Basic net income (loss) per share is computed using net income (loss) attributable to common stockholders divided by the weighted-average number of shares of common stock outstanding during the period. Basic net income (loss) per share is calculated using the two-class method. See Note 2 for a description of the Company's accounting for participating securities and accumulated undeclared preferred dividends.

For the three months ended June 30, 2026, net loss attributable to common stockholders was reduced by $1.8 million and $1.5 million of accumulated undeclared dividends on the Company’s Series A Convertible Preferred Stock and Series B Convertible Preferred Stock, respectively. For the six months ended June 30, 2026, net loss attributable to common stockholders was reduced by $3.4 million and $2.9 million of accumulated undeclared dividends on the Company’s Series A Convertible Preferred Stock and Series B Convertible Preferred Stock, respectively.

Potentially dilutive securities are included in diluted net income (loss) per share only to the extent their effect is dilutive. Because the Company reported net loss attributable to common stockholders for the three and six months ended June 30, 2026, all potential common shares were anti-dilutive and excluded from diluted weighted-average shares outstanding. Accordingly, diluted weighted-average shares outstanding equaled basic weighted-average shares outstanding for both periods.

The following table summarizes the Company’s computation of basic and diluted net loss per share attributable to common stockholders for the three and six months ended June 30, 2026 and 2025:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Numerator:
Net income (loss)	$	(4,388)	$	(7,835)	1,298		$	(13,523)

Accumulated undeclared dividends Series A Preferred Stock	(1,792)		—		(3,425)		—
Accumulated undeclared dividends Series B Preferred Stock	(1,536)		—		(2,935)		—





Net loss attributable to common stockholders	$	(7,717)	$	(7,835)	$	(5,062)	$	(13,523)
Denominator:

Weighted average common shares outstanding - basic and diluted	5,491		4,813		5,473		4,716



Net loss per common share attributable to common stockholders - basic and diluted	$	(1.41)	$	(1.63)	$	(0.92)	$	(2.87)

The Company has issued warrants that are exercisable for little or no consideration. Accordingly, the underlying shares are included in weighted average shares outstanding for both basic and diluted net income (loss) per share from the dates they became exercisable. The Company repurchased and reissued these warrants on November 3, 2025 in connection with the Hawthorn transaction, which did not impact basic or diluted loss per share.

The Company's IPO warrants were excluded from basic weighted-average shares outstanding and were evaluated for inclusion in diluted net income (loss) per share under the treasury stock method prior to their expiration on June 9, 2026. The IPO warrants were out-of-the-money and anti-dilutive for all periods presented and therefore were excluded from diluted weighted-average shares outstanding.

The Company's Series A Convertible Preferred Stock and Series B Convertible Preferred Stock are included in the computation of basic net income (loss) per share under the two-class method.

For diluted earnings per share, these instruments are evaluated under the if-converted method. For the three and six months ended June 30, 2026, the effect of the assumed conversion was anti-dilutive and, accordingly, the shares issuable upon conversion were excluded from diluted weighted-average shares outstanding.

The Company's other potentially dilutive securities, including unvested RSUs, stock options and warrants, were anti-dilutive for the three and six months ended June 30, 2026 and 2025 and were excluded from diluted weighted-average shares outstanding.

The following table summarizes potential common shares outstanding at each period end that were excluded from diluted net income (loss) per share because their effect would have been anti-dilutive:


	Three and Six Months Ended June 30,
	2026	2025
Public warrants	—	500,000
Private warrants	—	13,300
Stock options	255,149	270,554
Unvested restricted stock units	97,135	187,744
Shares issuable upon Series A and Series B Preferred Stock Conversion	6,171,860	—
Total potential common shares excluded	6,524,144	971,598