	$	(97,472)
Weighted-average shares outstanding – basic and diluted		326,215		297,833		311,196		283,484
Net loss per share – basic and diluted	$	(0.14)	$	(0.12)	$	(0.52)	$	(0.34)

Penny warrants included in Net loss per share calculation		3,000		6,000		3,000		6,000

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

	September 30, 2025	September 30, 2024
Unvested restricted stock units	3,305	1,529
Penny warrants subject to unmet contingencies	15,023	16,023
Warrants “out-of-the-money”	34,453	34,453
Total	52,781	52,005

Certain Penny Warrants contain contingencies agreed upon with potential customers and suppliers that have not yet been achieved. Warrants that are out of the money include Public, Private, and Market Warrants where the exercise price exceeded the common stock price for the period. Refer to Note 8 for a summary of the terms for all warrants.