Annual report [Section 13 and 15(d), not S-K Item 405]

INCOME TAXES (Tables)

v3.25.0.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Income (Loss) Before Income Taxes by Tax Jurisdiction
Income (loss) before income taxes by tax jurisdiction consists of the following for the periods shown below (in thousands):
Years Ended December 31,
2024 2023
United States $ (31,268) $ (7,749)
Foreign 3,980  5,229 
Total income (loss) $ (27,288) $ (2,520)
Schedule of Provision for (Benefit from) Current and Deferred Income Taxes
Provision for (benefit from) current and deferred income taxes consists of the following for the periods shown below (in thousands):
Years Ended December 31,
2024 2023
Current tax expense:
Federal $ (11) $ 55 
State 710  559 
Foreign 2,071  3,861 
Total current tax expense $ 2,770  $ 4,475 
Deferred tax expense:
Federal $ (634) $ 9,234 
State 364  3,643 
Foreign (1,101) (479)
Total deferred tax expense $ (1,371) $ 12,398 
Income tax expense $ 1,399  $ 16,873 
Schedule of Difference Between the Actual Rate and the Federal Statutory Rate
The difference between the actual rate and the federal statutory rate is as follows:
Years Ended December 31,
2024 2023
Statutory rate 21.0  % 21.0  %
Foreign provision (0.2) 6.6 
State/province income tax 2.7  (3.7)
Stock compensation (9.6) 43.6 
Unrecognized tax benefits (0.1) 11.1 
Research credit 2.5  14.8 
Return to provision
 5.8  (15.3)
Other foreign branch impacts
 (4.6) (16.7)
Valuation allowance (17.5) (643.4)
Foreign-derived intangible income deduction (FDII) 0.2  1.2 
Global intangible low taxed income (GILTI) (0.5) (2.8)
Non-deductible expenses-other (4.0) (30.7)
Foreign branch income (3.1) (43.6)
Foreign tax deduction 1.8  23.8 
Fair value adjustment on warrants 0.8  25.2 
Foreign tax settlement
 —  (60.6)
Other (0.3) (0.2)
Effective tax rate (5.1) % (669.7) %
Schedule of Deferred Tax Assets and Liabilities
Deferred tax assets and liabilities consist of the following (in thousands):
December 31,
2024 2023
Deferred tax assets:
Net operating loss carryforwards $ 2,941  $ 5,770 
Tax credit carryforwards 2,545  1,953 
Accrued liabilities 3,782  955 
Stock compensation 5,954  5,826 
Charitable contribution 1  509 
Intangibles
 —  852 
Property and equipment 13,185  5,288 
Operating lease liabilities 2,231  2,425 
Other
 84  — 
Total gross deferred tax assets $ 30,723  $ 23,578 
Less: Valuation allowance (23,827) (18,300)
Total deferred tax assets $ 6,896  $ 5,278 
Deferred tax liabilities:
Intangibles 638  — 
Prepaid expenses 1,100  1,159 
Operating lease assets 2,140  2,282 
Other —  271 
Total deferred tax liabilities $ 3,878  $ 3,712 
Deferred tax assets (liability), net $ 3,018  $ 1,566 
Schedule of Unrecognized Tax Benefits Roll Forward
The following is a tabular reconciliation of the total amounts of unrecognized tax benefits:
Years Ended December 31,
2024 2023
Balance at beginning of period $ 347  $ 533 
Increases for tax positions of prior years 170  75 
Increases for tax positions of current year 170  — 
Decreases for tax positions of prior years (14) — 
Settlements —  — 
Decreases for lapses in statute of limitations (148) $ (261)
Balance at end of period $ 525  $ 347