(12) Net Income (Loss) Per Share

The following table sets forth the computations of basic and diluted net income (loss) per share attributable to common stockholders (in thousands, except for per share amounts):

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For the three months ended March 31, 2026, the Company’s Public and Private Warrants (Refer to Note 6 for Public and Private Warrants) were in-the-money for purposes of computing diluted net income (loss) per share. As a result, the gain from the change in the fair value of the underlying derivative warrant liabilities was added back to net income, resulting in a net loss for purposes of computing diluted net income (loss) per share. Potential common shares resulting from the Public and Private Warrants were computed using the treasury stock method.  For the three months ended March 31, 2025, the Company’s Public and Private Warrants were out-of-the-money for purposes of computing diluted net income (loss) per share. As a result, the gain from the change in the fair value of the underlying derivative warrant liabilities was not added back to net income for purposes of computing diluted net income (loss) per share.

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As of December 31, 2025, all the Sponsor Vesting Shares were vested (Refer to Note 7 for Sponsor Vesting Shares and Earn-out liabilities). For the three months ended March 31, 2026, the Sponsor Vesting Shares have been included in the computations of basic net income per share and diluted net income (loss) per share from the beginning of the period.

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During the three months ended March 31, 2025, the vesting condition for the Promote Sponsor Vesting Shares was satisfied. For the three months ended March 31, 2025, the Promote Sponsor Vesting Shares have been included in the computation of basic net income per share from the February 6, 2025 vesting date and have been included in the computation of diluted net income per share from the beginning of the period. The underlying gain from the change in the fair value of the Promote Sponsor Vesting Shares has been excluded from the computation of diluted net income per share for the three months ended March 31, 2025 because the underlying shares have been included in the computation from the beginning of the period. For the three months ended March 31, 2025, the number of Sponsor Vesting Shares excluded from the computations of basic and diluted net income per share because the vesting conditions had not been satisfied totaled 580,273 shares.

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The weighted-average common shares outstanding for the three months ended March 31, 2026 and March 31, 2025 include 315,518 and 791,576 weighted-average shares for warrants having an exercise price of $0.01 per share each, respectively. The Company excluded the following potentially dilutive securities from the computations of diluted net income (loss) per share for the three months ended March 31, 2026 and March 31, 2025 because their effect would be anti-dilutive:

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