Basic earnings (loss) per share is computed by dividing the net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the respective period. Diluted loss per share includes certain adjustments to basic earnings per share for income and to common shares outstanding that could occur if RSUs, PSUs, stock options and convertible securities such as the Convertible Notes and warrants were exercised or converted into common stock. Diluted loss per share equals basic loss per share for the three months ended March 31, 2026 and the nine months ended March 31, 2026 and 2025, as the effect of including dilutive securities and adjustments to income in the calculation would be antidilutive, primarily because there was a net loss in such periods. For the three months ended March 31, 2025, diluted loss per share is less than basic earnings per share, as there was net income in such period and the Convertible Notes had a dilutive effect. For a complete description of the terms of the Convertible Notes, warrants and outstanding equity awards, refer to Note 7-Debt, Note 10-Equity and Note 11-Share Based Compensation, respectively.

The following table includes a reconciliation of basic and dilutive earnings (loss) per share for each of the periods presented, as well as a summary of the potentially dilutive securities that were excluded from such computations as they would have had an antidilutive effect.


	Three months ended March 31,						Nine Months Ended March 31,
	2026			2025			2026			2025
	(in thousands, except per share data)
Basic earnings (loss) per share:
Net income (loss) - numerator	$	(12,132	)	$	5,280		$	(33,717	)	$	(21,841	)
Weighted-average shares — denominator		34,912			7,207			26,142			4,329
Basic earnings (loss) per share	$	(0.35	)	$	0.73		$	(1.29	)	$	(5.05	)

Diluted earnings (loss) per share:
Net income (loss)	$	(12,132	)	$	5,280		$	(33,717	)	$	(21,841	)
Interest expense on convertible notes, net of amounts capitalized		—			1,868			—			—
Gain on extinguishment of debt		—			(17,333	)		—			—
Net income (loss) - numerator	$	(12,132	)	$	(10,185	)	$	(33,717	)	$	(21,841	)

Weighted-average shares (denominator):		34,912			7,207			26,142			4,329
Additional shares assuming conversion of convertible note(1)		—			3,245			—			—
Weighted-average shares — diluted		34,912			10,452			26,142			4,329
Diluted earnings (loss) per share	$	(0.35	)	$	(0.97	)	$	(1.29	)	$	(5.05	)

Items excluded due to anti-dilutive effect:
Interest expense on convertible notes, net of amounts capitalized	$	—		$	—		$	—		$	6,451
Derivative gain (loss) — convertible note derivatives	$	—		$	—		$	—		$	1,357
Additional shares assuming conversion of convertible notes(1)		—			—			—			2,376
Additional shares assuming exercise of warrants		3,280			6,096			3,280			6,096
Stock options, unvested restricted stock units and performance share units excluded due to anti-dilutive effect		1,073			180			1,073			180

(1)

Represents the shares that would have been issued if noteholders had elected to convert the Convertible Notes into shares of Common Stock based upon the principal and accrued interest balance and Conversion Rate applicable at the beginning of the respective period, or at the issuance date of such Convertible Notes, if later.

12. Earnings (Loss) Per Common Share