15. NET LOSS PER SHARE
The following tables set forth the computation of the basic and diluted net loss per share attributable to common stockholders for the years ended December 31, 2025 and 2024 (in thousands, except share and per share data):
| | | | | | | | | | | | | |
| Year Ended December 31, |
| 2025 | | 2024 | | |
| Numerator: | | | | | |
| Net loss attributable to common stockholders - basic and diluted | $ | (355,062) | | | $ | (143,879) | | | |
| Denominator: | | | | | |
| Weighted-average common stock outstanding | 321,202,025 | | | 192,129,049 | | | |
| Net loss per share attributable to common stockholders - basic and diluted | $ | (1.11) | | | $ | (0.75) | | | |
Since the Company was in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share for all periods as the inclusion of all potential Common Shares outstanding would have been anti-dilutive.
Potentially dilutive securities (upon conversion) that were not included in the diluted per share calculations because they would be anti-dilutive were as follows:
| | | | | | | | | | | | | |
| Year Ended December 31, |
| 2025 | | 2024 | | |
| Public Warrants as converted to Common Shares (Note 11) | — | | | 14,419,918 | | | |
| Private Warrants as converted to Common Shares (Note 11) | — | | | 11,633,060 | | | |
| D-Wave Systems Warrant Preferred Shares as converted to Common Shares (Note 11) | 1,155,713 | | | 1,155,713 | | | |
| Equipment Financing Agreement Warrant – Common Shares (Note 8) | 21,563 | | | — | | | |
| Stock options issued and outstanding | 3,608,170 | | | 10,984,738 | | | |
| Unvested restricted stock unit awards | 8,215,915 | | | 8,787,022 | | | |
| Total | 13,001,361 | | | 46,980,451 | | | |
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.