Quarterly report [Sections 13 or 15(d)]

INCOME TAXES

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INCOME TAXES
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES
NOTE 15—INCOME TAXES
The Company recorded an income tax expense of $0.2 million and an income tax expense of $0.5 million for the three months ended June 30, 2025 and 2024, respectively, and the Company recorded an income tax expense of $0.6 million and an income tax expense of $0.6 million for the six months ended June 30, 2025 and 2024, respectively. Our effective tax rate was (7.6)% for the three months ended June 30, 2025 compared to (22.2)% for the three months ended June 30, 2024. Our effective tax rate was (10.6)% for the six months ended June 30, 2025 compared to (22.8)% for the six months ended June 30, 2024.
Income tax expense for the three and six months ended months ended June 30, 2025 and 2024 is primarily related to non-US based income taxes and nondeductible items.
New Tax Legislation
On July 4, 2025, new federal tax legislation was signed into law. The legislation includes a range of tax reform measures, including the extension and modification of certain provisions originally enacted under the Tax Cuts and Jobs Act. Key changes include the restoration of 100% bonus depreciation, immediate expensing for domestic research and development expenditures, and modifications to international tax rules. Because the legislation was enacted after the end of the second
quarter, its effects are not reflected in the accompanying condensed consolidated financial statements. The Company is evaluating the potential impacts of the new legislation on its consolidated financial statements.