All share and per-share amounts, including option and restricted stock quantities and exercise prices, have been retrospectively adjusted to reflect the stock split described in Note 1, Basis of Presentations and Principles of Consolidation.

In May 2025, the Company adopted the 2025 Stock Plan which authorized the issuance of incentive stock options, or non-statutory stock options, and restricted stock to employees and consultants.

Under the 2025 Stock Plan, the Company granted awards that are subject to annual, cliff-based vesting. The awards typically vest throughout four years of service. Share-based awards are payable in common stock at the discretion of the Board of Directors. Share-based awards are accounted for as compensation costs and are amortized on a straight-line basis over the vesting period. Additional information regarding the Company share-based compensation is included in Note 11, Share-Based Compensation, in the Company’s audited Consolidated Financial Statements for the year ended December 31, 2025, included in the Registration Statement. The Company’s share-based compensation expense for the periods presented was as follows:


	Three Months Ended June 30, 2026		Three Months Ended June 30, 2025		Six Months Ended June 30, 2026		Six Months Ended June 30, 2025

Cost of Revenue	$	477,803	$	80,304	$	950,635	$	80,304
General and administrative costs	1,670,402		95,398		2,706,867		95,398
Total share-based compensation expense	$	2,148,205	$	175,702	$	3,657,502	$	175,702

For the three months ended June 30, 2026, the Company approved equity awards under its 2025 Stock Plan, including restricted stock purchase rights to an officer to purchase 941,222 shares of Class B common stock at $1.635 per share and stock options for an aggregate of 305,790 shares of Class B common stock, generally at an exercise price of $1.635 per share. The restricted stock awards generally vest over four years, subject to continued service. The stock options generally vest over four years, with certain awards, subject to alternative vesting terms and/or certain acceleration provisions.

The summary of stock options and restricted stock under the Company’s 2025 Stock Plan as of June 30, 2026, and changes for the six months then ended are presented as follows:


	Six Months Ended June 30, 2026		Six Months Ended June 30, 2025
Stock Options	Number of Options	Weighted Average Exercise Price	Number of Options	Weighted Average Exercise Price
Outstanding at the beginning of the period	6,459,000	$0.21	—	$—
Granted	7,060,972	$0.96	6,534,000	$0.21
Exercised	(134,998)	$0.21	—	$—
Forfeited/expired	(1,058,418)	$0.58	—	$—
Outstanding at the end of the period	12,326,556	$0.61	6,534,000	$0.21
Exercisable at the end of the period	2,154,647	$0.23	—	$—


	Six Months Ended June 30, 2026		Six Months Ended June 30, 2025
Restricted Stock	Number of Shares	Weighted Average Grant Date Fair Value	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding at the beginning of the period	5,585,000	$0.97	—	$—
Granted	1,808,222	$7.28	5,585,000	$0.97
Vested	(1,978,020)	$0.97	—	$—
Forfeited/expired	—	$—	—	$—
Outstanding at the end of the period	5,415,202	$3.08	5,585,000	$0.97


	Amount		Weighted Average Remaining Recognition Period (Years)
Stock options	$	17,438,296	3.32
Restricted stock	16,002,469		3.91
Total compensation cost	$	33,440,765	3.54


Assumption	Three Months Ended June 30, 2026		Six Months Ended June 30, 2026
Expected volatility	110.0%		110.0%
Expected term (years)	7.0		7.0
Risk-free interest rate	4.50%		4.29% - 4.5%
Expected dividend yield	0.0%		0.0%
Weighted Average Grant-Date Fair Value	$	2.71	$	2.59


Assumption	Three Months Ended June 30, 2025		Six Months Ended June 30, 2025
Expected volatility	110.0%		110.0%
Expected term (years)	7.0		7.0
Risk-free interest rate	4.17%		4.17%
Expected dividend yield	0.0%		0.0%
Weighted Average Grant-Date Fair Value	$	0.921	$	0.921

At June 30, 2026, the Company reserved 22,119,000 shares of common stock for future issuance under the 2025 Stock Plan and had 4,377,242 shares of common stock available for issuance. On July 1, 2026, the Company's board of directors adopted, and on July 6, 2026 the Company's stockholders approved, the 2026 Plan, which became effective immediately prior to the completion of the IPO and terminated the 2025 Stock Plan. On July 1, 2026, the Company’s board of directors adopted and on July 2, 2026, the Company’s stockholders approved the 2026 Employee Stock Purchase Plan (“ESPP”), which became effective immediately prior to the effectiveness of the Registration Statement. See Note 14, Subsequent Events, for additional discussion.