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Note 8: Net Income (Loss) per Share
The following table provides the computation of basic and diluted net income (loss) per share:
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Three Months Ended March 31, |
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2026 |
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2025 |
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(in thousands, except per share data) |
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| Numerator–basic: |
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Net income (loss) attributable to Class A common stockholders–basic |
$ |
1,223 |
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$ |
(20,480) |
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| Numerator–diluted: |
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| Net income (loss) attributable to Class A common stockholders–basic |
$ |
1,223 |
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$ |
(20,480) |
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Effect of dilutive securities: |
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Net income (loss) attributable to Class V common stockholders |
1,457 |
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— |
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| Liability-classified warrants |
— |
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— |
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Net income (loss) attributable to Class A common stockholders–diluted |
$ |
2,680 |
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$ |
(20,480) |
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| Denominator–basic: |
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| Weighted average Class A common shares outstanding–basic |
3,288 |
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3,260 |
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Net income (loss) per share attributable to Class A common stockholders–basic |
$ |
0.37 |
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$ |
(6.28) |
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| Denominator–diluted: |
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| Weighted average Class A common shares outstanding–basic |
3,288 |
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3,260 |
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| Weighted average effect of dilutive securities: |
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| Shares of Class V common stock |
3,919 |
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— |
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Restricted stock units |
3 |
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— |
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Equity-classified warrants |
1,207 |
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— |
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| Liability-classified warrants |
— |
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— |
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| Weighted average shares outstanding–diluted |
8,417 |
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3,260 |
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Net income (loss) per share attributable to Class A common stockholders–diluted |
$ |
0.32 |
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$ |
(6.28) |
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Shares of Class V common stock do not share in the earnings or losses of P3 and are therefore not participating securities. As such, separate presentation of basic and diluted net income (loss) per share for Class V common stock under the two-class method is not required. The following table presents potentially dilutive securities excluded from the computation of diluted net income (loss) per share for the periods presented because their effect would have been anti-dilutive.
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Three Months Ended March 31, |
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2026 |
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2025 |
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(in thousands) |
Stock warrants (1)
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8,492 |
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6,358 |
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Stock options (1)
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450 |
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433 |
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Restricted stock units (1)
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165 |
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141 |
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Shares of Class V common stock (2)
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— |
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3,919 |
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| Total |
9,107 |
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10,851 |
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(1)Represents the number of instruments outstanding at the end of the period. Application of the treasury stock method would reduce this amount if they had a dilutive effect and were included in the computation of diluted net income (loss) per share.
(2)Shares of Class V common stock at the end of the period are considered antidilutive shares of Class A common stock under application of the if-converted method in 2025.
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