Net Loss Per Common Share
The following table sets forth the computation of basic and diluted net loss:
Years Ended
June 29, 2025June 30, 2024July 2, 2023
(in thousands, except per share data)
Numerator:
Net loss$(199,993)$(6,105)$(44,702)
Denominator:
Weighted average shares outstanding63,807 64,586 64,688 
Adjusted weighted-average shares and assumed conversions63,807 64,586 64,688 
Net loss per common share:
Basic$(3.13)$(0.09)$(0.69)
Diluted$(3.13)$(0.09)$(0.69)
Due to our net loss for the fiscal years ended June 29, 2025, June 30, 2024, and July 2, 2023, all common stock equivalents including stock options and unvested restricted stock awards have been excluded from the computation of diluted net loss per share because the effect would have been anti-dilutive to the computation. See Note 14 - Stock Based Compensation for further information on outstanding stock options and non-vested restricted stock.

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.