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UWM Holdings Corporation Announces Third Quarter 2025 Results

businesswire.com

PONTIAC, Mich.--( BUSINESS WIRE)--UWM Holdings Corporation (NYSE: UWMC) (“UWMC” or the “Company”), the publicly traded indirect parent of United Wholesale Mortgage (“UWM”), today announced its results for the third quarter ended September 30, 2025. Total loan origination volume was $41.7 billion for the third quarter 2025. The Company also reported 3Q25 total revenue of $843.3 million, net income of $12.1 million and adjusted EBITDA of $211.1 million.

Mat Ishbia, Chairman, Chief Executive Officer and President of UWMC, said, "The third quarter was a fantastic opportunity to show off the results of three years of disciplined preparation, strategic decisions and an unwavering focus on innovation and execution. Even without the tailwinds of a full refinance market, we briefly experienced a rate rally and seized the opportunity. We set a company record in September for rate locks in a single day and saw a significant ramp in our daily loan submission intake, all while maintaining our high-performance standards. We are also on track to bring servicing in-house in January and will deliver the best consumer servicing experience in the industry through our strategic collaboration with BILT. Finally, while others in the industry are still using AI as a buzzword, we’ve already generated over 14,000 loans for our brokers with Mia, our AI Loan Officer Assistant. The best part is, we are just getting started – we’re excited to continue building on this momentum in the quarters ahead."

Third Quarter 2025 Highlights

Production and Income Statement Highlights (dollars in thousands, except per share amounts)

Q3 2025

Q2 2025

Q3 2024

Loan origination volume (1)

$

41,742,070

$

39,744,514

$

39,509,521

Total gain margin (1)(2)

1.30

%

1.13

%

1.18

%

Total revenue

$

843,252

$

758,700

$

745,598

Net income

12,088

314,479

31,945

Diluted earnings (loss) per share

(0.01

)

0.11

(0.06

)

Adjusted diluted earnings (loss) per share (3)

0.01

0.16

0.01

Adjusted net income (loss) (3)

9,621

249,429

23,334

Adjusted EBITDA (3)

211,073

195,683

107,180

(1) Key operational metric (see discussion below)

(2) Represents total loan production income divided by loan origination volume

(3) Non-GAAP metric (see discussion and reconciliations below)

Balance Sheet Highlights as of Period-end (dollars in thousands)

Q3 2025

Q2 2025

Q3 2024

Cash and cash equivalents

$

870,703

$

489,984

$

636,327

Mortgage loans at fair value

10,784,461

8,040,310

10,141,683

Mortgage servicing rights

3,308,585

3,445,195

2,800,054

Total assets

17,022,337

13,886,889

15,119,798

Non-funding debt (1)

3,891,125

3,323,565

2,410,714

Total equity

1,587,078

1,747,982

2,180,527

Non-funding debt to equity (1)

2.45

1.90

1.11

(1) Non-GAAP metric (see discussion and reconciliations below).

Mortgage Servicing Rights (dollars in thousands)

Q3 2025

Q2 2025

Q3 2024

Unpaid principal balance

$

216,028,448

$

211,237,964

$

212,218,975

Weighted average interest rate

5.57

%

5.51

%

4.56

%

Weighted average age (months)

19

19

25

Third Quarter Business and Product Highlights

BILT Partnership

National Mortgage Brokers Day

Product and Investor Mix - Unpaid Principal Balance of Originations (dollars in thousands)

Purchase:

Q3 2025

Q2 2025

Q3 2024

Conventional

$

14,677,985

$

16,825,147

$

15,874,674

Government

8,411,136

8,358,290

7,786,158

Jumbo and other (1)

2,124,362

2,115,964

2,499,626

Total Purchase

$

25,213,483

$

27,299,401

$

26,160,458

Refinance:

Q3 2025

Q2 2025

Q3 2024

Conventional

$

7,193,198

$

5,082,559

$

3,552,067

Government

7,302,600

5,688,192

8,271,580

Jumbo and other (1)

2,032,789

1,674,362

1,525,416

Total Refinance

$

16,528,587

$

12,445,113

$

13,349,063

Total Originations

$

41,742,070

$

39,744,514

$

39,509,521

(1) Comprised of non-agency jumbo products, construction loans, and non-qualified mortgage products, including home equity lines of credit ("HELOCs") (which in many instances are second liens)

Fourth Quarter 2025 Outlook

We anticipate fourth quarter production to be in the $43 to $50 billion range, with gain margin from 105 to 130 basis points.

