Loss Per Share
The following table presents the computation of the basic and diluted net loss per share ($ in thousands, except share and per share data):
| | | | | | | | | | | | | | | | | |
| Year Ended December 31, |
| 2025 | | 2024 | | 2023 |
| Numerator: | | | | | |
| Net loss attributable to ordinary shareholders | (175,537) | | | (257,103) | | | (334,620) | |
| Denominator: | | | | | |
| Weighted-average number of ordinary shares - basic and diluted | 1,095,311,090 | | 989,477,730 | | 966,394,130 |
| Net loss per share-basic and diluted | (0.16) | | | (0.26) | | | (0.35) | |
As a result of the Company’s net loss for 2025, 2024, and 2023, share options and non-vested restricted shares outstanding in the respective periods were excluded from the calculation of diluted loss per share as their inclusion would have been anti-dilutive.
| | | | | | | | | | | | | | | | | |
| December 31, |
| 2025 | | 2024 | | 2023 |
| Share options | 80,967,820 | | 101,015,470 | | 104,584,050 |
| Non-vested restricted shares | 26,127,190 | | 31,951,710 | | 31,279,600 |
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.