The following table is a reconciliation between net loss and the amounts used to compute basic and diluted net loss per share and the weighted average shares outstanding used to compute basic and diluted net loss per share. Potentially dilutive securities include shares issuable upon conversion of our 3.125% Convertible Senior Notes using the if-converted method and restricted stock units awards under our equity-based compensation plan.


	Three Months Ended
	March 31,
	2026		2025
	(In thousands, except per share data)
Numerator:
Net loss allocable to common stockholders	$	(225,574)	$	(110,606)




Denominator:
Weighted average number of shares outstanding:
Basic	506,198		475,681
Restricted stock units(1)	—		—
Shares issuable assuming conversion of 3.125% Convertible Senior Notes(2)	—		—
Diluted	506,198		475,681
Net loss per share:
Basic	$	(0.45)	$	(0.23)
Diluted	$	(0.45)	$	(0.23)

(1)We excluded restricted stock units of 14.2 million and 7.9 million for the three months ended March 31, 2026 and 2025, respectively, from the computations of diluted net loss per share because the effect would have been anti-dilutive.

(2)Represents the dilutive impact for the Company’s 3.125% Convertible Senior Notes due 2030. As of March 31, 2026, the if-converted value is less than the outstanding principal of the 3.125% Convertible Senior Notes and therefore anti-dilutive. The 3.125% Convertible Senior Notes are subject to a capped call arrangement that potentially reduces the dilutive effect. Any potential impact of the capped call arrangement is excluded from this table as any proceeds under the capped call arrangement are considered anti-dilutive.

On March 10, 2026 the Company launched and priced a registered underwritten public offering of 112.1 million shares of common stock, par value $0.01, resulting in net proceeds to Kosmos of approximately $206.4 million. The offering closed on March 12, 2026.