| NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS |
NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS The following tables present the calculation 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, | | 2026 | | 2025 | | Basic and diluted net income (loss) per share: | Class A | | Class B | | Class A | | Class B | | Class C | | Numerator: | | | | | | | | | | | Net income (loss) | $ | 13,652 | | | $ | 955 | | | $ | (48,692) | | | $ | (4,372) | | | $ | (765) | | | Undeclared cumulative dividends to preferred stockholders | (13,690) | | | (957) | | | (19,986) | | | (1,795) | | | (315) | | | Net loss attributable to common stockholders | $ | (38) | | | $ | (2) | | | $ | (68,678) | | | $ | (6,167) | | | $ | (1,080) | | | | | | | | | | | | | Denominator: | | | | | | | | | | | Weighted-average number of shares outstanding, basic and diluted | 353,960,978 | | | 24,750,000 | | | 275,650,985 | | | 24,750,000 | | | 4,328,764 | | | Net income (loss) per share attributable to common stockholders, basic and diluted | $ | (0.00) | | | $ | (0.00) | | | $ | (0.25) | | | $ | (0.25) | | | $ | (0.25) | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, | | 2026 | | 2025 | Basic net income (loss) per share: | Class A | | Class B | | Class A | | Class B | | Class C | | Numerator: | | | | | | | | | | | Net income (loss) | $ | 58,451 | | | $ | 4,201 | | | $ | (68,757) | | | $ | (6,175) | | | $ | (1,080) | | | Undeclared cumulative dividends to preferred stockholders | (28,133) | | | (2,022) | | | (32,383) | | | (2,909) | | | (510) | | | Net income (loss) attributable to common stockholders | $ | 30,318 | | | $ | 2,179 | | | $ | (101,140) | | | $ | (9,084) | | | $ | (1,590) | | | | | | | | | | | | | Denominator: | | | | | | | | | | | Weighted-average number of shares outstanding, basic | 344,336,762 | | | 24,750,000 | | | 275,536,305 | | | 24,750,000 | | | 4,328,764 | | | Basic net income (loss) per share attributable to common stockholders | $ | 0.09 | | | $ | 0.09 | | | $ | (0.37) | | | $ | (0.37) | | | $ | (0.37) | | | | | | | | | | | | | Six Months Ended June 30, | | 2026 | | 2025 | Dilutive net income (loss) per share: | Class A | | Class B | | Class A | | Class B | | Class C | Numerator: | | | | | | | | | | | Net income (loss) used in basic computation | $ | 30,318 | | | $ | 2,179 | | | $ | (101,140) | | | $ | (9,084) | | | $ | (1,590) | | | Reversal of unrealized gain on preferred stock | (8,031) | | | — | | | — | | | — | | | — | | | Reallocation of net income as a result of conversion of Class B to Class A shares | 2,179 | | | — | | | — | | | — | | | — | | | Reallocation of undistributed earnings | — | | | (590) | | | — | | | — | | | — | | | Net income (loss) attributable to common stockholders | $ | 24,466 | | | $ | 1,589 | | | $ | (101,140) | | | $ | (9,084) | | | $ | (1,590) | | | | | | | | | | | | | Denominator: | | | | | | | | | | | Weighted-average number of shares used in basic computation | 344,336,762 | | | 24,750,000 | | | 275,536,305 | | | 24,750,000 | | | 4,328,764 | | | Conversion of Class B to Class A shares outstanding | 24,750,000 | | | — | | | — | | | — | | | — | | | Dilutive securities | 12,691,175 | | | — | | | — | | | — | | | — | | | Weighted-average number of shares outstanding, diluted | 381,777,937 | | | 24,750,000 | | | 275,536,305 | | | 24,750,000 | | | 4,328,764 | | | Diluted net income (loss) per share attributable to common stockholders | $ | 0.06 | | | $ | 0.06 | | | $ | (0.37) | | | $ | (0.37) | | | $ | (0.37) | |
The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net income (loss) per share because including them would have had an anti-dilutive effect: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | Excluded Securities | 2026 | | 2025 | | 2026 | | 2025 | | Stock options to purchase common stock | 4,454,558 | | | 5,773,296 | | | 23,075 | | | 5,773,296 | | | RSUs | 22,585,469 | | | 14,990 | | | 6,913,294 | | | 14,990 | | | Total | 27,040,027 | | | 5,788,286 | | | 6,936,369 | | | 5,788,286 | |
The table above does not include stock options to purchase an aggregate of 9,630,210 shares of Class A common stock outstanding as of June 30, 2026 and 2025, zero and 6,590 shares of restricted stock outstanding as of June 30, 2026 and 2025, respectively, and 12,085,483 and 38,923,130 RSUs outstanding as of June 30, 2026 and 2025, respectively, as these awards are subject to performance conditions that were not probable of vesting as of those dates.
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