EARNINGS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Basic and Diluted Net Loss Per Share

Basic and diluted net loss per share is calculated as follows:


(Dollars and shares in thousands, except per share amounts)	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Numerator:
Net loss attributable to common stock, Class A common stock and Class B common stock	$	(59,527)	$	(11,627)	$	(94,791)	$	(20,773)
Denominator:
Weighted-average common stock, Class A common stock and Class B common stock	157,003		8,844		83,643		8,902
Net loss per share – basic and diluted	$	(0.38)	$	(1.31)	$	(1.13)	$	(2.33)

Schedule of Potentially Dilutive Instruments

The following potentially dilutive instruments, based on amounts outstanding and restated to reflect the Reverse Stock Split, that could result in dilution, were excluded from the diluted earnings per share computation because including them would have had an anti-dilutive effect:


(Shares in thousands)	As of June 30,
	2026	2025
Option-based awards	31,758	13,504

Restricted stock units	589	—
ESPP	274	—
Preferred shares	—	160,756
Total	32,621	174,260