Net Loss per Common Share

9 Months Ended

Sep. 30, 2024

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:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator:
Net loss	$	(54,595)	$	(18,677)	$	(109,818)	$	(114,206)
Less: Net loss attributable to noncontrolling interest	(4,913)		(1,580)		(9,797)		(11,236)
Net loss attributable to common stockholders — basic	$	(49,682)	$	(17,097)	$	(100,021)	$	(102,970)
Net loss attributable to common shares — dilutive	$	(49,682)	$	(17,097)	$	(100,021)	$	(102,970)
Denominator:
Weighted average shares outstanding — basic	179,491,349		146,962,717		171,449,437		140,198,899
Weighted average common shares outstanding—diluted	179,491,349		146,962,717		171,449,437		140,198,899
Net loss per share attributable to common shares— basic	$	(0.28)	$	(0.12)	$	(0.58)	$	(0.73)
Net loss per share attributable to common shares— diluted	$	(0.28)	$	(0.12)	$	(0.58)	$	(0.73)

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, 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. For the three and nine months ended September 30, 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 shareholders for the periods indicated as their inclusion would have had an antidilutive effect:

	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Unvested Class B units	—	108,536	—	108,536
Unvested Phantom units	188,347	574,194	188,347	574,194
Unvested Restricted stock units	17,184,734	15,014,021	17,184,734	15,014,021
Convertible Class V common shares	18,044,332	18,994,332	18,044,332	18,994,332
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	150,228	210,093	150,228	210,093
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
Convertible debt into Class A common shares	18,497,110	18,497,110	18,497,110	18,497,110
	60,789,751	87,523,286	60,789,751	87,523,286