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. Because the Penny Warrants obligate the Company to issue shares for little or no cash consideration contingent only upon the passage of time (see Note 17 "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 March 31,			Three Months Ended March 31,
	2026			2025
Numerator:
Net loss	$	(13,372	)	$	(23,047	)
Less: Net loss attributable to redeemable noncontrolling interests		(7,899	)		(17,558	)
Less: Net income (loss) attributable to noncontrolling interests		1,030			(40	)
Add: Series A Preferred Dividends		(1,429	)		(1,007	)
Add: Series B Preferred Dividends		—			(992	)
Basic Net loss attributable to common stockholders	$	(7,932	)	$	(7,448	)
Denominator:
Weighted Average Class A Common Stock outstanding		38,364,539			18,732,919
Weighted Average Class A Common Stock issuable under Series A Penny Warrants		1,508,883			1,282,742
Weighted Average Class A Common Stock issuable under Series B Penny Warrants		6,268,100			5,140,900
Weighted Average Shares Outstanding - basic and diluted		46,141,522			25,156,561
Basic and Diluted Earnings (Loss) Per Share
Basic	$	(0.17	)	$	(0.30	)
Diluted	$	(0.17	)	$	(0.30	)

The following table summarizes potentially dilutive outstanding securities for the three months ended March 31, 2026 and 2025 which were excluded from the calculation of diluted EPS, because their effect would have been anti-dilutive:


	For the three months ended		For the three months ended
	March 31, 2026		March 31, 2025
Public warrants		2,519,869		2,519,869
Private Placement Warrants		4,333,333		4,333,333
Series A Penny Warrants		1,508,883		1,304,742
Class B Common Stock		55,374,444		59,930,000
Total anti-dilutive features		63,736,529		68,087,944