The following table presents the computation of basic and diluted net loss per share attributable to common shareholders for the three and six months ended June 30, 2026 and 2025:


	Three months ended June 30,				Six months ended June 30,
	2026		2025 (1)		2026		2025 (1)
Numerator:
Net loss attributable to common shareholders, basic and diluted	$	(42,051)	$	(15,140)	$	(62,655)	$	(27,345)
Denominator:
Weighted average common shares outstanding	299,964,510		55,786,865		186,551,397		55,718,926
Net loss per share attributable to common shareholders, basic and diluted	$	(0.14)	$	(0.27)	$	(0.34)	$	(0.49)

(1) Net loss per share has been recast to reflect the exchange of the Company's convertible preferred shares and common shares and the equivalent number of shares reflecting the Exchange Ratio established in the Reverse Recapitalization. Refer to Note 3 for additional information.

The Company has two classes of common shares, Xanadu Class A Multiple Voting Shares and Xanadu Class B Subordinate Voting Shares. These shares rank pari passu with respect to participation rights to dividends, liquidation preferences, and therefore, the calculation of net loss per share as described above is identical to the calculation under the two-class method.

Since the Company was in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share for all periods as the inclusion of all potential common shares outstanding would have been anti-dilutive.

Potentially dilutive securities (upon conversion) that were not included in the diluted per share calculations because they would be anti-dilutive were as follows :


	As of June 30,
		2026	2025 (1)
Warrants as exercisable to common shares		157,960	677,934
Stock options issued and outstanding		46,966,503	42,936,552
Preferred shares as convertible to common shares		—	199,930,069
Total		47,124,463	243,544,555

(1) Shares have been recast to reflect the Exchange Ratio established in the Reverse Recapitalization. Refer to Note 3 for additional information.