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Note 12 - Earnings (Loss) Per Share

9 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Earnings Per Share [Text Block]

12. Earnings (Loss) Per Share

Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares of Common Stock outstanding during each period presented. The computation of diluted earnings (loss) per share further assumes the potential dilutive effect of potential Common Stock using the treasury-stock method and if-converted method, as applicable. During periods in which the average market price of the Company's common stock is above the applicable conversion price of the Company's convertible notes, the impact of conversion would be dilutive and such dilutive effect is reflected in diluted EPS. As a result, in periods where the average market price of the Company's common stock is above the conversion price, under the if-converted method, the Company calculates the number of shares issuable under the terms of the convertible notes based on the average market price of the stock during the period, and includes that number in the total diluted shares outstanding for the period. The Series G Purchasers Warrants and the Series G Convertible Preferred Stock are participating securities as the holders of such instruments participate in the event a dividend is paid on the Common Stock, however the holders do not have a contractual obligation to share in the Company’s losses. As such, losses are attributed entirely to common stockholders. The computations for basic and diluted earnings (loss) per share of Common Stock are described in the following table:

		*Three Months Ended*								*Nine Months Ended*
		*March 31,*								*March 31,*
		*2026*				*2025*				*2026*				*2025*
Net loss		$	(4,106,287	)		$	(3,582,460	)		$	(16,404,698	)		$	(7,817,202	)
Accretion of dividends on Series G preferred			—				(14,751,134	)			—				(14,751,134	)
Net loss attributable to stockholders		$	(4,106,287	)		$	(18,333,594	)		$	(16,404,698	)		$	(22,568,336	)

Weighted-average common shares outstanding:
Basic number of shares			58,628,741				41,363,643				49,572,872				40,209,657
Diluted number of shares			58,628,741				41,363,643				49,572,872				40,209,657

Loss per common share:
Basic		$	(0.07	)		$	(0.44	)		$	(0.33	)		$	(0.56	)
Diluted		$	(0.07	)		$	(0.44	)		$	(0.33	)		$	(0.56	)

The following potential dilutive shares were not included in the computation of diluted earnings (loss) per share of Common Stock, as their effects would be anti-dilutive:

		*Three Months Ended*								*Nine Months Ended*
		*March 31,*								*March 31,*
		*2026*				*2025*				*2026*				*2025*
Options to purchase common stock			974,741				394,527				816,317				486,965
RSUs and RSAs			1,124,652				1,131,004				1,170,969				1,285,881
Series G convertible preferred & warrants			3,510,464				2,890,176				4,793,299				935,057
			5,609,857				4,415,707				6,780,585				2,707,903

We have also accrued for certain acquisition liabilities related to the G5 Infrared and AML acquisitions, a portion of which is expected to be settled in shares of Common Stock, however the number of shares to be issued is dependent upon the stock price at or near the date of settlement. As the number of shares is not known, they have not been included in the above potential dilutive shares. See Note 3, Acquisition of Amorphous Materials and Note 4, Acquisition of G5 Infrared, to these unaudited Condensed Consolidated Financial Statements, for more information.

All of the Series G Purchasers Warrants were exercised during the nine months ended March 31, 2026, by means of "cashless exercise" as defined in the respective warrant agreements. As of March 31, 2026, no Series G Purchasers Warrants were outstanding.

During the three months ended March 31, 2026, certain holders of Series G Convertible Preferred Stock elected "optional conversion," as defined in the certificate of designations. A total of 7,610 shares of Series G Convertible Preferred Stock, which have a stated value of $1,000 per share, were converted into 3,539,379 shares of Common Stock at a conversion price of $2.15 per share. As a result of the conversion, we reclassified $10.4 million from temporary equity to common stock and additional paid-in capital. Following the conversions, 17,346 shares of Series G Convertible Preferred Stock remained issued and outstanding as of March 31, 2026.