v3.25.4
Earnings per Share
 12 Months Ended
Dec. 31, 2025
Earnings per Share  
Earnings per Share

14. Earnings per Share

 

The following table sets forth the computation of basic and diluted net income (loss) per share attributable to common stockholders:

 

 

 

Years Ended,

 

 

 

December 31,

2025

 

 

December 31,

2024

 

Net income (loss)

 

$29,321,363

 

 

$(57,464,890)

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding-

 

 

 

 

 

 

 

 

Basic

 

 

32,413,133

 

 

 

24,585,955

 

Add: dilutive effect of stock options, SARs and warrants

 

 

6,268,268

 

 

 

-

 

Diluted

 

 

38,681,401

 

 

 

24,585,955

 

 

 

 

 

 

 

 

 

 

Income (loss) per share-

 

 

 

 

 

 

 

 

Basic

 

$0.90

 

 

$(2.34)

Diluted

 

$0.76

 

 

$(2.34)

 

The following potentially dilutive shares were not included in the calculation of diluted shares outstanding for the periods presented as the effect would have been anti-dilutive:

 

Anti-dilutive shares

 

December 31,

2025

 

 

December 31,

2024

 

Public Warrants

 

 

16,145,008

 

 

 

16,158,410

 

Private Warrants

 

 

515,000

 

 

 

515,000

 

Warrants

 

 

2,918,918

 

 

 

5,288,280

 

Outstanding stock options

 

 

2,235,750

 

 

 

5,527,559

 

Earnout shares

 

 

-

 

 

 

1,250,000

 

SARs

 

 

-

 

 

 

1,758,105

 

 

 

 

21,814,676

 

 

 

30,497,354

 

 

The 3,750,000-remaining unvested earnout shares as of December 31, 2025 and 2024 are excluded from basic and diluted net loss per share as such shares are contingently issuable until the Company exceeds certain milestone thresholds that have not been achieved. The 1,250,000 vested earnout shares are included as anti-dilutive shares for the year ended December 31, 2024 of which 1,160,906 were issued to applicable personnel on January 7, 2025.