v3.26.1
NET INCOME (LOSS) PER SHARE (Tables)
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Net Income (Loss) Per Share
The following table sets forth the computation of basic and diluted net income (loss) per share attributable to common stockholders (in thousands, except share and per share data):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Basic net income (loss) per share
Numerator
Net Income (loss) attributable to common stockholders$295,379 $20,505 $234,093 $(35,459)
Denominator
Weighted-average number of shares outstanding used to compute net Income (loss) per share attributable to common stockholders, basic 11,062,7169,557,13710,599,9199,486,896
Basic net income (loss) per share attributable to common shareholders$26.70 $2.15 $22.08 $(3.74)
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Diluted net income (loss) per share
Numerator
Net Income (loss) attributable to common stockholders, basic$295,379 $20,505 $234,093 $(35,459)
Add: interest expense recognized for 2020 Notes1,716 1,759 3,416 — 
Add: fair value adjustment recognized for 2021 Notes240 — 25,239 — 
Net income (loss) attributable to common stockholders, diluted$297,335 $22,264 $262,748 $(35,459)
Denominator
Weighted-average number of shares outstanding used to compute net income (loss) per share attributable to common stockholders, basic11,062,7169,557,13710,599,9199,486,896
Weighted-average effect of potentially dilutive securities:
Stock Options4,178,5462,334,0014,375,578—
Early Exercised Stock Options—114,92279,382—
RSUs999,686—499,843—
Warrants for Common Stock187,837158,990204,490—
Convertible Preferred Stock6,916,4896,916,4896,916,489—
2020 Notes12,509,59112,267,15711,867,403—
2021 Notes27,026,654—13,513,327—
Weighted-average number of shares outstanding used to compute net income (loss) per share attributable to common stockholders, diluted62,881,51931,348,69648,056,4319,486,896
Diluted net income (loss) per share attributable to common shareholders$4.73 $0.71 $5.47 $(3.74)
The 2021 Notes are only convertible upon the occurrence of certain events such as an IPO, change of control, or equity financing. The conversion price depends on the price of the equity securities issued in such events and the Company’s capitalization at the time. As such, the conversion price and number of underlying shares for the 2021 Notes cannot be determined until a conversion-triggering event occurs and were not
included within the fiscal year 2025 periods. See Note 8 – Convertible Notes and Term Loan for additional information.
Schedule of Potentially Dilutive Securities Excluded from Net Loss Per Share
The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net income (loss) per share as the effect would have been antidilutive:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Stock options154,6751,849,430154,6757,553,732
Early exercised stock options130,012624,939130,012850,156
RSUs1,362,9971,187,6371,362,9971,187,637
Warrants for common stock7,6187,6187,618291,610
Warrants convertible for preferred stock (TriplePoint Loan Agreement) 11,67411,67411,67411,674
2020 Notes———12,267,157
Convertible preferred stock———6,916,489
Total1,666,9763,681,2981,666,97629,078,455