Net Loss per Common Share

6 Months Ended

Jun. 30, 2025

14.

Net Loss per Common Share

Basic and diluted net loss per common share was calculated as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Numerator:
Net loss	$	(41,618	)	$	(21,000	)	$	(78,789	)	$	(55,223	)
Less: Net loss attributable to noncontrolling interest		(2,580	)		(1,840	)		(5,205	)		(4,884	)
Net loss attributable to common stockholders — basic	$	(39,038	)	$	(19,160	)	$	(73,584	)	$	(50,339	)

Net loss attributable to common shares — dilutive	$	(39,038	)	$	(19,160	)	$	(73,584	)	$	(50,339	)

Denominator:
Weighted average shares outstanding — basic		195,370,583			170,164,241			193,234,270			167,384,295

Weighted average common shares outstanding—diluted		195,370,583			170,164,241			193,234,270			167,384,295

Net loss per share attributable to common shares— basic	$	(0.20	)	$	(0.11	)	$	(0.38	)	$	(0.30	)
Net loss per share attributable to common shares— diluted	$	(0.20	)	$	(0.11	)	$	(0.38	)	$	(0.30	)

The Company’s potentially dilutive securities, which include unvested Class B units, unvested phantom units, unvested restricted stock units, convertible Class V common shares, unexercised options, earn-out shares, escrow shares, and convertible debt have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. The 2029 Notes Capped Call Transactions were excluded from the calculation of dilutive potential common shares as their effect is anti-dilutive. For the three and six months ended June 30, 2025 and 2024, the weighted average number of shares outstanding used to calculate both basic and diluted net loss per share attributable to common shares is the same because the Company reported a net loss for each of these periods and the effect of inclusion would be antidilutive. The Company excluded the following potential shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to stockholders for the periods indicated as their inclusion would have had an antidilutive effect:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Unvested Class B units		—		8,688		—		8,688
Unvested Phantom units		—		228,310		—		228,310
Unvested Restricted stock units		13,278,598		18,993,761		13,278,598		18,993,761
Convertible Class V common shares		17,621,247		18,044,332		17,621,247		18,044,332
Unexercised options		61,461		150,228		61,461		150,228
Earn-out Shares		5,000,000		5,000,000		5,000,000		5,000,000
Escrow Shares		1,725,000		1,725,000		1,725,000		1,725,000
2027 Convertible notes into Class A common shares		15,026,297		18,497,110		15,026,297		18,497,110
2029 Convertible notes into Class A common shares		42,524,208		—		42,524,208		—
		95,236,811		62,647,429		95,236,811		62,647,429