| Net (Loss) Income per Share |
Net (Loss) Income per Share The Company has two classes of common stock, Class A and Class B. Class B common stock has no economic rights, and therefore, has been excluded from the computation of basic and diluted net loss per share. Potentially dilutive securities have been excluded from the computation of diluted net loss per share as the effect would reduce net loss per share. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share is the same.
The following table sets forth the computation of basic and diluted net (loss) income per share (in thousands, except share and per share amounts):
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2026 |
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2025 |
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2026 |
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2025 |
| Numerator: |
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| Net (loss) income |
$ |
(20,252) |
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$ |
(19,676) |
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$ |
(66,064) |
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$ |
76,399 |
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| Income allocated to participating Securities Purchase Agreement Warrants |
— |
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— |
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— |
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(225) |
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| Basic net (loss) income attributable to common stockholders |
(20,252) |
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(19,676) |
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(66,064) |
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76,174 |
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| 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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— |
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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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— |
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— |
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49 |
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| Dilutive net (loss) income attributable to common stockholders |
$ |
(20,252) |
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$ |
(19,676) |
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$ |
(66,064) |
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$ |
72,615 |
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| Denominator: |
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| Weighted-average Class A common stock outstanding - basic |
39,167,991 |
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32,501,417 |
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36,932,506 |
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30,249,828 |
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| Effect of dilutive securities: |
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| Stock Options |
— |
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— |
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— |
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104,837 |
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| RSUs |
— |
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— |
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— |
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745,212 |
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| 2022 Blue Torch Warrants |
— |
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— |
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— |
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131,119 |
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| 2023 Blue Torch Warrants |
— |
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— |
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— |
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179,140 |
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| Weighted-average Class A common stock outstanding - diluted |
39,167,991 |
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32,501,417 |
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36,932,506 |
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31,410,136 |
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| Class A common stock: |
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| Net (loss) income per share - basic |
$ |
(0.52) |
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$ |
(0.61) |
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$ |
(1.79) |
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$ |
2.52 |
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| Net (loss) income per share - diluted |
$ |
(0.52) |
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$ |
(0.61) |
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$ |
(1.79) |
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$ |
2.31 |
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The following securities were not included in the computation of diluted net (loss) income per share because their effect would be anti-dilutive or the issuance of such shares is contingent upon the satisfaction of certain conditions that were not met by the end of the period:
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2026 |
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2025 |
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2026 |
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2025 |
| Stock options |
1,260,351 |
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1,612,985 |
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1,260,351 |
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1,612,985 |
| RSUs, PSUs, and Potential ESPP Shares |
2,810,828 |
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2,502,966 |
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2,810,828 |
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2,502,966 |
| Credit Agreement Warrants |
24,834 |
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24,834 |
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24,834 |
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24,834 |
| Contingent Earnout Shares |
— |
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912,600 |
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— |
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912,600 |
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4,096,013 |
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5,053,385 |
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4,096,013 |
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5,053,385 |
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