Annual report pursuant to Section 13 and 15(d)

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)
12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The following table presents net loss per share and related information:
  Years Ended
December 31,
  2022 2021
  (In thousands, except for per share data)
Basic and diluted:
Net loss
$ (191,158) $ (157,291) $ (121,652)
Weighted average common shares outstanding
335,586,934  287,527,234  244,163,821 
Basic and diluted net loss per share $ (0.57) $ (0.55) $ (0.50)
(1)    For 2020, the weighted average common shares outstanding includes the Virgin Orbit options prior to the Closing.
Schedule of Antidilutive Securities
As of December 31, 2022 and December 31, 2021, the Company has excluded the potential effect of shares of warrants, Virgin Orbit options outstanding, and Convertible Notes in the calculation of diluted loss per share, as the effect would be anti-dilutive due to losses incurred.
Years Ended
December 31,
2022 2021
Virgin Orbit options outstanding 12,038,930  10,704,645 
Virgin Orbit restricted stock units outstanding 3,837,290  —  — 
Private placement warrants(1)
6,742,927  6,742,927 
Public warrants 7,651,891  7,651,891 
Third-Party PIPE Investor warrant 500,000  500,000 
Shares related to Convertible Notes 23,513,514  — 
(1)The 1,015,190 Sponsor Earnback Warrants are excluded as the underlying shares are contingently recallable until the Sponsor Earnback Warrants are no longer subject to transfer restrictions and contingent forfeiture provisions upon the satisfaction of the earnback triggering events.