| Net Income (Loss) Per Share |
Net Income (Loss) Per Share Net income (loss) per share ("EPS") consists of the following (in thousands, except share and per share information): | | | | | | | | | | | | | | | | | Three Months Ended
March 31, | | | | 2026 | | 2025 | | | | | | Numerator | | | | | | | | | Net income (loss) | $ | 8,762 | | | $ | (21,111) | | | | | | Numerator for basic and dilutive EPS | $ | 8,762 | | | $ | (21,111) | | | | | | | | | | | | | | | Denominator | | | | | | | | Denominator for basic EPS – weighted average shares(1) | 73,889,327 | | 15,024,100 | | | | | | Effect of dilutive securities: | | | | | | | | | Stock options and restricted stock units | 5,010,154 | | — | | | | | | | | | | | | | | Denominator for diluted EPS – adjusted weighted average shares and assumed conversions | 78,899,481 | | 15,024,100 | | | | | | Basic EPS | $ | 0.12 | | | $ | (1.41) | | | | | | | Diluted EPS | $ | 0.11 | | | $ | (1.41) | | | | | | | | | | | | | | | Anti-Dilutive Securities excluded from the calculation of EPS | | | | | | | | | Stock options and restricted stock units | 7,466,133 | | 7,679,093 | | | | | | Preferred stock | — | | 41,994,022 | | | | | | Warrants | — | | 3,609,157 | | | | | | Convertible debt | — | | 2,292,717 | | | | | | Total potentially dilutive shares | 7,466,133 | | 55,574,989 | | | | |
(1) Weighted average shares combine the Company's common stock, Class A common stock, and Class B common stock. See Note 9, Capitalization, for discussion of the establishment of the Company's two classes of common stock and the conversion of its common stock into Class A common stock in connection with the Company's IPO.
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