Marcus & Millichap, Inc. Quarterly report [Sections 13 or 15(d)]

Quarterly report [Sections 13 or 15(d)]

Loss per Share

Loss per Share

3 Months Ended

Mar. 31, 2026

Basic and diluted loss per share for the three months ended March 31, 2026 and 2025, respectively consisted of the following (in thousands, except per share data):


	Three Months Ended March 31,
	2026		2025
Numerator (Basic and Diluted):
Net loss	$	(3,100)	$	(4,422)
Change in value for stock settled consideration(1)	—		1
Adjusted net loss	$	(3,100)	$	(4,421)

Denominator:
Basic
Weighted average common shares issued and outstanding	38,218		38,946
Deduct: Unvested RSAs(2)	(17)		(16)

Weighted average common shares outstanding	38,201		38,930

Basic loss per common share	$	(0.08)	$	(0.11)
Diluted
Weighted average common shares outstanding from above	38,201		38,930
Add: Dilutive effect of RSUs, RSAs, PSUs & ESPP(3)	—		—
Weighted average common shares outstanding	38,201		38,930
Diluted loss per common share	$	(0.08)	$	(0.11)
Antidilutive shares excluded from diluted earnings per common share(4)	1,780		1,031

(1)Relates to contingently issuable stock settled consideration.

(2)RSAs were issued to the non-employee directors and will vest in full on the earlier of the first anniversary of the date of grant or the next annual meeting of stockholders, subject to service requirements. See Note 9 – “Stock-Based Compensation Plans” for additional information.

(3)Shares related to the Company's RSUs, RSAs, PSUs, Amended ESPP, and contingently issuable shares were excluded from the weighted average common shares outstanding for each of the three months ended March 31, 2026 and 2025 because inclusion of such shares would be antidilutive in a period of loss.

(4)Primarily pertaining to RSU grants to the Company’s employees and independent contractors.