Net Loss per Share Attributable to Common Stockholders
Basic net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding for the period. Because the Company reported a net loss for 2025, 2024 and 2023, the number of shares used to calculate diluted net loss per common share is the same as the number of shares used to calculate basic net loss per common share for those periods presented because the potentially dilutive shares would have been antidilutive if included in the calculation.
The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share data):
| | | | | | | | | | | | | | | | | |
| Year Ended December 31, |
| 2025 | | 2024 | | 2023 |
| Numerator: | | | | | |
| Net loss attributable to common stockholders | $ | (929,842) | | | $ | (608,034) | | | $ | (513,050) | |
| Denominator: | | | | | |
| Weighted-average shares outstanding | 826,240,955 | | | 699,794,747 | | | 647,907,598 | |
| Net loss per share attributable to common stockholders, basic and diluted | $ | (1.13) | | | $ | (0.87) | | | $ | (0.79) | |
The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been antidilutive:
| | | | | | | | | | | | | | | | | |
| Year Ended December 31, |
| 2025 | | 2024 | | 2023 |
| Common stock warrants | 21,240,957 | | | 28,783,069 | | | 28,783,333 | |
| Unvested restricted stock awards | 668,384 | | | 1,114,380 | | | 1,561,599 | |
| Unvested restricted stock units | 43,582,131 | | | 40,388,740 | | | 31,076,699 | |
| Unvested early exercised common stock options | 708,731 | | | 1,154,146 | | | 1,988,511 | |
| Options to purchase common stock | 6,462,574 | | | 9,887,462 | | | 13,574,585 | |
| Total | 72,662,777 | | | 81,327,797 | | | 76,984,727 | |
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.