The Company computes earnings per share using the two-class method, which applies to issuers with multiple classes of common stock and participating securities. Under this method, earnings available to common stockholders are allocated between common stock and participating securities based upon their respective rights to receive dividends as if all earnings for the period had been distributed. Prior to the IPO, the outstanding convertible preferred stock was deemed to be participating securities. However, these participating securities were excluded from the computation of net loss per share during periods of net loss because the convertible preferred stockholders had no contractual obligation to participate in losses.

In connection with the IPO, the Company amended its certificate of incorporation to authorize the issuance of Class A common stock and Class B common stock. Other than voting rights, Class A common stock and Class B common stock have identical rights, including liquidation and dividend rights. Accordingly, Class A common stock and Class B common stock share equally in the Company’s net income (loss), and as such have been combined for the purpose of calculating net income (loss) per share.

Basic net income (loss) per share is computed by dividing net income (loss) attributable to common stockholders by the weighted-average number of shares of total common stock outstanding. For the three and six months ended June 30, 2026, because the Company was in a loss position, diluted net loss per share is the same as basic net loss per share as the inclusion of the potential common shares outstanding would have been anti-dilutive.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Net income (loss)	$	(19,025)	$	38,315	$	(79,698)	$	12,581
Less: Net income allocated to participating securities	—		(24,862)				(11,314)
Net income (loss) attributable to common stockholders, basic and diluted	$	(19,025)	$	13,453	$	(79,698)	$	1,267
of which:
Net income (loss) attributable to Class A common stock and Class B common stock - basic	$	(19,025)	$	—	$	(79,698)	$	—
Net income (loss) attributable to Class A common stock - basic	$	—	$	10,928	$	—	$	1,019
Net income (loss) attributable to Class F common stock - basic	$	—	$	2,525	$	—	$	248
Net income (loss) attributable to Class A common stock - dilutive	$	—	$	14,036	$	—	$	1,082

Net income (loss) attributable to Class F common stock - dilutive	$	—	$	2,322	$	—	$	185

Class A common stock and Class B common stock
Weighted average shares used in computing net loss - basic and dilutive	116,341		—		107,422		—
Net loss per share - basic and diluted	$	(0.16)	—		$	(0.74)	—

Class A common stock


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Weighted average shares used in computing net income - basic	—		32,900		—		31,209
Effect of potentially dilutive securities - stock options	—		16,456		—		16,503


Weighted average shares used in computing net income - dilutive	—		49,356		—		47,712
Net income per share - basic	$	—	$	0.33	$	—	$	0.03
Net income per share - dilutive	$	—	$	0.28	$	—	$	0.02








Class F common stock
Weighted average shares used in computing net income - basic	—		7,601		—		7,601
Effect of potentially dilutive securities - stock options	—		563		—		563
Weighted average shares used in computing net income - dilutive	—		8,164		—		8,164
Net income per share - basic	$	—	$	0.33	$	—	$	0.03
Net income per share - dilutive	$	—	$	0.28	$	—	$	0.02