Loss per share of Common Stock is calculated in accordance with ASC 260, Earnings per share. Loss per share – basic is calculated by dividing Loss attributable to Common Stockholders - basic and diluted by the Weighted average Common Stock outstanding - basic.

Loss per share – diluted is based on the weighted average number of shares of Common Stock used for the Loss per share - basic calculation, adjusted for the weighted-average number of common share equivalents outstanding for the period determined using the treasury stock method and if-converted method, as applicable. Loss attributable to Common Stockholders – basic and diluted is adjusted for the impact of changes in the fair value of the Public Warrants and Private Placement Warrants, to the extent they are dilutive.

Loss per share calculations for all periods prior to the Closing have been retrospectively adjusted by the Exchange Ratio for the equivalent number of shares outstanding immediately after the Closing to effect the Reverse Recapitalization. Subsequent to the Closing, Loss per share is calculated based on the Weighted average Common Stock outstanding.


	For the years ended December 31,
(dollars in thousands, except per share amounts)	2025		2024
Net income (loss)	$	4,140	$	(15,567)
Adjustments to Net Income (loss):


Series A Preferred Stock—adjustment to maximum redemptions value	(27,078)		(25,339)
Loss attributable to Common stockholders – basic and diluted	$	(22,938)	$	(40,906)




Weighted average Common Stock outstanding - basic and diluted	54,283,410		50,524,996







Loss per share – basic and diluted	$	(0.42)	$	(0.81)

The following table summarizes the potentially dilutive common shares that were excluded from diluted Loss per share - diluted computations because the effect would have been anti-dilutive:


	For the years ended December 31,
	2025	2024
Series A Preferred Stock	37,023,378	34,561,722
Unvested Restricted Stock Units	5,526,665	4,472,950
Public Warrants	17,249,874	17,249,874
Private Placement Warrants	9,400,000	9,400,000
Unvested Legacy Bridger Incentive Units	40,404	40,404
Sponsor Earnout Shares	855,000	855,000