NET LOSS PER SHARE

The following table sets forth the computation of basic and diluted net loss per share (in thousands, except share and per share data):


	Year Ended December 31, 2025
	Class A		LT10		LT50		Consolidated
Numerator
Net loss, basic and diluted	$	(18,591)	$	(976)	$	(1,822)	$	(21,389)
Denominator
Weighted average shares of common stock used to compute net loss per share, basic and diluted	80,213,321		4,209,827		7,860,826		92,283,974
Net loss per share, basic and diluted	$	(0.23)	$	(0.23)	$	(0.23)	$	(0.23)


	Year Ended December 31, 2024
	Class A		LT10		LT50		Consolidated
Numerator
Net loss, basic and diluted	$	(8,525)	$	(671)	$	(859)	$	(10,055)
Denominator
Weighted average shares of common stock used to compute net loss per share, basic and diluted	74,080,426		5,833,311		7,466,971		87,380,708
Net loss per share, basic and diluted	$	(0.12)	$	(0.12)	$	(0.12)	$	(0.12)

The rights, including the liquidation and dividend rights, of the holders of Class A, LT10 and LT50 common stock are identical, except with respect to voting, conversion and transfer rights. Each share of Class A common stock is entitled to one vote per share, each share of LT10 common stock is entitled to ten votes per share and each share of LT50 common stock is entitled to 50 votes per share. Each share of LT10 and LT50 common stock is convertible into one share of Class A common stock voluntarily at the option of the holder after the satisfaction of certain requirements, which includes a ten-month notice period for LT10 common stock and a 50-month notice period for LT50 common stock to convert to Class A common stock, or automatically upon certain events. The Class A common stock has no conversion rights. As the liquidation and dividend rights are identical for Class A, LT10 and LT50 common stock, the undistributed earnings are allocated on a proportional basis based on the number of weighted average shares within each class of common stock during the period and the resulting net loss per share will be the same for the Class A, LT10 and LT50 common stock on an individual or combined basis.

The following potentially dilutive shares were not included in the calculation of diluted shares outstanding as the effect would have been anti-dilutive:


	Year Ended December 31, 2025
	Class A	LT10	LT50	Consolidated
Weighted average stock options	1,411,778	—	—	1,411,778
Matching Plan shares	38,361	—	—	38,361
Total	1,450,139	—	—	1,450,139


	Year Ended December 31, 2024
	Class A	LT10	LT50	Consolidated
Weighted average stock options	2,050,684	—	—	2,050,684
Matching Plan shares	—	—	—	—
Total	2,050,684	—	—	2,050,684

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.

Expensify, Inc. Earnings Per Share Disclosure

About Earnings Per Share Disclosures

Other Available Disclosures