Dividend

Subsequent to September 30, 2025, for the twentieth consecutive quarter, the Company's Board of Directors declared a cash dividend of $0.10 per share on the outstanding shares of Class A common stock. The dividend is payable on January 8, 2026, to stockholders of record at the close of business on December 18, 2025. Additionally, the Board approved a proportional distribution to SFS Corp., which is payable on or around January 8, 2026.

Earnings Conference Call Details

As previously announced, the Company will hold a conference call for financial analysts and investors on Thursday, November 6, 2025, at 10:00 a.m. ET to review the results and answer questions. Interested parties may register for a toll-free dial-in number by visiting:

https://registrations.events/direct/Q4I515890

Please dial in at least 15 minutes in advance to ensure a timely connection to the call. Audio webcast, taped replay and a transcript and supporting materials will be available on the Company's investor relations website at https://investors.uwm.com/.

Key Operational Metrics

“Loan origination volume” and “Total gain margin” are key operational metrics that the Company's management uses to evaluate the performance of the business. “Loan origination volume” is the aggregate principal of the residential mortgage loans originated by the Company during a period. “Total gain margin” represents total loan production income divided by loan origination volume for the applicable periods.

Non-GAAP Metrics

The Company's net income does not reflect the income tax provision that would otherwise be reflected if 100% of the economic interest in UWM was owned by the Company. Therefore, for comparison purposes, the Company provides “Adjusted net income (loss),” which is our pre-tax income (loss) together with an adjusted income tax provision (benefit), which is calculated as the provision for income taxes plus the tax effects of net income attributable to non-controlling interest determined using a blended statutory effective tax rate. “Adjusted net income (loss)” is a non-GAAP metric. "Adjusted diluted EPS" is defined as "Adjusted net income (loss)" divided by the weighted average number of shares of Class A common stock outstanding for the applicable period, assuming the exchange and conversion of all outstanding Class D common stock for Class A common stock, and is calculated and presented for periods in which the assumed exchange and conversion of Class D common stock to Class A common stock is anti-dilutive to EPS.

We also disclose Adjusted EBITDA, which we define as earnings before interest expense on non-funding debt, provision for income taxes, depreciation and amortization, adjusted to exclude stock-based compensation expense, the change in fair value of MSRs due to valuation inputs or assumptions, gains or losses on other interest rate derivatives, the impact of non-cash deferred compensation expense, the change in fair value of the Public and Private Warrants, the non-cash income/expense impact of the change in the Tax Receivable Agreement liability, and the change in fair value of retained investment securities as we believe these adjustments are not indicative of our performance or results of operations. Adjusted EBITDA includes interest expense on funding facilities, which are recorded as a component of interest expense, as these expenses are a direct operating expense driven by loan origination volume. By contrast, interest expense on non-funding debt is a function of our capital structure and is therefore excluded from Adjusted EBITDA.

In addition, we disclose “Non-funding debt” and the “Non-funding debt-to-equity ratio” as a non-GAAP metric. We define “Non-funding debt” as the total of the Company's senior notes, lines of credit, borrowings against investment securities, and finance leases and the “Non-funding debt-to-equity ratio” as total non-funding debt divided by the Company’s total equity.

Management believes that these non-GAAP metrics provide useful information to investors. These measures are not financial measures calculated in accordance with GAAP and should not be considered as a substitute for any other operating performance measure calculated in accordance with GAAP and may not be comparable to a similarly titled measure reported by other companies.

