The following is a reconciliation of the numerator (income (loss)) and the denominator (number of shares) used in the basic and diluted loss per share calculations:


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Numerator
Net income (loss)	$	3,535		$	(1,764	)	$	39,867		$	(29,109	)
Percentage allocated to common stockholders(1)		50	%		100	%		50	%		100	%
Numerator for basic earnings (loss) per common share	$	1,767		$	(1,764	)	$	19,871		$	(29,109	)
Undistributed income allocated to Series A Convertible Preferred Stock		1,141			—			12,901			—
Undistributed income allocated to Series A and Series B Warrants		627			—			7,096			—
Change in fair value of warrant liabilities		(1,230	)		—			(25,178	)		—
Numerator for diluted income (loss) per common share	$	2,305		$	(1,764	)	$	14,690		$	(29,109	)

Denominator
Weighted average number of shares of common stock, basic		12,297			11,937			12,230			11,856
Series A Convertible Preferred Stock		7,940			—			7,940			—
Series A Warrants and Series B Warrants		2,261			—			2,911			—
Options		341			—			644			—
Restricted stock units and performance stock units		188			—			299			—
Weighted average number of common stock, diluted		23,027			11,937			24,024			11,856

Basic income (loss) per common share	$	0.14		$	(0.15	)	$	1.62		$	(2.46	)
Diluted income (loss) per common share	$	0.10		$	(0.15	)	$	0.61		$	(2.46	)

(1) Basic weighted average common stock outstanding		12,297			11,937			12,230			11,856
Basic weighted average common stock and participating securities (Series A Redeemable Convertible Preferred Stock, Series A Warrants, and Series B Warrants)		24,605			11,937			24,537			11,856
Percentage allocated to common stockholders		50	%		100	%		50	%		100	%

Basic earnings (loss) per common share is calculated by dividing the earnings (loss) attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, without consideration of potentially dilutive securities. Diluted earnings (loss) per share is computed by dividing the earnings (loss) attributable to common stockholders by the weighted-average number of shares of common stock and potentially dilutive securities outstanding for the period. For purposes of the diluted earnings (loss) per share calculation, Series A Redeemable Convertible Preferred Stock, Series A Warrants, and Series B Warrants, stock options, restricted stock awards, restricted stock units, and performance stock units are considered to be potentially dilutive securities. Basic and diluted earnings (loss) attributable to common stockholders per share is presented in conformity with the two-class method required for participating securities. The Company considers Series A Redeemable Convertible Preferred Stock, Series A Warrants, and Series B Warrants to be participating securities, because holders of such instruments participate in the event a dividend is paid on common stock. The holder of the Series A Redeemable Convertible Preferred Stock, Series A Warrants and Series B Warrants does not have a contractual obligation to share in the Company’s losses. As such, losses are attributed entirely to common stockholders and for periods in which the Company has reported a net loss, diluted loss per common share is the same as basic loss per common share.

The Company excluded the following amounts of equity securities from its diluted loss per share calculations for the three and six months ended June 30, 2026 and 2025 because their effect was anti-dilutive:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Series A Redeemable Convertible Preferred Stock		—		7,940		—		7,940
Series A Warrants and Series B Warrants		—		4,367		—		4,367
Restricted stock units and performance stock units		634		954		3		954
Outstanding stock options		1,031		1,833		170		1,833

The anti-dilutive weighted average shares excluded from the diluted loss per share calculations were:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Series A Redeemable Convertible Preferred Stock		—		7,940		—		7,940
Series A Warrants		—		1,787		—		1,756
Series B Warrants		—		1,688		—		1,649
Restricted stock units and performance stock units		334		526		3		550
Outstanding stock options		1,030		1,072		170		1,004
Total		1,364		13,013		173		12,899