Net Loss per Common Share

12 Months Ended

Dec. 31, 2025

17)

Net Loss per Common Share

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


	Year Ended December 31,
	2025			2024			2023
Numerator:
Net loss	$	(150,712	)	$	(144,187	)	$	(128,832	)
Less: Net loss attributable to noncontrolling interest		(7,646	)		(11,584	)		(11,207	)
Net loss attributable to common stockholders — basic	$	(143,066	)	$	(132,603	)	$	(117,625	)

Net loss attributable to common shares — dilutive	$	(143,066	)	$	(132,603	)	$	(117,625	)

Denominator:
Weighted average shares outstanding — basic		197,246,432			175,029,650			145,188,867

Weighted average common shares outstanding—diluted		197,246,432			175,029,650			145,188,867

Net loss per share attributable to common shares— basic	$	(0.73	)	$	(0.76	)	$	(0.81	)
Net loss per share attributable to common shares— diluted	$	(0.73	)	$	(0.76	)	$	(0.81	)

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 years ended December 31, 2025, 2024 and 2023, 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 anti-dilutive effect:


	Year Ended December 31,
	2025		2024		2023
Unvested Class B units		—		—		61,683
Unvested Phantom units		—		—		290,138
Unvested Restricted stock units		17,929,582		16,694,162		14,915,588
Convertible Class V common shares		16,521,251		17,671,251		18,694,332
Unexercised options		61,461		150,240		223,753
Earn-out Shares		5,000,000		5,000,000		5,000,000
Escrow Shares		1,725,000		1,725,000		1,725,000
2027 Convertible notes into Class A common shares		15,026,297		18,497,110		18,497,110
2029 Convertible notes into Class A common shares		42,524,208		42,524,208		—
		98,787,799		102,261,971		59,407,604