Net Loss Per Share

9 Months Ended

Sep. 30, 2025

Upon the consummation of the Company's IPO, all of the Company's pre-IPO Common Units were reclassified to Class A common stock and Class B common stock. The Company has retroactively adjusted the weighted average shares outstanding prior to the IPO to reflect this reclassification. Accordingly, the condensed consolidated financial statements present all references to common stock and per share data as if the conversion of Common Units into common stock had occurred at the beginning of all periods presented.

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.

When calculating diluted net loss per share, the Company determined there were no adjustments to basic net loss per share required to calculate diluted net loss per unit. Prior to the IPO, the potentially dilutive securities that may be settled in the Company's Common Units include Convertible Preferred Units, Convertible Notes and Service-Based Common Units. Post the IPO, the potentially dilutive securities that may be settled in the Company's Class A common stock include stock-based awards. These securities were excluded from the computation of diluted net loss per share for the period presented because their effect would have been anti-dilutive if the Company had applied the if-converted method to outstanding Convertible Preferred Units and Convertible Notes or if the Company had applied the treasury stock method to the outstanding Service-Based Common Units and stock-based awards. For additional information, please refer to Note 13. Related Party Loans and Convertible Notes, Note 17. Preferred Units & Preferred Stock and Note 18. Stock-Based Compensation.

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

Additionally, as of September 30, 2024, the Company had $237.0 million of Convertible Notes at fair value, which can be converted into Series B Units upon their maturity at the option of the holder at 80% of the lowest original issue price per unit of the Series B Units. The underlying Series B Units can be then converted into Common Units on a one-for-one basis. Please refer to Note 13. Related Party Loans and Convertible Notes for

additional information. Upon the consummation of the IPO, the Convertible Notes were fully converted into Class B common stock and no longer outstanding.