Basic (loss) earnings per share represents income available to common or ordinary stockholders divided by the weighted average number of Common Stock or Ordinary Shares outstanding during the reported period. Diluted (loss) earnings per share is based upon the weighted-average number of shares outstanding during the period plus additional weighted-average potentially dilutive share equivalents during the period when the effect is dilutive.

Basic and diluted weighted average shares outstanding and (loss) earnings per share were as follows (in thousands, except share and per share data):


	Year Ended December 31,
	2025		2024		2023
Net (loss) income	$	(206,366)	$	(5,905)	$	67,486

Weighted-average shares outstanding:
Weighted average shares used in computing (loss) earnings per share, basic	150,370,533		145,713,439		154,666,717


Founders advisory fees	—		—		11,785,305
Weighted average shares used in computing (loss) earnings per share, diluted	150,370,533		145,713,439		166,452,022

Basic (loss) earnings per share	$	(1.37)	$	(0.04)	$	0.44

Diluted (loss) earnings per share	$	(1.37)	$	(0.04)	$	0.41

The number of anti-dilutive securities not included in the calculation of diluted (loss) earnings per share were as follows:


	Year Ended December 31,
	2025	2024	2023
PBNQSO	4,603,398	3,047,072	245,004
Founders advisory fees	13,357,957	9,428,244	—
Warrants	—	6,395,268	8,460,860
Total	17,961,355	18,870,584	8,705,864

The Company expects to issue 13,387,002 shares of Common Stock in the first quarter of 2026. For additional information, refer to Note 13, “Related Parties.”