Net Income (Loss) Per Share Attributable to Common Stockholders (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Schedule of Reconciliation of the Denominator Used in the calculation of Basic and Diluted Earnings Per Share

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.

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

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

13. Subsequent Events

On July 8, 2026, the Company granted a total of 1.8 million time-based RSUs and 4.8 million PRSUs to its Chief Executive Officer, as well as its President under its 2026 Equity Incentive Plan. The time-based RSUs vest over approximately four years, subject to continued service. The PRSUs vest based on Adjusted EBITDA CAGR targets achieved over the performance periods of the fiscal year ended December 31, 2027 and 2028, respectively (ranging from 0% to 200% of target), subject to a market condition and continued service. The Company estimates that it will recognize approximately $6.6 million of stock-based compensation expenses related to these awards in the third quarter of 2026.

On August 2, 2026, our board of directors authorized a $100 million share repurchase program of our outstanding Class A common stock which will be funded from available working capital. Repurchases of our Class A common stock may be effected, from time to time, on the open market (including pre-set trading plans), and other transactions in accordance with applicable securities laws. The share repurchase program does not have a fixed expiration date, does not obligate us to acquire any particular amount of Class A common stock, and may be suspended or discontinued at any time.