Net Income (Loss) per Share

6 Months Ended

Jun. 30, 2026

Net (Loss) Income per Share

Basic net (loss) income per share is computed by dividing net (loss) income applicable to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted net (loss) income per share reflects the potential dilution of securities that could share in the earnings of an entity. The calculation of diluted net income (loss) per share gives effect to common share equivalents; however, potential common shares are excluded if their effect is anti-dilutive. Common share purchase warrants, options and RSUs outstanding, and preferred shares are considered common share equivalents and are only included in the calculation of diluted earnings per common share when net income is reported and their effect is dilutive.

A reconciliation of the numerators and denominators is as follows (in thousands, except share and per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Numerator:
Net (loss) income available to common shareholders	$	(13,829)	$	1,667	$	(17,935)	$	(7,118)
Denominator:
Weighted average common shares outstanding for basic (loss) income per share	5,166,486		2,774,780		4,328,230		2,748,060
Net effect of dilutive common share equivalents	—		2,300		—		—
Weighted average common shares outstanding for diluted net (loss) income per share	5,166,486		2,777,080		4,328,230		2,748,060
Net (loss) income per share:
Basic	$	(2.68)	$	0.60	$	(4.14)	$	(2.59)
Diluted	$	(2.68)	$	0.60	$	(4.14)	$	(2.59)

Anti-dilutive common share equivalents excluded from the computation of diluted net (loss) income per share were as follows:


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Common share purchase warrants	1,433,045	891,899	1,433,045	891,899
Options and RSUs outstanding	1,597,572	226,130	1,597,572	226,130
Preferred shares	1,389,417	—	1,389,417	2,300