Net income or loss attributable to common stock is computed using the two-class method when shares are issued that meet the definition of participating securities. The Company’s Series A Preferred Stock is a participating security because these shares contractually entitle their holders to potentially participate in certain dividends, as such payments are defined in the stock purchase agreement, but do not contractually require their holders to participate in the Company’s losses.

The two-class method is an earnings allocation formula that requires undistributed earnings for the period to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. During the periods when there is a net loss, no amounts of undistributed losses are allocated to the Company’s participating securities.

Basic earnings or loss per common share is computed by dividing net income or loss attributable to common stock by the weighted-average number of common shares outstanding during the period.

Diluted earnings or loss per common share is computed by dividing net income or loss attributable to common stock (the numerator) by the weighted-average number of common shares outstanding during the period (the denominator) using the treasury stock method, the if-converted method, or the two-class method, as applicable. The numerator is adjusted for the effects of changes in income available to common stock that arise from the assumed conversion of dilutive convertible securities. The denominator is adjusted for the effects of dilutive potential common shares outstanding.

For the three and six months ended June 30, 2026, and 2025, the weighted-average common shares outstanding used in the calculation of basic loss per common share were the same as the weighted-average common shares outstanding used in the calculation of diluted loss per common share because the Company was in a loss position for both periods presented.

The following table presents unweighted potentially dilutive shares that were not included in the computation of diluted loss per common share because to do so would have been anti-dilutive:


	For the three months ended June 30,		For the six months ended June 30,
	2026	2025	2026	2025

2030 Notes	39,683,215	39,683,215	39,683,215	39,683,215
Series A Preferred Stock	13,320,013	—	13,320,013	—
Warrant	11,201,659	—	11,201,659	—

RSUs	1,610,509	1,765,358	1,610,509	1,765,358
PSUs	708,908	397,729	708,908	397,729
Total	66,524,304	41,846,302	66,524,304	41,846,302


	For the three months ended June 30,				For the six months ended June 30,
(in thousands, except share and per share data)	2026		2025		2026		2025
Calculation of basic loss per common share:
Net loss attributable to common stockholders	$	(20,296)	$	(30,872)	$	(28,264)	$	(53,520)
Weighted-average shares outstanding, basic	178,409,085		163,834,693		178,215,393		163,799,713
Basic loss per common share	$	(0.11)	$	(0.19)	$	(0.16)	$	(0.33)

Calculation of diluted loss per common share:
Net loss attributable to common stockholders	$	(20,296)	$	(30,872)	$	(28,264)	$	(53,520)




Weighted-average shares outstanding, diluted	178,409,085		163,834,693		178,215,393		163,799,713
Diluted loss per common share	$	(0.11)	$	(0.19)	$	(0.16)	$	(0.33)

In connection with the issuance of the 2030 Notes in March 2024, the Company entered into the Capped Call Options, which were not included for purposes of calculating the number of diluted shares outstanding, as their effect would have been anti-dilutive. The Company has not exercised any of the Capped Call Options as of June 30, 2026.