Basic earnings (loss) per common share is computed by dividing net income (loss) attributable to common stockholders by the weighted-average common stock outstanding during the respective period. The impact from potential shares of common stock on the diluted earnings per common share calculation are included only when dilutive.


	Three Months Ended				Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
	Successor		Predecessor		Successor		Predecessor
Numerator:
Net loss	$	(257,603)	$	(8,875)	$	(523,509)	$	(12,624)
Dividends on preferred stock	(26,209)		—		(39,663)		—
Net loss attributable to common stockholders - Basic	$	(283,812)	$	(8,875)	$	(563,172)	$	(12,624)

Denominator:
Basic and diluted weighted average shares of common stock outstanding	75,275,806		2,300,998		68,490,600		2,288,538

Income (loss) per common share:
Basic income (loss) per common share	$	(3.77)	$	(3.86)	$	(8.22)	$	(5.52)
Diluted income (loss) per common share	$	(3.77)	$	(3.86)	$	(8.22)	$	(5.52)

During the three and six months ended June 30, 2026, 3.1 million and 3.2 million, respectively, weighted-average shares of potential common stock related to outstanding warrants, convertible notes, and stock awards were excluded from the computation of diluted earnings (loss) per common share as their impact would have been anti-dilutive.

During the three and six months ended June 30, 2025, 1.2 million weighted-average shares of potential common stock were excluded from the computation of diluted earnings (loss) per common share as their impact would have been anti-dilutive and certain performance-contingent RSUs were excluded from the diluted EPS calculation because the contractual contingencies were not met.