The Company has two classes of common stock, Class A and Class B. Class B common stock has no economic rights, and therefore, has been excluded from the computation of basic and diluted net loss per share. Potentially dilutive securities have been excluded from the computation of diluted net loss per share as the effect would reduce net loss per share. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share is the same.

The following table sets forth the computation of basic and diluted net (loss) income per share (in thousands, except share and per share amounts):


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Numerator:
Net (loss) income	$	(19,969	)	$	119,590		$	(45,812	)	$	96,075
Income allocated to participating Securities Purchase Agreement Warrants		—			(430	)		—			(239	)
Basic net income (loss) attributable to common stockholders		(19,969	)		119,160			(45,812	)		95,836
Removal of mark-to-market adjustment for 2022 Blue Torch Warrants		—			—			—			(1,472	)
Removal of mark-to-market adjustment for 2023 Blue Torch Warrants		—			85			—			(2,136	)
Adjustment to income allocated to participating Securities Purchase Agreement Warrants		—			9			—			11
Dilutive net income (loss) attributable to common stockholders	$	(19,969	)	$	119,254		$	(45,812	)	$	92,239
Denominator:
Weighted-average Class A common stock outstanding - basic		38,295,060			31,398,176			35,796,237			29,105,374
Effect of dilutive securities:
Stock Options		—			99,734			—			130,663
RSUs		—			552,466			—			740,111
2022 Blue Torch Warrants		—			—			—			196,678
2023 Blue Torch Warrants		—			43,270			—			268,710
Weighted-average Class A common stock outstanding - diluted		38,295,060			32,093,646			35,796,237			30,441,536
Class A common stock:
Net (loss) income per share - basic	$	(0.52	)	$	3.80		$	(1.28	)	$	3.29
Net (loss) income per share - diluted	$	(0.52	)	$	3.72		$	(1.28	)	$	3.03

The following securities were not included in the computation of diluted net (loss) income per share because their effect would be anti-dilutive or the issuance of such shares is contingent upon the satisfaction of certain conditions that were not met by the end of the period:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Stock options		1,278,645		1,538,241		1,278,645		1,504,340
RSUs, PSUs, and Potential ESPP Shares		3,038,769		1,608,610		3,038,769		1,359,071
Credit Agreement Warrants		24,834		24,834		24,834		24,834
Contingent Earnout Shares		912,600		912,600		912,600		912,600
		5,254,848		4,084,285		5,254,848		3,800,845