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


	Three Months Ended March 31,
		2026		2025
Numerator:
Net income (loss)		$	(25,028)	$	129,932
Earnings attributable to participating Class A Common Shares held in escrow in connection with Amelia acquisition		—		(705)

Net income (loss) attributable to common shareholders - basic		$	(25,028)	$	129,227

Net income (loss)		(25,028)		129,932
Effect of potentially dilutive equivalent shares to net income (loss)		(22,504)		(3,126)

Net income (loss) attributable to common shareholders - diluted		$	(47,532)	$	126,806

Denominator:
Weighted average shares outstanding – basic		421,472,827		393,893,313
Effect of potentially dilutive equivalent shares		8,310,374		20,263,142
Weighted average shares outstanding – diluted		429,783,201		414,156,455

Basic net income (loss) per share		$	(0.06)	$	0.33
Diluted net income (loss) per share		$	(0.11)	$	0.31

The following table summarizes the outstanding shares of potentially dilutive securities that were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. The following table summarizes the outstanding shares of potentially dilutive securities that were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive for the three months ended March 31, 2026 and 2025:


	As of March 31,
	2026	2025
Stock-based awards	14,084,209	—
Unvested restricted stock awards	42,940	—
Contingently issuable shares	1,545,138	—
Total	15,672,287	—

The table above does not include: (i) 1,491,407 and 1,729,887 shares of unvested stock-based awards and restricted stock awards, respectively, and (ii) 6,085,802 and 18,257,365 shares of contingently issuable earnout shares, respectively; outstanding as of March 31, 2026 and 2025, as these awards are subject to performance conditions that were not met as of those dates.

The shares issued and held in escrow for the Amelia Acquisition are participating securities that contractually entitle the holders of such shares to participate in the combined entity’s earnings but do not contractually require the holders of such shares to participate in the combined entity’s income (loss). The weighted average shares outstanding used to calculate

basic and diluted net loss per share attributable to common stockholders for the three months ended March 31, 2026 excludes the 1,775,699 shares and 230,561 shares, respectively, of the Company's Class A Common Stock held in escrow as they are considered contingently returnable shares until the indemnifications subject to escrow have been resolved. The weighted average shares outstanding used to calculate basic and diluted net income per share attributable to common stockholders for the three months ended March 31, 2025 excludes the 2,149,530 shares and 205,365 shares, respectively, of the Company's Class A Common Stock held in escrow as they are considered contingently returnable shares until the indemnifications subject to escrow have been resolved.