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Net Loss per Common Share

9 Months Ended

Sep. 30, 2025

Net Loss per Common Share

Net Loss per Common Share

21. Net Loss per Common Share

Basic net income or loss per common share is calculated based on the weighted average number of shares of common stock outstanding for the period. Diluted earnings or loss per common share are calculated based on the assumption that stock options and other dilutive securities outstanding, which have an exercise price less than the average market price of the Company’s common stock during the period, would have been exercised on the later of the beginning of the period or the date granted and that the funds obtained from the exercise were used to purchase common stock at the average market price during the period. All of the Company’s RSUs are anti-dilutive due to the Company’s net loss for the period. Since PSUs and DSUs are expected to be cash settled, they are not included in the dilutive calculation.

The effect of the Company’s dilutive securities is calculated using the treasury stock method, and only those instruments that result in a reduction in net income per common share are included in the calculation. Options to purchase 0.8 million shares of common stock at weighted average exercise price of $3.05 were outstanding as of September 30, 2025, but had no dilutive effect due to the net loss for the period. Options to purchase 0.8 million shares of common stock at a weighted average exercise price of $2.99 were outstanding as of September 30, 2024, but it had no dilutive effect due to the net loss for the period. A common stock purchase warrant that was issued on June 26, 2025, which allows the holder to purchase 1,500,000 shares of common stock at the exercise price of $0.65, was outstanding as of September 30, 2025, but had no dilutive effect due to the net loss for the period.

Basic and diluted net income per common share is calculated as follows:


		For the three months ended						For the nine months ended
		September 30,						September 30,
		2025			2024			2025			2024
Numerator:
Net loss (in thousands)		$	(4,655)		$	(12,677)		$	(24,460)		$	(45,359)

Denominator:
Basic and diluted weighted average common shares outstanding			142,909,014			93,279,750			129,081,618			91,005,507

Basic and diluted net loss per common share		$	(0.03)		$	(0.14)		$	(0.19)		$	(0.50)