v3.26.1
Net Income (Loss) Per Share
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Net Income (Loss) Per Share Net Income (Loss) Per Share
The Company computes earnings per share using the two-class method required for multiple classes of common stock and participating securities. The two-class method requires earnings available to common stockholders for the period to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all earnings for the period had been distributed. Prior to the IPO, the outstanding convertible preferred stock were deemed to be participating securities. The Company’s participating securities do not have a legal obligation to share in the Company’s losses.
In connection with the IPO, the Company amended its certificate of incorporation and authorized the issuance of multiple classes of common stock. The rights, including the liquidation and dividend rights, of the Class A common stock, Class B common stock, and Class C common stock are the same, other than voting rights. Accordingly, the Class A common stock, Class B common stock, and Class C common stock share equally in the Company’s net losses, and as such have been combined for the purpose of calculating net income (loss) per share.
Basic net income (loss) per share is computed by dividing net income (loss) attributable to common stockholders by the weighted-average number of shares of total common stock outstanding.
For the three and six months ended June 30, 2026, diluted net loss per share is the same as basic net loss per share as there was no net income attributable to common stockholders, and as a result, the inclusion of all potential common shares outstanding would have been antidilutive.
For the three and six months ended June 30, 2025, diluted net income per share is computed by dividing net income attributable to common stockholders by the weighted-average number of diluted common shares outstanding. The dilutive effect of potentially dilutive common shares is reflected in diluted earnings per share by application of the if-converted method for the Company’s outstanding convertible preferred stock, the treasury stock method for the Company’s other potentially dilutive securities, and is ultimately reflected as the more dilutive of the two-class method or these methods prescribed.
The following table sets forth the computation of the basic and diluted net income (loss) per share attributable to common stockholders during the periods presented.
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Basic and diluted net income (loss) per share:
Numerator:
Net income (loss) attributable to common stockholders
$(112,152)$846 $(254,553)$21,777 
Denominator:
Weighted-average shares outstanding used in computing net income (loss) per share, basic
527,460 215,062 525,542 214,973 
Net income (loss) per share, basic
$(0.21)$— $(0.48)$0.10 
Diluted net income (loss) per share:
Numerator:
Net income (loss) attributable to common stockholders$(112,152)$846 $(254,553)$21,777 
Reallocation of net income to common stockholders considering potentially dilutive securities— 34 — 856 
Net income (loss) attributable to common stockholders considering potentially dilutive securities$(112,152)$880 $(254,553)$22,633 
Denominator:
Weighted-average shares outstanding used in computing net income (loss) per share, basic527,460 215,062 525,542 214,973 
Effect of dilutive securities:
Stock options— 16,351 — 16,152 
Warrants— 260 — 260 
RSUs— 29 — 1 
Weighted-average shares outstanding used in computing net income (loss) per share, diluted527,460231,702525,542231,386
Net income (loss) per share, diluted$(0.21)$— $(0.48)$0.10 
The weighted-average impact of potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive, or the issuance of such shares is contingent upon
the satisfaction of certain conditions which were not satisfied at the end of the respective periods, was as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Employee share-based awards(1)
63,189 57,634 57,670 56,930 
Unvested RSAs1,360 623 1,411 354 
CEO equity awards(2) (3)
28,773 19,443 28,867 19,285 
Stock options6,227 — 7,433 — 
Total99,549 77,700 95,381 76,569 
__________________
(1)For the three and six months ended June 30, 2025, employee share-based awards excluded from the dilutive per share calculation under the two-class method include RSUs subject to a service and performance condition due to the RSUs being contingently issuable as of June 30, 2025, along with certain RSUs subject to only a service condition because the impact would be anti-dilutive. For the three and six months ended June 30, 2026, employee share-based awards excluded from the dilutive per share calculation include RSUs, excluding the CEO equity awards, and shares issuable pursuant to the 2025 ESPP.
(2)For the three and six months ended June 30, 2025, the equity awards excluded from the dilutive per share calculation include the 2021 CEO Market Award and the 2021 CEO Service Award (as defined and described in the Form 10-K), which were excluded due to the awards being contingently issuable as of June 30, 2025.
(3)For the three and six months ended June 30, 2026 and 2025, the CEO equity awards excluded from the dilutive per share calculation include the 2025 CEO Service Award and the 2025 CEO Stock Price Award. See Note 8 “Stockholders’ Equity” for further details.