Earnings per Share Attributable to Common Stockholders

The following table sets forth the computation of basic and diluted earnings per share attributable to common stockholders for the periods presented (in thousands, except per share and share amounts):


	Fiscal Year Ended January 31
	2026		2025		2024
Basic earnings per share
Numerator:
Net income (loss) attributable to common stockholders	$	(42,066)	$	194,447	$	76,966
Denominator:
Weighted-average number of common stock outstanding used in computing earnings per share, basic	56,647,662		38,990,556		37,297,221
Earnings per share attributable to common stockholders, basic	$	(0.74)	$	4.99	$	2.06

Diluted earnings per share
Numerator:
Net income (loss) attributable to common stockholders, basic	$	(42,066)	$	194,447	$	76,966
Fair value adjustment for the convertible note, net of tax effect	—		(12,695)		953
Fair value adjustment for liability-classified Series G Warrant, net of tax effect	(893)		—		—
Fair value adjustment for liability-classified common stock warrant, net of tax effect	(244)		—		—
Net income (loss) attributable to common stockholders, dilutive	$	(43,203)	$	181,752	$	77,919
Denominator:
Weighted-average number of common stock outstanding used in computing earnings per share, basic	56,647,662		38,990,556		37,297,221
Conversion of the convertible note	—		492,096		6,888,298
Conversion of redeemable convertible preferred stock, all series	—		69,914,359		69,914,359
Dilutive effect of stock options	—		27,962,907		28,567,993
Dilutive effect of equity-classified common stock warrants	—		1,300,400		1,210,425
Dilutive effect of liability-classified Series G Warrant	164,242		—		—
Dilutive effect of liability-classified common stock warrant	78,552		—		—
Weighted-average number of common stock outstanding used in computing earnings per share, dilutive	56,890,456		138,660,318		143,878,296
Earnings (loss) per share attributable to common stockholders, diluted	$	(0.76)	$	1.31	$	0.54

The following common stock equivalents were excluded from the computation of diluted earnings per share attributable to common stockholders because including them would have been antidilutive (outstanding):


	Fiscal Year Ended January 31
	2026	2025
Liability-classified common stock warrant	—	60,000
Series G Warrant	—	251,750
Dual-trigger RSUs	15,676,155	31,308,443
SAFEs	Various	Various


Options	23,755,365	—
Equity-classified common stock warrants	1,641,713	—

Upon the completion of the IPO, the Series G Warrant was automatically converted to being exercisable for common stock. Accordingly, it is included as a liability-classified common stock warrant for the fiscal year ended January 31, 2026.