Earnings (Loss) per Share

12 Months Ended

Dec. 31, 2025

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


	Successor		Predecessor
	Period from March 13, 2025 through December 31, 2025		Period from January 1, 2025 through March 12, 2025		Twelve Months Ended December 31, 2024		Twelve Months Ended December 31, 2023


Numerator:
Net income (loss)	$	(2,832,669)	$	72,216	$	(1,229,495)	$	(447,464)
Denominator:
Weighted-average shares outstanding, basic (1)	37,023		109,525		109,495		109,152
Effect of dilutive stock awards	—		—		—		—
Adjusted weighted-average shares outstanding, diluted	37,023		109,525		109,495		109,152
Earnings (loss) per share:
Basic earnings (loss) per common share	$	(76.51)	$	0.66	$	(11.23)	$	(4.10)
Diluted earnings (loss) per common share	$	(76.51)	$	0.66	$	(11.23)	$	(4.10)

(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.

During the Current Predecessor Period, warrants in connection with the Payroll Support Program to purchase 913,383 shares of Common Stock were excluded from the computation of diluted EPS because the exercise price was greater than the average market price, making them antidilutive. Anti-dilutive Common Stock equivalents related to outstanding equity awards were also excluded from the diluted earnings (loss) per share calculation for any of the periods presented and are not material.