| Schedule of Basic and Diluted Earnings Per Share |
The following table sets forth the computations of basic and diluted loss per share of common stock and Series A Preferred Stock using the two-class method and the if-converted method, respectively, for the year ended December 31, 2025 and the period July 30 through December 31, 2024. | | | | | | | | | | | | | Successor | | Year Ended December 31, 2025 | | July 30 through December 31, 2024 | | Basic Shares: | | | | | Numerator: | | | | | Net loss | $ | (87,116) | | | $ | (105,452) | | | Accrued Series A Preferred Stock dividend | (6,757) | | | — | | | Undistributed loss allocated to Series A Preferred Stock | 596 | | | 861 | | | Net loss available to holders of Common Stock | $ | (93,277) | | | $ | (104,591) | | | Denominator: | | | | | Weighted average common stock outstanding – basic | 156,600,421 | | | 121,454,845 | | | Weighted average Series A Preferred Stock outstanding – basic | 1,000,000 | | | 1,000,000 | | | Basic loss per common stock | $ | (0.60) | | | $ | (0.86) | | | Basic income (loss) per Series A Preferred Stock | $ | 6.16 | | | $ | (0.86) | | | | | | | | Dilutive Shares: | | | | | Numerator: | | | | | Undistributed loss allocated to common stock | $ | (93,277) | | | $ | (104,591) | | | Accrued Series A Preferred Stock dividend (anti-dilutive) | — | | | — | | | Undistributed loss allocated to Series A Preferred Stock | (596) | | | (861) | | | Total undistributed loss | $ | (93,873) | | | $ | (105,452) | | | Denominator: | | | | | Weighted average Common Stock outstanding – basic | 156,600,421 | | | 121,454,845 | | | Add: dilutive securities | | | | | Share Options | — | | | — | | | Warrants | — | | | — | | | Restricted Stock Units | — | | | — | | | Series A Preferred Stock | 1,000,000 | | | 1,000,000 | | | Weighted average common stock outstanding – diluted | 157,600,421 | | | 122,454,845 | | | Weighted average Series A Preferred Stock outstanding – diluted | 1,000,000 | | | 1,000,000 | | | Diluted loss per common stock | $ | (0.60) | | | $ | (0.86) | | | Diluted income (loss) per Series A Preferred Stock | $ | 6.16 | | | $ | (0.86) | |
Basic and diluted loss per common share for the periods presented below were calculated as follows: | | | | | | | | | | | | | Predecessor | | January 1 through July 29, 2024 | | Year Ended December 31, 2023 | | Basic and dilutive shares: | | | | | Numerator: | | | | | Net loss | $ | (15,703) | | | $ | (6,289) | | | Net loss available to holders of common stock | $ | (15,703) | | | $ | (6,289) | | | | | | | | Denominator: | | | | | Weighted average common stock outstanding – basic | 5,024,802 | | | 5,024,802 | | | Dilutive shares from stock options | — | | | — | | | Weighted average common stock outstanding – diluted | 5,024,802 | | | 5,024,802 | | | Basic loss per common stock | $ | (3.13) | | | $ | (1.25) | | | Diluted loss per common stock | $ | (3.13) | | | $ | (1.25) | |
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| Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share |
For the year ended December 31, 2025, the accrued Series A Preferred Stock dividend was excluded from the numerator of diluted earnings per share as the impact would have been anti-dilutive. For the year ended December 31, 2025 and the period July 30 through December 31, 2024, the Company excluded the following potentially dilutive shares from the computation of diluted loss per common stock as the impact would have been anti-dilutive: | | | | | | | | | | | | | Successor | | Potentially dilutive securities | Year Ended December 31, 2025 | | July 30 through December 31, 2024 | | Stock options | 1,457 | | | 125,000 | | | Warrants | 53,225 | | | 18,264,876 | | | Restricted stock awards | 1,562,849 | | | — | | | Restricted stock units | 1,917,111 | | | 1,605,000 | | | | | | | | | | |
| | | | | | | | | | | | | Outstanding as of | | July 29, 2024 | | December 31, 2023 | | Tranche B Options | 180,828 | | 186,933 | | Tranche C Options | 55,872 | | 55,872 |
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