Earnings per share

3 Months Ended

Mar. 31, 2026

Note 21. Earnings per share

Basic earnings per share is calculated by dividing net income or loss attributable to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated in the same manner, with further adjustments made to reflect the dilutive impact of instruments convertible into the Company’s common shares.

The Company has previously granted RSUs that provided the right to receive, subject to vesting during continued employment, shares of common stock pursuant to the RSU Plan. Any dividend equivalent paid to an employee on RSUs were returned to the Company upon forfeiture of the award by the employee. Unvested RSUs that are entitled to forfeitable dividend equivalents do not qualify as participating securities and are excluded in the Company’s basic and diluted earnings per share computations. Vested RSUs qualify as participating securities and are included in the Company’s diluted earnings per share computation.

The Company also has issued warrants which are exercisable to acquire one common share at a defined exercise price.

The following table sets forth the computation of basic and diluted income (loss) per common share for the three months ended March 31, 2026 and March 31, 2025:


	Three months ended March 31,
	2026		2025
Basic earnings per share
Net income (loss)	$	(5,970)	$	(6,705)
Weighted-average number of common shares outstanding	11,795,911		6,575,165
Basic earnings (loss) per share	$	(0.51)	$	(1.02)

Diluted earnings per share
Net income (loss)	$	(5,970)	$	(6,705)
Weighted-average number of common shares outstanding	11,795,911		6,575,165
Incremental Common Shares
Assumed exercise of warrants ¹	$	—	—
Common shares potentially issuable ²	$	—	—
Weighted-average number of diluted common shares outstanding	11,795,911		6,575,165
Diluted earnings (loss) per share	$	(0.51)	$	(1.02)

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(1)For the three months ended March 31, 2026 and 2025, both the Arrangement Warrants and debt warrants were anti-dilutive and are excluded from the calculation of diluted earnings per share.

(2)For the three months ended March 31, 2025, RSUs granted and unvested were anti-dilutive and are excluded from the calculation of diluted earnings per share.

The following table summarizes the anti-dilutive securities that are excluded from the computation of diluted income (loss) per share:


	Three months ended March 31,
	2026	2025
Anti-dilutive Securities
Weighted-average number of unexercised warrants	222,079	828,090
Weighted-average number RSUs outstanding, inclusive of DEUs	—	458,399
Total common shares equivalent	222,079	1,286,489

The basic and diluted weighted average number of shares issued, anti-dilutive securities, and earnings per share have been retrospectively adjusted to reflect the equivalent number of shares issued to holders of the Company post merger with TURN.