Net Income (Loss) Per Common Share (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2026

Dec. 31, 2025

Schedule of Basic and Diluted Net Loss Per Common Share

The following table summarizes the computation of basic and diluted net income (loss) per common share (in thousands, except per share amounts):


	Three Months Ended March 31,
	2026		2025
Numerator
Net income (loss)	$	26,490	$	(128,185)
Less: cumulative dividends to preferred stockholders	(3,424)		—
Less: undistributed earnings to participating securities	(1,763)		—
Net income (loss) attributable to common stockholders, basic	21,303		(128,185)
Add: adjustments to undistributed earnings to participating securities	304		—
Net income (loss) attributable to common stockholders, diluted	$	21,607	$	(128,185)
Denominator
Weighted-average common shares outstanding, basic	176,349		59,256
Effect of dilutive stock options and RSUs	39,818		—
Weighted-average common shares outstanding, diluted	216,167		59,256
Net income (loss) per common share, basic	$	0.12	$	(2.16)
Net income (loss) per common share, diluted	$	0.10	$	(2.16)

The following table summarizes the computation of basic and diluted net loss per common share (in thousands, except per share amounts):


	Year Ended December 31,
		2025		2024		2023
Numerator
Net loss		$	(585,525)	$	(69,459)	$	(56,945)
Denominator
Weighted-average common shares outstanding, basic and diluted		91,225		58,410		57,932
Net loss per common share, basic and diluted		$	(6.42)	$	(1.19)	$	(0.98)

Schedule of Dilutive Common Stock Equivalents

The following potentially dilutive common stock equivalents were excluded from the computation of diluted net income (loss) per share for the periods presented because including them would have been anti-dilutive (in thousands):


	Three Months Ended March 31,
	2026	2025
Common stock warrants	64,839	258
Redeemable convertible preferred stock	14,960	62,240
Common stock options and RSUs	9,928	49,223
Redeemable convertible preferred stock warrants	—	1,305
Total	89,727	113,026

The following potentially dilutive common stock equivalents were excluded from the computation of diluted net loss per share for the periods presented because including them would have been antidilutive (in thousands):


	Year Ended December 31,
	2025	2024	2023
Common stock warrants	65,226	310	476
Common stock options	55,438	49,157	42,630
Redeemable convertible preferred stock	14,597	62,240	62,240


Redeemable convertible preferred stock warrants	—	1,305	1,305
Total	135,261	113,012	106,651