Basic net income (loss) per share is computed by dividing net income (loss) attributable to the Company by the weighted-average number of shares of common stock outstanding during the period. Diluted net income (loss) per share is computed by dividing net income (loss) attributable to the Company by the weighted-average number of shares of common stock outstanding adjusted to give effect to potentially dilutive securities.

Diluted net income (loss) per share reflects the dilutive effect of potential common shares from share-based awards, warrants and convertible preferred stock. The treasury stock method is used to calculate the dilutive effect of outstanding share-based awards and warrants, which assumes the proceeds upon vesting or exercise would be used to purchase common stock at the average price for the period.

Net income (loss) per share is computed using the two-class method which is required for multiple classes of common stock and participating securities. In historical periods where the Company had outstanding convertible preferred stock, net income (loss) attributable to FTS is first allocated to the convertible preferred stock based on their dividend preference. Any remaining net income (loss) attributable to FTS is then allocated to common stockholders and preferred stockholders using the if-converted method. All preferred stock was convertible on a 1:1 basis to common stock.

The rights, including the liquidation and dividend rights and sharing of losses, of the Class A common stock and Class B common stock are identical, other than voting rights. As the liquidation and dividend rights and sharing of profits are identical, the undistributed earnings are allocated on a proportionate basis for those classes and the resulting net income (loss) per share will, therefore, be the same for both Class A and Class B common stock on an individual or combined basis, and they have been combined as common shares below.


	Years Ended December 31,
	2025		2024		2023
Numerator:
Net income (loss) attributable to FTS	$	133,858	$	17,214	$	(47,935)
Less: Undistributed earnings attributable to convertible preferred stockholders	(71,832)		(17,214)		—
Net income (loss) attributable to common stockholders, basic and diluted	$	62,026	$	—	$	(47,935)

Denominator:
Basic weighted average common shares attributable to FTS	114,435,259		65,020,119		51,305,065
Add: effect of dilutive securities related to share-based payment awards (A)	27,366,743		7,617,338		—
Diluted weighted average common shares attributable to FTS	141,802,002		72,637,457		51,305,065

Net income (loss) per common share attributable to FTS, basic	$0.54		$0.00		$(0.93)
Net income (loss) per common share attributable to FTS, diluted	$0.44		$0.00		$(0.93)

(A) The dilutive impact of share-based payment awards and warrants for the years ended December 31, 2025, 2024, and 2023 comprised of 22,621,883, 7,132,282, and zero shares related to stock options, 959,984, 485,056, and zero shares related to warrants, and 3,784,876, zero, and zero shares related to unvested RSUs, respectively. For the year ended December 31, 2024, 598,104 shares related to unvested RSUs were excluded from the dilutive impact as the issuance of those shares was contingent upon the satisfaction of a liquidity condition which was not satisfied as of the end of that period. As the fiscal year ended December 31, 2023 was in a net loss position, 3,609,301 potentially dilutive shares from share-based payment awards were considered, but would have been anti-dilutive and have been excluded from the computation of diluted earnings per share for that period.