NOTE 20—NET LOSS PER SHARE

Basic net loss per share is computed by dividing net loss attributable to Class A and Class B common stockholders by the weighted-average number of shares of each respective class of common stock outstanding during the period. Diluted net loss per share is computed by dividing net loss attributable to Class A and Class B common stockholders by the weighted-average number of each respective class of common stock outstanding, including the potential dilutive securities. For the calculation of diluted net loss per share, net income attributable to Class A and Class B common stockholders is adjusted to reflect the potential effect of dilutive securities.

The following table sets forth the computation of basic and diluted net loss attributable to Class A and Class B common stockholders per share (in thousands except per share data):


	Years Ended December 31,
	2024				2023
	Class A		Class B		Class A		Class B
Numerator
Net loss attributable to common stockholders – basic	$	(25,039)	$	(3,648)	$	(16,992)	$	(2,401)
Potential dilutive effect of derivative instruments	—		—		—		—
Net loss attributable to common stockholders – diluted	$	(25,039)	$	(3,648)	$	(16,992)	$	(2,401)
Denominator
Weighted average shares of common stock outstanding - basic	112,980		16,458		116,520		16,458
Potential dilutive effect of stock options	—		—		—		—
Potential dilutive effect of restricted stock units	—		—		—		—
Weighted average shares of common stock outstanding - dilutive	112,980		16,458		116,520		16,458
Net loss attributable to common stockholders per share
Basic	$	(0.22)	$	(0.22)	$	(0.15)	$	(0.15)
Diluted	$	(0.22)	$	(0.22)	$	(0.15)	$	(0.15)

For the periods presented above, the net loss per share amounts are the same for Class A and Class B common stock because the holders of each class are entitled to equal per share dividends or distributions in liquidation in accordance with the Certificate of Incorporation. The undistributed losses for each period are allocated based on

the contractual participation rights of the Class A and Class B common stock as if the losses for the period had been distributed. As the liquidation and dividend rights are identical, the undistributed losses are allocated on a proportionate basis.

The following equity awards outstanding at the end of each period presented have been excluded from the computation of diluted net loss per share of common stock for the periods presented due to their anti-dilutive effect:


	December 31, 2024	December 31, 2023
Stock options	5,070	5,394
Restricted stock units	13,063	11,702
Public Warrants	5,383	5,383
Private Warrants	3,822	3,822
Earnout Shares	15,000	15,000
	42,338	41,301

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.

PLAYSTUDIOS, Inc. Earnings Per Share Disclosure

About Earnings Per Share Disclosures

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