v3.26.1
Earnings Per Share
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The following table provides the numerators and denominators used in computing basic and diluted net income (loss) per share for the three months ended March 31, 2026 and 2025. Generally, basic earnings per share (“EPS”) is computed by dividing earnings available to common shareholders by the weighted average number of shares of common stock outstanding during the period. In accordance with ASC 260, the DOE Warrants are included in basic EPS as the shares are issuable for little cash consideration. The SPA Warrant, Series B Preferred Stock, the warrants issued in 2023, May 2025 Convertible Notes and November 2025 Convertible Notes are participating securities that do not have the obligation to share in the losses of the Company. Therefore, the more dilutive of the “if-converted” and “two-class” method must be applied when calculating EPS for the common shares.
For purposes of basic EPS, the “two-class” method was applied and undistributed earnings were allocated to participating securities. These undistributed earnings were allocated based on each participating securities’ proportionate share of the total weighted-average shares outstanding.
Three Months Ended March 31,
20262025
Numerator
Net income available
$1,287,761 $95,133 
Less: Undistributed earnings allocated to participating securities(461,204)— 
Net income available to common shareholders
$826,557 $95,133 
Denominator
Weighted average shares outstanding - basic339,602,063 225,474,247 
Earnings per share:
Basic$2.43 $0.42 
For purposes of diluted EPS, the more dilutive of the “treasury-stock method”, “if-converted” and “two-class” method must be applied when calculating dilutive EPS.
Three Months Ended March 31,
20262025
Numerator
Net income available
$1,287,761 $95,133 
Effect of potentially dilutive shares:
Adjustment for interest on convertible notes
924 1,839 
Adjustment for change in fair value on embedded derivatives for convertible notes
— (15,922)
Adjustment for change in fair value on SPA Warrant
(267,230)(42,064)
Adjustment for change in fair value on April, May and December 2023 Warrants
(179,218)(46,896)
Adjustment for remeasurement of Series B Preferred Stock
(778,878)(79,997)
Net income (loss) for diluted earnings per share
$63,359 $(87,907)
Denominator
Weighted-average basic common shares outstanding
339,602,063 225,474,247 
Dilutive effect of convertible notes
11,074,195 13,385,305 
Dilutive effect of Series B Preferred Stock
116,311,460 110,850,111 
Dilutive effect of warrants
66,107,625 68,498,537 
Dilutive effect of RSUs
7,981,966 8,621,012 
Dilutive effect of PRSUs
2,175,288 8,017,961 
Dilutive effect of stock options
1,576,336 1,521,109 
Weighted-average dilutive common shares outstanding
544,828,933 436,368,282 
Earnings per share:
Diluted
$0.12 $(0.20)
The following potentially dilutive shares were excluded from the calculation of diluted net income (loss) per share because their effect would have been anti-dilutive.
Three Months Ended March 31,
20262025
Public and private placement warrants— 7,326,654 
Contingent warrants
— 15,320,062 
Stock options
42,628 1,585,056 
RSUs1,799,126 — 
Convertible Notes (if converted)
— 6,142,293 

Management has elected to recognize changes in the redemption value of the Series B Preferred Stock. At each balance sheet date, the redemption value of the Series B Preferred Stock will be calculated and remeasured to its redemption value. The remeasurement is recorded as a deemed dividend or contribution, which, in the absence of Retained earnings, is recognized within additional paid in capital and earnings available to common shareholders in computing basic and diluted EPS. Other potentially dilutive common shares and the related impact to earnings are considered when calculating EPS on a diluted basis.