Net (Loss) Income Per Share

12 Months Ended

Dec. 31, 2025

The Company computes net (loss) income per share using the two-class method. Undistributed earnings are allocated between Class A and Class B common stock on a one-to-one basis. As a result, basic and diluted net (loss) income per share of Class A common stock and share of Class B common stock are equivalent. Diluted net (loss) income per share gives effect to all potentially dilutive securities, including stock options, Restricted Stock Units (“RSUs”), Performance Stock Units (“PSUs”), and Restricted Stock Awards (“RSAs”).

For the year ended December 31, 2025, basic and diluted net loss per share are the same, as the effect of potentially dilutive securities was anti-dilutive due to the net loss incurred. For the years ended December 31, 2024 and 2023, diluted net income per share included the dilutive impact of all potentially dilutive securities.

The following table presents a reconciliation of weighted-average shares outstanding used in the calculation of basic and diluted net (loss) income per share:


	Year ended December 31,
	2025	2024	2023
Weighted-average shares outstanding:
Weighted-average number of shares of common stock used in computing net income (loss) per share attributable to common stockholders — basic	148,539,990	145,864,755	142,593,000
Dilutive effect of share equivalents resulting from stock options	—	1,823,191	3,403,051
Dilutive effect of share equivalents resulting from RSUs and RSAs	—	1,173,900	69,282
Weighted-average number of shares of common stock used in computing net income (loss) per share attributable to common stockholders — diluted	148,539,990	148,861,846	146,065,333

The following potentially dilutive common stock equivalents have been excluded from the calculation of diluted weighted-average shares outstanding for the periods presented:


	Year ended December 31,
	2025	2024	2023
Stock options	4,881,707	2,224,938	3,748,877
RSUs, PSUs, and RSAs	8,318,737	626,741	1,558,847
Total	13,200,444	2,851,679	5,307,724

For the years ended December 31, 2025, 2024, and 2023, 1,011,278, 1,128,021, and 1,077,726 shares of Class A common stock potentially issuable under PSUs were excluded from the table above, respectively. The performance-based conditions had not been met and were deemed improbable of achievement as of the reporting period end date. See Note 14 “Stock-Based Compensation” for additional information regarding the Company’s PSUs.