Net Loss Per Share

3 Months Ended

Mar. 31, 2026

17. Net Loss Per Share

Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding during each period.

Diluted net loss per share is computed by dividing net loss attributable to common stockholders by the weighted average number of fully dilutive common shares outstanding for the period using the treasury-stock method, the if-converted method, or two-class method for participating securities, whichever is more dilutive. Potentially dilutive shares are comprised of common stock warrants, RSUs, convertible notes and stock options. For the three months ended March 31, 2026 and 2025, there was no difference in the number of shares used to calculate basic and diluted shares outstanding due to the Company’s net loss and potentially dilutive shares being anti-dilutive. The Company has determined that all series of Preferred Stock are participating securities under the two-class method, however, holders of the Preferred Stock are not required to fund losses. Dividends have been accreted for the Company’s outstanding shares of Series C, Series D-1 and Series D-3 Preferred Stock (refer to Note 13. Stockholders’ Equity and Redeemable Convertible Preferred Stock for further detail).

The following table summarizes the computation of basic and diluted net loss per share attributable to common stockholders of the Company:


	Three Months Ended March 31,
	2026			2025
Numerator:
Consolidated net loss	$	(96,676	)	$	(60,093	)
Less: Accretion of dividends of Series C Preferred Stock		—			5,579
Less: Accretion of dividends of Series D-1 Preferred Stock		—			6,609
Net loss available to common stockholders	$	(96,676	)	$	(72,281	)
Denominator:
Weighted-average common shares outstanding – basic and diluted		159,639			13,442
Net loss per share attributable to common stockholders – basic and diluted	$	(0.61	)	$	(5.38	)

A summary of the total number of securities excluded from diluted net loss per share that could be potentially dilutive in the future is as follows:


	Three Months Ended March 31,
	2026		2025
Convertible Series Seed Preferred Stock		—		2,023
Convertible Series Seed-1 Preferred Stock		—		3,273
Convertible Series A Preferred Stock		—		6,005
Convertible Series B Preferred Stock		—		5,869
Convertible Series C Preferred Stock		—		11,159
Convertible Series D-1 Preferred Stock		—		17,305
Convertible Series M Preferred Stock		—		2,812
Series J Warrants		646		646
Common Warrants		—		1,045
Stock options		14,409		15,226
RSUs		4,162		—
Total		19,217		65,363