 

For the Three Months Ended

For the Six Months Ended

June 30,

 

2026

 

2025

 

2026

 

2025

Numerator:

Net income (loss) income

$

30,950,963

$

(8,690,919)

$

39,791,513

$

(12,174,452)

Less: dividends on preferred stock

(718,478)

(97,167)

(1,533,775)

(97,167)

Less: undistributed earnings allocated to participating preferred stock

(15,892,379)

—

(21,378,486)

—

Net income (loss) available to common shareholders - basic

14,340,106

(8,788,086)

16,879,252

(12,271,619)

Add: undistributed earnings reallocated to common upon assumed exercise/vesting of dilutive securities

1,391,300

—

1,727,571

$

—

Net income (loss) available to common stockholders - diluted

$

15,731,406

$

(8,788,086)

$

18,606,823

$

(12,271,619)

Denominator (weighted average quantities):

Common shares issued

13,879,150

3,516,143

12,091,962

2,854,708

Add: vested unissued restricted stock units

294,307

2,763

309,948

2,888

Denominator for basic net income (loss) per share

14,173,457

3,518,906

12,401,910

2,857,596

Effect of dilutive securities:

Assumed exercise of warrants, treasury stock method

2,851,384

—

2,435,035

—

Assumed vesting of restricted stock units

15,551

—

36,134

—

Weighted average common shares outstanding - diluted

17,040,392

3,518,906

14,873,109

2,857,596

Net Income (Loss) Per Common Share

Basic

$

1.01

$

(2.50)

$

1.36

$

(4.29)

Diluted

$

0.92

$

(2.50)

$

1.25

$

(4.29)