Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2024

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 June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Net loss	$	(12,025	)	$	(30,269	)	$	(42,990	)	$	(53,068	)
Basic and diluted weighted average common stock outstanding		98,321,295			92,608,276			97,498,510			92,460,655
Basic and diluted net loss per share	$	(0.12	)	$	(0.33	)	$	(0.44	)	$	(0.57	)

Since the Company was in a loss position for the three and six month periods June 30, 2024 and 2023, 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):


	Six Months Ended June 30,
	2024		2023
Stock options and restricted stock units outstanding(1)		102,808,896		12,356,284
Private Warrants		4,616,667		4,616,667
Public Warrants		12,175,000		12,175,000
Shares for Mudrick Convertible Notes		19,001,500		19,001,085
Shares for Mudrick PIK Notes		2,876,880		79,534
Total		141,478,943		48,228,570

(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 June 30, 2024. The Company also has shares reserved in connection with Earnout Shares under the 2022 Business Combination, however, as of June 30, 2024, 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.