Net Loss Per Share

6 Months Ended

Jul. 31, 2025

Earnings Per Share [Abstract]

Net Loss Per Share

Note 11 – Net Loss Per Share

For periods in which there were Class A and Class B shares outstanding, the rights, including the liquidation and dividend rights, of the holders of Class A and Class B common stock are identical, except with respect to voting, conversion, and transfer rights. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis to each class of common stock and the resulting basic and diluted net loss per share attributable to common stockholders are, therefore, the same for both Class A and Class B common stock on both individual and combined basis.

The following table presents the calculation of basic and diluted net loss per share (in thousands, except per share amounts):

	Three Months Ended July 31,
	2025				2024
	Class A		Class B		Class A		Class B
Numerator:
Net loss	$	(64,474)	$	(31,455)	$	(55,630)	$	(121,300)
Denominator:
Weighted-average common stock shares used in computing net loss per share, basic and diluted	130,985		63,905		56,548		123,303
Net loss per common stock share, basic and diluted	$	(0.49)	$	(0.49)	$	(0.98)	$	(0.98)

	Six Months Ended July 31,
	2025				2024
	Class A		Class B		Class A		Class B
Numerator:
Net loss	$	(124,810)	$	(73,223)	$	(218,941)	$	(690,080)
Denominator:
Weighted-average common stock shares used in computing net loss per share, basic and diluted	121,817		71,467		29,495		92,965
Net loss per common stock share, basic and diluted	$	(1.02)	$	(1.02)	$	(7.42)	$	(7.42)

The following outstanding potentially dilutive securities were excluded from the computation of diluted net loss per share for the periods presented because the impact of including them would have been antidilutive (in thousands):

	Three and Six Months Ended July 31,
	2025	2024
Issued and outstanding common stock options	9,129	10,486
Unvested RSUs issued and outstanding	22,372	26,081
Convertible notes	9,218	—
Restricted stock issued for business combination	402	—
Total	41,121	36,567

The Company entered into the Capped Calls in connection with the issuance of the Convertible Notes. The effect of the Capped Calls was excluded from the calculation of diluted net loss per share attributable to the Company’s Class A common stockholders as the effect of the Capped Calls would have been anti-dilutive. The Capped Calls are generally expected to reduce the potential dilution to the Company’s Class A common stock upon any conversion of the relevant series of the Convertible Notes. See Note 8 Debt.