

	Three Months Ended
	March 31, 2025		March 31, 2024
Numerator:
Net loss	$	(17,331)	$	(13,196)
Effect of Series A Preferred Stock dividends	(2,615)		(2,644)
Net loss attributable to common shareholders	$	(19,946)	$	(15,840)

Denominator:



Weighted average common shares outstanding	126,476		125,507

Net loss
Basic	$	(0.16)	$	(0.13)
Diluted	$	(0.16)	$	(0.13)

For each of the three months ended March 31, 2025 and 2024, 1.4 million shares of potential common stock were excluded from diluted shares outstanding because the effects of such securities would be anti-dilutive. Included in these shares for all periods presented is a portion of the 3.3 million shares that may be purchased by the Customer pursuant to the warrants issued under the Updated Services Agreements in 2022 based on the treasury stock method. During 2023, the right to purchase 0.3 million shares of common stock vested pursuant to the warrant issued to Thermo for its guarantee of the 2023 Funding Agreement. None of these shares are included in the potentially dilutive securities for the applicable periods presented because the exercise price of the warrants exceeded the average market price of Globalstar common stock during the periods.