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

Net Income (Loss) Per Share

v3.25.4
Net Income (Loss) Per Share
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Net Income (Loss) Per Share Net Income (Loss) Per Share
Basic earnings per share, or EPS, is calculated by dividing net loss by the weighted-average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted EPS is computed by dividing net loss by the weighted-average number of common shares outstanding for the period and the weighted-average number of dilutive common stock equivalents outstanding for the period determined using the treasury-stock method. For purposes of this calculation, stock options and restricted stock units are considered to be common stock equivalents and are only included in the calculation of diluted EPS when their effect is dilutive. In periods in which the Company has a net loss, dilutive common stock equivalents are excluded from the calculation of diluted EPS.
The table below presents the computation of basic and diluted EPS:
Year Ended December 31,
2025 2024 2023
(in thousands, except per share amounts)
Numerator:
Net loss $ (136,681) $ (245,198) $ (73,147)
Denominator:
Weighted average common shares outstanding—basic 86,588  83,600  80,719 
Dilutive common stock equivalents —  —  — 
Weighted average common shares outstanding—diluted 86,588  83,600  80,719 
Net loss per share:
Basic $ (1.58) $ (2.93) $ (0.91)
Diluted $ (1.58) $ (2.93) $ (0.91)
For each of the years ended December 31, 2025, 2024, and 2023, the Company excluded common stock equivalents for outstanding stock-based awards, which represented potentially dilutive securities of 6.1 million for 2025, 6.8 million for 2024, and 4.9 million for 2023 from the calculation of diluted net loss per share due to their anti-dilutive nature.