The Company computes earnings per share using the two-class method required for multiple classes of common stock and participating securities. The two-class method requires earnings available to common stockholders for the period to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all earnings for the period had been distributed. Prior to the IPO, the outstanding convertible preferred stock were deemed to be participating securities. The Company’s participating securities do not have a legal obligation to share in the Company’s losses.

In connection with the IPO, the Company amended its certificate of incorporation and authorized the issuance of multiple classes of common stock. The rights, including the liquidation and dividend rights, of the Class A common stock, Class B common stock, and Class C common stock are the same, other than voting rights. Accordingly, the Class A common stock, Class B common stock, and Class C common stock share equally in the Company’s net losses, and as such have been combined for the purpose of calculating net income (loss) per share.

For the three months ended March 31, 2026, diluted net loss per share is the same as basic net loss per share as there was no net income attributable to common stockholders, and as a result, the inclusion of all potential common shares outstanding would have been antidilutive.

For the three months ended March 31, 2025, diluted net income per share is computed by dividing net income attributable to common stockholders by the weighted-average number of diluted common shares outstanding. The dilutive effect of potentially dilutive common shares is reflected in diluted earnings per share by application of the if-converted method for the Company’s outstanding convertible preferred stock, and by application of the treasury stock method for the Company’s other potentially dilutive securities.


	Three Months Ended March 31,
	2026		2025
Basic and diluted net income (loss) per share:
Numerator:
Net income (loss) attributable to common stockholders	$	(142,401)	$	8,611
Denominator:
Weighted-average shares outstanding used in computing net income (loss) per share, basic	523,485		214,883
Net income (loss) per share, basic	$	(0.27)	$	0.04
Diluted net income (loss) per share:
Numerator:
Net income (loss) attributable to common stockholders	$	(142,401)	$	8,611
Reallocation of net income to common stockholders considering potentially dilutive securities	—		334
Net income (loss) attributable to common stockholders considering potentially dilutive securities	$	(142,401)	$	8,945
Denominator:
Weighted-average shares outstanding used in computing net income (loss) per share, basic	523,485		214,883
Effect of dilutive securities:
Stock options	—		15,933
Warrants	—		260
Weighted-average shares outstanding used in computing net income (loss) per share, diluted	523,485		231,076
Net income (loss) per share, diluted	$	(0.27)	$	0.04

The weighted-average impact of potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive, or the issuance of such shares is contingent upon

(1)For the three months ended March 31, 2025, employee share-based awards excluded in the dilutive per share calculation include only RSUs subject to a service and performance condition which were excluded due to the RSUs being contingently issuable as of March 31, 2025. For the three months ended March 31, 2026, employee share-based awards excluded in the dilutive per share calculation include RSUs, excluding the CEO equity awards, and shares issuable pursuant to the 2025 ESPP.

(2)For the three months ended March 31, 2025, the equity awards excluded in the dilutive per share calculation include the 2021 CEO Market Award and the 2021 CEO Service Award (as defined and described in the Form 10-K), which were excluded due to the awards being contingently issuable as of March 31, 2025.