Net Loss per Share

Basic and diluted net loss per share for the years ended December 31, 2024 and 2023 consisted of the following (in thousands, except for per share amounts):


	December 31, 2024		December 31, 2023
Numerator:
Net loss	$	(50,159)	$	(75,843)
Net loss income attributable to common stockholders, basic	(50,159)		(75,843)
Net loss income attributable to common stockholders, diluted (1)	(50,159)		(75,843)
Denominator:
Basic(2)
Weighted average common shares outstanding, basic	7,500		5,787
Basic net loss per share	$	(6.69)	$	(13.11)
Diluted(2)
Weighted average common shares outstanding, diluted (1)	7,500		5,787
Diluted net loss per share	$	(6.69)	$	(13.11)

____________

(1) Net loss attributable to common stockholders, diluted during the years ended December 31, 2024 and 2023, excludes adjustments related to the change in fair value of derivative liabilities, interest expense and amortization of discounts and issuance costs related to Convertible Debentures. These adjustments were excluded from the calculation of diluted net loss per share as they would have an antidilutive effect (see Note 10 - Convertible Notes).

(2) Shares have been retrospectively adjusted for the 1-for-30 reverse stock split that occurred on December 6, 2023.

Potential ending shares outstanding that were excluded from the computation of diluted net loss per share because their effect was anti-dilutive as of December 31, 2024 and 2023 consisted of the following (in thousands):


	December 31, 2024	December 31, 2023
Contingent earn-out shares	547	547
Common stock public and private warrants	628	628
Restricted stock units	1,531	603
Stock options	2	23
If-converted common stock from convertible debt	280	280

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.

Xos, Inc. Earnings Per Share Disclosure

About Earnings Per Share Disclosures

Other Available Disclosures