Earnings Per Share

9 Months Ended

Sep. 30, 2025

Note 14. Earnings per share

Basic and diluted net income (loss) per share attributable to common stockholders is computed in accordance with Note 2. Basis of presentation, summary of significant accounting policies and recent accounting pronouncements – Net income (loss) per share attributable to common stockholders.

The following table presents potentially dilutive securities that were not included in the computation of diluted net (loss) income per share of common stock as their inclusion would have been anti-dilutive and or their issuance upon satisfying a contingency, if applicable, was not satisfied or deemed satisfied as of period end:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Akerna Common Warrants		21,739		-		21,739		—
Akerna Underwriter Warrants		1,087		-		1,087		—
Gryphon Warrants		108,587		-		108,587		—
Total		131,413		-		131,413		—

The following is a reconciliation of the denominator of the basic and diluted net income (loss) per share of common stock computations for the periods presented:


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(in USD thousands, except share and per share amounts)	2025			2024			2025			2024
Numerator:
Net income (loss)	$	3,475		$	(576	)	$	(93,717	)	$	168,773
Less: loss from discontinued operations (net of income tax benefit of nil, nil, nil, and $1.6 million, respectively)		—			—			—			4,816
Net income from continuing operations – basic	$	3,475		$	(576	)	$	(93,717	)	$	173,589
Effect of dilutive shares on net income:
Gryphon warrants revaluation included in net income (loss) (net of income tax benefit) (1)		(19	)		—			—			—
Net income from continuing operations – diluted	$	3,456		$	(576	)	$	(93,717	)	$	173,589
Loss from discontinued operations (net of income tax benefit of nil, nil, nil and $1.6 million, respectively)	$	—		$	—		$	—		$	(4,816	)

Denominator:
Weighted average shares of common stock outstanding – basic		899,354,931			891,762,280			894,366,300			891,762,280
Dilutive impact of Gryphon Warrants		134,495			—			—			—
Weighted average shares of common stock outstanding – diluted		899,489,426			891,762,280			894,366,300			891,762,280
Net income (loss) per share of common stock:
Basic from continuing operations (2)	$	—		$	—		$	(0.10	)	$	0.19
Basic from discontinued operations (3)		—			—			—			(0.01	)
Diluted from continuing operations (4)	$	—		$	—		$	(0.10	)	$	0.19
Diluted from discontinued operations (5)		—			—			—			(0.01	)

(1) Calculated as the net adjustment from warrant liability fair value remeasurement from Gryphon Warrants, net of tax

(2) Calculated as net income from continuing operations – basic, divided by weighted average shares of common stock outstanding – basic

(3) Calculated as loss from discontinued operations divided by weighted average shares of common stock outstanding – basic

(4) Calculated as net income from continuing operations – diluted, divided by weighted average shares of common stock outstanding – diluted

(5) Calculated as loss from discontinued operations divided by weighted average shares of common stock outstanding – diluted