| NET INCOME (LOSS) PER SHARE |
NOTE 10 — NET INCOME (LOSS) PER SHARE The following presents the calculation of basic and diluted income (loss) per share for the three and six months ended June 30, 2026 and 2025: | | | For the Three Months Ended June 30, | | | For the Six Months Ended June 30, | | | | | 2026 | | | 2025 | | | 2026 | | | 2025 | | | Basic EPS: | | | | | | | | | | | | | | | | | | Numerator | | | | | | | | | | | | | | | | | | Income (loss) attributable to the Company | | $ | 24,364,324 | | | $ | (28,274,027 | ) | | $ | 2,641,594 | | | $ | (15,188,220 | ) | | Preferred shares redemption value accretion | | | – | | | | – | | | | – | | | | (21,702,737 | ) | | Fair value of ordinary shares issued to preferred shareholders | | | – | | | | (513,080,828 | ) | | | – | | | | (513,080,828 | ) | | Fair value of ordinary share warrants issued to preferred shareholders | | | – | | | | (15,600,000 | ) | | | – | | | | (15,600,000 | ) | | Excess carrying value of preferred shares repurchased | | | – | | | | 38,093,537 | | | | – | | | | 38,093,537 | | | Income (loss) attributable to ordinary shareholders | | | 24,364,324 | | | | (518,861,318 | ) | | | 2,641,594 | | | | (527,478,248 | ) | | Denominator | | | | | | | | | | | | | | | | | | Weighted-average shares outstanding - basic | | | 530,642,516 | | | | 431,390,035 | | | | 528,397,409 | | | | 286,155,488 | | | Basic earnings (loss) per share | | $ | 0.05 | | | $ | (1.20 | ) | | $ | 0.00 | | | $ | (1.84 | ) | | | | | | | | | | | | | | | | | | | | Diluted EPS: | | | | | | | | | | | | | | | | | | Numerator | | | | | | | | | | | | | | | | | | Income (loss) attributable to ordinary shareholders | | $ | 24,364,324 | | | $ | (518,861,318 | ) | | $ | 2,641,594 | | | $ | (527,478,248 | ) | | Denominator | | | | | | | | | | | | | | | | | | Weighted-average shares outstanding - basic | | | 530,642,516 | | | | 431,390,035 | | | | 528,397,409 | | | | 286,155,488 | | | Effect of dilutive securities: | | | | | | | | | | | | | | | | | | Options | | | 6,702,336 | | | | – | | | | 11,072,535 | | | | – | | | RSAs | | | 203,945 | | | | – | | | | 122,173 | | | | – | | | RSUs | | | 5,074,073 | | | | – | | | | 3,921,475 | | | | – | | | Weighted-average common shares outstanding - diluted | | | 542,622,870 | | | | 431,390,035 | | | | 543,513,592 | | | | 286,155,488 | | | Dilutive earnings (loss) per share | | $ | 0.04 | | | $ | (1.20 | ) | | $ | 0.00 | | | $ | (1.84 | ) | The following table summarizes potential ordinary shares outstanding that were excluded from the calculation of diluted net loss per ordinary share because their effect would have been anti-dilutive: | | | For the Three Months Ended June 30, | | | For the Six Months Ended June 30, | | | | | 2026 | | | 2025 | | | 2026 | | | 2025 | | | Options | | | – | | | | 33,057,765 | | | | – | | | | 33,057,765 | | | RSUs | | | 10,866,488 | | | | 8,046,477 | | | | 10,866,488 | | | | 8,046,477 | | | Public warrants | | | 9,675,384 | | | | 9,675,386 | | | | 9,675,384 | | | | 9,675,386 | | | Total potential ordinary shares outstanding | | | 20,541,872 | | | | 50,779,628 | | | | 20,541,872 | | | | 50,779,628 | |
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