| Earnings per share |
19. Earnings per share | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2026 | | 2025 | | 2026 | | 2025 | | Basic | | | | | | | | | Numerator: | | | | | | | | | Net (loss) income | $ | (372,955) | | | $ | (546,462) | | | $ | (773,559) | | | $ | (721,888) | | | Net loss (income) attributable to non-controlling interests | 1,514 | | | 2,196 | | | 2,173 | | | (12) | | | Convertible preferred stock dividend | — | | | (446) | | | — | | | (994) | | | Net income attributable to Class A common stock | $ | (371,441) | | | $ | (544,712) | | | $ | (771,386) | | | $ | (722,894) | | | | | | | | | | | Denominator: | | | | | | | | | Weighted-average shares - basic | 285,607,906 | | | 274,371,636 | | | 285,654,849 | | | 273,996,219 | | | Net income per share - basic | $ | (1.30) | | | $ | (1.99) | | | $ | (2.70) | | | $ | (2.64) | | | | | | | | | | | Diluted | | | | | | | | | Numerator: | | | | | | | | | Net (loss) income | $ | (372,955) | | | $ | (546,462) | | | $ | (773,559) | | | $ | (721,888) | | | Net loss (income) attributable to non-controlling interests | 1,514 | | | 2,196 | | | 2,173 | | | (12) | | | Convertible preferred stock dividend | — | | | (446) | | | — | | | (994) | | | | | | | | | | | | | | | | | | | Net income attributable to Class A common stock | $ | (371,441) | | | $ | (544,712) | | | $ | (771,386) | | | $ | (722,894) | | | | | | | | | | | Denominator: | | | | | | | | | Weighted-average shares - diluted | 285,607,906 | | | 274,371,636 | | | 285,654,849 | | | 273,996,219 | | | Net income per share - diluted | $ | (1.30) | | | $ | (1.99) | | | $ | (2.70) | | | $ | (2.64) | |
The following table presents potentially dilutive securities excluded from the computation of diluted net income per share for the periods presented because its effects would have been anti-dilutive. | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2026 | | 2025 | | 2026 | | 2025 | Series B convertible preferred stock(1) | — | | | 36,746 | | | — | | | 36,746 | | Equity Agreement shares(2) | 42,466,979 | | | 4,923,432 | | | 42,466,979 | | | 4,923,432 | | | Total | 42,466,979 | | | 4,960,178 | | | 42,466,979 | | | 4,960,178 | |
(1) Represents the number of unconverted Series B convertible preferred shares as of June 30, 2026 and June 30, 2025, respectively. (2) Represents Class A common stock that would be issued in relation to an agreement to issue shares executed in conjunction with a prior year asset acquisition.
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