The following tables set forth the reconciliations of these non-GAAP financial measures to their most directly comparable financial measure calculated in accordance with GAAP (dollars in thousands, except per share amounts):

Adjusted net income

Q3 2025

Q2 2025

Q3 2024

Earnings (loss) before income taxes

$

12,670

$

329,418

$

32,289

Adjusted income tax (provision) benefit

(3,049

)

(79,989

)

(8,955

)

Adjusted net income (loss)

$

9,621

$

249,429

$

23,334

Adjusted Diluted EPS

Q3 2025

Q2 2025

Q3 2024

Diluted weighted average Class A Common shares outstanding

221,354,499

202,133,122

99,801,301

Assumed pro forma conversion of Class D shares (1)

1,378,084,794

1,396,892,510

1,498,013,741

Adjusted diluted weighted average shares outstanding (1)

1,599,439,293

1,599,025,632

1,597,815,042

Adjusted Net Income (in thousands)

9,621

249,429

23,334

Adjusted Diluted EPS

0.01

0.16

0.01

(1) Reflects the pro forma exchange and conversion of antidilutive Class D common stock to Class A common stock

Adjusted EBITDA

Q3 2025

Q2 2025

Q3 2024

Net income (loss)

$

12,088

$

314,479

$

31,945

Interest expense on non-funding debt

51,828

50,775

31,544

Provision (benefit) for income taxes

582

14,939

344

Depreciation and amortization

12,747

12,200

11,636

Stock-based compensation expense

14,732

11,729

5,768

Change in fair value of MSRs due to valuation inputs or assumptions

158,842

(3,154

)

263,893

Gain on other interest rate derivatives

(27,813

)

(208,904

)

(226,936

)

Deferred compensation, net

(11,117

)

1,773

(11,434

)

Change in fair value of Public and Private Warrants

770

(1,309

)

5,829

Change in Tax Receivable Agreement liability

41

3,557

Change in fair value of investment securities

(1,627

)

(402

)

(5,409

)

Adjusted EBITDA

$

211,073

$

195,683

$

107,180

Non-funding debt and non-funding debt to equity

Q3 2025

Q2 2025

Q3 2024

Senior notes

$

3,780,620

$

2,787,797

$

1,991,216

Secured lines of credit

425,000

300,000

Borrowings against investment securities

87,142

86,896

93,662

Finance lease liability

23,363

23,872

25,836

Total non-funding debt

$

3,891,125

$

3,323,565

$

2,410,714

Total equity

$

1,587,078

$

1,747,982

$

2,180,527

Non-funding debt to equity

2.45

1.90

1.11

Cautionary Note Regarding Forward-Looking Statements

This press release and our earnings call include forward-looking statements. These forward-looking statements are generally identified using words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict” and similar words indicating that these reflect our views with respect to future events. Forward-looking statements in this press release and our earnings call include statements regarding: (1) our strategic investments and product launches ; (2) our ability to adapt and scale our business when interest rates move; (3) our strategic collaboration with BILT; (4) our position amongst our competitors and ability to capture market share; (5) the timing of in-house servicing; (6) our beliefs regarding opportunities in the broker channel; (7) our beliefs regarding the refinance market; (8) growth of the wholesale and broker channels, the impact of our strategies on such growth and the benefits to our business of such growth; (9) our growth and strategies to remain the leading mortgage lender, and the timing and drivers of that growth; (10) our beliefs related to the amount and timing of our dividend; (11) our expectations for future market environments, including interest rates, and the timing of such market changes; (12) our expectations related to production, gain margin and our overall success in the fourth quarter of 2025; (13) our performance in shifting market conditions and the comparison of such performance against our competitors; (14) our ability to produce results in future years at or above prior levels or expectations, and our strategies for producing such results; (15) our position and ability to capitalize on market opportunities, including in the refinance market, and the impacts to our results and (16) our investments in technology, including artificial intelligence, and its impact to our operations, ability to scale and financial results. These statements are based on management’s current expectations, but are subject to risks and uncertainties, many of which are outside of our control, and could cause future events or results to materially differ from those stated or implied in the forward-looking statements, including: (i) UWM’s ability to successfully implement strategic decisions and product launches; (ii) UWM’s dependence on macroeconomic and U.S. residential real estate market conditions, including changes in U.S. monetary policies, more specifically caused by changes in the Presidential Administration that affect interest rates and inflation; (iii) UWM’s reliance on its warehouse and MSR facilities and the risk of a decrease in the value of the collateral underlying certain of its facilities causing an unanticipated margin call; (iv) UWM’s ability to sell loans in the secondary market; (v) UWM’s dependence on the government-sponsored entities such as Fannie Mae and Freddie Mac; (vi) changes in the GSEs, FHA, USDA and VA guidelines or GSE and Ginnie Mae guarantees; (vii) our ability to comply with all rules and regulations in connection with the launch of our internal servicing; (viii) UWM’s dependence on Independent Mortgage Advisors to originate mortgage loans; (ix) the risk that an increase in the value of the MBS UWM sells in forward markets to hedge its pipeline may result in an unanticipated margin call; (x) UWM’s inability to continue to grow, or to effectively manage the growth of its loan origination volume; (xi) UWM’s ability to continue to attract and retain its broker relationships; (xii) UWM’s ability to implement technological innovation, such as AI in our operations; (xiii) the occurrence of a data breach or other failure of UWM’s cybersecurity or information security systems; (xiv) the occurrence of data breaches or other cybersecurity failures at our third-party sub-servicers or other third-party vendors; (xv) UWM’s ability to continue to comply with the complex state and federal laws, regulations or practices applicable to mortgage loan origination and servicing in general; and (xvi) other risks and uncertainties indicated from time to time in our filings with the Securities and Exchange Commission including those under “Risk Factors” therein. We wish to caution readers that certain important factors may have affected and could in the future affect our results and could cause actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of us. We undertake no obligation to update forward-looking statements to reflect events or circumstances after the date hereof.

