Net Loss per Common Share

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Net Loss per Common Share

Net Loss per Common Share

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

	Year Ended December 31,
	2022		2021
Numerator:
Net loss	$	(52,788)	$	(118,607)
Less: Net loss attributable to noncontrolling interest	(9,388)		(30,563)
Net loss attributable to indie Semiconductor, Inc.	$	(43,400)	$	(88,044)
Net loss attributable to common shares - dilutive	$	(43,400)	$	(88,044)
Denominator:
Weighted average shares outstanding - basic	118,660,785		70,012,112
Weighted average common shares outstanding—diluted	118,660,785		70,012,112
Net loss per share attributable to common shares— basic	$	(0.37)	$	(1.26)
Net loss per share attributable to common shares— diluted	$	(0.37)	$	(1.26)

On June 10, 2021, the Company completed a series of business transactions with TB2 pursuant to the MTA. The Transaction materially impacted the number of shares outstanding. Weighted average shares outstanding in the table above have been retroactively restated to give effect to the reverse recapitalization. See Note 1 — Nature of Business and Basis of Presentation for more information regarding the Transaction.

The Company’s potentially dilutive securities, which include unvested Class B units, unvested phantom units, unvested restricted stock units, convertible Class V common shares, warrants for Class A units (public and private), unexercised options, earn-out shares and escrow shares, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. For the years ended December 31, 2022 and 2021 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 shareholders for the periods indicated as their inclusion would have had an antidilutive effect:

	Year Ended December 31,
	2022	2021
Unvested Class B units	746,294	1,612,797
Unvested Phantom units	647,028	1,188,862
Unvested Restricted stock units	7,857,035	3,869,848
Convertible Class V common shares	21,381,476	30,448,081
Public warrants for the purchase of Class A common shares	17,250,000	17,250,000
Private warrants for the purchase of Class A common shares	10,150,000	10,150,000
Unexercised options	349,006	—
Earn-out Shares	5,000,000	10,000,000
Escrow Shares	1,725,000	1,725,000
	65,105,839	76,244,588