Basic EPS is measured as the net loss available to common stockholders divided by the weighted average common shares outstanding for the period. Diluted EPS reflects the potential dilution from unvested RSUs, PSUs, and MSUs, conversion of convertible securities using the if-converted method, and exercise of options and warrants using the treasury stock method. When potentially dilutive securities have an antidilutive effect they are excluded from the diluted EPS calculation.

Upon exercise of the Tranche 2 Warrants, shares are issuable for little or no consideration, sometimes referred to as “penny warrants”. Under ASC 260-10-45-13, those issuable shares are considered outstanding in the computation of basic EPS whether or not related warrants have been exercised. At June 30, 2026, approximately 6.6 million shares of common stock remain issuable upon the exercise of the Tranche 2 Warrants and are included in weighted average shares outstanding for the three and six months then ended. The basic EPS numerator is adjusted to eliminate changes in fair value of Tranche 2 Warrants recognized in net loss.

The 2029 and 2031 Convertible Notes were excluded from the computation of diluted EPS for all periods presented as their inclusion would be antidilutive given the Company’s net loss position in all periods.

The following table presents the reconciliation of the numerators and denominators used to compute basic and diluted net loss per share for the periods indicated (in thousands, except per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Numerator:
Net loss	$	(1,155,310)	$	(936,799)	$	(1,502,498)	$	(360,548)
Add: Change in fair value of Tranche 2 Warrants	74,234		923,525		78,995		289,104


Basic and diluted net loss	$	(1,081,076)	$	(13,274)	$	(1,423,503)	$	(71,444)
Denominator:
Weighted average shares outstanding - basic and diluted	325,329		317,985		324,128		316,593






Net loss per share - basic and diluted	$	(3.32)	$	(0.04)	$	(4.39)	$	(0.23)

The following table presents potentially dilutive securities excluded from the calculation of diluted EPS because their inclusion would be anti-dilutive (in thousands):



	June 30, 2026	June 30, 2025
Convertible Notes	69,611	69,611
RSUs, PSUs, and MSUs	16,408	25,204
Stock options	334	344
Tranche 1 Warrants	96,361	97,542
Total shares issuable from potentially dilutive securities	182,714	192,701