Redeemable preferred shares (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Redeemable preferred shares

Schedule of issued and outstanding redeemable convertible preferred shares pre- and post-Rights Offering



		Class A		Class B		Class C		Class D		Class E		Class F		Total
Balance at December 31, 2024		22,397,515		37,324,661		7,946,281		22,602,822		77,760,008		12,796,134		180,827,421
Issuances		—		—		—		—		—		—		—
Balance at August 6, 2025		22,397,515		37,324,661		7,946,281		22,602,822		77,760,008		12,796,134		180,827,421
Balance post Rights Offering
Class A Series 1		7,558,992		—		—		—		—		—		7,558,992
Class A Series 2		—		6,737,332		—		—		—		—		6,737,332
Class A Series 3		—		—		1,886,380		—		—		—		1,886,380
Class A Series 4		—		—		—		3,003,862		—		—		3,003,862
Class A Series 5		—		—		—		—		32,857,618		—		32,857,618
Class A Series 6		—		—		—		—		3,872,438		—		3,872,438
Class A Series 7		—		—		—		—		—		93,637		93,637
New Class A Total														56,010,259
Converted to Common A shares		1,483,852		3,058,733		605,990		1,959,896		4,102,995		749,117		11,960,583

Summary of the Company's redeemable convertible preferred share features post Rights Offering


Features		Class A (Series 1-7)		Class B Series 1			Class B Series 2			Class B Series 3
Issued and outstanding		56,010,259			11,612,203			26,965,385			95,229,714
Convertible into		Class A Common shares			Class A Common shares			Class A Common shares			Class A Common shares
Conversion rate		1:1			1:1			1:1			1:1
Voting		Yes			Yes			Yes			Yes
Dividend		Only if paid on common shares. No fixed amount.			Only if paid on common shares. No fixed amount.			Only if paid on common shares. No fixed amount			Only if paid on common shares. No fixed amount
Redemption at option of holder		No			No			No			No
Liquidation/Deemed liquidation preference		1.0X			2.0X and participating			2.0X and participating			2.0X and participating
Original subscription price per share		Original subscription price		$	1.587		$	1.1903		$	0.00001
Redemption minimum approval requirement		2/3 vote			2/3 vote			2/3 vote			2/3 vote
Redemption amount		Greater of liquidation preference or fair value			Greater of liquidation preference or fair value			Greater of liquidation preference or fair value			Greater of liquidation preference or fair value



Features		Class A (Series 1-7)		Class B Series 1			Class B Series 2			Class B Series 3
Issued and outstanding		56,010,259			11,612,203			26,965,385			95,229,750
Convertible into		Class A Common shares			Class A Common shares			Class A Common shares			Class A Common shares
Conversion rate		1:1			1:1			1:1			1:1
Voting		Yes			Yes			Yes			Yes
Dividend		Only if paid on common			Only if paid on common			Only if paid on common			Only if paid on common
		shares. No fixed			shares. No fixed			shares. No fixed			shares. No fixed
		amount.			amount.			amount.			amount.
Redemption at option of holder		No			No			No			No
Liquidation/Deemed liquidation preference		1.0X			2.0X and participating			2.0X and participating			2.0X and participating
Original subscription price per share		Original subscription price		$	1.587		$	1.1903		$	0.00001

Redemption minimum approval requirement		2/3 vote			2/3 vote			2/3 vote			2/3 vote
Redemption amount		Greater of liquidation			Greater of liquidation			Greater of liquidation			Greater of liquidation
		preference or fair value			preference or fair value			preference or fair value			preference or fair value

Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

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