Net Income (Loss) Per Share Available to (Attributable to) Common Stockholders

12 Months Ended

Dec. 31, 2025

Net Income (Loss) Per Share Available to (Attributable to) Common Stockholders

Net Income (Loss) Per Share Available to (Attributable to) Common Stockholders

13. Net Income (Loss) Per Share Available to (Attributable to) Common Stockholders

The following is a reconciliation of the numerator (net income or loss) and the denominator (number of shares) used in the calculation of basic and diluted net income (loss) per share available to (attributable to) common stockholders (in thousands, except per share amounts):

	Year Ended December 31,
	2025		2024
Numerator
Net income (loss)	$	31,712	$	(13,821)
Less: Series A accumulated dividends		(2,122)		(2,122)
Less: Series B accumulated dividends		(3,406)		(3,350)
Less: Allocation of undistributed earnings to participating securities		(7,668)		—
Net income (loss) available to (attributable to) common stockholders, basic	$	18,516	$	(19,293)
Add: Adjustments to undistributed earnings allocated to participating securities		7,668		—
Net income (loss) available to (attributable to) common stockholders, diluted	$	26,184	$	(19,293)
Denominator
Weighted-average shares used in computing net income (loss) per share available to (attributable to) common stockholders, basic		12,081		11,701
Effect of dilutive Series X Preferred Stock		5,003		—
Effect of dilutive warrants for common stock		3		—
Effect of dilutive PSUs		240		—
Effect of dilutive RSUs		17		—
Effect of dilutive common stock options		638		—
Weighted-average shares used in computing net income (loss) per share available to (attributable to) common stockholders, diluted		17,982		11,701
Net income (loss) per share available to (attributable to) common stockholders, basic	$	1.53	$	(1.65)
Net income (loss) per share available to (attributable to) common stockholders, diluted	$	1.46	$	(1.65)

Potentially dilutive securities are excluded from the calculation of diluted net income (loss) per share available to (attributable to) common stockholders if their inclusion is anti-dilutive.

The following table shows the weighted-average shares from outstanding securities considered anti-dilutive and therefore excluded from the computation of diluted net income (loss) per share available to (attributable to) common stockholders (in thousands):

	Year Ended December 31,
	2025	2024
Convertible Preferred Stock	—	5,003
Common stock options	562	1,755
Contingently issuable PSUs	—	273
Warrants for common stock	120	131
Total	682	7,162

For PSUs with market conditions, if the market conditions have not been satisfied by the end of the reporting period, the number of shares that would be issuable is based on the market price at the end of the reporting period. This approach treats the end of the reporting period as if it were the end of the contingency period for calculating diluted earnings per share. For market conditions that have not yet been satisfied, no shares would be issuable based on the market price of $26.59 per share as of December 31, 2025.

For PSUs that have satisfied the market conditions but have not satisfied service conditions by the end of the reporting period, the number of shares issuable is included in the calculation of diluted earnings per share if the effect is dilutive. This includes PSUs that achieved the $30.00 stock price hurdle in November 2024 and the $35.00 stock price hurdle in September 2025, respectively, but still have remaining time-based vesting requirements.