Net income is allocated between the Company’s common stock and other participating securities (excluding unvested restricted stock awards) based on their participation rights. The Series A Preferred Stock represents participating securities. As such, the Company uses the two-class method of computing earnings per share. Under this method, net income (or loss) is allocated between the holders of common stock and the holders of the Series A Preferred Stock based on their respective participation rights.

Given that holders of Series A Preferred Stock participate in net losses on a 1:1 basis with holders of common stock, the allocation of net losses under the two-class method is equivalent to the allocation of net losses that would result under the if-converted method. Consequently, for periods in which a net loss is reported, basic and diluted net loss per share attributable to common stockholders are the same because the assumed conversion, exercise, or vesting, as applicable, of the Series A Preferred Stock, restricted stock awards, restricted stock units, and all other potential common stock equivalents would be anti-dilutive.


	Three Months Ended				Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Basic shares:
Numerator:
Net loss	$	(13,342)	$	(233)	$	(54,891)	$	(26,026)
Undistributed loss allocated to Series A Preferred Stock	61		2		252		212
Net loss available to holders of common stock	$	(13,281)	$	(231)	$	(54,639)	$	(25,814)
Denominator:
Weighted average common stock outstanding – basic	217,216,768		121,476,215		217,233,878		121,476,215
Weighted average Series A Preferred Stock outstanding – basic	1,000,000		1,000,000		1,000,000		1,000,000
Basic loss per common stock	$	(0.06)	$	(0.00)	$	(0.25)	$	(0.21)
Basic loss per Series A Preferred Stock	$	(0.06)	$	(0.00)	$	(0.25)	$	(0.21)

Dilutive shares:
Numerator:
Undistributed loss allocated to common stock	$	(13,281)	$	(231)	$	(54,639)	$	(25,814)
Undistributed loss allocated to Series A Preferred Stock	(61)		(2)		(252)		(212)
Total undistributed loss	$	(13,342)	$	(233)	$	(54,891)	$	(26,026)
Denominator:
Weighted average common stock outstanding – basic	217,216,768		121,476,215		217,233,878		121,476,215
Add: dilutive securities




Series A Preferred Stock	1,000,000		1,000,000		1,000,000		1,000,000
Weighted average common stock outstanding – diluted	218,216,768		122,476,215		218,233,878		122,476,215
Weighted average Series A Preferred Stock outstanding – diluted	1,000,000		1,000,000		1,000,000		1,000,000
Diluted loss per common stock	$	(0.06)	$	(0.00)	$	(0.25)	$	(0.21)
Diluted loss per Series A Preferred Stock	$	(0.06)	$	(0.00)	$	(0.25)	$	(0.21)


	Three Months Ended		Six Months Ended
Potentially dilutive securities	June 30, 2026	June 30, 2025	June 30, 2026	June 30, 2025
Stock options(1)	—	—	—	2,914
Warrants(1)	—	—	—	106,451
Restricted stock awards	3,151,618	—	3,260,838	—
Restricted stock units	2,205,996	2,189,643	1,891,184	2,071,531
Shares issuable pursuant to the Series A Preferred Stock dividend(2)	—	1,577,944	—	788,972

(1) For the three and six months ended June 30, 2026, and the three months ended June 30, 2025, the stock options and warrants were out of the money.
(2) See discussion of the Annual Dividend Amount in “Note 3. Stockholders’ Equity.”