Basic net loss per share is calculated by dividing the net loss by the weighted average number of outstanding shares of Common Stock each period. The Company’s Class A common stock and Class B common stock share equally in distributed and undistributed earnings; therefore, no allocation to participating securities or dilutive securities is performed. Diluted net loss per share is calculated by giving effect to all potential dilutive Common Stock equivalents, which includes stock options, RSUs, RSAs, PSUs, and preferred stock. The Company used the if-converted method to calculate diluted EPS. The Company excluded any potentially dilutive common stock equivalents from the calculation of diluted net loss per share if their effect is anti-dilutive. The Company had net losses in the three months ended March 31, 2026 and 2025. As disclosed in Note 15, the Company held back shares in connection with certain acquisitions. The holdback liability resulted in a dilutive impact to net loss per share.

The following table presents the calculation for basic and diluted net loss per share (in thousands, except share and per share data):


	Three Months Ended March 31,
	2026			2025
Numerator:
Net loss, basic	$	(125,919	)	$	(68,037	)
Plus: Gain due to a change in fair value for holdback liability		(1,167	)		—
Net loss, diluted	$	(127,086	)	$	(68,037	)
Denominator:
Weighted-average common shares outstanding, basic		178,880			170,506
Plus: Dilutive effect of holdback liability		84			—
Weighted-average common shares outstanding, diluted		178,964			170,506
Net loss per share, basic	$	(0.70	)	$	(0.40	)
Net loss per share, diluted	$	(0.71	)	$	(0.40	)

The following outstanding shares of common stock equivalents were excluded from the calculation of diluted net loss per share for each period, as the impact of including them would have been anti-dilutive.


	As of March 31,
	2026		2025
Deep 6 holdback liability		—		17,372
Unvested RSUs		5,435,199		5,761,861
Unvested RSAs		14,115		26,059
Unvested PSUs		2,714,600		—
Shares issuable upon conversion of Notes(1)		8,908,350		—
Total potentially dilutive shares		17,072,264		5,805,292

(1) As disclosed in Note 12, the Company entered into the Capped Call in connection with the pricing of the Notes. The Capped Call is generally expected to reduce the potential dilution to the Company’s Class A common stock upon conversion of the Notes. As such, the impact of the Capped Calls was excluded from the calculation as the effect of the Capped Calls if issued upon conversion of the Notes, would have been anti-dilutive.

As disclosed in Note 12, the Second Amended Note may be fully converted to shares upon maturity at the holder’s option, or up to 50% may be converted to shares upon maturity at the Company's option. The number of shares to be issued is based on the amount outstanding at the maturity date, which is subject to reduction based on services used by us prior to the maturity date. As such, these are treated as contingently issuable shares and will be excluded from potential dilutive impact.