Earnings (Loss) per Share (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the computation of basic and diluted earnings (loss) per common share (in thousands, except per-share amounts):


	Successor		Predecessor
	Three Months Ended September 30, 2025		Three Months Ended September 30, 2024

Numerator
Net income (loss)	$	(317,476)	$	(308,243)


Denominator
Weighted-average shares outstanding, basic (1)	40,322		109,521
Effect of dilutive shares	—		—
Adjusted weighted-average shares outstanding, diluted	40,322		109,521
Earnings (loss) per share
Basic earnings (loss) per common share	$	(7.87)	$	(2.81)
Diluted earnings (loss) per common share	$	(7.87)	$	(2.81)


	Successor		Predecessor
	Period from March 13, 2025 through September 30, 2025		Period from January 1, 2025 through March 12, 2025		Nine Months Ended September 30, 2024

Numerator
Net income (loss)	$	(574,243)	$	72,216	$	(643,805)


Denominator
Weighted-average shares outstanding, basic (1)	35,521		109,525		109,486
Effect of dilutive shares	—		—		—
Adjusted weighted-average shares outstanding, diluted	35,521		109,525		109,486
Earnings (loss) per share
Basic earnings (loss) per common share	$	(16.17)	$	0.66	$	(5.88)
Diluted earnings (loss) per common share	$	(16.17)	$	0.66	$	(5.88)

(1) Weighted-average shares outstanding, basic during the Successor Period includes exercisable warrants, as they meet the criteria under ASC 260 to be considered outstanding common shares.