Net Loss per Share

Note 9: Net Income (Loss) per Share

The following table provides the computation of basic and diluted net income (loss) per share:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(in thousands, except per share data)
Numerator–basic:
Net income (loss) attributable to controlling interest	$	7,444	$	(20,362)	$	8,667	$	(40,842)
Less: Cumulative preferred dividends	9,570		—		9,570		—
Net loss attributable to Class A common stockholders–basic	$	(2,126)	$	(20,362)	$	(903)	$	(40,842)
Numerator–diluted:
Net loss attributable to Class A common stockholders–basic	$	(2,126)	$	(20,362)	$	(903)	$	(40,842)
Effect of dilutive securities:
Net income (loss) attributable to Class V common stockholders	—		—		—		—
Liability-classified warrants	—		—		—		—
Net loss attributable to Class A common stockholders–diluted	$	(2,126)	$	(20,362)	$	(903)	$	(40,842)
Denominator–basic:
Weighted average Class A common shares outstanding–basic	3,362		3,267		3,325		3,263
Net loss per share attributable to Class A common stockholders–basic	$	(0.63)	$	(6.23)	$	(0.27)	$	(12.52)
Denominator–diluted:
Weighted average Class A common shares outstanding–basic	3,362		3,267		3,325		3,263
Weighted average effect of dilutive securities:
Shares of Class V common stock	—		—		—		—
Restricted stock units	—		—		—		—
Equity-classified warrants	—		—		—		—
Liability-classified warrants	—		—		—		—
Weighted average shares outstanding–diluted	3,362		3,267		3,325		3,263
Net loss per share attributable to Class A common stockholders–diluted	$	(0.63)	$	(6.23)	$	(0.27)	$	(12.52)

Shares of Class V common stock do not share in the earnings or losses of P3 and are therefore not participating securities. As such, separate presentation of basic and diluted net income (loss) per share for Class V common stock under the two-class method is not required. The following table presents potentially dilutive securities excluded from the

computation of diluted net income (loss) per share for the periods presented because their effect would have been anti-dilutive.


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
	(in thousands)
Stock warrants (1)	12,163	7,789	12,163	7,789
Stock options (1)	540	430	540	430
Restricted stock units (1)	181	141	181	141

Shares of Class V common stock (2)	3,349	3,919	3,349	3,919
Total	16,233	12,279	16,233	12,279

(1)Represents the number of instruments outstanding at the end of the period. Application of the treasury stock method would reduce this amount if they had a dilutive effect and were included in the computation of diluted net income (loss) per share.

(2)Shares of Class V common stock at the end of the period are considered antidilutive shares of Class A common stock under application of the if-converted method.