Net Loss Per Share

9 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Net Loss Per Share

Note 15 — Net Loss Per Share

The Company computes net loss per share of Class A and Class B Common Stock using the two-class method. Basic net loss per share is computed using the weighted-average number of shares outstanding during the period. Diluted net loss per share is computed using the weighted-average number of shares and the effect of potentially dilutive securities outstanding during the period. Potentially dilutive securities consist of stock options, warrants, RSAs, RSUs, preferred stock, and other contingently issuable shares. The dilutive effect of outstanding stock options, warrants, RSAs, RSUs and other contingently issuable shares is reflected in diluted earnings per share by application of the more dilutive of (a) the two-class method or (b) the if-converted method and treasury stock method, as applicable. The computation of the diluted net loss per share of Class A Common Stock assumes the conversion of Class B Common Stock, while the diluted net loss per share of Class B Common Stock does not assume the conversion of those shares.

In periods where the Company has a net loss, most potentially dilutive securities are not included in the computation as their impact is anti-dilutive; those potentially dilutive securities whose impact is dilutive are included in the computation. In periods where their effect is dilutive, liability-classified warrants are included in the computation of diluted loss per share as if the underlying shares had been issued as of the later of the beginning of the fiscal period or the date of issuance of those securities. Inclusion of those securities increases both the net loss for the period and the number of shares used in the per share computation and is dilutive to the Company’s net loss per share.

			Class A				Class B				Class A				Class B
		Three months ended June 30,
		2026								2025
			Class A				Class B				Class A				Class B
Basic net loss per share:
Numerator:
Allocation of net loss		$	(16,528	)		$	(267	)		$	(7,932	)		$	(340	)
Preferred stock dividends			(8	)			—				—				—
Net loss available to common stockholders		$	(16,536	)		$	(267	)		$	(7,932	)		$	(340	)
Denominator:
Weighted-average shares outstanding			12,439,568				200,491				4,678,039				200,491
Basic net loss per share		$	(1.33	)		$	(1.33	)		$	(1.70	)		$	(1.70	)

Diluted net loss per share:
Numerator:
Net loss available to common stockholders		$	(16,536	)		$	(267	)		$	(7,932	)		$	(340	)
Reallocation of net loss as a result of conversion of Class B to Class A Common Stock			(267	)			—				(340	)			—
Allocation of net loss		$	(16,803	)		$	(267	)		$	(8,272	)		$	(340	)

Denominator:
Number of shares used in basic earnings per share calculation			12,439,568				200,491				4,678,039				200,491
Conversion of Class B to Class A Common Stock			200,491				—				200,491				—
Number of shares used in per share computation			12,640,059				200,491				4,878,530				200,491
Diluted net loss per share		$	(1.33	)		$	(1.33	)		$	(1.70	)		$	(1.70	)

			Class A				Class B				Class A				Class B
		Nine months ended June 30,
		2026								2025
			Class A				Class B				Class A				Class B
Basic net loss per share:
Numerator:
Allocation of net loss		$	(32,094	)		$	(679	)		$	(28,944	)		$	(1,458	)
Preferred stock dividends			(8	)			—				—				—
Net loss available to common stockholders		$	(32,102	)			(679	)		$	(28,944	)		$	(1,458	)
Denominator:
Weighted-average shares outstanding			9,483,444				200,491				4,043,700				203,741
Basic net loss per share		$	(3.39	)		$	(3.39	)		$	(7.16	)		$	(7.16	)

Diluted net loss per share:
Numerator:
Allocation of net loss		$	(32,102	)		$	(679	)		$	(28,944	)		$	(1,458	)
Reallocation of net loss as a result of conversion of Class B to Class A Common Stock			(679	)			—				(1,458	)			—
Allocation of net loss		$	(32,781	)		$	(679	)		$	(30,402	)		$	(1,458	)

Denominator:
Number of shares used in basic earnings per share calculation			9,483,444				200,491				4,043,700				203,741
Conversion of Class B to Class A Common Stock			200,491				—				203,741				—
Number of shares used in per share computation			9,683,935				200,491				4,247,441				203,741
Diluted net loss per share		$	(3.39	)		$	(3.39	)		$	(7.16	)		$	(7.16	)

For the purposes of applying the if converted method or treasury stock method for calculating diluted earnings per share, Warrants, RSAs, RSUs, stock options and preferred stock result in anti-dilution. Therefore, these securities are not included in the computation of diluted net loss per share. Shares potentially issuable under earnout arrangements were not included for purposes of calculating the number of diluted shares outstanding because the number of dilutive shares is, in each case, based on a contingency which had not been met during the periods presented herein.

The potential shares of Class A Common Stock that were excluded from the computation of diluted net loss per share for the periods presented because including them would have an antidilutive effect were as follows:

Schedule of Antidilutive Shares

		2026				2025
		Nine months ended June 30,
		2026				2025
Warrants			2,555,074				2,107,840
Shares potentially issuable upon conversion of preferred stock or exercise of warrants on preferred stock³			—				—
Shares potentially issuable upon conversion of convertible notes payable measured at fair value⁴			—				—
Shares potentially issuable under earnout arrangements			350,000				414,281
RSAs			342,500				510,000
RSUs			506,120				620,414
Stock options			205,097				245,262
Total			3,958,791				3,897,797

³

The amounts issuable upon conversion of the preferred shares or the exercise of the warrants for the preferred shares were not included here as of June 30, 2026, as the number of dilutive shares is not determinable until conversion or exercise. Using the lowest eight day volume weighted average price of the Class A Common Shares on June 30, 2026, the Company estimates that approximately 6,367,975 shares would be issuable upon conversion of the preferred shares and exercise of the warrants as of June 30, 2026.

⁴

The amounts issuable upon conversion of the convertible notes measured at fair value were not included here as of June 30, 2026, as the number of dilutive shares is not determinable until conversion Using the lowest eight-day volume weighted average price of the Class A Common Shares on June 30, 2026, the Company estimates that approximately 2,570,688 shares would be issuable upon conversion as of June 30, 2026.