Basic net income (loss) per share (“EPS”) of common stock is computed by dividing a company’s net earnings (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted EPS reflects the potential dilution that could occur if the securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity.

Potentially dilutive securities are excluded from the computation of diluted net loss per share as their inclusion would be anti-dilutive. The table below shows the calculation for earnings per share:


	Fiscal Year Ended
	May 31, 2026		May 31, 2025		May 31, 2024
Net loss	$	(184,339)	$	(231,065)	$	(149,671)
Net loss attributable to noncontrolling interest and redeemable noncontrolling interest	(59,665)		—		(397)

Preferred dividends	(6,259)		(2,615)		—
Net loss attributable to common stockholders	$	(250,263)	$	(233,680)	$	(149,274)

Net loss attributable to common stockholders:
Continuing operations	$	(249,243)	$	(233,680)	$	(149,274)
Discontinued operations	(1,020)		—		—
Net loss	$	(250,263)	$	(233,680)	$	(149,274)

Basic and diluted net loss per share attributable to common stockholders:
Continuing operations	$	(0.91)	$	(1.16)	$	(1.31)
Discontinued operations	—		—		—
Basic and diluted net loss per share	$	(0.91)	$	(1.16)	$	(1.31)

Basic and diluted weighted average number of shares outstanding	275,194,755		201,194,451		114,061,414

As of May 31, 2026, 2025, and 2024, the Company had approximately 22,352,083, 14,138,774, and 12,103,986 shares, respectively, of granted but unvested performance stock and restricted stock units that would have a potentially dilutive effect on earnings per share.

As of May 31, 2026, 2025, and 2024 the Company had approximately 1.5 million, 21.7 million, and 19.0 million respectively, shares associated with the Company’s preferred stock which have been excluded from the calculation of earnings per share because the effect of those shares would be antidilutive. Additionally, the Company had approximately 28.1 million, 17.1 million, and 12.3 million warrants outstanding as of May 31, 2026, May 31, 2025, and May 31, 2024,

Lastly, if the Company's Convertible Notes were converted into shares of the Company's common stock as of May 31, 2026, 2025, and 2024, approximately 46.1 million shares were excluded from the calculations of earnings per share because the effect of those shares would be antidilutive.