| NET LOSS PER SHARE |
NOTE 7 – NET LOSS PER SHARE The Company follows the two-class method when computing net loss per share of Common Stock when shares are issued that meet the definition of participating securities. The two-class method requires income available to common stockholders for the period to be allocated between common and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. The two-class method also requires losses for the period to be allocated between common and participating securities based on their respective rights if the participating security contractually participates in losses. As holders of participating securities do not have a contractual obligation to fund losses, undistributed net losses are not allocated to nonvested restricted stock for purposes of the loss per share calculation. Presented in the table below is a reconciliation of the basic and diluted EPS calculations for the three and nine months ended September 30, 2024 and 2023 (in thousands except per share data):
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Three Months Ended September 30, |
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|
Nine Months Ended September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Net (loss) income attributable to PCT |
|
$ |
(90,639 |
) |
|
$ |
8,530 |
|
|
$ |
(224,458 |
) |
|
$ |
(72,680 |
) |
Less income attributable to participating warrants |
|
|
— |
|
|
|
(480 |
) |
|
|
— |
|
|
|
— |
|
Net (loss) income attributable to common stockholders |
|
$ |
(90,639 |
) |
|
$ |
8,050 |
|
|
$ |
(224,458 |
) |
|
$ |
(72,680 |
) |
Weighted average common stock outstanding, basic |
|
|
166,513 |
|
|
|
164,018 |
|
|
|
165,224 |
|
|
|
163,783 |
|
Net (loss) income per share attributable to common stockholder, basic |
|
$ |
(0.54 |
) |
|
$ |
0.05 |
|
|
$ |
(1.36 |
) |
|
$ |
(0.44 |
) |
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|
|
|
|
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|
|
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|
|
|
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|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Net (loss) income attributable to PCT |
|
$ |
(90,639 |
) |
|
$ |
8,530 |
|
|
$ |
(224,458 |
) |
|
$ |
(72,680 |
) |
Less change in fair value of RTI Warrants |
|
|
— |
|
|
|
(4,049 |
) |
|
|
— |
|
|
|
(1,485 |
) |
Add interest and amortization on Green Convertible Notes |
|
|
— |
|
|
|
(81 |
) |
|
|
— |
|
|
|
— |
|
Net (loss) income attributable to common stockholders |
|
$ |
(90,639 |
) |
|
$ |
4,400 |
|
|
$ |
(224,458 |
) |
|
$ |
(74,165 |
) |
Weighted average common stock outstanding, basic |
|
|
166,513 |
|
|
|
164,018 |
|
|
|
165,224 |
|
|
|
163,783 |
|
Add common equivalent shares from warrants |
|
|
— |
|
|
|
395 |
|
|
|
— |
|
|
|
197 |
|
Add common equivalent shares from equity awards |
|
|
— |
|
|
|
1,135 |
|
|
|
— |
|
|
|
— |
|
Weighted average common shares outstanding, diluted |
|
|
166,513 |
|
|
|
165,548 |
|
|
|
165,224 |
|
|
|
163,980 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income per share attributable to common stockholder, diluted |
|
$ |
(0.54 |
) |
|
$ |
0.03 |
|
|
$ |
(1.36 |
) |
|
$ |
(0.45 |
) |
Certain outstanding Common Stock equivalents were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented as including them would have been anti-dilutive. A summary of those outstanding Common Stock equivalents is presented in the following table:
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Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
(in thousands) |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Anti-dilutive awards |
|
|
|
|
|
|
|
|
|
|
|
|
Warrants, outstanding not exercised |
|
|
33,351 |
|
|
|
24,316 |
|
|
|
33,351 |
|
|
|
24,316 |
|
Stock options, outstanding not exercised |
|
|
1,289 |
|
|
|
612 |
|
|
|
1,289 |
|
|
|
1,067 |
|
RSU, non-vested |
|
|
3,569 |
|
|
|
718 |
|
|
|
3,569 |
|
|
|
3,102 |
|
PSU, non-vested |
|
|
1,371 |
|
|
|
1,465 |
|
|
|
1,371 |
|
|
|
1,465 |
|
Contingently - issuable shares related to the Earnout |
|
|
2,000 |
|
|
|
4,000 |
|
|
|
2,000 |
|
|
|
4,000 |
|
Shares issuable upon conversion of Green Convertible Notes |
|
|
16,869 |
|
|
|
16,869 |
|
|
|
16,869 |
|
|
|
16,869 |
|
|