Note 16 - Earnings Per Share

Basic and diluted earnings per share for the three and nine months ended December 31, 2025 and December 31, 2024:

 

 

 

Year Ended

 

 

 

December 31,

 

 

 

2025

 

 

2024

 

Net loss from continuing operations

 

$

(6,823,265

)

 

$

(11,831,129

)

Income (loss) of discontinued operations, net of tax

 

 

(33,818,241

)

 

 

8,128,913

 

Net loss

 

$

(40,641,506

)

 

$

(3,702,216

)

 

 

 

 

 

 

 

Basic weighted average shares

 

 

11,838,442

 

 

 

9,238,233

 

 

 

 

 

 

 

 

Basic and dilutive loss per share - continuing operations

 

$

(0.58

)

 

$

(1.28

)

Basic and dilutive income (loss) per share - discontinued operations

 

$

(2.86

)

 

$

0.88

 

Per basic share

 

$

(3.44

)

 

$

(0.40

)

 

 

 

 

 

 

 

 

The table below includes information related to stock options and warrants that were outstanding at the end the twelve months ended December 31, 2025 and December 31, 2024. There were 5,555,947 shares underlying senior convertible notes payable exercisable at the option of the holder in whole or in part at any time prior to maturity on April 30, 2030 at the end of the twelve month period ended December 31, 2025. For periods in which the Company incurred a net loss, these amounts are not included in weighted average dilutive shares because their impact would be anti-dilutive.

 

 

 

Year Ended

 

 

 

December 31,

 

 

 

2025

 

 

2024

 

Weighted average stock options

 

 

2,638,861

 

 

 

2,520,374

 

Weighted average price of exercisable stock options

 

$

6.20

 

 

$

20.06

 

 

 

 

 

 

 

 

Weighted average warrants

 

 

190,500

 

 

 

779,813

 

Weighted average price of warrants

 

$

9.80

 

 

$

4.56

 

 

 

 

 

 

 

 

Average price of common stock

 

$

1.10

 

 

$

12.01

 

 

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Historical Timeline

Fiscal YearFiled
2025Mar 31, 2026Showing above
2024Mar 27, 2025
2023Mar 22, 2024

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.