Earnings (Loss) Per Common Share

3 Months Ended

Sep. 30, 2025

Basic loss per share is computed by dividing the net loss available to common stockholders by the weighted average number of common shares outstanding during the respective period. Diluted loss per share includes certain adjustments to basic loss per share for income and to common shares outstanding that could occur if RSUs, PSUs, stock options and convertible securities such as the Convertible Notes and Warrants were exercised or converted into common stock. Diluted loss per share equals basic loss per share for the three months ended September 30, 2025 and 2024, as the effect of including dilutive securities in the calculation would be antidilutive.

For the three months ended September 30, 2025 and 2024, the following effects are excluded from the computation of dilutive loss per share as such effects would have an anti-dilutive effect.


	Three Months Ended September 30,
	2025		2024
	(in thousands)
Interest expense on convertible notes, net of amounts capitalized	$	—	$	2,154
Derivative gain — convertible note derivatives	$	—	$	2,187
Additional shares assuming conversion of convertible notes(1)		—		2,376
Additional shares assuming exercise of warrants		6,096		464
Stock options and unvested restricted stock units and performance share units		701		155

(1)

Represents the shares that would have been issued if noteholders had elected to convert the Convertible Notes into shares of Common Stock based upon the principal and accrued interest balance and Conversion Rate applicable at the beginning of the respective period, or at the issuance date of such Convertible Notes, if later.

12. Earnings (Loss) Per Common Share

5E Advanced Materials, Inc. 10-Q