(Loss) Earnings Per Share

12 Months Ended

Dec. 31, 2024

NOTE 22 – (LOSS) EARNINGS PER SHARE

(Loss) earnings per share of Common Stock is calculated in accordance with ASC 260, Earnings per share. (Loss) earnings per share – basic is calculated by dividing (Loss) earnings attributable to Common Stockholders - basic and diluted by the Weighted average Common Stock outstanding - basic.

Loss per share – diluted is based on the weighted average number of shares of Common Stock used for the (Loss) earnings per share - basic calculation, adjusted for the weighted-average number of common share equivalents outstanding for the period determined using the treasury stock method and if-converted method, as applicable. (Loss) earnings attributable to Common Stockholders – basic and diluted is adjusted for the impact of changes in the fair value of the Public Warrants and Private Placement Warrants, to the extent they are dilutive.

(Loss) earnings per share calculations for all periods prior to the Closing have been retrospectively adjusted by the Exchange Ratio for the equivalent number of shares outstanding immediately after the Closing to effect the reverse recapitalization. Subsequent to the Closing, (Loss) earnings per share is calculated based on the Weighted average Common Stock outstanding.

The following table sets forth the computation of the Company’s (Loss) earnings per share:


	For the years ended December 31,
($s in thousands, except per share amounts)	2024		2023
Net loss	$	(15,567)	$	(77,358)
Adjustments to Net loss:
Series A Preferred Stock—adjustment for deemed dividend upon Closing	—		(48,300)
Series A Preferred Stock—adjustment to eliminate 50% multiplier	—		156,363
Series A Preferred Stock—adjustment to maximum redemptions value	(25,339)		(22,181)
(Loss) earnings attributable to Common stockholders – basic	$	(40,906)	$	8,524
Change in fair value of embedded derivative	—		155
Dilutive adjustments to (Loss) earnings attributable to Common stockholders - basic	—		(85,882)
Loss attributable to Common stockholders – diluted	$	(40,906)	$	(77,203)

Weighted average Common Stock outstanding - basic	50,524,996		45,269,201
Weighted average effect of dilutive securities:
Series A Preferred Stock	—		32,258,180



Weighted average Common Stock outstanding - diluted	50,524,996		77,527,381

(Loss) earnings per share – basic	$	(0.81)	$	0.19
Loss per share – diluted	$	(0.81)	$	(1.00)

The following table summarizes the potentially dilutive common shares that were excluded from diluted Loss per share - diluted computations because the effect would have been anti-dilutive:


	For the years ended December 31,
	2024	2023
Series A Preferred Stock	34,561,722	—
Unvested Restricted Stock Units	4,472,950	6,624,459
Public Warrants	17,249,874	17,249,874
Private Placement Warrants	9,400,000	9,400,000
Unvested Legacy Bridger Incentive Units	40,404	40,404
Sponsor Earnout Shares	855,000	855,000