Quarterly report [Sections 13 or 15(d)]

Net Loss per Share

v3.25.3
Net Loss per Share
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Net Loss per Share
Note 9: Net Loss per Share
The following table provides the computation of basic and diluted net loss per share:
Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
(in thousands, except per share data)
Numerator–basic:
Net loss attributable to Class A common stockholders–basic $ (31,587) $ (46,512) $ (72,429) $ (77,232)
Numerator–diluted:
Net loss attributable to Class A common stockholders–basic $ (31,587) $ (46,512) $ (72,429) $ (77,232)
Effective of dilutive securities:
Liability-classified warrants —  (5,195) —  (13,974)
Net loss attributable to Class A common stockholders–diluted $ (31,587) $ (51,707) $ (72,429) $ (91,206)
Denominator–basic:
Weighted average Class A common shares outstanding–basic 3,268  3,238  3,265  2,786 
Net loss per share attributable to Class A common stockholders–basic $ (9.67) $ (14.36) $ (22.18) $ (12.02)
Denominator–diluted:
Weighted average Class A common shares outstanding–basic 3,268  3,238  3,265  2,786 
Weighted average effect of dilutive securities:
Liability-classified warrants —  56  —  49 
Weighted average shares outstanding–diluted 3,268  3,294  3,265  2,835 
Net loss per share attributable to Class A common stockholders–diluted $ (9.67) $ (15.70) $ (22.18) $ (32.17)
All periods presented in the table above have been retroactively adjusted to reflect the 1-for-50 reverse stock split effected on April 11, 2025. See Note 3 “Significant Accounting Policies” for further information.
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 loss 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, adjusted for the reverse stock split as noted above.
Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
(in thousands)
Stock warrants (1)
7,789 2,154 7,789  2,154
Stock options (1)
440 440 440  440
Restricted stock units (1)
156 189  156  189 
Shares of Class V common stock (2)
3,919 3,919  3,919  3,919 
Total 12,304 6,702 12,304  6,702
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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 antidilutive shares of Class A common stock under application of the if-converted method in 2024 and 2025.