| Schedule of Earnings Per Share Basic and Diluted Attributable to Common Stockholders |
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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| Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share |
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 |
|
24,834 |
|
24,834 |
|
24,834 |
| Contingent Earnout Shares |
— |
|
912,600 |
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— |
|
912,600 |
|
4,096,013 |
|
5,053,385 |
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4,096,013 |
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5,053,385 |
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