Loss Per Share
The table below summarizes the Company’s basic and diluted loss per share calculations (in thousands, except share and per share amounts):
| | | | | | | | | | | | | | | |
| | | Year Ended December 31, |
| | | | | 2024 | | 2023 |
| Net loss | | | | | $ | (60,896) | | | $ | (55,024) | |
| | | | | | | |
| Weighted average shares outstanding | | | | | | | |
| Basic | | | | | 23,176,014 | | | 21,113,516 | |
| Diluted | | | | | 23,176,014 | | | 21,113,516 | |
| | | | | | | |
| Basic loss per common share | | | | | $ | (2.63) | | | $ | (2.61) | |
| Diluted loss per common share | | | | | $ | (2.63) | | | $ | (2.61) | |
Due to the Company’s net loss during the years ended December 31, 2024 and 2023, respectively, there was no dilutive effect of common stock equivalents because the effects of such would have been anti-dilutive. The following table summarizes the shares excluded from the weighted average number of shares of common stock outstanding, as the impact would be anti-dilutive (in thousands):
| | | | | | | | | | | |
| Year Ended December 31, |
| 2024 | | 2023 |
| Shares after conversion of warrants | 9,069 | | | 9,069 | |
| Restricted stock units | 678 | | | 607 | |
| Total | 9,747 | | | 9,676 | |
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.