Earnings (Loss) per Share

6 Months Ended

Jun. 30, 2025

The following table sets forth the computation of basic and diluted earnings (loss) per common share (in thousands, except per-share amounts):


	Successor		Predecessor
	Three Months Ended June 30, 2025		Three Months Ended June 30, 2024

Numerator
Net income (loss)	$	(245,831)	$	(192,927)


Denominator
Weighted-average shares outstanding, basic (1)	33,972		109,506
Effect of dilutive shares	—		—
Adjusted weighted-average shares outstanding, diluted	33,972		109,506
Earnings (loss) per share
Basic earnings (loss) per common share	$	(7.24)	$	(1.76)
Diluted earnings (loss) per common share	$	(7.24)	$	(1.76)


	Successor		Predecessor
	Period from March 13, 2025 through June 30, 2025		Period from January 1, 2025 through March 12, 2025		Six Months Ended June 30, 2024

Numerator
Net income (loss)	$	(256,767)	$	72,216	$	(335,562)


Denominator
Weighted-average shares outstanding, basic (1)	31,505		109,525		109,468
Effect of dilutive shares	—		—		—
Adjusted weighted-average shares outstanding, diluted	31,505		109,525		109,468
Earnings (loss) per share
Basic earnings (loss) per common share	$	(8.15)	$	0.66	$	(3.07)
Diluted earnings (loss) per common share	$	(8.15)	$	0.66	$	(3.07)

(1) Weighted-average shares outstanding, basic during the Successor Period includes exercisable warrants, as they meet the criteria under ASC 260 to be considered outstanding common shares.

During the Current Predecessor Period, warrants in connection with the Payroll Support Program to purchase 913,383 shares of common stock were excluded from the computation of diluted EPS because the exercise price was greater than the average market price, making them antidilutive. Anti-dilutive common stock equivalents related to outstanding equity awards were also excluded from the diluted loss per share calculation for any of the periods presented and are not material.