We do not consider adjusted EBITDA to be a substitute for, or superior to, the information provided by GAAP financial results. For the Three Months Ended December 31, For the Year Ended December 31, 2024 2023 2024 2023 Net loss$(3,134,782) $(277,560) $(13,634,333) $(6,716,176)Depreciation and amortization of intangibles 226,417 263,743 1,041,837 1,077,516 Amortization of right-of-use assets, net of changes in lease liability (2,488) (30,208) 29,885 22,592 Stock-based compensation expense 564,176 454,461 1,988,125 2,345,358 Interest expense 3,206 29,662 74,116 117,774 Interest income (100,805) (159,487) (477,745) (544,958)Impairment of goodwill - - - 5,630,788 Employee retention credit (ERC) - - - (1,716,727)Provision for income taxes 157,120 41,796 726,502 927,128 Adjusted EBITDA$(2,287,156) $322,407 $(10,251,613) $1,143,296 FOOTNOTE: Adjusted EBITDA for the fourth quarter and full year ended December 31, 2024, included a charge related to contract losses of $1.2 million for incurred and anticipated costs to satisfy performance obligations on a customer-funded development contract that was entered into in 2023.
The following table sets forth net revenue by segment for the three months ended December 31, 2024, and December 31, 2023 (Dollars may not calculate due to rounding): Three Months EndedEntity:December 31, 2024 % of Net Revenue December 31, 2023 % of Net Revenue % Change OSS$7,042,613 46.5% $6,401,047 48.7% 10.0%Bressner 8,097,533 53.5% 6,754,161 51.3% 19.9%Total net revenue$15,140,146 100.0% $13,155,209 100.0% 15.1% During the fourth quarter ended December 31, 2024, the Company took a charge related to contract losses of $1.2 million for incurred and anticipated costs to satisfy performance obligations on a customer-funded development contract that was entered into in 2022. This charge reduced reported gross margin, net income, and adjusted EBITDA for the three- and twelve-month periods ended December 31, 2024.
The following table reconciles non-GAAP net income and basic and diluted earnings per share: For the Three Months Ended December 31, For the Full Year Ended December 31, 2024 2023 2024 2023 Net loss$(3,134,782) $(277,560) $(13,634,333) $(6,716,176)Amortization of intangibles - - - 42,154 Impairment of goodwill - - - 5,630,788 Employee retention credit (ERC) - - - (1,716,727)Stock-based compensation expense 564,176 454,461 1,988,125 2,345,358 Non-GAAP net loss$(2,570,606) $176,901 $(11,646,208) $(414,603)Non-GAAP net loss per share: Basic$(0.12) $0.01 $(0.56) $(0.02)Diluted$(0.12) $0.01 $(0.56) $(0.02)Weighted average common shares outstanding: Basic 21,120,396 20,632,300 20,953,397 20,854,777 Diluted 21,120,396 20,632,300 20,953,397 20,854,777 FOOTNOTE: Non-GAAP net loss for the fourth quarter and full year ended December 31, 2024, included a charge related to contract losses of $1.2 million for incurred and anticipated costs to satisfy performance obligations on a customer-funded development contract that was entered into in 2023.
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