Earnings (Loss) Per Share

9 Months Ended

Sep. 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 September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Net loss	$	(15,524	)	$	(27,346	)	$	(58,514	)	$	(80,414	)
Basic and diluted weighted average common stock outstanding(1)		100,475,081			93,204,630			98,497,942			92,707,994
Basic and diluted net loss per share	$	(0.15	)	$	(0.29	)	$	(0.59	)	$	(0.87	)

(1)

Balances are inclusive of 4.3 million RSUs legally vested but not yet issued as of September 30, 2024.

Since the Company was in a loss position for the three and nine month periods ended September 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):


	Nine Months Ended September 30,
	2024		2023
Stock options and restricted stock units outstanding(1)		101,259,191		13,125,888
Private Warrants		4,616,667		4,616,667
Public Warrants		12,175,000		12,175,000
Shares for Mudrick Convertible Notes		700,000,000		19,001,085
Shares for Mudrick PIK Notes		105,981,960		79,534
Total		924,032,818		48,998,174

(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, 2024. The Company also has shares reserved in connection with the achievement of certain share-price targets as specified in the Merger Agreement, however, as of September 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.