Basic and Diluted Earnings (Loss) per Common Share

12 Months Ended

Dec. 31, 2025

Basic and Diluted Earnings (Loss) per Common Share

Basic earnings (loss) per common share is computed by dividing net income (loss) attributable to common stockholders by the weighted-average common stock outstanding during the respective period. The impact from potential shares of common stock on the diluted earnings per common share calculation are included only when dilutive.

Basic and diluted earnings (loss) per common share are calculated as follows (in thousands, except for share and per share data):


	Successor		Predecessor
	Period from September 12, 2025 to December 31, 2025		Period from January 1, 2025 to September 11, 2025		Year Ended December 31, 2024
Numerator:
Net loss	$	(393,598)	$	(26,990)	$	(21,580)
Dividends on preferred stock	(4,320)		—		—
Net loss attributable to common stockholders - Basic	$	(397,918)	$	(26,990)	$	(21,580)

Denominator:
Basic and diluted weighted average shares of common stock outstanding	43,997,862		2,299,243		2,213,424

Income (loss) per common share:
Basic income (loss) per common share	$	(9.04)	$	(11.74)	$	(9.75)
Diluted income (loss) per common share	$	(9.04)	$	(11.74)	$	(9.75)

During the period from September 12, 2025 to December 31, 2025, 5.4 million weighted-average shares of potential common stock related to outstanding warrants and stock awards were excluded from the computation of diluted earnings (loss) per common share as their impact would have been anti-dilutive.

During the period from January 1, 2025 to September 11, 2025, 1.2 million weighted-average shares of potential common stock were excluded from the computation of diluted earnings (loss) per common share as their impact would have been anti-dilutive and certain performance-contingent RSUs were excluded from the diluted EPS calculation because the contractual contingencies were not met.

During the year ended December 31, 2024, 1.1 million weighted-average shares of potential common stock were excluded from the computation of diluted earnings (loss) per common share as their impact would have been anti-dilutive and certain performance-contingent RSUs were excluded from the diluted EPS calculation because the contractual contingencies were not met.