Net Income (Loss) Per Share

6 Months Ended

Jun. 30, 2026

Net Income (Loss) Per Share

Net Income (Loss) Per Share

11. Net Income (Loss) Per Share

Basic and diluted net income (loss) per share for the three and six months ended June 30, 2026 and 2025 was calculated as follows (in thousands except share and per share amounts).

	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Numerator:
Net income (loss) attributable to common stockholders for basic and diluted net income (loss) per share	$	39,389	$	(16,643)	$	(37,777)	$	(32,078)
Denominator:
Weighted average number of common shares outstanding - basic		184,328,441		41,444,979		176,260,808		41,357,423
Weighted average effect of potentially dilutive securities:
Effect of potentially dilutive common stock warrants		31,524,859		—		—		—
Effect of potentially dilutive restricted stock units		1,489,713		—		—		—
Weighted average common shares outstanding — diluted		217,343,013		41,444,979		176,260,808		41,357,423
Net income (loss) per share attributable to common stockholders:
Basic	$	0.21	$	(0.40)	$	(0.21)	$	(0.78)
Diluted	$	0.18	$	(0.40)	$	(0.21)	$	(0.78)

Included within weighted average common shares outstanding for the three and six months ended June 30, 2026 and 2025 are 80,773,954, and 5,450, respectively, common shares issuable upon the exercise of certain warrants, which are exercisable at any time for nominal consideration, and as such, the shares are considered outstanding for the purpose of calculating basic and diluted net loss per share attributable to common stockholders.

The Company’s potentially dilutive securities include RSUs, stock options and warrants. The following table includes the potential shares of common stock, presented based on amounts outstanding at each period end, that were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect:

	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Options to purchase common stock	3,745,572	5,031,973	3,745,572	5,031,973
Warrants to purchase common stock	1,921,854	3,285,316	77,907,459	3,285,316
Restricted stock units to purchase common stock	14,139,884	—	16,581,971	—
	19,807,310	8,317,289	98,235,002	8,317,289