 

For the Three Months Ended

March 31,

 

2026

 

2025

Numerator:

Net income (loss) attributable to participating securities

$

8,025,253

$

(3,483,533)

Less: Net income allocated to preferred shareholders

(4,789,742)

—

Net income (loss) available to common shareholders

$

3,235,511

$

(3,483,533)

Denominator (weighted average quantities):

Common shares issued

10,284,917

2,185,923

Add: vested unissued restricted stock units

325,762

3,015

Denominator for basic net income (loss) per share

10,610,679

2,188,938

Effect of dilutive securities:

Assumed exercise of warrants, treasury stock method

2,018,687

—

Assumed vesting of restricted stock units

56,776

—

Weighted average common shares outstanding - diluted

12,686,142

2,188,938

Net Income (Loss) Per Common Share

Basic

$

0.30

$

(1.59)

Diluted

$

0.26

$

(1.59)