| Summary of Computation of Net Income (Loss) Per Share of Class A and Class X Common Stock |
The computation of net income (loss) per share of Class A and Class X common stock is as follows (in thousands, except share and per share information):
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Three months ended June 30, |
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|
Six months ended June 30, |
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|
|
2026 |
|
|
2025 |
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|
2026 |
|
|
2025 |
|
Numerator: |
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|
|
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|
|
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|
Net income (loss) |
|
$ |
1,384 |
|
|
$ |
(5,900 |
) |
|
$ |
3,670 |
|
|
$ |
(11,648 |
) |
Less: Income allocated to participating securities under two-class method |
|
|
14 |
|
|
|
— |
|
|
|
38 |
|
|
|
— |
|
Less: Tax impact of adjustment (1) |
|
|
(1 |
) |
|
|
— |
|
|
|
(1 |
) |
|
|
|
Net income (loss) available to common shareholders - two class method - basic |
|
|
1,371 |
|
|
|
(5,900 |
) |
|
|
3,633 |
|
|
|
(11,648 |
) |
Diluted net income (loss) per share: |
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|
|
|
|
|
|
|
|
|
|
|
Less: Change in fair value on Term Loan Warrants |
|
|
68 |
|
|
|
— |
|
|
|
34 |
|
|
|
— |
|
Less: Change in fair value on Common Stock Warrants |
|
|
451 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Less: Tax impact of adjustment (1) |
|
|
(20 |
) |
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|
|
|
|
(1 |
) |
|
|
|
Net income (loss) available to common shareholders - diluted |
|
$ |
872 |
|
|
$ |
(5,900 |
) |
|
$ |
3,600 |
|
|
$ |
(11,648 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator: |
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|
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|
|
|
|
|
|
|
|
Weighted-average common shares outstanding, basic |
|
|
7,182,414 |
|
|
|
6,950,761 |
|
|
|
7,148,294 |
|
|
|
6,917,062 |
|
Dilutive effect of: |
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|
|
|
|
|
|
|
|
|
|
|
RSUs |
|
|
430,581 |
|
|
|
— |
|
|
|
340,542 |
|
|
|
— |
|
Options |
|
|
235,902 |
|
|
|
— |
|
|
|
166,787 |
|
|
|
— |
|
Term Loan Warrants |
|
|
44,327 |
|
|
|
— |
|
|
|
40,587 |
|
|
|
— |
|
Common Stock Warrants |
|
|
11,379 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Weighted-average common shares outstanding, diluted |
|
|
7,904,603 |
|
|
|
6,950,761 |
|
|
|
7,696,210 |
|
|
|
6,917,062 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
Net income (loss) per common share, basic |
|
$ |
0.19 |
|
|
$ |
(0.85 |
) |
|
$ |
0.51 |
|
|
$ |
(1.68 |
) |
Net income (loss) per common share, diluted |
|
$ |
0.11 |
|
|
$ |
(0.85 |
) |
|
$ |
0.47 |
|
|
$ |
(1.68 |
) |
(1) Tax impact calculated using the annual effective tax rate.
|
| Summary of Common Shares Excluded from Computation of Diluted Net Income (Loss) Per Common Share |
The following table presents the common shares as of the end of the respective period that are excluded from the computation of diluted net income (loss) per common share as of the periods presented because including them would have been antidilutive:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
|
Six months ended June 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time-vesting options |
|
|
499,328 |
|
|
|
860,500 |
|
|
|
568,443 |
|
|
|
860,500 |
|
RSUs |
|
|
444,913 |
|
|
|
554,766 |
|
|
|
534,952 |
|
|
|
554,766 |
|
Compensation warrants |
|
|
79,612 |
|
|
|
79,612 |
|
|
|
79,612 |
|
|
|
79,612 |
|
Public and Private Placement Warrants |
|
|
— |
|
|
|
306,667 |
|
|
|
— |
|
|
|
306,667 |
|
Term Loan Warrants |
|
|
53,155 |
|
|
|
97,482 |
|
|
|
56,895 |
|
|
|
97,482 |
|
Common Stock Warrants |
|
|
532,211 |
|
|
|
543,590 |
|
|
|
543,590 |
|
|
|
543,590 |
|
Forest Road Earn-out Shares |
|
|
75,000 |
|
|
|
75,000 |
|
|
|
75,000 |
|
|
|
75,000 |
|
ESPP |
|
|
17,919 |
|
|
|
— |
|
|
|
19,180 |
|
|
|
— |
|
|
|
|
1,702,138 |
|
|
|
2,517,617 |
|
|
|
1,877,672 |
|
|
|
2,517,617 |
|
|