Net (Loss) Income per Share

3 Months Ended

Jun. 30, 2026

Net (Loss) Income per Share [Abstract]

12. Net (Loss) Income per Share

Basic net (loss) income per share is computed by dividing net (loss) income by the weighted average number of shares of common stock outstanding during the period. Diluted net (loss) income per share includes the effect, if any, from the potential exercise or conversion of securities, such as stock options, Warrants, and Convertible Notes (as defined in Note 7), which would result in the issuance of incremental shares of common stock to the extent such impact is not anti-dilutive. Potential common shares that would have the effect of increasing diluted net income per share or decreasing diluted net loss per share are considered to be anti-dilutive and as such, these shares are not included in calculating diluted net (loss) income per share.

The following presents a reconciliation of basic and diluted net (loss) income per share:


	Three Months Ended June 30,
	2026			2025

Net (loss) income	$	(13,421,000	)	$	3,042,000

Basic shares		18,922,938			19,369,060
Effect of potentially dilutive securities		-			548,603
Diluted shares		18,922,938			19,917,663
Net (loss) income per share:
Basic net (loss) income per share	$	(0.71	)	$	0.16
Diluted net (loss) income per share	$	(0.71	)	$	0.15

Anti-dilutive shares (excluded from per-share calculations):
Outstanding share-based awards		2,581,583			1,049,341
Dilutive effect of Convertible Notes under the "if-converted" method		2,911,188			2,646,535

The potential common shares related to the Warrants issued in connection with the Convertible Notes (see Note 7) are anti-dilutive until they become exercisable and as of June 30, 2026, the Warrants were not exercisable.