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Loss Per Share

9 Months Ended

Sep. 30, 2025

7. Loss per share

Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net loss per share includes the effect of potentially dilutive common shares (e.g., convertible securities, warrants, options) using the if-converted and treasury stock methods, as applicable. Because the Company reported a net loss for all periods presented, all potential common shares were anti-dilutive and therefore excluded from the computation of diluted loss per share. Accordingly, diluted loss per share equals basic loss per share for all periods. All share and per-share amounts have been retroactively adjusted to reflect the Company’s reverse stock split (see Note 1).

As discussed in Note 2 — Discontinued Operations and Assets Held for Sale, the Company presents basic and diluted loss per share separately for continuing operations, discontinued operations, and total, for each period presented.

The Company issued Class A Redeemable Preferred Stock via a special stock dividend in July 2025 (see Note 3). Class A is redeemable for net proceeds of a qualifying asset sale and does not participate in current-period earnings or losses other than its redemption preference. Management concluded that Class A is not a participating security for purposes of the two-class method for the periods presented; therefore, no allocation of earnings (loss) was made to Class A in computing loss per share.

Anti-dilutive securities (excluded from diluted loss per share).

•	Class B Convertible Preferred Stock (if-converted) — 503,661 common share equivalents.
•	Common stock warrants — 281,887 common share equivalents.
•	Stock options — 36,152 common share equivalents

The following table sets forth the computation of basic and diluted loss per common share:

	Three months ended September 30,						Nine months ended September 30,
	2025			2024			2025			2024
Numerator:
Loss from continuing operations	$	(871	)	$	(716	)	$	(3,278	)	$	(2,086	)
Loss from discontinued operations	$	(12,865	)	$	(1,346	)	$	(17,864	)	$	(4,694	)
Net loss	$	(13,736	)	$	(2,062	)	$	(21,142	)	$	(6,780	)
Denominator:
Basic weighted average shares outstanding		1,734,250			1,599,534			1,706,130			1,598,495
Dilutive common stock equivalents using treasury stock method		—			—			—			—
Diluted weighted average shares outstanding		1,734,250			1,599,534			1,706,130			1,598,495

Basic loss per share
From continuing operations	$	(0.50	)	$	(0.45	)	$	(1.92	)	$	(1.30	)
From discontinued operations	$	(7.42	)	$	(0.84	)	$	(10.47	)	$	(2.94	)
Total	$	(7.92	)	$	(1.29	)	$	(12.39	)	$	(4.24	)

Diluted loss per share
From continuing operations	$	(0.50	)	$	(0.45	)	$	(1.92	)	$	(1.30	)
From discontinued operations	$	(7.42	)	$	(0.84	)	$	(10.47	)	$	(2.94	)
Total	$	(7.92	)	$	(1.29	)	$	(12.39	)	$	(4.24	)

Weighted average options, warrants and convertibles outstanding		883,592			366,640			565,904			371,427
Anti-dilutive options, warrants and convertibles not included in the computation		883,592			366,640			565,904			371,427