| Schedule of Earnings Per Share Basic and Diluted Attributable to Common Stockholders |
The following table sets forth the computation of basic and diluted net (loss) income per share (in thousands, except share and per share amounts):
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Numerator: |
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|
|
|
|
|
|
|
|
|
|
|
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: |
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|
|
|
|
|
|
|
|
|
|
|
Weighted-average Class A common stock outstanding - basic |
|
|
38,295,060 |
|
|
|
31,398,176 |
|
|
|
35,796,237 |
|
|
|
29,105,374 |
|
Effect of dilutive securities: |
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|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
| Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share |
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:
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|
|
|
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|
|
|
|
|
|
|
|
|
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 |
|
|