Net Income (Loss) per Share

9 Months Ended

Sep. 30, 2024

Basic net income (loss) per share is computed by dividing net income (loss) applicable to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted net income (loss) per share reflects the potential dilution of securities that could share in the earnings of an entity. The calculation of diluted net income (loss) per share gives effect to common share equivalents; however, potential common shares are excluded if their effect is anti-dilutive. Common share purchase warrants, preferred shares issued and outstanding, and options and RSUs outstanding are considered common share equivalents and are only included in the calculation of diluted earnings per common share when net income is reported and their effect is dilutive.

A reconciliation of the numerators and denominators is as follows (in thousands, except share and per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator:
Net income (loss) available to common shareholders	$	104	$	(6,307)	$	(2,249)	$	(14,639)
Denominator:
Weighted average common shares outstanding for basic income (loss) per share	20,733,022		12,653,413		18,681,399		11,340,973
Net effect of dilutive common share equivalents	1,590,284		—		—		—
Weighted average common shares outstanding for diluted net income (loss) per share	22,323,306		12,653,413		18,681,399		11,340,973
Net income (loss) per share:
Basic	$	0.01	$	(0.50)	$	(0.12)	$	(1.29)
Diluted	$	0.005	$	(0.50)	$	(0.12)	$	(1.29)

Anti-dilutive common share equivalents excluded from the computation of diluted net income (loss) per share were as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Common share purchase warrants	5,100,780	6,042,354	5,100,780	6,042,354
Preferred shares issued and outstanding	—	6,800,565	1,590,284	6,800,565
Options and RSUs outstanding	1,518,165	932,294	1,518,165	932,294