Net Loss per Common Share

12 Months Ended

Dec. 31, 2024

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


	Year Ended December 31,
	2024		2023		2022
Numerator:
Net loss	$	(144,187)	$	(128,832)	$	(52,788)
Less: Net loss attributable to noncontrolling interest	(11,584)		(11,207)		(9,388)
Net loss attributable to common stockholders — basic	$	(132,603)	$	(117,625)	$	(43,400)

Net loss attributable to common shares — dilutive	$	(132,603)	$	(117,625)	$	(43,400)

Denominator:
Weighted average shares outstanding—basic	175,029,650		145,188,867		118,660,785

Weighted average common shares outstanding—diluted	175,029,650		145,188,867		118,660,785

Net loss per share attributable to common shares— basic	$	(0.76)	$	(0.81)	$	(0.37)
Net loss per share attributable to common shares— diluted	$	(0.76)	$	(0.81)	$	(0.37)

The Company’s potentially dilutive securities, which include unvested Class B units, unvested phantom units, unvested restricted stock units, convertible Class V common shares, Public Warrants, Private Warrants, 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, 2024, 2023 and 2022, 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:


	Year Ended December 31,
	2024	2023	2022

Unvested Class B units	—	61,683	746,294
Unvested Phantom units	—	290,138	647,028
Unvested Restricted stock units	16,694,162	14,915,588	7,857,035
Convertible Class V common shares	17,671,251	18,694,332	21,381,476
Public warrants for the purchase of Class A common stock	—	—	17,250,000
Private warrants for the purchase of Class A common stock	—	—	10,150,000
Unexercised options	150,240	223,753	349,006
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 stock	18,497,110	18,497,110	18,497,110
2029 convertible notes into Class A common stock	42,524,208	—	—
	102,261,971	59,407,604	83,602,949