Quarterly report pursuant to Section 13 or 15(d)

Net (Loss) Income Per Share

v3.24.3
Net (Loss) Income Per Share
9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
NET (LOSS) INCOME PER SHARE

14. NET (LOSS) INCOME PER SHARE

 

The following table sets forth the computation of net (loss) income per share of Class A Common Stock for the three and nine months ended September 30, 2024 and 2023:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income

$

(2,792

)

 

$

(4,110

)

 

$

7,420

 

 

$

(41,050

)

Reversal of previously accrued dividends on preferred stock

 

 

 

 

 

 

 

 

 

 

690

 

Net (loss) income attributable to common shareholders

$

(2,792

)

 

$

(4,110

)

 

$

7,420

 

 

$

(40,360

)

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding - basic

 

11,089,933

 

 

 

10,221,956

 

 

 

10,827,363

 

 

 

9,375,221

 

Plus: dilutive effect of common stock equivalents

 

 

 

 

 

 

 

1,147,084

 

 

 

 

Weighted-average common shares outstanding - diluted

 

11,089,933

 

 

 

10,221,956

 

 

 

11,974,447

 

 

 

9,375,221

 

Net (loss) income per share attributable to common stockholders - basic

$

(0.25

)

 

$

(0.40

)

 

$

0.69

 

 

$

(4.30

)

Net (loss) income per share attributable to common stockholders - diluted

$

(0.25

)

 

$

(0.40

)

 

$

0.62

 

 

$

(4.30

)

 

For the nine months ended September 30, 2024, 233,420 options to purchase Class A Common Stock and other rights to acquire Class A Common Stock were outstanding and anti-dilutive and, therefore, are excluded from the computation of diluted net income per share attributable to common stockholders. In addition, 85,090 PSUs are excluded from the computation of diluted net income per share attributable to common stockholders as the contingency has not yet been satisfied for the nine months ended September 30, 2024. All Public Warrants and Private Placement Warrants to purchase Class A Common Stock and rights to receive Earnout Shares (as defined below) are excluded from the computation of diluted net income per share attributable to common stockholders as the relevant purchase price and milestones, respectively, were above the average price of the Class A Common Stock during the nine months ended September 30, 2024.

 

For the three months ended September 30, 2024 and the three and nine months ended September 30, 2023, the Company’s potentially dilutive securities, which include stock options, RSUs, PSUs, preferred stock, the rights to receive Earnout Shares (as defined below) and warrants to purchase shares of common stock, have been excluded from the computation of diluted net loss per share as the effect would be antidilutive. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share is the same for the three months ended September 30, 2024 and the three and nine months ended September 30, 2023.

 

The following potential shares of Class A Common Stock have been excluded from the computation of diluted net (loss) income per share for the three and nine months ended September 30, 2024 and 2023:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Warrants to purchase common stock

 

853,330

 

 

 

853,330

 

 

 

853,330

 

 

 

853,330

 

PSUs, RSUs and options to purchase common stock

 

1,777,933

 

 

 

2,319,858

 

 

 

318,510

 

 

 

2,319,858

 

Right to receive Earnout Shares

 

583,333

 

 

 

583,333

 

 

 

583,333

 

 

 

583,333

 

Total common stock equivalents

 

3,214,596

 

 

 

3,756,521

 

 

 

1,755,173

 

 

 

3,756,521

 

 

In connection with the Business Combination, rights to receive Class A Common Stock (the “Earnout Shares”) were issued, with the right to receive Class A Common Stock contingent upon the Class A Common Stock reaching certain price milestones. 250,000 and 333,333 shares of Class A Common Stock will be issued if the Class A Common Stock share price equals or is greater than $375 and $495, respectively, for twenty out of any thirty consecutive trading days. The right to receive the Earnout Shares will expire on September 22, 2026.