XML 64 R48.htm IDEA: XBRL DOCUMENT
v3.25.3

Net Loss Per Share (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2025
Earnings Per Share [Abstract] |
Schedule of Basic and Diluted Net Loss per Share | The Company's basic and diluted net loss per share calculation for Class A common stock and Class B common stock for the three and nine months ended September 30, 2025 and 2024 is presented below (in thousands, except per share amounts):
| Three Months Ended September 30,
| 2025 |  | 2024
| Class A common stock |  | Class B common stock |  | Class A common stock |  | Class B common stock
Numerator: |  |  |  |  |  |  |
Net loss attributable to common stockholders | $ | (47,101) |  |  | $ | (112,413) |  |  | $ | (5,887) |  |  | $ | (84,293) |
Denominator: |  |  |  |  |  |  |
Weighted average common stock outstanding, basic and diluted(1)(2) | 7,066 |  |  | 16,865 |  |  | 321 |  |  | 4,599 |
Net loss per share attributable to common stockholders: |  |  |  |  |  |  |
Basic and diluted | $ | (6.67) |  |  | $ | (6.67) |  |  | $ | (18.33) |  |  | $ | (18.33) |
| Nine Months Ended September 30,
| 2025 |  | 2024
| Class A common stock |  | Class B common stock |  | Class A common stock |  | Class B common stock
Numerator: |  |  |  |  |  |  |
Net loss attributable to common stockholders | $ | (101,233) |  |  | $ | (340,757) |  |  | $ | (8,520) |  |  | $ | (123,032) |
Denominator: |  |  |  |  |  |  |
Weighted average common stock outstanding, basic and diluted(1)(2) | 2,594 |  |  | 8,733 |  |  | 318 |  |  | 4,599 |
Net loss per share attributable to common stockholders: |  |  |  |  |  |  |
Basic and diluted | $ | (39.02) |  |  | $ | (39.02) |  |  | $ | (26.75) |  |  | $ | (26.75) |
__________________ |  |  |  |  |  |  |
(1) Prior to the IPO, the Common Units outstanding excludes 25,301,447 Common Units and 9,417,936 Catch Up Common Units that were issued and outstanding as profits interest units as of September 30, 2024. Vested Incentive Units and Convertible Preferred Units are considered as participating securities. However, these participating securities do not contractually require the holders to fund loss and were excluded from basic net loss per unit calculation for the three and nine months ended September 30, 2024. Upon the consummation of the IPO, these units were fully converted into Class A common stock and Class B common stock and no longer outstanding.
(2) Prior to the IPO, weighted average common units outstanding includes only Capital Common Units A and certain Basic Common Units granted directly to individuals. The rights, including the liquidation and dividend rights, of the holders of these certain Basic Common Units and Capital Common Units A are identical and as a result, the undistributed earnings loss are allocated on a proportionate basis and the resulting loss per share is the same. Upon the IPO, these units were fully reclassified into Class A common stock and Class B common stock and no longer outstanding. The effect of this reclassification is retroactively applied in the periods prior to the IPO.
Schedule of Potentially Dilutive Units Not Included in Calculation of Diluted Shares Outstanding | The following potentially dilutive units were not included in the calculation of diluted shares outstanding as the effect would have been antidilutive (in thousands):
| Nine Months Ended September 30,
| 2025 |  | 2024
Convertible Preferred Units | — |  |  | 39,842 |
Unvested RSAs | 4,200 |  |  | — |
Unvested RSUs | 3,887 |  |  | — |
Outstanding stock options | 6,848 |  |  | — |
Total | 14,935 |  |  | 39,842 |

X
- References No definition available. + Details
Name: | us-gaap_EarningsPerShareAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 + Details
Name: | us-gaap_ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 + Details
Name: | us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration