Annual report [Section 13 and 15(d), not S-K Item 405]

Net Loss per Share

v3.25.1
Net Loss per Share
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Net Loss per Share
The following table provides the computation of basic and diluted net loss per share:
Year Ended December 31,
2024 2023
(in thousands, except per share data)
Numerator–basic:
Net loss attributable to Class A common stockholders–basic $ (135,849) $ (57,773)
Numerator–diluted:
Net loss attributable to Class A common stockholders–basic $ (135,849) $ (57,773)
Effective of dilutive securities:
Shares of Class V common stock —  (128,653)
Liability-classified warrants (23,078) — 
Net loss attributable to Class A common stockholders–diluted $ (158,927) $ (186,426)
Denominator–basic:
Weighted average Class A common shares outstanding–basic 145,175  94,889 
Net loss per share attributable to Class A common stockholders–basic $ (0.94) $ (0.61)
Denominator–diluted:
Weighted average Class A common shares outstanding–basic 145,175  94,889 
Weighted average effect of dilutive securities:
Shares of Class V common stock —  199,701 
Liability-classified warrants 1,823  — 
Weighted average shares outstanding–diluted 146,998  294,590 
Net loss per share attributable to Class A common stockholders–diluted $ (1.08) $ (0.63)
Shares of Class V common stock do not share in the earnings or losses of P3 and are therefore not participating securities. As such, separate presentation of basic and diluted net income per share for Class V common stock under the two-class method is not required. The following table presents potentially dilutive securities excluded from the computation of diluted net loss per share for the periods presented because their effect would have been anti-dilutive.
Year Ended December 31,
2024 2023
(in thousands)
Stock warrants (1)
179,125  81,938
Stock options (1)
19,517  5,837
Restricted stock units (1)
8,087  4,835 
Shares of Class V common stock (2)
195,957  — 
Total 402,686  92,610
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(1)Represents the number of instruments outstanding at the end of the period. Application of the treasury stock method would reduce this amount if they had a dilutive effect and were included in the computation of diluted net loss per share
(2)Shares of Class V common stock at the end of the period are considered potentially dilutive shares of Class A common stock under application of the if-converted method in 2023 and antidilutive in 2024.