All weighted-average shares outstanding and earnings (loss) per share amounts presented herein have been retroactively adjusted to reflect the Reverse Stock Split effected on July 2, 2026. See Note 2. Significant accounting policies and recent accounting pronouncements for further information on the Reverse Stock Split.

Basic and diluted net (loss) income per share attributable to common stockholders is computed in accordance with Note 2. Significant accounting policies and recent accounting pronouncements – Net (loss) income per share attributable to common stockholders of the Notes to the Combined Financial Statements for the year ended December 31, 2025.

The following table presents potentially dilutive securities that were not included in the computation of diluted net (loss) income per share of common stock as their inclusion would have been anti-dilutive and/or their issuance upon satisfying a contingency, if applicable, was not satisfied or deemed satisfied as of period end:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025
Akerna Common Warrants		1,449		—		1,449		—
Akerna Underwriter Warrants		72		—		72		—
Restricted stock units		128,549		—		128,549		—
Total		130,070		—		130,070		—

The following is a reconciliation of the denominator of the basic and diluted net (loss) income per share of common stock computations for the periods presented:


	Three Months Ended					Six Months Ended
	June 30,					June 30,
(in USD thousands, except share and per share amounts)	2026			2025		2026			2025
Numerator:
Net (loss) income – basic	$	(57,151	)	$	3,431	$	(138,943	)	$	(97,192	)
Gryphon warrants revaluation included in net (loss) income (net of income tax benefit)(1)		(17	)		—		(72	)		—
Net (loss) income – diluted	$	(57,168	)	$	3,431	$	(139,015	)	$	(97,192	)
Denominator:
Weighted average shares of Class A common stock		22,667,057			10,635,825		20,863,503			10,635,825
Weighted average shares of Class B common stock		48,814,987			48,814,987		48,814,987			48,814,987
Total weighted average shares of common stock outstanding – basic		71,482,044			59,450,812		69,678,490			59,450,812
Dilutive impact of Gryphon Warrants		5,364			—		2,697			—
Total weighted average shares of common stock outstanding – diluted		71,487,408			59,450,812		69,681,187			59,450,812
Net (loss) income per share of common stock:
Basic	$	(0.80	)	$	0.06	$	(1.99	)	$	(1.63	)
Diluted	$	(0.80	)	$	0.06	$	(2.00	)	$	(1.63	)

(1) Calculated as the net adjustment from warrant liability fair value remeasurement from Gryphon Warrants, net of tax