About UWM Holdings Corporation and United Wholesale Mortgage

Headquartered in Pontiac, Michigan, UWM Holdings Corporation (UWMC) is the publicly traded indirect parent of United Wholesale Mortgage, LLC (“UWM”). UWM is the nation’s largest home mortgage lender, despite exclusively originating mortgage loans through the wholesale channel. UWM has been the largest wholesale mortgage lender for ten consecutive years and is the largest purchase lender in the nation. With a culture of continuous innovation of technology and enhanced client experience, UWM leads the market by building upon its proprietary and exclusively licensed technology platforms, superior service and focused partnership with the independent mortgage broker community. UWM originates primarily conforming and government loans across all 50 states and the District of Columbia. For more information, visit uwm.com or call 800-981-8898. NMLS #3038.

UWM HOLDINGS CORPORATION

CONSOLIDATED BALANCE SHEETS

(in thousands, except shares and per share amounts)

September 30,

2025

December 31,

2024

Assets

(Unaudited)

Cash and cash equivalents

(includes restricted cash of $21.0 million and $16.0 million, respectively)

$

870,703

$

507,339

Mortgage loans at fair value

10,784,461

9,516,537

Derivative assets

91,446

99,964

Investment securities at fair value, pledged

101,277

103,013

Accounts receivable, net

548,090

417,955

Mortgage servicing rights

3,308,585

3,969,881

Premises and equipment, net

164,985

146,199

Operating lease right-of-use asset

(includes $94,947 and $92,553 with related parties)

95,957

93,730

Finance lease right-of-use asset, net

(includes $21,188 and $22,737 with related parties)

21,219

23,193

Loans eligible for repurchase from Ginnie Mae

749,089

641,554

Other assets

286,525

151,751

Total assets

$

17,022,337

$

15,671,116

Liabilities and Equity

Warehouse lines of credit

$

9,783,664

$

8,697,744

Derivative liabilities

41,209

35,965

Secured line of credit

500,000

Borrowings against investment securities

87,142

90,646

Accounts payable, accrued expenses and other

706,993

580,736

Accrued distributions and dividends payable

160,846

159,827

Senior notes

3,780,620

2,785,326

Operating lease liability

(includes $101,321 and $99,199 with related parties)

102,333

100,376

Finance lease liability

(includes $23,328 and $24,608 with related parties)

23,363

25,094

Loans eligible for repurchase from Ginnie Mae

749,089

641,554

Total liabilities

15,435,259

13,617,268

Equity:

Preferred stock, $0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of September 30, 2025 or December 31, 2024

Class A common stock, $0.0001 par value - 4,000,000,000 shares authorized, 234,291,930 and 157,940,987 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively

23

16

Class B common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of September 30, 2025 or December 31, 2024

Class C common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of September 30, 2025 or December 31, 2024

