Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Basic Earnings or Loss Per Share

Basic earnings or loss per share is based on the weighted average number of common shares outstanding for the period. For the purposes of calculating diluted earnings per share, the number of shares outstanding has been adjusted for the dilutive effects of warrants.

Basic (loss) per share calculation	For Three Months Ended						For Nine Months Ended
	September 30,			September 30,			September 30,			September 30,
	2025			2024			2025			2024
Net (loss) available to common shareholders	$	(3,780,821	)	$	(4,832,169	)	$	(12,568,535	)	$	(19,561,531	)
Weighted average common shares outstanding (basic)		21,463,415			21,378,890			21,416,970			19,951,016
Basis (loss) per share from net loss	$	(0.18	)	$	(0.23	)	$	(0.59	)	$	(0.98	)

Diluted (loss) per share calculation
Net (loss) available to common shareholders	$	(3,780,821	)	$	(4,832,169	)	$	(12,568,535	)	$	(19,561,531	)
Weighted average common shares outstanding (basic)		21,463,415			21,378,890			21,416,970			19,951,016
Warrants		—			—			—			—
Weighted average common shares outstanding (diluted)		21,463,415			21,378,890			21,416,970			19,951,016
Diluted (loss) per share from net loss *	$	(0.18	)	$	(0.23	)		(0.59	)	$	(0.98	)

*	In periods where the Company has incurred a net loss, diluted earnings per share is based on the number of common shares issued and outstanding as including the effects of warrants would be anti-dilutive.

Borealis Foods Inc. 10-Q