Basic and Diluted Net Income (Loss) Per Share

6 Months Ended

Jun. 30, 2025

Earnings Per Share [Abstract]

Basic and Diluted Net Income (Loss) Per Share

Basic and Diluted Net Income (Loss) Per Share

We present net income (loss) per share attributable to common stockholders in conformity with the two-class method required for participating securities, as the warrants are considered participating securities. We have not allocated net income (loss) attributable to common stockholders to warrants because the holders of our warrants are not contractually obligated to share in our income (loss). Basic net income (loss) per share attributable to common stockholders is computed by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per share attributable to common stockholders is calculated to give effect to all potential shares of common stock, including common stock issuable upon the exercise of warrants, stock options, and restricted stock units (“RSUs”). In periods for which there is a net loss, diluted loss per common share is equal to basic loss per common share, since the effect of including any common stock equivalents would be antidilutive. All share amounts reflect a 1 for 5 reverse stock split effective June 14, 2024, retroactively.

The following table sets forth the reconciliation of shares used to compute basic and diluted net income (loss) per share for the periods indicated (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Numerator:
Net Income (loss)	$	3,451	$	(3,787)	$	2,275	$	(6,011)
Dividend on Series A perpetual preferred stock	(673)		(479)		(1,152)		(958)
Net income (loss) attributable to common shareholders	$	2,778	$	(4,266)	$	1,123	$	(6,969)
Denominator:
Weighted average common shares outstanding	3,205		3,172		3,212		3,170
Weighted average prefunded warrants outstanding	—		—		—		—
Weighted average shares outstanding - basic	3,205		3,172		3,212		3,170
Dilutive potential common shares:
Restricted stock units	9		—		10		—
Weighted average shares outstanding - diluted	3,214		3,172		3,222		3,170
Income (loss), net of tax, per share
Basic	$	1.08	$	(1.19)	$	0.71	$	(1.90)
Diluted	$	1.07	$	(1.19)	$	0.71	$	(1.90)
Net income (loss) per share, attributable to common shareholders
Basic	$	0.87	$	(1.34)	$	0.35	$	(2.20)
Diluted	$	0.86	$	(1.34)	$	0.35	$	(2.20)

For the periods ended June 30, 2024, common stock equivalents were excluded from the computation of diluted loss per share, as they were antidilutive. The following table details common stock equivalents which were antidilutive (in thousands):

	Three Months Ended June 30,	Six Months Ended June 30,
	2024	2024
Restricted stock units	34	27
Stock warrants	2,373	2,373
Total	2,407	2,400

Common stock equivalents are excluded in periods with losses as they are antidilutive in nature. For the three and six months ended June 30, 2025 2.2 million stock warrants were excluded from EPS calculations as they were antidilutive.

*All share amounts reflect a 1 for 5 reverse stock split effective June 14, 2024, retroactively