Annual report [Section 13 and 15(d), not S-K Item 405]

Net Income (Loss) Per Share Available to (Attributable to) Common Stockholders

v3.26.1
Net Income (Loss) Per Share Available to (Attributable to) Common Stockholders
12 Months Ended
Dec. 31, 2025
Net Income (Loss) Per Share Available to (Attributable to) Common Stockholders  
Net Income (Loss) Per Share Available to (Attributable to) Common Stockholders

13. Net Income (Loss) Per Share Available to (Attributable to) Common Stockholders

The following is a reconciliation of the numerator (net income or loss) and the denominator (number of shares) used in the calculation of basic and diluted net income (loss) per share available to (attributable to) common stockholders (in thousands, except per share amounts):

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​

​

​

​

​

​

Year Ended December 31, 

​

​

2025

​

2024

Numerator

​

​

​

​

​

​

Net income (loss)

​

$

31,712

​

$

(13,821)

Less: Series A accumulated dividends

​

 

(2,122)

​

 

(2,122)

Less: Series B accumulated dividends

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​

(3,406)

​

​

(3,350)

Less: Allocation of undistributed earnings to participating securities

​

​

(7,668)

​

​

—

Net income (loss) available to (attributable to) common stockholders, basic

​

$

18,516

​

$

(19,293)

Add: Adjustments to undistributed earnings allocated to participating securities

​

 

7,668

​

​

—

Net income (loss) available to (attributable to) common stockholders, diluted

​

$

26,184

​

$

(19,293)

​

​

​

​

​

 

​

Denominator

​

 

​

​

 

​

Weighted-average shares used in computing net income (loss) per share available to (attributable to) common stockholders, basic

​

 

12,081

​

 

11,701

Effect of dilutive Series X Preferred Stock

​

​

5,003

​

​

—

Effect of dilutive warrants for common stock

​

​

3

​

​

—

Effect of dilutive PSUs

​

 

240

​

​

—

Effect of dilutive RSUs

​

​

17

​

​

—

Effect of dilutive common stock options

​

 

638

​

​

—

Weighted-average shares used in computing net income (loss) per share available to (attributable to) common stockholders, diluted

​

 

17,982

​

 

11,701

Net income (loss) per share available to (attributable to) common stockholders, basic

​

$

1.53

​

$

(1.65)

Net income (loss) per share available to (attributable to) common stockholders, diluted

​

$

1.46

​

$

(1.65)

​

Potentially dilutive securities are excluded from the calculation of diluted net income (loss) per share available to (attributable to) common stockholders if their inclusion is anti-dilutive.

The following table shows the weighted-average shares from outstanding securities considered anti-dilutive and therefore excluded from the computation of diluted net income (loss) per share available to (attributable to) common stockholders (in thousands):

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​

​

​

​

​

​

Year Ended December 31, 

​

​

2025

​

2024

Convertible Preferred Stock

​

—

​

5,003

Common stock options

 

562

​

1,755

Contingently issuable PSUs

​

—

​

273

Warrants for common stock

 

120

​

131

Total

 

682

 

7,162

​

For PSUs with market conditions, if the market conditions have not been satisfied by the end of the reporting period, the number of shares that would be issuable is based on the market price at the end of the reporting period. This approach treats the end of the reporting period as if it were the end of the contingency period for calculating diluted earnings per share. For market conditions that have not yet been satisfied, no shares would be issuable based on the market price of $26.59 per share as of December 31, 2025.

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For PSUs that have satisfied the market conditions but have not satisfied service conditions by the end of the reporting period, the number of shares issuable is included in the calculation of diluted earnings per share if the effect is dilutive. This includes PSUs that achieved the $30.00 stock price hurdle in November 2024 and the $35.00 stock price hurdle in September 2025, respectively, but still have remaining time-based vesting requirements.