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

NET LOSS PER SHARE (Tables)

v3.26.1
NET LOSS PER SHARE (Tables)
 12 Months Ended
Dec. 31, 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 years ended December 31, 2025 and 2024:

For the Year Ended December 31,
($ in thousands, except share and per share amounts) 2025 2024
Numerator:
Net loss $ (62,976) $ (146,076)
Denominator:
Weighted average shares outstanding - basic 19,715,898  19,246,799
Effect of dilutive equity awards (1)
—  — 
Weighted average shares outstanding - diluted 19,715,898  19,246,799 
Net loss per share:
Basic $ (3.19) $ (7.59)
Diluted $ (3.19) $ (7.59)

(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:

For the Year Ended December 31,
2025 2024
Common stock issuable due to grants of RSUs with service only (i.e., time-vesting) conditions 1,142,210  1,022,014 
Common stock issuable on conversion of the Backstop Notes (1)
1,920,007  1,920,007 
Common stock issuable on exercise of private placement warrants
 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 limited at 9.9% of the common stock outstanding at the time of any exercise.