Earnings Per Share

6 Months Ended

Sep. 30, 2025

6. Earnings per Share

Basic net income (loss) per share is computed by dividing the net income (loss) attributable to Common Stock holders, adjusted for by the deemed earnings attributable to participating common warrant holders, by the weighted average number of shares of Common Stock outstanding during the period.

Diluted net income (loss) per share is computed by dividing the net income (loss) available to Common Stock holders by the weighted-average number of common shares outstanding and potentially dilutive common shares outstanding during the period. Potentially dilutive common shares include restricted stock units, stock options and warrants outstanding during the period, and are calculated using the treasury stock method. Potentially dilutive common shares are excluded from the computations of diluted income (loss) per share if their effect would be anti-dilutive. A net loss available to Common Stock holders causes all potentially dilutive securities to be anti-dilutive and are not included.

The following table sets forth the computation of basic and diluted earnings per share and a reconciliation of the

weighted average number of common and common equivalent shares outstanding:


	Three Months Ended September 30,						Six Months Ended September 30,
	2025			2024			2025			2024
Numerator (in thousands):
Net loss attributable to Common Stock holders	$	(5,678	)	$	(1,376	)	$	(9,327	)	$	(4,536	)

Denominator:
Weighted average shares of Common Stock - basic and diluted		18,447			15,721			17,720			15,711

Earnings per share:
Basic and Diluted	$	(0.31	)	$	(0.09	)	$	(0.53	)	$	(0.29	)

The following common equivalent shares outstanding at period-end have been excluded from the computation of earnings per share, as their inclusion would have been anti-dilutive:


	Three and Six Months Ended September 30,
	2025		2024
Options to purchase common stock		—		400
Stock appreciation rights		761,244		771,451
Restricted stock units and awards		1,995,163		2,345,000
Warrants to purchase common stock		706,667		2,666,667