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Note 17 - Earnings Per Share

3 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 17 - Earnings Per Share

Basic net income or loss per share is calculated by dividing net income or loss available to common stockholders by the basic weighted-average number of common shares outstanding for the respective period. Diluted net income or loss per share is calculated by dividing adjusted net income or loss by the diluted weighted-average number of common shares outstanding, which includes the effect of potentially dilutive securities. Potentially dilutive securities for this calculation consist of warrants to purchase common stock that are either liability classified or equity classified, stock options, unvested restricted stock and unvested restricted stock units (see Note 15 - Equity Incentive Plan and Note 16 - Warrants for further detail). If the Company’s adjusted numerator for net income from continuing operations divided by the diluted weighted-average number of common shares outstanding for each potentially dilutive security was greater than the net income from continuing operations per share, then the Company did not include those common equivalent shares in the computation of diluted net income or loss from continuing operations per share; diluted net income or loss from discontinued operations, net of tax; or diluted net income or loss per share because the effect would have been anti-dilutive.

The following is a reconciliation of the numerator and the denominator used in the basic per share calculations:

		*Three Months Ended*
		*September 30,*
		*2025*				*2024*
		(in thousands, except share and per share data)
BASIC
Numerators:
Net income from continuing operations		$	1,965			$	1,093
Net income from discontinued operations, net of tax			—				381
Net income		$	1,965			$	1,474
Denominator:
Basic weighted-average common shares outstanding			9,441,073				6,068,019
Basic per share calculations:
Net income per share from continuing operations		$	0.21			$	0.18
Net income per share from discontinued operations, net of tax		$	—			$	0.06
Net income per share		$	0.21			$	0.24

The following is a reconciliation of the numerator and the denominator used in the diluted per share calculations:

		*Three Months Ended*
		*September 30,*
		*2025*				*2024*
		(in thousands, except share and per share data)
DILUTED
Numerators:
Adjusted numerator - net loss from continuing operations ⁽¹⁾		$	(1,505	)		$	(1,787	)
Net income from discontinued operations, net of tax			—				381
Net loss		$	(1,505	)		$	(1,406	)
Denominator:
Basic weighted-average common shares outstanding			9,441,073				6,068,019
Dilutive effect of warrants to purchase common stock			10,035,562				3,028,862
Dilutive effect of options to purchase common stock			—				2,720
Diluted weighted-average common shares outstanding			19,476,635				9,099,601
Diluted per share calculations:
Net loss per share from continuing operations		$	(0.08	)		$	(0.20	)
Net income per share from discontinued operations, net of tax		$	—			$	0.04
Net loss per share		$	(0.08	)		$	(0.15	)

⁽¹⁾	The net income from continuing operations numerator has been adjusted to remove the changes in fair value of certain warrant liabilities totaling a gain of $3.5 million and $2.9 million for the three months ended September 30, 2025, and 2024, respectively.

The following table sets forth securities that could be considered anti-dilutive, and therefore are excluded from the calculation of diluted weighted-average common shares outstanding and related per share calculations:

		*Three Months Ended*
		*September 30,*
		*2025*				*2024*
Warrants to purchase common stock - liability classified (note 16)			3,144,536				455,392
Warrants to purchase common stock - equity classified (note 16)			15,571				18,114
Weighted-average of warrants exercised to common stock (note 16)			495,000				—
Outstanding stock options (note 15)			206,800				10,644
Unvested restricted stock (note 15)			31,298				1,211
Unvested restricted stock units (note 15)			—				141,439
Total anti-dilutive securities			3,893,205				626,800