NOTE 12—LOSS PER SHARE

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Basic loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding. Diluted loss per share includes the effects of unvested RSUs with a service condition only, unvested contingently issuable PSUs that have service and performance conditions, and shares issuable upon conversion of the Existing Exchangeable Notes, if dilutive. Diluted loss per share is computed using the treasury stock method for the RSUs and PSUs and the if-converted method for the Existing Exchangeable Notes.

The following table sets forth the computation of basic and diluted loss per common share:

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Vested RSUs and PSUs have dividend rights identical to the Company’s Common Stock and are treated as outstanding shares for purposes of computing basic and diluted loss per share.

Unvested RSUs of 4,560,303 for each of the three and six months ended June 30, 2025, were not included in the computation of diluted loss per share because the RSUs would be anti-dilutive. Unvested RSUs of 2,579,669 for each of the three and six months ended June 30, 2024, were not included in the computation of diluted loss per share because the RSUs would be anti-dilutive.

Unvested PSUs are subject to performance conditions and are included in diluted loss per share, if dilutive, based on the number of shares, if any, that would be issuable under the terms of the award agreements if the end of the reporting period were the end of the contingency period. Unvested PSUs of 2,201,477 at certain performance targets for each of the three and six months ended June 30, 2025, were not included in the computation of diluted loss per share because they would not be issuable if the end of the reporting period were the end of the contingency period or they would be anti-dilutive. Unvested PSUs of 918,340 at certain performance targets for each of the three and six months ended June 30, 2024, were not included in the computation of diluted loss per share because they would not be issuable if the end of the reporting period were the end of the contingency period or they would be anti-dilutive.

The Company has excluded approximately 88.7 million shares issuable upon conversion of the Existing Exchangeable Notes from the computation of diluted loss per share for each of the three and six months ended June 30, 2025 because the issuable shares would be anti-dilutive.