| Schedule of Earnings Per Share Basic and Diluted Attributable to Common Stockholders |
The computation of net earnings (loss) per share and weighted average Class A common stock outstanding for the period presented is as follows:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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Numerator: |
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Net income (loss) |
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$ |
119,590 |
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$ |
(16,559 |
) |
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$ |
96,075 |
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|
$ |
(42,103 |
) |
Income allocated to participating Securities Purchase Agreement Warrants |
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(430 |
) |
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— |
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(239 |
) |
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— |
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Basic net income (loss) attributable to common stockholders |
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119,160 |
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(16,559 |
) |
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|
95,836 |
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(42,103 |
) |
Removal of mark-to-market adjustment for 2022 Blue Torch Warrants |
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— |
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— |
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(1,472 |
) |
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— |
|
Removal of mark-to-market adjustment for 2023 Blue Torch Warrants |
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85 |
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— |
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(2,136 |
) |
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— |
|
Adjustment to income allocated to participating Securities Purchase Agreement Warrants |
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9 |
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— |
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11 |
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— |
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Dilutive net income (loss) attributable to common stockholders |
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$ |
119,254 |
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$ |
(16,559 |
) |
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$ |
92,239 |
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$ |
(42,103 |
) |
Denominator: |
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Weighted-average Class A common stock outstanding - basic |
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31,398,176 |
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24,487,484 |
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29,105,374 |
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23,150,265 |
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Effect of dilutive securities: |
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Stock Options |
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99,734 |
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— |
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130,663 |
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— |
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RSUs |
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552,466 |
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|
740,111 |
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— |
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2022 Blue Torch Warrants |
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— |
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— |
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|
196,678 |
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|
— |
|
2023 Blue Torch Warrants |
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|
43,270 |
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|
— |
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|
268,710 |
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|
— |
|
Weighted-average Class A common stock outstanding - diluted |
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32,093,646 |
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24,487,484 |
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30,441,536 |
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23,150,265 |
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Class A common stock: |
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Net earnings (loss) per share - basic |
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$ |
3.80 |
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$ |
(0.68 |
) |
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$ |
3.29 |
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$ |
(1.82 |
) |
Net earnings (loss) per share - diluted |
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$ |
3.72 |
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$ |
(0.68 |
) |
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$ |
3.03 |
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$ |
(1.82 |
) |
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| Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share |
The following securities were not included in the computation of diluted net earnings (loss) per share because the effect would be anti-dilutive or the issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2025 |
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2024 |
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|
2025 |
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|
2024 |
|
Stock options |
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|
1,538,241 |
|
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|
2,001,787 |
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|
1,504,340 |
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|
2,001,787 |
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RSUs and PSUs |
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1,608,610 |
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2,889,872 |
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1,359,071 |
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|
2,889,872 |
|
Credit Agreement Warrants |
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— |
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|
1,058,940 |
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— |
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|
1,058,940 |
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Contingent Earnout Shares |
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912,600 |
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— |
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912,600 |
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|
— |
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Securities Purchase Agreement Warrants |
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24,834 |
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— |
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24,834 |
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— |
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4,084,285 |
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5,950,599 |
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3,800,845 |
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5,950,599 |
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