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Earnings Per Share | 3 Months Ended
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Mar. 31, 2026
Earnings Per Share [Abstract] |
Earnings Per Share | 16. Earnings per Share We calculate basic and diluted net loss per share of Class A common stock in accordance with ASC Topic 260, Earnings per Share. Because our Class B common stock does not have economic rights in VSI, it is not considered a participating security for basic and diluted net loss per share, and we do not present basic and diluted net loss per share of Class B common stock. However, holders of Class B common stock are allocated income (loss) from Hoya Intermediate (our operating entity) according to their weighted average percentage ownership of Intermediate Units during each quarter. Net loss attributable to redeemable noncontrolling interests for a period is calculated by multiplying Hoya Intermediate’s net loss in the period by Hoya Topco’s weighted average percentage ownership of Intermediate Units during the period. See Note 12, Equity, for more information regarding Hoya Topco’s right to exchange its Intermediate Units. In connection with the Corporate Simplification, all of the Intermediate Units previously held by Hoya Topco (and corresponding shares of Class B common stock) were exchanged for an equal number of shares of Class A common stock on October 31, 2025. As a result, our redeemable noncontrolling interests were extinguished and Hoya Intermediate is now a wholly owned subsidiary of VSI. See Note 1, Background and Basis of Presentation, for more information. During the three months ended March 31, 2025, Hoya Topco’s weighted average ownership of Intermediate Units was 36.4%, Hoya Intermediate’s net loss was $10.6 million, and the net loss attributable to Hoya Topco’s redeemable noncontrolling interests was $3.8 million. Net loss attributable to Class A common stockholders–basic is calculated by subtracting the portion of Hoya Intermediate’s net loss attributable to redeemable noncontrolling interests from our total net loss, which includes our net loss for activities outside of our investment in Hoya Intermediate, including income tax expense (benefit) for VSI’s portion of income (loss), as well as the full results of Hoya Intermediate on a consolidated basis. Net loss per Class A common stock–diluted is based on the average number of shares of Class A common stock used for the basic earnings per share calculation, adjusted for the weighted average number of Class A common share equivalents outstanding for the period determined using the treasury stock and if-converted methods, as applicable. All share and per share amounts included in the calculation of basic and diluted net loss per share of Class A common stock have been adjusted to reflect the Reverse Stock Split. See Note 1, Background and Basis of Presentation, for more information. Net loss attributable to Class A common stockholders–diluted is adjusted for: (i) our share of Hoya Intermediate’s consolidated net loss after giving effect to Intermediate Units that convert into potential shares of Class A common stock, to the extent they are dilutive; and (ii) the impact of changes in the fair value of the Intermediate Warrants, to the extent they are dilutive. The following table presents the computation of basic and diluted net loss per share of Class A common stock for the three months ended March 31, 2026 and 2025 (in thousands, except share and per share data):
|  | Three Months Ended March 31, |
|  | 2026 |  |  | 2025 |
Numerator—basic |  |  |  |  |  |
Net loss |  | $ | (14,631 | ) |  | $ | (9,788 | )
Less: net loss attributable to redeemable noncontrolling interests |  |  | — |  |  |  | 3,846 |
Net loss attributable to Class A common stockholders—basic |  |  | (14,631 | ) |  |  | (5,942 | )
Denominator—basic |  |  |  |  |  |
Weighted average Class A common stock outstanding—basic |  |  | 10,815,704 |  |  |  | 6,645,011 |
Net loss per Class A common stock—basic |  | $ | (1.35 | ) |  | $ | (0.89 | )
Numerator—diluted |  |  |  |  |  |
Net loss attributable to Class A common stockholders—basic |  | $ | (14,631 | ) |  | $ | (5,942 | )
Weighted average effect of dilutive securities: |  |  |  |  |  |
Redeemable noncontrolling interests |  |  | — |  |  |  | (3,916 | )
Net loss attributable to Class A common stockholders—diluted |  |  | (14,631 | ) |  |  | (9,858 | )
Denominator—diluted |  |  |  |  |  |
Weighted average Class A common stock outstanding—basic |  |  | 10,815,704 |  |  |  | 6,645,011 |
Weighted average effect of dilutive securities: |  |  |  |  |  |
Redeemable noncontrolling interests |  |  | — |  |  |  | 3,811,250 |
Weighted average Class A common stock outstanding—diluted |  |  | 10,815,704 |  |  |  | 10,456,261 |
Net loss per Class A common stock—diluted |  | $ | (1.35 | ) |  | $ | (0.94 | )
Potential shares of Class A common stock are excluded from the computation of diluted net loss per share of Class A common stock if their effect would have been anti-dilutive for the three months ended March 31, 2026 and 2025 or if the issuance of shares is contingent upon events that did not occur by the end of the three months ended March 31, 2026 and 2025. The following table presents the number of shares of common stock issuable under securities that were excluded from the computation of diluted net loss per share of Class A common stock for the three months ended March 31, 2026 and 2025 and could potentially dilute earnings per share in the future:
|  | Three Months Ended March 31, |
|  | 2026 |  |  | 2025 |
RSUs |  |  | 672,725 |  |  |  | 94,002 |
Stock Options |  |  | 388,181 |  |  |  | 375,603 |
Public Warrants |  |  | 338,342 |  |  |  | 338,342 |
Private Warrants |  |  | 325,989 |  |  |  | 325,989 |
Exercise Warrants |  |  | 1,700,000 |  |  |  | 1,700,000 |
Intermediate Warrants |  |  | — |  |  |  | 200,000 |
Amended Intermediate Warrants |  |  | 200,000 |  |  |  | — |

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