Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding during each period.

Diluted net loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average number of fully dilutive common shares outstanding for the period using the treasury-stock method, the if-converted method, or two-class method for participating securities, whichever is more dilutive. Potentially dilutive shares are comprised of common stock warrants, RSUs, convertible notes and stock options. For the six months ended June 30, 2026 and 2025, there was no difference in the number of shares used to calculate basic and diluted shares outstanding due to the Company’s net loss and potentially dilutive shares being anti-dilutive. The Company has determined that all series of Preferred Stock were participating securities under the two-class method, however, holders of the Preferred Stock were not required to fund losses. Dividends were accreted for the Company’s outstanding shares of Series C, Series D-1 and Series D-3 Preferred Stock.

The following table summarizes the computation of basic and diluted net loss per share attributable to common stockholders of the Company:


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Numerator:
Consolidated net loss	$	(92,319	)	$	(63,778	)	$	(188,995	)	$	(123,871	)
Less: Accretion of dividends of Series C Preferred Stock		—			5,363			—			10,942
Less: Accretion of dividends of Series D-1 Preferred Stock		—			10,856			—			17,465
Less: Accretion of dividends of Series D-3 Preferred Stock		—			266			—			266
Net loss available to common stockholders	$	(92,319	)	$	(80,263	)	$	(188,995	)	$	(152,544	)
Denominator:
Weighted-average common shares outstanding – basic and diluted		161,784			13,877			160,711			13,659
Net loss per share attributable to common stockholders – basic and diluted	$	(0.57	)	$	(5.78	)	$	(1.18	)	$	(11.17	)

A summary of the total number of securities excluded from diluted net loss per share that could be potentially dilutive in the future is as follows:


	As of June 30,
	2026		2025
Convertible Series Seed Preferred Stock		—		2,023
Convertible Series Seed-1 Preferred Stock		—		3,273
Convertible Series A Preferred Stock		—		6,005
Convertible Series B Preferred Stock		—		5,869
Convertible Series C Preferred Stock		—		11,159
Convertible Series D-1 Preferred Stock		—		20,851
Convertible Series D-3 Preferred Stock		—		551
Convertible Series M Preferred Stock		—		2,812
Series J Warrants		646		646
Common Warrants		—		1,045
Stock options		12,569		19,289
RSUs		5,160		—
Total		18,375		73,523