The Company follows the two-class method when computing net loss per common share when shares are issued that meet the definition of participating securities. The two-class method requires income available to common stockholders for the period to be allocated between common and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. The two-class method also requires losses for the period to be allocated between common and participating securities based on their respective rights if the participating security contractually participates in losses. As holders of participating securities do not have a contractual obligation to fund losses, undistributed net losses are not allocated to nonvested restricted stock for purposes of the loss per share calculation.

The dilutive effect for the Company's Convertible Senior Notes, Green Convertible Notes and Series B Convertible Perpetual Preferred Stock is calculated using the "if-converted" method. The dilutive effect of all other instruments is calculated using the treasury stock method.

The computation for the basic and diluted loss per share for the three and six months ended June 30, 2026 and 2025 are as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands, except per share data)	2026			2025			2026			2025
Numerator:
Net loss	$	(142,219	)	$	(144,240	)	$	(175,660	)	$	(135,408	)
Less: Dividends accumulated on Series B Convertible Perpetual Preferred Stock		5,526			583			10,839			583
Basic net loss attributable to common stockholders	$	(147,745	)	$	(144,823	)	$	(186,499	)	$	(135,991	)
Diluted net loss attributable to common stockholders	$	(147,745	)	$	(144,823	)	$	(186,499	)	$	(135,991	)

Denominator:
Weighted average common shares outstanding, basic		184,240			179,666			182,369			178,493
Weighted average common shares outstanding, dilutive		184,240			179,666			182,369			178,493

Net loss per share attributable to common stockholders, basic	$	(0.80	)	$	(0.81	)	$	(1.02	)	$	(0.76	)
Net loss per share attributable to common stockholders, diluted	$	(0.80	)	$	(0.81	)	$	(1.02	)	$	(0.76	)

Certain outstanding Common Stock equivalents were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented, as including them would have been anti-dilutive. A summary of those outstanding Common Stock equivalents is presented in the following table:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Anti-dilutive shares
Warrants		31,714		31,841		31,714		31,841
Stock options		1,612		1,489		1,612		1,489
RSUs		2,533		3,418		2,533		3,418
PSUs		616		940		616		940
Contingently - issuable shares to Legacy PCT unitholders (1)		2,000		2,000		2,000		2,000
Shares issuable upon conversion of Convertible Senior Notes		25,939		—		25,939		—
Shares issuable upon conversion of Green Convertible Notes		2,292		16,869		2,292		16,869
Shares issuable upon conversion of Series B Convertible Perpetual Preferred Stock		22,978		21,440		22,978		21,440
Total anti-dilutive shares		89,684		77,997		89,684		77,997

__________

(1) In connection with the initial business combination and merger agreement as described in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, legacy PCT unitholders will be entitled to 2.0 million shares upon the Ironton Facility becoming operational, as certified by Leidos Engineering, LLC, an independent engineering firm, in accordance with criteria established in agreements in connection with construction of the plant.