Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2023

16. Earnings (Loss) per Share

The following table provides the computation of net loss per share and weighted average shares of the Company’s common stock outstanding during the periods presented (in thousands, except share and per share amount):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Net loss	$	(27,346	)	$	(32,419	)	$	(80,414	)	$	(100,583	)
Basic and diluted weighted average common stock outstanding		93,204,630			23,503,419			92,707,994			22,792,211
Basic and diluted net loss per share	$	(0.29	)	$	(1.38	)	$	(0.87	)	$	(4.41	)

Since the Company was in a loss position for the period ended September 30, 2023 and 2022, basic net loss per share was the same as diluted net loss per share for the period presented.

The following securities were not included in the computation of diluted shares outstanding because the effect would be 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 (in whole shares):


	Nine Months Ended September 30,
	2023		2022
Convertible redeemable preferred stock		—		40,293,530
Stock options and restricted stock units outstanding(1)		13,125,888		9,568,764
Warrants for convertible redeemable preferred stock		—		9,050,124
Warrants for common stock		—		119,888
Shares reserved for future award issuance		—		2,562,219
Private Warrants		4,616,667		—
Public Warrants		12,175,000		—
Shares for Mudrick Convertible Notes		19,001,085		—
Shares for Mudrick PIK Notes		79,534		—
Total		48,998,174		61,594,525

(1)

Balances are inclusive of the common stock options legally exercised in exchange of the nonrecourse promissory notes.

The Company has reserved shares for the 2022 Employee Stock Purchase Plan, however, there have been no employee contributions to such plan as of September 30, 2023. The Company also has shares reserved in connection with Earnout Shares under the Business Combination, however, as of September 30, 2023, none of the share-price targets were satisfied. The Company has shares reserved in connection with the 2022 Equity Incentive Plan, however, options considered for dilutive EPS are only those granted.