NET INCOME (LOSS) PER SHARE

6 Months Ended

Jun. 30, 2026

Basic net income (loss) per share is computed by dividing net income (loss) attributable to the Company by the weighted-average number of shares of common stock outstanding during the period. Diluted net income (loss) per share is computed by dividing net income (loss) attributable to the Company by the weighted-average number of shares of common stock outstanding adjusted to give effect to potentially dilutive securities.

Diluted net income (loss) per share reflects the dilutive effect of potential common shares from share-based awards, warrants and convertible preferred stock. The treasury stock method is used to calculate the dilutive effect of outstanding share-based awards and warrants, which assumes the proceeds upon vesting or exercise would be used to purchase common stock at the average price for the period.

Net income (loss) per share is computed using the two-class method which is required for multiple classes of common stock and participating securities. In historical periods where the Company had outstanding convertible preferred stock, net income (loss) attributable to FTS is first allocated to the convertible preferred stock based on their dividend preference. Any remaining net income (loss) attributable to FTS is then allocated to common stockholders and preferred stockholders using the if-converted method. All preferred stock was convertible on a 1:1 basis to common stock.

The rights, including the liquidation and dividend rights and sharing of losses, of the Class A common stock, Blockchain common stock, and Class B common stock are identical, other than voting rights. As the liquidation and dividend rights

and sharing of profits are identical, the undistributed earnings are allocated on a proportionate basis for those classes and the resulting net income (loss) per share will, therefore, be the same for Class A common stock, Blockchain common stock, and Class B common stock on an individual or combined basis, and they have been combined as common shares below.

The following table sets forth the calculation of basic and diluted net income per common share for the periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Numerator:
Net income attributable to FTS	$	87,446	$	29,942	$	132,391	$	29,122
Less: Undistributed earnings attributable to convertible preferred stockholders	—		(22,506)		—		(26,064)
Net income attributable to common stockholders, basic and diluted	$	87,446	$	7,436	$	132,391	$	3,058

Denominator:
Basic weighted average common shares attributable to FTS	221,514,237		69,718,087		219,395,921		69,558,368
Add: effect of dilutive securities related to share-based payment awards (A)	25,455,712		18,053,806		28,530,400		17,205,202
Diluted weighted average common shares attributable to FTS	246,969,949		87,771,893		247,926,321		86,763,570

Net income per common share attributable to FTS, basic	$	0.39	$	0.11	$	0.60	$	0.04
Net income per common share attributable to FTS, diluted	$	0.35	$	0.08	$	0.53	$	0.04

(A) The dilutive impact of share-based payment awards and warrants for the three months ended June 30, 2026 and 2025 comprised of 21,891,686 and 16,626,395 shares related to stock options, zero and 1,427,411 shares related to warrants and 3,564,026 and zero related to unvested RSUs, respectively. The dilutive impact of share-based payment awards and warrants for the six months ended June 30, 2026 and 2025 comprised of 23,853,506 and 15,902,257 shares related to stock options, zero and 1,302,945 shares related to warrants, and 4,676,894 and zero related to unvested RSUs, respectively. For the three and six months ended June 30, 2026, 3,205,942 and 1,602,971 shares, respectively, related to unvested options were excluded from the dilutive impact as those shares would have been anti-dilutive to the share count as of June 30, 2026. For the three and six months ended June 30, 2025, 3,110,889 and 2,950,318 shares, respectively, related to unvested RSUs were excluded from the dilutive impact as the issuance of those shares was contingent upon the satisfaction of a liquidity condition which was not satisfied as of the end of those periods.