Note 12. Earnings per share

The Company has two classes of common stock, Class A common stock and Class B common stock. The Company has determined that Class B common stock is not a participating security for purposes of calculating earnings per share. Accordingly, basic and diluted net income (loss) per share is presented only for Class A common stock.

Basic net income (loss) per share attributable to holders of Class A common stock is computed by dividing net income (loss) attributable to holders of Class A common stock by the weighted-average number of shares of Class A common stock outstanding during the period.

Diluted net income (loss) per share attributable to holders of Class A common stock is computed by adjusting basic net income (loss) per share for the potentially dilutive effect of securities or other contracts that may result in the issuance of Class A common stock, using the applicable methods prescribed by U.S. GAAP. Potential common shares are excluded from the calculation of diluted net income (loss) per share when their effect would be anti-dilutive.

The following table sets forth the computation of basic and diluted net income (loss) per share attributable to holders of Class A common stock for the three and nine months ended September 30, 2026:

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For the period from August 20, 2025 (inception) through September 30, 2025, net loss per share of Class A common stock of $(362.35) was computed by dividing the net loss of $362,717 by the 1,001 weighted-average shares of Class A common stock outstanding. For the nine months ended September 30, 2026, the Company reported a net loss and all potentially dilutive securities were excluded from diluted net loss per share because their effect would have been anti-dilutive. For the three months ended September 30, 2026, the dilutive effect of stock options and RSUs was determined using the treasury stock method, based on an average market price of the Class A common stock of approximately $0.72 per share for the period, which resulted in 966,264 incremental shares from stock options and no incremental shares from RSUs. The 3,600,000 earn-out shares held in escrow are contingently issuable shares and were excluded because the stock-price conditions of the Triggering Events ($13.00, $15.00 and $17.00 per share) had not been satisfied as of September 30,

2026. The following potentially dilutive securities were excluded from the computation of diluted net income (loss) per share because their effect would have been anti-dilutive or, for the earn-out shares, because the applicable conditions had not been satisfied:

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