Earnings Per Share

9 Months Ended

Jun. 30, 2026

3. Earnings Per Share

Basic earnings per share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted EPS is computed similarly to basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding if potentially dilutive common shares had been issued. Dilutive potential common shares include outstanding restricted stock units (“RSUs”) and stock options. In the case of a net loss, diluted earnings per share is calculated in the same manner as basic EPS.

For the three and nine months ended June 30, 2026, options for 47,363 and 23,956 weighted average shares, respectively, were excluded from the diluted EPS calculations because they were anti-dilutive. For the three and nine months ended June 30, 2025, options for 929,490 and 956,480 weighted average shares, respectively, were excluded from the diluted EPS calculations because they were anti-dilutive. These shares could become dilutive in the future.

On June 3, 2026, the Company issued 2,926,829 shares of common stock in connection with a public offering. The shares have been included in the calculation of weighted-average shares outstanding from the date of issuance. See Note 8 for further information on the issuance of common stock.

A reconciliation of the components of the basic and diluted EPS calculations follows, in thousands, except per share amounts:


	Three Months Ended June 30,				Nine Months Ended June 30,
	2026		2025		2026		2025
Numerator:
Net income (loss)	$	1,658	$	106	$	2,932	$	(31,394	)

Denominator:
Weighted-average shares used to compute basic EPS		15,440		14,314		14,744		14,294
Dilutive potential common shares due to stock options (1)		514		—		418		—
Dilutive potential common shares due to RSUs (1)		86		—		102		—
Weighted-average shares used to compute diluted EPS		16,040		14,314		15,264		14,294

Income (loss) per share:
Net income (loss) per basic share	$	0.11	$	0.01	$	0.20	$	(2.20	)
Net income (loss) per diluted share	$	0.10	$	0.01	$	0.19	$	(2.20	)

(1) The number of common stock equivalents is calculated using the treasury method and the average market price of our shares during the period.