NET INCOME (LOSS) PER COMMON SHARE

6 Months Ended

Jun. 30, 2026

Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period. The denominator used in calculating diluted net income (loss) per common share further includes any common shares available to be issued upon vesting or exercise of outstanding equity-based compensation awards if such inclusion would be dilutive, calculated using the treasury stock method, and any common shares to be issued upon conversion of the Convertible Notes if such inclusion would be dilutive, calculated using the if-converted method.

The computation of basic and diluted net loss per common share was as follows (dollars in thousands, except per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026(1)		2025(1)		2026(1)		2025(1)
Numerator:
Net loss - basic	$	(1,164,576)	$	(437,976)	$	(1,128,802)	$	(435,369)

Net loss - diluted	$	(1,164,576)	$	(437,976)	$	(1,128,802)	$	(435,369)

Denominator:
Weighted average common shares outstanding - basic	5,698,814		5,636,683		5,692,392		5,635,255


Weighted average common shares outstanding - diluted	5,698,814		5,636,683		5,692,392		5,635,255

Net Loss per Common Share:
Basic	$	(204.35)	$	(77.70)	$	(198.30)	$	(77.26)
Diluted	$	(204.35)	$	(77.70)	$	(198.30)	$	(77.26)

Supplemental Disclosure:
Anti-dilutive shares from equity-based compensation awards(2)	162,828		126,361		162,828		126,361

(1)Because the Company incurred net losses during the periods presented, diluted loss per common share equals basic net loss per common share for each period.

(2)Represents equity-based compensation awards whose impact is considered to be anti-dilutive under the treasury stock method.