23. NET LOSS PER SHARE
The following table sets forth the computation of basic and diluted net loss per common share for the periods indicated (in thousands, except per share data):
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| | Year ended December 31, |
| | 2025 | | 2024 | | 2023 |
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| Net loss attributable to common stockholders | $ | (84,621) | | | $ | (258,795) | | | $ | (307,842) | |
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| Denominator: | | | | | |
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| Weighted average shares of common shares outstanding—basic | 60,130 | | | 46,542 | | | 45,214 | |
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| Weighted average shares of common shares outstanding—diluted | 60,130 | | | 46,542 | | | 45,214 | |
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| Net loss per share of common stock: | | | | | |
| Basic | $ | (1.41) | | | $ | (5.56) | | | $ | (6.81) | |
| Diluted | $ | (1.41) | | | $ | (5.56) | | | $ | (6.81) | |
The following shares were excluded from the calculation of diluted shares outstanding as their effect would have been anti-dilutive (in thousands):
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| | Year ended December 31, |
| | 2025 | | 2024 | | 2023 |
| Restricted stock units, PSUs, and Share Options | 2,321 | | | 2,647 | | | 984 | |
| Employee stock purchase plan | 222 | | | 190 | | | 186 | |
| Warrants | 6,884 | | | — | | | — | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.