v3.26.1
Earnings (Loss) Per Share
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Earnings (Loss) Per Share

Note 12. Earnings (Loss) Per Share
 
Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is calculated by dividing net income by the weighted average number of common shares and potentially dilutive securities outstanding during the period, using the treasury stock method for the employee equity incentive plans and stock-based awards, and the if-converted method for the 2026 Convertible Senior Notes and 2030 Convertible Notes. If the Company reports a net loss, the computation of diluted loss per share excludes the effect of dilutive common stock equivalents, as their effect would be antidilutive. The Company computes earnings (loss) per share using the two-class method for its Class A and Class B common stock. Earnings (loss) per share is same for both Class A and Class B common stock since they are entitled to the same liquidation and dividend rights.



The following table sets forth the computation of basic and diluted loss for the years ended December 31, 2025, 2024, and 2023 as follows: (in thousands, except for share and per share amounts):
   
December 31,
  
   
2025
    
2024
    
2023
  
Numerator:
                  
Net loss
  
$
(366,302
)
  
$
(273,140
)
  
$
(571,269
)
Less: Deemed dividend on Series A preferred stock
    
(11,820
)
    
—
      
—
  
Net loss attributable to common stockholders
    
(378,122
)
    
(273,140
)
    
(571,269
)
Denominator:
                        
Weighted average Common shares outstanding—Basic
    
59,699,261
      
31,404,616
      
25,939,912
  
Weighted average Common shares outstanding—Diluted
    
59,699,261
      
31,404,616
      
25,939,912
  
Net loss per share
                        
Basic
  
$
(6.33
)
  
$
(8.70
)
  
$
(22.02
)
Diluted
  
$
(6.33
)
  
$
(8.70
)
  
$
(22.02
)
 

The following table presents the potential shares of common stock outstanding that were excluded from the computation of diluted net loss per share of common stock as of the periods presented because including them would have been antidilutive or related contingencies on issuance of shares had not been met as of the periods presented:
   
December 31,
  
   
2025
    
2024
    
2023
  
Warrants
    
272,618
      
383,836
      
383,836
  
Stock-based awards—Equity classified
    
2,106,210
      
2,220,754
      
2,510,594
  
Stock-based awards—Liability classified
    
41,517,195
      
5,037,826
      
1,237,495
  
Vendor stock-in-lieu of cash program
    
2,598,654
      
1,056,381
      
17,144
  
Series 1 Notes
    
2,540,000
      
2,540,000
      
—
  
Series 2 Notes
    
4,984,931
      
5,053,802
      
—
  
2026 Convertible Senior Notes
    
450,037
      
677,587
      
2,085,314
  
Earn-out shares
    
573,780
      
573,780
      
573,780
  
Total
    
55,043,425
      
17,543,966
      
6,808,163
  
 

The Company uses the if converted method for calculating the dilutive effect of the 2030 Convertible Notes, using the respective conversion prices of $21.75 and $36.30 per share for the Series 1 Notes and Series 2 Notes, respectively, and the 2026 Convertible Senior Notes using the conversion price of $299.70 per share. The closing price of Class A common stock as of December 31, 2025, 2024 and 2023 was less than the initial conversion price.