Basic net (loss) income per share is computed by dividing the net (loss) income attributable to Common Stockholders, adjusted for by the deemed earnings attributable to participating common warrant holders, by the weighted average number of shares of Common Stock outstanding during the period.

Diluted net (loss) income per share is computed by dividing the net (loss) income available to Common Stockholders by the weighted-average number of common shares outstanding and potentially dilutive common shares outstanding during the period. Potentially dilutive common shares include restricted stock units, stock options and warrants outstanding during the period and are calculated using the treasury stock method. Potentially dilutive common shares are excluded from the computations of diluted (loss) income per share if their effect would be anti-dilutive. A net loss available to Common Stockholders causes all potentially dilutive securities to be anti-dilutive and are not included.

The following table sets forth the computation of basic and diluted earnings per share and a reconciliation of the weighted average number of common and common equivalent shares outstanding for the fiscal year ended March 31, 2026 and 2025:


	Twelve Months ended March 31,
	2026			2025
	(in thousands, except shares and per share data)
Numerator:
Net (loss) income attributable to common stockholders and participating common warrant holders	$	(9,191	)	$	3,246
Less: earnings attributable to participating common warrant holders		—			(468	)
Net (loss) income attributable to common stockholders - basic and diluted	$	(9,191	)	$	2,778

Denominator:
Weighted average shares of common stock - basic		18,777,332			15,813,590
Effect of dilutive common stock equivalents		—			2,004,838
Weighted average shares of common stock - diluted		18,777,332			17,818,428

Earnings per share:
Basic (loss) earnings per share	$	(0.49	)	$	0.18
Effect of dilutive common stock equivalents		—			(0.02	)
Diluted (loss) earnings per share	$	(0.49	)	$	0.16

The following common equivalent shares outstanding at period-end have been excluded from the computation of earnings per share, as their inclusion would have been anti-dilutive:


	Twelve Months ended March 31,
	2026		2025
Options to purchase common stock		—		250
Stock appreciation rights		846,151		766,244
Restricted stock units and awards		3,082,830		—
Warrants to purchase common stock		706,667		2,654,167
Convertible notes		6,500,000		—