Quarterly report [Sections 13 or 15(d)]

NET LOSS PER SHARE (Tables)

v3.25.2
NET LOSS PER SHARE (Tables)
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings per Shares, basic and diluted
The table below sets forth a reconciliation of the basic and diluted earnings per share (“EPS”) calculations for the three and six months ended June 30, 2025 and 2024:

Three Months Ended June 30, Six Months Ended June 30,
($ in thousands, except share and per share amounts) 2025 2024 2025 2024
Numerator:
Net loss $ (16,878) $ (83,633) $ (31,786) $ (101,220)
Denominator:
Weighted average shares outstanding - basic 19,580,173  19,147,677  19,507,033  19,069,876 
Effect of dilutive equity awards (1)
—  —  —  — 
Weighted average shares outstanding - diluted 19,580,173  19,147,677  19,507,033  19,069,876 
Net loss per share:
Basic $ (0.86) $ (4.37) $ (1.63) $ (5.31)
Diluted $ (0.86) $ (4.37) $ (1.63) $ (5.31)

(1) Due to the Company’s net loss, all unvested equity awards, and the Private Placement Warrants are anti-dilutive. The dilutive convertible instruments of the Backstop Notes are out of the money.
Schedule of Diluted Shares Outstanding
Set forth in the table below is the number of securities not included in the computation of diluted shares outstanding because the effect would be anti-dilutive:

Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024
Common stock issuable due to grants of RSUs with service only (i.e., time-vesting) conditions 1,218,932  821,635  1,218,932  821,635 
Common stock issuable on conversion of the Backstop Notes (1)
1,920,007  1,920,007  1,920,007  1,920,007 
Common stock issuable on exercise of private placement warrants
 54,556  54,556  54,556  54,556 

(1) Common stock issuable under the Backstop Notes is presented at the maximum number of shares of common stock potentially issuable upon the exercise of the Backstop Notes, although the actual potentially issuable shares remain at 9.9% of the common stock outstanding at the time of any exercise.