Capstone Holding used the share count at the end of the quarter instead of the average through it, and one quarter's loss per share goes from 47 cents to $1.56 with the loss itself unchanged

The arithmetic is the ordinary kind. A weighted average is weighted.

Capstone Holding Corp., a Nasdaq company registered in Delaware with its offices in Tinley Park, Illinois, told the Securities and Exchange Commission on Wednesday morning that three sets of previously issued figures should no longer be relied upon. The chief financial officer reached that conclusion on 7 August. The audit committee concurred on 10 August.

One line went wrong. In the quarterly report for the period ended 30 June 2025, again in the report for the period ended 30 September 2025, and in the comparative column of the report for the quarter ended 31 March 2026, the weighted average number of common shares outstanding was not an average. For the June periods the company used the count of shares outstanding at the end of the period. For the September periods it used a figure that did not reflect the day weighted average.

Net loss is not affected. Nor are the balance sheets, the statements of stockholders' equity and deficit or the cash flow statements, and the annual report for 2025 is untouched.

The size of it

The comparative quarter ended 31 March 2025 carries the largest correction. The share count falls from 5,190,251 to 1,555,566, a reduction of 3,634,685, and the loss per share that count divides into moves from $(0.47) to $(1.56), which is more than three times as large. Pro forma loss per share for the same quarter goes from $(0.29) to $(0.97). The net loss does not move.

The other corrections are smaller. They run in both directions. The three months ended 30 June 2025 lose 171,065 shares from the average and the per share figure holds at $(0.13), while the six months ended 30 June 2025 lose 2,000,737 shares and the loss per share widens from $(0.58) to $(0.92). The three months ended 30 September 2025 gain 137,920 shares and the loss narrows from $(0.35) to $(0.34). The nine months to that date gain 665,299 shares and the loss narrows from $(1.45) to $(1.22).

What is being amended, and what is not

Three amendments went in alongside the notice, covering the quarters ended 30 June 2025, 30 September 2025 and 31 March 2026. The original report for the quarter ended 31 March 2025 is not among them. Its corrected figures appear only as comparatives inside the amended March 2026 report, which the company says in as many words.

Management has identified a material weakness in internal control over financial reporting, in the computation and review of the weighted average share count itself. The audit committee and management discussed the matter with GBQ Partners LLC, the company's registered public accounting firm. The report is signed by Matthew Lipman, chief executive.

About ninety minutes after the non-reliance notice reached EDGAR, the company filed its results for the quarter ended 30 June 2026.