Net Income (Loss) Per Share

9 Months Ended

Sep. 30, 2025

Basic net income (loss) per share is calculated by dividing net income (loss) by the weighted average number of shares outstanding during each period. Diluted income (loss) per share is calculated by dividing income (loss) by the diluted number of shares outstanding during each period. Except where the result would be anti-dilutive to net income (loss), diluted net income (loss) per share would be calculated assuming the conversion of the Company’s preferred shares, the exercise of outstanding equity compensation awards, and ordinary shares expected to be issued under the Company’s Employee Share Purchase Plan (“ESPP”).

The dilutive effect of the stock options, restricted share awards, preferred shares and ordinary shares expected to be issued under the Company’s ESPP has been calculated using the treasury stock method.

A reconciliation of basic and diluted net income (loss) per share, together with the related shares outstanding in thousands is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
Net Income (Loss) Per Share:	2025		2024		2025		2024

Net income (loss)	$	20	$	(2,625)	$	4,765	$	(43,789)



Weighted average shares:
Basic shares	97,104		96,300		96,812		94,720
Effect of dilutive securities—employee and director equity awards outstanding and preferred shares	4,172		—		3,018		—

Diluted shares	101,276		96,300		99,830		94,720

Net income (loss) per share - basic	$	0.00	$	(0.03)	$	0.05	$	(0.46)
Net income (loss) per share - diluted	$	0.00	$	(0.03)	$	0.05	$	(0.46)

Potential ordinary shares of 1,353 and 1,437 were excluded from the calculation of weighted average shares for the three months ended September 30, 2025 and 2024, respectively, and 3,313 and 1,168 were excluded from the calculation of weighted average shares for the nine months ended September 30, 2025 and 2024, respectively, because their effect was considered to be anti-dilutive. For the three and nine months ended September 30, 2024, the effects of dilutive securities were entirely excluded from the calculation of net loss per share as a net loss was reported in these periods.