Net Income (Loss) Per Share

6 Months Ended

Jun. 30, 2026

Net Income (Loss) Per Share

Net Income (Loss) Per Share

12. Net Income (Loss) Per Share

Basic net loss per share is calculated by dividing the net loss by the weighted-average number of shares of common stock outstanding for the period, without consideration for potential dilutive common shares. Diluted net loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding for the period, without consideration for any potential dilutive common share equivalents as their effect would be antidilutive.

The following table sets forth the computation of the basic and diluted net income (loss) per share:


		Three Months Ended						Six Months Ended
		June 30,							June 30,
(in thousands, except share and per share data)		2026			2025			2026			2025
Net loss from continuing operations		$	(33,347)		$	(44,862)		$	(70,282)		$	(92,260)
Weighted-average common shares outstanding, basic and diluted			154,816,912			116,077,710			145,658,487			115,968,352
Net loss per share from continuing operations, basic and diluted		$	(0.22)		$	(0.39)		$	(0.48)		$	(0.80)

Net income from discontinued operations, net of tax		$	12,716		$	342,629		$	11,324		$	333,458
Weighted-average common shares outstanding, basic and diluted			154,816,912			116,077,710			145,658,487			115,968,352
Net income per share from discontinued operations, basic and diluted		$	0.08		$	2.95		$	0.08		$	2.88

Net income (loss)		$	(20,631)		$	297,767		$	(58,958)		$	241,198
Weighted-average common shares outstanding, basic and diluted			154,816,912			116,077,710			145,658,487			115,968,352
Net income (loss) per share, basic and diluted		$	(0.13)		$	2.57		$	(0.40)		$	2.08

For the three and six months ended June 30, 2026, the PIPE Warrants issued in the Private Placement to purchase the Company’s common stock were included in the basic and diluted earnings per share calculation because their exercise price was non-substantive.

As the Company had discontinued operations, the Company used net loss from continuing operations as the control number to determine whether potential common shares were dilutive or anti-dilutive for purposes of reporting each of the basic and diluted net loss per common share presentations above. Because there is a loss from continuing operations in each of the periods presented, the potentially dilutive shares are anti-dilutive and diluted net income (loss) per share in each of the presentations is the same as basic net income (loss) per share.

The following outstanding dilutive potential shares were excluded from the calculation of diluted net income (loss) per share due to their anti-dilutive effect:


		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2026		2025		2026		2025
Stock options, performance stock options and shares subject to ESPP		32,088,228		29,704,100		31,937,390		30,386,951
Restricted stock units		1,594,655		236,960		1,411,459		300,388
Shares issuable upon conversion of 2026 Convertible Notes		—		6,283		—		6,283
Total		33,682,883		29,947,343		33,348,849		30,693,622

In connection with the Surface Acquisition, the Company entered into the Contingent Value Rights Agreement, dated September 8, 2023, by and among the Company and Computershare Inc. and its affiliate Computershare Trust Company, N.A., together, as the rights agent thereunder (the “CVR Agreement”). The amounts in the table above exclude any shares contingently issuable pursuant to the CVR Agreement because the conditions that could result in a payment becoming due were not met.