| Net Income (Loss) per Share |
Net Income (Loss) per Share The table below presents a reconciliation of the basic and diluted net loss per share that were computed for the following periods:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
September 30,
|
|
Nine months ended September 30, |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
| Numerator: |
|
|
|
|
|
|
|
| Net Income (loss) attributable to Canoo |
$ |
3,258 |
|
|
$ |
(111,974) |
|
|
$ |
(112,389) |
|
|
$ |
(273,576) |
|
| Less: dividend on redeemable preferred stock |
1,235 |
|
|
— |
|
|
3,174 |
|
|
— |
|
| Net income (loss) available to common shareholders - Basic |
2,023 |
|
|
(111,974) |
|
|
(115,563) |
|
|
(273,576) |
|
|
|
|
|
|
|
|
|
| Net loss assuming share settlement of instruments |
(30,689) |
|
|
— |
|
|
— |
|
|
— |
|
Net loss available to common shareholders - diluted |
$ |
(28,666) |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Denominator: |
|
|
|
|
|
|
|
| Weighted-average common shares outstanding: |
|
|
|
|
|
|
|
| Basic |
79,395 |
|
|
27,012 |
|
|
66,645 |
|
|
22,430 |
|
| Assumed settlement of instruments into common shares |
13,609 |
|
|
— |
|
|
— |
|
|
— |
|
| Diluted |
93,004 |
|
|
27,012 |
|
|
66,645 |
|
|
22,430 |
|
|
|
|
|
|
|
|
|
| Net income (loss) per common share: |
|
|
|
|
|
|
|
| Basic EPS |
$ |
0.03 |
|
|
$ |
(4.15) |
|
|
$ |
(1.73) |
|
|
$ |
(12.20) |
|
| Diluted EPS |
$ |
(0.31) |
|
|
$ |
(4.15) |
|
|
$ |
(1.73) |
|
|
$ |
(12.20) |
|
For all periods presented, the shares included in computing basic net loss per share exclude restricted shares and shares issued upon the early exercise of share options where the vesting conditions have not been satisfied.
Diluted net income per share adjusts basic net income per share for the impact of potential Common Stock shares. For those periods when the Company reports net losses, all potential Common Stock shares are antidilutive, and accordingly, basic net loss per share equals diluted net loss per share.
The following table presents the outstanding potentially dilutive shares that have been excluded from the computation of diluted net loss per share, because including them would have an anti-dilutive effect (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
September 30,
|
|
Nine months ended September 30, |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
| Convertible debt (Note 10) |
14,620 |
|
475 |
|
22,229 |
|
475 |
| Restricted and performance stock units |
4,995 |
|
1,616 |
|
4,995 |
|
1,616 |
| Warrants to purchase common stock (Note 16) |
18,975 |
|
— |
|
40,275 |
|
— |
| Early exercise of unvested stock options |
— |
|
3 |
|
— |
|
3 |
| Options to purchase common stock |
3 |
|
5 |
|
3 |
|
5 |
| Preferred Stock |
12,237 |
|
— |
|
12,237 |
|
— |
|