Loss per share of Common Stock is calculated in accordance with ASC 260, Earnings per share. Loss per share – basic is calculated by dividing Loss attributable to Common Stockholders - basic and diluted by the Weighted average Common Stock outstanding - basic.

Loss per share – diluted is based on the weighted average number of shares of Common Stock used for the Loss per share - basic calculation, adjusted for the weighted-average number of common share equivalents outstanding for the period determined using the treasury stock method and if-converted method, as applicable. Loss attributable to Common Stockholders – basic and diluted is adjusted for the impact of changes in the fair value of the Public Warrants and Private Placement Warrants, to the extent they are dilutive.

Restricted common stock issued to Alder Securities LLC during the three months ended March 31, 2026 was excluded from both basic and diluted weighted-average shares outstanding, as the applicable performance condition had not been satisfied as of June 30, 2026. In addition, inclusion of these shares would have been anti-dilutive given the net loss reported for the period.


	For the three months ended June 30,				For the six months ended June 30,
dollars in thousands, except per share amounts	2026		2025		2026		2025
Net (loss) income	$	(498)	$	308	$	(31,802)	$	(15,230)
Adjustments to Net (loss) income:
Series A Preferred Stock—adjustment to maximum redemptions value	(7,109)		(6,636)		(14,137)		(13,197)
Loss attributable to Common stockholders – basic and diluted	$	(7,607)	$	(6,328)	$	(45,939)	$	(28,427)




Weighted average Common Stock outstanding - basic and diluted	56,439,564		53,878,966		55,867,575		53,846,770







Loss per share - basic and diluted	$	(0.13)	$	(0.12)	$	(0.82)	$	(0.53)

The following table summarizes the potentially dilutive common shares that were excluded from diluted Loss per share - diluted computations because the effect would have been anti-dilutive:


	For the three months ended June 30,		For the six months ended June 30,
	2026	2025	2026	2025
Series A Preferred Stock	38,308,545	35,761,440	38,308,545	35,761,440
Unvested Restricted Stock Units	8,148,110	3,969,372	8,148,110	3,969,372
Performance-Based Restricted Common Stock	303,890	—	303,890	—
Public Warrants	17,249,874	17,249,874	17,249,874	17,249,874
Private Placement Warrants	9,400,000	9,400,000	9,400,000	9,400,000
Unvested Legacy Bridger Incentive Units	40,404	40,404	40,404	40,404
Sponsor Earnout Shares	855,000	855,000	855,000	855,000