
	Years Ended December 31,
(dollars in thousands, except per share amounts)	2025		2024		2023
Numerator:
Net loss attributable to Voyager Technologies, Inc.	$	(104,814)	$	(62,072)	$	(25,438)
Accrued value of preferred stock dividends	11,258		21,816		17,840
Net loss attributed to common shareholders	(116,072)		(83,888)		(43,278)
Accretion and fair value adjustment on ZIN earnout	—		(5,411)		(3,276)
Net loss attributed to common stockholders, diluted	$	(116,072)	$	(89,299)	$	(46,554)

Denominator:
Weighted-average common shares outstanding, basic	40,213		12,736		12,362
Shares issuable assuming ZIN earnout	—		10		392
Weighted-average common shares outstanding, diluted	40,213		12,746		12,753

Net loss per share:
Basic	$	(2.89)	$	(6.59)	$	(3.50)
Diluted	$	(2.89)	$	(7.01)	$	(3.65)

The Company’s potentially dilutive securities, which include preferred stock and outstanding awards under the equity plans, have been excluded from the computation of diluted earnings per share as the effect would be anti-dilutive in a net loss position. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share for the periods indicated:


	Years Ended December 31,
(in shares of common stock)	2025	2024	2023
Equity Compensation Awards	5,643,823	3,592,463	2,805,060
Warrants	1,104,489	974,156	798,306
SMI Promissory Note	—	1,130,195	3,421,960
Preferred stock (as converted to common shares)	—	23,989,872	19,352,707
Total common stock equivalents	6,748,312	29,686,686	26,378,033