Note 9 - Earnings Per Share

12 Months Ended

Dec. 31, 2025

Notes to Financial Statements

Earnings Per Share [Text Block]

9. Earnings Per Share

The Company calculates earnings per share (“EPS”) as required by FASB ASC Topic No. 260, Earnings Per Share. Basic EPS is calculated by dividing the net income available to common stockholders by the weighted average number of common shares outstanding for the period, excluding common stock equivalents. Diluted EPS is computed by dividing the net income available to common stockholders by the weighted average number of common shares outstanding for the period, plus the weighted average number of dilutive common stock equivalents outstanding for the period using the treasury-stock method. For periods with a net loss, the dilutive common stock equivalents are excluded from the diluted EPS calculation. For purposes of this calculation, common stock subject to repurchase by the Company, options, warrants, and convertible notes are considered to be common stock equivalents, and are only included in the calculation of diluted earnings per share when their effect is dilutive.

The following table sets forth the details of basic and diluted earnings per share (in thousands, except per share amounts):

	Year Ended December 31,
	2025			2024
Numerator:
Net loss	$	(29,327	)	$	(48,697	)
Deemed Dividend	$	(769	)	$	—
Net loss attributable to common stockholders for basic and diluted loss per share	$	(30,096	)	$	(48,697	)
Denominator:
Weighted average shares outstanding – basic		20,605			12,367
Potential common shares – options / warrants (treasury stock method)		—			—
Weighted average shares outstanding – diluted		20,605			12,367
Shares excluded (anti-dilutive)		10,675			3,175
Net loss per common share:
Basic	$	(1.46	)	$	(3.94	)
Diluted	$	(1.46	)	$	(3.94	)

The following shares were excluded from the computation of diluted net loss per share as the impact of including those shares would be anti-dilutive (in thousands):

	Year Ended December 31,
	2025		2024
Outstanding stock options		29		9
Outstanding warrants		10,646		3,166
Total anti-dilutive shares		10,675		3,175