NET (LOSS) INCOME PER SHARE

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

NET (LOSS) INCOME PER SHARE

NOTE 21—NET (LOSS) INCOME PER SHARE

Basic net (loss) income per share is computed by dividing net (loss) income attributable to Class A and Class B common stockholders by the weighted-average number of shares of each respective class of common stock outstanding during the period. Diluted net (loss) income per share is computed by dividing net (loss) income attributable to Class A and Class B common stockholders by the weighted-average number of each respective class of common stock outstanding, including the potential dilutive securities. For the calculation of diluted net (loss) income per share, net income attributable to Class A and Class B common stockholders is adjusted to reflect the potential effect of dilutive securities.

As result of the reverse recapitalization, the Company has retroactively adjusted the weighted average shares outstanding prior to the Acies Merger to give effect to the Exchange Ratio used to determine the number of shares of common stock into which they were converted.

The following table sets forth the computation of basic and diluted net (loss) income attributable to Class A and Class B common stockholders per share (in thousands except per share data):

	Years Ended December 31,
	2023				2022				2021
	Class A		Class B		Class A		Class B		Class A		Class B
Numerator
Net (loss) income attributable to common stockholders – basic	$	(16,992)	$	(2,401)	$	(15,535)	$	(2,248)	$	9,182	$	1,555
Potential dilutive effect of derivative instruments	—		—		—		—		4		(4)
Net (loss) income attributable to common stockholders – diluted	$	(16,992)	$	(2,401)	$	(15,535)	$	(2,248)	$	9,186	$	1,551
Denominator
Weighted average shares of common stock outstanding - basic	116,520		16,458		112,133		16,220		95,588		16,130
Potential dilutive effect of stock options	—		—		—		—		11,229		1,951
Potential dilutive effect of restricted stock units	—		—		—		—		—		—
Weighted average shares of common stock outstanding - dilutive	116,520		16,458		112,133		16,220		106,817		18,081
Net (loss) income attributable to common stockholders per share
Basic	$	(0.15)	$	(0.15)	$	(0.14)	$	(0.14)	$	0.10	$	0.10
Diluted	$	(0.15)	$	(0.15)	$	(0.14)	$	(0.14)	$	0.09	$	0.09

For the periods presented above, the net (loss) income per share amounts are the same for Class A and Class B common stock because the holders of each class are entitled to equal per share dividends or distributions in liquidation in accordance with the Certificate of Incorporation. The undistributed (losses) earnings for each period

are allocated based on the contractual participation rights of the Class A and Class B common stock as if the (losses) earnings for the period had been distributed. As the liquidation and dividend rights are identical, the undistributed (losses) earnings are allocated on a proportionate basis.

The following equity awards outstanding at the end of each period presented have been excluded from the computation of diluted net (loss) income per share of common stock for the periods presented due to their anti-dilutive effect:

	December 31, 2023	December 31, 2022	December 31, 2021
Stock options	5,394	9,222	—
Restricted stock units	11,702	11,521	—
Public Warrants	5,383	5,383	7,175
Private Warrants	3,822	3,822	3,821
Earnout Shares	15,000	15,000	15,000
	41,301	44,948	25,996