Earnings per Share
The following tables present the calculation of basic and diluted earnings per share for the years ended December 31, 2025, 2024 and 2023:
Years Ended December 31,
(in thousands, except share and per share amounts)202520242023
Basic net income (loss) per share:
Net income (loss)$307 $(74,216)$(259,295)
Weighted-average basic shares outstanding
43,621,796 37,142,271 34,723,491 
Basic net income (loss) per share$0.01 $(2.00)$(7.47)
Years Ended December 31,
(in thousands, except share and per share amounts)202520242023
Diluted net income (loss) per share:
Net income (loss)$307 $(74,216)$(259,295)
Weighted-average basic shares outstanding
43,621,796 37,142,271 34,723,491 
Plus: Common stock equivalents
855,073 — — 
Weighted-average diluted shares outstanding
44,476,869 37,142,271 34,723,491 
Diluted net income (loss) per share$0.01 $(2.00)$(7.47)
The computation of diluted shares outstanding excluded the following share amounts as their effect would have been anti-dilutive for the years ended December 31, 2025, 2024, and 2023:
Years Ended December 31,
202520242023
Outstanding stock options2,147,606 2,704,862 3,309,222 
Outstanding RSUs1,194,153 1,187,634 992,464 
Outstanding PSUs261,102 1,472,599 1,130,779 
Outstanding ESPP shares362,757 121,097 122,799 
Outstanding stock warrants— — 3,489,662 
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Historical Timeline

Fiscal YearFiled
2025Feb 26, 2026Showing above
2024Feb 27, 2025
2023Feb 22, 2024
2022Feb 23, 2023
2021Mar 15, 2022
2020Mar 25, 2021

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.