Basic earnings per share is computed by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period without consideration for common stock equivalents. Diluted net income per share attributable to common stockholders is computed by dividing net income attributable to common stockholders by the weighted-average number of common shares outstanding during the period and potentially dilutive common stock equivalents. For periods of net loss, basic and diluted earnings per share are the same as the effect of potential common stock is anti-dilutive.

The rights, including the liquidation and dividend rights, of the holders of our Class A and Class B common stock are identical, except with respect to voting. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis and the resulting net loss per share attributed to common stockholders will, therefore, be the same for both Class A and Class B common stock on an individual or combined basis.

A reconciliation of the denominator used in the calculation of basic and diluted net income (loss) per share is as follows (in thousands, except for per share data):


	Three Months Ended June 30,								Six Months Ended June 30,
	2026						2025		2026									2025
	Class A		Class B		Consolidated		Common		Class A			Class B			Consolidated			Common
Basic net income (loss) per share:
Numerator:
Net income (loss)	$	9,624	$	9,907	$	19,531	$	18,469	$	(70,758	)	$	(76,102	)	$	(146,860	)	$	30,716
Deemed dividend on the conversion of Series D and D-1 redeemable convertible preferred stock		—		—		—		—		(2,718	)		(2,924	)		(5,642	)		—
Net income (loss) attributable to common stockholders	$	9,624	$	9,907	$	19,531	$	18,469	$	(73,476	)	$	(79,026	)	$	(152,502	)	$	30,716
Denominator:
Weighted-average common shares outstanding (1)		31,280		32,200		63,480		16,544		26,887			28,918			55,805			16,402
Basic net income (loss) per share	$	0.31	$	0.31	$	0.31	$	1.12	$	(2.73	)	$	(2.73	)	$	(2.73	)	$	1.87

Diluted net income (loss) per share:
Numerator:
Net income (loss) attributable to common stockholders	$	9,951	$	9,580	$	19,531	$	18,469	$	(73,476	)	$	(79,026	)	$	(152,502	)	$	30,716
Denominator:
Weighted-average common shares outstanding (1)		31,280		32,200		63,480		16,544		26,887			28,918			55,805			16,402
Effect of dilutive securities:
Stock options		732		—		732		1,117		—			—			—			1,183
Redeemable convertible preferred Stock		—		—		—		37,296		—			—			—			37,296
Warrants		9		—		9		133		—			—			—			147
Restricted stock units		1,424		—		1,424		3,704		—			—			—			3,750
Weighted-average diluted shares		33,445		32,200		65,645		58,794		26,887			28,918			55,805			58,778
Diluted net income (loss) per share	$	0.30	$	0.30	$	0.30	$	0.31	$	(2.73	)	$	(2.73	)	$	(2.73	)	$	0.52

(1)

In connection with our IPO, our Series A-1, Series A-2, Series A, Series B, Series C, Series D, Series D-1 redeemable convertible preferred stock converted into 18.5 million and 19.1 million shares of the Company's Class A common stock and Class B common stock. For the six months ended June 30, 2026, these shares were weighted in the denominator of net income (loss) per share for Class A and Class B common stock for the portion of the time outstanding subsequent to our IPO.

The potential shares of common stock that were excluded from the computation of diluted net income (loss) per share attributable to common stockholders for the periods presented because including them would have been antidilutive are as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Restricted stock units		2,056		4,228		5,565		4,228
Stock Options		32		—		883		—
Warrants		4		—		463		—
Total		2,092		4,228		6,911		4,228