15. Net Loss Per Share

The following outstanding potentially dilutive common stock equivalents were excluded from the computation of diluted net loss per share for the periods indicated because including them would have been anti-dilutive (in thousands):


	June 30,
	2025		2024
Common stock warrants		36,783		26,724
Legacy GCT Earnout Shares		20,000		20,000
Unvested RSUs		1,071		424
Sponsor Earnout Shares		571		1,920
Convertible promissory notes		500		767
Options issued and outstanding		348		668
Total		59,273		50,503

Vested and unreleased RSUs are included in calculating basic and diluted net loss per share even though they are not physically settled in shares of the Company’s common stock.