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

%