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Earnings (Loss) Per Share | 6 Months Ended | 12 Months Ended
--- | --- | ---
Jun. 30, 2025 | Dec. 31, 2024
Earnings Per Share [Abstract] |  |
Earnings (Loss) Per Share | 3. Earnings (Loss) Per Share The Company computes basic earnings (loss) per share using net loss attributable to Company common stockholders and the weighted average number of common shares outstanding during each period. As the Company has obligations under the Penny Warrants to issue shares for little or no cash consideration contingent only upon the passage of time (see Note 18 "Warrant Liabilities" for a description of the Penny Warrants), weighted average shares issuable under the Penny Warrants are included in the denominator in the calculation of basic and diluted EPS. Shares of Class B Common Stock do not share in the earnings or losses of the Company and are therefore not participating securities. As such, separate presentation of basic and diluted earnings (loss) per share of Class B Common Stock under the two-class method has not been presented. The following table sets forth the computation of the Company’s basic and diluted net (loss) income per share:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |  |  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2025 |  |  | 2025 |  |  | 2024 |  |  | 2024 |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |
Net loss |  | $ | (16,129 | ) |  | $ | (39,176 | ) |  | $ | (27,854 | ) |  | $ | (60,844 | )
Less: Net loss attributable to redeemable noncontrolling interests |  |  | (12,063 | ) |  |  | (29,621 | ) |  |  | (20,501 | ) |  |  | (42,200 | )
Less: Net income (loss) attributable to noncontrolling interests |  |  | 698 |  |  |  | 658 |  |  |  | (2,200 | ) |  |  | (7,650 | )
Add: Series A Preferred Dividends |  |  | (1,032 | ) |  |  | (2,039 | ) |  |  | (972 | ) |  |  | (1,257 | )
Add: Series B Preferred Dividends |  |  | (1,305 | ) |  |  | (2,297 | ) |  |  | — |  |  |  | — |
Basic Net loss attributable to common stockholders |  | $ | (7,101 | ) |  | $ | (14,549 | ) |  | $ | (6,125 | ) |  | $ | (12,251 | )
Denominator: |  |  |  |  |  |  |  |  |  |  |  |
Weighted Average Class A Common Stock outstanding |  |  | 20,199,586 |  |  |  | 19,470,304 |  |  |  | 17,899,501 |  |  |  | 17,409,942 |
Weighted Average Class A Common Stock issuable under Series A Penny Warrants |  |  | 1,304,742 |  |  |  | 1,293,803 |  |  |  | 1,270,241 |  |  |  | 827,790 |
Weighted Average Class A Common Stock issuable under Series B Penny Warrants |  |  | 6,268,100 |  |  |  | 5,707,614 |  |  |  | — |  |  |  | — |
Weighted Average Shares Outstanding - basic and diluted |  |  | 27,772,428 |  |  |  | 26,471,721 |  |  |  | 19,169,742 |  |  |  | 18,237,732 |
Basic and Diluted Earnings (Loss) Per Share |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | (0.26 | ) |  | $ | (0.55 | ) |  | $ | (0.32 | ) |  | $ | (0.67 | )
Diluted |  | $ | (0.26 | ) |  | $ | (0.55 | ) |  | $ | (0.32 | ) |  | $ | (0.67 | )
The following table summarizes potentially dilutive outstanding securities for the three and six months ended June 30, 2025 and 2024 which were excluded from the calculation of diluted EPS, because their effect would have been anti-dilutive:
|  | For the three and six months ended |  |  | For the three and six months ended |
|  | June 30, 2025 |  |  | June 30, 2024 |
Public warrants |  |  | 2,519,869 |  |  |  | 2,519,869 |
Private Placement Warrants |  |  | 4,333,333 |  |  |  | 4,333,333 |
Series A Penny Warrants |  |  | 1,304,742 |  |  |  | 1,270,154 |
Class B Common Stock |  |  | 59,930,000 |  |  |  | 59,930,000 |
Total anti-dilutive features |  |  | 68,087,944 |  |  |  | 68,053,356 |
| 3. Earnings (L oss) Per Share The Company computes basic earnings (loss) per share using net loss attributable to Company common stockholders and the weighted average number of common shares outstanding during each period. As the Company has obligations under the Penny Warrants to issue shares for little or no cash consideration contingent only upon the passage of time (see Note 18 "Warrant Liabilities" for a description of the Penny Warrants), weighted average shares issuable under the Penny Warrants are included in the denominator in the calculation of basic and diluted EPS. The following table sets forth the computation of the Company’s basic and diluted net (loss) income per share:
|  |  | Year Ended |
|  |  | December 31, 2024 |
Numerator: |  |  |  |
Net loss |  | $ | (101,495) |
Less: Net loss attributable to redeemable noncontrolling interests |  |  | (73,384) |
Less: Net loss attributable to noncontrolling interests |  |  | (7,037) |
Add: Series A Preferred Dividends |  |  | (3,258) |
Add: Series B Preferred Dividends |  |  | (1,233) |
Basic Net loss attributable to common stockholders |  | $ | (25,565) |
Denominator: |  |  |  |
Weighted Average Class A Common Stock outstanding |  |  | 17,757,741 |
Weighted Average Class A Common Stock issuable under Series A Penny Warrants |  |  | 1,051,749 |
Weighted Average Class A Common Stock issuable under Series B Penny Warrants |  |  | 5,000,000 |
Weighted Average Shares Outstanding - basic and diluted |  |  | 23,809,490 |
Basic and Diluted Earnings Loss Per Share |  |  |  |
Basic |  | $ | (1.07) |
Diluted |  | $ | (1.07) |
The following table summarizes potentially dilutive outstanding securities for the year ended December 31, 2024 which were excluded from the calculation of diluted EPS, because their effect would have been anti-dilutive:
Public warrants |  |  | 2,519,869 |
Private Placement Warrants |  |  | 4,333,333 |
Penny Warrants |  |  | 1,274,742 |
Total anti-dilutive features |  |  | 8,127,944 |

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