
	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Numerator:
Net income (loss)	$	(74,724)	$	(37,322)	$	55,208	$	(70,331)
Earnings attributable to participating Class A Common Shares held in escrow in connection with Amelia acquisition	—		—		(297)		—
Cumulative dividends attributable to Series A Preferred Stock	—		(73)		—		(416)
Net income (loss) attributable to common shareholders - basic	$	(74,724)	$	(37,395)	$	54,911	$	(70,747)

Net income (loss)	(74,724)		(37,322)		55,208		(70,331)
Change in fair value of dilutive instruments classified as derivatives	(602)		—		(1,503)		—
Cumulative dividends attributable to Series A Preferred Stock	$	—	$	(73)	$	—	$	(416)
Net income (loss) attributable to common shareholders - diluted	$	(75,326)	$	(37,395)	$	53,705	$	(70,747)

Denominator:
Weighted average shares outstanding – basic	400,124,499		331,830,608		397,026,119		309,213,583
Effect of potentially dilutive equivalent shares	1,918,969		0		17,119,758		0
Weighted average shares outstanding – diluted	402,043,468		331,830,608		414,145,877		309,213,583

Basic net income (loss) per share	$	(0.19)	$	(0.11)	$	0.14	$	(0.23)
Diluted net income (loss) per share	$	(0.19)	$	(0.11)	$	0.13	$	(0.23)

The following table summarizes the outstanding shares of potentially dilutive securities that were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive The following table summarizes the outstanding shares of potentially dilutive securities that were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive for the three months ended June 30, 2025 and three and six months ended June 30, 2024:


	As of June 30,
	2025	2024
Stock-based awards	12,477,419	28,919,026
Series A Preferred Stock	—	—
Common stock warrants	—	3,665,996
Unvested restricted stock awards	280,953	2,033,156
Contingently issuable shares	10,385	1,906,746
Total	12,768,757	36,524,924

The table above does not include: (i) 1,871,293 and zero shares of unvested stock-based awards and restricted stock awards, respectively, and (ii) 17,992,461 and zero shares of contingently issuable earnout shares, respectively; outstanding as of June 30, 2025 and 2024, as these awards are subject to performance conditions that were not met as of those dates.

The shares issued and held in escrow for the Amelia Acquisition are participating securities that contractually entitle the holders of such shares to participate in the combined entity’s earnings but do not contractually require the holders of such shares to participate in the combined entity’s losses. The weighted average shares outstanding used to calculate basic and diluted net income per share attributable to common stockholders for the three and six months ended June 30, 2025 excludes the 2,149,530 shares and 230,561 shares, respectively, of the Company's Class A Common Stock held in escrow as they are considered contingently returnable shares until the indemnifications subject to escrow have been resolved.