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Net Loss Per Share
 9 Months Ended
Sep. 30, 2025
Net Loss Per Share [Abstract]  
NET LOSS PER SHARE

NOTE 14—NET LOSS PER SHARE

 

Basic loss per share is calculated by dividing the net loss by the weighted-average number of class A common shares outstanding during each period. Diluted loss per share is calculated by adjusting the weighted-average number of class A common shares outstanding for the dilutive effect, if any, of common share equivalents. Common share equivalents whose effect would be antidilutive are not included in diluted loss per share. The Company uses the treasury stock method to determine the dilutive effect, which assumes that all class A common share equivalents have been exercised at the beginning of the period and that the funds obtained from those exercises were used to repurchase class A common shares at the average closing market price during the period. As of September 30, 2025 and 2024, there were 41,115,187 and 49,030,000, respectively, potential common share equivalents from convertible OpCo class A preferred units, exchangeable OpCo class B units, convertible notes, warrants, and restricted stock awards excluded from the diluted loss per share calculations as their effect is anti-dilutive.

 

The following table presents the computation of the basic and diluted income per share of class A common stock for the three months and nine months ended September 30, 2025 and 2024:

 

   Three Months Ended
September 30,		   Nine Months Ended
September 30,		 
   2025   2024   2025   2024 
Numerator                
Net loss attributable to class A common stockholders  $(3,225,020)  $(424,262)  $(12,002,121)  $(2,233,543)
Denominator                    
Weighted-average class A common shares outstanding – basic and diluted   27,307,260    5,053,942    22,489,940    3,696,721 
Loss per class A common share – basic and diluted  $(0.12)  $(0.08)  $(0.53)  $(0.60)