indie Semiconductor, Inc. Earnings Per Share Disclosure
Basic and diluted net loss per common share was calculated as follows:
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|
Year Ended December 31, |
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2025 |
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|
2024 |
|
|
2023 |
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Numerator: |
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Net loss |
|
$ |
(150,712 |
) |
|
$ |
(144,187 |
) |
|
$ |
(128,832 |
) |
Less: Net loss attributable to noncontrolling interest |
|
|
(7,646 |
) |
|
|
(11,584 |
) |
|
|
(11,207 |
) |
Net loss attributable to common stockholders — basic |
|
$ |
(143,066 |
) |
|
$ |
(132,603 |
) |
|
$ |
(117,625 |
) |
|
|
|
|
|
|
|
|
|
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|||
Net loss attributable to common shares — dilutive |
|
$ |
(143,066 |
) |
|
$ |
(132,603 |
) |
|
$ |
(117,625 |
) |
|
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|
|
|
|
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Denominator: |
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|
|
|
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Weighted average shares outstanding — basic |
|
|
197,246,432 |
|
|
|
175,029,650 |
|
|
|
145,188,867 |
|
|
|
|
|
|
|
|
|
|
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|||
Weighted average common shares outstanding—diluted |
|
|
197,246,432 |
|
|
|
175,029,650 |
|
|
|
145,188,867 |
|
|
|
|
|
|
|
|
|
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Net loss per share attributable to common shares— basic |
|
$ |
(0.73 |
) |
|
$ |
(0.76 |
) |
|
$ |
(0.81 |
) |
Net loss per share attributable to common shares— diluted |
|
$ |
(0.73 |
) |
|
$ |
(0.76 |
) |
|
$ |
(0.81 |
) |
The Company’s potentially dilutive securities, which include unvested Class B units, unvested phantom units, unvested restricted stock units, convertible Class V common shares, unexercised options, earn-out shares, escrow shares, and convertible debt have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. The 2029 Notes Capped Call Transactions were excluded from the calculation of dilutive potential common shares as their effect is anti-dilutive. For the years ended December 31, 2025, 2024 and 2023, the weighted average number of shares outstanding used to calculate both basic and diluted net loss per share attributable to common shares is the same because the Company reported a net loss for each of these periods and the effect of inclusion would be antidilutive. The Company excluded the following potential shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to stockholders for the periods indicated as their inclusion would have had an anti-dilutive effect:
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Year Ended December 31, |
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|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Unvested Class B units |
|
|
— |
|
|
|
— |
|
|
|
61,683 |
|
Unvested Phantom units |
|
|
— |
|
|
|
— |
|
|
|
290,138 |
|
Unvested Restricted stock units |
|
|
17,929,582 |
|
|
|
16,694,162 |
|
|
|
14,915,588 |
|
Convertible Class V common shares |
|
|
16,521,251 |
|
|
|
17,671,251 |
|
|
|
18,694,332 |
|
Unexercised options |
|
|
61,461 |
|
|
|
150,240 |
|
|
|
223,753 |
|
Earn-out Shares |
|
|
5,000,000 |
|
|
|
5,000,000 |
|
|
|
5,000,000 |
|
Escrow Shares |
|
|
1,725,000 |
|
|
|
1,725,000 |
|
|
|
1,725,000 |
|
2027 Convertible notes into Class A common shares |
|
|
15,026,297 |
|
|
|
18,497,110 |
|
|
|
18,497,110 |
|
2029 Convertible notes into Class A common shares |
|
|
42,524,208 |
|
|
|
42,524,208 |
|
|
|
— |
|
|
|
|
98,787,799 |
|
|
|
102,261,971 |
|
|
|
59,407,604 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Mar 3, 2025 | |
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.