Net Loss per Common Share

3 Months Ended

Mar. 31, 2025

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


	Three Months Ended March 31,
	2025		2024
Numerator:
Net loss	$	(37,171)	$	(34,223)
Less: Net loss attributable to noncontrolling interest	(2,625)		(3,044)


Net loss attributable to common stockholders — basic	$	(34,546)	$	(31,179)



Net loss attributable to common shares — dilutive	$	(34,546)	$	(31,179)

Denominator:
Weighted average shares outstanding — basic	191,463,848		164,602,608





Weighted average common shares outstanding—diluted	191,463,848		164,602,608

Net loss per share attributable to common shares— basic	$	(0.18)	$	(0.19)
Net loss per share attributable to common shares— diluted	$	(0.18)	$	(0.19)

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 months ended March 31, 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 March 31,
	2025	2024
Unvested Class B units	—	34,752
Unvested Phantom units	—	276,267
Unvested Restricted stock units	16,601,162	15,533,889
Convertible Class V common shares	17,621,247	18,594,332
Unexercised options	150,240	159,750
Earn-out Shares	5,000,000	5,000,000
Escrow Shares	1,725,000	1,725,000
2027 convertible notes into Class A common shares	18,497,110	18,497,110
2029 convertible notes into Class A common shares	42,524,208	—
	102,118,967	59,821,100