We compute the basic and diluted net loss per share of our Class A common stock and our previously outstanding Class B common stock. The rights, including the liquidation and dividend rights, of the Class A common stock and the previously outstanding Class B common stock are substantially identical, other than voting rights. Accordingly, the Class A common stock and the previously outstanding Class B common stock share in the Company’s net loss.

On January 30, 2026, the shares of Class B common stock that converted to Class A common stock were retired and will not be reissued by us.

The following table sets forth the computation of basic and diluted net loss per share attributable to Braze, Inc. common stockholders during the periods presented (in thousands, except per share amounts):


	Fiscal Year Ended January 31,
	2026		2025		2024
Numerator:
Net loss attributable to Braze, Inc.	$	(131,287)	$	(103,743)	$	(129,166)
Denominator:
Weighted-average shares of Braze, Inc. common stock outstanding	107,906		102,189		98,099
Less: weighted-average unvested shares of Braze, Inc. subject to repurchase	—		—		(3)
Weighted-average shares used to calculate net loss per share attributable to Braze, Inc. common stockholders, basic and diluted	107,906		102,189		98,096
Net loss per share attributable to Braze, Inc. common stockholders, basic and diluted	$	(1.22)	$	(1.02)	$	(1.32)

The following outstanding shares of potentially dilutive securities have been excluded from diluted net loss per share attributable to Braze, Inc. common stockholders for the periods presented, because their inclusion would be anti-dilutive (in thousands):


	Fiscal Year Ended January 31,
	2026	2025	2024
Replacement shares issued in connection with acquisition	1,888	—	—
Options to purchase common stock	3,332	5,081	6,121
Restricted stock units and performance stock units	7,888	6,044	6,264
ESPP shares estimated to be purchased	148	113	92
Total	13,256	11,238	12,477