Basic and diluted earnings per share (“EPS”) attributable to common stockholders are presented in conformity with the two-class method required for participating securities: Class A, Class B, Class C, and Class D Common Stock. The rights of the holders of Class A, Class B, Class C, and Class D Common Stock are identical, except with respect to voting, conversion, and transfer rights.

The undistributed earnings or losses are allocated based on the contractual participation rights of Class A, Class B, Class C and Class D common shares as if the earnings or losses for the year have been distributed. As the liquidation and dividend rights are identical, the undistributed earnings or losses are allocated on a proportionate basis, and as such, diluted and basic earnings per share is the same for each class of common stock under the two-class method.


	Years Ended December 31,
	2025		2024
	(In thousands, except per share data)
Numerator:
Net loss attributable to Class A, Class B, Class C and Class D stockholders	$	(146,869)	$	(105,394)
Denominator(1):
Denominator for basic net loss per share - weighted-average outstanding shares	4,458,325		4,740,287
Effect of dilutive securities:
Stock options and restricted stock	—		—
Denominator for diluted net loss per share - weighted-average outstanding shares	4,458,325		4,740,287

Net loss to Class A, Class B, Class C and Class D stockholders per share – basic(1):	$	(32.94)	$	(22.23)
Net loss to Class A, Class B, Class C and Class D stockholders per share – diluted(1):	$	(32.94)	$	(22.23)

(1) Weighted-average shares outstanding used in the computation of basic and diluted net loss to common stockholders per share have been retroactively adjusted to reflect the 1-for-10 Reverse Stock Split that occurred on January 22, 2026. See Note 15 - Stockholders Equity for additional information.

For the year ended December 31, 2025, there were approximately 0.6 million potentially antidilutive securities that were not included in the computation of diluted EPS, because to do so would have been antidilutive for the periods presented. For the year ended December 31, 2024 there were approximately 0.6 million potentially antidilutive securities that were not included in the computation of diluted EPS, because to do so would have been antidilutive for the periods presented.