Basic net loss per share is calculated by dividing the net loss by the weighted average number of outstanding shares of Common Stock each period. The Company’s Class A common stock and Class B common stock share equally in distributed and undistributed earnings; therefore, no allocation to participating securities or dilutive securities is performed. Diluted net loss per share is calculated by giving effect to all potential dilutive Common Stock equivalents, which includes stock options, RSUs, RSAs, PSUs, and preferred stock. The Company uses the if-converted method for its convertible debt instruments and the treasury stock method for options, warrants, and similar instruments in accordance with ASC 260 to calculate diluted EPS. The Company excludes any potentially dilutive common stock equivalents from the calculation of diluted net loss per share if their effect is anti-dilutive. As the Company had net losses in the three and nine months ended September 30, 2026 and 2025, all potentially dilutive common stock equivalents have been excluded from the calculation of diluted net loss per share attributable to common stockholders as their effect is anti-dilutive.

The following table presents the calculation for basic and diluted net loss per share (in thousands, except share and per share data):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Numerator:
Net loss, basic and diluted	$	(14,851	)	$	(79,982	)	$	(135,128	)	$	(190,862	)
Denominator:
Weighted-average common shares outstanding, basic and diluted		181,311			174,945			180,049			172,969
Net loss per share, basic and diluted	$	(0.08	)	$	(0.46	)	$	(0.75	)	$	(1.10	)

The following outstanding shares of common stock equivalents were excluded from the calculation of diluted net loss per share for the three and nine months ended September 30, 2026 and 2025, as the impact of including them would have been anti-dilutive.


	As of September 30,
	2026		2025
Deep 6 holdback liability		—		13,614
Paige holdback liability		—		85,966
Unvested RSUs		5,931,276		6,427,465
Unvested RSAs		7,601		20,630
Unvested PSUs		1,929,552		2,569,600
Shares issuable upon conversion of Notes(1)		15,550,198		9,292,529
Total potentially dilutive shares		23,418,627		18,409,804

(1) As disclosed in Note 12, the Company entered into the Capped Call Transactions in connection with the pricing of the Notes. The Capped Call Transactions are generally expected to reduce the potential dilution to the Company’s Class A common stock upon conversion of the Notes. As such, the impact of the Capped Call Transactions was excluded from the calculation as the effect of the Capped Call Transactions if issued upon conversion of the Notes, would have been anti-dilutive.

As disclosed in Note 12, the Second Amended Note may be fully converted to shares upon maturity at the holder’s option, or up to 50% may be converted to shares upon maturity at the Company's option. The number of shares to be issued is based on the amount outstanding at the maturity date, which is subject to reduction based on services used by us prior to the maturity date. As such, these are treated as contingently issuable shares and are excluded from potential dilutive impact.