Class D common stock, $0.0001 par value - 1,700,000,000 shares authorized, 1,365,482,620 and 1,440,332,098 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively

137

144

Additional paid-in capital

7,579

3,523

Retained earnings

169,935

157,837

Non-controlling interest

1,409,404

1,892,328

Total equity

1,587,078

2,053,848

Total liabilities and equity

$

17,022,337

$

15,671,116

UWM HOLDINGS CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except shares and per share amounts)

(Unaudited)

For the three months ended

September 30,

2025

June 30,

2025

September 30,

2024

Revenue

Loan production income

$

542,144

$

447,882

$

465,548

Loan servicing income

169,019

178,813

134,753

Interest income

132,089

132,005

145,297

Total revenue

843,252

758,700

745,598

Other gains (losses)

Change in fair value of mortgage servicing rights

(307,825

)

(111,421

)

(446,100

)

Gain on other interest rate derivatives

27,813

208,904

226,936

Other gains (losses), net

(280,012

)

97,483

(219,164

)

Expenses

Salaries, commissions and benefits

222,760

211,461

181,453

Direct loan production costs

64,213

46,330

58,398

Marketing, travel, and entertainment

23,410

26,379

22,462

Depreciation and amortization

12,747

12,200

11,636

General and administrative

62,243

59,999

53,664

Servicing costs

33,928

35,083

25,009

Interest expense

132,084

133,467

141,102

Other expense (income)

(815

)

1,846

421

Total expenses

550,570

526,765

494,145

Earnings before income taxes

12,670

329,418

32,289

Provision for income taxes

582

14,939

344

Net income

12,088

314,479

31,945

Net income attributable to non-controlling interest

13,350

291,570

38,240

Net income (loss) attributable to UWMC

$

(1,262

)

$

22,909

$

(6,295

)

Earnings (loss) per share of Class A common stock:

Basic

$

(0.01

)

$

0.11

$

(0.06

)

Diluted

$

(0.01

)

$

0.11

$

(0.06

)

Weighted average shares outstanding:

Basic

221,354,499

202,133,122

99,801,301

Diluted

221,354,499

202,133,122

99,801,301

Addendum to Exhibit 99.1

This addendum includes the Company's Consolidated Balance Sheets as of September 30, 2025, and the preceding four quarters and Statements of Operations for the quarter ended September 30, 2025, and the preceding four quarters for purposes of providing historical quarterly trending information to investors.

CONSOLIDATED BALANCE SHEETS

(in thousands, except shares and per share amounts)

September 30,

2025

June 30,

2025

March 31,

2025

December 31,

2024

September 30,

2024

Assets

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

Cash and cash equivalents, including restricted cash

$

870,703

$

489,984

$

485,024

$

507,339

$

636,327

Mortgage loans at fair value

10,784,461

8,040,310

8,402,211

9,516,537

10,141,683

Derivative assets

91,446

59,356

43,958

99,964

66,977

Investment securities at fair value, pledged

101,277

101,627

102,982

103,013

108,964

Accounts receivable, net

548,090

719,369

472,299

417,955

561,901

Mortgage servicing rights

3,308,585

3,445,195

3,321,457

3,969,881

2,800,054

Premises and equipment, net

164,985

166,460

153,855

146,199

147,981

Operating lease right-of-use asset

95,957

91,004

92,450

93,730

95,123

Finance lease right-of-use asset, net

21,219

21,810

22,464

23,193

24,020

Loans eligible for repurchase from Ginnie Mae

749,089

564,806

750,769

641,554

391,696

Other assets

286,525

186,968

200,964

151,751

145,072

Total assets

$

17,022,337

$

13,886,889

$

14,048,433

$

15,671,116

$

15,119,798

Liabilities and Equity

Warehouse lines of credit

$

9,783,664

$

7,254,526

$

7,573,139

$

8,697,744

$

9,207,746

Derivative liabilities

41,209

76,683

27,922

35,965

93,599

Secured line of credit

425,000

250,000

500,000

300,000

Borrowings against investment securities

87,142

86,896

88,775

90,646

93,662

Accounts payable, accrued expenses and other

706,993

661,496

652,701

580,736

573,865

Accrued distributions and dividends payable

160,846

160,360

159,856

159,827

159,818

Senior notes

3,780,620

2,787,797

2,786,467

2,785,326

1,991,216

Operating lease liability

102,333

97,471

99,010

100,376

101,833

Finance lease liability

23,363

23,872

24,445

25,094

25,836

Loans eligible for repurchase from Ginnie Mae

749,089

564,806

750,769

641,554

391,696

Total liabilities

15,435,259

12,138,907

12,413,084

13,617,268

12,939,271

Equity:

