The conversion of common units into common stock which occurred as part of the Corporate Conversion is considered akin to a split-like situation. For calculation of net loss per share, shares outstanding for all historical periods before our IPO have been retrospectively adjusted to 95,141,928 to reflect the shares of the Company’s common stock converted from common units. As discussed in Note 1 - Description of Business and Basis of Presentation, the Corporate Conversion resulted in the issuance of 99,558,713 shares of the Company's common stock. However, this amount includes 2,269,473 shares of unrestricted common stock distributed in respect of vested Incentive Units and 2,147,313 shares of restricted stock distributed in respect of unvested Incentive Units. As the distribution of the Company's common stock in respect of vested and unvested Incentive Units is not considered akin to a split-like situation, these shares were excluded from shares outstanding in the calculation of net loss per share for the three and six months ended June 30, 2025 and are only included as outstanding shares prospectively from the vesting date.

Diluted net loss per share is computed by dividing net loss attributable to common shareholders by the weighted average number of fully dilutive common shares outstanding for the period using the treasury-stock method, the if-converted method, or two-class method for participating securities, whichever is more dilutive. The RSAs and RSUs were granted by and settled in the equity of Holdings and therefore are not included in the Company’s net loss per share calculations. During the periods presented, the Company did not have any dilutive equity instruments outstanding. As described in Note 10 - Stock-based Compensation, in 2026, the Company granted RSAs and RSUs. Both RSAs and RSUs are not participating securities as they are not entitled to receive nonforfeitable dividends before the underlying awards are vested. Further, the RSAs and RSUs are both antidilutive equity instruments that could potentially become dilutive in future periods. As a result, diluted net loss per common share is the same as basic net loss per common share for the periods presented.


	For the three months ended June 30,				For the six months ended June 30,
	2026		2025		2026		2025
Numerator:
Net loss as reported	$	(39,343)	$	(24,234)	$	(154,185)	$	(35,963)
Less: Accretion of Class P Units	—		—		192		—
Less: Deemed dividend on Conversion of the Class P Units upon IPO	—		—		60,722		—
Net loss attributable to common shareholders	$	(39,343)	$	(24,234)	$	(215,099)	$	(35,963)
Denominator:
Weighted average common shares outstanding - basic and diluted	128,095,949		95,141,928		122,092,664		95,141,928
Net loss per share - basic and diluted	$	(0.31)	$	(0.25)	$	(1.76)	$	(0.38)