Basic and diluted earnings per common share (“EPS”) are computed using the two-class method, which is an earnings allocation formula that determines EPS for each class of common stock and participating securities, according to dividends declared and participation rights in undistributed earnings. The Company’s unvested Earnout Shares are considered participating securities because they are legally issued on the grant date and holders have a non-forfeitable right to receive dividends.

Basic EPS is generally calculated by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted EPS is generally calculated by dividing net income (loss) attributable to common stockholders adjusted for the effects of any dilutive securities by the weighted average number of common shares outstanding plus the additional dilution for all potentially dilutive securities. During loss periods, diluted loss per share is based on the weighted average number of common shares outstanding (basic), because the inclusion of common stock equivalents would be antidilutive.


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per share data)	2026		2025		2026		2025
Numerator
Net loss	$	(46,342)	$	(29,821)	$	(83,323)	$	(56,048)
Less: net loss attributable to redeemable noncontrolling interest	(25,569)		(16,823)		(46,129)		(31,688)
Net loss attributable to Class A common stockholders	(20,773)		(12,998)		(37,194)		(24,360)
Less: net loss attributable to participating securities	(106)		(70)		(191)		(131)
Net loss attributable to Class A common stockholders, basic and diluted	$	(20,667)	$	(12,928)	$	(37,003)	$	(24,229)

Denominator
Weighted average Class A common stock outstanding	141,083		134,203		139,872		133,363
Weighted average unvested Earnout Shares outstanding	(719)		(719)		(719)		(719)
Weighted average Class A common stock outstanding, basic and diluted	140,364		133,484		139,153		132,644

Net loss per share attributable to Class A common stockholders, basic and diluted	$	(0.15)	$	(0.10)	$	(0.27)	$	(0.18)

The Company’s potentially dilutive securities consist of the Company’s Public Warrants, Private Placement Warrants, RSUs, MSUs, PSUs, stock options and unvested Earnout Shares. For the periods in which EPS is presented, the Company excluded the following potential shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to Class A common stockholders since their impact would have been antidilutive:


	Three and Six Months Ended June 30,
(in thousands)	2026	2025
Public Warrants	14,949	14,949
Private Placement Warrants	3,149	3,149
RSUs	14,764	16,700
MSUs	104	236
PSUs	2,004	2,229
Stock options	436	436
	35,406	37,699

Additionally, 718,750 unvested Earnout Shares were excluded from the computation of diluted EPS since the volume-weighted average price of the share did not equal or exceed at least $15.00 as of June 30, 2026 and 2025. There were 1.0 million MSUs that were excluded from the computation of diluted EPS as their market vesting conditions had not yet been met as of June 30, 2026 and 2025. There were 0.7 million and 1.5 million PSUs that were excluded from the computation of diluted EPS as their performance conditions had not yet been met as of June 30, 2026 and 2025, respectively.