Net Loss Per Share

3 Months Ended

Mar. 31, 2026

The numerators and denominators of the basic and diluted net loss per share are computed as follows (in thousands, except per share, unit and per unit data):


	Three Months Ended March 31,
Basic and diluted net loss per share		2026		2025
Numerator:
Net loss		$	(56,763)	$	(61,986)
Denominator:
Basic		473,059,547		252,341,401
Diluted		473,059,547		252,341,401

Basic net loss per share		$	(0.12)	$	(0.25)
Diluted net loss per share		$	(0.12)	$	(0.25)

The following securities were not included in the computation of diluted shares outstanding because the effect would be anti-dilutive:


	Three Months Ended March 31,
		2026	2025
Stock options		795,368	2,918,494
Private warrants		73,333	74,166
Public warrants		12,252,439	12,251,606




2025 RDO warrants		3,770,000	3,770,000
2026 Convertible notes		1,664,732	1,664,939
2029 Convertible notes		—	35,100,000
PSUs		—	2,752,613
RSUs		16,855,078	12,191,127
ESPP		570,670	575,303
Total		35,981,620	71,298,248

Although certain convertible notes were converted during the three months ended March 31, 2026 and March 31, 2025, application of the if-converted method would have been anti-dilutive due to the Company’s net loss for the period; accordingly, such instruments were excluded from diluted earnings per share.