Basic and diluted net income (loss) per share

3 Months Ended

Mar. 31, 2025

Basic and diluted net income (loss) per share

Basic and diluted net income (loss) per share is calculated as follows (in thousands, except share and per share amounts):


	Three Months Ended March 31,
	2025		2024
Net income (loss)	$	5,023	$	(24,436)
Basic weighted-average number of shares outstanding	50,086,684		49,877,218
Adjustment for share options and RSUs with dilutive effect	1,863,114		—
Diluted weighted-average number of shares outstanding	51,949,798		49,877,218
Basic net income (loss) per share	$	0.10	$	(0.49)
Diluted net income (loss) per share	$	0.10	$	(0.49)

A total of 3,691,365 shares issuable upon the exercise of outstanding share options and vesting of RSUs for the three months ended March 31, 2025 (March 31, 2024: 9,537,918), have been excluded from the calculation of diluted net income (loss) per share due to their anti-dilutive effect.

For the three months ended March 31, 2025 and 2024, shares issuable upon the potential conversion of all of the Notes (as defined in Note 5. “Interest-bearing loans and borrowings”) were excluded from the calculation of diluted net income (loss) per share due to their anti-dilutive effect.