Basic net income (loss) per share attributable to Series A and Series B common stockholders is computed by dividing the net income (loss) by the number of weighted-average outstanding common shares. Diluted net income (loss) per share attributable to Series A and Series B common stockholders is determined by giving effect to all potential common equivalents during the reporting period, unless including them yields an antidilutive result. The Company considers its warrants, Investment Option, RSUs, PSUs, stock options, and ESPP shares as potential common equivalents. The Company uses the treasury stock method for calculating any potential dilutive effect of its potential common equivalents, but excluded them from the computation of diluted earnings per share attributable to common stockholders for the three months ended March 31, 2025 as the Company was in a net loss position and their effect was antidilutive.

On March 3, 2026, the Company received an initial delivery of 4,307,869 shares of Series A common stock as part of the ASR Agreement entered into with the Dealer, which reduced weighted-average shares outstanding from the date of delivery for the purposes of computing basic and diluted earnings per share for three months ended March 31, 2026. The forward component of the ASR Agreement remained unsettled as of March 31, 2026 and was evaluated as a participating security under the two-class method. As the contract was determined to be antidilutive for the three months ended March 31, 2026, the related shares have been excluded from the computation of diluted earnings per share.

The rights, including the liquidation and dividend rights, of the holders of Series A and Series B common stock are identical, except with respect to voting and conversion. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis to each series of common stock and the resulting basic and diluted net loss per share attributable to common stockholders are, therefore, the same for both Series A and Series B common stock on both an individual and combined basis.

The following table presents the calculation of basic and diluted net income (loss) per share attributable to Series A and Series B common stockholders for the three months ended March 31, 2026 and 2025 (in thousands, except share and per share data):


	Three Months Ended March 31,
	2026		2025
Net income (loss) per share attributable to Series A and Series B common stockholders, basic:
Numerator:
Net income (loss)	$	9,038	$	(14,089)
Denominator:
Weighted-average shares, basic	304,343,623		274,198,213
Net income (loss) per share attributable to Series A and Series B common stockholders, basic	$	0.03	$	(0.05)

Net income (loss) per share attributable to Series A and Series B common stockholders, diluted:
Numerator:
Net income (loss)	$	9,038	$	(14,089)
Denominator:
Weighted-average shares, diluted	305,801,451		274,198,213
Net income (loss) per share attributable to Series A and Series B common stockholders, diluted	$	0.03	$	(0.05)


	As of March 31,
	2026	2025
Warrants outstanding	2,066,293	3,443,822
Investment Option	15,743,174	15,743,174
RSUs and PSUs outstanding	21,527,931	20,026,174
Options outstanding	—	24,242,288
ESPP	774,123	325,602
Total	40,111,521	63,781,060