The weighted-average number of shares of common stock outstanding prior to the Business Combination has been adjusted to reflect the reverse recapitalization. Common stock issued upon the Closing Date to GrabAGun Members has been included in the basic and diluted net income (loss) per share calculation retroactively for all periods prior to the Business Combination.

Basic and diluted net income (loss) per share attributable to common shareholders was calculated as follows (in thousands, except for shares):


	Three Months Ended June 30,					Six Months Ended June 30,
	2026			2025		2026			2025
Numerator:
Net income (loss)	$	(1,810	)	$	823	$	(3,645	)	$	918
Denominator:
Weighted-average shares of common stock outstanding, basic and diluted		29,314,979			10,000,000		29,483,454			10,000,000
Net income (loss) per share attributable to common shareholders	$	(0.06	)	$	0.08	$	(0.12	)	$	0.09

During the three and six months ended June 30, 2026, the Company reported a net loss. The Company’s potentially dilutive securities, which include unvested RSAs, RSUs, and equity-classified warrants have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of shares of common stock outstanding used to calculate both basic and diluted net loss per share attributable to common shareholders is the same.

During the three and six months ended June 30, 2025, the Company had no potentially dilutive securities outstanding; therefore, the weighted-average number of shares of common stock outstanding used to calculate both basic and diluted net income per share attributable to common shareholders is the same.

The following outstanding potentially dilutive common stock equivalents were excluded from the computation of diluted net income (loss) per share due to their anti-dilutive effect for as of June 30, 2026:


	Shares
Unvested RSUs		535,781
Unvested RSAs		87,003
Warrants		10,666,667
Total		11,289,451

As of June 30, 2026, unvested RSAs are reflected in shares of common stock issued and outstanding on the condensed consolidated balance sheet but are excluded from the calculation of weighted-average shares of common stock outstanding for purposes of calculating net loss per share. As of December 31, 2025, unvested RSAs granted during the year are not considered legally issued and outstanding. Therefore, these shares are excluded from the common stock issued and outstanding on the condensed consolidated balance sheet and statement of changes in shareholders’ equity.

As of June 30, 2026, all vested RSUs are legally issued and outstanding. As of December 31, 2025, RSUs vested during the year were not issued and outstanding because they had not yet been settled into common stock. Therefore, these shares are excluded from the common stock issued and outstanding on the condensed consolidated balance sheet and statement of changes in shareholders’ equity. However, all vested RSUs are included in the calculation of the weighted-average shares outstanding for purposes of calculating net loss per share.