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Net Income (Loss) per Share

12 Months Ended

Dec. 31, 2025

Net Income (Loss) per Share

Net Income (Loss) per Share

15. Net Income (Loss) per Share

The rights, including the liquidation and dividend rights, of the holders of Class A, Class B, Class A1 and Class B1 ordinary shares are identical, except with respect to voting, transferability and conversion (see Note 10). As the liquidation and dividend rights are identical, losses are allocated on a proportionate basis and the resulting net income (loss) per share attributed to ordinary shareholders will, therefore, be the same for both Class A and Class B ordinary shares on an individual or combined basis.

Basic and diluted Net income (loss) attributable to ordinary shareholders was calculated as follows:


		Years Ended
		December 31,
			2025		2024			2023
Numerator:
Net income (loss) attributable to ordinary shareholders		$	59,005		$	(43,193)		$	14,084
Denominator:
Weighted-average basic shares outstanding			74,200,924			71,424,159			70,058,952
Effect of dilutive securities
Options to purchase ordinary shares			3,787,871			—			1,362,250
Performance options to purchase ordinary shares			—			—			—
Unvested RSUs			900,424			—			501,712
Unvested PSUs			89,811			—			—
Weighted-average diluted shares			78,979,030			71,424,159			71,922,915

Basic net income (loss) per share		$	0.80		$	(0.60)		$	0.20
Diluted net income (loss) per share		$	0.75		$	(0.60)		$	0.20

The Company’s unvested RSUs and PSUs have been excluded from the computation of basic net income (loss) per share attributable to ordinary shareholders.

Diluted earnings per share includes the assumed exercise of dilutive options and the assumed issuance of unvested RSUs and PSUs for which the market or performance condition has been met as of the date of determination,

using the treasury stock method unless the effect is anti-dilutive. The treasury stock method assumes that proceeds, including cash received from the exercise of employee stock options and the average unrecognized compensation expense for unvested share-based compensation awards, would be used to purchase the Company’s ordinary stock at the average market price during the period.

For year ended December 31, 2024 the Company’s potentially dilutive securities, which include options, unvested RSUs and unvested PSUs, have been excluded from the computation of diluted net loss per share attributable to ordinary shareholders for the periods indicated as the effect would be to reduce the net loss per share attributable to ordinary shareholders. Therefore, the weighted average number of ordinary shares outstanding used to calculate both basic and diluted net loss per share attributable to ordinary shareholders is the same. The Company excluded the following potential ordinary shares, presented based on amounts outstanding at each period end, from the computation of diluted net income (loss) per share attributable to ordinary shareholders for the periods indicated because including them would have had an anti-dilutive effect:


		Years ended December 31,
		2025		2024		2023
Share options to purchase ordinary shares		2,725,729		11,286,994		8,498,144
Performance share options to purchase ordinary shares		—		—		—
Unvested RSUs		580,558		2,250,602		975,608
Unvested PSUs		—		31,433		—
Total anti-dilutive shares		3,306,287		13,569,029		9,473,752

PSUs and PSOs that are outstanding and contain performance-based or market-based vesting criteria for which the performance or market conditions have not been met are excluded from the presentation of common stock equivalents outstanding in the table above.