Three Months Ended March 31,

 

2026

 

2025

Numerator:

Net income used in computing basic earnings per share

$

33,109

$

42,619

Less: Change in fair value of Public and Private Warrants

(53,697)

—

Less: Vesting of Promote Sponsor Vesting Shares

—

(4,363)

Net income (loss) for diluted income (loss) per share

$

(20,588)

$

38,256

Denominator:

Weighted-average shares outstanding - basic

332,059

284,698

Weighted-average effect of potentially dilutive securities:

Public and Private Warrants

3,378

—

Common stock options

—

6,903

RSUs

—

7,801

Vesting of Promote Sponsor Vesting Shares

—

992

Vested Customer Warrants

—

1,201

Weighted-average shares outstanding - diluted

335,437

301,595

Net income per share - basic

$

0.10

$

0.15

Net income (loss) per share - diluted

$

(0.06)

$

0.13