Preferred stock, $0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of each of the periods presented

Class A common stock, $0.0001 par value - 4,000,000,000 shares authorized; shares issued and outstanding - 234,291,930 as of September 30, 2025, 205,979,563 as of June 30, 2025, 200,781,659 as of March 31, 2025, 157,940,987 as of December 31, 2024 and 113,150,968 as of September 30, 2024

23

21

20

16

11

Class B common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of each of the periods presented

Class C common stock, $0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of each of the periods presented

Class D common stock, $0.0001 par value - 1,700,000,000 shares authorized; shares issued and outstanding - 1,365,482,620 as of September 30, 2025, 1,393,282,620 as of June 30, 2025, 1,397,782,620 as of December 31, 2024 and 1,502,069,787 as each of the rest of periods presented

137

139

140

144

149

Additional paid-in capital

7,579

5,688

4,298

3,523

2,644

Retained earnings

169,935

170,320

160,407

157,837

116,561

Non-controlling interest

1,409,404

1,571,814

1,470,484

1,892,328

2,061,162

Total equity

1,587,078

1,747,982

1,635,349

2,053,848

2,180,527

Total liabilities and equity

$

17,022,337

$

13,886,889

$

14,048,433

$

15,671,116

$

15,119,798

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except shares and per share amounts)

(Unaudited)

For the three months ended

September 30,

2025

June 30,

2025

March 31,

2025

December 31,

2024

September 30,

2024

Revenue

Loan production income

$

542,144

$

447,882

$

304,751

$

407,229

$

465,548

Loan servicing income

169,019

178,813

190,517

173,300

134,753

Interest income

132,089

132,005

118,102

140,067

145,297

Total revenue

843,252

758,700

613,370

720,596

745,598

Other gains (losses)

Change in fair value of mortgage servicing rights

(307,825

)

(111,421

)

(388,585

)

309,149

(446,100

)

Gain (loss) on other interest rate derivatives

27,813

208,904

(469,538

)

226,936

Other gains (losses), net

(280,012

)

97,483

(388,585

)

(160,389

)

(219,164

)

Expenses

Salaries, commissions and benefits

222,760

211,461

192,800

193,155

181,453

Direct loan production costs

64,213

46,330

43,127

54,958

58,398

Marketing, travel, and entertainment

23,410

26,379

22,190

30,771

22,462

Depreciation and amortization

12,747

12,200

11,340

11,094

11,636

General and administrative

62,243

59,999

68,148

60,314

53,664

Servicing costs

33,928

35,083

30,434

29,866

25,009

Interest expense

132,084

133,467

120,410

142,342

141,102

Other expense (income)

(815

)

1,846

(2,848

)

(4,625

)

421

Total expenses

550,570

526,765

485,601

517,875

494,145

Earnings (loss) before income taxes

12,670

329,418

(260,816

)

42,332

32,289

Provision (benefit) for income taxes

582

14,939

(13,788

)

1,719

344

Net income (loss)

12,088

314,479

(247,028

)

40,613

31,945

Net income (loss) attributable to non-controlling interest

13,350

291,570

(233,349

)

31,694

38,240

Net income (loss) attributable to UWMC

$

(1,262

)

$

22,909

$

(13,679

)

$

8,919

$

(6,295

)

Earnings (loss) per share of Class A common stock:

Basic

$

(0.01

)

$

0.11

$

(0.08

)

$

0.06

$

(0.06

)

Diluted

$

(0.01

)

$

0.11

$

(0.12

)

$

0.02

$

(0.06

)

Weighted average shares outstanding:

Basic

221,354,499

202,133,122

164,100,022

155,584,329

99,801,301

Diluted

221,354,499

202,133,122

1,598,383,240

1,598,241,235

99,801,301