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Net Loss Per Share | 6 Months Ended
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Mar. 31, 2026
Earnings Per Share [Abstract] |
Net Loss Per Share | Note 15 — Net Loss Per Share The Company computes net loss per share of Class A and Class B Common Stock using the two-class method. Basic net loss per share is computed using the weighted-average number of shares outstanding during the period. Diluted net loss per share is computed using the weighted-average number of shares and the effect of potentially dilutive securities outstanding during the period. Potentially dilutive securities consist of stock options, warrants, RSAs, RSUs and other contingently issuable shares. The dilutive effect of outstanding stock options, warrants, RSAs, RSUs and other contingently issuable shares is reflected in diluted earnings per share by application of the more dilutive of (a) the two-class method or (b) the if-converted method and treasury stock method, as applicable. The computation of the diluted net loss per share of Class A Common Stock assumes the conversion of Class B Common Stock, while the diluted net loss per share of Class B Common Stock does not assume the conversion of those shares. In periods where the Company has a net loss, most potentially dilutive securities are not included in the computation as their impact is anti-dilutive; those potentially dilutive securities whose impact is dilutive are included in the computation. In periods where their effect is dilutive, liability-classified warrants are included in the computation of diluted loss per share as if the underlying shares had been issued as of the later of the beginning of the fiscal period or the date of issuance of those securities. Inclusion of those securities increases both the net loss for the period and the number of shares used in the per share computation and is dilutive to the Company’s net loss per share. Schedule of Earnings Per Share Basic and Diluted
|  |  | Class A |  |  |  | Class B |  |  |  | Class A |  |  |  | Class B |
|  | Three months ended March 31, |
|  | 2026 |  |  | 2025 |
|  |  | Class A |  |  |  | Class B |  |  |  | Class A |  |  |  | Class B |
Basic net loss per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allocation of net loss |  | $ | (5,734 | ) |  | $ | (119 | ) |  | $ | (2,177 | ) |  | $ | (114 | )
Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average shares outstanding |  |  | 9,638,233 |  |  |  | 200,491 |  |  |  | 3,822,890 |  |  |  | 200,491 |
Basic net loss per share |  | $ | (0.59 | ) |  | $ | (0.59 | ) |  | $ | (0.57 | ) |  | $ | (0.57 | )
Diluted net loss per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allocation of net loss |  | $ | (5,734 | ) |  | $ | (119 | ) |  | $ | (2,177 | ) |  | $ | (114 | )
Reallocation of net loss as a result of conversion of Class B to Class A Common Stock |  |  | (119 | ) |  |  | — |  |  |  | (114 | ) |  |  | — |
Allocation of net loss |  | $ | (5,853 | ) |  | $ | (119 | ) |  | $ | (2,291 | ) |  | $ | (114 | )
Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Number of shares used in basic earnings per share calculation |  |  | 9,638,233 |  |  |  | 200,491 |  |  |  | 3,822,890 |  |  |  | 200,491 |
Conversion of Class B to Class A Common Stock |  |  | 200,491 |  |  |  | — |  |  |  | 200,491 |  |  |  | — |
Number of shares used in per share computation |  |  | 9,838,724 |  |  |  | 200,491 |  |  |  | 4,023,381 |  |  |  | 200,491 |
Diluted net loss per share |  | $ | (0.59 | ) |  | $ | (0.59 | ) |  | $ | (0.57 | ) |  | $ | (0.57 | )
|  |  | Class A |  |  |  | Class B |  |  |  | Class A |  |  |  | Class B |
|  | Six months ended March 31, |
|  | 2026 |  |  | 2025 |
|  |  | Class A |  |  |  | Class B |  |  |  | Class A |  |  |  | Class B |
Basic net loss per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allocation of net loss |  | $ | (15,580 | ) |  | $ | (398 | ) |  | $ | (20,974 | ) |  | $ | (1,156 | )
Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average shares outstanding |  |  | 7,857,772 |  |  |  | 200,491 |  |  |  | 3,726,645 |  |  |  | 205,367 |
Basic net loss per share |  | $ | (1.98 | ) |  | $ | (1.98 | ) |  | $ | (5.63 | ) |  | $ | (5.63 | )
Diluted net loss per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allocation of net loss |  | $ | (15,580 | ) |  | $ | (398 | ) |  | $ | (20,974 | ) |  | $ | (1,156 | )
Reallocation of net loss as a result of conversion of Class B to Class A Common Stock |  |  | (398 | ) |  |  | — |  |  |  | (1,156 | ) |  |  | — |
Allocation of net loss |  | $ | (15,978 | ) |  | $ | (398 | ) |  | $ | (22,130 | ) |  | $ | (1,156 | )
Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Number of shares used in basic earnings per share calculation |  |  | 7,857,772 |  |  |  | 200,491 |  |  |  | 3,726,645 |  |  |  | 205,367 |
Conversion of Class B to Class A Common Stock |  |  | 200,491 |  |  |  | — |  |  |  | 205,367 |  |  |  | — |
Number of shares used in per share computation |  |  | 8,058,263 |  |  |  | 200,491 |  |  |  | 3,932,012 |  |  |  | 205,367 |
Diluted net loss per share |  | $ | (1.98 | ) |  | $ | (1.98 | ) |  | $ | (5.63 | ) |  | $ | (5.63 | )
For the purposes of applying the if converted method or treasury stock method for calculating diluted earnings per share, Warrants, RSAs, RSUs and stock options result in anti-dilution. Therefore, these securities are not included in the computation of diluted net loss per share. Shares potentially issuable under earnout arrangements were not included for purposes of calculating the number of diluted shares outstanding because the number of dilutive shares is, in each case, based on a contingency which had not been met during the periods presented herein. The potential shares of Class A Common Stock that were excluded from the computation of diluted net loss per share for the periods presented because including them would have an antidilutive effect were as follows: Schedule of Antidilutive Shares
|  | 2026 |  |  | 2025 |
|  | Six months ended March 31, |
|  | 2026 |  |  | 2025 |
Warrants |  |  | 2,608,568 |  |  |  | 1,551,878 |
Shares potentially issuable under earnout arrangements |  |  | 350,000 |  |  |  | 414,281 |
RSAs |  |  | 416,250 |  |  |  | — |
RSUs |  |  | 559,732 |  |  |  | 622,824 |
Stock options |  |  | 210,321 |  |  |  | 262,480 |
Total |  |  | 4,144,871 |  |  |  | 2,851,463 |

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