Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Computation of Basic and Diluted Income (Loss) Per Share

The following table presents the computation of the basic and diluted loss per share of Class A Common Stock (in thousands, except share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Numerator
Net loss	$	(62,841)	$	(38,206)	$	(115,369)	$	(37,231)
Less: Net loss attributable to redeemable noncontrolling interest	(16,781)		(13,408)		(32,265)		(1,499)
Less: Net income attributable to noncontrolling interest	385		383		728		845
Net loss attributable to the Company	(46,445)		(25,181)		(83,832)		(36,577)
Less: Cumulative preferred dividends	(167)		(151)		(329)		(298)
Net loss attributable to Class A common shareholders	$	(46,612)	$	(25,332)	$	(84,161)	$	(36,875)
Denominator
Basic and diluted weighted-average shares of Class A common stock outstanding	162,172,470		117,434,775		155,064,726		112,286,945





Net loss per share of Class A common stock - basic and diluted	$	(0.29)	$	(0.22)	$	(0.54)	$	(0.33)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table presents potentially dilutive securities, as of the end of the periods, excluded from the computation of diluted net loss per share of Class A Common Stock as their effect would be anti-dilutive, their exercise price was out-of-the-money, or because of unsatisfied contingent issuance conditions.


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
2023 Plan Awards (RSU and RSS awards)(2)	4,886,231	2,986,212	4,886,231	2,986,212
Options(1)	614,639	837,789	614,639	837,789
Series A Preferred Stock(2)	2,224,832	2,064,917	2,280,338	2,039,680
Warrants (Conversion Warrants and Preferred Investor Warrants)(1)	4,857,302	4,857,302	4,857,302	4,857,302

Escrow Shares(3)	316,237	—	316,237	—
Convertible Notes(2)	26,310,770	—	26,310,770	—

(1) Represents number of instruments outstanding at the end of the period that were evaluated under the treasury stock method for potentially dilutive effects and were determined to be anti-dilutive. The number of 2023 Plan awards outstanding as of June 30, 2026 consists of 4,618,792 unvested RSU and RSS awards and 267,439 vested RSUs with elected deferrals of the issuance of Class A common stock.

(2) Represents number of instruments outstanding as converted at the end of the period that were evaluated under the if-converted method for potentially dilutive effects and were determined to be anti-dilutive.

(3) Represents the number of escrow shares outstanding at the end of the period due to unsatisfied contingent issuance conditions and were determined to be anti-dilutive.